Getting started... again.

[Eric La Pratt]

Hi kind BP folks,

So I'm in the learning phase. I pretty much get through 2 podcasts a day, spend 30-60 minutes daily on BP plus even more on outside sites just getting comfortable with the world of REI, researching what I heard that interested me on a podcast.

Aside from having cash ready (which I'm thinking I'll get with a HELOC), I'm ready to start diving in... again. I say again because we have one duplex right now that we acquired in 2011 in metro Detroit in our first home purchase. We've since moved and are living/renting in Chicago proper (Uptown). My goal is to create cash flow now and equity over time - pretty standard buy and hold. If that means buying a multi-family that needs some love for us live in, rehab and manage here in the city, great! If that means doing all of that except the living part in another market outside , great. Fact of the matter is, I'm not quite sure what's next but I'm eager to get going. Realistically, I'm not getting my license anytime soon, so that's out of the question right now (I know I need it eventually). I'm also busy working a 9-5 (more like 8-6) with a 6 month old like most of you on here. So I have a few questions that I feel are what is holding me back:

1) Any suggestions on what markets and how to start looking for a deals?

2) How can I legitimately comp deals without a license?

3) I have little confidence in making what I am afraid will be interpreted as a "low-ball" offer. What knowledge and data do I need to gain that confidence?

4) How can I learn to accurately estimate rehab expenses?

I understand the philosophy, the flow and am relatively savvy. I'm also all about data (hence the lack of confidence in how to gather and analyze). Again, I'm eager. I want very much so to get going.

[Brie Schmidt]

@Eric La Pratt

Welcome to BP!

1) Any suggestions on what markets and how to start looking for a deals?

That will depend on your budget, goals, and risk tolerance.  This is a personal decision that you need to be comfortable with.

2) How can I legitimately comp deals without a license?

Depending on where you invest you may have redfin.com. Besides realtor.com this is the only other website with direct MLS access. Run you search and filters, to the right it will populate a list of all properties that match your criteria, and at the bottom of that list you can download and export the file.

3) I have little confidence in making what I am afraid will be interpreted as a "low-ball" offer. What knowledge and data do I need to gain that confidence?

Determine your minimum ROI/cap rate and don't offer anything above that. If you have no emotional ties to the property it should be pretty easy

4) How can I learn to accurately estimate rehab expenses?

http://www.biggerpockets.com/store 

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