HELLO FROM CARTHAGE NC!!!!!

[Michael Hardy]

Hello to all and what a great place to start!!!

I've watched the guru's on youtube looking for answers to all manner of real estate and lucked up and found Bigger Pockets.

I have read the beginners guide and have a clearer path now as far as what I am looking to start out doing.

I am a newborn baby to real estate investing and my goal for starting out is to buy and hold properties in my area. Single-family and small multi-family to be specific.

I am a blue collar under paid worker in utilities and I drive by vacant houses and see potential. I want very much to own these properties and create enough cash flow to have a stable life as my own boss. I believe having a strong foundation is key to doing so and that's why I am researching everything I can before I jump in.

I have a friend who owns seven buy and hold's and he has agreed to help guide me through the process.

Currently from what I have gathered from research, the best strategy for me will be to use a hard money loan to get a property, use my friend to help find people to do repairs, and then rent it and refinance through a bank.

As an example there is a 2bed 2bath that's an early 1900's farmhouse. it is two miles outside the city limits. The property sits on almost 3 acres and is in need of several things like a new hvac unit, some roofing repairs, drywall repairs, paint, landscaping, and kitchen appliances. The ad said there is hook up for another home on the property and it's asking price is about $50k (that's what I know just from the outside.) After I can get an inspection and, if it isn't much worse than what I have seen, I will put in a lower offer of + or - $30k because fixed up well it would be worth between 90k and $125k judging by similar homes in the area.

After repairs and staging I will rent it at a reasonable price and then refinance with my credit union.

This is what I know so far but I might be way off base on what I've learned so if anyone sees flaws in this please guide me through so I will learn.

Thanks for all help and advice! I am eager to start this new venture into real estate investing and learning from everyone on Bigger Pockets.