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How Real Estate Investing Works

So You Wanna Be a Landlord According to The Top 3 Markets to Buy Rental Properties Are: 1) Memphis, TN. Average monthly cash flow = $351 2) Saginaw, MI. Average monthly cash flow = $302 3) Toledo, OH. Average monthly cash flow = $320 How to Convert a Foreclosure into Your First Rental Property in 90 Days Let's be honest – it's pretty great to be a landlord these days. More Americans are renting their homes than ever, and with foreclosures abound at record-low prices there's never been a better time to convert a few bank-owned properties into a one-way ticket to early retirement. And the best part is that anyone can do it. All you need is a little bit of patience and a good work ethic. For example, here's how you can convert a foreclosure into your first rental property in just three months Educate Yourself Educate yourself before investing in a home. Research the market, join a local investor group and learn the process insidę and out before you put your money on the line USA O WEEKS 1-4 WEEKS 5-8 RESEARCH PURCHASE But the Best Place to Invest in a Property is Right Where You Live WEEKS 9-1O WEEKS 10-12 Locate a Property Evaluate LEASE REHAB Investor x 1 Not every good deal shows up on multiple listing services. You should meet with at least 20 Once you've chosen a property, check its history for possible issues and run an analysis on comparable sales and rents in the area to PROFIT different realtors to give yourself the best chance at locating the best properties in your area 35 65 determinę its investor value Realtors x 20 The average investor can expect to pay 35% down on a house and finance 65% of the home with a mortgage that has 6% interest and a 30 year fixed-rate amortization TIY Negotiate Get It Under Contract Study Feasibilty Close Finance Make an offer that works for both you and the seller, Aim for 20% lęss than the property's Get your new property under contract and off the market, Rules and regulations regarding contracts vary by state, so do your research to ensure that everything is up to code The seven-day inspection period begins once the contract is signed. This is your last chance to back out of the sale, so get the property inspected and establish your rehab costs in writing so that you know the deal works before proceeding When financing a property, shop at least three different mortgage lenders and choose the loan that Rehab the Property current market value after rehabbing. TIP: Don't try and hold out for the perfect deal. You're bętter off purchasing several properties at good prices than waiting to purchase one property at a great price offers the bęst interęst ratę and lowęst overall cost. Make surę to includę room in the mortgage for rehab and repairs Gręat tenants are attracted to great properties, so don't cut corners when rehabbing your house. Get a competent, qualified contractor on your team and let them handlę repairs under your supervision FOR RENT Build Your Portfolio to Cover Your Exponses +1 Lease It Manage It Enjoy the Cash Flow $280 $275 $280 $290 $285 $286 $285 lifestylesuNLIMITED Advertise your property in the local paper, on Craigslist and on housing wębsitęs like Apartment Finder. Be picky about your tenants, Run crędit, background and reference chęcks on all applicants to ensure that they'll be a good fit before you hand them the keys Educate yourself on the single- family business model and your responsibilities as a landlord. Join a real estate investor group to learn the fundamentals of property management from veteran investors Now that you've got a rental property in your portfolio, it's time to add another. Eventually, the income from all of your properties will exceed your monthly bills and then you'll truly be financially independent NTERNATIONAL the education and mentor group for rea estate invastors $288 $300 $270 $271 $278 $338 $283 = $4,009 The amount the average Sources:,,,, American spends per month

How Real Estate Investing Works

shared by infogr8 on Jun 19
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How to convert a foreclosure into your first rental property. Right now, more than 30% of US homes are currently rented and demand for quality rental properties is predicted to grow in the coming months.


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