Unless this is the deal of the century you are probably fooling yourself, in many markets an offer won't even be considered unless you're already pre-approved for financing. 

Once the tenants start turning over, I plan to update their bathrooms and pull them out of 1958 and into the 21st century which should definitely add some value to the building. 

Hello Everyone,I have some beginner questions for my REI work.I already have an agreement as an Independent Contractor with Century 21 once I'm finished with getting my license, aside from that I'd also like to begin to actually start investing in Real Estate myself.

But it seems to me that over the last 20-30 years there's been a speculative frenzy around real estate far beyond anything seen for most of the 20th century.

And I just spoke with a family friend that said she didn't have to attend classes in person, and Century 21 just sent her a workbook in place of the classes.

The House was a Mid Century Modern built in 1955 5 bed/2 bath 2,332 sq ft for $316k, one owner who didn't do any updating the entire time he lived there.

The place needs enough elbow grease that non-investor types weren't interested in it,    but its not bad overall and mostly needs cosmetics after a couple significant but totally fixable issues,  and its a daylight basement mid century  so that should I decide to do it has great ADU and DADU potential,   and I paid about 60% of the average seattle SFR price.

Debbie Toothman w/ Century 21: great agent

He has agreed to do the day-to-day management of the property (long term, as I accumulate more assets, I would consider hiring a property management firm).Looking to get some advice/call out any pitfalls in my assumptions:Focus on low cost, 55+ communities in Boca Raton/Delray Beach Area (Century Village, Kings Point etc.)Setup an LLC with my dad and myself listed (otherwise, my options to purchase in 55+ communities would be limited)Properties must have a net operating income of $1,000/month or more, expected rent $1,600-$2,000HOA: $450-$550, Insurance: $50-100, Taxes: $50, Maintenance: TBDInitially pay for all assets in cash, no debt. ($40k-$100k purchase price)For the first investment only look for minor cosmetic upgrades.

I’m constantly second guessing my own pursuit: fears of failing health as I age and deal with injuries, the pressures of supporting a family of five, the nearing reality that I’ll need to change a career I’ve made progress in for over a quarter century, and even the social pressure to remain who you are.