New member from Central TX - Residential Landlord Hopeful

[Alis B.]

I'm diving into a crash course in real estate investment  so please forgive me as I learn the lingo.

My current situation is that I plan to acquire a residential property in my town of residence or in the neighboring town.  That being said, I don't want to reinvent the wheel and blindly search when so many of you have already had the successful experience of acquiring your rental properties - so I would greatly appreciate hearing your suggestions on how to find residential (hold to rent) properties.

Next topic to tie into this is what makes a better investment rental property: single or duplex? (No, we will not live in one side of a duplex, both sides will be rented.)

I'm sitting in front of my computer, full cup of Peet's Italian Roast in hand, eagerly waiting to learn! Thanks ya'll! 

[James Kandasamy]

Hi @Alis B. 

Welcome to BP. Thanks for being open to learning new knowledge. To find good investments properties there are few ways, each has its relation to time vs. how good the deal would be.

1) Do your own marketing to loo for distress sellers-  Best deal, takes up a lot of your time 

2) Buy from Wholesaler - OK deal, ok time. But you have to be good in determining ARV and rehab cost. This is highest risk as many wholesaler will overestimate ARV and underestimate Rehab cost. Not recommended for newbies.

3) Get a agent and buy from MLS - Worst deal, lowest use of your time.

As for Single vs. Duplexes.

Single - Best if you want to get rid of it quickly/easily. Many owner occupants wants to buy it.

Duplex - More cash flow, hard to get rid of. The only other buyers is a investor who always wants a good deal as well. Not many of them. higher Days on Market.

James