How to Buy Your First Rental Property in 365 Days (Or Less!)
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- เผยแพร่เมื่อ 20 มิ.ย. 2024
- Knowing how to buy your first rental property can be the difference between you building a life of financial freedom or merely treading water working for active income. The life of a real estate investor isn’t glamorous, but it leads to generational wealth, time freedom, and the ability to do what you want, when you want, with who you want. The first step to becoming a real estate investor is buying your first real estate deal. This first step is where ninety-nine percent of people stop, but it’s where you will start.
Dave Meyer, VP of Data and Analytics and host of "On The Market", has built a financial freedom-permitting property portfolio over the last decade. He doesn’t have thousands of units, but even with his medium-sized portfolio, he’s been able to travel the world, live abroad, and continuously build wealth. He’s here to teach you exactly how to do the same by buying your first, second, or third real estate deal in the next 365 days!
If you’re able to do so, you will see your life start to change before your eyes. Money will be easier to find, deals will come your way, and passive income streams will be dug in your direction. If you’re able to buy your first (or next) deal like Dave describes, put systems in place for future purchases, and slowly build a team around you, your dream rental property portfolio won’t be too far away.
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Sign Up for BiggerPockets Pro and Use Code “PRORENTAL” at Checkout:
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Use the BiggerPockets Tools from This Video:
Rental Property Calculator: www.biggerpockets.com/rental-...
Rent Estimator: www.biggerpockets.com/insight...
Agent Finder: www.biggerpockets.com/agent/m...
Deals for Sale: www.biggerpockets.com/real-es...
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Already a Pro Member? Use Code “PRORENTAL” to Get All the Upgrades Mentioned in This Video:
www.biggerpockets.com/webinar...
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Listen to Dave on The “On The Market” Podcast:
Spotify: open.spotify.com/show/2NlzZ9N...
Apple Podcasts: podcasts.apple.com/us/podcast...
BiggerPockets: www.biggerpockets.com/podcast...
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Connect with Dave on BiggerPockets:
www.biggerpockets.com/users/d...
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Follow Dave on Instagram:
@thedatadeli or / thedatadeli
Episode 640
Show notes at: www.biggerpockets.com/blog/re...
0:00 Intro
8:05 What Stops Most People from Investing
12:07 Getting Your First 3 Deals
14:08 Meet BiggerPockets (and Dave!)
17:36 Building The "Stack"
22:29 How to Get Past the 3 Roadblocks
26:21 1. Dollars
31:55 2. Deals
38:20 3. Direction
42:13 How to Find Real Estate Deals
44:50 How to Analyze a Rental Property
1:01:03 Ready to Buy Your First Rental?
1:03:00 Become a Better Investor
#biggerpockets #realestatepodcast #ep640
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I don’t know why people get bothered when someone is promoting something, instead of of looking at the actual calculator and seeing it’s a decent tool to have! Only because someone is promoting something doesn’t make it automatically a bad thing. People create tools and other things and have to promote that just how business is. When in reality you should be looking at what the calculator offers and see if it’s useful to you.
I bought my first duplex/property last week! I'm currently fixing it up! This is so exciting!!!
How’s it going?
Thank you for the information, this was a great opportunity, again, thank you
Thank you for the time you guys take out of your day to make content for us all. It is very much appreciated on this side.
Does the calculator help works in Canada too or just US?
Trying to Buy my first unit my problem is coming up with my down payment love your videos keep them coming.
You got this!🫶🏽💪
46:50 Daaaamn, that listing would be 600k here in Salt Lake, Utah. So tricky to start out here..
I thought he had some good points. I'm just curious as to whether BiggerPockets have the businesses listed under network vetted before allowing them to be listed on the site. I looked through some for my area and it all seems a bit sketchy. 🤷🏼♀️
Amazing episode, thank you for the motivation, you really care.
Can anyone explain how 12.04% 5 year annualized return came? It seems wrong . ROI is only 2% Even by counting Principal Amount at the end of 5th year it come 4.27% per year. It is Great Explanations of everything. Thank You
I’m saving up for my first rental to set up as an MTR and I can’t help but think how will I get the money for updating the property?
I plan on using a DSCR loan since my W2 isn’t enough to price I can pay my primary home and a second.
So what happens when the rents start dropping ? I'm in southeast Wisconsin and it's happening. Not by a lot ( 50 -75 bucks) but the savings add up.
This was a great episode! I'm looking to buy my first investment property, but my wife is worried that tenants won't pay and we'll be stuck paying for them to live free. But it doesn't help that we've talked to a couple of investors and realtors and they said now is not the time to buy rentals. Hopefully I can persuade her orherwise!
Not trying to be rude but let’s think about how ridiculous that statement is.
Now is not the time to buy rentals.
So if you found a house tomorrow that could rent for $1500 per month and the owner was dumping it for 40 grand she wouldn’t buy it because now is not the time?
And people are always going to need housing.
The scariest part is the first time you have 2 mortgages. Learn to screen tenants and you won’t have that problem. People with good credit don’t typically want evictions.
I turned in some of my long term rentals into midterm rental after 1 eviction last year. More turn over but for sure I get more cash flow.
@@discoveryoutdoorskcfishing236 lol exactly, to me it's always a good time to buy! I told her to stop reading the news! We'll buy something soon!
We love the price/rent ratios of metro detroit and are definitely still in “buy mode”
Where at in metro Detroit? I have a few questions for you if you're willing to chat. I'm also in metro Detroit area but have some hard questions that's kind of holding me back
@@MrMoosefire metro detroit suburbs. My whole portfolio is here and cash flows very well. Happy to discuss the types of property we see success with.
Hi, do you mind sharing the zip code with good price/rent ratios of detroit? Thank you!
Do you have an episode on how to network? I have been researching real estate for a few years but I don't know how to find a deal. Any tips of how to find people that are willing to help a new young investor?
We do have a Real Estate Rookie Episode on networking: th-cam.com/video/R0UaBWA0vjM/w-d-xo.html That would be a great topic for us to dive deeper into!
BPs comment sections are absolutely trashed with spam now.
I have a property in New Hampshire that won't sell it is listed on zillow and I have already done two price drops and still nothing would you at bigger pockets be interested?
What kind of property.
Sure. Are you interested in carrying the note? 😁
I listen to you nearly daily-I think about subscribing, (already subscribed as a FREE member) but so many of your podcasts are in CA. I'm in Virginia-a WHOLE different animal. I have one STR doing awesome in Williamsburg and I live in a home with 2.3 interest. Looking for a duplex out here. Eventual goal is to rent the home I'm in, and move my aging parents into one half of duplex, myself in the other. Any recommendations on specific podcasts?
That would be great-how do we connect?
I have oroperties can not buy more because of 40% debt to income ratio, How can I get around this
Buy a lot of liability insurance on your DFO or HO3.
I was so pumped to sign up for the PRO membership, I signed up right before he got to the discount code portion of the video 😩😩😩😂😂😂
i want this soo bad
The 4th “D” should be “D-economy” 😂
Really enjoy bigger pockets podcast but this one not so much. Little over 17 minutes in and no real content to speak of. I'm sure that there will be some quality content somewhere in here but after the first 17 minutes I just dipped.
For me it’s always a good time to buy investment as long as you have a downpayment. That’s where I am now, after 6 properties, stucked finding for more fund. I have a lot of equities with all my rentals but afraid to refi or take out money since I have a great rate with all my loans after refinancing all 2 yrs ago.
What about creative financing.
I would refi and use money for another down payment.
the rates will eventually come down again and when they do refi again. you’ll be way ahead with more properties.
U got four more property to go. Stop at 10, than get all the income and start paying one off than do the snow ball effect on each property. Your main goal is to pay all your rental property off.
@@AmaniChannel I’ll look into it. Thank you!
@@pitohead77 that’s my other option right now. Just have to convince myself to let go the low rate I have right now. I had high interest when I started and I was so happy to get 3% for investment property when I refi.
Bigger pockets pro pitch sounded like a pyramid scheme pitch😂
No one is forcing you to watch.
Yeah… they have some great tools, but the whole thing about how you shouldn’t time the market and buy in any condition if it’s a good deal is sus. If the market crashes and you can’t find tenants to cover expenses ur f**ked
@@Cheater6913 duh lol.
Then move on and let the people that value & appreciate all BP does benefit from their kick ass tools and support👊. See ya!!!
@@patriotliberty3070 thank you.
I tend to think that if you wait for the market to make it comfortable, you'll never invest.
Where is Brendon Turner? Bigger Pockets is much more interesting to watch with him.
Because if you can make the numbers work in THIS economy your property is golden for life!
Everyone is being cautious.. time to be aggressive
Lol this just a giant bigger pockets commercial
TLDR this is a about selling you pro a membership.
Is it me or BP folks seem to say buy buy buy all the time? I would think there are times to buy, to be cautious and other times to sell.
I wonder what I'm doing wrong... In 7 years I had 4 income properties and now I'm down to 3 and struggling to pay my bills lol... I live in a communist country known as Illinois where the government says people don't have to pay rent and can stay in the property for 2 years or as long as they want.
Is the eviction moratorium not over? Give it a couple more months to gather tents? Or maybe, living beyond your means. Downsize?
looks like you don't have enough cash reserves to weather storms, always plan for the absolute worst! Also the US is so far from being communist, regardless of what Fox news keeps pushing
A professional Property Manager could help.
Squatters rights!
Promise some goons free rent for 6 months If they get them out... 💥🪃
It was good until he kept mentioning bigger pockets and trying to sell the pro membership. I'll pass on this. Let's go back to Seeing Greene!
✊🏿🏠🏠✊🏿✊🏿🏠🏠✊🏿
Why not Analyze a real deal instead of made up numbers?
Anyone wish these BP videos were shorter and capped to 30 min max? Average commute time in most cities.
Second🤘
30 minutes into it and nothing has been said
Dude people and institutions are buying properties with zero cash flow. I don’t get it
Another get rich quick pitch. What a pity
First
Let's fucking go! Fourth!!!
This episode was NOT about buying your first property. I was about using the bigger pockets paid-for calculator. Ugh. Do better.
This is the most useless episode I've listened to. This wasn't how to get started or how to analyze. This was an hour long advertisement.
Not all hero wears cap. Thanks man.
Saved me from a waste of time. Thank you
Get to the point! God
Honestly, this was great until he started the sales pitch for the “BiggerPockets PRO” for an hour. That was really annoying so I turned it off.