Newbie takes a step
Hello BP,
After reading a few books (BP's own UBG included.) to get started I have decided to take the first step.
I am a total newbie and but yet decided to start out by focusing on multifamily properties. I would like to start with a duplex or quite possibly a triplex. A Quad is perhaps a little over-ambitious.
I am starting out with a buy and hold strategy. My primary goal is cashflow. I am looking to start local - perhaps upto 15 minutes drive away from my usual route.
I am thinking a first step would be to master how to determine a true value of a property.
Reading " What Every Real Estate Investor Needs to Know About Cash Flow" has given me a good introduction about how to work with the numbers.
I could use some help in two main areas:
I. Finding multifamily properties:
What have you find to be good places for finding multifamily properties?
Are you using MLS? CL? I tried loopnet but it seemed to have only a few in San Jose area. It could just be that's how the market is at this moment in that area.
II. Evaluating/Analyzing a deal:
After finding a few properties, I would like to evaluate them using on what I have learned so far.
I am looking for an experienced investor who is willing to analyze the same deal(s) that I did. We could then compare and contrast what we arrived at in terms of:
a. The numbers
b. The lines of inquiries to engage the seller in so as to find out what is really going with the property. Something like: The cost for this and that is much higher/much lower, why is that? or this operating cost was not included - why? and so forth.
BP - I am looking forward to hearing back you.
Regards,
Mussa