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Updated almost 3 years ago, 01/05/2022
Misc. questions from new investor (Toledo, OH, multifam focused)
Hi everyone! So I'm in communication with a great Real Estate Agent for Toledo, OH named Dave, and he has been so helpful for me in learning the ropes for my first investment ever. I feel bad with the amount of questions I'm asking, so thought I'd reach out to the wider community.
This particularly pertains to Toledo, OH and multifamily, but most questions apply to general real estate.
- What is 1/1, or 2/1, or 4/2 when pertaining to multifamily homes? Does one number pertain to units, or beds, or bath?
- What advice is out there with regards to looking at property that has been listed for a while? I listened to a podcast that someone (whose name I am blanking on) discussed their preference in 200+ days listed, as it can lead to a better deal being made with a desperate seller. What are your thoughts on property that has been listed for a while? (Does it make a difference that this would be my first investment ever in real estate?)
- What are the best ways to determine expenses before you start investing? Who are the best people to reach out to? What percentages are most reliable? How can I gain confidence in this?
- How does one use the AREIS website? I want to input the address "4153 Westway St" in Toledo, OH (just looking for practice in analysis, I don't plan on getting this property), but it's not being found. Did I do something wrong, or am I not understanding something clearly?
- What do I do if the Buyer Estimate from a real estate agent does not have matching data to BP tool calculations? I.e. the P&I calculated from BP tools mortgage calculator is giving me a P&I $100 over what the real estate agent provided me with.
- Regarding comps, what is the best way to obtain the data for them? What are metrics recommendations someone has? Am I correct in assuming I should contact the current owners of the comps and get that info from them, and if so, what are key things to compare?
Thank you to anyone who responds to ANY of those bullet points! I'm very new to this and am trying to avoid analysis paralysis and just going for it (but that obviously leads to many questions)!
(I'm halfway through Multifamily Millionaire Vol. 1 by Brandon Turner rn and loving it!)