Have just under $1MM to invest over the next 2-3 months...

[Joshua Hayes]

I need some feedback and help:

I'm looking to invest just under $1,000,000 in the next 60-120 days in real estate. This is what I'm looking for...

1. Properties with equity that also cashflow
2. Good rehab deals with equity

I'm thinking of getting with an agent to find these deals for me on MLS, but here are my qualms...

1. How do I find an "investor friendly" agent?
2. Are there many "good" deals on MLS

Any suggestions and feedback would be appreciated.

Thanks!

PS - I'm in the Portland area.

Note from Moderator: Absolutely no ads in this thread.

[Jon Holdman]

I'd be very cautious about posting publicly saying "I have $1 million to invest". All sorts of deals are going to crawl out of the woodwork.

What do you know about this business? If you have RE investing experience and understand the business you'll be able to identify when an agent is offering you a deal vs. just retail deals.

It is possible to buy off the MLS. Its a LOT of work. I'd guess you need to consider at least 200 listings, actually look at 50, make 20 offers and then you'll buy one.

Don't know the Portland area at all. But decent rentals tend to be lower priced. Read in the Rental Property forum, especially about the 50% rule. That says vacancy, operating expenses and capital expenditures will eat 50% of the gross scheduled rent. You need to take that estimate and start evaluating the rents and prices in different areas. Good rentals tend to be low priced. Its very difficult to get enough rent out of a $250K SFR rental to make a profit. Much more feasible in the $50-100K range.

MLS listings, especially for nicer houses (not short sales, not REOs) are "retail" prices. You really want to try to buy well below retail so you have some built-in equity.

If you're intending to apply leverage, and you can find the right lender, $1 million in cash translates into $3-4 million in purchasing power. Even at $100K, that's 30-40 houses. Realistically, you will not pull that off in 60-120 days. Now, if you're just paying cash, and wanting to buy 8-10 houses, you might. Even then, its going to be a full time job, if you actually want deals.

If you're willing to just buy whatever's on the MLS at retail prices and aren't actually worried about finding profitable deals, this will be much easier. And you'll find many agents who will help you.

If you really want to try to buy dozens of good deals, you're going to keep at least one agent busy full time for several months.

Is moving an option? Lots of places in the US where you could turn that money into a very nice income from rental property.

Maybe you could explain a little better about your goals for these investments?

Also please note that any unsolicited e-mails or PM's offering you deals are a violation of BiggerPockets forum rules and terms of service. I see nothing in your post that is asking for any sort of solicitation. If you start getting PM's or e-mails offering deals, please let me know.