Finding First Project

[Laura Baugh Finley]

Hi!

First, thanks for reading this post. 

We are looking to get out of our current market by selling and moving to a new location. In part to find a better market for our finances and in part to travel and explore somewhere new. 

Currently, in Snohomish County (north of Seattle). We would be getting about 200k in equity and would use up to half for BRRR or flip. We are looking for SFH up to 4 plex. We will not have income sufficient for bank financing. The 100k capital needs to fund the full project.

A bit about us: We have purchased 2 homes throughout our lives (early 30's). Our first was a foreclosure and our most recent was a 203k rehab (type of loan). I also help my family with a 10 unit commercial business (leases, bookkeeping, etc.). We are still newbies but feel these experiences have given us some insight into rentals, remodels, and financing. My husband has worked in positions that require him to be handy and mechanically inclined. Therefore, we will save on some basic remodeling/maintenance. 

We have identified the midwest as an area we are most interested in exploring. 

- Grand Rapids, MI

- Des Moines, IA

- Omaha, NE

- Columbus, OH

- Rochester, MN/Dubuque, IA/Driftless Area WI 

A few questions: 

Are there any red flags with these regions? 

Is it a mistake to consider the rural areas that are tied to these metros? 

We have been looking on craigslist and on county/city auction lists. Of course we see some on zillow, but nearly all of these properties are priced for retail. We skim Facebook Marketplace (the functionality is rough). Are there any other places we should be looking? 

All feedback is appreciated!