i have the credit line to back my first deal,but every time i go after a home,i am to late to snatch it up,is it a good idea to find a partner who has the inside tracked to find the deals?
why not get one from a wholesaler?
If you cruise down a neighborhood and go through thousands and thousands and thousands of homes, there are thousands of deals out there at this very moment that are yours to take.
Don’t have this mentality of scarcity when it comes to deals. Deals are everywhere and there is more than enough for everyone in any city.
I think you don’t have enough tools for finding deals and you are trying to blame the fact that the deals are always being snatched up.
How much marketing do you do to find motivated sellers?
It sounds like you need to refine your buying process. All real estate is local because laws vary from state to state. But you may be taking too much time to put your control on a house. I make bids on up to 6 houses at one time. I am only going to buy one, but I make my offers before I have completed my due diligence.
I look at the house and if the offer price is in the ball park and as I walk around it the fix up looks like it will be in line, I mad an offer contingent of inspections. I usually get 7 to 10 days to check out the house. At that time I can really figure out if I want the house or not if not I “throw it back”. That way while you are figuring out of it is the perfect deal some snarf like me is buying it out from under you.
When you find the good deals, the money will come…whether in the form of your own equity line of credit, hard money, private money, conventional or various other forms of finding funds.
In my personal opinion, if I am not finding enough good deals because they are getting snatched up by other investors before I find them myself, I am going to take a look at my marketing plan. Buying from wholesalers may or may not be an option. I think if you have the funds, do some smart and catchy marketing…build a brand with some value and a reputation as well. Then buy the deals yourself at a wholesale value or wholesale them to other investors and you make the profit…and youre left with the brand and reputation.
I started my investing career with $200 in my pocket years ago. I invested it into market, did a deal and kept reinvesting all I could into marketing out of each deal. It worked very well for me.
Also, if you do not have the creative mind or even the time it takes to create a succesful and unique (unique is very important so you do not blend in with the competition) campaign, try an affiliate or licensing program in your area. That way you walk right into a brand name and good reputation. There are plenty of programs out there offering “marketing in a box”. A couple work…most dont.
Best of luck!!