Exactly How To Buy Your First Rental Property In 2024
Ken McElroy Show
Ken McElroy
4.8 • 692 Ratings
🗓️ 22 January 2024
⏱️ 46 minutes
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Summary
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ABOUT KEN: Ken is the author of the bestselling books The ABC’s of Real Estate Investing, The Advanced Guide to Real Estate Investing, and The ABC’s of Property Management. With over two decades of experience in real estate investing, Ken McElroy is passionate about sharing the good life by helping real estate investors grow and prosper. This podcast is a place for Ken to discuss numerous topics connected to real estate investing, including finance, budgeting, the entrepreneur mindset, and creating passive income. Ken offers a wealth of personal experiences, practical advice, success stories, and even some informative setbacks, all presented here to educate and inspire. Whether you’re a new or seasoned investor, the information and resources on this channel will set you on a path where you and your investments can thrive.
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Transcript
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| 0:00.0 | Welcome to the Real Estate Strategies podcast. |
| 0:04.7 | Let's get right into this episode. |
| 0:07.0 | Welcome to the Ken Backroy Show. |
| 0:08.9 | I'm your host, Danielle, here with Penn and Joey. |
| 0:11.7 | What's happening? |
| 0:12.4 | How are you guys? |
| 0:14.0 | Today we're going to be discussing how to buy a rental in 2024 |
| 0:18.2 | and one huge mistake that you need to avoid. So let's jump right in here. |
| 0:25.6 | We really think 2024 could be a great time to buy your first rental property. Rates are |
| 0:32.2 | probably going to go down a little bit. And prices probably won't, but with rates going down, it may make it a little easier |
| 0:40.1 | to cash flow. Well, there are prices that are going down in some markets. I mean, as we all know, |
| 0:45.7 | I mean, you guys are probably, you know, a lot of you are probably looking in one for specific |
| 0:52.1 | markets. So, you know, that is where you're gauging a lot of stuff. |
| 0:55.4 | But in, I've been, I've been looking, you know, there, you know, there's some fairly big discounts. |
| 1:01.1 | You know, days on market helps. Obviously, the higher rates help. And so I think the, you know, |
| 1:09.4 | obviously, whatever is banking on is to hopefully the Fed lowers rates in March, but we don't know yet. |
| 1:15.6 | Yep. Yep. |
| 1:16.7 | Well, so there's certain things you need to do if you're going to buy home in 2024, though, right? |
| 1:22.0 | And I think that the first thing that anyone always needs to do is get pre-approved. |
| 1:27.4 | Yeah. I mean, yeah, so let's back up before that get pre-approved. Yeah. |
| 1:28.3 | Well, yeah, so let's back up before that. |
| 1:30.3 | I agree with you. |
... |
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