Motivated Newbie in Minneapolis Suburbs Looking for DEALS!!

[Eric Starkey]

Hi Everyone! I am a newcomer to the real estate investing business and new to the site. I live in the Western suburbs of Minneapolis and am mainly interested in flips and possibly wholesaling to get some cash to eventually start investing in more longer-term rentals. My main focus right now though is getting my first deal. 

I have been working with a realtor and have a recommended hard-money lender on board. So far, I have put in offers on 2 separate houses, and lost both of them to other bidders. Supply is really thin on the MLS right now, so I suspect I may need to start some marketing to get some deals going. If there are any wholesalers in the Minneapolis area, send me a message, I'd love to get some deals going wherever I can get them!

I am highly motivated and already feel like I have learned a lot, but I have a long way to go and lot of experience to gain. My goal is to eventually be able to quit my job and do this full time. I would love to chat with anyone in the area to start building my network out, so feel free to respond here or message me if you are nearby and want a free coffee to chat. Thanks!

[Eric Mayo]

Welcome Eric, 

You are correct about the supply of homes. The Minneapolis Area Association of Realtors report for January said the months supply is 1.7, which is down 26.1% from January 2015. I work in a Real Estate office (not an agent) and see a lot of bank owned properties. One of our brokers has 13 listings currently active and another 13 under contract. It seems most banks are doing repairs like paint, carpet & appliances before listing the properties and pricing accordingly, which really eats into the flipper's profit. It is most definitely time to be creative. Good Luck to you!