How to Purchase Your First Rental Property

How to purchase your first rental property: Here are some basic steps on how you can buy your first rental property, step by step, and the process involved. Enjoy! Your First Rental Property can be a very exciting and scary goal. Stay tuned while we through 8 steps to help you accomplish your goal. Add Me on Instagram @stevenrderksen
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Step 1

Define your goal - Real estate investing 101 for beginners starts by defining your goals and building a plan. This is one of the largest investments you can and make; therefore, by building a plan and being prepared you can accomplish your real estate investing strategies for 2019. Knowledge and research are critical when learning about investing in real estate.

Step 2

Money Saved - You're going to have to have skin in the game. Typically 15% - 25%. when purchasing property. Saving money is a great first step to purchasing your first rental property. Especially is you're a new investor you will need some money in the game.

Step 3

Building your team is an essential part to building a successful real estate investment. How you buy your first rental property will depend on the people you surround yourself with. By having experienced professionals working along your side you can buy your first rental property.

The 4 pillars of a real estate team
- Realtor
- Lender
- Property Manager
- Contractor

Step 4

Analyzing deals

Determine cash flow a certain price, EVERYTHING makes a great investment - it’s really important to understand these numbers and how to invest. Really spend a lot of time here guys. Analyzing deals requires dedication and realism when looking at potential investments. Run your numbers, and then run them again.

Step 5

Make offers. Use your team. MAKE OFFERS ON PROPERTIES! Expect that not every offer will work out…for me, I lose out on many offers because I offer a price where the numbers make sense, and if it’s any higher than that.

Step 6

Close Escrow
Closing escrow in real estate is an amazing feeling and very exciting moment for purchasing a property. There is a lot of communication that goes on between the buyer and seller. Make sure to be on top of it.
Pay for an inspection.

Step 7

Place a tenant. Preform a rent ready evaluation.

Step 8

Take Action and build your dreams. Don't let fear hold you back be confident in your decisions and make an investment. Purchasing your first rental property can be overwhelming and feel like there is no predetermined path to success. Use the tools you will learn from this video to help you build success. Your First Rental property purchase can be one of the best

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