640: How to Buy Your First 3 Rental Properties (Step-by-Step) This Year!
BiggerPockets Real Estate Podcast
BiggerPockets
4.8 • 16.5K Ratings
🗓️ 26 July 2022
⏱️ 84 minutes
🧾️ Download transcript
Summary
Knowing how to buy your first rental property can be the difference between you building a life of financial freedom or merely treading water working for active income. The life of a real estate investor isn’t glamorous, but it leads to generational wealth, time freedom, and the ability to do what you want, when you want, with who you want. The first step to becoming a real estate investor is buying your first real estate deal. This first step is where ninety-nine percent of people stop, but it’s where you will start.
Dave Meyer, VP of Data and Analytics and host of On The Market, has built a financial freedom-permitting property portfolio over the last decade. He doesn’t have thousands of units, but even with his medium-sized portfolio, he’s been able to travel the world, live abroad, and continuously build wealth. He’s here to teach you exactly how to do the same by buying your first, second, or third real estate deal in the next 365 days!
If you’re able to do so, you will see your life start to change before your eyes. Money will be easier to find, deals will come your way, and passive income streams will be dug in your direction. If you’re able to buy your first (or next) deal like Dave describes, put systems in place for future purchases, and slowly build a team around you, your dream rental property portfolio won’t be too far away.
In This Episode We Cover:
The 3 “Ds” of real estate investing and how to get over their obstacles
Why every smart investor continues to buy even in murky housing markets like today
Building the “LAPS” funnel that will send real estate deals your way
How to analyze a rental property for free using the BiggerPockets rental property calculator
The different types of ways you can buy real estate with no money down
Why the first three real estate deals matter more than most people think
And So Much More!
Links from the Show
Get Your Ticket for BPCon 2022
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Learn About Real Estate, The Housing Market, and Money Management with The BiggerPockets Podcasts
Get More Deals Done with The BiggerPockets Investing Tools
Find a BiggerPockets Real Estate Meetup in Your Area
Listen to Dave on The “On The Market” Podcast: Spotify, Apple Podcast, & BiggerPockets
BiggerPockets Rental Property Calculator
Already a Pro Member? Use Code “PRORENTAL” to Get All the Upgrades Mentioned in This Video
Books Mentioned in the Show
Real Estate By The Numbers by Dave Meyer
BRRRR by David Greene
Connect with Dave:
Click here to check the full show notes: https://www.biggerpockets.com/blog/real-estate-640
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Transcript
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| 0:00.0 | This is the Bigger Pockets Podcast, show 640. |
| 0:04.4 | What's up everyone, this is David Green, your host of the Bigger Pockets Real Estate Podcast. |
| 0:08.4 | Here today, with my sidekick, with my co-host, with my buddy, Dave Myers bringing you a special episode. |
| 0:15.8 | Look, we realize the market is shifting, and that means a lot of different things, |
| 0:20.4 | one of which you should be listening to as much content as you possibly can to stay abreast of changes |
| 0:24.8 | so you can position yourself to be in the best place possible. |
| 0:28.1 | Much like Brandon Turner trying to catch a wave, you want to know what waves are rolling in, |
| 0:31.8 | what they look like, and how they're different than the wave before, so you can pick the right one, |
| 0:35.4 | and be in the right spot when it breaks. Also, if you have not yet got into real estate, |
| 0:40.4 | or maybe you own one or two properties, this is a very good time to scale your portfolio. |
| 0:45.9 | Now, of course, you want to be investing from a position of financial strength. We don't want anyone |
| 0:49.7 | to go and buy real estate. They can't afford. But if you have been saving, waiting, this could be your moment |
| 0:55.0 | to shine. And in today's show, Dave is going to give a presentation of just what you can do to get |
| 1:00.1 | your first, second, or third rental property. Dave, what do you think? That's a beautiful explanation |
| 1:06.4 | of what we're talking about because it is a really interesting time to start investing. And I |
| 1:13.3 | understand that a lot of people are fearful about the market because there's a lot of hype and |
| 1:18.9 | there's some scary headlines out there. And in no way, am I, or as David's saying, that you should |
| 1:23.8 | go out there and buy just anything. But if you are someone who knows how to analyze deals and how |
| 1:30.2 | to get good leads, this is a really, really interesting time to start looking into the market right |
| 1:37.7 | now because competition is going down. We're starting to see prices look a little bit wobbly. And |
| 1:43.8 | although I personally think prices might decline a little bit, there's not going to be a crash. But |
| 1:48.8 | sellers are willing to negotiate right now. I don't know if you're seeing that in your own real |
... |
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