Help finding my strengths - how can I help you?
Hello BP!
I remember a lesson from my good friend while playing my favorite strategy game "Go" years ago. When I was struggling to find the next best move and looking at his last move, he said "beginner players let stronger players lead them around the board because they don't understand the strength of their own position." In other words, it's easy to settle on following the crowd and merely responding to what is placed right in front of you when you don't understand all your advantages in the big picture in order to make your own best move.
I'm looking for my first deal in the Minneapolis St. Paul market, and experienced a wakeup call that deals don't in fact hang from low branches waiting to be plucked, and that the world doesn't owe me a deal. I could use some help in understanding how to find the right niche or learning path given my situation, and to learn how to best "enrich someone else every day."
My advantages that I know of are my ability to get a mortgage (W-2 income, credit, and debt ratio are all good), having enough cash and house equity to get a 25% down non-occupied loan on a SFH or duplex (in my market), willingness to sell and move to house hack a 3-4 unit, understanding the fundamentals and math of small residential REI, love of learning "systems", and being a complete badass at life in general ;)
My disadvantages that I know of are that I don't have experience yet in buying/managing rentals, and I haven't met enough other investors to learn about a lot of deals early in the pipeline.
What would you do in my situation? What advantages and disadvantages am I completely overlooking? What are some of your favorite resources for exploring different REI niches?
Thanks for sticking with me for a long post, and for any advice you might have!