New investor in the making. Not afraid if failure or hard work

[Kenny Hanuska]

Good evening all, new to bigger pockets. Can't get enough of the podcasts and books. Plan to start investing in Single family homes. BRRR, flip. Or rental. Unsure if foreclosures or mls research is the best place to start running numbers and taking the action of making offers. I'm very handy and plan to do work myself for my first few acquisitions. But reasonable enough to know when it's time to hire that out.

[Eliott Elias]

The only thing you should be looking for, is a deal significantly under market value, once you find this all investment strategies open up and it is yours to choose.

[Jimmy Lieu]

Quote from @Kenny Hanuska:

Good evening all, new to bigger pockets. Can't get enough of the podcasts and books. Plan to start investing in Single family homes. BRRR, flip. Or rental. Unsure if foreclosures or mls research is the best place to start running numbers and taking the action of making offers. I'm very handy and plan to do work myself for my first few acquisitions. But reasonable enough to know when it's time to hire that out.

Hey Kenny, I run my own successful rental portfolio and have a lot of experience working with a lot of investors so I can help answer your questions. I do not recommend buying from foreclosures because most foreclosures do not allow for you to do any walkthroughs or allow for contingencies. You have to buy site unseen so for a new investor, I would strongly advise against this as there is so many risks involved. I do recommend using the MLS because you're allowed for inspection contingencies and if someone lies or hides certain defects wrong with the property, you're able to come after them legally. As an experienced local investor and agent here, would be more than happy to answer any questions you have!

[Kenny Hanuska]

That is great advice. I was on the fence. But that detail makes lots of sense. And as a novice. You hear all these fantastic stories about foreclosures. Always wondering the chances of success. How far does your investing portfolio extend west from the Columbus area. I live in South Charleston OH, and I’m pretty flexible in my willingness to learn new areas and get comfortable outside my little bubble. 

[Marc Rice]

Quote from @Kenny Hanuska:

Good evening all, new to bigger pockets. Can't get enough of the podcasts and books. Plan to start investing in Single family homes. BRRR, flip. Or rental. Unsure if foreclosures or mls research is the best place to start running numbers and taking the action of making offers. I'm very handy and plan to do work myself for my first few acquisitions. But reasonable enough to know when it's time to hire that out.

 I think sometimes foreclosures can be overhyped and even riskier to buy than traditional fixer uppers because generally you cannot do the same due diligence on the house with an inspection period and you cannot negotiate remedy or repairs if needed either. Plus you often get pressured to bid more than you're comfortable with. Also most realtors do not assist with foreclosures because the auctions do not compensate realtors at all and their buyers have usually a 1-5% chance of actually winning. Not to mention most foreclosures are unique to counties so you'd have to find a specialized realtor for every county or master all the counties yourself.

I would encourage SFR BRRRRs or rentals over flips because flipping is just another high paying job that you pay a ton of taxes on. Not to mention the volatile market right now on exit pricing. If you do want to go this route, networking with local investor friendly agents who can find off market deals for those BRRRRs is essential. It's always good to ask the agent how many successful BRRRRs they've done themselves, how they find off market deals, and how many BRRRR deals a year do they do.

Lastly, make sure you're buying in the neighborhood grades that make sense for you. Asking a local realtor can really help you here.

[Remington Lyman]

Quote from @Kenny Hanuska:

Good evening all, new to bigger pockets. Can't get enough of the podcasts and books. Plan to start investing in Single family homes. BRRR, flip. Or rental. Unsure if foreclosures or mls research is the best place to start running numbers and taking the action of making offers. I'm very handy and plan to do work myself for my first few acquisitions. But reasonable enough to know when it's time to hire that out.

 Welcome to bigger pockets! I am an investor here in Columbus, Ohio

[Harrison Chow]

Quote from @Kenny Hanuska:

Good evening all, new to bigger pockets. Can't get enough of the podcasts and books. Plan to start investing in Single family homes. BRRR, flip. Or rental. Unsure if foreclosures or mls research is the best place to start running numbers and taking the action of making offers. I'm very handy and plan to do work myself for my first few acquisitions. But reasonable enough to know when it's time to hire that out.

Hey Kenny! Searching for properties through the MLS is indeed a great way to get a sense of what's available on the market and start running numbers on potential deals. However, keep in mind that the MLS can be competitive and may not always have the best deals available. Another approach you mentioned is looking for foreclosures or distressed properties. These properties can often be purchased at a discount, but they may require more work to get them up to code and rentable.

Regardless of the approach you choose, it's important to run the numbers carefully and make sure that any property you're considering has the potential to be profitable. This means factoring in all expenses, including repairs and maintenance, property management fees, and potential vacancies.

Since you mentioned that you're handy and plan to do some of the work yourself, this can be a great way to save money on repairs and renovations. I'm glad to hear you also recognize the importance of knowing when it's time to hire a professional. Safety should always be a top priority, and certain jobs may require specialized skills or licensing.

As an investor friendly agent, I can help you navigate the market and find properties that fit your investment goals. I can also provide referrals to contractors, property managers, and other professionals who can help you along the way. With the right team in place, you can start building your portfolio of profitable single-family homes. Would be happy to connect!