How To Buy Your First Rental Property (Step by Step)
How to invest in real estate: Here’s exactly how you can buy your first rental property, step by step, and the process involved. Enjoy! Add me on Snapchat/Instagram: GPStephan
ENDING SOON: Get 2 FREE STOCKS ON WEBULL when you deposit $100 (Valued up to $1850): https://act.webull.com/k/Vowbik9Tm5he...
Join the private Real Estate Facebook Group:
/ therealestatemillionairemastermind
Get $50 off for a LIMITED TIME with code ThankYou50 - The Real Estate Agent Academy: Learn how to start and grow your career as a Real Estate Agent to a Six-Figure Income, how to best build your network of clients, expand into luxury markets, and the exact steps I’ve used to grow my business from $0 to over $125 million in sales: https://goo.gl/UFpi4c
Step 0: Because this is where it starts, you’re going to need a downpayment. How to save for a house:
• How To Save For A House (Plus EVERYTH...
Step 1: Unless you’re buying a property outright in cash, which I have a feeling is very few of you watching…get your credit in order. How to build your credit:
• The BEST way to begin building your C...
Step 2: Make sure you have your tax returns prepared. If you’re self employed like me, a lender will ask for your last 2 years of tax returns and take the average income of those two years. Be ready for this!
Step 3: TALK TO A LENDER FIRST BEFORE YOU DO ANYTHING. First, you’ll know EXACTLY what you can qualify for so you won’t waste your time. Secondly, if you find the right place, the lender already has all of your information so you can hit the ground running. And anytime you find a spot that’s worth buying, chances are, you’re competing with other people who want the exact same thing. So timeliness really, really matters here…the faster you are, the better the deal you can get.
Step 4: BEGIN LOOKING AT PROPERTIES. This is really meant to be the fun part…look at EVERYTHING you possibly can within your price range.
How to find a good deal: • How to find a good deal / off market ...
Step 5: Determine cash flow. The reality is that 95% of properties just don’t make sense to purchase for an investment…they lose money. It’s also the reality that at a certain price, EVERYTHING makes a great investment - it’s really important to understand these numbers.
Three ways to make money owning real estate: • Real Estate Investing: The 3 WAYS to ...
Mortgage Calculator: www.MortgageCalculator.org
Step 6: Look at properties that need minor cosmetic renovations!
Most profitable renovations: • Real Estate Investing 101: Top 5 Most...
Biggest Mistakes: • Top 7 Renovation Mistakes - AVOID THESE!
Step 7: MAKE OFFERS ON PROPERTIES! Expect that not every offer will work out…for me, I lose out on many offers because I offer a price where the numbers make sense, and if it’s any higher than that, I won’t buy it.
Step 8: Do your inspections! Make sure to do as many inspections as you possible can. Check the roof, the foundation, electrical, plumbing, if there are any leaks, bring in contractors for bids if it needs work…the more you do, the better.
Step 9: Understand escrow costs: • The HIDDEN COST of buying Real Estate…
Step 10: RENOVATE IT! Video on renovations: • Day 10 Remodeling Update - The 2 unav...
Step 11: RENT IT OUT! If you want to rent your place for top dollar, use REALLY good pictures, pick up your phone on the second ring, and be available anytime to show it. I promise if you do this, you’ll have no problem renting it out quickly. I personally like using Apartments.com, Craigslist, Zillow, Redfin, Trulia, and Reatltor.com…the more places you property is, the better. Never just limit yourself to one of these, DO THEM ALL.
Tenant screening 101: • Avoid the NIGHTMARE tenant and evicti...
STEP 12: SCALE UP!
Suggested reading:
The Millionaire Real Estate Agent: http://goo.gl/TPTSVC
Your money or your life: https://goo.gl/fmlaJR
The Millionaire Real Estate Investor: https://goo.gl/sV9xtl
How to Win Friends and Influence People: https://goo.gl/1f3Meq
Think and grow rich: https://goo.gl/SSKlyu
Awaken the giant within: https://goo.gl/niIAEI
The Book on Rental Property Investing: https://goo.gl/qtJqFq
Favorite Credit Cards:
Chase Sapphire Reserve - https://goo.gl/sT68EC
American Express Platinum - https://goo.gl/C9n4e3
Watch video How To Buy Your First Rental Property (Step by Step) online without registration, duration hours minute second in high quality. This video was added by user Graham Stephan 19 November 2018, don't forget to share it with your friends and acquaintances, it has been viewed on our site 5,005,38 once and liked it 188 thousand people.