How to Buy a Rental Property in 10 Steps (Anyone Can Do It!)
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- Опубликовано: 3 июн 2024
- Want to know how to buy a rental property? If rising home prices, rent prices, and fierce market competition have you struggling to get something under contract, your real estate saviors, David Greene and Rob Abasolo are here to help. In 2022’s hot housing market, it can seem almost impossible for new real estate investors to get their foot in the door. But, if you follow what the experts are doing, you may be able to lock up your next investment while other buyers are stuck in bidding wars.
Whether you’re wondering how to buy your first rental property or your next rental property, David and Rob have answers for you. They’ve partnered up to buy luxury short-term rental properties in sunny Arizona, all while recording the exact steps they’re taking to land a deal. If you’re already investing in real estate, some of these steps may seem familiar to you, but the gems that David and Rob drop are rarely discussed (and incredibly helpful).
So, if you’re ready to start your real estate investing journey, build wealth, rake in cash flow, and build passive income, you’re in the right place. David and Rob define their ten steps to investing success so you can spend less time analyzing deals and more time collecting rent checks.
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Join BiggerPockets for FREE:
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Find an Investor-Friendly Real Estate Agent:
www.biggerpockets.com/agent/m...
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The Ultimate Beginner’s Guide to Real Estate Investing:
www.biggerpockets.com/guides/...
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How to Buy a Rental Property in the Next 90 Days:
www.biggerpockets.com/blog/20...
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The Surefire Way to Find the Best Real Estate Agent in 3 Simple Steps:
www.biggerpockets.com/blog/3-...
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11 Clever Tips to Win a Bidding War:
www.biggerpockets.com/blog/wi...
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Connect with Rob (Roubilt) on RUclips, Instagram, and Tiktok:
RUclips: / robuilt
Instagram: / robuilt
TikTok: / robuilto
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Connect with David and Rob on BiggerPockets:
David: www.biggerpockets.com/users/d...
Rob: www.biggerpockets.com/users/r...
Episode 589
Show notes at: www.biggerpockets.com/blog/re...
00:00 Intro
03:40 Quick Tip
06:51 1. Determine Your Criteria
10:30 2. Define Your Viewpoint
15:28 3. Meet Weekly
18:44 4. Delegate Tasks
19:16 5. Communicate Regularly
23:15 6. Receive Info from Your Realtor
32:02 7. Communicate Your Needs to Your Realtor
35:56 8. Write Your Offer
39:47 9. Offer Multiple Strategies
44:18 10. Keep Several Options Open
Quiiiiiiicccckkkk TIP! I usually have this stern, intense look in my face when I listen to this show because I’m taking in all the information. But whenever David does the Quick Tip voice, it brings a quick smile to my face. I chuckle inside and get back to business. This one in particular was one of his best!! Thank you for that 👍🏽
Rob- AUTO-KEEP VOICE NOTES: Settings > Messages > scroll down to Audio Messages > click Expire > click Never.
Thank you for another incredibly insightful episode! You guys have changed my life with this knowledge sharing and I can’t express enough gratitude.
P.S. David, your analogies have been the reason for many lightbulb moments so never stop!
Team work makes the dream work
Damn. Learning so much this year about properties. Growing up my mom always told us. "If you think shit could go south, get a back up plan for your back up plan" and i still live by it today. You don't have to get everything super prepped but have a plan c in case plan B doesnt go well. You guys mentioning how important reserves are just transcribed into my mind with that info
Appreciate gold mines of knowledge you guys put out every time. Thanks so much.
"I knew that, I was just throwing you a softball" what a great line. haven't been to BP in a awhile. Love to see rob here as a host!!!!
"Stop sniping and start throwing grenades." That just made me happy.
Thanks for all of the great content and tips
I would really love if you guys did a podcast talking about how to get started on real estate investing in 2022. BUT as a 18-25year old. How can someone do young get their foot in the door with a market so high and competitive. Your audience is very as well as in the beginning stage. So I feel like this would be extremely helpful to 90% of your audience
Figure out how to make 70-100k and house hack (look off market). Get your credit score to 640+.
@@blaker4280 I agree, but I would enjoy a BP podcast of newer investors just getting their foot in the door at a young age. During times after Covid.
the did a podcast recently with Dominique Gunderson, a successful 24 year old investor! great stuff hearing from her
Thank you! Congrats on deal guys! Looking forward to video on ROI
Sometimes folks just have to face the thought of moving to another area where homes are more reasonable. Hint: Try OLD Bullhead City, Arizona. Rents are high, but you can STILL buy a mobile home of your own for only $100,000. That’s right, only one hundred thousand, AND that includes the land approx. 50’x100’. Seriously, you have the Colorado River is walking distance away with nine gambling casinos on the river bank on the other side in Laughlin, Nevada, 90 miles south of Vegas. There’s plenty of water sports (fishing, jet skies, etc.) and the best Springtime in the nation, IMO.
Thank you for the golden nuggets !! Really helpful tip on going after the motivated seller with the property that been on the market for a large number of days instead of competing and having less of a chance
Hey David you give us millions and millions of content value not only we getting insights about 3.4 M dollar deal you also providing psychological tricks and skills that I can use in 50.000 dollar deal I think this is an unfair advantage keep it up
Gj Rob
U can use WhatsApp to set groups and voice notes are always saved . U can have a group for housekeeping , maintenance , ect
The Call of Duty Analogy haha! Darn campers
FYI there’s a setting in the iPhone to permanently keep all voice messages so that you do not have to hit the button every time.
Can y’all speak in entering the real estate market with an FHA 203k loan? And how you would go about running the numbers?
extremely useful as a 16 year old trying to learn, thank you.
Hello, GREAT VIDEO. Bigger Pockets PRO member. What made you all make the offer of $75K for the Seller to pay? How did you arrive at that amount? Thanks again for Sharing...
Goals..
How would I become an agent in the bigger pockets “find an agent” system?
How much money one needs to buy their first STR?
If only there was something in my market that made any sense at all with current prices.
Dave Ramsey people would live your channel (Except for debt and the remote ownership) Most Ramsey people aspire to own real estate as part of their entire portfolio.
DR follower here, got me out of debt and ready to invest!
Thank you for this video! I have one quick question - If i'm looking at a property that's been on a market for while wouldn't that also mean it would be difficult to sell it for me too when the time comes? especially because i'm not looking to renovate or fix up, looking for longterm rental and I can only afford to buy at price point where the competitions are high.
I’ll add my 2 cents, if you’ll take them. There are tons of reasons that it might not be selling: pictures, marketing, agent, timing, network, staging, price. They are also getting it at a better deal, and some extra concessions like the furniture. As far as your second comment, if the market is too expensive, do a joint venture or partnership to get more capital, or just buy in a different market. BiggerPockets has tons of videos and info on investing in other markets. Good luck! 🙂
@@basinvesting7219 thank you 🙏
Also to chances are because of this market were in .... It's probably over priced substantially ... I was looking at a group of properties for sale as a group and each property was overpriced by 40 thousand easily ... It sat there for months online ...
Those guys said they were looking at potentially renting that 3 million dollar property at 2000 a night that's potentially 730,000 dollars a year ... That's insane I see why people are looking into short term rentals air bnb properties ...
how about a video on how to rent my first studio apt without a roommate
I just want a 3 bedroom family house where I can charge $2400 rent or whatever and the mortgage is about 750...is that possible?
We are on our way to 1MILLION !!!😎🤩
I understand the point they make at 39:25. Basically financing the closing costs by offering a higher purchase price to the seller. Won’t that make it more likely it won’t appraise for the purchase price? Then you’d have to pay the gap in cash anyways. Well they can probably raise $3mil from private lenders anyways so I guess an appraisal gap is probably irrelevant. Is that right?
Dave!!! The amount of unanswered messages on your phone lol, gives me such bad anxiety.
My journey starts today! I’ll keep y’all updated as I progress
Have an update?
Haven’t listened in a while. Where’s Brandon?
What if your income isn't high but you have all other boxes checked including investor good credit and also down payment? I'm stuck because I can't prove 5 grand in income what do I do? Someone tried to help me from Bigger Pockets but I already lost their contact info in the comments of another video all help is appreciated thanks guys.
can you make a video for young people trying to buy their first rental property...like beginner beginner stage 🙏🏿 maybe out of state because California is expensive...I just want 1 house to buy and rent out 🙏🏿😢
You should check out our Real Estate Rookie Channel! Especially Soli Cayetano's series, she also invested out of state from California: ruclips.net/p/PL-okcLQEqzRGUjalEDHQlCxfeRz3QhfYF
Also, we currently have registrations open for our Real Estate Rookie Bootcamp, which will help you get started with your first deal: get.biggerpockets.com/rookie-bootcamp-fall22-pro/
@@biggerpockets thank youuuuu
What’s a bump
I was just thinking about rob on biggerpockets
6 minutes in, "what we want to do on Today's show "
Bruh, get to the point
I appreciate all your insight into the right kind of realtor to find. However, we have had 2 who we interviewed and liked based on their experience, knowledge of the area, etc. and as soon as we say we'll go with them, they pass us off on one of their team who has no experience, is not an investor, etc.. I believe it is happening now with our 3rd Realtor. Is it realistic for 1st time investors spending around $450,000 to find an experienced Realtor to work with us directly?
What market? I'm in Milwaukee, and would be able to help you
@@justinzunker Thank you Justin, but we are in Florida.
Letsss gooo
Maybe we could explain the process for a beginner instead of a multimillion dollar home lol
Robuilt is the millennial that makes millennials embarrassed to be millennials
Zzzzzzzzzzzzzzzzzzz
Try WhatsApp if you don’t want to select keep everytime after sending or receiving voice note. WhatsApp keeps them all by default, and is a great tool to get pictures or videos via internet as opposed to MMS as well. I’m not a promoter of WhatsApp but it’s a pretty great tool.