How to start

Question

Good morning all investors,

i am interested in real estate and I don't know where to start. I prefer buy and sell instead of renting for now but I don't know who I can hire for repairs and remodeling if needed, would it be a general contractor! I would to try with a small budget property either a condo or a house, what should I consider when searching.

Thank you

Gloria N Gear · Answer

Hi Steven -- I am based in Indianapolis.  I have been working with investor clients for 6 years.  I do investments myself - both flips and holds.  AND I have lists of vendors to help you build your team.  Yes, you need to get pre-qualified, but you need to decide what type of lender you need based on what type of investing you are going to do.  Let's hop on a phone call and I will help you get your strategy and team put together, then we can discuss areas of Indy that will work for you.

Nick Giulioni · Answer

Good evening!

I'm glad to see you're interested in getting started in real estate investing. When you're starting out, working with a real estate agent can be incredibly beneficial, as they act as your fiduciary and can help guide you through the process, finding the right properties and ensuring a smooth transaction.

For repairs and remodeling, a general contractor is typically your best bet, as they can manage and oversee the entire renovation process. If you need help finding reputable contractors, feel free to reach out to me directly, and I'd be more than happy to provide you with some recommendations.

As for searching for properties, focus on finding emerging markets with affordable prices and potential for growth. Make sure to analyze the potential return on investment and account for renovation and carrying costs. And remember, networking is crucial – connect with other investors, agents, and wholesalers to find off-market deals and opportunities.

Best of luck on your real estate journey!

Best,
Nick

Steven S. · Answer

Thank you, I will put finding an agent as a top priority and taking it a step at a time.

Any ideas to look for like qualifications, specific company in an agent or just search Zillow

Indianapolis, Indiana and surrounding is my coverage area for now

Thank you

Kerry Noble Jr · Answer

Youre in IN? what city? would love to bring you some value

Ryan Rominger · Answer

Hello Steven,

I would be clear on what you want and the end result you are trying to achieve. I would analyze the location/market and work with an agent that can help you reach your goals. If I can help in any way, Feel free to DM me.

Steven S. · Answer

Thank you, I initially contacted an agent then they requested a prequalify from a lender and I don't know if I will find the right property before it expires. Also I am hesitant that if I bought now I will keep spending monthly taxes and insurance which could take a while till it's sold. I also considered renting then I heard stories regarding tenants refuse to pay rent or that it could lead to legal situations. I am sure will use a property management if renting is an option

i don't know where to search for real estate investors club on Google or BiggerPockets

I know that part of never pay upfront before it's done. It happened to me a couple of times and I learned the lesson. If the company is truly legitimate, they will wait to invoice after all is said and done.

I am looking into Indianapolis and surrounding but I still don't know what kind of property to look for. Where should I find an agent? Zillow or no preference

Thank you

Randall Alan · Answer

@Steven S.

I'm guessing by "buy and sell'  you are talking about doing flips?  Some of your answer depends on the size of your job (ie. what needs to be done), and, at least in Florida, some depends on how your property is titled.  Where I live, If the property is in your name, you can pull your own permits.  If it is in an LLC, you can't pull your own permits and would need someone like a GC to pull them.  If you can avoid a GC, it is just one less layer of expense you can avoid in your project.  Just starting out, a GC would be the easiest... but comes with that cost.

If you want to GC your own project, it will be a matter of searching our the resources you need.  Contractors are a big challenge... because they come in 1000 flavors.  Some are super dependable, some are super expensive, some are super late, and some will super piss you off at how all around crappy they are! (lol!). Local referrals are probably the best source for you.  Connecting with others in a local real estate forum would be a descent first step for you.  You can search for "Real Estate Investment Club" or "Real Estate Investment Group", plus your nearest descent sized city and you should find a few that pop up for you.  As you circulate, try and find people that due flips in your area and see if they can tell you a couple of good resources for "x" whatever it is you need to get done.

As for contractors... Never, Ever, EVER pay everything up front.  YOU HAVE BEEN WARNED! (lol!).  Many people, myself included, try to do the "I'll buy the major supplies and have them here for you" path.  Then I usually pay labor in increments as the work gets completed.  Don't get to a point where you have paid them 95% of their money and they haven't finished the job yet.  They need a descent incentive to finish your job.  If they have 95% of their money, they are entirely likely to walk and just blow off the last 5% to not have to do the 'pain in the butt' finish work.

All the best!

Randy

Ben Firstenberg · Answer

I think the best place to start is with the agent. You need a good agent who can find you solid deals and help you understand different markets and neighborhoods.

That agent, if they're truly good, can help you fill out the rest of your team. In addition to the agent, you'll eventually need a lender, contractor and property manager. Although if you're interested in flips you probably won't need a PM and if you have cash you won't need a lender. Helps to know both, of course.

As far as what to look for, I think it helps to narrow down your criteria first. How much can you spend? What strategy are you looking for (sounds like flips)? How much risk are you willing to take and how much return are you looking for? Get as specific as you can.

Not sure where you're located, if you're living or looking to buy in Georgia feel free to reach out!

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