Bismarck, North Dakota investing

[Karlo Alamo]

Hello Community!

I'm starting as an investor of rental properties, and I'm looking into buying my first property. My goal is to get a fourplex maybe $150,000 with an FHA loan and a 10% interest rate. I ran the numbers on the BBP calculator, and my rent goal in order to get a 12% CoC return, has to be about $3,300. However, since this will be my first rental property I'm starting to learn how to properly analyze markets, and how to analyze deals. My city Bismarck, ND was a small city 5 years ago when I moved, but now it has grown dramatically (or so I think). So I wanted some advice on the approach I'm taking, and if there is anything I should be doing differently?

Thank you!

[Lee Gierszewski]

@Karlo Alamo The deals are out there, you just have to look, and most of the time the deals are not on the MLS. Most realtors know nothing of the rental property world and price them as if they were homes.
I am a Bismarck native and I just closed on my 49th unit last week all in the Bis/Man area. If you ever wanna meet up and discuss Real Estate, i’m game most any time!

@Leslie Crosten You need to find a different bank. You can get an FHA or VA loan on any property four units and under as long as you occupy the residence as your primary residence and it meets their more stringent guidelines.