I am new to REI and I am trying to learn how to find the best deal in the market. This deal is located in NW Indiana numbers are roughly estimated, I am planning to buy my first rental property with FHA loan, live there for one year, then move out and rent it out, Screen shot and Link to the file are attached below. I appreciate any feedback.
I can save you the other 56 days. Instead of analyzing individual houses, focus on an area (or a few areas).
- what typical houses look like in those areas
- when they were built
- what their size and amenities are
- what they sell for (per sqft, so you can compare)
- what they rent for
- what kind of people live in those areas (occupation and income are two primary characteristics to look at)
Then define what you're looking for.
E.g., if a typical 3/2/2 house sells for $200K and rents for $2000/mo, you are looking for one that you can buy "all-in" for $180K.
Then any house that meets your criteria is a likely candidate for purchase.
@Nick B. thank you for your feedbakc