All Forum Posts by: Connor Burke

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Arlan, thank you for your response and no offense taken. I do have proof of funds as I am working with two investors, although I am not buying with cash. I plan on a twenty percent down payment and financing the rest. My Investors are open to the down payment price and splitting profits 50/50 (Overtime for equity gain as well as monthly cash flow).As this will be my first investment property I am buying.Also, I have means of financing. Nothing in paper but I have not been asked for that at all yet. I am currently taking my first steps in to the RE game. This realtor has already set me up with automatic emails for new properties put on the market through his access to the MLS. He is aware I am looking to buy soon and that I am new to investing. I try to buy under market value, obviously if it is something that is available. In my opinion you can always try at least 15 % under market value. Then, offer again over time. Although, I am showing him a few different properties I'm interested in that vary in regards to buying price and what I am looking to offer.

Also, I am not merely jumping into real estate based off of "Gurus". I have been studying and reading various books as well as attending webinars and seminars for several months now on a daily basis. Clearly I am still very new to it, but I figured I need to start somewhere. So I am not looking to waste his time what so ever. Although, I am curious how I can make sure I don't waste his time as well as my time in order to make it a good partnership. That's really all I was looking for. 

 Thank you Ed, I appreciate your insight. 

I'm looking for some ideas on questions I should be asking the realtor I might work with to buy my first rental property. I am going to meet with him tomorrow and have some questions I am going to ask him, but I am looking for some suggestions as well. I am showing him some properties I am currently looking at that I have ran the numbers on. To give him an idea of what I am looking at. Should I let him know I want to make as many offers as possible? Can he help me estimate property ARV? I'm not really sure what I should be asking and what kind of questions I can count on him to give me an accurate number on. Any suggestions would be helpful.

Thank you very much for your quick replies. 

Kevin:  I am new to RE investing, so I appreciate your insight a lot. I will re analyze the property and bump up the numbers that you suggested and see what the out come looks like. Also regarding the CapX, I do not completely understand how that works or is adjusted. I am still learning so I put in a suggested number, but I will also bump that number up to see what it looks like. The house was built in 1910, so in my opinion I would consider it pretty old. I'm not sure if that is correct but 100+ years seems pretty old to me.  The property taxes I used are based off of zillow/realtor.com. I'm assuming those numbers are correct. I have not had a chance to see the house in person yet so these details are not set in stone. The rent income was based off of average rents in the area through rentometer. 

Austin: I have not even thought of looking at the crime rate, but I agree that could create relatively large issues. I know the city as a relatively high crime area in general. But compared to some surrounding areas, not so bad. That particular part of the city could very well be a bad area though. I appreciate you letting me know. Also I have not seen the house in person, but it is about 100 years old. It was built in 1910. When I look at the property in person I am going to make sure to ask these types of questions now that you have mentioned them. As well, I think it would be a good idea to contact some Landlords in the area who are currently renting out to tenants. 

Thank you both very much.

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