Newbie takes a step

[Mussa Kiroga]

Hello BP,

After reading a few books (BP's own UBG included.) to get started I have decided to take the first step.

I am a total newbie and but yet decided to start out by focusing on multifamily properties. I would like to start with a duplex or quite possibly a triplex. A Quad is perhaps a little over-ambitious.

I am starting out with a buy and hold strategy. My primary goal is cashflow. I am looking to start local - perhaps upto 15 minutes drive away from my usual route.

I am thinking a first step would be to master how to determine a true value of a property.

Reading " What Every Real Estate Investor Needs to Know About Cash Flow" has given me a good introduction about how to work with the numbers.

I could use some help in two main areas:

I. Finding multifamily properties:

What have you find to be good places for finding multifamily properties?

Are you using MLS? CL? I tried loopnet but it seemed to have only a few in San Jose area. It could just be that's how the market is at this moment in that area.

II. Evaluating/Analyzing a deal:

After finding a few properties, I would like to evaluate them using on what I have learned so far.

I am looking for an experienced investor who is willing to analyze the same deal(s) that I did. We could then compare and contrast what we arrived at in terms of:

a. The numbers

b. The lines of inquiries to engage the seller in so as to find out what is really going with the property. Something like: The cost for this and that is much higher/much lower, why is that? or this operating cost was not included - why? and so forth.

BP - I am looking forward to hearing back you.

Regards,

Mussa

[Jerry W.]

@Mussa Kiroga its good to see you taking the first step. I would suggest looking online first and seeing what is out there. Places like Zillow, Redfin, or many others are easy to find. You can also check places like craigslist or even newspapers to help you get a beginning idea of pricing. Practice running the numbers listed. Prices canvary wildly based on location and condition. Then you can begin calling realtors and looking at a few properties.

When you find one you like post it on this site and lots of folks can help you evaluate it and suggest followup questions for the seller.

You might even find someone in your area who can give expert advice in your local market. Good luck