Real estate investing is getting increasingly harder as the prices of property go up and fewer people are looking to buy in certain areas. As a beginner in investing, what type of neighborhoods should you avoid? What’s the best way to find deals even in highly competitive areas? Should you look for smaller or bigger properties? In this episode, Mark Ainley shares how he sold over 400 homes and manages over 750 rental units.
Go where other people don’t want to go. You can make money there. -Mark Ainley
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- Don’t go investing first in C and D class neighborhoods. There is money to be made in those areas as well, but there are also challenges that beginners aren’t ready to face, such as security issues when the property is vacant.
- Markets shift, so always have an exit plan in place.
- Smaller homes are easier to renovate, and you can easily estimate how much it costs to make the repairs. Plus, medium to small homes are easier to flip as well.
At the beginning of the episode we talked about what neighborhoods you should avoid when starting out as well as the importance of having an exit plan. Next, Mark Ainley shared his experience with trying to do all the marketing himself and what he does now to find deals.
We also covered:
- The state of the MLS nationwide
- The importance of networking with wholesalers
- Why searching for homes yourself is not worth the financial investment
As a real estate investor, the biggest challenge at the moment is acquisition. Fortunately, you don’t have to spend money on marketing to attract deals. There are other people who already do this for a living and they are looking for buyers like you as well. The market is flooded with signs and ads. Let others do the heavy lifting for you, and when they do have a deal, give them the answer in 24 hours and keep your word. Give them reasons to always come back to you when they find something worth flipping or renting out.