By Engelo Rumora
Today we’re talking about how to find a deal when inventory is low. Let’s get it started.
Some of you guys are just out of luck, and I’ll tell you why. Because you’re looking in the wrong places.
I read a few comments from some of my previous blogs where I’ve suggested that you move from the East Coast and West Coast. I just don’t think you’re going to be finding any bargains there. The competition is too high, and the prices are high. So, what’s the point of even looking for properties there right now?
Stop Looking in the Wrong Places
You’re probably buying at the peak of the market, so it’s a risky proposition, in my opinion, to be investing in such a market. My advice to you was a move to the good old Midwest. And a lot you slammed me for that, which is fair.
I’ve only been here for seven years now, made a ton of money, and I still do. I can tell you right now, there are deals falling off trees in the Midwest, and I hope you stay where you are—then there will be more for me.
Guys, look, I honestly think a lot of you are looking in the wrong places, and that’s just because of the market that you live in. So, you’re going to have to expand and look elsewhere. I believe it’s going to be very risky for you if you decide to buy out of state or the country.
Sure, there are a lot of deals all over the world—there are some amazing opportunities to be had. But let’s just talk about the Midwest, for instance. You’re not going to have eyes and ears on the ground, so you’re probably going to be doing a lot of the work yourself.
Unfortunately, the Midwest is known for having shady operators. So, I’ve seen a lot of investors over the last seven years try and do it from afar in Toledo, Ohio. They just lose big, and it doesn’t work out for them.
Double Down on All of Your Efforts
With that being said, some of the strategies that you can use to try and find a deal when inventory is low is pounding the pavement even harder.
I also instruct my team to double down on all of the efforts that we do. Some of those include submitting offers on the MLS, calling people on Craigslist, networking with a lot of agents, and working with wholesalers and bird dogs. We also send out a lot of yellow letter campaigns.
When it comes to buying, you really can’t leave any stone unturned. The wider you cast your net, the more opportunities you’re going to have to catch a fish.
So, I’m suggesting that instead of casting one net, you cast two, three, or four. Double down on all of your efforts. Start sending out more yellow letter campaigns and more often.
Start submitting more offers on the MLS, stalk Craigslist, reach out to real estate agents, and have scheduled meetings with your bird dogs and wholesalers. Start chatting with them and letting them know you want the product. Start flopping out your proof of funds and telling everyone you have a lot of cash, and you’re waiting for deals and ready to buy.
In essence, guys, nothing beats the hard work. If you double down on all of your efforts, I truly believe that you will be able to find a deal or more. It just depends on how many deals you need. We’re a turnkey outfit, so we need to keep the engine in motion. We need to keep buying a certain amount of deals every month.
For all of you out there looking to buy, fix, and flip, I think it’s much easier for you to find a deal that you can make a great profit on. You don’t need to buy at the volume that we do, so you can be more patient and wait for the right deal to come along where you can sell it and make a nice chunk of profit.
That’s it, guys. Take it or leave it.
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