I live in the northern virginia area and the market is high, sfh usally run no less then $500k and townhomes are around no less than $300k so it is real hard to start investing with little to none money on hand. My goal is to have at least a cash flow of $5k-$10k a month from investing in the next five years. I need some helpful insight into cashflow properties that will help meet my goals. I am looking at other markets where i can find some good deals. Thank you for all your respondes
well, what do you want to know/discuss?
How to find potenial cashflow properties?
What type of properties will have a high positive income?
How do you work the numbers to your favor when buying properties?
and any other detail info you may have to offer. Thanks
How to start - now that’s gotta win a prize for the world’s most general question!
The first thing you need to do is to learn the basics of the real estate business. Cash flow and expenses are one of the most important issues and the reason that the vast majority of newbies fail. After learning the basics, then I would write a short business plan detailing how you will get from where you are now to where you want to be. This plan will take into account your market; your finances; your credit; your goals, etc.
Where to find deals? There are a bunch of ways to do it, here are a few: realtors, REOs, other REIA members, foreclosure sales, preforeclosures, desperate landlords, out of town owners, vacant properties, etc, etc, etc, etc.
Discover which “niche” of REI you want to use and master it.
You want to find deals? Do some marketing and have sellers
come to you. The best way and only way IMO.
Best of luck,