Hard to find a deal in my area!

[Nick Stango]

I've been looking for a deal on a fix and flip in my area, but it seems like everything I look at either costs too much or needs too much work, or both. Should I be doing something other than searching Zillow for deals?

[Katie Neason]

@Nick Stango

I am a long way from you, but my market is scary hot right now. Great on the selling side, but tough on the buying side. In my market MLS is really not a viable option in such a hot market. You may be lucky and get one but it won't feed the family. We are seeing the best results with direct mail. We have 3 different campaigns going. We send out our own letters after driving for dollars. We are also targeting infill lots to build on (sending our own letters out) and we have hired a company to send out letters to absentee owners. We have gotten a property under contract with each of these methods this month. However, in my opinion knowing your numbers, having money ready to go and being able to move lightening fast on them are critical. If it is a really good deal it will be gone while you decide if the numbers work or if you have money to do the deal. However, the bigger risk is moving fast and getting a deal a without knowing your numbers. You can end up upside down in a hurry! We always makes sure plan B works on the property (for us that is breakeven as a rental with fully loaded costs) and that there is viable plan C.

Waiting on the right deal can be so frustrating. I wish you patience and luck!