I am a real estate agent with a larger brokerage. I have been sending postcards to distressed properties for an investment opportunity for myself. I got a callback today from this 7 or 8 unit complex wanting to know what I would pay for it. Since sending this postcard, I have purchased my first investment property and am maxed out right now. I don't believe my brokerage allows me to wholesale. I have never delt with or analyzed a complex. It feels like it is over my head. Should I reach out to a local wholesaler and offer the lead to them? Since I cannot accept money for this, maybe I could ask if they are willing to teach me the process of making an offer on this one in exchange? Any advice would be appreciated. Thank you!
Would you have the option to get it under contract and JV with an investor you already know and would like to be in business with?
Can you keep pulling on the thread to see if the seller has reasonable expectations? They might just be fishing to see if you'll make them a silly high offer. When I did direct mail for apartments back in the day that was the majority of responses I got.
You can learn how to run rough numbers on apartments pretty quickly. There are guides from Peter Harris on YouTube that'll teach you enough of the basics to at least vet the property a bit.
@Jesse Slater I would check with you local board and dig into wholesaling. I must tell every state is different as you know when it come to real estate laws, but now that I am a broker I have gain a huge appreciation of liability, and I could not see having 3 or 4 agents wholesaling that I would be responsible for. I know even though I wholesale properties.