Hello! I am a new member to bigger pockets. I have been listening to the podcasts for a couple weeks and am hooked! I've always looked for a way to create passive income and real estate has always intrigued me. I'm ho...

I've decided to look up properties in a specific area that are tax delinquent to develop a list I could cold call.Direct mails seems out of the question for now until I get a few deals out of the way to fund a proper campaign.My process is as follows: A) List all properties that owe a certain amount in taxes where I feel there may be motivation to sell (ex. 8k owed & up).

The property is a 5 unit building with the following information: Rental income is $4,000 per month or $48,000 per year totalTaxes are $375 per month or $4,500 per year (this is higher than current but factoring in that they will increase)Estimated insurance is $200 per month or $2,400 per yearExpenses: Vacancy 8%Management 10%Other expenses Landlord pays water at $400 per month or $4,800 per year Realize this could be a cost savings in the future, but want to analyze as isGeneral maintenance (including minor repairs on property) including grass and pest control estimate at $300 per month or $3,600 per yearCapital reserves for Cap ex (appliances, windows (52 windows on building), roof, siding, etc. which I based on building a capitalization table based on useful life of items and number of units) at $460 per month or $5,520 per yearLoan: All in after down payment the loan would be for $300,000Assuming 7% interest rateAmortized over 20 yearsThus comes out to $2,325 per month or $27,900 per yearSummary Income Per Year:$48,000Property Exp.

Know how to run numbers and be able to identify specific risk factors of any property!

I would recommend connecting with local investors and develop some relationships.

I’m clearly emotionally attached to this property but I feel like it’s gonna be a gold mine when the new development up the street is finished. 

Her inputs helped me understand that sub-market ( northwest suburbs) and I was able to develop a heuristic to figure out , if I am comfortable living in that area. 

Looking to start investing into some community developments in Florida.

The first link is to the San Antonio Economic Development Foundation.

I would look up the city's development site and see where new development or public dollars are going.Once you get that info, find about 10 neighborhoods, go out and drive them and reduce the number down to about 2-4.