New to real estate investing!
Hello Everyone!
I am brand spanking new to real estate investing and I have a million questions but not sure where to start.
My brother and I recently decided to go into business together acquiring homes in our home town in Mississippi and holding them for rentals.
After looking around we stumbled upon a real estate agent who has a seller looking to sell four homes for $150k but the bank will only finance two, which is fine.
All properties have tenants currently renting at $800 each.
We don’t have an agent and we don’t know how to negotiate terms (we’re just winging it) to get the best possible deal for us. We offered 75k for two properties with the seller paying the closing costs.
What are some good tips to follow to avoid losing this deal? Is it a good deal at all? Should the rental be inspected? What should the seller fix or not fix before selling?
All responses welcome!
Thanks,
Jamus