The number one thing I hear right now is: I can’t find deals. I think people are looking in all the places they normally look, and they probably are not finding as many. But there are always opportunities. Investors who have done this for 30 years have found deals in every market. New investors don’t always realize that they have to get creative.
Change with the Market
When the market changes, you need to change with the market. New investors will often keep doing the same things they were doing, or they’re not doing anything at all. That’s why it seems like there are no deals to be found. But you need to be flexible and creative. Look for deals in different places, and work hard to find those opportunities.
Put Out Offers
This is a numbers game, so you have to put a lot of offers out there. If your goal is to find one deal a month or five deals a month, you need to put enough offers out there to reach those goals. Do the math and know that you’ll get one deal from five offers or two deals from 10 offers. You have to move those offers out there. You might have to make 25 offers to get three deals, and there are all kinds of ways you can do that.
What If All My Offers Are Accepted?
If you’re concerned about all your offers coming through, you’ll have a great problem. That’s a bunch of deals, and plenty of people will want to buy those off you. You can wholesale them to other investors. So, do your numbers right. Learn how to do the math, and don’t be afraid of putting in enough offers so you get what you’re looking for. Figure out how many offers it will take to get the number of deals you want, and be creative. Don’t just look on the MLS. This isn’t a market where you can limit yourself to the MLS. Look and find sellers before the Realtors do. Once the Realtors find them, the whole market knows about the property.
If you have any questions about finding deals or anything pertaining to Albany property management, please contact us at Real Capital Group.
