Since I lucked out and found BP, about 6 weeks now, I have been reading everyday at least 3 hours trying to learn as I know nothing about real estate. I've read J. Scott's books (fantastic) and have listened to several podcasts. I am leaning towards buy and hold single family and multi-family, and possibly flipping to earn extra capital.
I listened to Lisa's podcast #54 about investing in some of the lower income neighborhoods as this is where most of these properties that are in my price range seem to be located. Some neighborhoods better than others.
My real estate agent, who I only know from my neighbor and has been in the business for about 3 years, sends me listings in the under $150,000 dollar range. I figured that would be my starting range as a newbie. The listings that she sends me are I presume off the MLS.
Here's my fear. One I looked at today, a duplex, is listed for $150,000.00. It is a 2-1 and a 1-1 with detached garage. From the outside it looks like it needs a paint job, possibly a new roof, new windows, and I am assuming by the looks of the outside it will need considerable upgrades inside. The neighborhood around this property looks pretty good, but as I drive around I see a lot of for rent signs. I start thinking what if I can't rent it out, then what? So I go back home and read some more. It seems like this happens for all the properties that I go and drive by.
After you look at something like this what are your next steps?
Any help would greatly be appreciated to get me over the first hurdle.
Thanks, Ron
