Two part question,
It is better to use Real Estate Agent in the beginning to find a good investment for a buy and hold multi-family 4 Plex.?
Or should I look on web sites for properties?
This is for homes in Jacksonville, FL.
Should I look for my banking partners and find out how much money I am working with (ball park) and then look for investments that fit that $ amount before I look for a property?
@William Fritsche , I would do all that you mentioned. We talk to brokers, websites, cold call, send letters. Do whatever you can to generate a deal pipeline. If your new to the area an agent could be useful, but don't rely solely on one. Remember not many people care about YOUR interest more than yourself.
If this is your first investment home and you can get an FHA loan for only 3.5% down, its a great way to start. Get approved and ready to make offers when you find a good deal. Quicken Loans is a good place to start for an FHA loan. Good luck!
I think Philip and Juan have both spoken truths. My experience has been to drive the area you are thinking of investing in, in addition to doing all of the things they listed above. Being from Jacksonville and investing in the same city, I can tell you that one street can be different from the next. There are "invisible" boundary lines that seperate awesome neighborhoods from mediocre. And interestingly enough that can occur WITHIN a 1 mile radius. You have to absolutely know what is going on in the "hood" you are going to farm. Especially since there is a big push to 'revitalize' older areas close to downtown and by the river. Beware of every number that you see. Some are too high some are too low. Rather use the numbers combined with area knowledge to know if the deal is good.
Remember its a competitive market out there so if you find a good deal you want to be ready to lock up the deal and the best way to do that is to have your loan amount pre-approved already so you know you can make an offer you can back up and all is good for you.
Personally, I felt more secure and safe using a Realtor when I got started. I can't defend my position with any great load of data or passion; it just made me feel safer. Like he'd catch my mistakes. Which he did a couple of times. Just my opinion.
Thank you Juan, Philip, Robert, Gilbert and Kenneth for the feedback.
It is greatly appreciated as I am learning a lot from all of you.
I am excited inside like a young man but understand the business is competitive and I have a lot to learn before I am ready for my first deal.
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