Having a hard time buying a house to flip...
So, I am currently trying to buy a house to do my first flip. I have cash on hand and have started a llc. II have recently bid on three houses only to be outbid by another investor (others have went above asking price). According to my agent, it is quite hard to step into the flipping game at this point because there are seasoned flippers out there who have been doing this for years already as well as the banks closing in on their margins in order to weed out flippers.
Could this be due to the area I live in? Homes around here do tend to sell pretty fast. I actually sold my townhouse last year in two days! Any advice out there for securing a house?
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Make sure your agent is looking for off-market properties for you as well - everything on the MLS will surely be seen by a ton of people - if he can get access to some pocket listings you'll be bidding against less competition (although those you're bidding against will probably be more experienced as they have access to the pockets as well).