Buying First Rental Property

9 Replies

I just signed the contract for my first rental property. I am sure I paid to much, but it is a great looking home and turnkey. Does anyone have referrals for home inspectors. I am sure the real estate agent knows some, but I like to have options. I have been trolling the Biggerpockets site for a while. Thanks for all the great tips/ideas.

Curtis

What makes you think you paid too much? just curious.

I bought the house almost at asking price. But, the house is immaculate so should rent out very well.

Originally posted by @Curtis Mears :

I bought the house almost at asking price. But, the house is immaculate so should rent out very well.

 If it's turnkey and you paid asking price I guess you could beat yourself up. You could also say you paid market value and get it rented. Just because someone made money on the deal doesn't mean you paid to much. 

Paying asking price does not mean you paid too much... sounds like you pulled off a win-win if you got a great turnkey home to rent out and the seller gets what they need as well. 

For inspection try Fred Herndon (message me for his phone and email) - He gave a great presentation at RTP REIA meeting tonight and other investors there have used him to great results. He may be able to reveal some things that gives you leverage to get a lower price.

Jonathan Taylor Smith, Real Estate Agent in NC (#285033)
(844) YES-BLUE

James or Troy at Delta Residential.

I've used them the last two times and they have been great. I walked with Troy the last time and he was so informative, answered all my questions, and made a lot of recommendations.

Congratulations on your purchase and best of luck!

East side just west of Knightdale.

@Curtis Mears

I like Pete Shimkets with Advantage Inspection.  Congrats on the first investment!  Don't feel too bad about paying almost full asking price.  You're in Raleigh.  You an either do that and get in the game or just sit around waiting for a great deal to fall in your lap (hardly happens).

Of course, the third option is to really pound the pavement and phones to dig up a deal, but not many of us have the time for that.  ;)

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