All Forum Posts by: Sam L.

Looking for real estate agents in Tucson to help me find deals meeting specific investing criteria off the MLS. Ideally works with investors regularly. Would like experienced agent with good local knowledge. Any recommendations?

Looking for real estate agents in Tucson to help me find deals meeting specific investing criteria off the MLS. Ideally works with investors regularly. Would like experienced agent with good local knowledge. Any recommendations?

Thanks for the answers. I am realizing I should have split this up a little more. Didn't know about the search function so I look forward to using that.

Hi everyone,

I'm new to BP and plan on moving to Tucson in June for my first full-time job. I'm using the next two months to educate myself before putting boots on the ground. My plan is to acquire a 2-4 unit multi-family home, live in one unit and rent out the remaining ones. I plan on being pre-approved for an FHA loan to acquire the property. Long-term, I see myself being a buy-and-hold investor. That being said, I do have the following questions:

1. What should I be looking for in an REI group? Some are asking for monthly or attendance fees to join their meetings. Granted, these have more professional looking websites than free ones through meetup.com. Are fees a red flag? I understand I need to avoid groups that are trying to sell me things, but other than that, what do I seek to avoid? I'm going to attend these groups to gain connections to wholesalers and rehabbers in my local market as well as see what the market conditions are like. What else should I be looking to get from these local meetings?

2. I plan on buying my first property with an FHA loan. The low downpayment is enticing, but I am worried about how it will affect the monthly payments. Additionally, will interest rates on such a loan be significantly higher than a more traditional loan? Any resources for getting ballpark figures on these numbers?

3. Speaking of FHA loans, how long do I legally need to live there? I might not have the same job three years from now and want to know how this subsidized loan will affect my future plans?

4. A good RE accountant and lawyer are vital to successfully starting in REI. What can I expect to be paying them? I would expect to be charged for actual paperwork (such as lease contracts or doing my books) but how do consultations typically work? If I want them to walk me through paperwork or a series of questions I have, can I expect to pay by the hour?

5. For some of the more experienced people here, what is the advantage of investing in real estate instead of the market? I understand using leverage helps you gain better returns, but otherwise, is it possible to beat the market by putting money into real estate? Overtime, I'm sure I will become better at finding deals and managing properties; however, if I'm only squeeking out 2-3% more, it might not be worth it to invest my time and money in RE. If people who have been doing this for a while could give me their experience with returns in RE, that would be much appreciated.

Answers to any of the above would be greatly appreciated. Thanks BP! I'm excited to be joining such a great community.

@Paul Timmins

Based on my research, getting an FHA loan for a 2-4 multifamily unit is the best starting strategy because of the low downpayment. Will the interest rates or payments on the loan be significantly higher? Do you know of any resources which can give me ballpark figures?

Also, I have been looking at REIA groups in the Tucson area. Is it normal to expect a membership fee or monthly dues from such a group? Groups with more professional websites seem to have these as opposed to groups through MeetUp.com. Wouldn't expect this to be a red flag, but thought I'd check. Any tips on what to look for in an REIA group besides connections with wholesalers and rehabbers?

Hi everyone,

I am a recently minted engineer seeking advice regarding RE investing. I have 2 months to prepare myself before moving to Tucson, AZ. From listening to the BP podcasts and reading real estate books, I understand that real estate has the potential to make more money for you than investing in the market.

I am interested in generating cashflow by buying small multi-family homes but would love to hear other ideas about how to best invest in the Tucson area. Part of the reason I am joining the forums is to spend the following two months investigating what strategies will be best suited for this market. Furthermore, I would love to connect with RE investors in the Tucson area. Any networking or advice that let's me hit the ground running would be greatly appreciated.

That being said, I am not asking you provide your time for free. I can provide you with a strong work ethic, a good head for numbers and a willingness to learn.

For now, I am looking forward to getting more involved in the BP community.

Sam