Rental Property Investor · PA · Member since 2015 · 7 posts · 1 vote
Hi BPers. I am looking to connect with an REO savvy agent/broker in the Chester County PA area, specifically Coatesville. I have my eye on a foreclosed property that I'm considering purchasing (cash) to buy and hold. I have a growing list of checkpoints for this potential purchase but as it may be my first ever offer, I'd like an experienced hand to dot my Is, cross my Ts, and effectively advocate for me. I don't want to arrive at my first deal unknowingly waving the flag of failure. Can anyone provide any references for someone with this qualification and who would also be willing to work with a new investor?
Hi Melissa. There are a lot of real estate agents out there. Some have investor savy some don’t. But they can all show you many properties and once you place an offer, help you close the deal. As far as analyzing if it is a good deal or not, that would be your responsibility. I have 4 properties now and I basically see my agent at closing. Usually I call her up and get a code, look at the property. Analyze the rehab, rent, taxes, and determine if it is a good deal. Picking an agent can be a crap shoot. One trick is to call the listing agent on the property you have interest in and start with him/her. Once you talk to an agent it is not a marriage. If you don’t click get another one. I have 3 or 4 agents and I buy from whoever brings me the deal. Also you should join some meetup groups for real estate. One I am involved in is DIG (DIGonline.org). And they have a meetup in Chester county. There is a member ship fee (125 year). But the first meeting is free.
@joe mulcahy - thank you for your response! I wasn't really sure at what step in the process I needed (or if I needed) an agent if I've identified a potential property. This information is very helpful and I will certainly look into DIG.