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The ABC's of Real Estate

Real Estate Agents & Brokers – This is not the easiest person to recruit for your team, but probably the most important person! You definitely want to develop strong relationships where agents know you, know you are a serious investor and that you are serious about purchasing multiple deals in one given area. You need to be on a mission to find an agent who is willing to put in some legwork and then be compensated accordingly. If the agent knows you are looking to buy properties in this same area over and over again, they will almost always be willing to accommodate you (take pictures, email you comps in a timely fashion, do necessary research, run financials, etc) It’s a plus if you can find an agent who invests in real estate themselves or who works with investors regularly and understand how to “play the game.”

After, you have a property in mind and you are calling an agent for the first time, you need to know a couple of things about the property. What work does the property need? What will it be worth once the work is done-that is the ARV (After repaired value)? What will this property rent for-what are rents in the area for properties similar to this one? You can ask your agent to send you a rental analysis. You can also look in a local newspaper for the area and call a few local property management companies to verify local rents. Here are a couple questions you need to be asking. What is the average time on the market if I were to resell the property? What do the ¼ mile/6 month comps and ½ mile /1 year comps look like? Also, make sure you find an agent who will go to the properties you are looking at buying and take digital pictures and send them along to you and that they understand that its is likely that you are going to buy this property without seeing it. They are acting as your eyes and ears on this purchase and it’s important that they look at this as if they were going to buy the property themselves and pay close attention to detail.

OTHER ARTICLES

Building Your Real Estate Power Team

ABC's of Real Estate

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Understanding Real Estate Appraisers

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