Hi all,
I haven’t posted in a while since I’ve been dealing with my new home. I just purchased a 2bd 2br condo in Kansas City with a VA home loan. I put 0% down. I’m looking to turning this into a rental eventually. ...

Step 1: Get preapproved for an FHA loan for the purchase price you are looking for.Step 2: Connect with builders until you find a few that will finance the construction of your home. 

I'll be looking for long term rentals that don't need any major repairs initially. 

Has anybody ever purchased foreclosure land from the courthouse to build on?If so, how have y’all figured out level 3 soils tests before purchasing the land at auction?I can do all the due diligence beforehand, except...

Welcome and congrats on taking the first steps.

There are several steps before evaluating deals, but you may have done them.

We were initially looking out of state for a potential move and or investment property just because the property taxes without being able to homestead, plus high cost of insurance, and harsh weather on homes made me feel like it might not be worth it.

For those just starting out: keep taking consistent action and small steps.

I would take a step back that has to be telling you something..

Here are a few to watch out for:Property Condition: Most distressed properties need extensive repairs or renovations, which add to your initial investment.Competitive Market: With Phoenix's popularity among investors, competition for the best deals can be intense.Complex Deals: Foreclosures, auctions, or short sales are much more complicated compared to regular real estate transactions and usually require specialized knowledge.Tips to Successfully Navigate the MarketDo Your Research: Understand the local market conditions, including neighborhood trends, property values, and potential rental income.Build a Strong Network: Work with professionals who specialize in distressed properties-such as brokers, contractors, and legal experts-to make the best decisions.Assess Costs Carefully: Factor in the cost of repairs, holding costs, and any potential financing issues when evaluating a property’s profitability.Be Patient: Finding the right distressed property takes time.