@Jaquan Dupree Make sure all your calculations are correct. I mostly refer to the after repair value of the house. Inspect the property yourself and if possible take opinions from other contractors. Short sale and foreclosures are both equally good targets for a buyer. Most importantly, try to take your time to assess all your potential leads before sticking to one. Great deals are lying around everywhere just waiting to be found.
Hey what’s I’m new to BiggerPockets...I want to buy my first investment property any advice?
Jaquan,
You got to be patient and buy ONLY when you're buying a property at a discount. It's tempting to pull the trigger so that you can do a deal for the sake of doing one. However, a bad deal can set you back and you will lose a lot of buying opportunities down the road. So, focus on finding a good deal. Use the calculators here on BP. Analyze a lot of properties and make a lot of offers.
@Jaquan Dupree Make sure all your calculations are correct. I mostly refer to the after repair value of the house. Inspect the property yourself and if possible take opinions from other contractors. Short sale and foreclosures are both equally good targets for a buyer. Most importantly, try to take your time to assess all your potential leads before sticking to one. Great deals are lying around everywhere just waiting to be found.
This may be an obvious one, but make sure the property has a certificate of occupancy! Found that one out the hard way. If you are rehabbing the property and inexperienced make sure you have a plush $ stash to cover unexpected issues.
I think the best investors are those who can embrace change. Think about about plan B as much as plan A. Keep up-to-date on politics and local news for the areas you invest and read between the lines; could give you a competitive edge. There are many factors at play when it comes to calculating the real estate market.
Remember as kiyosaki says: Free investment advice could cost you a fortune. Take that as you will. ;) Good luck!