Hello Dana, For that purchase price in Brooklyn, NY, you could be looking at considerable unknown expenses at this point.If the property is occupied, you'll have to factor in attorney fees and holding costs while you wait to gain access to the property.Furthermore, you could be facing additional costs related to title issues: open permits, violations, liens, judgements, etc.

I would consider getting 1-2 deals on market before you purchase off-market.

Coming from other areas and moving here, I've found Kentucky to be very friendly in the out skirts however my experience is limited to Lexington and Southern counties.

I acquired a residential property when I purchased my business.

However, achieving success in this space requires more than purchasing property—it takes strategy.

Please reach out if you are a lender or can connect me.5 Bed 2 Full Bath & 2 Half BathExisting Mortgage ~$550,000Home Value ~$1.1+ MilSounds like a great deal.

The land purchase will be one of the biggest tasks of your project.

Typical equity build up time is 5 years, depending on your market.But can you purchase another rental using your own capital?

If this is your first real estate purchase I would stay away from auctions, there's too much risk involved especially with where price points are in your market.

Hi All,Just purchased my first property and moved from San Diego to Charleston.