Washington, D.C. · Member since 2018 · 7 posts · 2 votes
Hi all,
First post. Apologies in advance for any BP forum faux pas I may inadvertently commit.
I am new to real estate investing and my goal is to invest in my first property in 2019. To that aim I networked with a local, private lender who told me he would help fund/partner with me for my first deal.
To start, I obviously need to come to the table with a target property and financial analysis showing that the deal makes sense. Since the lender is most experienced with flips, that's what I would be presenting (single-family). However, I don't have any idea where to start. My two main problems seem to be:
-Finding an off-market property to maximize value + potential margin
-Providing a realistic projection of renovation and financing expenses
I'm confident that I can tie the remaining loose ends together to deliver a compelling proposal, but obviously I need to present real numbers/properties so the lender can evaluate whether they want to move forward with me.
What resources would you guys suggest (books, articles, BP posts/products) to help educate myself before taking action?
@Aaron Lesher Start looking at properties. Even on the MLS, you need to get a perspective on what a good deal might look like and to do that you need to have looked at a bunch of properties. Start going to REIA meetups and talking to other investors, wholesalers etc. There is no magic bullet, you have to get out there and get your feet wet. Some of your best deals will come from mistakes. Incorrect SF, incorrect bedroom counts (like a "office" that just needs a small closet to be a bedroom etc, incorrect unit count (I have bought two of those. a 7 unit 3 bedroom property listed as a 5 unit bedroom property and an 18 unit that was actually a 20 unit (they didn't count the management unit or the laundry which was a unit converted to a laundry.)