First off, I hope I did’nt offend anyone on calling on DaveT and Bluemoon06, but I have read alot of their past post and answers. There is alot of helpful people here too, but I live in a suburb ( Katy ) outside of Houston and Bluemoon06 lives in Houston. DaveT is also active on the forum at the present time. I hope everyone chimes in on this one. From my post numbers everyone can tell I’m just starting out, but I will not be a fence sitter for long. I will be attending a closing on a house with my long time friend ( a Realtor for 5 years ) tomorrow. I’m very hungry, and will build a better life for my family and I. I willl buy, sell, invest, and rent properties in my area. No matter what I’m told or who tells me or what happens in the process. I’m really sorry for giving everyone my soap box speech, but when I start its hard for me to stop. So what I’m looking for are the detailed steps in a single and multi family buying process. Ok, what I mean by detailed steps in the buying process are like, when I use the skills I have acquired to find properties in my area. Do I call the seller and ask the questions I have, to see if they are a motivated seller or do I run comps first before contacting them. I understand you can’t call every house for sale, but I should know “they could be” motivated by the numbers ( equity, years owned, etc… ) first before contacting them, correct. Then I find out if they are a motivated seller or not. Do I then find out what fair market value is? Then run the numbers and see what financing I can use and see how I should structure the deal. Then give them my offer with a out clause and find out in 24 hours or less. If they except my offer, then do I inspect the property. Then negotiate the price from my property inspection evaluation. After that get my purchase agreement contract filled out and attend closing. I hope everyone understands what I’m asking for. I just needed some insite from DaveT,Bluemoon and seasoned investors that has been there and done that. I just do’nt want my friend the Realtor to fill my head and teach me the Realtor way instead of the investor way. I know he will be a valuable team member for comps, my properties I’m looking for and other team members in the game. Also he has a better understanding of my market than I do. So I’m really sorry for such a long post and all jumbled up at that. So Thank you very much DaveT, Bluemoon06 and others in advance.
sounds like you have never done a deal so here is:
Step 1: work with a realtor or other season RE veteren to find and buy a house for yourself and your family at a really, really good deal.
This is a critical first step on the path to RE investing.
Thank you aak5454 for responding to my question. I have a personal residence for my family and I. So what do you think step two is in the process?