07/17/2020
Check out my latest video 👇🏾 below 👍🏾 How do you buy your first rental property? It seems like such a mystery when you're wanting to buy your first investment property. Join us as Stacy Conkey interviews Steve Karo, one of our mastermind students about his first two deals earlier this year! As of now, he's acquired 19 units and is now jumping into buying apartments! Owning a rental property is one of the best ways to begin accumulating long-term wealth. A solid rental property can not only provide you with monthly cash flow, but can serve as the backbone of your retirement plan. The key, however, is finding the right property. Not every quality property you look at will make a good rental property. It takes the right mix of demand and location to maximize your return. If you have been interested in owning a rental, but weren’t sure what steps to take, here are a few tips on how to buy your first property: 1. Do Your Homework Buying any property and calling it a rental is not a recipe for success. Before you get too far, you need to make a plan for what you want to do and how you plan on doing it. Are you looking for a single or multifamily property? What type of area are you looking to be in? Do you have a specific price range in mind? Are you going to manage it yourself, or seek the help of a property manager? These are just a few of the questions you should answer. You should have a good idea of your goals and how you plan on achieving them before you do anything else. 2. Choose The Right Type Of Financing Most people that have never owned a rental property before think that all you need to do is find tenants and start collecting checks. There are two reasons that someone would buy a rental property: long term appreciation and positive monthly cash flow. Both of these start with what type of financing you use. The higher your monthly payment, the less cash flow that is available. Most investment loan programs require anywhere from a 20 to 30 percent down payment. 3. Use A Real Estate Agent There is a huge difference in making an offer for a primary residence than there is for a rental property. Like any purchase, you want to always get the best deal possible. On a rental property, every dollar spent is a decrease in monthly cash flow. Using a good real estate agent will help you get the best deal. With a plan and financing in place, it will be easier for your agent to get you a property that you really want. The most important thing at this stage is to remain patient. It is better to wait a few extra weeks or months to get a better property. 4. After Your Offer Is Accepted From the moment that your offer is accepted, you are on the clock. Depending on how long you have to close, you may be forced to act quickly. You should have an idea of what work, if any, you want to do to the property. From there, you should start making calls for who you want to do it and if they are available. If you are using a property manager, you should start interviewing them and seeing if they are a good fit. It is also not too early to start looking for new tenants. Of course you have to wait until you take ownership to show the house, but you can place an ad online with the address and description to gauge interest. # ▶️ Watch useful Latest playlist:-https://bit.ly/passiveincomplaylist ✅ Contact Us [email protected] 🔊 contact by Facebook:-https://www.facebook.com/stacy.kennedy.16 ❓ ASK ME A QUESTION - warriorsofwealthcoaching.com ► SUBSCRIBE FOR REGULAR YOUTUBE Show -https://bit.ly/100krealestate ❤️ WATCH MY LATEST VIDEO - https://bit.ly/passivelatestvideo SUGGESTED PLAYLISTS ============================= ▶️ Interviews: https://bit.ly/Interviewss ✅ Facebook Live Videos -https://bit.ly/FacebookLivesVideos ▶️ Masterclasses- https://bit.ly/Masterclassess ✅Recorded Mastermind Calls - https://bit.ly/RecordedMastermindCalls ▶️ Real Estate Advice - https://bit.ly/RealEstateadvice ✅ Podcast Episodes- https://bit.ly/PodcastsEpisodes ▶️ Speakings-https://bit.ly/Speakings Are you a member of our free Facebook group? Follow Us By Social Media ============================= ✔️page:- https://www.facebook.com/PassiveIncomeRealEstateInvesting/ ✔️Facebook Group:-https://www.facebook.com/groups/PassiveIncomeRealEstateInvesting/ 🎤Linkedin : -https://www.linkedin.com/in/leadhershipcoaching/ ✔️Twitter :-https://twitter.com/WarriorsOWealth 💻Website :- https://www.warriorsofwealth.com 📞 Call :- +1 619-681-4361 NEED HELP GET IN TOUCH - [email protected] ► THANKS FOR WATCHING PLEASE REMEMBER TO LIKE, COMMENT, SHARE AND SUBSCRIBE - https://bit.ly/100krealestate ◄
How do you buy your first rental property? It seems like such a mystery when you're wanting to buy your first investment property. Join us as Stacy Conkey in...
