I have some cash and good enough credit. I’ve read Conti & Finkels book which claims I need neither. Some of the concepts in this book seem ethically borderline or even illegal so I’m taking the local RE liscence course. I have the course by Jared Severe on its way also. I am also going to join a local investment club. I live in the very depressed market of S.E. Michigan and I realize that this creates some " buyers market" opportunities. I am a good “people person” and I also have the ability to rehab quickly and very affordably. Which segment of RE investing do you feel is the best opportunity for me in such a depressed market - rentals, forclosures, short sales etc??? I don’t need an imediate cash flow to live on. My goal is more a long term retirement goal. Not that I’d pass up a quick profit deal .
Having cash and good credit is really a good foundation to have when starting an RE business. You can always get experience, those other things can be rarities.
What are market rentals like in your area? Lots of vacancies? In a depressed area, you do need to be careful how you invest. If you can focus on foreclosures and get them at a big enough discount to rent with cash flow, that might be a good start.
You could think about wholesaling, which would reduce your risk.
Ohio is about as bad as Michigan in the economy department. We’ve had terrible Governor’s for the past dozen years or so and jobs are heading elsewhere. We are currently number one in Foreclosures and Basketball.
This is a great time to be in the rental property business. With the depressed economy, properties can be bought for a song in both Ohio and Michigan. Check it out, study hard, learn your market, and join your local REIA. I think you’ll find rental properties are a great way to go in this dismal economy.