How long should it take to analyze a multi family property?

Question

Being a beginner I'm wondering how long it should take someone new with analyzing a deal?

Dale Miller · Answer

@Kim Belotte: Hi Kim! It's tough being the newbie. These guys are professionals if I can only be half as good someday. Welcome to the group!

Dale Miller · Answer

@Aaron K. Hi Aaron! Probably buy a 2 unit for my first deal. Yeah it definitely takes me a long time to just look at properties and look at the map where they are located. I know it takes practice and that is what I am willing to do. Thanks for your reply!

Aaron K. · Answer

@Kim Belotte the quick and free way is on Zillow, using the best actives available and sticking to the lower end of the range (for some reason a lot of people seem to post really high and unrealistic rental listings on Zillow), the quick and more cost intensive way is through rentometer or MLS

Kim Belotte · Answer

I'm also a newbie.  How do you find rental comps so quickly (5 minutes)?

Aaron K. · Answer

Depends how many units but assuming 4 you should be able to find rental comps in about 5 minutes which should be your initial gut check.  An in depth analysis from scratch is probably 20 - 30 minutes, but once you do that a few times some costs like insurance or management will become constants so once you get on a roll a single property should take maybe 5-10 minutes.