I finally got around to finding an investment that I think could be a good one. It's small potatoes for most of you, I am sure, but I am hoping that this is just the beginning.
It's actually 2 small 2 bedroom 1 bath properties. The neighborhood isn't much to write home about, but it's not bad. Both are currently rented, but one of the tenants is about to vacate. That house is one that needs some work so my plan is to spend some money getting it into good shape and rent it for a bit more. The propoerties just barely satisfy the 1% rule, and should do somewhat better after some minor renovations. I plan on focusing on the one that will be vacant soon, and fixing that up as quickly as possible and renting it for a bit more than it has rented in the past and letting the other one continue as is for a while. If at some point the other tenant vacates, then I will do similar renovations to the other property. I don't expect this to be a huge cash cow, but I think it will be a good first step.
I have to admit that it's a bit scary venturing into new territory, but I've been wanting to diversify into real estate for a while, so I suppose I need to start somewhere. Thanks to those that have shared their experiences here. They have been quite helpful and I am sure I will be looking for additional guidance along the way. Maybe years from now, I will be able to pass on some lessons learned as well.