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Updated about 3 years ago,
New rental owner/ wanting to expand
Hello,
First time writing on the forum and super excited to be able to connect with everyone! So question is as follows:
Currently have 1 rental property that was my main home that I flipped. It has a main home and mother in law suite that I’m renting both out seperate with very good cash flow. Trying to get into more real estate single family homes. Question with this is, how do you find homes In this competitive market? House prices are so high in my area, and feel like finding the right deal has been exhausting. Have put 3 offers in on houses and all outbid. Is there a strategy people use to go around before homes hit the market?
Some important factors as follows. currently have 40k available for down payment and rehab. Live in Grand Rapids Michigan. Homes range from anywhere between 110K - 300K anywhere from 2-5 bedroom. Rent is anywhere from 1200-2500 depending on rooms bath etc.
any advice would be great! Thank you all so much!