First post from new Investor

[Angelo Looney]

Hey BP community, i'm a new REI. Been following the platform for a short while. My wife and I are looking to buying a small family property and using it as a STR. I've connected with a few agents and have been receiving listings that are fitting my criteria. We are currently homeowners and will utilize the equity in our home as well as funds that we have saved up over the years and start looking for loans that we can pre-qualify for to fund this future deal. My question is what is the next step in evaluating deals? Should I connect with contractors before I start physically looking at properties to get estimated renovation costs?

[Taj Akinbode]

@Angelo Looney

Congratulations on taking the first steps towards becoming a real estate investor! I am an investor friendly agent in the Houston area and I will be happy to share my thoughts and some of my connections with you. 

Evaluating deals can be overwhelming, but there are a few key steps you can take to make the process more manageable. Firstly, it's a good idea to develop a clear set of criteria for what you're looking for in a property. This could include things like location, size, and amenities. Once you have a clear idea of what you're looking for, you can use this criteria to evaluate potential properties and determine which ones are worth pursuing further.

In terms of evaluating potential deals, the bigger pocket calculator is a great too. It's also helpful to work with an investor-friendly agent. Someone who are investors themselves, has access to more tools than bigger pocket calculator and has experience working with investors. An investor friendly agent brings a lot more to the table than a regular agent .  An investor-friendly agent can help you identify properties that meet your criteria, can provide insights into market trends and potential rental income, etc. 

While it's not necessary to connect with contractors before physically looking at properties if you plan to complete inspection before executing the sale, it can be helpful to have a rough idea of renovation costs so that you can factor these into your overall budget before making an offer. This can help you avoid overpaying for a property that requires extensive repairs or renovations.