Finding Deals that make sense

[Christopher Alan Rush]

Hi all, 

I took a break from looking at anything the last few months and see that nothings changed in the last year or so in terms of, not being able to make the numbers work for anything. Specifically for SFHs and 2 to 4 unit properties. I even experiment with what-if's, like if the purchase price was 10% lower or the rents were higher, or i factor in no property manager, etc. Even in those scenarios the numbers still suck (ie negative IRR and/or negative CoC).

I’ve mostly looked in the Anchorage and Fairbanks areas but occasionally I’ll get curious and look up some of the “really good markets” noted for having good appreciation and cash flow often mentioned here, like Columbus, KC, Austin, etc. i think every time I’ve ever searched Zillow for 2-4 unit rentals in those markets I’ve only ever received 0 results or, results where they’re $1M+ with very poor rental income relative to the price. I am curious how anyone actually finds any deals in that sort of climate? I have seen the driving for dollars , mail flyer campaign, behind on taxes search, abandoned property or senior citizen looking to sell etc ideas. But in those hot markets, aren’t all of the big institutional and foreign investor firms also doing that, as well as dozens if not hundreds of other smaller investors? You’d just be 1 more inquiry on top of dozens of others they’ve received?  I am genuinely curious as to how you’re able to pull off good deals in a world where so many people are willing to buy something even when the numbers show it’s an obviously poor investment.  If it were a good property, wouldn’t they just keep it, or, put it on the market at a very premium price in which case the numbers don’t seem to work if you’re trying to buy it?

Curious of others thoughts or any feedback. Maybe I am not looking in the right places?