All Forum Posts by: Alex Huang

I'm looking to find my first rental property but I'm at a bit of a loss as to the best place to find it and I was hoping for some pointers.  

I've decided to 'pop-my-cherry' in real estate investing by finding a single-family home. My aim is to find something at a reasonable price point (<$75k all-in) whether it be turnkey or something that needs a little rehab. I'm not interested in buying a total clunker that would require a complete gut job, and I intend to purchase the property in cash with no lender. The goal is to get something at $.60-$.70 on the dollar.

So what are some tips and tricks in finding something? 

- Search the MLS/Realtor/Zillow and find properties that might be on the market for long durations? The idea would be sellers are eager to get rid of the property and, therefore, more willing to take a lower price.

- Search Craigslist for FSBO's?

- Something else?

I assume Sheriff sales are a stay-away, given my lack of interest in buying a total disaster.

I'm looking to get involved with some Real Estate investing. I have some experienced friends who have offered to help me out, which makes me a little more comfortable with the magnitude of becoming a rental investor.

I've been doing a good bit of research on the area I'm interested in and crunched some of the numbers to find some appealing candidates for my first one.

To start, I'm eyeing foreclosures and I have identified a couple attractive ones (in good school districts, right price point, etc) and I intend to try and get a walkthrough on those properties. My plan is to purchase things in cash and to find single family homes with the goal of renting to families. I'm also prepared to invest a bit more capital in some renovations.

- Is it sound strategy to use Zillow / Craigslist to find comparable rentals (same bedroom/baths, sq ft, amenities) in my area to set my rent price point?

- My initial thinking was that people don't rent in this area. It seems foolish to think everyone buys the house they live in right? Are there any good indicators or resources to gauge the demand of rentals in the area?

- Regarding districts, how have you guys found school districts to influence rent appeal? My laymen assumption is that the nicer the school district, the higher the property tax which ultimately hurts ROI. But at the same time, a desirable school district would attract more families. Is the sweetspot to find a middle-tier school district or is it a non-factor?

I came into a ~30-acre piece of property and have been thinking about various things to do with it. After researching my area, the idea of utilizing the land as a retirement village or nursing home has appealed to me.

The reasons I feel this way include:

* The population in my area is aging

* Area retirement villages are at full capacity

* The piece of property is in a district that doesn't have the best school district, so a housing development doesn't seem practical nor desirable.

* The property is unique in that it is secluded / wooded which might appeal as a 'retirement' center.

Obviously it is a huge undertaking and something that I am only in the exploration-phase of research. Does any one have much experience or expertise in this area?

FWIW, the city has ok'd rezoning of the property.