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Updated over 8 years ago on . Most recent reply
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Total newb viewing my first house #help
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!