Steps to take prior to making first deal?

Question

Hey all!

I'm looking into getting into a first but and hold deal.  Super excited to get involved!  Prior to putting in offers on places, what are some recommended steps to take to make sure the deal and buy and hold experience goes as smooth as possible?

I live about an hour from most of the areas I would potentially invest in, so doing the maintenance and any lawncare may not always be possible depending on work travel.

I was thinking I need to:

A) find a good real estate agent (in the Baltimore, western MD, Northern VA, and Winchester VA regions)

B) obtain pre-approval for financing prior to putting in offers.

C) research and obtain quotes for property management companies.

D) find a trustworthy handyman in each of the areas mentioned prior to or immediately after obtaining a property.

Any other key items and steps you would recommend for a person going in on a first deal like a obtaining a lawyer to review contracts?

Just want to make sure I start off on the right foot!  If anyone has any good individuals they could refer me to for anything listed above I would love to be pointed in the right direction with good people.

Thanks for any advice anyone can provide!

Neil

Chin P. · Answer

Hi @Neil Gentile,

Glad you're excited.  One more thing that I found helpful in my first purchase was having a potential contractor or two lined up to bid any repair work that needs to be done.  If you're looking at more ready to rent places, maybe not so important and the handyman can handle it.  But I find that most places I'm looking at need some level of work.  That way I was able to get some confirmation during the inspection period that my repair estimates weren't too far off or that I was missing something obvious.