8 Steps Needed To Buy Your Next Rental Property In 90 Days Or Less

8 Steps Needed To Buy Your Next Rental Property In 90 Days Or Less

http://www.biggerpockets.com/renewsblog/2014/03/08/buy-rental-property/ Discover the 8 steps needed to buy your next rental property in 90 days or less. Also, download a free one-page PDF to help you see the “big picture!”

I was sitting down for dinner with a friend the other night and he said to me “Brandon, I want to buy my first property but there is so much information out there. I just want to see the whole process, neatly outlined, so I know my step by step plan.”

And I thought “Isn’t’ that we all want when learning something new?

We want to see the whole picture, not just broken up parts.

Today I want to help you do just that — learn the step by step process for getting your first rental property in the next 90 days. For those of you who like something tangible to look at, at the end of this post I’ll show you where you can download a free 1-page PDF summary of this process- neat and clean, just like my buddy ordered.

Alright, let’s get started.

Step one: Get Pre-Approved.

Unless you plan on paying cash (which would be great) you are going to need a pre-approval letter from the bank or other lender.

We start with this step because I don’t want you wasting time only to find out you can’t afford it. Your lender will help you know exactly how much cash you’ll need.

Step Two: Get in Touch With a Real Estate Agent.

Don’t just call the name on the park bench by your house.

Look for an agent who is willing to spend the time needed to help you get the perfect deal.

Get recommendations from others and pick someone you get along great with.

The best part is, a real estate agent is paid by the seller- so it’s free for you to use one!

Step Three: Define What You are Looking For.

Let your agent know exactly what kind of property you are interested in. If it’s a duplex, you don’t want to waste time looking at single family homes. And vise versa.

Step Four: Start Looking

Yes, you’ll actually need to spend some afternoons with your real estate agent looking at potential properties. And like dating, the more you look at, the better you’ll recognize “The right one” when it comes along.

Don’t be afraid of looking at properties that might need a little TLC, but don’t get in over your head either. Once you find the right one, you’ll need to do Step Five, which is

Step Five: Do The Math

A rental property is only as strong as it’s math. (yes, you should Tweet that)

Run the numbers and make sure it pencils out. Be conservative, and be sure to plan for property management, vacancy, repairs, and more.

I’d recommend running the numbers through a good property analysis tool, like The BiggerPockets Rental Property Calculator to make sure you are looking at all the facts and figures.

Moving On

Step Six: Make an Offer

Okay repeat after me:

I WILL NOT OVERPAY

Negotiate with the seller and stick to your math from step 5.

You might go back and forth a few times, and you might even lose the deal and have to start over. But whatever you do …

Do Not Overpay.

Soon enough you’ll get an offer accepted and you’ll be ready to move on to

Step Seven: Do Your Due Diligence

At this point, you want to make sure there are no hidden surprises at the property.

Hire a property inspector to walk through every inch of the property looking for potential problems.

If you find any, either :

suck it up if it’s not too bad,
ask the seller to fix it if it is bad,
and if it’s really bad — walk away.
During this time your agent will help you shuffle the correct paperwork between them, your lender, and your title company.

Step 8: Close on the Property

It’s been a journey, but finally you are ready to close.

You’ll show up to the Title Company (or attorney) and they’ll take care of the rest. You might even get some chocolate at the front desk! Once the title and deed are recorded at the county, you’ll get the keys and be the proud owner of your very own rental property!

Now comes the fun part — managing your properties. And for tips on that, you’ll have to wait for another blog post!

Screen Shot 2014-03-07 at 5.27.08 PMAs promised above, I created a simple 1-page PDF of these steps so you can print it out and hang it on your wall or just keep in your files. To get it, simply click the photo on the right and head over the BiggerPockets FilePlace and download it for free!

Finally, if you could do me two quick favors:

Share this video on your Facebook or Twitter account
Leave me a comment below. I love comments and would love to chat more about this stuff!

8 Steps Needed To Buy Your Next Rental Property In 90 Days Or Less

Real Estate Investors And Agents – What Problems Are Keeping Your Business From Moving Forward?

 

 

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Historically the real estate industry has been a slow adopter of technology, but it depends heavily on which issue you are referring to. Real estate is highly localized, highly fragmented with strong differences between the various aspects (residential vs. commercial, buying vs. leasing, institutional vs. ‘mom & pop’ ownership).

You have to look at it from eyes of consumer, real estate is one of the oldest businesses and among the stodgiest to change, RE is not one to shift gears to technology easily. But things are changing.

There is no doubt that the residential real estate industry in the United States is incredibly inefficient. One economist calculated that it creates $8bn in “economic waste”.
(here is a recent article in The Economist that spells it out: http://www.economist.com/node/21…)

So why hasn’t anyone Craigs Listed, or Amazon’d,  or iTunes’d it?

It is not for lack of trying, but one economist’s “waste” is another industry’s profit. Since the residential real estate industry is specifically geared to generate that waste, it is no surprise that it is very good at protecting it, literally at the expense of buyers and sellers.

It is also an aging industry — the average age of agents and brokers ranges from mid to late 50’s. Plus,  unlike news, classified ads, travel, or music which are consumed frequently by almost everyone,  homeowners are a smaller subset of the population and they encounter the industry about once every 10 years. That fact alone will slow the pace of change.

The National Association of Realtors (NAR), MLSs, big brokers, franchises, and sites like Trulia and Zillow all have a vested interest in quantity over quality when it comes to real estate agents and the industry has captured its regulators at the state level.

That is why state standards are a joke and anyone with a pulse can pass the real estate licensing test. This leads to an agent over-population that is mostly older part-timers and that experiences a lot of churn — two factors that make it difficult for a technology driven solution to take hold on the ground at present.

Add up the billions NAR and the MLSs have on top of their ability to change the rules as they see fit (which they push until the DoJ steps in and they make some half-assed concessions) and it is apparent how they have been able to fend off any significant change to their business models.

The clock is ticking, though. This graying industry will either retire or die and in a few years almost all of its customers are going to be people who grew up with technology and know how to use it.

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I wish I would have done it a long time ago. My conversion as compared to before is unbelievable.

Steve LondeauSTEVE LONDEAU
Steve Buys Houses Fast

I was laid off from my job and June and decided to go full-time into wholesaling and purchase InvestorCarrot even though my wholesaling business was in debt. I just closed two deals in the last two weeks and am closing on one this week.

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GoldenOpp Real Estate Solutions

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Oahu Home Buyers

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Why would I need 3 websites?

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Real Estate Investors And Agents – What Problems Are Keeping Your Business From Moving Forward?

 

You Need A Proven Real Estate Lead Generation And Conversions System!