Hello BP community! I’m new to the real estate investing world but since January I’ve been trying to learn as much as possible (BP podcasts, forums, etc.)
I'm wanting to start with a few SFH rentals in my "backyard" which is the rural area of south TX but with great schools. There's a decent 3/2 BRRR property that I'll tour this weekend. What questions would you ask the owner in order to help evaluate the repairs needed?
Any other general tips to help educate me in the buy-and-hold world would be very much appreciated! Thanks!
Hello @Michael Noll !
I would ask the owner for the age of the roof, age of utilities (water heater, boiler/oil tank), and ask if/when the most recent upgrades were made to the property.
Of course, take the responses with a grain of salt. Once you've negotiated an acceptable offer to the seller, schedule a home inspection. There are services online that help you estimate repair costs using a PDF of your home inspection report. Repairpricer.com is a site we've used, low cost and super helpful.
Other questions to ask the FSBO include:
- Why are you selling?
- Where are you moving once you sell?
- How long are you looking to close on the sale? ... If we were to close within 30-45 days, would that be an issue for you?
- What is your backup plan if you're unable to sell?
These questions can help you determine the seller's motivation and possibly give you insight into how flexible they are with current asking price.
Best of luck to you on the property tour and deal #1!
@Abel Curiel thank you very much for the advice! These are some great questions and I will be sure to ask them! We’re meeting the seller today so my wife and I are excited to visit our first potential property. If anything, this will be a great learning experience for both of us. At least looking at the few pictures that are available, the rehab may be a little more than I’d like to get into on my first go around but we’ll see. Thanks again!
Hi Michael! Sounds like you're moving and grooving. Wanted to share that BiggerPockets is launching a 12 week Rookie Bootcamp in late August, with Ashley Kehr leading the way. She's the host of the Real Estate Rookie podcast. It'll be a mix of on demand videos, live Q&A sessions, and a step-by-step curriculum to help you get your first deal. It may help provide the structure to keep cruising along on this journey!