THe inexperienced Real Estate Investor.

4 Replies

Hello,

My name is Tiffany and I live in the Hampton Roads area of Newport News, Virginia. I have been following bigger pockets for about three months now and it has some of the best information about REI I have ever seen, I love it I am either listening to a podcast or reading a blog daily. I have been planning and dreaming about getting into the real estate investing game for quite a while now. After researching and educating myself on how to go about REI, I decided it would be a great idea to get out there and get my feet wet. So I contacted a agent through Zillow, sent him the property that I was interested in seeing (which was a multifamily), he made the appointment, A week later we were at the property with the owner and there I was not knowing what the hell I was doing. The property was okay it is an 8br unit each unit has 1bath. He was asking for 280k for the property, which he said he put some work into and he had just bought the property earlier this year. I plan to go look at more properties, however this was so nerve racking as a first timer. Knowing what questions to ask and getting the most out of the appointments. Any advice?

Enthused Investor.

Hello @Tiffany Marsh ,

I would highly recommend using the rental property calculator on BP to help you evaluate if the price is right for a property. Personally, I like knowing the last time the roof was replaced, the water heater was replaced, etc. The major expense items that you know will need to be replaced eventually. Granted, I am fairly new to this as well, so still have a lot to learn. I also don't think it hurts to ask the owner why they are selling. Best of luck!!

Thanks for this helpful advice Jonathan Jordan!

Hi Tiffany,

I am an investor from Williamsburg. If you have not yet done so; sign up for the Peninsula Realestate Investors Association (PREIA). You can sign up on @ meetup.com. The next meeting is this coming Thursday. A wealth of knowledge is available. The PREIA is a "must do" for new Hampton Roads investors. You pay for a meal but the knowledge is free!

Hey Robert. 

Thanks for this information. I did just that I signed up. I will definitely make the next meeting. I get emails from you guys as well.

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