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Updated 1 day ago on . Most recent reply

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Beruk Lessanework
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Interviewing Real estate agents for first property

Beruk Lessanework
Posted

Hello everyone, 

I am currently in the process of buying my first property, which I plan to house hack. I've already been pre-approved (for up to $220K) and now I am looking to find an agent. I am planning on interviewing a few agents to make sure that I find the right one and I was wondering what some good questions to ask would be? I have a few questions in mind but if anyone has any must-ask questions, I'd love to hear them!

  • Beruk Lessanework
  • Most Popular Reply

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    Drew Sygit
    #1 Managing Your Property Contributor
    • Property Manager
    • Royal Oak, MI
    5,941
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    Drew Sygit
    #1 Managing Your Property Contributor
    • Property Manager
    • Royal Oak, MI
    Replied

    @Beruk Lessanework most newbies are surprised when they find out at least 95% of real estate agents only know how to deal with owner-occupied properties.

    These are primarily emotional-based transactions - NOT what an investor wants!
    - Of course they are all, "Investor Friendly" because they want a commission.

    So, how will you identify the less than 5% of the agents that understand investing numbers like Rent-To-Price Ratio (RTP), Return On Investment (ROI), Cash-On-Cash and CAP Rates, etc.?
    - Simply ask them to explain those numbers to you and find out how many investment properties they own!

    We also recommend understanding the differences in Property Classes, so your expectations are aligned with the market. All this is on the interactive map with color-coded Property Classes on our website:)

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