Are you looking for cash flow? Is this for long term appreciation? Do you want to diversify your investments? Are you looking to house hack? Or do you want to flip? Determining your why will help you on the path to the right property and we are happy to talk it through.
If you have the cash how much are you willing to spend. If you are getting a loan, talk to a loan officer to see what you qualify for. Do you have cash in hand for renovations? Do you need to take out a loan for those renovations?
You want to work with a real estate agent that knows about investing and ideally one that invests themselves and knows the ins and outs first hand. But you also want to make sure the agent has a solid track record working with investors to help them reach their goals. It's a fine line to find the best combo agent that invests but is also a top producing agent.
Working with your agent to determine the type of property and location you want to invest in is a big deal. Cheap properties are not always the best investments.
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Your agent should be able to help you do a rough breakdown fairly quickly to determine if it is worth going further or not. Deals are not easy to come by, but having a solid system in place to figure out if they meet your needs can save lots of time. Lean on your agent.
Your agent will guide you through the steps to the best offer to ensure you hit your mark on the deal. Investing is a numbers game, so the numbers need to make sense.
Once we have an offer accepted then get the inspections completed, and if needed renegotiate. Once that part is satisfactory then the mortgage lender will order the appraisal. This is again another possible point to negotiate.
You passed the hard part, now we wait for closing and now is the time to get everything finalized with what you will do with the property, organize contractors, talk to property management companies, etc
Get the paperwork signed and you are now on your way to starting or adding to your real estate investment portfolio.