Are you buying cash or using a commercial loan?

I am new investor, focused on getting that first deal done, and I'm following a system in which you focus on one specific neighborhood, using a realtor and MLS, "in your own backyard" that consists of "ugly" homes in need of repairs.

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My thoughts about using a realtor though is that I'm not sure how much business I'm going to be doing with any of them.

You also need a basic understanding of contract law, local laws regarding agency (if you are planning on using a real estate agent), minimum housing codes for your locale, Fair Housing, and more.IF you have a valid, written, current lease or rental agreement, there should be nothing preventing you from enforcing all of the terms within the contract.

You are going to have a difficulty with; 1) Getting 90% financing on a 3 unit [portfolio lending caps off at 75-80%], 2) Securing a rate of 7.00% [unless you are willing to buy down the rate] using a NOO/investor approach.

Make sure it's limited though so that person doen't stab you in the back and take everything you own, I had friends that had it happen when I was there.Another option, I've never used one so I don't know exactly how it works, but I believe by using a land trust and you being the beneficiary, you could have your lawyer be the trustee and then he/she can, sign the documents for you.

All the people and books I read on this subject highly recommend using a realtor.

Things you will also run into is “seasoning” on how long you have owned them before you want to refinance them… Also, why are you using a hard money lender?

(whether it be via bird dog, wholeseller, FSBO)

After you've located and viewed a property, is a letter of intent the next step?

If the initial offer is not accepted, is one new letter of intent needed for every ...