Is it possible to hit over the 1% rule in the tacoma/seattle area
I shall start with an introduction. My name is Josh Corbin and i am 31 years old. I Am extremely driven towards goals and dreams and real estate has all the factors that keep me motivated and excited. I am looking to achieve financial independence and freedom from the 9 to 5 so I can focus on 2 businesses. I currently run a furniture business www.uneekkreations.com salvaging local hardwoods and building tables and furnishings. I have 2 children that I sacrifice my time with every day to build this business and generate my daily income from boeing. I am really looking for local like minded investors to meet as well.
I am looking into getting a duplex as my first investment deal and the more I read and learn the more excited I get. Currently I live in bonney lake, Wa and I am hoping to keep my properties close to me. I cant seem to find a Deal that hits the 1% rule and I know it would help to find a distressed property but I have not came across one yet in my month long search. How many investors in my area are still abiding by this rule?
Perhaps 2 questions would not be too much here? I am looking to help the mother of my children find a place to live right now and the duplex would be, to me the perfect solution. Does anyone know if I can qualify for an FHA loan on a duplex if my children and their mother will be living in one of the units?