Passive cash flow is the what, rental properties is the how.
1: Your first step to buying a rental property is getting pre-approved for an investment loan. Once you’re pre-approved move on to step 2. 🏦
2: Start looking at properties on Realtor.com, Facebook, and craigslist making sure they meet or exceed the 1% rule. $100,000 property with a $1,000 monthly rent ✅
3: Submit your offer to purchase & go under contract. 📑
4: Conduct inspections to ensure the property does not have any major repairs or maintenance that would make it a bad investment. These would be needing a new roof, major plumbing leaks, electrical problems, and the worst of all foundation issues. 🔎
5: Close on the property. Congrats, you are now an investment property owner! 🙌
6: Have a great property management company thoroughly screen and place a great tenant in the property. 🧑💼
