In this video, I am showing you how to invest in real estate and how to buy your first rental property! This is a 2020 beginner's guide, meaning it will take you from the very start to the very end in a series of 7 steps.
By the end of this video, you will know EXACTLY what you need to do in order to buy your first property.
I got into real estate investing in 2017 when my sister and I purchased our first investment property in Los Angeles. We completely renovated it, I lived there for 2 years, and now it is rented out to tenants. I am also a full-time real estate broker with my own company and I am a mortgage originator as well. This video will provide insight on both the real estate and mortgage side (trust me, getting a mortgage is one of the biggest factors to consider).
^This is the exact online class I took. I highly recommend it if you are looking to get your real estate license! It is cheap (under $100) and they always have discount codes.
Real estate is hard, but it's one of the best investment opportunities for anyone out there. Millionaires say that real estate is still the best place to invest your money, and it's because people are getting super rich each and every day from real estate.
Here are the 6 big steps in buying your first property:
1. Credit score - we discuss the importance of credit and how you can start building it right now. FICO scores, lending requirements, and effects on interest rates.
2. Get in the game (knowledge). All the resources and education you need to start learning about cash flow, profitability, multi-units, etc. How to set a vision and see it through.
3. Employment - the employment and income requirements for getting your first property. This all has to do with the mortgage loan - it is a complex and strict process and lenders need to see a few key things in order to approve you. We'll talk about the benefits of a W2 job and the complications for self-employed people to get a loan.
4. Getting a real estate agent - how to find one, what they should be doing for you, and how to work as a team in order to find the best deals possible.
5. Finding a lender to get pre-approved - this one is actually more important and should come before getting a real estate agent. You need to know how much you can afford and we'll talk about all the factors that determine how much home you can buy. Pro-tip: you can afford a more expensive multi-unit than a single family home.
6. Get accepted offer and close escrow - this point is self explanatory. People take different amounts of time, but this is definitely a stressful part of the home buying process that requires a lot of due diligence.
7. Rent it out - I'll talk about the options for getting the property rented out (either yourself or with a property management service). This is the important part where you don't want to find a tenant that is going to make your life difficult. So choose wisely!
Thank you for watching and I hope you find this video informative! Any questions, please ask them in the comments and I will do my best to answer them. Have a blessed day and happy real estate investing!!
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