New investor needing advice
Hello!
I am a new investor and looking for my first deal. I have been looking around on BP for the past couple of months and just joined. This place is AWESOME and I am learning a lot from this forum! I have decided to invest in small multi-families (quadplexes) to get experience with the goal of in 5 years to move to larger multi-family properties. I am in the Nashville area and this market is HOT right now. It is really a seller’s market and I do not believe it is the right time to invest in Nashville. As such, I am looking at surrounding markets that are within ~150 miles of Nashville for my first multi-family property (i.e. Memphis, Huntsville, Birmingham, Louisville, Indianapolis).
My questions are:
Will I make it too difficult on myself having my first property out of town?
I will make a personal visit to the property once every month. Would this be sufficient?
I have been receiving links to websites or memorandums showing gross rents and estimated expenses from the real estate agents. Can these number actually be trusted? How can I verify the rents and expenses they are telling me are honest and accurate?
Once I make an offer and have a quadplex under contract, what is my way out if I look deeper into the property and determine this is not the investment for me?
How difficult is it to sell a quadplex?
What resources do you use to get market data?
Thanks for all of your help!!