First time flipper, can't get one deal

[Alexis A.]

Hey everyone! My first post, I'm so excited to be here! For the last 6 months, I've been educating myself through books (thank you Luke Weber and J. Scott!), podcasts, Youtube, online, forums, even hired a mentor because I have been really excited to start flipping houses. I have learned SO MUCH and have taken action trying to find that first deal. I've made over 50 serious offers and I haven't gotten even ONE deal yet! I use the 70% rule to generate my offer but seems like the competition is fierce because every single offer I'm making - someone is beating me out! In my area, ARVs are 200-250k so using the 70% rule gets me a 15k-20k profit, which is what I'm aiming for. I've connected with over 50 wholesalers, multiple realtors, MLS, facebook leads, craigslist, FSBO, friends and family, local REIA, and cold-calling. I just sincerely don't understand what I'm doing wrong - Can anyone provide some advice? It would be much appreciated!

[Evan Polaski]

@Alexis A., agreed that you are trying to buy in an incredibly challenging market.  In my area, most wholesalers are silent because there is extreme levels of demand and ever decreasing supply.  

Being patient is key.  Stick to your numbers and ride it out.  The numbers will either make sense or they won't, but trying to tweak them to make sense will likely get you in trouble.

One area you have control over is your offer.  Many retail buyers these days are buying like investors: cash, no inspections, no appraisal, quick close.  

Beyond that, I would be looking at projects with higher level of rehabs.  Again, in Cincinnati, anything that is only surface level is being scooped up by retail buyers that will live in the house and are desperate to buy.  Therefore flips that I take on these days are near gut renovations with layout changes.  This means much higher rehab costs and longer timelines, but I am not competing with retail buyers that watch HGTV and think: I can change out some cabinets and paint walls.