Ready to Invest but...

[Philip Coiro]

Hi BP Community! I am a licensed contractor on Long Island and want to start flipping. I have a decent savings along with a HELOC thats open and ready, both combined giving me $150k, the remainder of funds needed would come from HML. I am working with one very experienced friend/RE Agent that is guiding me and helping look for the right property. Problem I am having is that the market on Long Island is so expensive and even when a good opportunity does come along I can't seem to compete with other bidders who are truly all cash. There's actually a seemingly good property I'm currently after and I can't even get the agent to call or text me back.

I am reaching out to more agents and going to a business networking breakfast next week to try and meet some people that might be able to help find a project. I am also looking in other markets where I have more buying power (Pittsburgh for example). I've been looking for my first deal for months and clearly need to try a different approach, any tips would be appreciated. 

[Ed Emmons]

The vast majority of people use agents to find properties through the mls. Try other avenues like driving neighborhoods, checking with local banks and credit unions, probate ads, etc. You might even check the for rent section of your local paper and call them to see if they would consider selling. If the court house that does evictions is nearby, you could go and meet some discouraged landlords on eviction day. Some may be open to sell. Also approach some of the bigger portfolio owners in your area to see if they have anything to unload. Most of my purchases don’t come from the mls.