Pre-Approved Now what?

3 Replies

I am a young aspiring investor and I was just approved for a personal home lone. My plan is to live there for 3-5 years and immediately turn into a rental. After renting out my first home i plan on moving to another and doing the same. My question is how can I put myself in the best position to have a successful investment portfolio in the next 10 years?

I live in Charlotte, NC 

Should i get a realtor?

What things to look for when buying the home?

I know the basics 1% rule, a.b.c neighborhoods, ect

Any help would be greatly appreciated.

If you do get a realtor make sure to get one that works with investors. You'll find better deals if you scout them yourself, off the MLS. I like driving neighborhoods I focus on and just look for the houses that don't look to be a good situation - overgrown lawn, broken windows or boarded up, vacant, etc. Try looking them up in Polaris GIS below and find their name and mailing address and you can do mailers. Realtors however can still find deals that would work for what you want to do with a 3-5 year hold.

If it's your first home and you don't have a handyman, fixer upper background then I would get a good GC to walk the property with you and give you round figures on the spot for repair costs.

Define what the success benchmark is 10 years from now and then work back.  Best of luck.

@Jackson Casteel sounds like you are off to a great start, with a plan. I'll be glad to discuss what working with a Professional real estate agent may benefit you. I'm also aware of most of the wholesalers in town. It really will depend on your knowledge, ability to search, negotiate, estimate and rehab any given property. There are two ends of the spectrum. Persevere.

Hey Jackson - I'm also an aspiring investor in the area. After listening to 100s of BP podcasts and reading several recommended books, if I were in your position I would "house hack." Buy a duplex, rent out an unit and live in the other one. 

I hope that somewhat helps.