368: How To Buy Your First Rental Property: Step-by-Step
Get Rich Education
Keith Weinhold
4.3 • 602 Ratings
🗓️ 25 October 2021
⏱️ 40 minutes
🧾️ Download transcript
Summary
One question that I’m asked is: “How do I actually buy an investment property?”
I’m going to walk you through it all today, step-by-step.
You know, even after I bought my first property, it would have been difficult to recite all the steps. This is partly due to the process's 30-60+ day duration.
Though real estate has made more ordinary people wealthy than anything else, it is illiquid.
[Watch the video version of this podcast here: https://youtu.be/9jH4_-Bwujs ]
It takes more time to buy and sell real property.
There's no brokerage "point-click-done" or Robinhood swipes here.
This is both a good and bad thing.
Because there are several steps involved, there is no panic selling in real estate.
This illiquidity keeps real estate prices more stable than nearly any other asset class.
This stability (via illiquidity) is one reason why real estate comprises the heart of so many wealthy peoples' portfolios.
Real estate prices are a smooth, glassy lake compared to the raging sea storm of volatile gold, silver, cryptocurrency, oil, and stock markets.
In under 28 minutes, I lay out every step that you must know for buying rental property.
This masterclass-level instruction comes to you without paywalls or logins. I've made it public and free. It includes:
Myriad mistakes to avoid
Improving your credit report and score
A clever way to show a higher income to underwriters
Where I get my loans
Market selection
Property due diligence
Making an offer
Get an inspection (Always!)
Appraisal
Signing a Management Agreement
Property Closing
Own and collect rent (Cha-ching! Finally.)
More
Resources mentioned:
Show Notes:
Watch the video version of this podcast here:
https://youtu.be/9jH4_-Bwujs
Get mortgage loans for investment property:
JWB’s available Florida income property:
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Transcript
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| 0:00.0 | Welcome to GRE. I'm your host Keith Weinhold. |
| 0:03.2 | Buying your first rental property can feel like there are an inordinate number of processes to know about. |
| 0:09.3 | Today, step by step, I walk you through it all. |
| 0:12.7 | From how to build your credit score, to due diligence, to inspection, to appraisal, to closing, and more. |
| 0:18.1 | You'll clearly learn how to buy your first rental property or your next one |
| 0:22.3 | today on Get Rich Education. |
| 0:27.4 | You can get a 50-year-old house somewhere or buy a new one directly from the builder with |
| 0:32.6 | tenant resilient amenities already built in. With over 3,000 Florida units at different construction stages, |
| 0:39.6 | they are exclusively for investors. President Wagner and Alaska and team also invest strongly |
| 0:44.6 | in their own product, that's belief. Start at build to rent direct.com. That's build the number |
| 0:51.5 | to rent direct.com or text 407 927 5074. Hey, is your IRA in a real |
| 1:01.4 | estate syndication? Yikes, a 37% U-bit tax could hit you, but you still have a chance to set up your |
| 1:07.9 | EQRP and avoid this. Did you make too much money in 2020 and need more |
| 1:12.4 | deductions? Now federal law lets you set up an EQRP in 2021 and get deductions for last year. Yeah, |
| 1:19.8 | retroactively. Even put old IRA and 401k money in Bitcoin, gold or your own business. Get control of |
| 1:26.0 | all of your retirement money, tax and penalty |
| 1:28.3 | free. Text EQRP in all capital letters to 72,000. |
| 1:35.2 | You're listening to the show that has created more financial freedom than nearly any show |
| 1:40.7 | in the world. This is Get Rich Education. |
| 1:58.1 | Welcome to GRE from Oswego, New York, Oswego, Illinois and across 188 nations worldwide. |
| 2:04.5 | I'm Keith Weinhold. |
| 2:05.6 | This is Get Rich Education. |
... |
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