First time buyer...tough in a sellers market!

[Steve Scanlon]

Any advice for a rookie looking for his first deal? I am trying to play by the investment rules and weigh all numbers.  But in this market, not many deals, it seems.  I'm getting impatient  and afraid I'll make a bad decision. ...normal?  Thanks, any feedback is great!

[Leland Barrow]

You can also come to terms with the fact that this may not be the right time to invest.  I firmly believe that the market is transitioning and there will be better deals just around the corner. Here are a few tips:

Look regionally, Texas as a whole is a strong market but Houston for example is just starting to soften.

Save money, now is a good time to store away resources like a squirrel storing away nuts. When the market transitions to a buyers market then you can put those nuts to use.

Get financing in order, this can be time consuming so go as far as you can with getting any financing you may need lined up. Define what your niche is and model deals to present to hard money, private lenders, or local banks. Starting the conversations and bringing in examples that reflect what you are going to invest in can get the ball rolling. You may not plan on using hard money but having someone on the sidelines that knows you, knows what you do, and knows how you do it is valuable if you find yourself in a predicament where you need quick cash to jump on a good deal. 

Fall brings lower prices, flippers go a bit dormant, rehabbers tend to slow down, and you can find better opportunities in the fall.

Look at it as the off-season and do what all successful teams do in the off-season they prepare, practice, and get focused on what is ahead. That is better than just jumping on some deal that really is not a good deal, just because you want a deal.