Once you have chosen your strategy you need to start sourcing deals in your preferred area. Regardless of your strategy, sourcing and appraising deals can be one of the biggest challenges of the property investment process.
Having a laser focused strategy plus clear acquisition criteria are crucial when appraising deals. Once an opportunity has been sourced you need to be able to appraise the opportunity and establish whether it fits your strategy, and if it does is the deal any good at the price it's being presented at? If not, at what price does it become a deal? Every property is a great deal; at the right price. That's the great thing about appraisals; it tells you what price you should be paying for the property based on your investment criteria assuming you have accurate and correct due diligence.
Too many investors procrastinate and sit on the fence not knowing whether it's a good deal and if it is whether they should they proceed with it. This is nonsense in my opinion and a decision should be made within 15 minutes if you have the right appraisal system, correct market knowledge and due diligence at your fingertips.
To spot a good opportunity you need to be an expert in that market and know your market better than your competition. You need to act swiftly because good deals don't hang around for long. There are plenty of good deals out there, the challenge is spotting the opportunity and taking advantage of it before your competition.