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Finding deal in a saturated market
Hello BP Community,
I've been working hard to find my next fix & flip property here in South Florida, just north of Miami. A saturated and expensive market.
I've tried working through wholesalers, but the numbers just don't make sense. Nothing below 80%, minus rehab. I tried doing direct mail myself, but the response rate has been very low. D4D didn't return any results.
For those of you who are in similar markets, what's your strategy? How do you find deals? Do you go above the 80%? I know in other areas on the country they don't look at anything above 70% of ARV.
I tried to fix and flip 4 hours away from where I am, and didn't enjoy it. It was just too difficult to keep up with my GC and permits.
I appreciate the advice!
Sam
- Cincinnati, OH
- 3,254
- Votes |
- 3,621
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@Sam Issa, I have had success just watching stale listings on the MLS.
Additionally, my renovations are full guts anymore, which helps limit some competition and allows me to push the ARVs relative to other houses for sale in the neighborhoods.
Admittedly, this doesn't necessarily create substantially more deal flow. But, especially in this high demand market, you need to cast as many nets as possible and, likely, take on what feels like more risk.
Quote from @Sam Issa:
Hello BP Community,
I've been working hard to find my next fix & flip property here in South Florida, just north of Miami. A saturated and expensive market.
I've tried working through wholesalers, but the numbers just don't make sense. Nothing below 80%, minus rehab. I tried doing direct mail myself, but the response rate has been very low. D4D didn't return any results.
For those of you who are in similar markets, what's your strategy? How do you find deals? Do you go above the 80%? I know in other areas on the country they don't look at anything above 70% of ARV.
I tried to fix and flip 4 hours away from where I am, and didn't enjoy it. It was just too difficult to keep up with my GC and permits.
I appreciate the advice!
Sam
Hey Sam! You just have to be patient and always on the hunt. Don’t depend on just wholesalers to find deals. Make some calls and hit the mls 🏚️🏚️
Hey Sam!
I’m Lotus. I’m currently facing a similar situation and realized that I wasn’t using the right resources or consistently marketing to a single, optimized list. You might want to create a list of 50-100 prospective properties that meet your criteria using a tool like PropStream, optimize it, and then market to that list up to 30 times a quarter. When you’re pressed for time or eager to start a project and need things to move faster, consider outsourcing tasks for efficiency.
Overall, I think you should go back to the drawing board, build a specific and optimized list, and market to it consistently. Alternatively, you could work with a realtor; by providing value and building good rapport, you might get access to pocket listings. I hope this makes sense and helps you! I studied this in school, so I have some expertise in this area. I’d love to strategize with you if you’re open to it. Maybe we could work together to reach our deal goals!
Quote from @Sam Issa:
Hello BP Community,
I've been working hard to find my next fix & flip property here in South Florida, just north of Miami. A saturated and expensive market.
I've tried working through wholesalers, but the numbers just don't make sense. Nothing below 80%, minus rehab. I tried doing direct mail myself, but the response rate has been very low. D4D didn't return any results.
For those of you who are in similar markets, what's your strategy? How do you find deals? Do you go above the 80%? I know in other areas on the country they don't look at anything above 70% of ARV.
I tried to fix and flip 4 hours away from where I am, and didn't enjoy it. It was just too difficult to keep up with my GC and permits.
I appreciate the advice!
Sam
you can do ground up and there's no competition. areas like florida city, homestead, Vero beach, depending on your comfort level. I like areas that are very difficult to enter so there's little competition. I'd look at land development as an equity capture tool to generate additional returns. land is a buyer's market in almost every market. you just have to expand what you are willing to do or your strategies. I'm happy to discuss I'll shoot you a dm
Quote from @Sam Issa:Tell me about it. Being in West Palm Beach and always monitoring the South Florida market, nothing makes sense! But hold tight, sellers and brokers alike can’t hold on to these asking prices much longer.
Hello BP Community,
I've been working hard to find my next fix & flip property here in South Florida, just north of Miami. A saturated and expensive market.
I've tried working through wholesalers, but the numbers just don't make sense. Nothing below 80%, minus rehab. I tried doing direct mail myself, but the response rate has been very low. D4D didn't return any results.
For those of you who are in similar markets, what's your strategy? How do you find deals? Do you go above the 80%? I know in other areas on the country they don't look at anything above 70% of ARV.
I tried to fix and flip 4 hours away from where I am, and didn't enjoy it. It was just too difficult to keep up with my GC and permits.
I appreciate the advice!
Sam
-
Broker
- 561-315-8388
- https://dynastycapgroup.com/
- [email protected]