All Forum Posts by: Jerry Cima

Hi All, I wanted to see if any of you had some tips on locating & screening a good buyers agent. As some background, I'm looking to duplexes & triplexes in Putnam & Duchess county NY. The goal is to buy a property to rent out (either one in solid condition or a flip). I already started emailing larger broker agencies asking if there is anyone that specifically deals with acquisition of income properties in my area. I'm also reading reviews on brokers. Here are questions i plan to ask.

How long have you been an agent?
How many properties have you sold? How many of those are rental properties?
How many properties have you sold in ABC Town?
Do you own any rental properties?
On average, how long does it take you to respond to emails? Voice mails?

What other questions am i missing? Are any of these questions out of place?

Originally posted by @John Corey:

Welcome Jerry. Good luck with your journey.

As someone who is new to investing, there will be a lot you do not know you do not know. Before committing to purchases involving significant funds, ask around to see what others would do. Education and mentorships are an area where the quality can be all over the map.

As was also suggested, different strategies will really impact where you put your time. Think about what you are already good at. Customer service? Using spreadsheets? Negotiating? Being hands on with tools? The point is to play to your strength while building up momentum. Emotionally, it is better to stick to things you are good at rather than always be close to drowning in the areas where you have no natural ability.

Keep posting online. That is a great way to figure out what you know and what you are stiff struggling to master. Trying to explain things to others makes a big difference in testing your knowledge.

 Thanks John, this makes sense to me. I'm still reading as much as i can on the subject, & i wont stop. I just started asking around to see if anyone in my current network of friends knows a real estate investor. Hopefully finding a mentor will be that easy but who knows. I own my own (unrelated) business, so i have a decent ability to manage people & to maintain organization. 

Originally posted by @Erik W.:

Welcome.

One important consideration I recommend for any newbie.  Decide what kind of "journey" you're getting into.  Are you gong to be a land lord, a wholesaler, a fix-n-flipper, a note investor, vacant land, commercial property, short-term rental, syndication, assisted living facility, self-storage units, etc.?  Step 1 in any journey is "Where am I?"  Step 2 is "Where am I going?"  

When you get in the car, be sure you know where you're going first.

Thanks for the insight Erik, I'm going to be focusing on becoming a landlord. I'll be locating duplexes & triplexes in my area with the intent of renting them out to (hopefully) long term tenants. I'm not taking flips off the table, but only if it is makes sense. I'm not interested in doing rehab work myself. I'm hoping to make the right connection within the next few weeks so i can take some action within the next month or 2. 

@Regina E. I'm looking to make my first purchase also (I'm in Putnam County NY). I'm looking into multifamily for 2 reasons. 1) In my area, single family do not seem to cash flow as well. 2) I feel like I'm more "diversified" with a multifamily. If their is a Tennant issue in the SF, cash flow can stop. If an issue in the MF, Id still be ok with rent from the other Tennant's.

Just wanted to jump on the forums to introduce myself & share my goals. I've been spending a good amount of time learning the ins & outs of residential real estate, but i still have a lot to learn. I've been watching videos, reading books & listening to podcasts. I'm most interested in purchasing a small multi-family home, to be used as a rental property, to start out (a duplex or triplex).

Here's a list of the things I'm working on now:

1. 1) Trying to find a good area for my first buy. I'm in Putnam County NY, & looking at the surrounding areas (Dutchess, Westchester, etc).
   
2. 2) Looking for a lender (private or bank) that will be a good match for me.
3. 3) Speaking to contractors & management companies in the areas i''m interested in. Just so i can get an idea of how they work.
   
4. 4) Going to start looking for a mentor soon.
   
5. 5) Continuing my education on the subject.

My ears are always open to any tips/tricks the pros have to offer. I'd also be happy to chat with fellow noobs like myself to brainstorm. See you all around!