When to call a realtor

[Nik Parks]

Hey guys,

Just a little back story to my question:

I've been living in NYC for almost two years. Rent is absolutely outrageous here (I'm currently paying $1,400 a month for a one bedroom).

My plan is to by a multi family home with a FHA loan, live in one of the units and rent out the others. I want to live rent free (BP talks about this a lot so I'm sure I don't have to expand on the details here).

Right now, I'm saving up a down payment. 3.5% down is still a lot of cash when we're talking about NYC. I'd like to find something for $500,000 but $600,000—$750,000 is more realistic.

With that said, let's say I need a good $20,000 cash before I can take the next step. When should I start talking to realtors?

I'd love to know the area so well that, by the time I have the down payment and I'm pre approved for the mortgage, I will be able to spot a good deal.

What would you guys do if you were in my shoes? Reach out to realtors right now (I have a feeling they're not going to take me seriously at this point)? Find an investor/wholesaler who will guide me (I know I need to have something to offer them in exchange, again BP talks about this a lot)? Get into wholesaling? (and I know that's much easier said than done)

Thanks, guys!