You finally come to the realization that you want to purchase either an investment property or a property to live in, which in itself, is also an investment! Now the only problem is you don’t know where to start. Luckily, you find this post and start reading all the things you can do to be prepared to start your search and put in the correct offer to start your adventurous journey that you are about to begin. In this post, i will state all the necessary “equipment” you need to purchase a property.
This one is a no-brainer. You have to use Google to get all the information you possibly can before you purchase a property. Now you may be asking what type of information do i need to dig up? The answer to that is, everything. Now what i mean by this is that you need to first search where you are going to purchase your first property. Lets say it is an investment property. Are you planning on buying it within your own neighborhood or somewhere else? Is it a good neighborhood or no? Is the appreciation going well for this neighborhood? These questions are just the tip of the iceberg. There are so many things you should be researching before even trying to conduct a purchase. 2
Once you have done the research on where you wish to purchase your property, the next thing you will do is to look for it. You can use Zillow to help you on your search to find your perfect property. In Zillow, you will be able to see what the property is for sale as well as the current “Zestimate” as well. What Zestimate really is that it gives you an approximate value of what that house is really worth in the market. For example, a house is for sale for $50,000 and you check on Zillow and you see its Zestimate is $70,000. You will immediately see that if the information is correct, this house would be a great purchase because you could possibly fix it up and flip the house if that is your thing. You can also download their app and set up alerts for anything new that shows up in the neighborhoods you filtered your search to. You can filter by house type, neighborhood, price range, etc.
I personally love to use Trulia. The reason for that is, Trulia helps me see what the crime is for that reported neighborhood and zip code. It helps me get a better understanding that if i purchase this property, will i be able to rent it out easily? will i be able to put it on rent at the price range i had in mind? It helps me factor in all these things and gives a really good understanding if i should purchase this property or not. You can also see per block how the crime is and also what is close by and not. You can get a glimpse of the demographics of the neighborhood as well. Trulia also has an app in which you can set up notification for a new house that fit your criteria pops up in the market.
This website is extremely useful if you have very little to no experience in real estate investing at all. The reason i say this is because you can use this website to go to a REIA meet up and meet with experienced real estate veterans and learn so many valuable things that you cannot even begin to fathom. Even aside from that you will meet other people who will help you after you purchased that house such as property managers, contractors, handyman, etc. To newbies i would definitely recommend to go to a few of these meetups to increase your network so you can contact the right people when you need them. This will help you expand your portfolio and even help you find good deals.
Last but not least, my favorite, BiggerPockets! The reason being for this one is that this website has the most information one can find. This place is jam packed with information from realtors all over the world not just the country. They have over 200 podcasts with real life investors who have shared each and every single one of their experience on how they started, what hurdles they faced, and how they overcame them. This is the biggest real estate forum online to date and it continues to grow. I have personally used it so much that i cannot even remember how many hours i have poured into this. You can ask anything and the community will respond with a friendly advice. They try to help you learn and gain as much as knowledge as possible. They even do meet ups to help you and some of them even help become your mentors. They have an app as well which can help you get your knowledge on the go as well. I would urge all of my readers to definitely check out BiggerPockets if they wish to get into the real estate business and purchase their first investment property.
I do hope this list was able to help out my readers in any way possible. If you have any possible suggestions you would like to give or just share your thoughts with me feel free to leave them in the comments below!