When you want to buy your first property, where to start is always the first question.
In this video I’ll show you the 10 steps you can take, to buy your first property.
step 1: be sure to have money for the downpayment
step 2: your credit score should be good, because otherwise people will not loan you any money to get started
step 3: loan money, where does your money come from and when is it accesible?
step 4: properties, do your research in the area that you plan to buy your properties
step 5: cash flow should always be positive, when you invest your money, it should start making money from day 1. if you buy property to lose money from day 1.. in the hope it will make you money over time, you’re doing something wrong.
step 6: check out homes, building a reference and checking out (older) homes to know what you need, it is important just to check the properties out
step 7: do an offer, and check if the real estate agent will be your contact person in future cases
step 8: check out the escrow costs, don’t forget about the extra costs
step 9: renovate, all properties you purchase need some renovating.. no matter what…
step 10: rent it to tenants, find your best tenants who will be happy and live in your home for a long time :)