Starting out: May be a stupid question to most but I hope you can answer it.

[Gabriela Gomez]

Ok so as it states on the subject of this post I am a newbie about to start investing in real estate. I want to dive in as soon as possible before I get cold feet. 

I am doing a lot of research and reading along with listening to many of the podcast. I am planning on asking someone I know to borrow 50k or maybe even 60k at 8% interest. Lets say we get that taken care of. I have the cash on my account, Can I start purchasing properties? Is it as easy as that?

I know I have to do extensive research on the properties before I buy but lets say i did all the research and I want to buy do I just message the person and make an offer?

Or is there more to it? Like hiring an inspector, any other fees?

To me it seems simple; you like it you offer a price, they accept, you send money and they send title and property is yours. Is that how it works?

Thank you in advance for your time. 

[Jesse Waters]

First thing I would do, before you buy something is get to know your area really well and analyze a few properties.  At least where I live, when you buy a single family for investment the taxes go through the roof.  My first place jumped from $200 a year before I bought it to $1300 a year as soon as I closed.

Make sure that all the numbers work out, over plan your expenses, under estimate the rent, and use at least 10% for vacancy.  I have one place that has had 10 days vacancy in 4 years, and one that just took a 3 month vacancy hit. 

When it comes to buying, yes, you just start. If you are getting something that is listed on the MLS, get a Realtor, free to you. Their commission comes from the seller. If you are using a bank for financing, then you will most likely have to get an inspection done as well as an appraisal.

If I were you, I would find a good local property manager and ask them some questions.  They are usually very experienced dealing with investor/owners and fairly familiar with the purchase process.  I doubt that one would mind if you offered to pick his brain over coffee or lunch.

Best of luck.