@Mindy Jensen Since I first posted I have learned how to analyze a deal and started analyzing single family homes in the area. I confirmed first hand what common knowledge already told me - single family residential buy and hold for rental income is not realistic in my area.
I am now looking into multi-family. My understanding is that if I choose to live in one unit I can get better financing. I'm pre approved for 500k.
Funny enough, a gentleman flipped a house across the street from me since this post started. I approached him and he said that I could take him out to lunch. I'm going to call him after the holidays.
Furthermore, I've started looking up properties on the tax assessors website and identifying the owners of properties - like the vacant duplex the next street over.
So now that I've got that address, should I send a letter / postcard to the owners to find out more information or see if they may be interested in selling it?
I feel fairly confident in analyzing the cash flow properly on a deal. Repair costs - less confident because of my lack of experience. Marketing, the same - not very confident.
Time to read some more about these other areas.
