I am newbie in Real estate investment. I am wondering how can I go about looking for my first deal in/around my area. Basically, I am thinking to start with multi-family home investment or for newbie this is not the multi-family home right area?
Whom should I approach? can I use website like zillow, redfin etc?
I am planning to join local REI group. Any one from Irving or Dallas Area?
Any input would be great to get me started...
1.) local reia club
2.) local attorney
3.) local cpa
4.) local investor friendly real estate agent
5.) lenders, private lenders, hardmoney lenders
6.) start building a team of local contractors
7.) biggerpockets calculators
8.) view at least 9 properties before creating an offer to
purchase / letter of intent
10.) listen to #askbp and podcast under the " learn " tab
11.) good luck moving forward with your real estate investing
I would write down your goals and really try to quantify what you want to accomplish for your first deal. Some of the options are: short-term income, long-term income, flips, wholesaling.
Within those categories are sub categories like: single-family, multi-family, vacation rentals, and many more.
Once you have the goal in mind it changes your whole perspective, you can talk to everyone you meet about it, and they will be your lifeline for finding deals, etc.
REIs are great, Redfin/Zillow etc. are nice for analysis, but they are not likely to be where the deals are. Focus on people and undervalued sources of information, these are where you are likely to find the diamonds in the rough.
BP is full of useful resources such as forums and blogs. Welcome to the Bigger Pockets community-be sure to check out all the awesome BP blogs under “Learn.”
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com
Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook
Consider checking out HUD homes for small multi's owner occupied gets first crack.
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
Thanks every one for all the comments.
To start with I am planning to join local REI club. I have joined couple of clubs using meetup.com and planning to attend the meeting in the coming weeks.
once again thanks for the support from BP family.
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