I really want to get started with my real estate investing journey, but I feel caught up in the nuances of the first couple things to do.
What kind of questions should I be asking when initially screening realtors? How do I know if they would be REI friendly?
This is specifically for out of state investing since my market (Southern California) is mostly out of my budget. Any advice would be much appreciated.
@Brock Jenkins Find one that is listed here in BP under Network for the city and state you want to invest in. That is half the battle. Then ask them how many transactions they have done with other investors, especially out of state investors since your looking in other markets. Then ask them how they go about getting comps to you. If they don't know how to run both sold and rent comps for you look elsewhere. I have found that the numbers don't lie.And a good investor/realtor will let you know the areas that are great to invest in depending on your exit strategy. Personally I prefer buy and hold to start with. Plus, a good realtor will recommend a good home inspector, investor friendly lender ( @Andrew Postell is who I recommend for TX and a fellow investor), property management, make ready contractors, licensed home inspectors, etc..... A great realtor on your team will help you with building your team and don't mind working with you. I focus on the Dallas/Ft. Worth area and invest here. So any questions about DFW let me know.
@Brock Jenkins I think first and foremost, the agent needs to be easy to get ahold of and also have a passion for Investing as well. Not trying to market myself here, but, I have a genuine passion for Investing and helping people. So I think this stands out when I have out of state investors contact me. Find an agent that will work for you.
@Brock Jenkins you will know an investor focused agent when you speak to them.
They will know all the investing lingo, they will have systems built to help you analyze properties, they will have vendors set up to help you go from contract to performance, and they will know what micro market meets your goals.
We know the expected returns by block almost.
You will also be able to quickly deduce who is not investor focused. If they walkthrough a property and ask you if you want to buy it, they are not an investor focused agent. An investor focused agent will partner with you on developing a pro forma and use their walk through to adjust line items based on experience.
95% of agents have no clue how to work with an investor - other then trying to sell them properties at top dollar.
Find out what they know about investment properties. Otherwise, all they will send you is retail listings that won't meet your ROI.