New/Intro!! And Questions Regarding Running Numbers on Properties

[Justin Beides]

Hey everyone! Nice to meet you all by the way :). My name's Justin and I'm pretty new here, though I've heard great things about BiggerPockets and the community as a whole. I'm 26, and working to get the life I want to live happily, financially free, and to the standard I uphold myself to through Real Estate! Beyond excited to begin this new journey :D. I am currently working to do my due diligence to learn about and invest in my first property (ideally by early this coming new year) with a friend of mine. Based on current research, we plan to go into BRRRR investing starting with SFH with our first couple of deals and then to small MFH and large MFH down the road. That all being said, I'm taking everything one step at a time and focusing on the current obstacles at hand. I've been listening to the podcasts and in the process of reading some books from this website. In this process, I have run across some questions; specifically about running the numbers on a property. I recently worked to run the numbers on my first hypothetical SFH and just had these questions to start. Question 1: How do you determine if a property is in an HOA area to calculate such fees in your investment? Question 2: When running the numbers on analyzing a property with a BRRRR investment, do you do so in regards to the sales price that's listed, or the aimed price you are looking to purchase the property for? Question 3: As a newbie, I know it can be subjective to one's goals to a fault, but if a general percentage could be given, what's a good ROI to aim for when investing in your first property? I know Experience is priceless so I don't plan to be incredibly stingy or picky, but I also don't want to be hasty and make a bad deal. Appreciate any and all input anyone may have for me and again it's super nice to meet you all! Looking forward to getting to know more of you moving forward from here. =) *P.S. if this post is somewhere else as well, I apologize for posting this twice! The site said after I thought I posted this the first time and agreeing to the terms that 0 posts have been posted so I may have made an error in my initial submission, or there was a glitch.

[Brandon L.]

Hello! @Justin Beides

Welcome to BP, and congratulations on making the decision to invest in your future via real estate.

I have written a few blog posts that may help you get started here on BP, and with your investing. Please click on the links, give them a read, and share your thoughts in the comments.

First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:

https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp

The second is a post that will help get you focused with your real estate investing goals:

https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciated

The last one is a post that will help you choose an “investor friendly” real estate agent. There are many agents out there, but it’s important to choose the right one.

https://www.biggerpockets.com/blogs/5868/52724-im-new-to-investing-how-do-i-find-an-investor-friendly-agent

I love answering questions if you have any! Good Luck :)