What are your tips to getting your first duplex?

[Joshua Elliott]

I am a current 3rd year in college and have about 10k saved up in order to get my first property (duplex). I have educated myself when it comes to what I need in order to get started but I wanted to know if anybody had any tips when it comes to acquiring one. What should I avoid, what loop holes did you find useful?

[Arlen Chou]

@Joshua Elliott respectfully, I disagree with @Joseph Firmin. His strategy will work if you are an agent with your own license. However, in hot California markets, if you start throwing a ton of offers out without closing you will quickly create a reputation as a tire "kicker" and not a "closer". If REI is something that you want to get into as a profession, your reputation is as paramount as your access to cash. It will take years and many deals, but if you establish yourself as a "closer" you will find that more agents will come to you before properties hit the market. Also if you get into bidding situations on properties your reputation as a "closer" can often be the push that gets you across the line with a win.

Think about it... the markets are still hot, even during covid. It takes an agent the same amount of time to write up an offer for somebody who potentially will back of a deal vs somebody show is known as a "closer". Which customer do you think will get a larger share of mind and attention. Agents are inherently incentivized to close as fast and as often as they can, that is how they get their checks.

Get your sh*t together before you start making offers. Make sure you know what type of investor you will be: buy/hold, short term/flipper, SFR, MFR, MFC, etc. Get your finances all worked out. Know the neighborhoods you want to invest in. Interview multiple agents so you can find one that aligns with your thinking and strategy. Don't waste the seller's time, the agent's time, or your time on half-baked offers.

I personally think making an offer is the last step. Remember REI is a long game. Therefore, your reputation will either make things easier or harder for you in the future. Good luck to you!