Here are a few lessons learned!
- Be ready with financing from multiple lenders. You need a plan B if your primary lender isn't offering the best rates in the market.
- Ask for reference from seller on the vendors they used for the property. In my case, I got a good deal on property management by calling up the original property manager.
- We had a Seller Counter Offer and my agent was great to put in a Buyer Counter with a time deadline, so the seller can't shop around with my offer in the hand. So, its crucial to have a great Agent
- Our strategy was to beat the other buyers on the market, rather than being accurate with the appraisal value. Of course not overpaying by a lot, but even couple thousands go a long way in Seller choosing your offer vs others. You also get a leverage to negotiate later when the inspection happens.
- I ended up buying the property with the tenant already in the property, so i took a good look at rent roll and rental comps in the area.
- We did a visual inspection with tenant in place. I was not aware that we could do that... so don't hesitate to buy a property with tenant in place. You still have all the opportunities to do the due diligence.
- If you are buying a property with tenant in place, ask the tenant for what they don't like about the property. They would tell you the history! this was huge to learn about the neighborhood and the condition of the property.
- We drove around a few blocks to make sure the neighborhood is ok also did online research using the tips and techniques that i learned from Neal Bawa - Udemy Course.
- If you buy a multi-unit property, its best to have it among single family residences, so the property will have a better opportunity to appreciate in value.
