Thinking about getting involved with rental properties?
Looking forward to the wealth and passive income that rental properties can bring?
This video is designed to help you learn the eight steps needed to begin your rental property investing 101 journey. Taught by Brandon Turner, author of "The Book on Rental Property Investing," you'll learn how to:
- Make a Plan
- Choose your market
- Build your team
- Figure out Your Financing
- Start getting leads
- Analyze deals
- Offer and Negotiate
- Close and Manage
And much more. Enjoy!
I'm new to all of this!! I have watched multiple videos and Brandon you have truly been a blessing. I'm so happy I came upon your videos, you get straight to the point and make everything easy to understand!
+Danny I am, that way I'm essentially living for free and can save money for the next two duplexes. And I'm trying to get them well enough that I can rent to section 8 and not have to worry so much about people being on time with rent
Are you living in the other unit? I'm strongly considering doing this. Buying a duplex and living in one unit. I have 15k saved right now and want to go through with this in 7-8 months when I have 25k for a down payment
Does anyone here own real estate rentals on their personal credit? I'm planning to buy multiple rentals using bank financing based on my personal credit. Question: is there a limit to how many houses I can purchase this way? Also, does it have a negative effect on personal credit?
So I got a numbers question. Let's say you can buy a 2 unit for 200k, nicer area. A 30 yr mortgage at 20% down would aprrox. cost $1,099/mo. on the mortgage, and the 2, 1 bd units generate approx. $1,700/mo. and tenants pay all utilities. Let's say you add $200/mo. in unexpected costs. So the annual gross income would be... (1700x12)= 20,400-(1300x12) or (15,600) = approx. $4,800 net annual profit. Considering such a small income on such a long loan and ignoring vacancy would this be worth it, or is ROI way to lengthy to be worth such a large upfront cost (20% down) and such small annual profits?
It's best to go in cash, it's free and clear of debt = good thing. If you want to hit it hard I would only Mortgage one property at any given time. that's what i plan on doing. My business partner and i Just bought our third property cash, we plan on using that one for a loan to buy another.
When I hear, Hit the Like button, that's when I stop watching. So don't say it. If you own 3 or more houses, then you will always be fixing houses and not at the beach. You should look at making money other ways. That part is up to you. I'm not telling my secrets.
Are there any tips for just those starting? Like if I have just 2 rentals and starting small like 30,000-60,000 USD houses, will it be a good investment to hire a broker, agent, etc? I mean I know along the line, you will eventually need them, but at what point (or number of rentals would they be really necessary)?
I am 17 and own 3 properties and am an invester already. I left school at 15 after reading a book called rich dad poor dad. My mother’s uncle is also an invester and had recommended that book to me. When I left school I went straight into a trade and started saving money ($300 a week to be precise). The book rich dad poor dad I strongly recommend because it surely helped me. Get out there and don’t let anyone stop you 😎👊🏼💰
If I buy a duplex w a mortgage lender, and cannot get permission to transfer the deed to my LLC, should I still open an LLC for that duplex? Although the duplex is in my name, could I collect rent and track expenses through the LLC? Would there be any tax benefit to doing this ?
Look into these types of loans:
1. FHA loan - 3.5% down - this has to be your primary residence for at least a year though.
2. 97 conventional loan - 3.0% down - this requires at least 620 credit score
One essential thing you will need in real estate investing is a lawyer. Ask any investor and they will agree. I hired my lawyer for under 30 bucks a month. Happy to give anyone that may need it the info just let me know
I would like to ask everyone’s idea. I would like to hear each opinion. I purchased my first investment (a 2 bedroom condo 38 sqm). I paid the 20% for 4 years coz it was pre selling. They announced that it’s the turn over and I am in a dilemma of making it self-liquidating and get a long for 20 years monthly amortisation and get a high interest but I will not be adding monthly amortisation. Or get the 5 years but pay the other half of it with my own money. (I have my own business but I am not sure if it is always good, I am just being realistic).
Drew - depending on what market you are in... it might not be a good time for rentals aka buy & holds.... if the market dips you will be in a situation where your loan is higher than the worth of the house... so at the top of a market cycle which is what we are probably in right now... you need to be wholesaling / flipping / or owner financing out properties... best time to buy rentals is at the bottom of the market when they are cheap!
so I am interested to be that guy number 2.
Here's my situation:
I have a mortage of $1400 a month with 2500sf size house *4 bedroom).
I would like to rent this one maybe possible for $2k/month.
And I would like to buy a new house that we can move on to.
Is this even possible? My biggest fear is that, what if we ended up having 2 mortgage and not getting a renters?
How do I begin?
Well first what are using the space for ? Do you have a family? If no then try to down size to up the amount you can put towards your goal. As well doing so alleviates the mindset, "if I fail this:". Also, start small if you at the moment can't downsize/ afford a second mortgage then get a condo with 15-20% down and spruce it up a bit and rent it out for enough to be able to afford itself plus a portion of a second then repeat the process after you feel like you have enough to start moving in the house industry do so but don't dive head first into muddy water.
Hope this helped :)
Here are the eight steps:
1. Make a Plan
2. Choose Your Market
3. Build Up a Team of Professionals in Your Network
4. Figure Out Your Financing
5. Start Getting Leads
6. Start Analyzing Deals (Math overcomes fear)
7. Offer and Negotiate
8. Close and Manage
+iFailedPreK Right now, I am living in the house that I own, but I will be purchasing a few more rental units over the summer. When I get those, they will be managed by a property management company because my main thing is my lawn & landscaping business that I own. Thanks
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