Hi BP community I am just starting out surprise surprise, but how can I figure out what area of the market is good for buying? How do I figure out how much rent is for other properties around a "good deal" and how to get comparable pricing from a house your interested in from one established home down the street?
If someone can please help me out I'd appreciate your input.
@Quincy Fellows Welcome.
1. I'd approach a Mortgage Broker to run your Credit, put you into DU (Fannie Mae's Desktop Underwriter) and see what you're qualified to borrow on conventionally.
2. I'd select an area and ask a RE Broker, that you're compatible with, to let you know the SOLDS for the last year in that area. You can then bracket the price range which seems to moving quickly from the DOM (Days on Market). Finally have them send the ACT (currently ACTive properties on the market) for you to match them up with.
3. Go through the podcasts, threads and forums here on BP (not everything is accurate on these threads, forums or podcasts) Use your intuition.
4. Set a timetable and DO IT!
PS Also get to the local REIAs.
Thank you @Mike Hurney I have proceeded with step one already hopefully I can get back some positive results. Also there are no local clubs for advisors unfortunately so do you think itd be a hassle to find one online? and I have one personal question if you don't mind. If your were twenty years old made about 35k a year and have no debt or expenses. what would you consider a plausible start into real estate? would you buy and hold or wholesale or flip maybe a combination?
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