Ask Marco – Making the Leap, Due Diligence, The First Step | PREI 019
In this episode of “Ask Marco” we answer some listener questions. Here is the actual email text:
I’m looking to purchase my first investment property sooner rather than later. I’ve been reading tons of books, blogs, and and listening to podcasts incessantly for the past couple of months, including the Passive Real Estate Investing Podcast (which is a great podcast. Thank you!)
I live in NYC which has way too high an entrance cost into the market. Having lived in Portland Or for 9 years, I know the areas and market. It has a much lower entrance cost than NYC. But, I feel it’s kind of at the top end of a boom and I would still need to save for about a year for down payment money.
Being a fan of your podcast I decided to look into Norada and was kind of blown away at how accessible rental properties are in other markets. I got excited at the prospect of being able to acquire multiple properties within a year. So, I guess my first question is addressing my lack of knowledge about these cities. I know NYC and Portland. I’m not too familiar with, say, Kansas City or Dallas and I’m uncertain of exactly what I’d be buying. This is my biggest source of uncertainty.
Second, I love that Norada has a lot of the due diligence right there for each property. But, in the spirit of “trust but verify,” what research would you recommend I put forward beyond the wonderful data provided?
And lastly, say I saw a property you have on Norada and decided it was what I wanted to purchase. What would the first steps be?
Thank you for your time and help,
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