Updated over 4 years ago on . Most recent reply
New to investing looking for my first deal
I have bought 2 single-family homes in the past 10 years both my primary residences and currently live in the 2nd. I have $120k in cash and ~$100k in equity in my current home. I have debated back and forth on which property type to start for over a year, I found 2 apartment buildings last fall (4-unit and 8-unit) $599k was the total for both these properties were severely neglected for years if not decades and needed a significant amount of rehab. I made an offer of $400k and the sellers forgo making a counter offer with no explanation. Since then I've kind of been discouraged in making any offers, anyone have any advice where I should start, and what direction I should gravitate towards?
Most Popular Reply
Welcome to BP! Never get discouraged from making offers. In this insanely competitive market you have to constantly be looking at deals and making offers to find one that makes sense. Rough math here..but currently I'd say I'm looking at 100 deals, offering on 20, getting in serious negotiations on 5, just to get under contract on one deal. That is really what it takes to find deals in this environment. Network and build relationships with brokers constantly and the deals will start flowing in.