Jim,
Thank you for taking the time to share that valuable information. I wanted to reply to you to no only provide answers to you or others reading this tread that can benefit but also ask for additional advice on how to really find the deals. To give you some background I have been an agent for 5 years. I recently put my license on inactive status to focus on my new construction projects. During my tenure as an agent I did not invest on my own. I was so caught up in building or attempting to build a real estate team, cold calling for listings and showing homes that I felt I couldn't apply my concentration to any other venture. By June of 2018 for my ytd gross commissions, I had lost $122k in terminated contracts due to buyers backing out, inspections, finance fallout, you name it. That is when I decided to partner up with an investor I had worked with previously to build a spec. 1 spec turned into 4 other presales and I am now building 2 specs completely on my own.
My short term goal is to complete the cycle on these two projects and gross $75k-$90k on them.
Long term is to build a successful real estate investment company that is funded by private hard money lenders as well as bank financing for my long term rentals.
I am no stranger to cold calling, mailing letters, or prospecting. I have access to the mls and I am a tenacious negotiator. My big question is how do I use my knowledge, skill set and drive to find these deals? I feel like I have many of the required traits but feel lost when it comes to actually getting the ball rolling.