Hi, all.
Being new to real estate investing, as a flipper, I'd like to ask the question on BP of whether house flipping as an industry is over saturated (here in July 2014).
I am sure the answer to this question varies greatly by market. I am in the Northeast Ohio market, and currently finishing my first rehab property. The question comes to mind as I start looking for my next deal. As I am getting more and more connected with folks here on BP and locally, it seems there are way more investors looking for deals than there are deals to be found. Even those with experience seem to be having a hard time finding opportunities to flip houses.
I am hoping the responses here will tell me this is just a perception problem on my part. I should also explain that I may be in a slightly different situation than most. I hear and read many who are starting REI have a job and are working on transitioning into REI. For me, I lost my executive level job and have decided I would rather work for myself doing real estate investing than go back to the corporate world for my remaining years in the workforce. So, I am perhaps a little more motivated to make this work, and make it work more quickly, than the average investor (I have no illusions about this being a "get rich quick" method). I just don't have two or three years to wait.
If there really are more investors than deals right now, then those who have already been in the game for years will have a significant advantage. In the BP podcasts, I find it interesting that the guests who have a longer history of success usually recommend diligence and being very careful and patient to those who are just starting out (even though the vast majority of them didn't start off that way themselves), while the guests who are newer to REI are more inclined to recommend Nike's "just do it!" as their advice. Before going any further, I'd like to hear what everyone's thoughts are.
Many thanks,
Mark
