New to BP - First investment property flip

[Keith Rorer]

Hi All, 

I've been reading a lot on here... lots of knowledge and valuable resources. I'm a new investor and about to launch an LLC with a partner in the Philly area. My question is - Should I look for just a good deal on the market or attempt to focus in on short sales/foreclosures? We would be financing with 20-25% dp. Any insight is greatly appreciated.

[Damien Hall]

@Keith Rorer You asked if you should look for deals on the market or focus on short sales/foreclosures. Either one works. I think it depends on which aligns with your goals and your style of investing. Short sales are slower to close than a traditional purchase on the MLS. However you may get a better deal from a distressed seller. It may take a little longer.

If your ultimate challenge is lead generation there are a lot of resources here. I would also suggest listening to BP Podcast 141 with Chad Carson.

Ultimately there are so many ways to find deals in real estate so I suggest a couple of things. You can determine your niche before you start investing. Or if you just don't know but open to all types of strategies, you can let the market determine your strategy. I was in the latter category so one piece of advice I got was invest in the types of properties my lender is willing to fund.