Owner Financing Rental Properties
I am fairly new to real estate investing but have spent the last 10 plus years researching/dreaming of one day actually getting started. I finally jumped in this summer and am about to complete my first rehab/rent property in the next couple weeks and I am looking to step things up in the next couple months. I am wanting to quickly build a long term portfolio of rentals. I plan to keep a large chunk through my LLC, and then some through my (and my wifes and daughters') self directed IRA.
My current property is located in East Dallas and should cash flow around $650/month. Which I know is ridiculous and I will be very pleased if everything goes according to plan. I am not naive enough to think that every property I purchase will cash flow that much. My goal is 250-400/month.
I plan on shifting gears from the rehab/rental route to the buy with owner financing and rent. There seems to be quite a bit of properties around the Dallas area that would fit my criteria. There are also plenty that are ridiculously overpriced and wouldnt cash flow a dime. I am leaning toward a really specific niche of owner finance rentals with section 8 tenants. I have talked with several people who rent their properties through the section 8 program and they swear by it.
My question is, has anyone tried to tackle this niche before, what was your experience like? Do you suggest a newbie taking this route? Has anyone used ownerfinancedirect.com as a resource for owner financed properties?
I am in the process of building my team (attorneys, CPA, realtors, remlo, etc) to make my life a lot easier, but I wanted to see if I could find some people who have done this before who I can take out for a meal and pick their brain (if you are local) or pick the brain of someone on here who has seen or done this type of thing. I get almost all of my knowledge and information from BP so I figure I better go straight to the source and learn from the best. Thank you. God Bless
Garrett