New Member in Iowa Interested in Multifamilies

[Michael Chilton]

Hi, I'm newer to the BP community. I found the podcast a couple months ago, and got The Book on Rental Property Investing for Christmas. I read Rich Dad Poor Dad back in college, and decided I wanted to buy properties then, but somehow got sidetracked when I started making money. I like things, and saving isn't easy for me. Now, I'm 31 with a family, and I know that in order to retire comfortably and have the experiences I want to have I need to look beyond a 401K. Real estate investing has always excited me. I'm saving, getting educated, and putting my finances in order with the goal of buying my first property at the end of this year.

The area I'm looking to invest is 4 hours away, near where I grew up. It's a town of 25,000, and what seems to be a strong rental market. My parents had a couple properties there when I was younger and did well. I'm looking at duplexes that are rent ready for $40,000 that bring in $1000/month. I want to do a turnkey on the first deal, but am interested in using the BRRR strategy in the future so I can pull cash out for future purchases. Appreciate any advice, and looking forward to being more active on the forum.