How to invest in real estate: Here’s exactly how you can buy your first rental property, step by step, and the process involved. Enjoy! Add me on Snapchat/Instagram: GPStephan
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Join the private Real Estate Facebook Group:
https://www.facebook.com/groups/therealestatemillionairemastermind/
Get $50 off for a LIMITED TIME with code ThankYou50 - The Real Estate Agent Academy: Learn how to start and grow your career as a Real Estate Agent to a Six-Figure Income, how to best build your network of clients, expand into luxury markets, and the exact steps I’ve used to grow my business from $0 to over $125 million in sales: https://goo.gl/UFpi4c
Step 0: Because this is where it starts, you’re going to need a downpayment. How to save for a house:
https://www.youtube.com/watch?v=qyQOoCmamIk&t=2s
Step 1: Unless you’re buying a property outright in cash, which I have a feeling is very few of you watching…get your credit in order. How to build your credit:
https://www.youtube.com/watch?v=ukaWAjgkH9M&t=4s
Step 2: Make sure you have your tax returns prepared. If you’re self employed like me, a lender will ask for your last 2 years of tax returns and take the average income of those two years. Be ready for this!
Step 3: TALK TO A LENDER FIRST BEFORE YOU DO ANYTHING. First, you’ll know EXACTLY what you can qualify for so you won’t waste your time. Secondly, if you find the right place, the lender already has all of your information so you can hit the ground running. And anytime you find a spot that’s worth buying, chances are, you’re competing with other people who want the exact same thing. So timeliness really, really matters here…the faster you are, the better the deal you can get.
Step 4: BEGIN LOOKING AT PROPERTIES. This is really meant to be the fun part…look at EVERYTHING you possibly can within your price range.
How to find a good deal: https://www.youtube.com/watch?v=9nHDT5XL4KY&t=36s
Step 5: Determine cash flow. The reality is that 95% of properties just don’t make sense to purchase for an investment…they lose money. It’s also the reality that at a certain price, EVERYTHING makes a great investment - it’s really important to understand these numbers.
Three ways to make money owning real estate: https://www.youtube.com/watch?v=h8wNUaBgZTk&t=19s
Mortgage Calculator: www.MortgageCalculator.org
Step 6: Look at properties that need minor cosmetic renovations!
Most profitable renovations: https://www.youtube.com/watch?v=kW76liexoBY&t=2s
Biggest Mistakes: https://www.youtube.com/watch?v=Tof5GMD0akc&t=46s
Step 7: MAKE OFFERS ON PROPERTIES! Expect that not every offer will work out…for me, I lose out on many offers because I offer a price where the numbers make sense, and if it’s any higher than that, I won’t buy it.
Step 8: Do your inspections! Make sure to do as many inspections as you possible can. Check the roof, the foundation, electrical, plumbing, if there are any leaks, bring in contractors for bids if it needs work…the more you do, the better.
Step 9: Understand escrow costs: https://www.youtube.com/watch?v=cN7n3wC9eAQ&t=64s
Step 10: RENOVATE IT! Video on renovations: https://www.youtube.com/watch?v=iBOeQv7zzgI&t=175s
Step 11: RENT IT OUT! If you want to rent your place for top dollar, use REALLY good pictures, pick up your phone on the second ring, and be available anytime to show it. I promise if you do this, you’ll have no problem renting it out quickly. I personally like using Apartments.com, Craigslist, Zillow, Redfin, Trulia, and Reatltor.com…the more places you property is, the better. Never just limit yourself to one of these, DO THEM ALL.
Tenant screening 101: https://www.youtube.com/watch?v=hS8lIrzEwv0&t=154s
STEP 12: SCALE UP!
Suggested reading:
The Millionaire Real Estate Agent: http://goo.gl/TPTSVC
Your money or your life: https://goo.gl/fmlaJR
The Millionaire Real Estate Investor: https://goo.gl/sV9xtl
How to Win Friends and Influence People: https://goo.gl/1f3Meq
Think and grow rich: https://goo.gl/SSKlyu
Awaken the giant within: https://goo.gl/niIAEI
The Book on Rental Property Investing: https://goo.gl/qtJqFq
Favorite Credit Cards:
Chase Sapphire Reserve - https://goo.gl/sT68EC
American Express Platinum - https://goo.gl/C9n4e3

By Stock Chat

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28 thoughts on “How to buy your first rental property step by step”
  1. Avataaar/Circle Created with python_avatars Michael Casavova says:

    Step# 12 > $$$ Pearl White Lamborghini $$$

  2. Avataaar/Circle Created with python_avatars Brett McQueeny says:

    Lambo will be blue

  3. Avataaar/Circle Created with python_avatars Nicholas Gentry says:

    I’m a big guy so it would be an F-250

  4. Avataaar/Circle Created with python_avatars E- SACK says:

    Bru, you said it all, you have nooo idea how this helped me, I bought my first property and there’re too many things I made a mistake on, but I learn.

  5. Avataaar/Circle Created with python_avatars Wendy says:

    The finance manager would not like me too well because they wouldn't be making any money going in on this maybe buy from a private seller I'm not sure what to do someone please give advice new subscriber?

  6. Avataaar/Circle Created with python_avatars Wendy says:

    If paying cash just say it's 200,000 or 100,000 please make a video on how I would do that that ins and outs and how do I pay the IRS?

  7. Avataaar/Circle Created with python_avatars Wendy says:

    My problem is I do have cash to buy a house maybe a $200,000 home How do I get around or what would the IRS do and have what I pay them? Please help I saved forever just for this moment

  8. Avataaar/Circle Created with python_avatars Adonis Orion says:

    I’m closing in on retirement, and I'd love to move from Minnesota to a warmer climate, but home prices are ridiculous now, and mortgage price skyrocketing on a roll… do I wait for a crash, or go ahead and buy house anyways?

  9. Avataaar/Circle Created with python_avatars F says:

    $600 not 800 cashflow 😂😂😂😂

  10. Avataaar/Circle Created with python_avatars Real Skate Stories says:

    Great video! Q: Why don't you use end screens?

  11. Avataaar/Circle Created with python_avatars Kevin Warming says:

    Blue Lambo

  12. Avataaar/Circle Created with python_avatars 80glk5 says:

    It’s exactly like flipping cars

  13. Avataaar/Circle Created with python_avatars Cozy Boy says:

    I’ve come across some money and have no idea what to do thank you for all the info for free god bless you bro

  14. Avataaar/Circle Created with python_avatars Clay Henss says:

    Good stuff.

  15. Avataaar/Circle Created with python_avatars stan money says:

    Is down payment money enough to invest in real estate?

  16. Avataaar/Circle Created with python_avatars 13 says:

    Credit Karma is not accurate, whatsoever lol

  17. Avataaar/Circle Created with python_avatars Laila Alfaddil says:

    This is financial advice and I never give financial advice: DONT LEAVE DURING THE BEAR. If you don’t want to invest…learn. If you don’t want to learn…build. If you don’t want to build observe. DO SOMETHING…other than leave. There is so much opportunity here. Take advantage!

  18. Avataaar/Circle Created with python_avatars James Bishop says:

    Yellow

  19. Avataaar/Circle Created with python_avatars L T says:

    Do not rent to ghetto blacks!!

  20. Avataaar/Circle Created with python_avatars Inverted V12 Powerhouse says:

    Good video, is there one on managing your rentals? Power and utilities should they be under the contract and included with an overcharge clause for overusing utilities or is this something that can be done on the client side?

  21. Avataaar/Circle Created with python_avatars Inverted V12 Powerhouse says:

    In canada some banks show your credit score without it really affecting it and it updates every month. Scotiabank for example has this.

  22. Avataaar/Circle Created with python_avatars Mountainman says:

    Credit Karma is TRASH! Their scores are never right. Every financial institution and bank I've ever spoke to about what my score is on credit Karma, has laughed literally out loud. My bank even told me that they routinely see scores that are 100 points different than what credit Karma shows. My credit karma score right now is only 681. The bank pulled my real report and it was over 740! DO NOT RELY ON CREDIT KARMA!

  23. Avataaar/Circle Created with python_avatars Robert Vose says:

    3200-2600=600

  24. Avataaar/Circle Created with python_avatars Household Reviews says:

    My lambo is going to be matte forest green😎

  25. Avataaar/Circle Created with python_avatars Coostick says:

    Great video

  26. Avataaar/Circle Created with python_avatars Guilherme Moreira says:

    Are you not paying taxes on the 3200 rent? That being considered an income it becomes taxable right?

  27. Avataaar/Circle Created with python_avatars WhoB DoB says:

    You scumbags are the reason people are paying exagerrated rental prices and your destroying the american dream for everyone. Go eat lead.

  28. Avataaar/Circle Created with python_avatars Jean Richardson Bernard says:

    Mine’s going to be green, my favourite colour.

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