10 Steps to Buying a Rental Property

Описание: 10 Steps to Buying a Rental Property explains important tips to the newbie real estate property investor on what you need to do when buying your first rental house investment.

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Investing in residential real estate creates generational wealth and owning rental properties is a great option. Getting started in rental property is a great real estate strategy for beginners and can help you make money in real estate. This video on 10 Steps to Buying Rental Property provides essential information to making the right decisions the first time.

Step #1- Get Yourself Financially Ready
The first thing you need to have is a down payment. Understanding the Debt-to-income Ratio is also imperative in being able to qualify for the most money possible.

Step #2- Talk to a Lender
There's no sense in wasting your time searching for houses you won't be able to afford and getting yourself excited about stuff that's not in your price range and there's no sense in wasting a real estate agent's time if you haven't talked to him and you don't know your price range. Matter of fact, that's the first thing that they’re going to ask you when you pick up the phone and speak with them.

Step #3- Find Real Estate Agent
You need to find a real estate agent before you can start investing in rental properties. Maybe call up one of those agents and ask them if they would be interested in being your real estate agent.

Step #4- Research Your Market
If you have a general idea of the housing price you're going to be looking to invest in, go to realtor.com zillow.com Trulia redfin any of those, and start putting in your automatic search as for what you will be looking for.

Step #5- Pre Approval Letter
That's the time when the lender is going to run your credit and that's when you're going to give them all the documentation about yourself.

Step #6- Go Look at Properties!

If you have a good real estate agent they may call you when a potential investment property comes on the market. Start off doing your own research and when a property hits the MLS you’ll need to call your agent right away and say that you need to go out and see it that day.

Step#7- Determine. Good or Bad Investment?
When I look at a house I don't look for attributes in the rental house that I’m wanting in my own house. For example, I'm not going to want a pool in an investment house. I'm not going to care if it has 20-ft ceilings. I'm not going to care as much that there's a three-car garage except the fact that there is a garage- or there is a carport- or there is street parking… whatever is the norm for your area. Just take emotion out of it and look at it like an investment.

Step #8- Make Offer
Your real estate agent will be your best tool in this step. Depending upon your market and the individual seller’s situation, your real estate agent will be able to help you negotiate the best deal. my advice would be don't get caught up in the negotiating and don't get emotionally attached. if the seller isn't willing to sell the house for the price that makes sense to you, just back out.

Step #9-Get it Ready to Rent!
The first thing you will want to do when the house is in your name is transfer utilities. Transfer them into your name and if you can, put utilities on auto payments so that you don't forget to pay the utilities bill. Fix it up the best you can For the wisest amount of money. Don't go crazy overboard and over rehab.

Step #10- Rent it Out.
Now that you're ready to rent out your first investment property, there are two options you need to consider. The first option you can consider is hiring out your property management. The other option is being your own property manager AKA Being a landlord.

10 Steps for Buying a Rental Property

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