There's so much out there from people that have portfolios of 10, 20, 100, 200 properties and are doing this for a career. What about the girl or guy who has the money to do 1 single-family residential, with the hopes of having a few assets in the next 5 years adding to his wealth?
I'm looking to skip the fluff marketing and get straight to the good educational material.
I understand how you feel; I felt the same way when I started investing in rental property over nine years ago. There are a ton of books on investing in real estate, but I needed the 'real truth' about the market.
Start by locating a real estate investors group in your community and attend. You are sure to meet several seasoned investors with tons of knowledge. If you are unable to find a group, just contact a local property management company; I'm sure they are aware of area groups.
Facebook landlord/investor groups is another option if you are social media prone. Social media groups are a great way to network with other professionals and maybe even get a good lead on a wholesale property.
Find a realtor that specializes in selling investor property. Even better, hire a realtor that is actually an investor. The realtor will understand your mindset and will also be able to give you their first hand experience.
This should be a good starting point for you, but if you have more questions just give me a call - I have a couple more ideas that might work for you and even some tips on finding the right property and tenant (should you decide to rent it).
I recommend that you look at your return. Take your Annual rent less taxes, insurance, and maintenance costs. This should be 10% or more of your purchase price. After deducting your annual loan payments (less taxes & insurance), divide this cash flow by the down payment if you borrowed $. You should have a 20% Cash on Cash return. Visit https://www.entrepreneursreport.com/master_real_estate_financials/ for more details and an online calculator.
