Zillow App...Looking up properties

[Account Closed]

Hey guys so I just heard about the Zillow app. Now I am new to real estate, just started my own business and I am doing very well but being that I am 29 years old I don't want my money to leave as fast as it comes so I want all my money in property. I worked on Wall St. and I am not doing the market. Anyway, I know I should be researching properties so as in regards to using the Zillow app and just seeing proprietors for sale, should I call the agent and ask him questions about the property? I know I should but what questions should I be asking? Questions like "is this an investment property, how much are rents averaging in the area, any renovations that need to be done, how is the area, etc." Also I live in Northern NJ so what should I look for to be my first property and how much should I have for my first deal? Also, can I use FHA loans to my advantage and how do those work? I also have my business incorporated so can I put any properties under my business name and would that be beneficial?

[Jon Huber]

@Account Closed Ok, Ok, Ok... let's see if we can answer at least some of these questions. As for the Zillow app, Zillow is a nice tool but usually not the most accurate. I like it for seeing what has sold, but it doesn't always have the most up to date listings. I have found that Realtor.com app is much better and more accurate. Here is a list of other apps and free online souces: Online Resources

Also, if you want to know more about a property, a realtor would be the best person to ask, specifically the listing agent of the property. The questions you should be asking should be about the property and neighborhood. I personally ask about roof and foundation, or any work that needs to be done. Also, about any major projects near the neighborhood (ie, major structures being built, roads being torn up, and a sewer plant or jails being built, etc). Anything that would affect the desirability of the property.

How much should you have? Depends on your budget. Can you do an FHA? Perhaps, but you should talk to a mortgage professional. Walk into the bank where you have your checking/savings, and ask to speak with a mortgage rep, and they will accommodate you. I don't know your credit, income, or debt situation... so I (or anyone else on BP) can't tell you if you can qualify. They can.

For your incorporated business, you should speak with a real estate attorney. If you are going to be moving forward in the REI world, you are going to need one anyway. Let me rephrase that... you aren't going to need one, but you are going to want one.

All that being said... I think you will be fine once you are informed. I am from NJ and am very familiar with your area. I actually have a property under contract in Bloomfield. There are great deals to be had, but I suggest that you are educated with your questions before pulling the trigger. Find these professionals... ask your questions... get informed... and then invest with sound peace of mind. 

Good luck.