Finding Deals - Strategies

[Drew Steusloff]

Hi BP community,

After spending significant time educating myself and saving for a down payment, I am ready to take action and move towards my first deal. I have been scouring Mashvisor and working with an agent to try and find properties that will cashflow. Primarily my search parameters are based on two strategies, House Hack, BRRRR, or the rare option that something can be rented immediately. My focus has been on single family homes in the Atlanta market. However, I have not seen anything that offers significant cash flow at my price point. I'm working with an all in budget of 300k and roughly a 10 percent down payment, but do have some room to increase if there is a deal that makes sense.

So far I have yet to see property listed that will meet the 1% rule and very few with a Cap Rate above 6%. I have widened my market to essentially the entire Metro Atlanta Area within the I-285 Perimeter, but this has done little improve my results. I have also looked into the suburbs, but have not seen anything that is significantly stronger of a deal. Additionally, I still feel that long term my current farm area will be a better investment, but I do not want to bank on appreciation. 

One thought I had was to perhaps put together a direct mail campaign to try and source deals, but my hesitation is that I am currently working with a conventional lender and do not have money on hand for cash deals which I feel are more typical in off market transactions. 

I would greatly appreciate anyone's thoughts or recommendations

-Drew