REO, Flip Advise in Sacramento, CA- Help!!

[Chris Ferren]

Hey All,

I've been lurking on this board now for a few weeks, and this is my first post. I'm pretty new to real estate. I bought an REO about 18 months ago that is my primary residence, and I'm currently in the process of buying my first rental with my business partner. Ive learned a lot of helpful info on here, like the 50% rule, and I think we have a pretty good ROI. It will make a great rental.

However.... my problem is this.

I've been actively looking for homes through my agents MLS she signed me up for (however I don't think this is the real MLS) as well as looking in Fannie Mae Home Path site. I would really like our next purchase to be a rehab and flip, however I can't seem to find any that would be profitable flip. I've been following the 123flip.com site by J Scott and I've gone through every post from the first property through the 6th one so far. However, I can't seem to find these type of deals on homes.

J Scott, other investors, flippers... I need some advise. Perhaps the Sacramento market is substantially different than Atlanta area and other areas for flips. Can't seem to find deals for good rehabs, and it's a bit frustrating. Any words of wisdom?

I appreciate all your responses and I look forward to learning and discussing deals. Thanks.

Sac Investor