Buying real estate as an investment doesn't have to be crazy complicated. Let me share how I purchased my first investment rental property.
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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.
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.
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.
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.
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
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! 😘
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.
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? ☹️
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.
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.
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 😁
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.
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.
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
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?
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.
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!
This is glorious, I've been looking for "best investment tips for beginners" for a while now, and I think this has helped. Have you heard people talk about - Rondalyn Coinage Carnalite - (do a search on google ) ? Ive heard some amazing things about it and my work buddy got amazing results with it.
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.
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