{"id":173170,"date":"2019-07-07T12:21:54","date_gmt":"2019-07-07T17:21:54","guid":{"rendered":"http:\/\/www.etrafficlane.com\/60dollarmiracle\/how-to-buy-your-first-rental-property-step-by-step"},"modified":"2019-07-07T12:22:04","modified_gmt":"2019-07-07T17:22:04","slug":"how-to-buy-your-first-rental-property-step-by-step","status":"publish","type":"post","link":"https:\/\/www.etrafficlane.com\/60dollarmiracle\/how-to-buy-your-first-rental-property-step-by-step","title":{"rendered":"How To Buy Your First Rental Property (Step by Step)"},"content":{"rendered":"<p><\/p>\n<div readability=\"129.915523623\">\n\t\t<!-- adman_adcode_beginning --><\/p>\n<p><iframe loading=\"lazy\" width=\"580\" height=\"385\" src=\"https:\/\/www.youtube.com\/embed\/bJx7_1rWC6U?rel=0&amp;autoplay=1\" frameborder=\"0\" allowfullscreen=\"\"><\/iframe><\/p>\n<p>How to invest in real estate: Here\u2019s exactly how you can buy your first rental property, step by step, and the process involved. Enjoy! Add me on Snapchat\/Instagram: GPStephan<\/p>\n<p>Join the private Real Estate Facebook Group:<br \/>https:\/\/www.facebook.com\/groups\/therealestatemillionairemastermind\/<\/p>\n<p>Get $50 off for a LIMITED TIME with code ThankYou50 \u2013 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\u2019ve used to grow my business from $0 to over $125 million in sales: https:\/\/goo.gl\/UFpi4c <\/p>\n<p>Step 0: Because this is where it starts, you\u2019re going to need a downpayment. How to save for a house:<br \/><iframe loading=\"lazy\" width=\"800\" height=\"450\" src=\"https:\/\/www.youtube.com\/embed\/qyQOoCmamIk?start=2&amp;feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen=\"\"><\/iframe><\/p>\n<p>Step 1: Unless you\u2019re buying a property outright in cash, which I have a feeling is very few of you watching\u2026get your credit in order. How to build your credit:<br \/><iframe loading=\"lazy\" width=\"800\" height=\"450\" src=\"https:\/\/www.youtube.com\/embed\/ukaWAjgkH9M?start=4&amp;feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen=\"\"><\/iframe><\/p>\n<p>Step 2: Make sure you have your tax returns prepared. If you\u2019re 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!<\/p>\n<p>Step 3: TALK TO A LENDER FIRST BEFORE YOU DO ANYTHING. First, you\u2019ll know EXACTLY what you can qualify for so you won\u2019t 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\u2019s worth buying, chances are, you\u2019re competing with other people who want the exact same thing. So timeliness really, really matters here\u2026the faster you are, the better the deal you can get. <\/p>\n<p>Step 4: BEGIN LOOKING AT PROPERTIES. This is really meant to be the fun part\u2026look at EVERYTHING you possibly can within your price range.<br \/>How to find a good deal: https:\/\/www.youtube.com\/watch?v=9nHDT5XL4KY&amp;t=36s<\/p>\n<p>Step 5: Determine cash flow. The reality is that 95% of properties just don\u2019t make sense to purchase for an investment\u2026they lose money. It\u2019s also the reality that at a certain price, EVERYTHING makes a great investment \u2013 it\u2019s really important to understand these numbers. <\/p>\n<p>Three ways to make money owning real estate: https:\/\/www.youtube.com\/watch?v=h8wNUaBgZTk&amp;t=19s<br \/>Mortgage Calculator: www.MortgageCalculator.org<\/p>\n<p>Step 6: Look at properties that need minor cosmetic renovations!<br \/>Most profitable renovations: https:\/\/www.youtube.com\/watch?v=kW76liexoBY&amp;t=2s<br \/>Biggest Mistakes: https:\/\/www.youtube.com\/watch?v=Tof5GMD0akc&amp;t=46s<\/p>\n<p>Step 7: MAKE OFFERS ON PROPERTIES! Expect that not every offer will work out\u2026for me, I lose out on many offers because I offer a price where the numbers make sense, and if it\u2019s any higher than that, I won\u2019t buy it. <\/p>\n<p>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\u2026the more you do, the better. <\/p>\n<p>Step 9: Understand escrow costs: https:\/\/www.youtube.com\/watch?v=cN7n3wC9eAQ&amp;t=64s<\/p>\n<p>Step 10: RENOVATE IT! Video on renovations: https:\/\/www.youtube.com\/watch?v=iBOeQv7zzgI&amp;t=175s<\/p>\n<p>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\u2019ll have no problem renting it out quickly. I personally like using Apartments.com, Craigslist, Zillow, Redfin, Trulia, and Reatltor.com\u2026the more places you property is, the better. Never just limit yourself to one of these, DO THEM ALL.<br \/>Tenant screening 101: https:\/\/www.youtube.com\/watch?v=hS8lIrzEwv0&amp;t=154s<\/p>\n<p>STEP 12: SCALE UP! <\/p>\n<p>Suggested reading:<br \/>The Millionaire Real Estate Agent:\u00a0http:\/\/goo.gl\/TPTSVC<br \/>Your money or your life:\u00a0https:\/\/goo.gl\/fmlaJR<br \/>The Millionaire Real Estate Investor:\u00a0https:\/\/goo.gl\/sV9xtl<br \/>How to Win Friends and Influence People:\u00a0https:\/\/goo.gl\/1f3Meq<br \/>Think and grow rich:\u00a0https:\/\/goo.gl\/SSKlyu<br \/>Awaken the giant within:\u00a0https:\/\/goo.gl\/niIAEI<br \/>The Book on Rental Property Investing:\u00a0https:\/\/goo.gl\/qtJqFq<\/p>\n<p>Favorite Credit Cards:<br \/>Chase Sapphire Reserve \u2013\u00a0https:\/\/goo.gl\/sT68EC<br \/>American Express Platinum \u2013\u00a0https:\/\/goo.gl\/C9n4e3<\/p>\n<p><a href=\"https:\/\/www.youtube.com\/watch?v=bJx7_1rWC6U\">source<\/a><\/p>\n<p><!-- adman_adcode_after --><\/p>\n<p class=\"dpsp-share-text\">Sharing is caring!<\/p>\n<p class=\"gasd_author\"><a href=\"https:\/\/etrafficlane.com\/newline\/about-me\" rel=\"author\" title=\"Profile for Dalelorenzo Johnson\">Profile for Dalelorenzo Johnson<\/a><\/p>\n<\/p><\/div>\n\n<p><a href=\"https:\/\/etrafficlane.com\/newline\/how-to-buy-your-first-rental-property-step-by-step\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>How to invest in real estate: Here\u2019s exactly how you can buy your first rental property, step by step, and the process involved. Enjoy! Add [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-173170","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.etrafficlane.com\/60dollarmiracle\/wp-json\/wp\/v2\/posts\/173170","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.etrafficlane.com\/60dollarmiracle\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.etrafficlane.com\/60dollarmiracle\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.etrafficlane.com\/60dollarmiracle\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.etrafficlane.com\/60dollarmiracle\/wp-json\/wp\/v2\/comments?post=173170"}],"version-history":[{"count":0,"href":"https:\/\/www.etrafficlane.com\/60dollarmiracle\/wp-json\/wp\/v2\/posts\/173170\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.etrafficlane.com\/60dollarmiracle\/wp-json\/wp\/v2\/media?parent=173170"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.etrafficlane.com\/60dollarmiracle\/wp-json\/wp\/v2\/categories?post=173170"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.etrafficlane.com\/60dollarmiracle\/wp-json\/wp\/v2\/tags?post=173170"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}