Newcomer from Southern Maine
Hey BP!
I am new to real estate owning, real estate investing and BP.
I am a 31 year old male who is looking to use a VA loan to Owner Occupy a 2-4 unit in the Southern Maine area. I currently rent and love my job in Disability Insurance Operations (and the Maine Army National Guard) but am looking to create a more financially successful present and future.
I have read Gary Keller's Millionaire Real Estate Investor and the site's very own, Brandon Turner's, The Book On Rental Property Investing.
So far I've gotten a pre-approval letter and a
realtor. I have been analyzing any deal that meets the 1% rule and viewing anything with positive cashflow using the BP Rental Property Calculator.
My impression so far is that it's a tough area! Southern Maine was listed number 60 for top places to buy real estate but I'm finding there is a lot of competition and my price point and VA loan puts me at a disadvantage. Mostly, I'm seeing that it's hard to cash flow after all expenses and PITI on most of these properties. The margin is VERY thin.
After some analysis, I might consider buying a property with break even cash flow just to start building equity versus renting!
All thoughts are welcome! I am excited to participate in this community!