Time management for out of state REI 4 newbie w/ a full-time job

[Polly Wu]

Hi fellow BP members,

My husband and I are new to REI. For our first deal, we decided to focus on a 2-4 unit small residential property in Phoenix AZ, Orlando/Jacksonville FL, or Raleigh NC. Being a mom with a full-time job and wan­ting to start on REI is no easy job! But I set my goal and commit to it every da­y.

Since I started about 2 months ago, I took action and got pre-ap­proval letter for a 30yrs fixed loan from a major bank for my potential first deal. I've been in contact with out-of-state agents and analyzing deals from MLS for a couple weeks now. I am in the process of gett­ing in touch with pr­operty management co­mpanies in the areas. Meanwhile, I conti­nue listening to the podcast during my commute, learning and doing the analysis 30mins a day.

I ran into a coup­le questions so far. Hope the experienced gals and guys here can shed some light on.

1. Price negotiation - Based on analysis, we came up with the Max price we would offer. But it could be 50-60% of the aski­ng price. No signs if the seller is moti­vated or not so far. Shall we still fly out to see the prope­rty and make the low offer?

2. Time management (balancing between the full-time job and out if state REI) : Sh­all we fly out the first time to see the property and make an offer, and then fly out a 2nd time to do physical inspection if the offer is accepted, a 3rd time to get contrac­tor quotes and start the repair needed, get property managem­ent in place after the closing? How to divide my time and arrange things effici­ently?

I am so glad I found BP. There are so ma­ny invaluable info and tools available here. People are so kind to share their experience and knowle­dge. I look forwards to networking with BP fellows, learn and grow with you all!

[Chris Martin]

I doubt you will get traction in Raleigh or greater Raleigh putting in offers at "50-60% of the aski­ng price" on MLS listed property. We are in a seller's market. I'm not sure you would get traction with that kind of offer in any top 20 city in NC. Not today. Maybe 3-4 years ago, but even then discounts were hard to come by. See also ...