Sanity Check for Noob Please

[Mike B.]

Hi,

I am getting closer to my first deal. Here is a summary:

My goal is to successfully buy,upgrade/fix, and sell one single family home without losing money.
I know my neighborhoods, i have a good idea of the type and condition of home im looking for and have been window shopping extensively with online mls tools, bank reo sites, and some drive by.
Im comfortable with estimating and who/how things will be fixed and upgraded.
I know my purchase and reno budget.
Ive been researching and studying extensively and have a bit of "carryover" knowledge from other areas.

My first sanity check questions for the group have to do with financing and an agent. Here are my thoughts and relevant information:

Agent-

How do I search for agents that are well seasoned in investing?
Do i or should i call the agent listing the potential buy property? If so why or why not and how would it differ from finding my own besides knowing whether they are seasoned in investment re?

Financing-

As my first deal where i want to make things easier and familiar, i have bought and sold homes(personal residences) before, i have good credit, i have good assets, near 200k income from long term steady jay-oh-be, so, i am thinking i would like to get a traditional 30yr mortgage. I can fund 20% dp in cash. My reno budget would also be my own cash. IS this supid for some reason?

Next, how would i find the right bank for this if this is a reasonable path to take? I have a strong relationship and bunch of accounts with big national bank but my guess is I might want to find a more local bank that deals with REI?

Thanks all,

Mike

[Mike LaCava]

Hi Mike,

Finding a great agent is key & like Brandon says ask around and get references. Visit your local chamber of commerce network meetings & BNI meetings. Check out your local REIA meetings as well where investor friendly agents attend. As far as banks if you can finance with a bank that is the best approach for keeping your interest down & it sounds like you might qualify with your credit and income. Same way you seek out a good agent do the same for banking and lenders. Good luck & maybe some BP member will chime in from your area with some recommendations.