What to do once you find a good deal?

[Gurmanpreet Singh]

Hey BP family!

I am a 21 year old newbie who is trying to get his foot in the door in real estate. I have been reading and listening to countless podcasts and am inspiring to learn more as I go.

As of recent, I have been trying to calculate cash flowing rental properties and I feel like I’ve stumbled upon a good deal. I am looking out of state since my market is expensive. Also, I am still discovering and trying to learn how to create my team on the ground while I invest from out of state.Therefore, I have questions with how the step by step process works after you find a good deal.

What is the first thing you want to do after you find a good deal?

How do I go on with approaching the realtor who is representing this property that I feel like is a good deal ?

Sorry if these question seem “dumb” I’m just trying to soak as much information I can before getting out there and want to sound professional and confident when I am interacting with professionals. Any advice would be greatly appreciated! I am also new to BiggerPockets and would love to connect with other investors!

Thank you,

Gurman Singh

[Will Fraser]

Hi @Gurmanpreet Singh!  Once you have identified that something is a good deal (meaning a deal that meets your criteria for investing) you'll want to make a move on it.  If it's a good deal, but you don't get it under contract then it's a good deal for someone else.

Before you get it under contract you'll want to know how you can finance it.  If that will be a loan from the bank then go ahead and talk to the bank and get a letter from them sharing that "we're doing business together" or "we've preapproved Gurmanpreet for this loan".  Then, with this in hand you can reach out to your agent --your agent, the one who works excellently to guide you and protect you in the process, not necessarily or usually the one who works to guide and protect the seller of the property -- and let them know what you've found, make sure they don't know something that was not factored into your numbers, and then have them draw up an offer!