368: How To Buy Your First Rental Property: Step-by-Step

One question that I'm asked is: "How do I actually buy an investment property?" I'm going to walk you through it all today, step-by-step. You know, even after I bought my first property, it would have been difficult to recite all the steps. This is partly due to the process's 30-60+ day duration. Though real estate has made more ordinary people wealthy than anything else, it is illiquid. [Watch the video version of this podcast here: https://youtu.be/9jH4_-Bwujs ] It takes more time to buy and sell real property. There's no brokerage "point-click-done" or Robinhood swipes here. This is both a good and bad thing. Because there are several steps involved, there is no panic selling in real estate. This illiquidity keeps real estate prices more stable than nearly any other asset class. This stability (via illiquidity) is one reason why real estate comprises the heart of so many wealthy peoples' portfolios. Real estate prices are a smooth, glassy lake compared to the raging sea storm of volatile gold, silver, cryptocurrency, oil, and stock markets. In under 28 minutes, I lay out every step that you must know for buying rental property. This masterclass-level instruction comes to you without paywalls or logins. I've made it public and free. It includes: Myriad mistakes to avoid Improving your credit report and score A clever way to show a higher income to underwriters Where I get my loans Market selection Property due diligence Making an offer Get an inspection (Always!) Appraisal Signing a Management Agreement Property Closing Own and collect rent (Cha-ching! Finally.) More Resources mentioned: Show Notes: www.GetRichEducation.com/368 Watch the video version of this podcast here: https://youtu.be/9jH4_-Bwujs Get mortgage loans for investment property: RidgeLendingGroup.com JWB's available Florida income property: www.CashFlowAndGrowth.com eQRPs: text "EQRP" in ALL CAPS to 72000 or: eQRP.co By texting "EQRP" to 72000 and opting in, you will receive periodic marketing messages from eQRP Co. Message & data rates may apply. Reply "STOP" to cancel. New Const. Florida SFHs & multifamilies: www.B2Rdirect.com Best Financial Education: GetRichEducation.com Get our free, wealth-building "Don't Quit Your Daydream Letter": www.GetRichEducation.com/Letter Top Properties & Providers: GREturnkey.com Follow us on Instagram: @getricheducation Keith's personal Instagram: @keithweinhold

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This episode was published on October 25, 2021.

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