Hi 🐟
I am beginner in real estate investing. Liv in a rented apartment and looking to start with a Condo, with a goal of staying there for 2 years and then renting it.

Would love to get some words of wisdom from this group. Specifically on:

- Any recommended books to read before jumping into it
- Is there a free excel template that I can use to analyse deals
- How to find a good real estate agent in my area

Thanks in advance!

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A good beginner’s book for this kind of thing is Multifamily Millions by Dave. Lindahl. I would recommend building your own spreadsheets, but a great pricing modular course (with numerous spreadsheets for many different kinds of properties) can be found at adventuresincre.com. But I will say I would caution you that owning a one off condo to rent can often be a lot more work than owning a small building or a number of car condos. But you have to start somewhere somewhere. The problem is if one person in your condo doesn’t pay you can’t leverage the other paying tenants and you’ll have to evict which is very difficult in this environment unless you’re in the south. I personally never use the real estate agents to fill our multi family properties and really Zillow as much as it’s useless for actually pricing property is actually something we’ve had very good luck with for finding multifamily tenants. Also to do credit checks we use a Trans Union affiliate at mysmartmove.com. Here the prospective tenant just received an email fills out everything and you get a report which gives you a credit history criminal history and income analysis as well as an eviction Check. The latter to me that is the eviction history Absolutely crucial as we will never rent to anyone who has an eviction history. Feel free to direct message me if you want to discuss further.

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Are you planning to “house hack” the condo and have roommates that pay rent? If so, the calculation is simple: mortgage PITI - rent charged to roommates = your out of pocket costs each month. If you need a calculator to help with what the mortgage PITI should be, just use any online mortgage calculator.

Trying to make a prediction of where rents might be 2 years from now and making an investment decision based on that is all just speculation and not worth your time as you’ll likely run into analysis paralysis.

As far as finding a good agent, there’s many ways to do it. Drive around in the area you’re looking to buy and write down names and phone numbers of listing agents. Then schedule some appointments with them and interview them to see if you get along well with them. There’s also online resources like the BiggerPockets agent finder that will help you find investor minded agents, but if you’re buying a condo to live in first, I think that’s less important.

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