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Have been looking at a few properties but haven't been able to make the leap yet. Hard to part with money in the bank and get into another mortgage.

That said, our position is good. Plenty of cash - I have around $50-$75K I'm willing to put into my first investment property. Currently looking at duplexes/4-plexes in older, trendy neighborhoods in the 150-250K range. Not looking to flip. Just buy, have rental income defray mortgage, and hold long-term.

How do I overcome this odd paralysis?

Any Dallas investors involved in this neighborhood? Heading out to check out a few properties. Opinions on long-term potential for both rentals/rehabs?

Well, we went to the meeting. Unfortunately we only made it to the 7pm presentation. Although some aspects were interesting, I didn't realize it was going to be a big commercial. I'm not disparaging the guy - it just wasn't the format I expected.

Of course, we missed the "networking" hours...that's where I think our time would be well-spent.

Thanks Wesley. I'll be there.

Thanks to everyone for your kind welcomes.

Hi folks,

I'd love to hear the perspectives of some experienced members on this question. I've read pros and cons on each. Which did you do first - and if you had it to do over again, would you do the same thing?

Thanks!

Thanks in advance for this fantastic forum! I can't wait to continue reading. I've already spent hours tonight!

Here's my situation. My wife and I both have good jobs. As we all know, that can always change in today's environment, so we're looking to branch out with something of our own...while keeping our jobs. We're both intrigued by the prospect of trying our hand at residential real estate...i.e., starting with a single family home purchase for rental. The intent is to start very slowly with the hopes that 1) we don't lose money 2) we enjoy it and 3) can at some point blossom the idea into multiple properties so we can add meaningful net worth. It would be truly wonderful not to have to rely on someone else's business (as an employee) at some point! But, I jump ahead of myself.

We are well-positioned financially. We own our own home and have a decent amount of equity. We have no debt besides our mortgage. We have been good savers and have significant cash savings. We put the max into our retirement funds. We're in our early 30s.

I don't know that we can devote the time to a rehab right now, although that's something I'd like to try someday. For now, we're interested in single family home, in good shape, say 3/2, in the +/- $100K price range. We've researched areas and have a couple good neighborhoods in mind. "Good" to us means the houses/streets are clean and well-maintained, there's a "homey" feel, and no cars up on blocks. Rents seem to be in the acceptable range of 1%+ of the homes' list prices. Still researching vacancy rates, etc. Maybe a multifamily would be best? We have lots to learn.

I guess we just want to get our feet wet - but I don't want to be stupid about it. I need to find a local real estate club and begin assembling a team. I need to find out the smartest way to finance, whatever that may be. I need to find out if I'm looking in the wrong areas or at the wrong types of homes. I need to find out how to find the people from whom I can learn.

OK then, off to read more!