Finding a single deal fast. Does the rush affect anything?

[Max O.]

Hi guys,

I'm in the Boston area and I made my intro post a few months ago after lurking for a year.  I have been looking for a place to live in and flip for the last month or so. My girlfriend and I have a bit of a fire under our asses (Can I say that here?) since our lease is ending next month and we need to find somewhere to live. 

I've been looking very closely and very frequently at MLS listings to see if anything popped up. We came across a house that was almost a good deal, but we would have needed to do a miracle rehab to break even after all expenses.

I'm looking pretty much anywhere north of 90 and inside of 95 and I am trying to stay below 400k, since I know I have enough cash for a small down payment (FHA, 5% conventional) on that, but not much more.

What would you do if you had 1 month to locate your first deal? Would the rushed time frame impact your strategy? 

[Charlie DiLisio]

My two cents would be for you to find a rent if you can get a month to month and not rush into a bad deal for the wrong reasons.  It is very important to do your due diligence on a property before you buy.  The money is made when you buy it right.  Good luck in your quest.