Purchasing in a Hot Market

[Matt Porter]

Hey everyone, my name is Matt and I'm new to real estate investing. Over the last month I've been looking for property in the Chicago area and it's been nothing less than a challenge. With the market so hot right now, it seems like almost everyone is wanting all cash. Are you all seeing similar trends in other markets? If so, how does a new investor get in the game when they don't have capital to buy a property all cash? Do I need to start looking at JV deals so I can leverage other people's money/experience to get more options? Are there other lesser known strategies to get deals done with little capital/experience in a hot market? Any and all advice is welcomed and appreciated. Thanks and have a great holiday weekend!

[Landon Bleau]

Matt - while it's true that a lot of the homes on the MLS are selling within hours with multiple all cash offers on the table, there are plenty of deals to be done that are off market, which is where I would suggest looking right now. Read up on driving for dollars and direct mail marketing and give it a shot. When you find an off market deal, you don't have the competition that the homes on the MLS are having, therefore you're more likely to be able to get standard financing on the property. If you're interested in learning more about off market deals, there are plenty of BP podcasts on them so just check those out on YouTube!