Investing 101

The three rules of looking for an investment property are:

• Get educated
• Know what you want
• Hire your realtor

You need to have:

• Educated yourself your books, podcasts, etc. FIRST - bigger pockets real estate investing podcast is a great place to start.
• Defined crystal clear criteria BEFORE hiring your realtor. You need to be able to answer: What are you looking for? Why?

THEN hire your realtor to set up a search portal, get you out looking, and help you purchase that property type

Saying "I want an investment property" to your realtor without any further definition is like saying "I want a house" to them when you're looking for your primary residence.

We aren't getting anywhere with that.

Define:

• Budget
• Condition
• Style
• Number of units
• Location
• Tenant profile
• Minimum rent amounts
• Long-term rental or short-term rental

Example #1:

"I am looking for a 2-apartment in Mount Pearl, under $260,000 with minimum 3 bedrooms up, 2 bedrooms down, with a shed, separate driveways, walking distance to schools, that rents for at least $1300 up and $800 down. I am ok if it's older, want it to be in relatively good condition, but fine with dated cosmetics that I can update. I'm ok with $10,000 of repairs."

Example #2:

"I want a small, downtown house, ideally less than 500 sq. ft. per floor, that is in total disrepair that I can flip for under $100,000. It must be beneath Queen's Road/ Bannerman Park and east of the Delta as I want it to be a BRRRR with great tenants."

Where are you on the spectrum? How can we help get you started?

Nicole Darbaz, REALTOR®

Your Trusted, St. John’s Metro, Real Estate Expert

Darbaz Real Estate Group

Keller Williams Platinum Realty

709-691-1373

NicoleDarbaz@kw.com

MLS®