Newbie buying property. What questions to ask?

[Erickson Zamora]

I’ve finally made the decision to meet with a realtor and begin the process of purchasing property as an investment. Butterflies in the stomach is real. I am meeting with the agent next week and would like to ask the right questions. Any tips would be appreciated. I’ve done homework, but no real world experience.

[Abel Curiel]

@Erickson Zamora

I think you're taking a great first step by meeting with a realtor in the area. This will help you narrow your search significantly. A local expert will surely be able to point you in the right direction with respect to target area, property type, and price-point.

To piggy-back off of what @Christopher Hunter shared, I think speaking with a lender is essential. Having your ducks in a row will be just as important as any information you gather from the realtor. It will be a huge step in the right direction as it will help you define your financial criteria.

That being said, here is what I would find out from your realtor:

- What areas do investors [with $150-250K] have the most success?

- Vacancy rates in your target areas.

- Market rents in target areas (for 0-4 bedroom apartments). This will help you generate pro-forma income estimates.

- Contact information for the realtor's team - i.e. attorney, preferred lender(s), engineer/home inspector, insurance agent, contractor, etc. This way, you can property vet everyone else who would be helping you and your partner during the transaction.

Best of luck to you on your journey and please feel free to reach out with any other questions.

Abel