Starting out in real estate investing in Northwest Arkansas!

[Anthony Garcia]

Hello. I'm a new investor here in the Northwest Arkansas area. I live in NYC but travel to NWA every two months from NY. 

I'm being mentored currently by a real estate flipper here in NWA. He has done a few property flips and wholesale contract flips. He has mentioned that the RE agents could be looking for foreclosure deals for me, since they get the lists all the time. He's a family friend so I feel that he has my best interest. 

I'm presently trying to qualify for a conventional FHA loan with 5% down. After I get the pre-approval amount I plan to look for my first (cosmetic fix) deal with two RE Agents I am currently connected with in NWA.

The agent's suggested that it would be less competitive if we avoid the foreclosure list but I feel that I would be able to find a better deal with foreclosures, (Being mindful of the "move-in ready" requirements for the FHA loans) also it wouldn't be such a large investment since it is going to be my first deal. Any thoughts on going for a regular traditional buy, or foreclosure buy for starters in the business?