I was sitting down for dinner with a friend the other night and he said to me “Brandon, I want to buy my first property but there is so much information out there. I just want to see the whole process, neatly outlined, so I know my step by step plan.”
And I thought “Isn’t’ that we all want when learning something new?
We want to see the whole picture, not just broken up parts.
Today I want to help you do just that – learn the step by step process for getting your first rental property in the next 90 days. For those of you who like something tangible to look at, at the end of this post I’ll show you where you can download a free 1-page PDF summary of this process- neat and clean, just like my buddy ordered.
Alright, let’s get started.
Step One: Get Pre-Approved.
(Click to read on BiggerPockets…)
P.S. looking for hard money loans in California? Be sure to check out my friends over at northcoastfinancialinc.com. They have very competitive rates, can fund within a week and specialize in fix and flip loans and other hard money loans.
Today I received a private message from a BiggerPockets colleague (we’ll call him Jake) that asked a very good question about a potential property he was looking at. Rather than try to summarize, let me just show you the message:
I wrote out a rather lengthy response and then decided this would make a really good discussion here on the blog. So follow along with me as I analyze this potential property and show you how I look at something like this.
The Potential Rental Property Deal
Allow me to quickly sum up everything in the above question, just so we are all on the same page.
- Jake owns a home already, with a mortgage payment of $734 per month. His home would rent for $900.
- Jake is considering a Triplex that just came on the market in a good area
- The triplex consists of a main house with two basement apartments.
- The current asking price of the property is $250,000, but Jake is hoping to pay $210,000.
- Jake would move to the triplex, live in the main house, and rent his former house and the basement apartments.
So Jake’s wanted to know my thoughts. Would I do it?
Honestly, at first, I thought “Seems decent.”
HOWEVER.
Then I dug into the numbers.
(click to continue reading on BiggerPockets)
P.S. looking for hard money loans in California? Be sure to check out my friends over at northcoastfinancialinc.com. They have very competitive rates, can fund within a week and specialize in fix and flip loans and other hard money loans.
Remember that kid you used to play games with who always cheated?
Whether it was poker, Monopoly, Pogs, homework – whatever – he/she use to cheat.
(Maybe that kid was you?)
Cheating is looked down on by a lot of people… and rightly so.
- Cheating in games: bad… no one will like you.
- Cheating on your taxes: badder… you might end up in prison.
- Cheating on your wife: baddest… you deserve a punch in the face.
(alright Grammar Nazi… sometimes I make up words. Deal with it.)
However, there is one area of life I’m going to encourage you to cheat at… and that’s real estate investing (or “business, to be a bit more general).
Yep, whether you are planning to flip houses, wholesale deals, buy rental property, invest in a Subway, build a tech startup, or any of the million other ways to make money in this world, some cheating in business can actually help you find more success and it’s totally legal – and acceptable – to do.
What The **** Is He Talking About?
(click to continue reading on BiggerPockets)
P.S. looking for hard money loans in California? Be sure to check out my friends over at northcoastfinancialinc.com. They have very competitive rates, can fund within a week and specialize in fix and flip loans and other hard money loans.
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