How To Find Someone To Give The Newbie A Chance And A Property!
Hello,
I am new to commercial real estate. I have studied up (A LOT) and am ready to get started with my own first property.
I am looking for a duplex or quadplex for myself. I realize that these are not thought of as commercial, because they are less than 5 units, though this is safe for me to start with, I feel.
I am a renter as of right now and am looking to get a property to move into a unit myself and gain experience. I am looking for motivated sellers, someone who is willing to help out the newbie. Can anyone give me any help as to where to find these individuals? Is it all about just being out there and talking to people about your needs? Is there a certain way I should be approaching these people?
Just looking for a little guidance. Thank you.
Erica
Hi Erica-
I started out just as you did, went from renter to buying a duplex and living in one half and renting out the other. If I were you I would join a local real estate investing club and start networking. Get the word out that you are looking to buy. The most important thing if you find something that looks promising is do a cashflow analysis and make sure that it is worth pursuing. Good luck.
Thank you for the replies. I really appreciate the experienced guidance. Will do on posting the details and I have already looked into all of the investor groups!!!!
Erica
You would need to have some line of credit established well before the sale to do this. The most common way is to get a home equity line against your house. This is what I do as it is ready for use--unless the bank shuts it down.
Thank you all for the advice!
-S