Real Estate Investment 101: Getting Started

3 Questions To Ask Your Realtor When Looking For A Property To Invest In

Whether you're looking to buy a piece of raw land or a property that's been developed in some way, working with a real estate agent is essential. Here are a few important questions to ask the realtor you decide to work with:

Is Loan Support Offered?

It's a good idea to find out whether your real estate agent offers any loan support to take advantage of before you start your property hunt. Your real estate agent may be able to help you get prequalified for a specific loan amount before you start looking for a property to purchase so you know exactly what you can afford. This can save you lots of time and frustration as you'll be able to avoid any properties that you won't be able to get a loan for when all is said and done.

And find out if your realtor will help you fill out all of the financial paperwork when you do find a property that you want to invest in so you don't accidentally overlook something important and delay the property closing process. If you don't have any loan support, you could end up making mistakes that ultimately cost you the ability to own the property of your dreams.

How Often Can Properties Be Looked At?

Real estate agents can get pretty busy depending on market demands, so make sure that the one you're considering working with has time to meet all of your needs and expectations when it comes to looking at properties. If your realtor is too busy to show you properties more than once a month, it could take literally months for you to find a place.

In addition to being able and willing to show you properties multiple times a month until you find the one to buy, they should be willing to show you multiple properties every time you meet up to save time for both parties. With any luck, you'll find a place to purchase within just a couple of weeks.

Can an Inspection Be Scheduled?

To make sure that your investment is a good one, you should have any property you consider investing in professionally inspected. An inspection will determine whether all building codes are met if any structures are located on the property, and identify where any underground power and water lines might be located.

Getting the real estate property inspected will also help ensure that you know exactly where the property lines are, and even what kinds of trees and foliage that are growing on the property. And you'll find out whether the property is really worth the asking price. So ask your real estate agent whether they can schedule an inspection for you, or whether you'll have to find an inspector to work with yourself.