My fiance and I are in the early stages of creating our plan for our strategy regarding REI. We are interested in purchasing multifamily buy and hold properties near us. I am curious if anybody has any tips or suggestions as to what to look for in a realtor- is there anything you know now about your realtor that would make you decide to work with them again or not? Any specific questions to ask in regards to selecting a realtor for REI? Any red flags to look for?
The most important aspect is actually the Mortgage Broker! Don't bother trying to financing through your retail banker, get a great Mortgage Broker who does multi-family lending every day. The most important aspect of multi-unit is that the lender will count the income of the units towards your total personal income allowing you to qualify for a larger purchase.
A great Realtor is just as important to find the property and run all the number for you to make sure you are getting a good deal that is cash flow positive. I would be happy to refer someone in your area if you would like.
Feel free to reach out with any other questions or needs
Biased opinion as I'm a Realtor, but in my opinion you should work with a Realtor who is actually an investor themselves. If you find a good Realtor who is also an investor, they will likely have lots of good connections that they'll usually be willing to share. If I get my contractor more work, he's likely more responsive to me and perhaps dare I say I'd get a discount at some point?! If you team up with a Realtor investor, they're likely to know the in's and out's of investing. Unless they're a multi-millionaire, they can't buy all the properties.
@Account Closed I look for agents who are investors, hungry to do deals and responsive.
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