Home Buying in 55124>Question Details

LDEXTER,  in 55378

I am looking to purchase my first investment property to hold and rent out. I am looking for a realtor who is experienced and preferably specializes

Asked by LDEXTER, 55378 Fri Jan 14, 2011

in foreclosures and bank owned properties. I would like someone who is knows the south metro, apple valley to savage area well and works alot with investors and landlords. I have already done alot of homework on this and am working with a lender on getting pre-approved right now. I am considering both townhomes or single family homes. I now just need to find the right realtor to work with on this purchase and hopefully on an ongoing basis. If you think you can help or know someone who is qualified to help, please let me know. Thank you.

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Steve Pemberton’s answer

I own and manage numerous properties in Apple Valley. I live in Apple Valley and have owned rental properties for nearly 30 years. I own single family homes, town homes, duplexes, and have owned commercial properties as well. .You should select your agent, someone that has real experience in what you are looking to do, and not just creating another sale. Investment real estate is quite dfferent than finding a home. I would be happy to talk with you if you would like.You can contact me at your convience at 612-386-8570. Otherwise you can emai me at: steve@stevepemberton.com
1 vote Thank Flag Link Fri Jan 14, 2011
Hi Leah,

Before getting too excited about buying investment property at this time, you may want to hop on CraigsList and see what you will be competing with as far as rent rates and the amount of property that is available. Great time to buy and owner occupy, bit dicey to buy and rent out.

Good Luck -
Tim Little
1 vote Thank Flag Link Sat Jan 15, 2011
Consider interviewing in person a few agents, or as many as needed, from different realty companies, then choose the one you like best; ask about scheduling around your needs, who will choose the properties to be seen, can you expect updates on new listings and recently sold properties, and how often will communication occur, etc. Ask about current sales in your areas of interest, negotiating strategies, etc.; choose your agent with care.
1 vote Thank Flag Link Fri Jan 14, 2011
I would love to help you. I have experience in investment properties and rentals.
Brian Sundberg
0 votes Thank Flag Link Thu Jan 2, 2014
I forgot to leave the link. Here you can find basic strategies on investing. From here you should have a sit down discussion with a professional. ..always happy to help! -Gail
0 votes Thank Flag Link Thu Jan 2, 2014
When considering purchasing investment property you should have a few discussions with Realtors who understand the ins and outs of various types of investment properties. Everyone will say they have experience with investment properties but that may be as simple as selling a townhouse to someone who intends to rent, that experience won't benefit you much. There are a lot of considerations to be made, I have dedicated part of my website for first time investors. Check it out.

Gail Strom
0 votes Thank Flag Link Thu Jan 2, 2014
LDEXTER- Investing can be lots of FUN but the numbers need to work in your favor otherwise the fun gets sucked right out of the deal :) As an investor myself who has held and rented as well as flipped property I know the ups and downs of prospecting. I currently manage some rental property for investor clients and have been managing property since 2003. Check out the sold in my profile and you'll see a huge range of property which is owned by investors. I've touched over 200 investment properties in the last 18 months and understand the process. I'm confident you have already had a taste of the market since your question was originally posted but if you're out there looking for more, check out my site.
0 votes Thank Flag Link Wed Dec 4, 2013

I hope by now you have found a fantastic agent to guide you through purchasing rental properties. It is a very exciting time to invest in real estate! If you have any questions or still need some guidance, I would love to help. I do specialize in the south Metro area and work with many investors.

Best of luck!
Rachel Long
RE/MAX Results Apple Valley
0 votes Thank Flag Link Sun Sep 16, 2012
I agree with Tim up to a point. You need a realistic expectation of the annual income from an investment, and that is a part of the analysis prior to buying income property. Just like home sales, home rental offerings can go unfilled if the price is not based on the current market. You also need a realistic estimate of the expenses of owning the property.

This is a great time to consider investing in income property, but the wrong investment at the wrong price and terms, or an investment based on inflated expectations can happen any time to anyone who fails to do the research.
0 votes Thank Flag Link Sat Jan 15, 2011
Hi Leah,

I spend most of my time helping folks fire their landlords, so you will probably be looking elsewhere for someone to guide you through your entry into income producing real estate. I understand the evaluation process, but think you need someone with some first hand experience with owning and managing income property. Given the list of folks who have raised their hands, and if I were not in the business and a competitor, I would start by contacting Brenda Hanson who has responded to your question. She is an Apple Valley expert, and she has traveled down the exact same road that you are about to navigate.

I know Apple Valley, and I can help a seasoned investor find great property, but I think you need someone who is better at getting folks started in the game.
0 votes Thank Flag Link Fri Jan 14, 2011
NOTE: Perhaps the best realtor work with is one who owns investments properties therefore they have a completed understanding of your short / long range goals.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Fri Jan 14, 2011
Steve, I'm also an investor, and I can see that you get it. I agree 100% with his statement: "Investment real estate is quite dfferent than finding a home."
0 votes Thank Flag Link Fri Jan 14, 2011
Hi Leah,

I would love the opportunity to meet with you in person to get an idea if we would be a good fit for each other. Please contact me at your convenience. I have over 150 references and a passion for helping first time buyers and investors and offer a unique perspective as I list both short sales and foreclosures as well as help 2 investors who have both been investing since the early 1980's. You can access my blogs, websites, linkedin, twitter and facebook profiles through my website or just by doing a google search for Joe Houghton.
0 votes Thank Flag Link Fri Jan 14, 2011
Hi Leah,

I would love to help out in any way I can. I have been a Realtor in the south metro (office is in Apple Valley) for over 6 years. I work with a lot of investors in the area and own rental properties myself. There are a lot of great opportunities out there right now as I am sure your research has found. I would love to discuss the pros and cons of single family vs townhome. Feel free to contact me directly with any questions.
0 votes Thank Flag Link Fri Jan 14, 2011
Hi Leah,

I specialize in helping real estate investors purchase investment properties. I also have a property management company called http://www.MNMetroRentals.com.

If you are interested in learning more about my services please feel free to call or e-mail me. I offer a FREE No Cost, No Obligation consultation to show you how I can put money in your pocket and remove the stress from being a landlord.

0 votes Thank Flag Link Fri Jan 14, 2011
Hi Leah,

I too have been finding very good values for rentals in townhouses. I just wrote a story on my blog about recent places I've purchased in Apple Valley & Rosemount here - http://www.dakotacountyproperties.com/want-8-returns-investm…

Beyond finding out about who can help you find a place it would be good to find a Realtor that can advise you about tenant screening, application processes, finding renters and leases.

If you'd like to hear about what I've done let me know.

Bill Wallace
RE/MAX Results Apple Valley
0 votes Thank Flag Link Fri Jan 14, 2011
Leah, you should interview a few agents from the area you are interested in. It also depends on what you are looking for in your Realtor, do you want help with the property management, or finding tenants? I would also consider townhomes 1st, because you don't have to keep up the yard, and shovel the snow, when the property is vacant. Contact me directly if you have any questions. Good luck.
0 votes Thank Flag Link Fri Jan 14, 2011
Hello again Leah!
I would be happy to help out.
My passion for real estate began as an investor and I have helped several others begin their adventure.
If you are interested in a chat, we could meet for coffee and go from there.
0 votes Thank Flag Link Fri Jan 14, 2011
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