Get Rich Education 368: How To Buy Your First Rental Property: Step-by-Step
One question that I'm asked is: "How do I actually buy an investment property?"
I'm going to walk you through it all today, step-by-step.
You know, even after I bought my first property, it would have been difficult to recite all the steps. This is partly due to the process's 30-60+ day duration.
Though real estate has made more ordinary people wealthy than anything else, it is illiquid.
[Watch the video version of this podcast here: https://youtu.be/9jH4_-Bwujs ]
It takes more time to buy and sell real property.
There's no brokerage "point-click-done" or Robinhood swipes here.
This is both a good and bad thing.
Because there are several steps involved, there is no panic selling in real estate.
This illiquidity keeps real estate prices more stable than nearly any other asset class.
This stability (via illiquidity) is one reason why real estate comprises the heart of so many wealthy peoples' portfolios.
Real estate prices are a smooth, glassy lake compared to the raging sea storm of volatile gold, silver, cryptocurrency, oil, and stock markets.
In under 28 minutes, I lay out every step that you must know for buying rental property.
This masterclass-level instruction comes to you without paywalls or logins. I've made it public and free. It includes:
Myriad mistakes to avoid
Improving your credit report and score
A clever way to show a higher income to underwriters
Where I get my loans
Market selection
Property due diligence
Making an offer
Get an inspection (Always!)
Appraisal
Signing a Management Agreement
Property Closing
Own and collect rent (Cha-ching! Finally.)
More
Resources mentioned:
Show Notes:
Watch the video version of this podcast here:
https://youtu.be/9jH4_-Bwujs
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