New(er) investor in Birmingham, AL

[Hume Dave]

Hello-

I thought I would introduce myself after trolling over the last few months.  I am a construction lawyer with some real estate experience.  For the past 20 years, have been involved in construction either as a mechanical subcontractor (apprentice plumber/pipefitter), estimator, general contractor, or lawyer.  My experience is heavy in oil, gas, minerals, and more recently, commercial buildings.

Have owned 3 rentals in the past and currently have 1 under lease for a five year term: Class A - appreciation focused, but CFs at ~$2400/yr. Looking to buy my second long term rental and focused for the long haul. My goal is to have 5-10 rental with a buy/hold strategy with some cash flow, then roll into more cash flow focused properties managed by another. Would also like to have a 20 unit simple 1/2 bed room apartment complex within next 10 years. I am looking to learn as much as I can and build experience. My immediate goals are: (a) to learn where to look for deals (besides MLS); (b) to find out who to go to for the right deals (i.e., lenders, my agent, os bird dogs, or here); and (3) to understand financing/funding deals better.

Currently have my eye on a property with upside appreciation and an CoC ROI of 11% w/ 7.5% cap rate @ a conservative $1300/month. Looks to have $30k of built in appreciation. At a more reaslistic $1500/m, CoC ROI is 17% with a 9% cap rate.

Would love any comments to my briefly described strategy, etc.  Thanks for reading.