How To Buy Your First Rental Property Even If You're Broke
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- Опубликовано: 19 июн 2024
- Want to know how to buy your first rental property even if you're broke right now? In this video, I'm going to share a 5 STEP process on how to buy your first rental property with very little money, and no credit needed. If you just follow the steps that I share, you'll be on your way to consistent passive income in no time. Check it out!
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Timeline:
0:00 How to Buy Your First Rental Property
0:08 Introduction
3:10 Owner Financing Real Estate
5:12 Step One: Finding the Deals and Contacting Sellers
17:16 Step Two: Prescreening Sellers (What to Say?)
19:50 Step Three: Making Offers and Contracting Deals
25:27 Step Four: Finding Your Tenant Buyer
29:00 Step Five: Close the Deal and Get Paid
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Who is Jamel Gibbs?
Jamel Gibbs is a successful real estate investor and educator.
He is the owner of Mill Street Properties LLC, a successful real estate investing firm. He is also the owner of the REI Education Academy LLC, which is a successful real estate investment education firm and publishing company that teaches their clients how to build successful real estate investing businesses.
Jamel coaches and consults people all across the country in an effort to help them achieve true financial freedom through real estate investing.
If you think your business might benefit from one-on-one interaction with Jamel and his team, visit reieducationacademy.com
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Also, share and leave a comment below.
Thanks brother this is mind blowing 🤯 that your given this away for free, I paid for courses that didn't even come close to what you just teach me
@Jamel Gibbs, can I please work with you?
I want to chat with you bro.
#JamelGibbs you ROCK bro! 👍🏽
People always believe you need hundreds of thousands of rentals to make real money 🤑💰 I think you only need 80 maybe 120 rentals make a very good profit of of $46k or $69k a month but if it is Plex properties like three plex rental properties or four plex rental properties you could make $138k a month or $184k a month that is what some one who being dealing with Plex properties once said so if I go to realestate rental properties Plex properties are the way to go
I work in real estate as a lender. I have listened to a lot of videos and NEVER wanted to finish because it was filled with half truths. This dude is really speaking truth. He is telling what others do not want others to know. He is sharing info that takes years to learn and lots of trial and error if there is no mentor. Keep up the good work sir!
Thank u for confirming this I had this saved to watch and went straight to the comments.
I was looking at a property that is being sold by owner and owners says that he likes the community and how it's a gated community for seniors and the community requires application for residency. Does that mean a senior must buy/rent the property?
Word up!!!
Thank you for your input, very meaningful.. loving what I'm learning
Please someone answer this. I've been wondering the same thing. Do you have to be 55+ to purchase a rental property(under an LLC) within a senior community if you are not a senior?
Brother I almost cried because I’m so thankful for the knowledge you have shared in this video. For 1. You DIDN’T have to and 2. You will potentially change lives for the better. This is much appreciated!
I appreciate that
@@jamelgibbs I've been binge watching your videos all day I just came across your video I want to learn and start doing real estate thank you for your knowledge
I felt that!!!!
@@sammysau4541 Go for it! Keep us posted 💞💕💓🙏🏿
IM ON MY WAY
My wife and I are rental property owners. This is an approach I haven't thought of before. Thank you for sharing this information. For anyone looking to get your first rental property but don't think the bank will help, this is absolute gold. Don't let fear hold you back. Apply this information given here and your life will change. Guaranteed.
🙏🏾
Hi my name is Dewain and I’m limited on money so this video seems informative do you have any advice for a beginner?
Motivation and growth ✨️ thank you
@@jamelgibbs hey brother I have 8 k can you help me , I’m about to loose everything
Thank u for YOUR info.
You might be the only person on RUclips that break it down like this , I appreciate you
I am literally broke, struggling, and taking care children on my own feeling like I have no way out. I just wanna thank you for this information. This is the start of something amazing for me and my children.
How are you doing?
Your journey has started. Keep us updated and best of luck to you. You can do it!
Feel u! That's been me for the past two decades! Kno EXACTLY where u are & where you're coming from. Wish both of us + everyone else on that road the best! Too many like us! U are NOT alone! Stay strong, stay hopeful..
@@RubenA. I’m good, trying to stay strong…taking one day at a time. Thank you for asking. I hope you and your family are happy and well
@@4XGOTSTICKS Thank you so much. I felt like I could do it but when I tried I didn’t know where to start. Living in NY, things are different…laws are different. I don’t know how to begin
Saw this video by accident. I was watching Noelle Randall's video and you came on. I must say, although she has great content, your ability to walk step by step with visual content was so impressive and appreciated. Some of these channels want hundreds of dollars for the information you gave. What a blessing to have bumped into this presentation. Thanks a million 🙏🏽
🙏🏾🙏🏾🙏🏾
Noelle is also how I discovered jamel. His content is 🔥🔥🔥 Noelle and jamel have given me the belief that I can create a better way for my family
nothing is by accident
stop bashing creators for charging for knowledge to help you make thousands of dollars...don't you make money smh
@@iamthatiam9936 well I think the issue with that is, for beginners, you're not able to make an informed decision if the info being provided isn't clear to the person taking it in. So if they are going to put out info with the premise of gaining clientele....the info they offer for free should be clear and concise so people know what they're getting. I don't think anybody expects the knowledge and know how for free....they just want to understand what's being offered and how they'll benefit from it prior to making the investment.
You dropped the sauce. I know this works because no money down owner finance has been around forever. I love how you drop the gems step by step no fluff, no sales pitch. May the universe continue to bless you and your family.
You're one of if not the only person claiming to teach the viewer something and actually explaining it in a detailed and concise manner. You truly have useful and applicable info. Thank you a thousand times!
Did you do it though? Cuz it's more than what his saying to do
@@justvibing2497can you explain what more there is to it?
I’m a single mother living paycheck to paycheck and I needed this
💪🏾💪🏾
You got this momma ❤️😘
Thank you for explaining this so clearly and concisely. I've literally wondered for 30 years how you buy a house with no money and in 30 minutes you gave me the game plan that could change my life
You are a complete fool then if you
Have been wondering for 30 years and all it took was 30 minutes to fix.
Can you teach me
They say if you can't break something down I. A short time you don't know what your talking about
Thanks
He gave the game but this is game and mouth play.
I think the hardest part is getting started and getting your first property. Then after that you do it again and again.
Yup
💯💯
You make it sound so easy. I find it hard to believe that sellers are really willing to accept this kind of deal.
Yeah, sounds confusing to me. Couldn't the owner just decide to Rent to Own without the middleman??
Sellers might opt for owner financing to expedite the closing process and collect interest rather than taking a lump sum payment
It doesn’t make much sense to me either. Seems to me that if a home owner wants monthly payments + interest, they would just find someone to rent-to-own the house. They don’t need a middle man
Right. This video is low key click bait. Probably made more money from this video than any of the offers in this video.
Exactly if the owner wanted to do something like that I'm sure they would have already done that without the middle man. I am pretty sure that when someone sells a property they want the money for it right then and there. I definitely would. That way I could purchase another property outright without financing.
18:25 I usually ask "you own it free and clear, right?" and if they say "no" then I ask "do you have any idea how much is left on the mortgage? I just need a ballpark figure, not down to the last penny or anything" I give a chuckle at that last part so they don't get defensive.
good teaching ....the only issue is if the buyer stops making payments ,then you either have to find another buyer or make the payments yourself ... I'd also suggest using a title company to do the deal just to cover your butt in case the seller does not actually own the property
Will the title loan company, also protect you, if there are also previous liens on the property?
I just came across your 1st video. I got hurt at work and have a concussion and was bored and I'm so glad I was. I've been wanting to learn this. I'm going to look at the rest when I'm better, and implement this.
Straight to the point video with no tricks… great insight and knowledge
I'm currently 18 and working on getting my real estate license. I've been interested in buying a property to rent out. This video is extremely helpful with understanding how the process works! I really appreciate it. I've watched so many videos over the past few months and this one is by far my favorite.
This was good Jewels and Gems he drop out of all the other you tubers videos this one gets an trophy for his excellent on this. Now I'm fixing to take off and run with this one
Go ahead and start building your credit ASAP, if you haven't already. Get a credit card, and use less than 9% of it's utilization monthly, and pay it in full monthly. You'll be glad you did. I didn't start my credit until 22, and I wish I had started at 18. I'm now 28 so it's not that major of a factor anymore, but those extra 4 years of credit history would have still been nice even today.
I no longer have my real estate license but when I did I was able to by rental homes by watching the mutilple listing system for expired listings and then calling the home owner and approaching them in a way similar to what the guy James in the video just explained. If the home owner wasnt interested I would then try to relist the property at a reduced price. Once the property was relisted under me and a reasonable time had passed I could then make an offer on the home myself and use the commission owed me from the seller as my down payment. Also while I was a realtor I'd keep my ears open for other realtors wanting to unload their rental propertys. Some times a retiring realtor would prefer a land contract or some thing similar over receiving all the cash at once so they could avoid the taxes.
@michael49022 but who pays the taxes and insurance for the home when using this method,
@@sliceofyourlyfe5794 it just depends on how its negotiated, look up gross lease and net lease
You’re such a great teacher. You made it less intimidating and very easy to understand. Thank you so much.
🙏🏾
Thank you for sharing your information was extremely simple and informative.
@@jamelgibbs I've met so many people who rent and get their place trashed into very costly repairs. Or tenants miss rent and don't leave
This was so educational...I have always wondered about getting into real estate with no cash...you have outdone your self thankyou God bless your heart 💜....now I'm in South Africa and I'm trying to use Zillow unfortunately it does not work for us...do you know which site can I use that's similar for my country....I'm also searching. I see the video is 2years old..but I think is very relavant..thanks again🙏
I'm not going to lie I listen to a lot of other people but listen to this guy I understood every words for words as if I came up with it..
Thank you for breaking it in a way I can understand. I am so grateful that it makes me cry.
Most ppl selling does not want to do that. Most want the equity up front
Don't click "contact agent". That will make Zillow's agents contact you, not the seller.
Loved this video so many 💎💎 alot of great info. I feel like every other video I watch ppl only give 90% of the info and leave out the most important 10% but I feel like you spit nothing but straight facts and put it all out there. Thank you very much I am definitely going to study your channel and apply this process! 🙏🏽💪🏽✊🏽💯
This video actually brought tears of joy to my eyes and gave me hope thank you so much.
My mind is genuinely blown. It's tax season and I'm behind on bills. This could not have come at a better time. This man is an absolute treasure sharing this info for free. I can't wait to watch more of his videos. This was an easy subscribe. Well done, sir.
How did it go? I’m interested and want to see if others found it possible
@@relley9798 she became even more broke after joining his course
@@relley9798
Got a withdrawal today 🍾 to me
Thank you because I’m ready to get this thing going. At first I felt lil overwhelmed but thanks to your videos.🙏🏽
This is the first video of yours that I have seen. I do not know why it was recommended to me, but I have liked and subscribed to your channel and look forward to watching more of your videos. Thank you for sharing.
This is a very informative, simple & well versed video. I love the fact that you gave FREE knowledge my Black King!!!
Kudos to you & your family
Peace & Blessings😊
Man I haven’t even finished watching the full video and I already subscribed to your channel. I’m glad I came across your channel…I’m highly looking into getting in the real estate field.
GREAT VIDEO! VERY INFORMATIVE ,STRAIGHT FORWARD , AND SIMPLY EXPLAINED. KEEP UP THE GOOD WORK!
I have watched hundreds of videos and all, but this one, are glib and no specifics. He is the most useful and helpful. God bless you! Thank you.
You are in your Purpose, Jamel. Thank you so much for your work.
Man! It is so refreshing to see you share such valuable & understandable information for FREE! ❤
Dude knows his craft. I must say that you have to get out there and grind though. Because not every seller is going to do a 5-10yr deal like that. Great strategy for sellers that are stuck. It’s a bit tough in a sellers market. Lots of phone calls and stay persistent 👍🏾.
Thank you so much. I’ve seen many videos and at the end they ask you to pay. You didn’t. You’re awesome. I’ve learned a lot.
Wow! I never watch any of these vids, but yours was 100% worth it, I'm late but here now. Love it and thank you for sharing.
Continued.... I discovered you on Noelle's Channel and although this is the first of your videos that I've watched, I'll be watching more , educating myself and taking action! Thank you!
Ram into this video by accident but stayed because you were so well spoken and right on the spot. Thank you for the knowledge and hoping to learn more
Finally someone to explain how this is actually done without having to listen to long drawn out video's and joining group sessions! Great job thank you!
Thank you Mr. Gibbs for the info,everyone that explain how real estate works make it so difficult to understand. I always wanted to do real estate but I never really grasp the information properly. The way you explained it make it so easy to do thank you so much may God continue to bless you and your family.
Thank you so much for being SO real! Omg I love your information and how you break it down in an easy to use process! Please never change you are truly helping people become something successful and we can all use your knowledge and truthful information! No fluff, no huge promises of getting rich scams, no purchases of this and that! You’re amazing! Bless to you and your family! ❤
Thank you so much for sharing this information! I've never owned a home or had any rentals, but I always knew there had to be a way I could start a rental business without having a lot of capital, and you have confirmed this for me, thank you so much💯
From the vocabulary to the scripting to the raw data you have provided here. Absolutely top notch work, thank you
Thank you for this brother! You may have just changed my life! Many blessings to you!
Great content. Great explanation. Great strategy. Easy to follow. Doable. Thank you!
This video came up by chance while scrolling on RUclips. I have wanted to get involved in real estate for many years, and 2023 is going to be that year! You have a new subscriber, I look forward to using your detailed step by step processes! Thank you!
Thank you so much for sharing this information. I have been looking for a way to purchase my first rental property, but the banks make it so difficult to do once you own your primary home. Thank you so much 🙏🏽 God Bless You!
Thank you for the Gem!
I just started my independent truck dispatching company something new to start researching, I'm tired LOL but thank you. I am on this
This sounds so goood!!! Scared to get off doing a property, but you’re steps and process is such a huge help for assurance!!! I appreciate this. 🙏🏼 really will be binge watching all your tips to help get on it 😊
You are a great teacher and share golden nuggets! Just happened to see this video and you broke down everything in such easy to understand steps. Thank you! Newly subscribed! ❤️
Wow! Clear and full step by step guied. Thank you for your time and knowledge, Sir. 👏
Mister, your explanation of the process is outstanding. Thank you for this info!
This was great information. I am going to watch this several times. Thanks so much.
This is a very impressive video. I like the way you explained the step by step approach and was very detailed 👌
All respect and gratitude is due to you. This is a definite life changer for the the ones that are really serious about getting into this profession and willing to build a legacy and business for their family. Thanks for sharing your knowledge. You are truly appreciated ✊🏾💪🏾💯
I have never heard anyone talk like you do! I understood everything you said thank you
I’m so grateful that your video was on my feed whoever doesn’t click on your video is missing out on a learning opportunity. I’ve been interested In real estate and wasn’t sure where to start but this video helped so much it was very straightforward, thank you for using your platform to share your knowledge with others.
Very well taught and received. Thank you so much! I've been in the r.e. industry over 30 years but just now learning creative ways to invest. Just subscribed to your channel and looking forward to learning more. Great content! ❤️
Now this is exactly what I been needing to hear. New subscriber. Definitely have to watch more of your videos.
Wholesaling is really wearing me out and I am so grateful that you posted the exact steps on how to do this instead of giving the run around thank you
In my state, properties over three units is considered a commercial residential. Your video was very helpful. 💯
Lil bruh, this is a great video.. many people are thanking you right now. Pat yourself on the back, you deserve it.
Excellent video. Great information for what I always thought of doing & just needed to know how to execute the plan with little money down. You are brilliant. Thank you!
Love this video! It was straight to the point and clear to understand. I'm wanting to get into REI and this Definitely made me feel like i can make the leap and do it!
Solid content no nonsense , no fluff , just actionable steps 🥂
"actionable steps". I like the way you put that. tHanks
What would be the method to renovate in this process in the most cost effective way, not out of pocket, while making agreement with seller and before buyer moves in and also best method to get that money back?
Thank you so much for this very valuable information. You made it so simple, you kept it believable, and I feel that I can do this. Of course, I am a little afraid of failing, and being stuck with a note, but I would sincerely believe this can work. I’m going to give it a try. Again, thank you so much.
You dropped gems bruh. New subscriber!! You got me off to the races with my first time watching your video. Thanks 👍
Great video, Jamel. I think I learned more after watching this video just once, than what I have learned since I first became interested in RE investments (many years ago!) You gave a lot of details - so much that I feel confident that I’ll be able to make it work. Thanks for the video.👍🏾
Awesome content! It is clear that you know your stuff inside and out. I can’t thank you enough for sharing.
🙏🏾🙏🏾🙏🏾
I like this method and can see it work. Thanks for sharing a way out of the struggle. Hope to use this soon.
I just came across this video. It sounds so easy and I appreciate you for doing this. I wish I could afford to get one on one training from you. I am going to try to follow your video and see how it pans out for me. Thank you for doing this and being transparent.
Let us know of updates here!
I really hope you guys grab this information up if you don’t understand play again til you do .
This INFORMATION IS GOLDEN’ Im also thankful I was able to undressed it as well .
We appreciate you Big Bro 🌟
So people have claimed this method but have yet to show the step by step process like you did! I have taken a multitude of”masterclasses” and walked away having not learned much! Your 5 step process was very helpful and informative! Thanks!
I came across your channel by happenstance in my feed. This was very informative! Thanks for sharing! I'm inspired ❤
This is amazing! Wow, I think this just changed my life!
Cool beans, I'm starting in the morning. Thank you sir, One Love
Hi Jamel. I know you're probably tired of hearing this but thank you for this practical simple and easy to understand video which makes it for people like myself less shy and more confident in giving real estate another shot. I appreciate the real world examples you apply to what you're talking about which often many "gurus" don't do and leaving us in the dark so to speak with the concepts. So thank you😊
Continue to inform with conciseness. Thank you!
Thanks for sharing, needed this myself. I just looked his page up online and I would say he really does have an impressive background on investing.
You’re the first person who has broken this process down thoroughly! Im so grateful! Thank you!
This is by far the most valuable video of this kind. No ambiguity,clear step by step explanation. One leaves knowing that if they are purchasing a course or mentoring,they are paying for great value.Thank you so much.I liked, loved and subscribed. Looking forward to all the gems
Amazing!! I saw this video after two years. I immediately subscribed it to follow you! You're absolutely honest providing such information for free to everyone! Thank you 🙏
🙏🏾
There are a ton of real estate 'guru's on RUclips and a lot of boring videos, but I have to tell you - Your videos, are on point, you keep the watcher interested, and you do an excellent job of explaining and providing value. You got a nice sub from me :-)
Great content with clear and concise delivery. I finally understand where to begin and how to connect with my target properties. I will continue to follow you and share this channel. TY!
💪🏾💪🏾
Jamel great info always love your videos - very clearly explained and to the point. I like how you use "safe" words so as not to trigger the seller's defenses ("Shields up!"). I've also heard in other courses "home" has more emotional attachment (for the seller) but "property" is straightforward and direct.
Indeed. Thx bro
Love how u explain everything in detail
You are a mind blowing dude. Thank you so so much God will bless you for opening people's eyes in real estate.
Great content. This is essentially a mortgage wrap. Buyers should know if there is a mortgage in place usually there is an acceleration clause and or due on sale clause. Anytime u do a contract ur essentially transferring ownership. U jus have to check with the lender to make sure it able to tak over the mortgage payment essentially so u can write up your lease options to purchase agreements with the new buyer (which is usually ppl with a lot of money but no credit...credit is key wen buying a home in modern society..hands down...which is why they can afford the hefty 10% down at least). These will be rare with "TRUE" SELLER FINANCE HOMES...it's jus rare cause ppl rarely own a home FREE and CLEAR. Look for homes in preforeclosure (3missed payments), inherited homes, and homes with disgruntled owners (divorce, co owner inherited, co owners who want to sell but don't want to sell). Great video though. Good for you black man. Information is power!
Just wanted to thank you for sharing your knowledge with us all. This is the second video of yours that I have watched today. So glad I saw you on Noells channel.
Glad it was helpful!
This the first video I watched of you. I am subscribed and will follow up with this. I need this.
My first time watching an i must say your one of the few I ve seen on RUclips actually make sense so for that I'm hit that like button an subscribing to your channel
Very informative and this video provided clarity on this topic. Thanks for another great video! Keep em coming 🙂
Glad it was helpful!
Peace Bro ... Sooooo grateful for the info you've provided in this video!! I'm going to watch it again and again & apply these steps so I WILL OBTAIN (not pay for) MY 1st rental property!! THANK YOU!! God bless you and your family and your future endeavors 🙏🏽☝🏽🙌🏾
How did it go?
Did you make it happen
The best video on real state I see ever.tks brother.very clear
Thanks Jamel. That’s just about the best breakdown of that process that I’ve ever witnessed.
👍🏾
Great motivation....only thing that changes in real estate is market values and property conditions.....the strategies are the same.....just depends on your approach....your level of hustle...how dedicated you are to your goals
I was opening RUclips to watch a real estate investor's channel, when I saw your channel too. The video title you put intrigued me because I am planning to use a new niche which was in line with your video title. I started REI 6 months ago, no leads to deals yet, and watched tons of tutorials but your explanation here by far is The easiest to follow and compact for beginner. I should have come across your channel months ago! I am your subscriber now. Thank you, be blessed.
Absolutely love this. I'm just now starting. This is great information.
This is exactly what I needed thank you!🙌🏼
Glad it was helpful.