Let's say I find a deal...Now what?

[Joe Paul]

3 part question:

How do you find/analyze deals as a rookie? I'm not just talking about the calculator (helpful as it is!) - but there's so much to learn about a property than the listing data. It's awesome (and blows my mind!) that people invest out of state on their first properties. I know that a "deal" looks different to everybody depending on their skills to make it a useful investment. Probably just over-thinking it, but eager as a rookie to know when you've got something to actually act on it!

Who do you call first when you think it is a deal? I see most vets have a team/network, I'm working on it but most of the helpful people in the space are into REI as well. Is there enough skin in the game to trust an agent on finding off-market deals and/or speaking the RE game to a prospective seller or listing agent?

One of the things I've learned from all of the BP content is to present your deal to PML with all the details to show them the value. As a rookie, do you strike this conversation up cold and send them your deal? Or do you see if they're interested and find them a great investment? My gut says the former...

I am networking and learning daily, but I know there's a lot of brain power and tons of experience here! Thanks for reading this rookie's thoughts, I appreciate any feedback!

(seeking BRRRR/buy&hold)

[Nicholas L.]

@Joe Paul

a few reactions to your post.

-i recommend not investing out of state initially, especially if you're in a market that's around or below the median price for the US.  there is no substitute for being hands-on.  go to meet ups, walk properties, talk to contractors and property managers.

-agents aren't going to find you off market deals.  it's not about trusting them or not - this is just something that most of them don't do.

-don't try to start with private money.  generally you have to have a track record to get it unless it's friends and family.