Over the last few years, we have seen an explosion of new property investors swoop in and begin to make an impression on their local market. To help prepare you for the road ahead, here are 3 tips for working with an agent to find apartment buildings for sale in Orlando.
Shop Around for Your Agent
Before starting your property search in earnest, the best place to focus is finding the right agent for you.
Not only do we need to find an agent that specializes in purchasing rental properties, but we also need to find an agent with the experience, attitude, and availability to match your needs. The best way to accomplish this is to meet with at least three different agents that advertise themselves as knowledgeable in the realm of rental properties.
When you first meet with each of these agents, take the time to learn about what they can do for you, as well as asking them any questions you may have about any point in the property-buying process. Gauge their responses to get a feel for if the two of you can work well together. Too often investors will take the first agent recommended to them by a peer and then discover their personalities don’t mesh particularly well, which can add unneeded stress and wasted time in reaching the finish line.
Additionally, purchasing multi-family properties is a unique niche, so it may be worthwhile to find an agent experienced in finding apartment buildings for sale in Orlando to make your path a bit easier.
Effectively Communicate Your Goals
Going hand-in-hand with our last point, keeping in regular contact with your agent is an important step in finding apartment buildings for sale in Orlando and buying your next investment property.
At the outset, you will want to discuss the particulars of the type of property you’re looking to acquire and articulate your short- and long-term goals with your agent. This sets up the agent to have a deeper understanding of where you are now and where you’re hoping to go with this real estate transaction.
If you’re just getting started, perhaps your plan is to see how this first outing goes with a particular agent in hopes of retaining them and bringing them into a property investment team. Maybe this is a one-off circumstance to get your feet wet as a landlord and keep an eye on the market as time goes on.
Whatever the case may be, let your agent know what you’re trying to accomplish by purchasing this apartment building. Getting all of this out in the open is going to help your agent better serve you and quickly establish understanding and trust between both of you.
Thoroughly Understand Your Targeted Properties
A large part of looking for apartment buildings for sale and buying any property is doing your investigative work to learn as much as possible about the property.
Of course, we want to do this before making an unrealistic offer or closing only to discover some nasty surprises. We can start by researching the neighborhood comparables to see if your targeted property is priced appropriately for the surrounding market. Next, your agent needs to obtain detailed documents from the seller or seller’s agent. Some of these documents might include rent rolls, plot layouts, appraisal reports, liens, and tax documentation.
Depending on the circumstances surrounding the building, there’s the possibility that not all of this information will be available to you. This doesn’t necessarily mean that it’s back to square one searching for apartment buildings for sale in Orlando, but the more information you have up front the better chances you have of making an informed and confident decision if you close on the building. Any documents you receive should be scoured by both you and your agent before any further steps are taken.