Is this a good property for first time buyer?

Question

I'm starting out and was wondering if this is a good property.

Would you buy and rent out to someone or flip it?

What do you think of this 4 bds • 3 ba • 1,660 sqft home I found on Zillow?

https://www.zillow.com/homedetails/7207-King-Richard-Dr-Upper-Marlboro-MD-20772/37434148_zpid/

Will Barnard · Answer

In addition to the responses above, you need to decide what strategy you want to focus on for your investment goals. If it’s cash flow and buy and hold, then stud that and shop for that. If it is flipping, then study that and go looking for flip opportunities. Just finding some mls listing and asking if it is a good flip or buy and hold is just going to get you other peoples opinions not based on your goals, your skills, or your needs and abilities.

You have a lot of work to do here so I suggest picking the strategy first, then start asking specific questions when you run into problems for that strategy. Build your team and THEN invest.

Morris M. · Answer

Thanks a lot Will. I have been doing my homework and I do agree with you I have a lot of work and decisions to make. Listening to your show #130 today on how you made that 1M flip!

Morris M. · Answer

@Colin Spivey

Thank you for your feedback

I will do more analysis

Brent Paul · Answer

One thing to remember is just because someone says a property is worth X amount on the listing doesn't mean it is.  I don't take any value zillow puts on a property as 100% accurate.

Before even considering an offer on this place you need to know what the rents go for in the area and get some solid comps on this property to see what it's worth.  And the work it needs might be more extensive than you think so be sure to have a professional look at it with you.  I can't tell you how many times I have seen people post deals on here thinking they got a great deal only to find the property was either worth less than they thought or repairs were higher than they thought.

Colin Spivey · Answer

@Morris Mugo

I did not run an analysis on the property, but what I can tell you is that if you are not confident enough to decide for yourself that this is a good deal then you should do a little more research and analyzing before purchasing a property. Don’t get stuck within the “analysis paralysis,” but also don’t just dive in and throw money at something that you aren’t sure of. Make sure to do your due diligence in the analysis, and it should make things much easier once you get everything going.

Is this a good property for first time buyer?

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