Analyzing deals for beginners

2 Replies

I am new to real estate and am trying to get my first rental property. I've watched videos on how to analyze deals but I'm still running into some problems. First of all I don't know where to find deals to analyze. I know there are ways of picking up houses from direct mail and calling, but for the purpose of practicing, where would I find deals to analyze without access to the MLS. Second, I'm not sure how to get an accurate estimate of what houses will rent for. I know there are estimates on zillow and sites like that but I want to make sure I'm accurate. Another thing is that I'm by a college and want to try to rent by room. How would that change the rent and how would I know how much to charge if its by room. Also how do you find out zoning and more information on how many people can live in the house. Any advice would be greatly appreciated.

@Thomas Truman

You can start analyzing deals by pulling them off of MLS. You can go to any brokerage website and find properties for sale and then analyze them. Finding out what properties will rent for is finding actual apartments in your area being rented that are similar and nearby. If you want to rent by bedroom, you need to investigate similar properties. Find ads on Craigslist, on the campus etc. and see what they are charge and where they are located.

@Thomas Truman welcome to BiggerPockets!

For finding deals, you could Drive for Dollars, send Direct Mail to a targeted list, attend an auction and there are several other ways. Words of mouth can also bring you deals.

Check out this post from J Scott where he explains how to analyze a real estate deal.