I'm new to real estate investing and am going to be searching for a real estate agent. The market I will be looking to buy in has a lot of special rules for renting out property with parts of the city having different rules than other parts. The market also has low inventory currently and houses aren't on the market long. Long story short, I am wondering if it is more important to find a rock star realtor that has been in the game for a while and has a lot of sales under their belt, or do I go with an agent that is also an investor in the area and knows the rules but doesn't have many sales under their belt? I realize it would be best to find one that has both of these characteristics, but I want to hear peoples opinion on what they feel is more important. Thank You
Why not both? A rockstar agent who works with investors.
@Russell Brazil there doesn't appear to be any in my area. Which is why I decided to ask the question. Kind of in a tough spot.
There are definitely dual threats in your area. Where were you looking? Why are you buying into a hot market as your first investment and what type of rental rules are you talking about? Airbnb or something else? Are you paying cash or mortgage because you realize that you also have to be an attractive client to the agent as well, right? You might be, but a lot of new investors think they are interviewing agents when good agents are interviewing you at the same time.
@Jonathan Greene it's mainly a college town with a lot of potential renters between the many different colleges and hospitals and clinics. Many people other than just college kids come to town for 5 years or less as they are getting started in their careers. Some parts of town don't allow renting, other parts only allow 2 unrelated people to live in a rental, some parts its 5 unrelated, some parts it doesn't matter. Some parts of town only give out a certain % of rental liscences. Some house already have a rental license to go with the property and some don't.
As far as why I want to start here is because I work in the town and also live near by. Along with that I want to use the BRRRR method which will be wayyyy easier to do if I buy here. I will hope to find something that I will be able to purchase and rehab for 75-85% ARV. Which shouldn't be too hard to do if I get an agent that has can find foreclosures, cause there is usually a handful at any given time.
I will be purchasing with a loan using 20-25% as a down payment looking for a house around 90-100k that needs about 20k worth of work. Then do a cash out refi once I can.
Still looking for an answer