Need help with my first deal

7 Replies

I saved a little cash and I’m ready to dive into the Buffalo, NY market and purchase my first multi-family rental property. Does anyone have any tips on how to locate good properties... besides looking on websites like Trulia and Redfin? I’m also open to any other advice that would be helpful as I start.

Hello @Faith Jaskowiak and welcome to BiggerPockets!

While Redfin, Trulia, Zillow, Realtor.com, etc. are good resources for seeing what is on the market, the most up-to-date and accurate information will likely come from the local MLS.

Partnering with a local Realtor would be the easiest way to gain access to the MLS. As you interview Realtors (or perhaps before), speak with a lender who can pre-approve you for financing. This will help you and your Realtor navigate the market using your desired price-point as the guide.

Best of luck to you on your journey!

Abel

@Faith Jaskowiak

First of All,

There are always opportunities in each town. The larger the town the more opportunities though. The key is how the market is doing. If there upwards pressure on the market ie a Sellers Market or If there downwards pressure on the market ie a Buyers Market. The factors are figured out by checking specific supply and demand and average days on the market. To me, it does not matter where the deals are. It is finding the deals that are most important. There are plenty of deals all day long in the oceans we fish in.

Second, Real Estate is extremely hard business.

In Real Estate, we suggest people go slowly to protect you. It takes Years in Real Estate to become a successful Investor. Even learn every day with new things when you work on a property.

My suggestion is to get educated by an experienced mentor or educator before you start on the ground.

This what we suggest to all of our clients.

There are many people who will do a yellow letter, billboard or things like that. Those are not as productive as to dominate the market and increase your portfolio.

I was on the same ground 6 years ago where you are at now.
All are a waste of money. I did expense thousand of dollars on the various platforms to get trained. But nothing was that effective as I find it right now.

Better is to find someone who saw the two parts of the coins closely for a long time.

Oftentimes in Real Estate people will tell you "the more money you spend, the more money you can make". This is not true. There are people who provide free education.

The more education you will have the more chance of being successful in Real Estate.

We will be in touch very soon.