REJECTED!!!

[Carlos Cartaya]

Hi all,

Just went to look at my first investment property and had a rude awakening.

Everyone talks about getting houses below market value- my realtor informed me that houses in my county are getting 96-99% of asking price. Strike one. 

Based on rents in my area, houses like the one I saw are fetching around $1500/mo. 

On a $130k loan (after 20% down), mortgage payment, insurance, taxes, property management, etc, I'd have to pay about $200/mo additional on a 15yr mtge, or break even on a 30yr. strike two.

I need some help or strike three is coming, and I'll be out before I even took a swing :(

Carlos Carta

[Daniel I.]

If you're looking for properties on the MLS in a hot market, you're not going to find anything below market value. You're either going to have to go off market or a little further out from where you live. If finding a great investment property at a great price was as easy as checking out one house on the MLS, everyone would be doing it. Get to know professionals in the industry and let them know what you're looking for. Network with other investors, wholesalers, agents, and attorneys. Try a direct mail campaign to find motivated sellers. Stick with it and I'm sure you'll find it'll pay off eventually.