What is the very next step once you find a property?

[Shayna Burns]

How are you all? I'm new to BiggerPockets, and at the very beginning stages of Real Estate Investing, I'm currently just educating myself on everything, my interest is in Multifamily Properties. Everything I've read talks about the documents I need in order to properly analyze a property, and most of those request would be made in the LOI, so my question is in the very beginning once I find a property that I'm interested in, then what? Do I contact the broker online and send my request for the additional information I need in order to analyze the property? How do I initially make contact, and what am I asking for the very first time I contact the seller or broker about the property. For example right now I'm trying to practice analyzing properties, but I'm not sure how to do that without the information that's required. Thank you so much for any and all information, all information is greatly appreciated.

[Christine Kankowski]

I would work with an agent that has experience in multifamily properties and investments. This will not be your typical agent who only does residential. You need someone with experience with P&L stmts, cash flow, ROI, etc.

Most often, the listing agreement gives the listing agent a certain percentage, which he can then share with the cooperating agent.  NOt having an agent on your side gives the listing agent more commission, but does not really help you.  You need someone on your side.  THis is paid by the seller in most cases.

This agent will have all the paperwork ready for you to put in an offer and let you know what you need at each step.  Dont buy your first property without an agent or someone guiding your side of things.  IMO  Best of luck in your real estate Journey.