How do you usually find your first property?

Question

I am a newbie in this field and want to know how people here usually find your property, especially the first one? I understand network, but when I have zero experience, I also have no network. Should I start with an agent who can help me find the property, then start to build my network, or do my own on-line research to find the property? Thanks a lot.

Mary lou L. · Answer

I found my latest property on craigslist. I also have searches set up with various other sites, like IFTTT.com, Hud.gov.  trulia.com realtor.com. auction.com redfin.com

The current one I am working on I found on Homepath.com (also an automated search). These are Fannie Mae Forclosures.

Other ways are driving around, "driving for dollars" looking at individual bank websites for REO.s,

Keep looking, I do spend a lot of time on the computer, but automating searches is a great way to get instant notifications of properties you may be interested in!

Good Luck!

Anastasia Jordan · Answer

Footwork against online list or online list then site visit.

I'm trying to buy in my own area. I visit the property beforehand. I don't have the resources to buy sight unseen. The deal I'm looking at now involves a home that an investor started rehabbing then stopped.  My plan is to find homes that require the least amout of rehabbing possible.

Paul Timmins · Answer

@PING CUI

Have a buddy who filled a 3 family for an out of state owner with students 10 beds she takes $100 a month off the top for each bed. She is making $1,000 a month on a property she doesn’t own nor manage.

Paul

PING CUI · Answer

@Paul Timmins

You mentioned I don't have to own a property to control it. I understand if I am a wholesaler, I don't need own the property, but if I want to rent the property, how can I avoid to own it? Thanks!

PING CUI · Answer

Thank you so much, Paul! This is so helpful! And if you don't mind, I want to ask a little bit more, how much do you think it is proper for the new investor to put on the first investment house ? I mean cash buy.Wholesale or flipping house or something else as the first investment?Thank you.

Paul Timmins · Answer

@PING CUI

Welcome. Fill in the foundation below.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 100 past ones to catch up on.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com

Two Great reads, I bought both J. Scott The Book on Flipping Houses,  The Book on Estimating ReHab Costs  http://www.biggerpockets.com/flippingbook

Consider checking out HUD homes for small multi's owner occupied gets first crack.

You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul

Lois Agbor · Answer

I also have this question. What if I find my first property in a different area that I can't necessarily go to?

any advice will be appreciated.

How do you usually find your first property?

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