WHY DO THE RICH AND SMART MONEY BUY REAL ESTATE. How to buy your first rental property step-by-step as well as the process you can utilize.
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:
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.
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.
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.
Three ways to make money owning real estate:
Mortgage Calculator: www.MortgageCalculator.org
Step 6: Look at properties that need minor cosmetic renovations!
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
Step 10: RENOVATE IT!
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.
STEP 12: SCALE UP
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