Step by step - newbie buying process and wisdom learned

[Luke Tram]

Happy Thanksgiving, everyone. 
I wanted to take the time to reflect on the past month as it’s been a whirlwind and I haven’t much time to take account. 

I'm new to REI and long distance does make it much more unnerving. Providers are swamped with orders, and so I had to work with agent to help me evaluate mls properties as well. There are agents and then there are agents who work with long distance investors. They are not built the same and difficult to find. Lenders are typically easy to find through the preferred lender lists which the turnkey providers have. They will want EVERY single document that you have, have patience because the good ones are often thorough.

I will close soon on my first property. The main thing that I can say that I’ve learn and sure of is to really do your own due diligence. This is your property and the money is your investment. Those in the business understand that you have questions, those who get annoyed are the ones you should beware of. Use BP for research, use Google, make calls and speak with people to verify. Take ownership. 

Lastly, good luck to us all. Step by step, let’s hope we get closer to our goals. 

[Luke Tram]

Originally posted by @Leah Tesch:

Hey Luke, congrats on your first property! Thanks for sharing your experience. Sounds like you've built a great foundation to work from now when you move on to each of your next deals in the future. 

I totally agree, it's best to find like-minded and specifically experienced people to be on your "team." You want the people who have your back (your agent, your lender, etc.) to understand the investment strategy you do and be experienced at working within that strategy themselves. And you're also right that you can - and should - take ownership to advocate for yourself and your goals along the way. 

Plus, it always helps to learn from others who have learned the hard way too! So with that, what is the best thing you feel you were able to do your due diligence on in your first deal (or something you wish you had done) that impacted the outcome of the deal?

Keep up the good work!

Thank you, Leah!

As I consider the process, I think the inspection and the title company are the two entity that helps the long distance investor the most in the buying process. These two specifically give you a real and unembellished condition of your investment property as well as the history of the property itself. The money is well worth paying for long term piece of mind. I’m using a lender but for cash buyers this seems most critical before committing. Call them, talk to them, maybe see how they can assist you as an investor. Trust but verify.  

This was something that was important me to learn. I have discovered anything from termites to a rotted roof that was concealed. A few hundred of dollars is better than tens of thousands to fix after purchase.