Some "Stupid Questions"
Some Stupid Questions I've always thought of but too embarrased to ask anyone on my venture to become a Real Estate Investor.. Though I feel like a goof I will learn very much from the answers, Thanks in Advance
1. Could someone explain the procedure when buying a house/property, right from the offer to closing what needs to be done who is in on it, Lawyer, Banker,Agent etc? What is exchanged?, When is the title handed over? When/if do you need insurance in place etc?
2. When you look for a property and lets say you are very interested in making an offer. Aside from your own homework who can assist you in finding out what other houses go for in the area or near by? Will a realtor be happy to do this with you?, Do you have to dig hard to find this information?
3. Upon making an offer is it uncommon for you (an investor) to bring a Contractor to a Rehab to see what it needs to be up to your standards of selling..?
4. Kind of followed in with question 3. I've been hearing ARV (after renovation value if im not mistaken). Is there someone that can actually say "If you do such and such this will be worth this exact price" BEFORE you do the repairs? Or is ARV considered to be your homework as an investor?
Thats all I can think of off the top of my head but Im sure I'll have more once I think of them..
Thanks for the space and sorry about the dumb questions. I really am serious about this investing. I live to read books and watch videos on investing in real estate, I guess I just missed out on all that or it wasnt as clear as I can comprehend..
Andrew Bugg
Edmonton Alberta