Looking to invest in Real Estate? Not sure where to start? Stay tuned and I’ll share with you the one thing you need to do first.
Ready for it?
The one thing you need to do is…. get a good Realtor!
And not just any Realtor, or the first one you see on a bus bench, but one that specializes in real estate investing.
One way to find a good Realtor is to ask around, friends, family, see if anyone of them can recommend a good real estate investing Realtor. Also, go online and type in key phrases such as income property Realtor, or real estate investing Realtor. Once you have a couple of prospects, email them or call them and ask if you can meet with them to discuss investing in real estate. They will gladly want to take on a new client.
Some key factors to look for when trying to figure out if they specialize in real estate investing is do they own any properties themselves. Also, look at there past listings, see if they actually do sell income properties. Quiz them on some properties you’ve seen, if they are good, they will know of them and information on them.
Now, the main reason you want to work with a Realtor whom specializes in income properties vs just any Realtor is because there is so much more to know when you’re buying a property to invest in, compared to when you are buying a home to live in.
A good real estate investing Realtor will know the comps in the area for a particular property, as well as the After Repair Value comps. They will know average rents you could get, and potential rents upon renovating the property if your looking to update it. They will also have a huge network of people for you to access such as contractors, property managers, tradespeople, as well as they have personal experience with investing too.
Lastly, and since I’m a Realtor myself, don’t waste there time. I’ve spent hundred of hours showing properties to potential clients whom never ended up buying anything. When they did email or call me months after the fact, I didn’t respond. A good income property Realtor won’t keep wasting there time, they have other clients they also have to work with and we know if your worth the time to send a potential property to or not.
A little tip, the investors whom are serious about investing will always get first dibs.
So don’t be a tire kicker or just talk about how your serious and you’re going to buy something. If you’re going to do something do it.
Moral of this video, treat your Realtor like gold. If you do, you will be the first one they call when a hot property hits the market, or hasn’t even hit the market yet, and they will make sure you invest in the best properties, in the best areas, with the best ROI.
WHAT TO DO NEXT:
Enroll in Real Estate Investing Bootcamp