Best way to source potential deals? Help!
Hey BP! I haven't posted too much here. But I thought I could really use some advice to get to the next level...
The Plan:
1. Short Term = Buy, Rehab, Sell - Chicago Illinois area, or elsewhere
2. Long Term = Buy, Rehab, Refinance, Rent - Chicago Illinois area, or elsewhere
The Good:
1.I have a great bank that's ready to finance 100% of given deal (acquisition + rehab costs). They can also refinance up to 80% LTV immediately after an appraisal if I intend to hold. Really nice!
2. I have a great general contractor on board that's willing to personally give estimates prior to purchase and a big enough crew to do quality jobs quickly.
The Bad:
1. The bank lends based on the asset, so they need an address and budget to move forward, I can't just get approval for "X" dollars unfortunately. The turn around time from submitting the budget to getting approval is about 5 days. This means from the moment I find a place on redfin or zillow let's say, I must arrange an estimate with the contractor and come up with a budget, this takes a few days in addition to the 5 days on the bank end. I have missed out on 2 deals very recently because of this turnaround time :(
The Question:
How can I source potential deals more efficiently? Me searching the web is not cutting it.... is this something I should improve upon by myself or would bringing more people on board be beneficial, (like a good wholesaler???! Idk honestly)? I am basically in a position to pull the trigger, but need a target to shoot at. Has anyone ever had similar problems when starting out in RE? How did you conquer this obstacle?
Thanks Everyone!