Updated almost 9 years ago on . Most recent reply
Newbie vs Seasoned Investor
Hi,
Since I joined BP a week ago, I've read lots of blogs and discussions, and listened to dozens of podcasts. I am willing to do whatever it takes to get my first deal!
Here is my question - how does a newbie like myself compete with all these seasoned investors out there?
When a great deal presents itself, all investors (newbie and seasoned) want it. The experienced investors who have done a lot of deals, likely have big cash reserve, know the market and numbers inside and out, and can flip the property quickly for less. By the time a new investor like myself finishes analyzing the deal, some big investor probably has already bought it with cash and started getting his/her resource lined up for rehab work. You get the idea...
This is not an excuse for not trying. I simply want to know what I need to do to give myself an edge over my competitors. Someone said, a good deal is not found - it's created. What are your suggestions for being creative when looking for deals? Should I focus more on the deals with marginal returns - those big investors pass on?
Thoughts?