All Forum Posts by: Ronny Ovando

Hey quick update for those that participated in this post:

I managed to secure the funds for my first property, needed to show people I was serious about it.

The loan agent introduced me to a real state agent that actually specializes in rental properties. Initially we talked on the phone for about 1+ hour getting to know about each others perspectives, talking about my plans.

I closed on my first property on march 11th,around that time COVID was getting more and more serious here in the U.S. I think it was two days later that the states started declaring emergencies, mandatory quarantines, curfews,businesses closing and all of that. I would be lying if I tell you it didn't got me worried me given that I just closed a deal. Lucky I got some cushion from the initials funding, that gave me some peace of mind.

The agent(RE) also sent me a list with a few property management companies that he trusted. I did my research and narrowed down to 1 which I later hired.

It took two months for the property to get rented, and given the times that we are in right now I believe that's not bad at all.

So yeah, I'm in.

I slowed down after closing the first property but always kept my eyes on the market. Now I am getting ready to go at it again.

I personally have this feeling of  "I don't want to waste anyone's time" which is why I was considering getting one single agent. Also while looking for my first house some of the agents didn't even took their time to take me serious so I am kind of skeptical when it comes to approaching them unless I have a sure thing to offer for them. 

... I think that's part of the reason why I'm considerate when it comes to bothering the only agent I actually know. 

It was a good business transactions and she(the agent) actually helped me out a lot but I am under the understanding that some agents are more focused / experienced on investment properties.

She knows I'm serious when it comes to business so I'm sure she would help me out.

@Lynnette E.Wow I never thought of that. I was partially considering contacting the agent I used to get my residence but at the same time I want to have a contact that deals with investment properties. 

@Jim Goebel I see what you mean but at the same time I wonder if someone new should start at that level.Buying a property that requires rehab seems to have better returns and even so, those properties get to sale before anyone notices.
I don't necessarily tie the word 'good deal'  with the condition of the property but more for what I can get out of it. I see lots of bad deals that are ready to move in and lots of good deals that are in need of repairs.

As I am considering to start here in Indy , I look around and notice there are lots of big investors with big pockets(no pun intended) and lots of experience making moves in the area too.

To me that's a good thing , it seems I am looking in the right direction. 

At the same time I get to wonder...

How does someone with no previous experience and limited funding gets into the field and ends up finding a good deal. As I look at sites like zillow or realtor almost every day(multiple times) I see how a new property, with potential, from a day ago already have pending offers. While others, not so good of course, sit there for months. I would like to point out that when I say good/ bad deal I mean running the numbers..

Maybe is the lack of networking but I feel that as a "rookie" we are left with leftovers from the big guys. 

Just a thought to hopefully start an enlightening conversation.

I might be a few years late but this is good info!

Thanks for sharing!