82: How To Buy An Income Property: Step-By-Step

Get Rich Education

Keith Weinhold

Realestateinvesting, Income, Passiveincome, Money, Business, Wealth, Investing, Careers, Realestate, Kiyosaki, Real, Rich, Creatingwealth

4.3 • 602 Ratings

🗓️ 6 May 2016

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

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Summary

#82: Your offer is accepted, your Earnest Money goes into to escrow, then your property has an Inspection, Appraisal, and more - all the way to closing.

We discuss those steps, tell you what your action items are, and discuss how long the income property-buying process takes.

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Listen to this week’s show and learn:

02:00 Robert Kiyosaki will be our guest in two weeks.

04:11 Why we’re embarking on the best decade ever for income property investing.

05:41 Why would anyone sell you a cash-flowing property? Many reasons given.

11:59 How to identify a winning income property: RV Ratio, eliminate your emotion, turnkey buying.

17:48 Investors get excited by the next deal. Remember to protect what you have.

19:20 What your Mortgage Loan Officer needs from you. Pre-approval letter.

20:22 Can you negotiate the property price with turnkey providers? Yes.

21:15 Submitting your Earnest Money.

23:03 Get a professional Property Inspection. What to expect.

27:17 Your Property Management Agreement.

28:21 Property Insurance.

29:18 Get a relationship with your Property Manager.

31:42 Your Property Appraisal.

33:23 Mobile Notary.

35:42 Real estate’s lack of liquidity contributes to its price stability.

36:14 You need to act. You won’t make money from the property that you don’t own.

Resources Mentioned:

CorporateDirect.com - Garrett Sutton’s company builds your business structure and protects your assets. Mention “Get Rich Education” for a free bonus.

NoradaRealEstate.com or call (800) 611-3060. Your Premier Source for Nationwide Turnkey Cash-Flow Investment Property.

MidSouthHomeBuyers.com - Top-Notch turnkey rental property in Memphis, Tennessee.

GetRichEducation.com - that’s where to subscribe to our free newsletter, receive turnkey real estate webinar opportunities, and see all Events.

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Transcript

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0:00.0	Get Rich Education is brought to by Noradda Real Estate and Garrett Sutton's Corporate Direct.
0:11.0	Welcome to Get Rich Education with Keith Weinhold, giving you information and ideas on the investment that has turned more ordinary people into millionaires and billionaires
0:22.7	than anything else and can provide you with more wealth and happiness than you ever thought
0:28.2	possible. Now, here's your host, investor, entrepreneur, business owner, and educator, Keith
0:36.2	Weinhold.
0:43.8	Welcome to Get Rich Education, Episode 82.
0:45.5	I'm your host, Keith Weinhold.
0:46.6	How are you?
0:52.8	Another week here, striking back like the empire to help you build your wealth. We're going to talk today about how you buy an
0:56.0	income property, just simply that, especially as it pertains to buying an out-of-state turnkey income
1:02.7	property from the time that you get a property under contract and submit the earnest money to
1:07.3	escrow all the way to closing, because that's how you generate passive income,
1:13.5	which in turn creates a rich life for you.
1:17.1	I'm also going to talk about why in the heck someone would want to sell you a cash flowing
1:22.5	property in the first place, right?
1:24.3	I mean, why would someone sell you a good thing that pays every month that they hold
1:28.2	on to it? You're going to get some answers there. That's today's show. In two weeks, Robert
1:35.0	Kiyosaki will be here with me for his get rich education debut, and I've got to admit I'm
1:41.6	kind of nervous about that one, okay?
1:44.2	With Mr. Kiyosaki, you just never know what he's going to say.
1:48.8	And, well, I guess that's what makes him interesting to listen to.
1:53.1	And, you know, I have had a clean lyrics show since inception here.
	...

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