Cumming, GA · Member since 2017 · 21 posts · 2 votes
Hi,
I am trying to buy my first investment, I found couple of offers, though numbers works out, Couldn't finish that. I was not sure what are the other steps should i take before committing?
Currently I have couple of option around Buford area. One of them is Duplex, Single Family home with two individual house in ground floor and other one in basement. Both have tenants.
My Question is what are the must have steps should i go through to make sure this doesn't become a liability?
Congrats on doing your homework. It sounds like you need to find some experienced people in your area to help confirm "yes, this is a good deal" or not. your local real estate investment group is going to be a big help. And also working with a realtor who gets investment properties. Once you have something under contract, you'll want a good contractor to walk around and help you price rehab. they will see things you don't, and are worth paying for their time. I say contractor rather than inspector (although they are good too) because a contractor will assign prices to things, where a inspector will just point things out. Ask your locals who they work with. Good luck!
With the detail given, I would use the calculator here on this site to help you really run your numbers and determine if the deal is a good fit for you and if it meets the numbers you were expecting.
I know my reply is fairly late, so I don't know if this still applies. But that's where i would start.
Feel free to reach out to me on here if you need help looking at some of the properties or have questions about the numbers that you're getting!