Can’t find a good deal on Rental property

[Hayden Haddad]

I’m new to Realestate business. After reading several books about rental properties I got motivated to buy my first rental property. It looks like the reality is more challenging than the books. I’ve been searching and calculating numbers on several condos and being realistic by looking for an average $100+ cash flow after subtracting the expensive, such as taxes, insurance, Maintainance (%10). I live in Dallas and looking for one or two bedroom condo or Townhome. I found a lot with my price range ($125k) but ending up loosing cash flow for most of the properties I found. What I’m doing wrong?

[Tyler Gibson]

@Hayden Haddad You are probably in a hot market. The guys that are finding good deals in your area are probably not finding them on the MLS. They are likely doing direct mailing/driving for dollars/ Wholesale purchases. In a hot market the chances of finding a great deal on the MLS are low. That is not to say you won't find one but it will not be as easy as searching realtor.com. I have been fortunate to find a great rental in the Hot market of Orlando off of the MLS but I had a realtor that had set up some automatic searches. I received new properties in my email almost every day. I looked at them every day and quickly qualified them. Once I saw something that met my criteria I got in the property and made an offer with proof of funds. I had it under contract within a day or 2. I am by no means a volume investor and do not have a bunch of capitol but the guys that do are snatching up the goos stuff fast so that is the second peice of advice be fast and desicive. If you get caught in analysis paralysis then you will miss out on the good deals. I have also found a decent deal from a wholesaler but don't trust the numbers they give you about the property they make them up and say as much in their disclaimer legal language in any communication they send. Hope this helps.