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How to start real estate investing: My first rental property experiences

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Buying real estate as an investment doesn't have to be crazy complicated. Let me share how I purchased my first investment rental property. SUPPORT THIS CHANNEL! https://www.patreon.com/bePatron?c=1106118 Like and subscribe! https://www.youtube.com/channel/UCbVBKfppJ5W56pRkf4EM6XA Email: [email protected] Twitter: https://twitter.com/Commoncentsmike More from Commoncentsmike: How to invest with Wealthfront https://youtu.be/ScV2xk3O_gY How to pay off credit cards FAST https://youtu.be/CMXupUoWyFk The power of interest rates https://youtu.be/Z2PxGaBCYjw How to refinance car loans https://youtu.be/VPRAlAiy8eU Is Credit Karma good or bad https://youtu.be/k-UvqfpTVn8
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Text Comments (94)
MONTOYAF1 (7 days ago)
Dam $30k down all I need is 3.5% for a $150k unit I’ll just put down $5k pay a little extra for the insurance Edit: coulda Bought 4 more properties lol
john superhist (26 days ago)
HeavyJOE (1 month ago)
Where do you live that you bought a condo for 100 grand
NoYezz (1 month ago)
why did you shave just a short cut of your moustache
Shawn Afshar (2 months ago)
How much realistically is needed to start ?
V12 Bat (3 months ago)
Best way for real estate beginners is to start with a single family home, it involves less overhead, fewer things to go wrong and just less risky when mistake inevitably happen.
Paul Vella (5 months ago)
I own a flat and put it for rent
Pete Guido (5 months ago)
This was the absolute most pointless video I have ever watched. 10 minutes of telling people to buy a cheap nice place like that’s not what everyone’s already trying to do
Jmedi5 5 (7 months ago)
Loved the video but i have to give you some feedback. I liked what you said, everything makes sense. I’m one of those who bought to the max of what i was approved. But what i didn’t really get from your video is how has your first rental property experience been.
COMMON CENTS MIKE (7 months ago)
I gotcha. I can totally do another video that goes over what it's been like so far.
Awesome video thank you for the knowledge 👍🏼
COMMON CENTS MIKE (7 months ago)
Most welcome!
Rance Sullivan (8 months ago)
No mention of property management. Do you manage the property yourself? I always use a property management company they charge 8% and it's worth it for all the work they do a screening prospective renters, collecting the rent taking phone calls and no problem drawing up a lease, and also bookkeeping your statements quarterly statements.
COMMON CENTS MIKE (8 months ago)
Nope, no management company yet. I live so close to the condo and since it's a new/small unit it's been very easy to handle myself. That said if I start adding more in the future, I would definitely consider one.
Rance Sullivan (8 months ago)
What are your condo dues?
COMMON CENTS MIKE (8 months ago)
They've crept up to $240, but my HOA covers cable & internet too which is a definite plus.
Paul CorA87 (8 months ago)
I agree with you 100%
Wilhelm Otto Dusseldorf (9 months ago)
If there's something I've learned in the stock market, if you can take a hefty profit ((( right now )))), do it. You never know when the next recession or housing slowdown hits and next thing you know that profit is shit. You can always take the money you made from that house and invest in other houses and extract rent from those instead, and you'll be able to buy an extra rental property with the profits you made from selling the previous one.
Jose Ibarra (9 months ago)
I’m sorry but this rental property seems so confusing might seem stupid asking this but I just don’t see how this works so you get a rental property and then what how do you make money ? can someone please make this clear to me and how do I look for rental properties
God Is-Great (9 months ago)
Hi Mike 😁 I totally agree with you on buying something as turnkey as possible, and most importantly something one can truly manage. Not just a Dream home. We just bought our 1st possible investment property and I had the same mindset as you. I am hoping that in the near future we can build a portfolio that allows us to get our dream home by the water/ ocean. I am glad I found your channel. We are in Chicagoland/ Midwest and love meeting like-minded people. You are very relatable, knowledgeable and don’t seem fake or scripted like many others on YouTube. Keep it up! 😘
COMMON CENTS MIKE (9 months ago)
Grats on the property! Do you already have someone renting? Feels great getting that paycheck every month. And I hear you, I'd love to live near water and mountains. Goals goals goals.
Myles (10 months ago)
Nice now I just need help getting the initial $100,000, shouldn’t be to hard
God Is-Great (9 months ago)
$100 or $1,000 at a time...you can do it 😉
HammerBro (10 months ago)
Do you recommend getting another loan to pay the 20% down payment to avoid the property insurance fee? Also did you just save up 28K to put down on your house or was that a loan?
HammerBro (10 months ago)
Thanks for the reply. Also how was the process of finding a renter for your condo? I heard it can be pretty dull at times. Was it a fast or slow process? And when did you start actually seeing profit come into your pockets after you started renting your condo out? Sorry for all the noobish questions.
COMMON CENTS MIKE (10 months ago)
The banks are going to look at any new loans during the mortgage application process, so that probably won't work. And the $28K was my money, not a loan.
Alex McDaniel (11 months ago)
This was stupid
God Is-Great (9 months ago)
Go away troll. If you have nothing nice to say STFU
teenauh (11 months ago)
I’m 50. And recently divorced....just purchased a home that I love back in October.(20% down). I wish I had this info when I was younger.....or last year. I purchased a home at such a good deal that I love 😕. Now what to do? ☹️
Tom Laureys (2 months ago)
Now you rent out rooms in the house to other single women like yourself. It's called a house hack and it's the easiest way to get started in real estate investing. After you have stable tenants in your house living with you, then you can consider buying a second property to rent.
How often does your hoa fees increase?
COMMON CENTS MIKE (11 months ago)
I want to say it's happened pretty much every year =/
shayla sanders (11 months ago)
Great video!!! Im in Austin, Tx as well so this is very very helpful!!
God Is-Great (9 months ago)
COMMON CENTS MIKE So many people I know up here in Chicagoland, IL are with KW...I have heard they are doing quite well and that they have the best training in the industry for people/ agents/ brokers joining their first real estate company.
COMMON CENTS MIKE (11 months ago)
Happy to hear that! I'm a real estate agent now so feel free to get in touch if you ever need anything! [email protected]
im planning to buy a studio in Mandani Bay then rent it out using airbnb...thats where i want to start
COMMON CENTS MIKE (11 months ago)
Wish I could airbnb, but it isn't an option for this unit. Best of luck and let us know how it goes!
helix12341 (11 months ago)
This guy has a sincere and honest vibe, he also comes across as being intelligent and competent.
Cryptonian (11 months ago)
stop begging for subs and likes BEFORE THE FUCKING CONTENT.
Tal Sheynkman (1 year ago)
That condo would cost at the very least 600k where I live :/
God Is-Great (9 months ago)
Tal Sheynkman Are you saying 675 sq ft cost almost 3/4 of a Mil? What?! That is LUDACRIS!
Tal Sheynkman (1 year ago)
Tel Aviv metropolitan area.
COMMON CENTS MIKE (1 year ago)
Yeesh. Where is that?
Racquel's Vlog (1 year ago)
Great video I’ve learned a lot investing a property
COMMON CENTS MIKE (1 year ago)
Hyun Joo Kim (1 year ago)
I'm looking to buy my first income property in one yr
pls consider Mandani Bay ....its in Cebu Philippines
COMMON CENTS MIKE (1 year ago)
Nice, congrats!
Hyun Joo Kim (1 year ago)
I love your background. And thanks for sharing
Great advice! And clearly presented
COMMON CENTS MIKE (1 year ago)
MariahxJimin (1 year ago)
So.. How much do you charge your tenant ?
Faizan A (11 months ago)
He forgot to tell us the most important part of this video.
Great Video ! We Love Your Channel ☺♥ #RealEstate #RealEstateInvesting #RealEstateInvestors #Winning #Boss #Freedom
Glenn (1 year ago)
What do I need to ask about a vacation condo before I buy it? Either our realtor or the owner.
Diogo Leviske (1 year ago)
thanks for the video Mike, but i was looking for more what kind the place should I buy for renting.
God Is-Great (9 months ago)
Diogo Leviske, My husband and I are just beginning to invest and IMO I think it just goes back to the old real estate saying, “location, location, location,” What type of rentals do you want? Short or Long-term? What type of renters do you want? Families or Singles? Choose location and resources tailored to the type of people you want in your property. Hope that helps 😁
DAMON MARCUS (1 year ago)
in my experience, condos are not good investment properties because their associations do not allow you to rent them out more than once , maybe twice a year. so no Air bnb or any vacation rentals, and therefore no monthly cash flow unless you rent to locals for less money.
God Is-Great (9 months ago)
DAMON MARCUS That is interesting...are you in the Orlando area? Sounds like the timeshare companies and other real estate moguls have had an influence. Making it hard for us newbies trying to crack into investing. I would keep looking though, because from what I see, it really depends, each HOA is very different. Check those articles, bylaws, etc. before investing.
in Mactan Newtown ..the condo owners are mostly using airbnb to get their tenants and most of the tenants are foreigners...
DAMON MARCUS (1 year ago)
Interesting. Ive been unable to find condos in Florida that allow monthly rentals throughout the year, so I turned to bungalows.
COMMON CENTS MIKE (1 year ago)
True to a certain extent. Mine allows rentals as long as they are for 30 days. So higher rent on a month to month term is great, but I wouldn't be able to do an airbnb.
Brian Ho (1 year ago)
Hi! I have a question: If you are to invest in a property? What data do you need to look at? such as the average rent of neighborhood, the increase of price of housing, etc.?
COMMON CENTS MIKE (1 year ago)
Hey Brian, great video idea and I'd be happy to make it in the future!
Nicholas Avis (1 year ago)
Instant thumbs up for your big ol smile. Also good advice :) Thank you
COMMON CENTS MIKE (1 year ago)
Thank you!
SABINA CHRZAN (1 year ago)
My first property was a six unit building in chicago. I did well and scaled up but lost all of it in the housing bust anyway. Now Im mining bitcoin in a mining pool. Much easier than real estate and you dont deal with assholes. I use these guys , please use my link. . https://www.sierrahash.com/?ref=241684
Rajiv Java (1 year ago)
Hi Mike! I just wanna know how do you plan out your finances when you get your monthly rent money from your tenant? Thanks for the informative video.
Austin Dent (1 year ago)
I work in a city I don't really plan on living in for more than another 2 years or so. Would you have bought your first house if you then had to move to another city and had to manage it from a distance?
COMMON CENTS MIKE (1 year ago)
Personally, no. Not to say it can't be done, but I just don't think I'd be ready to tackle something like that. HOWEVER, if the deal was just too good to pass up then I would at least consider it and use a local property management company to oversee everything.
Tyler Sells (1 year ago)
You mentioned Robert kiyosaki, would be great to hear about maybe your top 5 mentors through self-education, their books etc.
God Is-Great (9 months ago)
Tyler Sells have you heard of Tim Ferris?
COMMON CENTS MIKE (1 year ago)
Sounds like a good idea! Don't know that I really have 5 mentors, but perhaps the top 5 most influential books for me? Thanks for the comment Tyler!
No Name (1 year ago)
Can I get a mortgage loan as a first time home buyer in order to invest in real estate?
COMMON CENTS MIKE (1 year ago)
Sure. Harder to get approved and higher rates though.
Wes (1 year ago)
How do you like being a landlord? Do you think its worth it after all the hassles it can create? Another great video btw! :-)
COMMON CENTS MIKE (1 year ago)
Wes thanks Wes! Honestly I've only had 2 tenants so my experience is different than that of a multi property landlord. For me it's been fairly straightforward and easy. But then again, I've started small on purpose. Definitely worth it though!
Ilia Firpo (1 year ago)
love it! I'm looking forward in starting to invest in real-estate, and you just cleared my mind on what I should focus on starting out with. thanks!
Dinuka Ranawaka (1 year ago)
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pavel mihai (1 year ago)
This is glorious, I have been researching "buying real estate for investment" for a while now, and I think this has helped. Have you ever come across - Ponasson Estate Earthman - (search on google ) ? Ive heard some awesome things about it and my buddy got amazing success with it.
COMMON CENTS MIKE (1 year ago)
Thanks and good luck! Let me know if you have any other video ideas/questions you want answered.
Hubris00 (1 year ago)
I was actually going to ask you to discuss your real estate experience and you did! Thanks man. I'm trying to make my first property investment by this time next year.
COMMON CENTS MIKE (1 year ago)
Nice man! Just get that down payment money strong and find a good deal.
Kalvin Kao (1 year ago)
I can only dream to be able to find property that low in the san francisco bay area....
God Is-Great (9 months ago)
Kalvin Kao Let me know if you find one that you don’t want...that is my dream retirement state ☺️
rose billings (1 year ago)
Yeah!!.. I'm curious too about the dues you pay on this property
Dbky Here (1 year ago)
What about the community fees in your property . Most places that are really nice cheap, at times, have those high fees.
COMMON CENTS MIKE (1 year ago)
Yeah, no joke. Prices are insane over there! Texas is still relatively affordable in 2017 though prices have shot up quite a bit since I purchased the condo.
Alexander Addison (1 year ago)
Mike, I appreciate the logic in your videos. I think you deserve more recognition on YouTube, and that many people could stand to benefit from your advice.
God Is-Great (9 months ago)
COMMON CENTS MIKE do you have a personal website, Facebook, Twitter, etc?
God Is-Great (9 months ago)
Alexander Addison I totally agree with you.
COMMON CENTS MIKE (1 year ago)
Thank Alexander, much appreciated! I won't complain if you share these videos to help it grow! =P
Jon C (1 year ago)
Thanks for the video Mike!
COMMON CENTS MIKE (1 year ago)
No problem at all, I wish I had made this one earlier. Thanks Jon!

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