How do I get started finding deals?

Question

My wife and I bought our first primary residence. We since have started house hacking and we built an ADU! We are excited about real estate and are looking to expand our investment portfolio.

I am looking for ways to start finding deals in my area. Does anyone know any wholesalers or have suggestions about how to find deals? I’m in Southern California in the OC. Thanks for the help!

Jon Schwartz · Answer

Kris,

There are a few (very few!) reputable wholesalers are there.

I recommend checking out New Western; they're mainly based around LA, but they cover the whole region.

I'd also check in with OC REIA; they're a great organization and can definitely refer you to reputable wholesalers in Orange County.

Lastly, if you know what you're looking for, deals can be found on the MLS. I'm happy to help with that if you need some guidance!

Best,

Jon

Kris Cohen · Answer

Thanks so much for the recommendations, Jon!

Brian Larson · Answer

@Edward Stevenson - FYI - There are already groups working in this consulting space.  Here are just 2 random examples:

https://maxablespace.com/

https://www.housable.com/

Kris Cohen · Answer

Thanks for the response, Edward! We really do like ADU's because of the ability to create a functioning multi-family property from a single family purchase. I would love to hear more about how you could help expedite that process for investors. I think if we could do another single family ADU purchase, it is SO worth it! We do have some cash and are looking for an investment :)

Edward Stevenson · Answer

If you've had a good experience with the ADU, we've heard from a few investors that are looking to buy properties where building an ADU is possible / straight forward. The combined potential income from renting the primary residence and the ADU seems to work out really well. We have identified around 1.5M California properties that would have the space for an ADU.

We've been wondering about providing a service which is a quick evaluation for investors to confirm feasibility, estimate build cost and rental returns. Would be good to know if this would be helpful?

How do I get started finding deals?

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