Advice on Finding Properties?

[Niraj Maniar]

Hey guys! 

I'm sure this question has been asked thousands of times and I might seem dumb asking but how are you finding these good deals I see on the forums? As an agent, I have access to the MLS and I was able to find some distressed properties but how do I find those ideal or "off-MLS" deals?

Any help is appreciated as I am trying to get into investment properties myself but also build a brand as an NJ RE Investment Agent. 

Thanks for your time!

Niraj

[Walker Diallo]

To find a good deal you must understand your market, which means you need to find a distressed property. Find similar properties in 1 mile of the property that recently sold with similar dimensions such as bed count and bathroom and basement. When you know how much homes are typically sold for in the area then you see how much your distressed property will cost you and how much it will cost to renovate the property. You need to then analyze the numbers to see if you can make at least 60 - 80k in profit to be comfortable during your time fixing. I say the profit should be between 60-80k to allot for any mishaps you may have with fixing the property once you start. You can have some trouble with the property as everyone always does and in this case you will have much cushion to so you still come out with a profit your happy about. Let me know if this helped you any.