To start, yes I am new to investing, no I don’t have any investment properties (YET!!!). I would like to get into rental properties at first and expand out after I gain some more knowledge. I also plan on attending a few REI Clubs soon, and hopefully they can be as helpful as everyone says. I have also read quite a few books on Flipping properties to general REI books. Can anyone point me in the direction of a Rental/Landlord focused book(s)? Or better yet, if you live in the Tampa area I’ll buy the coffee, you let me pick your brain?
My questions to you guys:
Is Florida, specifically Tampa and surrounding areas, the worst place to invest right now? Should I wait it out?
With all of the foreclosures looming, will the rental market go up? It seems that there would be a positive correlation between the two.
How do you determine your total monthly expenses for a rental unit?
Having good credit, but little money (5k+/-), what would be a good/best plan of attack?
Would setting up an LLC prior to purchasing a property be a good thing? Or would this be something to do after acquiring a few properties?
Now on to actually finding properties:
There are many website’s that say they are wholesalers, or places like craigslist where wholesalers list properties saying X amount in repairs, and that Y house has this much equity in it after the repairs are done, are they trustworthy?
Would getting little road signs and placing ads in the newspaper, then just waiting on the “right” deal, be the best course of action?
Is setting up a website anywhere near a priority?
I apologize for so many questions, and I have searched these out, but I haven’t found anything that answers directly. I have already learned a lot from this site, so any info that you could provide would just be a HUGE plus!