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How to Buy Your First Rental Property (For Beginners)
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How to Buy Your First Rental Property. This video is for beginner investors who are looking to buy their first rent house or rental property. Owning rental properties is a great way to generate cash flow and build wealth over time. For your first rental, it probably best to stay conservative and purchase a single family house with 3 bedroom, 2 bath, 2 car garage in a suburban neighborhood. A lot of landlords started by renting out their current home when they upgrade. You can leverage a 30 year low interest mortgage this way. If you're not ready to rent out your current home, talk to your real estate agent so they can help you find a suitable rental property. Even though you may be paying retail or above, it is a long term investment and the appreciation of the property value will make up for it over time. You can also buy a house suitable for rental from a wholesaler. They have done a lot of the legwork in finding that property. You will need to pay an assignment fee but in most cases it's still going to cost you less than if you purchase off of MLS or a house already on the market. Another way is to purchase at the county auctions. However, you may be limited to an exterior walkthrough only and may not be able to inspect the interior of the house you're buying, so this may not be the best method for beginners. You can also talk to your neighbors. You never know when they will be moving and you may be just one conversation away from owning a rental property within walking distance from you. Marketing is another way to source your rental property purchase. You can do it yourself or hire a marketing company. You can fund the purchase using cash, conventional loans, private funding, or Hard Money Lending aka Asset Based Lending. Consider these numbers to evaluate if the property is suitable for rental. Principal, Interest, Taxes, and Insurance (PITI). Repairs is one of the biggest hurdles for Investors. Do not over rehab a house. Do pay attention to the major factors such as Roof, Foundation, HVAC, Electrical, and Plumbing. Understand the market and other rentals in the area to determine how you should rehab and market your rental property.
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