Ignorant Questions From A Newbie

[Jeff James]

I apologize if similar posts have been made.  I am new to BP as well as RE investing so I am still learning how to navigate around the website.

Due to my inexperience I have some questions that are quite basic but are enigmas to me.

When looking for a title company for closings, what should I be looking for?

I know that contact terms are negotiable but are there any terms that will normally lead to killing a deal?

How I do estimate repair costs on properties?

How do I determine comps if I am not a realtor?

I appreciate all guidance that any of you can give.  Thanks for your time.

[Hattie Dizmond]

@Jeff James 

Those are actually great questions!  Welcome to BP.  You've come to the right place to find some answers.  Let's see...

1. 1. What to look for in a title company or closing agent is going to be determined to a great deal by what real estate strategies you plan to employ. What do I mean? Well, if you are only planning to do buy & hold investing, then all you need to do if simply find a closing agent you're comfortable with, because those are no different than buying a primary residence. However, if you're going to be doing wholesale, then you need to find a closer familiar with assignments and double escrows. So, you just need to ensure whomever you choose as your closing agent has experience with the type of closings you will be doing. It's that simple. If you need referrals, get plugged in with your local REIA. Find people who are actively doing what you want to do and ask them who they use.

1. 2. What terms will kill the deal is dependent on your market and what kind of deal it is. In Dallas right now properties in desirable areas are flying off the MLS. Low offers are often not even countered, because they have multiple offers the first weekend. REO properties are getting hammered by cash buyers, so submitting an offer that is contingent upon financing may get you tossed. A good realtor can help you position your offer to be strong in your market.

1. 3.  Read J Scott's The Book on Estimating Rehab Costs
2. http://www.biggerpockets.com/flippingbook

1. 4. Great article on generating CMA's by Chris Feltus
2. http://www.biggerpockets.com/renewsblog/2014/03/21/ultimate-guide-determining-house-worth/

If you haven't already, read the Ultimate Beginners Guide to Real Estate Investing.

http://www.biggerpockets.com/real-estate-investing