Questions you wish you asked

3 Replies

I am beginning to talk to realtors in prospective markets and have been compiling a number of questions that I plan to ask. I know that on my own I won't be able to come up with every question. 

I know there will always be something I wish I could have asked or could have known before working with someone.So I want see what are the question(s) you wish you had asked before working with a realtor in an out of state market and why? 

Originally posted by @Jared Baumer :

I am beginning to talk to realtors in prospective markets and have been compiling a number of questions that I plan to ask. I know that on my own I won't be able to come up with every question. 

I know there will always be something I wish I could have asked or could have known before working with someone.So I want see what are the question(s) you wish you had asked before working with a realtor in an out of state market and why? 

I chuckle. That is no small task young man. First you assume realtors know more than you think. Some do, many don't. I would suggest you work with someone (not necessarily an agent by the way) actually investing in the way you wish to invest. If your target is multi family then team up with someone doing multi family. If single family, same thing. If Buy & Hold or Cash Flow or Fix & Flip or Commercial, same thing. I know a lot of real estate agents I like as people but they have no idea how to invest profitably and I wouldn't consider using them.

This is the kind of distinction I mean, this property below is in Phoenix but it could be anywhere in California, Texas or anywhere else.

Average Turnkey Cash Flow Per Door In Phoenix Metro Area No Bank Financing Needed

https://www.biggerpockets.com/forums/600/topics/584916-average-cash-flow-per-door-in-phoenix-metro-area

 

@Jared Baumer  Here are some questions that out of state investors ask me on a daily basis: 

• What's your own background with real estate investing? What kind of properties do you own? How long have you been a landlord? 

• What experience do you have helping buyers/sellers with X type of investment properties? (could be single family, multi family, short term rentals, fix and flips, all of the above) 

• How long have you been an agent? Do you work full or part time as an agent?

• What should we know about the Phoenix metro market(s)? 

• What areas would you suggest we focus on? What areas should we avoid? 

• If we invest in Phoenix metro, what should our realistic expectations be in terms of cash flow, appreciation, vacancy, etc? 

Those questions should be a good starting point for you to gauge the knowledge and experience of any agent you interview. If they aren't able to provide a clear and competent answer to all of those, then they're probably not qualified to help you find/analyze/close on out of state investment deals. 

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