Is the 1% Rule really possible in my area??

[Clayton Swansen]

Hello everyone! BP is my new favorite way to learn about REI, and I like to come here to get honest and direct answers to my admittedly plebeian questions. The level and amount of knowledge on here, combined with the good will of experienced investors is just amazing, and to not tap into this would just be crazy! But I digress... I was reading Millionaire Real Estate Investor, and in it is mentioned the 1.00% rule which even Mr. Keller admits seems high, and instead opts for .8% when calculating rents. I know this is probably sounding very much like a broken record, but in my area there are no 30k homes you can fix up and rent out for $300+ a month. The only thing for, shall we say, 100k is a tiny apartment in a fairly undesirable location... And even if this mythical beast existed, squeezing $1000/month out of it would be on par with squeezing the truth out of a politician... Not gonna happen. Or maybe I am just not seeing the forest for the trees. Maybe I am missing something. Maybe I need a paradigm shift! Anyhow, as Arnold would say... Your advices are appreciated!