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Updated about 7 years ago on . Most recent reply
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My First MFR! Question on Next Step Advice
Hey BP!
I am in the process of searching for my first property, specifically a residential MFR that I am looking to buy and hold. I have reached out to a real estate agent and she has provided me with a list of active MF properties on the MLS in my target market. I found a quadplex that I am particularly interested in. I am now analyzing this deal using, 1 of my 5 free, BP Rental Calculator. Upon my first attempt, even if I purchased at asking, the numbers are in a good spot.
My question for the group is a theoretical one: what's next? Let's say I get the numbers to a point I like, and I am ready to make an offer. Should I go to the bank and get pre-approved first? Should I contact a general contractor to help me walk to property if I schedule a house viewing? I know I need to be able to react fast, so I want to optimize my next steps.
I've read an extensive amount on "how to get that first property" but they all had different input, so I'd love to hear some from you guys on how you'd go about it as a first timer.
Thanks in advance!
Brandon