New Investor Advice for Websites to Help Analyze Properties

[Keith Gephart]

Hi guys! So I'm stepping into this game as an investor as I see how real estate can change my life in the LONG run! I have invested in my own primary property which gained a lot of equity so I took out a line of credit, created an LLC and obtained a business bank account. I recently subscribed to BP Pro subscription and a Propstream subscription. I've been analyzing properties using these utilities, but I still feel like I just don't have all of the info to fill out the numbers properly. I always hear that the gain is made on the sale price which makes sense so I've been searching foreclosures and auctions. I guess my main question to start with this post is how should I go about finding properties. I want to brrrr but I feel like I need property close to me so I can get my feet wet and keep a closer eye on what's going on. I am in Stark County, OH. I reached out to BP that got me a contact for an agent. We had a convo about a week back, but I'm not so sure I'll be hearing back with deals or not. I've been looking to stay around 150k so I have room to repair and cover unforeseen issues. I've been looking at multifamily but not sure that would be the best start for a newbie or not. The hardest thing for me is in the analyzing properties, it's hard to gauge all of the expenses and proper rents to see if it will cash flow and to know if areas are having occupancy issues in the first place. Any websites for analyzing or any other feedback would be great. Thanks for your help!

[Keith Gephart]

Yes. I will say that I reached out via LendingTree at first to start shopping lenders. I immediately got phone calls and text amd emails eith responses. Don't rush into allowing them to pull crefit or move forward right away! The first few call and sound so good as they call offer money fast and easy however it comes at a cost. You have to compare fees like origination as well as the rates and terms and how you will access the funds and pay them back. Its amazing how different each bank handles these items. I learned by listening to each lender trying to sell me on their loan. I even contacted my current home lender but in the end they couldnt match what I found. The best lender by far was 3rd Federal as they have no min withdraw, no origination fees, 10yr draw and the lowest rates I could find which was prime rate MINUS 0.5%! All other banks had prime PLUS a point or two plus origination fees with a mandatory draw amount. Ehat Ineill also say as far as approval is that I have a great w2 income and live below my means so I eas easily approved in that aspect. My plan is to do a dscr loan after my first brrrr.