Using an Agent for Multi-Unit Purchase

[Joel G.]

Hello All,

By way of introduction - I am a new investor in the Phoenix area looking specifically for multi-unit properties. Being that I am new to this process, I wanted to get BP's feedback on whether or not I should look into getting an agent for purchasing my first multi-unit property. I've established some relationships with real estate agents as well as wholesaler's in the Valley, but I'm interested in hearing both sides of the argument (i.e. folks who have used a real estate agent and those who have not).

As a bit of background - This will be my first property that I purchase and expect to finance it using an FHA loan (3.5% down, leaving a cushion in my bank account for any unforeseen expenses). I'm interested in purchasing a quad (maybe a duplex) where I'd live in one unit and rent the other units out. Ideally, I'd like to cash flow $40k in five years (still am developing my goals/strategies as I learn).

Looking forward to your insight!

Respectfully,

Alexis

[Erin A.]

I'm doing the same thing right now: buying a triplex via FHA to live in one unit and rent the others. It's my first investment, I'm supposed to close on Dec. 30th and I'm so stoked!

My agent has been immensely helpful and I can't even fathom having done this without her since I'm a total newbie. If you've bought properties before, maybe you won't need an agent this time.

I have to say, though, that my mortgage broker was probably an even more important piece to the transaction puzzle with regard to knowing all the funky FHA rules and helping me navigate the torturous underwriting process.

My advice here isn't about the buyer's agent... make sure you have an excellent advocate on your lending side of things if you're going FHA!

Best of luck to you! :-)