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Updated over 8 years ago on . Most recent reply

User Stats

94
Posts
20
Votes
Daniel Porter
  • Rental Property Investor
  • Dallas, TX
20
Votes |
94
Posts

Total newb viewing my first house #help

Daniel Porter
  • Rental Property Investor
  • Dallas, TX
Posted

hi bp community! 

excited/nervous to be viewing by first house tomorrow. It's a fixer-upper triplex with fourth unit in the back, ~80k. the goal is to live in it and possibly do a BRRRR. probably looking at an FHA 203k or hold off and rehab it over time as i get the money, potentially using the cash flow to rehab it.

Obviously, i have a few financing questions as well, but those answers tend to be more easily found. What i'm worried about right now is how do i not look like a complete idiot when i look at it? i'd rather have more to ask then "so, it's a fourplex right?" haha.  

I've never bought a house before, and i've never had an income to be able to be picky about my living situation, so i really have no idea what amenities to look for, and even worse, no idea what large ticket items to look for. obviously roof, foundation, electrical, plumbing - but what indicators of those can i actually inspect on my own and be able to see if this house has any major red flags? 

will the agent have a recent inspection? 
can i get it inspected before i put it under contract? 
should i ask about comparables and possibly ARV or will my agent even know?
also, do agents frown on investors using conventional/fha loans instead of investor loans?  

this process has been pretty confusing for me. any help would be much appreciated! 

  • Daniel Porter
  • Loading replies...