Cool my jets or get into the game?

[Michael Spindler]

Before I ask a question, I try a keyword search. However, I may not be using the right keywords. So if this has been answered before, feel free to post a link.

Two part question.

1. I have a plan, to save the 20% down + reserves, for my price target by June 2014. Yet I feel like I should be doing something materially proactive, aside from reading and researching. Should I just cool it and work my plan or should I try to push my way into the game? Aside from the funding aspect am I fooling myself with a delay or being prudent to ensure I am properly capitalized?

2. If I should push. A seller finance situation with sweat equity would be ideal. I'll do anything except 220 lines. Are there any examples of ads on BP that I could build upon, to make sure I am talking the same language and model a deal that is to the benfit of both parties? Since my targets are MFRs, my potential sellers will be other investors.

Thank you and have a great day.

[Dawn Anastasi]

Michael Spindler - everyone started somewhere! I was nervous to go to my first REIA meeting locally and it turned out great!

Regarding finding a property, there's nothing wrong with pretending that you are going to buy now even though you are going to buy in a year. If you want to leave an agent out of it for now there's still lots you can do.

a) Research the MLS to determine prices.
b) Drive around the neighborhoods/zip codes you want to invest in to really get to know the area.
c) Even better, park the car and walk the neighborhood. You notice a lot more when you walk around than when you drive.
d) Do research on agents -- who are the best to work with? This information can also be gained by your local REIA meeting and speaking with other investors.
e) Firm up your plan:
- Where your target neighborhood/zip code will be.
- Your desired price point.
- Your desired level of rehab. (Get contractor references through the REIA.)
- Property management companies. (Which you can get referrals for through REIA, or if you want to self-manage, landlord contacts you can bounce ideas off of.)

When you come across a property on the MLS that you like, perhaps speak with an agent about seeing it. Then do a walk through and estimate rehab costs to get it rent-ready. Create a spreadsheet. If you do this enough times you'll feel way more prepared in a year. Also perhaps there is another investor at the REIA meeting that will let you tag along on a rehab project to see how it works.