So first a little background on me. I'm 21. Never bought a home. Excellent credit score. I'm in the National guard, so I qualify for SOME V.A. benefits (vary from lender to lender. My personal bank offered a no money down loan with 4.5 interest.) I've been researching real estate for some time now, and Id really love to buy and hold (maybe sell later of couse, but that's not my main focus). But.... (of course there's a "but") I live in Mississippi. The North East half. This creates some limitations.. #1. There are NO MULTI FAMILY HOMES!!! Not even a duplex!!! #2 There are few, to no investors in this area. I've searched on BP and tried many times to connect with someone, and am still unsuccessful, which pretty much elimates the option of finding a partner. #3. To make matters worse, I am in college (military reasons), and have used all my savings to fund my degree. I have found a home in my area (The largest city within a half hour pop: 35688) There are very few homes in this area for sale, (I have been talking to a realitor) and even fewer around the price that will allow me to cash flow <_100$. So here's some info on the house. It's a sfr 4bd 2ba. 45,000$ list price. I haven't looked at the house yet, but I am definitely assuming it will need repair (after explaining what I want to do to my realitor she said, "You don't want that house", but, again, this is a small area, and likely doesn't have hardly any investors, so I don't trust her word. I WANT to see it, and will soon. She also mentioned it had been broken into, which might be a testament to the short neighborhood street. But 3/6 houses are very nice looking, and again, this is the bible belt, and a small southern town!). I did some research online, and found the average rent in the area for a house this large is over 1,000$. I also researched and tried to find people looking to rent on Craigslist and facebook, and found a handful of renters looking to rent in that area for 700$ a month. My math works with 750 a month. The house has set for awhile, and the realitor says she has shown the house to a bunch of people. P.S. I have been preapproved for the no money down loan. Also, i own land I am selling and MAY soon have some capital for repairs. So, finally, my questions: 1. What don't I know? What should I research? What advice would you give an investor in my current situation? Should I wait for some more capital?2. For a SFH 2014 sqft, What are the estimated maitnence and CapEx (dollar amounts)? 3. What repairs do you consider in your CapEx (roof, furnance, floors, etc.) 4. Should I be concerned that the house has been on the market for awhile? 5. If you, or anyone you know is invested in this area, send me a colleague request! Thanks guys!!
