First Time Buyer -- Off Market Quadplex Aberdeen, WA

[Ashly Doran]

Hi everyone,

I am a current travel nurse who through being a renter of medium and short-term rentals for quite some time, have decided to get into real estate investing so that I can be the owner and rentee. I have been trying to decide between a single-family home that I could house-hack or a multi-family property and today, an ad for an off-market 4-plex that is in my area fell into my lap. 

I have been reading books, browsing forums, and following real estate investors on social media to try and learn everything I can as my goal was to buy my first property within 6 months -- but today I think I may have stumbled upon a great opportunity. My question is, where do I start?! I am definitely experiencing some analysis paralysis and want to reach out to the seller, but do I get a real estate agent first? Do I even need one? Do I get a broker first? An attorney? An appraiser? 

I REALLY want to reach out to the seller ASAP but definitely want to be prepared. Please help!

The area is Aberdeen, WA where there is demand for travel nurse housing and Airbnb rentals. Also, all 4 units are tenant occupied (which I would all to vacate and I live in one unit) but I don't have any information about their lease status, etc.

Thank you!

Ashly

[Tyler Todhunter]

As mentioned above, whether or not it is a good deal will depend on the numbers, which we don't have in this thread.  You will also need to have your financing lined up- Without a history as a landlord, you may have to qualify based solely on your income, and have the required down payment.  You will want to get copies of the leases as they can make or break a deal (and you may not be able to purchase as an owner occupant if the tenants have leases).  I, also, would recommend a RE agent, even if you have to pay their commission out of your pocket.  The potential cost of missing something that an agent would catch can outweigh that cost significantly.  

I own several rentals in Aberdeen and it is a good market.  There are some things to watch out for in the area that a RE agent will also know to spot.  I can't recall if multifamily zoning allows short term rentals, so you will need to confirm that.  

Feel free to PM me if you like.