Hey fellow BPers...I've been dabbling in real estate for a few years now, but have recently decided to use it as a tool to build long term wealth. I currently have one SFH as a rental in a small Kansas town and am about to acquire another . They will both cash flow well, but don't really provide the opportunity to gain the equity to get my family to our long term goal of being financially free within the next 15 years.
I'm looking to expand into more desirable markets, preferably Rogers/Bentonville/Fayettville or Kansas City Metro. I've been looking for deals on the MLS and loopnet (I know it's mostly garbage), but don't have a lot of confidence in the numbers I'm putting together since I don't have a lot of experience with the details of each market. I have at least $20K that I can put towards a deal and have access to private money, but want to raise my confidence before jumping into a distant market. Does anyone that's currently active in either of these markets have any wisdom to pass down? Thanks in advance!!
@Clint Morris pick a market, pick a niche and get after it. It isn't complex stuff but isn't easy either. Takes lots of time, practice and networking to find great subs, learn your cost, and figure out ARVs. The best way to do it is to jump in and do it. Unfortunately, advice, podcast, and books can only get your so far. Hope that helps. (I will say make sure you spend at least 100 hours studying and asking questions/attending meetups before jumping in. Then you will at least have a basic understanding of your niche)