The Real Estate Agent
If you have a good relationship with your current real estate agent, you may be able to use them to get some of your investments through to the next level. Many of your best (and fastest) deals you will make in your new residential development field will come through your existing real estate contacts.
And this usually includes key people like: the person who serves as your agent on your behalf, which is crucial if you are trying to buy your first home in a given area. Or your own real estate agent, which should be someone who has already built up good relationships with others in the business (such as property managers and property developers).
You also need to get a hold of your local developer, either through the same agent you’re using or another source. The developers will usually have a list of contacts with whom they work with on a regular basis. And it’s always helpful to keep in touch with them for any inquiries or potential deals you come across.
When you do contact a developer to discuss investing in a piece of real estate, it’s important to get as many details out there as possible, including the size of the property you are looking at. This means that even if the developer doesn’t have a lot of experience, they should be able to give you an idea of its approximate value. Of course, your real estate agent should be able to give you some kind of ballpark figure (usually around $200k, depending on the size of the property) based on their own experience working with your agent.
And speaking of your agent, he or she should be able to advise you on whether or not a new commercial property is one for you. You know, a place where you could possibly have a tenant for a year, or even more. Or a place that is just going to be rented out for a few months to a year. The point is, this type of property is often more expensive than a piece of property that will actually stay in that particular area for years.
The key is to talk to as many of your real estate agents as possible. The more you have contact with them, the better your chances are at securing an investment property that is right for you. Don’t forget to ask your agent about any deals they have already worked on before – they may be able to give you some insight into some deals that you might have missed out on because you didn’t have the time to check in with them.