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Updated over 8 years ago on . Most recent reply

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11
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Kaila Turner
  • Chicago, IL
2
Votes |
11
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First meeting with realtor

Kaila Turner
  • Chicago, IL
Posted

Good Morning,

      I'm new to Bigger Pockets and this is my first forum post. I am moving to Detroit in March to take a job promotion. I have been listening to BP and researching Detroit for about 8 months now and was going to invest there regardless of where my promotion was but moving to Detroit obviously makes it a lot easier. I am interested in small multi family units, preferably a duplex because this is my first property. 

I have my first meeting with a well known realtor next week and I am preparing a small packet for him with my goals and buildings I'm interested in. Goals that I've written down are number of units in a specific time frame, cost of properties, and areas I want to invest. Mind you, this is very premature, these are just the first few things that quickly popped into my mind. I want to be as organized and prepared as possible.

Can anyone help me with other things I should have prepared for my first meeting with my realtor?

Most Popular Reply

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264
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Mark Fedorov
  • Allentown, PA
120
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264
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Mark Fedorov
  • Allentown, PA
Replied

@Kaila Turner I would not disclose the extent of my funds to use as a down payment (use a range), I would not disclose my salary (that should not be in the conversation), I would not give them any docs with account numbers etc.

Also, at the same time, you should start a relationship with a bank (try small and local first) to understand where the interest rates are and where they are going (not a good place, thanks Don!), and an insurance broker since mortgage and insurance are 2 of your top 4 costs.

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