New to real estate investing in Indiana.

[Jim Langley]

Hi everyone.  New here, from central Indiana area. Lurked here for a long time, caught many podcasts, have a decent handle on how this all works. Done several "flips" that we have lived in, gave me an understanding of the power of real estate. Interested in buy and hold with some flips mixed in. Area I want to focus on I see a lot of 20-60K purchases on most investment properties.  Town of 12k people or so with some smaller towns scattered around.  Larger town to the south of me is 85K people, I've been looking there as well, prices are higher there. 

I secured a 500k fix and flip loan, I also have 50K cash and 50K in a line of credit.  I recently started talking to a broker, that focuses a lot on the investing side of things.  Also owns a management company, doing good things with them. Also have 2 contractors lined up that have done flips for other people.  

Past 4-5 months I've been trying to do as much research locally as  I can to try and find deals. Trying to start with a flip.  I looked at one house, horrible foundation problems on the house and the garage.  He already had an offer much higher than I would have offered if it had a good foundation.  Second house I looked at I came home and ran the numbers on it, few days later when I called back they had already tore it down and sold the lot.  I found those just from yard signs fsbo.  I called about 2 other houses in town that I knew were empty since the people had passed away.  Both had grandkids that were going to move into them.    Thats about the only "leads" I have found. Spent a lot of time driving around looking. Craigslist, FB, social media, wife has been watching that.  Past 6 months Ive only saw 1 maybe 2 "deals" that were listed on the mls.   Not sure where the other investors are grabbing deals.  Ive noticed 2-3 other people doing any amount of flips/buy and hold in town.  

Think this is a good way to invest money, the idea of passive income sounds great.   

Id say my goal is to earn enough from rental income that my wife could leave her job or at least cut back.  I am self employed, have quite a bit of time to put towards investing. 
 
Anyway, here to learn.  Hopefully be successful at this.  Thanks