I've been diving into seriously learning my local market for about a week now and I have come up with a to do list about my local area. I would love some feedback to see if i am on the right track.

I am from the Schenectady NY area and would like to buy a small multifamily property in Scotia. It is close to where I work (I'm going to owner occupy), has housing prices in my range and is in my opinion, a nicer part of town with a great school district. Because of this, I would like to focus on this part of town and find a deal.

I am going to:

-Find out the boundaries and block of territory I want to buy in.

-Drive every single street in the neighborhood and write down every multifamily property I can identify.

-Take that list and look up the owners, looking for people that own multiple properties.

-Call them and ask to talk about their experiences in the area and what they rent their properties for and what utilities tenants usually pay.

-Nail down a close market rent for the area and get a better sense of the realistic expenses

-Analyze 1 deal everyday until I get comfortable doing it.

-Talk with local lenders and see what rates and loan amounts I can get.

-Find the property and make an offer.

Here are my 2 questions:

Is there an easier way to find this information out or am I on the right track? I want to be able to boil this list down so that I can put it on a calendar and tackle it bit by bit, over a months time, until I get it completed.

I have finally let my family know of my intentions and their initial reaction was to put me down and say that my goal was unrealistic for someone as young as I am and that rental properties are so much work that I will not be able to handle it. Any advice on how to handle the negative people when just starting out?

Thanks again guys.

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My plan of action, am I close?

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