Hey BP Community! My name is Chris and I'm looking to get into Real Estate Investing in my local area. I've enjoyed reading through a lot of threads here on BP, and I've listened to probably about 1/3 of the podcasts. I'm looking to buy and hold in the Spring/Woodlands/Conroe/Willis area. I feel like I have a good amateur knowledge of deal analysis from my reading and podcast listening, but I still am having a hard time finding any deals in my area.
My criteria are 100-150K home price, bought at 10% below market (or bought at 15-20% below market, including rehab cost) with price:rent ratio being around 1-1.1. I've been looking mostly at stuff on the MLS with another local investor/broker, and have spoken with another local investor. Any tips on better ways to find deals? I've just been looking for a few weeks, so perhaps I just need to be more patient. Thanks for the help, and it's great to be part of the community!
Welcome to the vibrant BP community. Your time here will be well spent.
Per your profile you are interested in multifamily units, so I added the below links for your review. I see that you have been spending time educating yourself and that's commendable. However, be patient with your buy and hold search and continue to network until you find that gem which you can claim as your own.
https://www.biggerpockets.com/renewsblog/2014/03/13/investing-multifamily-ben-leybovich/ (Podcast 061 - How to succeed in multifamily investing)
https://www.biggerpockets.com/renewsblog/2013/04/09/how-to-buy-a-small-multifamily-property/ (How to buy a small multifamily property)
https://www.biggerpockets.com/renewsblog/2015/11/16/how-to-choose-areas-multifamily-deals/ (Choosing multi-family deals)
http://www.biggerpockets.com/renewsblog/2014/07/19/how-to-buy-a-duplex/ (guide to buying a duplex)
Now that you have made the move, below are some links that will help with the navigation of the site.
- How to Use @Mentions on BiggerPockets
https://www.biggerpockets.com/real-estate-investing (Ultimate beginner's guide to REI)
Before your 1st purchase, please ensure you visit the below link for some tips.
REI books suggested by BPers
https://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REIs)
Simply, bone up on the areas that you need to expand knowledge in such as, Forums, Marketplace, Learn, Network, Analyze and Resources.
Continue to feast on the Podcasts, #askbp Podcasts, blogs and webinars
Lastly, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational, thought provoking ideas relevant to REI.
Welcome to Bigger Pockets community. Be sure to check out “Learn” for all kinds of useful resources and free how to guides.
Welcome to the forum!!
I'm sure there are some good deals coming..
Welcome to BiggerPockets! Much success to you!
I literally just read a blog post about this on BP. Maybe it can help.
@Christopher Burton welcome to BP.
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