Real Estate Agent · Columbia City, IN · Member since 2020 · 6 posts · 1 vote
Hello! I'm super new to this whole real estate investing thing but I'm immensely intrigued by it I know for a fact that this is my future. I take my agent exam October 6th and I'm going to use all of my profits to put towards building a rental property portfolio to reach financial freedom. I even got my boyfriend on board. He has about 4K saved up. We qualify for an FHA 3.5% down loan for a house hack. My mom said she would give us the down payment. We qualify for $200,000 max and want to find a duplex. We live near Fort Wayne, Indiana in the Midwest. Here's the issue - I look every single day twice a day and the market sucks for a buyer and even worse for an investor at the moment. There is nothing out there! What can I do? Any advice would help. Thank you.
Contractor · Grand Marais, MN · Member since 2016 · 249 posts · 417 votes
6y
Check into new construction costs in your area. 200 probably won't be enough, but you could get a piece of land, save for a bit longer. No repairs to speak of for quite some time.
Rental Property Investor · NY · Member since 2018 · 571 posts · 332 votes
6y
Have you considered buying a duplex outside of Fort Wayne (e.g. Huntington). there are tons of duplexes in huntington area under $200k. Just a thought. Like you said, the market is a sellers market now. Even before that, multi family prices were ridiculously high in the fort wayne market in my opinion.
Real Estate Agent · Warsaw, IN · Member since 2015 · 54 posts · 23 votes
6y
As others have said start networking within the investors group AND find a really good agent who can provide off market deals to you. I'm a broker over in Warsaw but if you need a good connection in Fort Wayne let me know.
Hang in there and the RIGHT deal will come along. Have all of your ducks in a row and be ready to act quickly. You can't just window show on the various websites but need to work directly with a great agent too.
Feel free to PM me if you have questions. I'm always glad to be a resource.