Deals....where??

Question

So I hear many times from investors to look at hundreds of deals before making an offer. My question is where are these hundreds of deals. I know obviously my situation will be different from others due to my location but its hard for me to run into one deal every two weeks. This is what I mean, I am looking on the MLS everyday and most of the houses are in horrible areas and stay on the mls for a long time or they are overpriced. I look at craigslist and I only see houses in war zones. I drive for dollars every week but usually only find a handful that look empty and out of those maybe 3 that I can send letters to owners. I hear of many people who want to sell their house but everytime they are in horrible areas that everyone avoids so I don't even bother looking. The upside is from the experience that is around me and from doing my own research I have been able to build a strong criteria to focus on and know markets through my realtor who is an investor and people in my real estate club. So I want to look at hundreds of deals and analyze 3 a day but where are they?? Just curious if it sounds like I need to take a different approach or am missing something?

Any advice greatly appreciated

Jonathan

Any advice greatly appreciated

Jonathan

Stephanie Medellin · Answer

@Jonathan Brown  I always thought the saying was look at 100 houses, 10 will be deals, 3 you might make an offer on, and 1 you buy.  So I don't think you need to evaluate 100 great deals, you just need to consistently look at properties (which you're doing) so that you will notice a deal when you see it.

Jonathan Brown · Answer

thanks @Stephanie Irto and Adrienne Bryson good advice

Jonathan Brown · Answer

ok Cool this answers my question because I feel in the markets that I look into I know what rents run for and what ARVs will run. I guess I have looked at hundreds of houses and not deals haha.

Adrienne Bryson · Answer

Look at hundreds of deals, not hundreds of good deals.  The idea is that if you look at enough houses, you will be able to spot a good deal when you see one.

By looking through MLS you now know that most houses are overpriced.  So if you were to go on today and see an average house for half the price you'd expect, you would instantly recognize the opportunity.  You know what neighborhoods to avoid, you know which types of houses don't sell, you know what the market is like...

You've pretty much already done what you thought was impossible!