Hey Im new to investing, I have been a realtor for about a year and a half so I am very familiar with the market (Atlanta) and also have access to MLS/FMLS to look for forecloures bank owned etc. Im trying to figure out what would be the best bang for the buck. Of course most of what I am looking at is a co-op which is fine with me because I will receive my commission. Any suggestions on what to first look for IE foreclosures, destressed property. Also if i do get a property with equity in it can i try to re-fi at the closing table and roll that equity into the home at that point… Any help would be muchly appreicated. I do want to rent out the property once I buy.
The key to investing is financing. If you can get it financed you can do the deal. As I like to say, Donald Trump didn’t save up a billion dollars and buy the Empire State building, he borrowed the billion dollars. So I would get myself pre approved for financing. That tells you if you are looking for a little cottage, or a 200 unit apartment building, how much you can figure holding costs to be, and calculate cash flow. It doesn’t matter how much you negotiate the price down if you can’t close the deal. That is all determined by your ability to finance it.
I would find a mortgage broker that understands investing (one the advertises at your local real estate investors club). I would talk to him about what I am trying to do and he will get you pre-approved.