"For Sale" Sign questions for a newbie!
Hello everyone!
My name is Joba and I am a current insurance analyst for a mortgage firm in Manhattan looking to start my investments within RE. I'm completely new to the field outside of my daily job and consider myself a noob, but at the same time very much eager to land my first deal transaction. After many networking events, seminars, online courses, etc I do believe the time is now to start. It is my wish to start with a small buy and flip project and then move on from there, where I eventually build on buy and hold properties.
Walking around my suburban-feel neighborhood in queens (B market), I have come across one or two properties with "For Sale" signs that I see as potential buys. They are being sold through real estate agents so I am getting ready to call but would like suggestions on how I should go about those conversations. What exactly should I ask with my initial call? What should I be looking for to get the best deal possible? Should I find a more experienced partner to help with the transactions? My plan is to use a hard money lender. Does that effect anything with properties that have for sale signs?
Just some questions that I would love if someone could guide me through so that I know I am doing things the correct way. Again as mentioned before, if partnering with an experienced investor sounds like the better option please do not be afraid to contact me!
Most Popular Reply
Being a licensed real estate agent there is really nothing initially that we can do prior to seeing the home that you can't do online. Agents can provide you with a detailed market analysis by simply putting the criteria in a program and then generating a report, but you can also do that yourself. You, being local to the area, will have a good feel of what the homes are selling for and what they should be valued at. I suggest you pick a brokerage that has a good reputation and call it. When you call it ask for the best agent. They will be more than happy to help you or will point you in the right direction to an agent that handles investors. The negotiation process on the agent is where we make the money (I suggest calling another agent other than the listing agent of the property that you are interested in,...dual agency can be tricky). Good luck!!