Buying my first property... I feel like I'm sitting on the fence. Thoughts?

[Carey Cahill]

Hello everyone -

So I feel like I'm sitting on the fence and I need to jump in and get my feet wet. Part of me feels like I missed the boat and should have bought a year ago. So here's some details about where I'm at and what I want to do.

Originally I was thinking about wanting to do fix and hold but after looking at my area I don' think that's really a possibility. Even on a great buy I can only get to 1% on the rent to purchase ratio so I don't think it would cash flow enough to get into multiple properties. Seems like I would just be able to buy one and then sit on it as a passive investment.

I think my local farm market looks good for fix and flips if I can get into a good buy, I'm just having a hard time finding good deals. I'm wondering if I should start sending letters to distressed homeowners? I haven't been able to find and wholesalers in the area (It's a pretty small area) but the inventory around here is selling very fast.

I've reached out to the two homepath agents in the area but I've made a couple offers and they've always been rejected because I'm offering too low. Sheriff's auctions are also an option but they seem too risky for my first project.

I'm basically asking what my best route to find a property is.. I've read J. Scotts books and I feel like I'm ready. I've saved up 50k and have 700+ FICO so I'm ready, I just want to find a great property for the first one so I feel confident going forward.

Thank you for your help!!

-Carey

[Roy N.]

@Carey Cahill 

Nonsense!  You have been practicing the most important of investor traits, patience.

Giving in to impatience due to an uneasiness with inaction normally leads to regret.  Spend this time shadow boxing deals and develop a solid sense of in what you wish to invest and which check boxes must be ticked for you to make an offer.  Also lean to apply your numbers to the property and not use math to justify a poor purchase.