Looking for guidance on how to find first investment property

[Klaas V.]

Hi,

When we were looking to buy a home in The Woodlands earlier this year, I realized many of the homes were fixed up for sale. Some qualitative, some not so much. We ended up extending our lease in June and not buying because I did not like the hyper distressed market. Because I have plenty of time, done 2 home renovations in the past (although overseas) and cash to buy a (max 300k) property and pay for renovations, I'm thinking of buying an investment property. I can spend most of my time to it, so the objective is to start off with a 'light reno' project to add value for resell together with the right marketing. My goal for the first investment is to gain experience and build a network with contractors and preferably make some money. I'm looking in the broader Woodlands area.

I'm reading about the "70% rule" and although I realize 70% may be too challenging in the current market, the price for an investment should still be considerably lower than what is listed on MLS in order for it to be 'investable'. I've seen some homes being offered on Auction.com, but would be interested in experiences. Also, I'm interested in getting in contact with Realtors that know this area and have experience working with investors.

Any other advice on how to proceed would be welcome as well!

kind regards,
Klaas

[Travis Timmons]

Get out of your head and write an offer on something. On market, off market, who cares? It sounds like you've done your homework and are prepared. It may be time to act "dumb and naïve" and just start taking some action. And there's a good chance that it won't be in The Woodlands. It's stable and dependable for appreciation, but a tough place to find deals and properties that cash flow well from day 1 or are severely undervalued and only in need of a light reno. 

Apologies if you have already been writing offers; however, my read is that you're closely monitoring the market and continually talking yourself into a reason to wait.