My plan thus far... What do you think?

[Christopher Malone]

So I took some time to evaluate my strategy. I made a couple of changes, but for the most part, I think I may have a plan...

I am going to buy and hold my first property very soon. (the search has already begun) I a looking for multi-unit properties between 20k-100k max. I am willing to do a rehab is necessary, as i will need the experience eventually. I have found a few working class low income neighborhoods that I am interested in, and i have be very conservative when crunching numbers on what i may consider a good deal.

$100.00 per door cash flow after all expenses are covered, is what I would consider a great deal (@Brandon Turner ). To add to this strategy, the $100 per door cash flow has to be from the property operating at the next lowest rent rate offered in the area. To elaborate on this, in the area i am looking to farm, a 3/1 would rent for around $1100. A 2/1 would rent for about $900. My potential 3/1 units have to produce at least $100 per door at $900 rent in order for me to take the next step. I have thought that this may be too conservative of an approach, but I won't find out until I make offers.  I personally feel that this strategy would also give me more of a competitive edge with my units.

I would like to get feedback on this section first before I bore you with the next section of my plan. Let me have it, and thanks in advance!