8 Steps To Buying Your First Rental Property
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- Опубліковано 20 тра 2024
- In this video, Brandon Turner shares the 8 most basic steps a newbie real estate investor needs to take in order to land their first rental property investment!
If you're looking to invest in rental properties or real estate, watch this video, use these tips, and be on your way to becoming a real estate investor.
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Back about 15 years ago non of this info was available , im 36 and this is the perfect timing couldnt have been born in a better era i think, we are blessed🙌!
Well you could have been 17 watching this video and i guess that would have been better
@@mynameis______392 Well being born poor isnt our fault but if you die poor it is my friend.
mynameis ______ you swear like he had the option to choose when to be born.
Bryan Espinoza didn’t say that just saying it would have been better
@@mynameis______392 did u not read his comment lmao, he basically said youtube was Not around when he was 17..
We turned our starter home into our first rental. Almost 7 years later, it's the best decision we've ever made. Continue to learn, hustle and grow!
Learn Hustle Grow I’m planning on buying a single family home and living in it for about 3 years. Then turning it into a rental. Not sure the mindset and numbers I should be looking for when buying a home knowing it will end up being a rental.
Jared Ventura We enjoyed our time in the home. The important thing is not to over improve on the home. You should also be prepared to neutralize the house before putting it on the market.
Better get another 5 units
we’re working towards that now. Had our home 8 years, almost paid off, then gonna rent it out and move to our next home.
Love the advice to "start analyzing one deal every day!" I think this is the main thing that separates those that excel in rental property investing and those that struggle. Keep up the great content!
Thanks for putting this information together, Brandon! 👍🏼 *who else appreciates this info?*
Who’s excited to get into real estate? Who’s already in real estate?
Thanks for laying the steps out in such a basic way! I'm in my junior year of college currently reading your book (The book on rental property investing) and trying to come up with a rental property investment plan after graduating!
Step 1 - 1:31
Step 2 - 2:56
Steo 3 - 4:24
Step 4 - 5:12
Step 5 - 6:16
Step 6 - 7:22
Step 7 - 8:37
Step 8 - 8:41
Thanks
thx
The chapters are in the description
This channel has been such a wonderful and valuable content provider. You guys are doing impeccable job on the information that you are providing. Full on support from South Carolina guys. Thanks for all the information.
I absolutely LOVE your tip #1 - educate yourself. This is so simple and yet so many people expect to somehow know these things, without actually putting in the effort to learn and to understand the process. Great video!
So underrated! Subscribed instantly off it.
Where do we go for this education? I feel so lost because I’m so new to this business.
Real Estate Agent/ Investor in Florida here 🙌 Love Florida! Thanks for video!
Thank you I highly appreciate all the information that you share have a blessed day
Thanks for the great advice. This is something that's practical, and something that I can work with👍👍
Hank you for this information! I’m on step one and will continue to move through the steps!
*Something that is very important is making connections, so along with finding a real estate agent, find ppl that will work with and like minded ppl in general!*
Love you guys. I heard your podcast about mobiles and found one for sale. Best part, I was able to run the numbers and figure out what deal I needed to make it work. Wish me luck. I am selling stuff to build a bit of capital but still looking and making an offer when my cash is in hand. Newly subbed, but listening on Castbox frequently. Mahalo
Some of the best tips I have heard! Practice the deal and making offers.
9 minutes of straight golden info 🔥 thank you for this video!
The absolute best!!! Thank you.
Thank you. I am currently in the saving and education phase. I will do rental property, just want to learn everything I can first. Thanks!
Thank you! I am entering my last year of college and I will he buying my first property once I graduate 👩🎓 I have been practicing analyzing properties in the markets I would like to invest in. Once I graduate I will get prequalified and starting making offers once a week!
Breath of freaking air!!! I need this! A guide for each step!! I’m ready to make moves!!!! Thanks for the video!!!
Thank you Brandon for impacting people's lives in such a positive way.
You explained this really well. Thanks for the great points about your strategy!
RESPECT for having it just under 10 min 👍
This is hands down the best real estate investment video I have seen on youtube. hands down. step 7 is gold.
I love Brandon’s videos. They’re always very helpful.
Great video! You can apply this to almost everything in life! 👍🏻
Mu bueno excelente gracias por compartir tus conocimientos
Thank you so much for the knowledge!
Hi Brandon,
Thanks for posting such valuable information and I have read your book as well. My goal is also to achieve financial freedom but I have one question and I seek your advice.
In my country rental yield is 3-4% but the internet rates starts from 8.5%. So, if I buy a property with 10% down there is no way that such property will put any money in my pocket until complete loan is paid off.
So, is investing in real estate would be a good idea in such cases??
Thanks for sharing BiggerPockets👍
I think a big subsection of step 1 is identify your goals. Long term and short term. Have to identify what you want with investing and your life...
Thanks for these steps!
I still have questions that I would like answered. Your information was simple and on point with clarity. Thanks
This is probably the best practical advice on real estate investing. Thanks!
BiggerPockets was definitely one of a few channels that inspired me to make my own on real estate investing!
I agree👍
You are so right! I really appreciate your input on this being in the real estate industry myself, these steps can help us improve our growing real estate business. Thanks, Brandon!
Thank you so much for this. I'm just starting in real estate. Any technical tips on how you analyze deals? Not sure what to even look out for? Thank you!
Love your video Brandon. I’ve listened to tons of your podcasts
Clear and simple cant get any better, based down in NZ but info would still be very relevant here. THANKs
True life changing list for the newcomer
This is beginner RE investor gold; really appreciate this---really needed to see this!
Love your videos man. Thanks for all
You should do a video on why we would not need an LLC to get started. Its very sketchy to not get one.
This video has reassured me that I’m doing things right.
Man I love this beat
Wow wow wow how am I just now coming across your channel?? Such incredible content, thank you!
I love this video and Brandon! thank you for sharing! - I’m just starting my UA-cam channel and Brandon is a huge inspiration - my goal is to Network with likeminded individuals and to inspire others by providing valuable information on topics I am passionate about : real estate, travel, unique vacation rental experiences, investments, & lifestyle. I am a realtor licensed in WA state and Arizona so I look forward to connecting with clients that I can help with purchase or sale of their home or acquiring there own unique vacation rental or next investment!
A financial system free from many of the burdens and pitfalls created by trusted intermediaries and powerful masters sounds like a beautiful future we should all want to usher in..!!
The best to do with your money is to invest
True though unfortunately mine always end with losses.
You do not really need someone to tell you how to invest your coins, you can make research on your own and trade with expert to guild you through
I have heard of many brokers I do hope they can help me
Could this be real because I I’m so confused
Brandon Turner! Glad I find your videos!
GREAT VIDEO, THANKS BRANDON!!!
Your rental book is the best!
Will put in great steps definitely sharing with my older brother!!
🙏❤️Thanks 🙏❤️!!!!for the orientation!!!!!
good points and explained very well, thanks.
Thank you for the education 🙏
You have the best video studio!
I always like the simplicity of bigger pockets
Great video. Now everyone will know how to analyze and scoop up the deals!
Exactly what I did when I bought my first property, I got my preapproval found property, then got a agent. Simply put I knew what I wanted.
Interested in crowdfunded real estate investing?
Hello Francis! Who did you get preapproval from? Thats where I am having an issue. Thanks for any guidance.
you guy are top of the line
Great camera quality! What camera is this?!! Editing skills are on point.
Best advice. Thank you
Love ur videos good motivation
Thanks for the information Brandon
Golden, actionable steps!!
You are awesome I cannot wait to invest in myself and learn how to invest in real estate !!
Hey dude awesome stuff! Any chance you could do a video on the advantages/disadvantages of have a real estate license and flipping houses? Please!
How do you analyze deals? How do you know about the actual expenses and income that the asset is producing? How would you calculate the type of loan and interest you will get? You need this to analyze a deal too
Spent the past year educating myself, with values starting to go down I am looking hard for my first property!
You end up buying one?
@@jeremyions3212 This February, closed the 8th! Looking for the next one now.
Going now to look at my first rental!!
Thank for building my confidence
Thank you Bigger pockets
Your the man Brandon!
I think that’s the biggest challenge for most people is not knowing our abilities. That’s where I’m at right now and are still trying to find my abilities. What I can say is that I’m dedicated to find my next property to invest and grow from there
Thanks man. All your steps are common sense, but sometimes you just need to hear them.
Thank you Brandon
Thank you for your content
Very helpful tips to start with buying rental property.
Such a great video! I’m a licensed Real Estate Professional in Arizona, if anyone watching needs help with any of this mentioned in the video I’m more than happy to help.
Thanks for the advice!
great video! I had to come back and watch again
When you say analyze the numbers, are you referring to the percentages (2,50,& 70) that you had mentioned in a previous video? thanks. Also while I am asking...
Great solid advice!
Thank you soooo much!!! I just got pre approved!!
I don't find anything specific about "Educate yourself" and so on. I think you guys have been doing this sooooo long and are so good at this, that what you call simple, is still too complicated for a beginner. Beginners need information that you would give to a child. HOW do I educate myself effectively. Sure listening to Bigger Pockets was specific, but my frustration is always the same - the conversations on there are just not specific enough. The website is overwhelming that I cannot figure how to REALLY start. (SUGGESTION: Tell me, first, read xxxxx. Then, listen to xxxxxx. Next, read blah, blah, blah to see what part of real estate investing would better fit your goals.") No, sir, this is not step by step, although I am sure, because of your vast knowledge base, you feel that it is. I am pretty smart at a lot of things, but I still need you to break it down even more. Still a fan though.
What do you want to accomplish when you buy real estate. Own your own home or rental? Whether own or rental, what type of rental. House, condo/ townhouse. Multi unit- Duplex, Triplex. fourplex. How much funds do I need to buy. Are there no money down deals where you only pay closing costs. If you can, buy a duplex that way if one side is empty the partial rent will help. Or live in one unit and rent out the other. But do not tell the tenants you are the owner unless you want them banging on your door anytime of the day or night. I always advise to get a Property Manager to avoid getting frustrated at tenants. even if you live in the same building. Property Mangers charge anywhere from 8% -10%. Look at programs for first time buyers when starting out. You can buy a house / Condo then after several years, refinance and use that to buy another one. Suggest you find a person locally that owns property and see if you can ask questions or tag along. Even a Real Estate investment Group. Hope this helps..
@@flylice2x thank you for your reply, but you are asking the questions that I have. I don't have enough information on the pros and cons of each type to know. As for finding someone who own real estate-how must I find these people (ask everyone I come into contact with, "Do you invest in real estate?". I just do not know. I wanna answer you, but I just don't know enough to find the answers. Please advise :(
Woobalah Jackson if there were a clear defined step by step, everyone would be doing it and it would be widely known.
None of that exists.
If you want to find real estate investors, go to local REIA, use the search function on biggerpockets/connected investors etc.
I get you are frustrated bc you don't know what you don't know but there's a wealth of information readily available.
Figure what your interests are, learn what it means at a general level then as you get specific questions, search those specific questions individually online/in person etc
@@lharr2395 Ok..1st question-how much do you have to invest?
Do you qualify to invest on your own? If so, what do you qualify for-house condo/town house. multi unit- duplex.
Note: Banks charge a slightly higher interest rate for rental property.
If you don't qualify by yourself find a person or group to invest with preferable a person who has don it before. Ie, real Estate clubs or groups in your area. (Do a LLC). This would be divided interest in the property 25% 50% etc. depending on the amount of investment of each person. Many times it is not all cash but taking care of the paperwork, dealing with the Property manager for the group can be part of the investment.
My first investment I was in the negative with an out of pocket $150 a month, but the tax write offs made up for it. It was a 4 unit 1 bdrm 1 ba. in CA. I put 20k down and had my Real Estate Agent put 10K down giving him 25% when sold. When we sold I recouped my fix up cost and made $75K. Having a 90 re-investment turn around to avoid paying taxes I bought a 2bdrm 2ba duplex in FL. Rents were $900 each and 2 -4bdrm 4ba condo near Clemson University for student housing. Don't recommend doing that since 2 months in summer and sometime 1 month in the winter the units were empty or partially empty. rents were 350 each bedroom. I also bought a 3bdrm 3 ba house in Arkansas with no money down but had to pay part of escrow. Rent was $1000.
the condo were $125k each put 10k down each. Duplex was 145K put 55k down then did a refi to remodel my house for 100K. When I bought my house I had 2 partners investing 10k each as I put up 10k. Paid them back in 2 years with my tax refund.
My son bought a divorce fixer upper 2 house -2 bdrm 1 ba on a lot. They wanted to get rid of it so he got a good deal with 30K down for $435K.We remodeled the one he was living in and rented the other. When we were done he moved into the other one and we fixed that one up. He has since bought a house and both are rented out at $2000 a month. He also has 2 house in texas. One with other investors, (LLC). I joined a real Estate Club when I started and kept asking questions of other investors. Have made some mistakes but that's the process. Always, Always get a Property Manager even if you live in one unit. Tenants can be a hassle. Don't deal with tenants. I never did ROI. All I did was do the rents cover the mortgage, taxes, insurance, some repairs and a business license for having the rental in some cities. My son does the ROI and other stuff to figure out the investment. My Fed tax refund for the past 16 years has averaged around $8000 for 4 rentals. Will be less because of depreciation used up. Don't give up. Hope this helps.
@@lharr2395 1st step know how much you qualify for. 2nd -what type of property can you get with what you qualify for. 3rd- go find it be it in your city, state or out of state.This is the hard part. Rents should cover your mortgage, ins, taxes, property manager, unless you can afford a little out of pocket. This is ROI. I always tried to have at least 2 months rent in the bank just in case something breaks. 2 of my my properties where negative but the others covered the negative. Sometimes I had a couple of hundred out of pocket cost. You can keep trying to learn the process and what everyone is trying to teach but after awhile it's time to just do it. 3 steps - how much can I afford, where can I find what I can afford, purchase. I usually use the Realtor that got me the property as the Property Manager. I also ask to recommend and insurance company in the area. Oh, Condos/ townhouses-some require you live in it for a year before you can rent. plus the HOA can be very high.
Thank you! Awesome video!
Good points you touched on. 💯
I love all these free videos you guys do they're amazing! So helpful for me making my steps to buy my first rental property out of college!
I agree completely! This channel is amazing! It’s funny I just uploaded an 8step process for purchasing a rental a few days ago! I love bigger pockets!🙏🏻
They make some great books and online articles aswell.
I know I read Brandon’s book changed my life!
Zack Howard yeah They are amazing 👌
Absolutely! I believe in helping people with the knowledge you possess. And what better way to help people than helping them achieve their financial freedom! I try to do that on my channel as well!
Thank you!! 🙏
@BiggerPockets when you work with a mobile home or mobile home park, do you spend a lot on security while fixing up the properties? Cameras, trigger systems, overnight security guard...
Brandon, thank you for this video. I've had my multi-unit properties for some years now and want to purchase a house within 1 mile from both properties which are about 1 mile apart and a 30 min drive from home. I'm strategizing on the 3rd property and can apply these concepts to the next deal. On a side note, I'm renovating one of my units and am debating whether to get a 24 inch or 30 inch gas range for a 1 bed/1 bath. Half of my units have 24 inch and the other half are 30 inch. The 30 inch takes up more space but it's much cheaper than the 24 inch. Can you or someone from your team do a video with suggestions on appliances? Also, any suggestions on refrigerator sizes and models? I prefer as simple as possible because of my market. No icemaker or water dispenser. I pay the water bill. Also, carpet or floor tiles for older homes? I've seen video about tiles being more popular and cost effective long term but does this apply for every unit and carpet best reduces sound. Also, it's appealing to tenants. Any videos with recommendations would be much appreciated! : )
Great video mate!!
On point thank You
Thank you 🙏
I know this is mostly self-explanatory, but the biggest realization to me was, "If I make ZERO offers, I will buy ZERO deals." I was out here, analyzing deals like crazy, but it got me nowhere. It wasn't until I begun submitting offers that I really started to grow. Crazy, huh? Closing on another 4-plex tomorrow.
Thank you !!!!
This song always makes me think "What we do here is go back back back..."
Thank you!
This video was so 🔥. Thanks
These are incredible steps! I used a few of them to buy my first rental!! You guys should listen!
Absolutely! I didn't have these steps when I began but I did the same steps anyways (just in my own version!)
James Holloway the only thing that matters is that you DID and got beyond the theory :D
@@alexandruulici-buyingfreed9118 100%. I'm glad there are people out there like you and I, that want to help people achieve that that financial freedom! I love it!
@@JamesHollowayYT We do what we can. Hopefully we will be able to help at least one person.
@@alexandruulici-buyingfreed9118 Helping one person will make everything worth it!