Tough time starting out

[Manish Waj]

Hi fellow investors,

I am having a tough time starting out. I have reach out to several other investors and realtors looking for deals.

The frustrating part is realtors sending me these poor old properties. I am not looking to flip and likely not experienced enough to rehab. Which makes me look at different markets almost everyday. I live in the Philadelphia area, but this area is full of old properties and way overpriced. I have been looking a lot in Florida but again, more and more people are getting into FL and it’s slim picking. My goal is to find a place that is reasonable <$250k, that’s I can see good cash flow with the 1% rule, but having trouble finding that.

I have looked into STR, but again, I would require a PM and unfortunately that and HOA fees are extremely high which makes it a negative cash flow which is why I redirected thing to long term rental.

I may consider the Texas market but will require a PM.

Any suggestions would be greatly appreciated.

TIA

[Lu Kang]

Are you planning to pay with cash? or financing? 

I'm in the Philadelphia area, and personally I have not purchased a deal in the last two years and I'm usually a cash buyer. Our market does have some deals but usually around areas that I don't feel as comfortable investing in. From the forums, either FL is good or the midwest is good and in your case you still have to get a PM which will eat into the profits. 

Personally my first deal I didn't get 1%, but maybe if you lower it in the Philly area you can find something mainly to just get started. Worst comes to worst, just keep saving and when the opportunity arises you will be there. Keep on networking and maybe somebody will be able to bring you an off market deal.