I’ll be quick to introduce myself. I live in Northern California (3-4 hours north of San Francisco). Our REIA consists of 3 people and they don’t do deals. Craigslist has ZERO investor activity: no wholesalers, a couple of rehabbers that flip properties by paying 85% of value and spend 9 months rehabbing, no real players. I spent 9 months in an attempt to start a real estate investing business in 2009 and generated approximately 500 leads. I put 6 under contract, but didn’t close any of them. I would estimate 30-40 had equity, and I could say that pretty much all of them were free and clear. Fast forward to today. I began marketing again 30 days ago and am determined to make it work. Out of the 40 or so leads I have gotten this month, 3 have equity. The other 37 are $20k-$190k over leveraged.
I’m looking to wholesale, rehab with private money, buy subject to or sandwich lease option. I’m not looking to get a bank a loan, buy with my own cash, or have rental properties. Everything I’ve ever done in the business world, I’ve been the best at it. This is the only exception, and it’s the most frustrating thing I’ve ever dealt with. Am I going crazy, or is there some validity to these frustrations and I need to focus my attention elsewhere? I’ve read hundreds of books, blogs and forum posts, but I may not be asking the right questions. Any advice from those of you DOING deals?