Simple Question
I would like to know what methods folks use to locate RE oppurtunities. Having no experience with this I intend on proceeding slowly and cautiously. But I don't want to be a victim of analysis paralysis. Looking for my first place I plan on either a single family or duplex. I'm of modest means, talented in home repair and recently an empty nester with time on my hands. Any ideas are appreciated. Also any names of specific books or programs to address this issue would also be great. 
What you might do first if you haven't done so is to take a look at local prices and rentals and do a cash flow analysis assuming you were a typical 20% down purchaser of local property. You can use a spreadsheet or there is a tool in the MYTOOLs section of MYTCI called the Proformanator that can help. This will be an indicator as to whether your area gives adequate cash flows. If it does, you may be able to find properties where a motivated seller can help with financing so you can acquire with little money of your own. You might even be able to do this using a real estate agent which may be easier.
Since you are talented in repairs you might try to find a fixer-upper that you can buy below market. Often bank owned real estate (REOs) is in need of repair and these are usually marketed through RE agents.
Since my time is limited, I use RE agents often or bird dogs to help find investments. If you have the time you can chase tax sales, pre-foreclosures, foreclosures, etc.
You can learn much from the TCI posts and you will get different opinions on books and educational material. I like the "Rich Dad, Poor Dad" books but they are not "how to" books. I find some value in some of Carleton Sheets videos, but not all.
I hope this is of some help.
Regards,
Ed
Thanks Ed. I figure I am in the range of a 20% buyer and I've started putting together a spread sheet to figure out the cash flow issue. I figure if I can't generate at least a 10% annual return I'm better off in putting my money in reits.
I will take a look at the Proformanator as I'm sure it will find holes in my spreadsheet. I haven't quite figured out birddogs yet as they sound like agents to me. And I'm not sure how I would go about contacting one.
Thanks Again....lthw
Lthw:
You should start out by going after "Absentee" owners in your area. This can be accomplished by simply sending them letters...
I would recommend Ron Legrand who is the real deal and also John Locke for your education...
Best Riches,
Jeff Adam
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