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Need Some Advice From Other Area Investors
Hello BP community. It's been a few months since I've been active as I've had many life events happen over the last 6 months, but overall they were for the best! I'm an aspiring investor in the Springfield,MO marketplace and it's surrounding subdivisions. I currently have 1 rental in my portfolio in Marshfield,MO which does me well, and I have another home which my family and I reside. I'm using the leverage technique as I work a full time job and can't buy anything outright. I've been saving for the past year as much as I can and I've got about $20K to help with a down payment on the next property. I am trying to go with the BRRRR strategy, or find something smaller to start expanding my portfolio. My problem is, I CANNOT find anything to even meet the 1% rule. I'm a licensed realtor so I have access to the local LMS, I check out public LMS sites, Facebook, Craigslist, and the few deals I find are gone far too quickly...
I work a full time job and do real estate on the side. So I cannot be up in the game 24/7 like I'd like to be, but I spend a healthy amount of time keeping up with listings and the market. I'm hoping there is an investor in the same area as I am that would maybe be willing to chat with me? Meet for coffee or lunch. Or maybe just instant message? I really want to make real estate work and I'm extremely passionate about it. I've dedicated to much time of my life to give up anyway soon and I love it, but it's to the point I think I'm at my own limits with the knowledge I can obtain for myself. I'm not asking for a mentor, but just some advice from local investors in my market to help the new guy out with getting started. I appreciate anyone who took the time to read this! Thank you, and well wishes to you all on your future endeavors!
Hey @Trenton Lukenbill! If your having a tough time finding deals that meet the 1% rule it may be a little tough. It's the same thing in my market. I would still search and see what you can find on the MLS that meets your buy box, but make an offer 60 or 70% of the ARV. Its a numbers game, the more offers you put in, one of them is sure going to bite. I would also head out to your local REIs and start networking with others in your area and let them know what your're looking for. I'm sure their has to be at least one or two local wholesalers that show up. Also, put the word out there on your facebook. Remember, your Network is your Networth. Hope it helps!
Quote from @Jaime Duron:
Hey @Trenton Lukenbill! If your having a tough time finding deals that meet the 1% rule it may be a little tough. It's the same thing in my market. I would still search and see what you can find on the MLS that meets your buy box, but make an offer 60 or 70% of the ARV. Its a numbers game, the more offers you put in, one of them is sure going to bite. I would also head out to your local REIs and start networking with others in your area and let them know what your're looking for. I'm sure their has to be at least one or two local wholesalers that show up. Also, put the word out there on your facebook. Remember, your Network is your Networth. Hope it helps!
Maybe the solution is to do what we teach and buy "off market". The MLS gets pretty picked over, pretty fast. No competition with "off market". Lots of deals.