New to investing in Merritt Island Florida, Brevard County

[Bob Hutton]

My wife and I are going to start investing in our local community.  Our plan is to use the brrr strategy.  We have been out driving for dollars.  We have been bringing the property information home, entering it into a spreadsheet, researching the properties online, and low and behold the majority of these properties are owned by out of state owners.  We are going to start a yellow letter campaign as soon as we establish our llc,the 31st of this month.

We are trying to stick to our North Merritt Island area as we know it pretty well and love the school district.  The majority of the neighborhoods we are searching have a typical asking price between $150,000 and $175,000. So we are looking at rehab properties in the price range of $75,000 that need about $20,000 in rehab.  I have thrown a generic price of $18,000 for holding and closing costs.  I plan on doing the majority of the work to these properties, but calling in the professionals when needed. 

Our hold up is financing, but we are researching hard money loans.  I believe my analysis will work to turn these type of properties in to cash flow by doing a cash out refi after the seasoning period.  Does anyone see any issues or have I missed anything?

I am also trying to connect with local investors, but only know of the rei meetings in Merritt Island that is on the second or third Tuesday of the month. 

Thanks!