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Updated about 7 years ago,
New Investor - need advice and guidance.
Hi Bigger Pockets community, you can call me James. I own a house but a real noob when it comes to real estate investing. I'm interested in the BRRRR strategy and would like to implement it. I live in SoCal but I'm targeting Las Vegas as my market, mostly 2plex to 4plex properties in maybe C+ to preferably B neighborhoods. I chose LV rather than where I live because I feel more comfortable financially over there due to the lower cost of properties. I'm hoping I'd be able to use hard money to purchase properties and access my credit card for the rehab part. My plan is to do the rehab myself since I have a background in architecture and I've done some repairs at my house so I have the tools. I currently work only 3 days a week (12hr shifts) with flexible scheduling so I can travel to LV every week and put in the time. The max price for a property that I would like to work on is up to $200k and max rehab cost is up to $30k. Preferably way below those prices but we can make it work up to that.
I watched the recent webinar about the 45 day challenge and since then, I’ve been analyzing properties almost daily using the tools in this website. At this point, I feel like I’m ready to take the next step which is to start making offers. My questions/concerns are:
- Is this the right next step or do I have to do something else prior to this?
- I would like to ask for a recommendation for a real estate agent who works with investors in the Las Vegas area.
- In terms of the offer, will the RE agent assist me in putting in the offer with the right contingencies in place or do I need a lawyer for that?
- What’s my next step? Is it to start networking with a hard money lender or do I have to wait until I have a property under contract.
My apologies for this post being too long but I appreciate everyone’s time in reading through it and look forward in reading everyone’s responses. Thank you!