Not Finding Deals, or not Looking Correctly? Examples Inside.

[Charles Montgomery]

I am looking at properties to buy. This will be my 1st investment, I have been looking for 3 weeks, spending countless hours trying to get a feel for what a good potential property would look like,

In every case I find a property, looking at recent sales in the area, the house is basically retail. I am looking at REO, Auctions, Short Sales, As-is and so on.

My goal is to rehab and flip the 1st 4 properties to generate more cash, before going buy/hold.

Here is an example. This house looked good http://bit.ly/1OxkhTw But looking at the recently sold properties in the neighborhood, I dont see how it is a good deal. This one looks better based on comps http://bit.ly/1RUVH5q, I guess.

Am I doing the right thing trying to find properties below retail as the book buy J Scott suggests?

[Joe Villeneuve]

2 things you may be doing wrong:

1 - Looking in the wrong market. If the market doesn't work, it doesn't work...find a different mar\ket that does work. This is actually the #1 mistake a lot of REI make.

2 - Just because the Asking Price doesn't work, doesn't mean you have to pay for the property at the asking price.  Analyze what the offer needs to be in order to make it work, and that's what you offer...and don't pay any more than that price.  Negotiate.  If through negotiations, you still can't make it work...see item #1