Greenwood, IN · Member since 2016 · 23 posts · 8 votes
Hi there! I'm somewhat new to real estate investment, though I have been a party to many real estate transactions & have done research. I have rehabbed a few homes (a couple of my own, some family member's homes, etc.) & I've always wanted to flip houses. I have tried looking for decent deals on HUD, the MLS, & at auctions, but I'm not having a lot of luck finding a deal that makes sense. I'm curious where everyone finds their deals!
I'm located in the Greenwood area & I'm interested in making some contacts here in central Indiana, meeting some wholesalers, & connecting with anyone that could offer some insight. Feel free to PM me!!
Don't beat yourself up. I have found most people are entering the buy and hold aspect of real estate investing lately. The good old days of an abundance of great priced repo's have gone away. This has been making prices higher and deals less attractive for flippers or renovators like my company. There are deals to be had in certain cases however.
I have tried to seek relationships with wholesalers and real estate professionals, but to no avail. The best I can figure is a wholesaler wants quick turns of their money. Therefore, they present their property to everyone and the first chump wins. I have not had any one take an interest in work collaboratively with me. I still cannot figure how I can get someone to actively search for properties for me so I can spend my money. Real Estate professionals have been equally as useless to me. I even had a guy tell me if I found a property, he would be pleased to help me with it. Talk about lazy. I simply told him that I wanted him to work for me, then I'd help him by buying the property. Then he could make commission for his efforts. Odd how I have not heard anything back after that conversation.
All I can tell you is to keep trying and be self reliant. Maybe one day I'll figure how to work with people trying to sell properties too.
I'm not looking for anyone to find deals for me, though I'm not opposed to connecting with wholesalers. I'm willing to do the work myself from searching for the property to the rehab. I'm interested in knowing where people have luck finding deals.
The most successful rehabbers as well as wholesalers get their deals directly from the owners of the houses. Usually this means sending lots of mail or building a good network of Realtors and wholesalers.
I thought he had a great story and website. When/if I want to flip homes, I would probably approach it from his perspective.
I talked to a well healed investor a couple years ago, he had just bought 30+ homes from the gov for like 7K each, on average. That took alot of cash, but that type of buyer is yours/our competition as well.
I believe it is a numbers game...keep looking, keep offering, keep believing, and you will get a deal.
I DON'T believe it is easy, like the books and preaching circuit says it is...so be willing to work hard and be positive...most people you meet in this REI world are great people...
@Tiffanie Ellis If you want to meet wholesalers, come the REI meetups in Indy. There's one downtown, and there's one uptown. You'll find lots of wholesalers ready to sell you their properties. :)
I'm fairly new to investing locally as well--sound advice so far. My best advice to you is a) DON'T LET YOU MONEY BURN A HOLE IN YOUR POCKET. I have a lot of my capital in stocks and this advice has done VERY well for me; buy blue chips on sale. Which means time can be your friend. On the other hand, a great property at a fair price is better than a questionable property at a good price. B) go to the REI meetings as advised. C) Network above you station for sure, but also stay in touch with others newbie's, preferably those about 6-12 mos. ahead of you in experience. Your about to make the same good and bad moves they did.
I look at it this way, ever month I'm not finding a good deal, is another 2% increase to the capital I have to deploy:-)