Essential Formulas, Websites, Etc.
Hello BiggerPockets, happy Sunday!
So I joined last week and made my introduction. I was warmly welcomed into the community with positive and encouraging responses, which I thought was awesome.
Many recommendations were given, and I'm building a solid foundation by educating myself. Right now I am really digging the small multifamily, buy and hold idea. I've spoken with my aunt, who is an experienced real estate investor, and she recommended starting out with a small condo once I get out of the military and return home. She also offered to partner up with me!
Anyway, now that I'm becoming more knowledgeable in the world of real estate, I have a couple questions: First, what are the formulas that you need to apply when looking to buy a property? More specifically, how do I determine whether a property will be profitable?
Secondly, what websites can I use to look up multifamily properties for investing? Right now I'm using realtor.com and LoopNet.com. I like realtor because it's free and interactive, but it rarely shows factors like rent price, cap rate, etc. You can hardly see any properties using LoopNet unless you pay an arm and a leg a month. Is there a site that is free and effective for investors?
Lastly, is partnering with someone for your first deal a good idea? I like the idea of having a mentor/partner who is experienced helping me make the right decisions and make money more efficiently.
I'd like to thank the community for taking time out of your day to help people like me who are eager to learn. God bless.
Jake