Buying Your First Rental Property ✅ #shorts

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How to buy your first rental property in 2022 successfully. I will go through step by step everything you need to know before buying your first rental property in 2022.

Real estate is very competitive and it can be hard to buy investment properties, but having everything you need and being prepared will help you increase your chances of buying your first investment property.

Step 1: Save For A Down payment
Unless you plan of buying your rental property in cash, you will need a down payment. While there are special financing strategies like owner financing, no money down, etc these are not the norm and more advanced techniques so let's go with the standard / basics. When buying a rental property you will need between 20-30% with the standard being 20%.

Step 2: Credit Score
Any time you need to get a loan you must have great credit to not only qualify but to also get the best interest rates. According to experian you should aim for a minimum credit score of 620 and any credit score 740 or higher will typically will give you the best interest rates available.

Step #3 Get Your Tax Returns In Order
In addition to great credit to qualify for loan you will need 2 years tax returns. As a heads up banks love steady W2 employees with consistent paychecks more than they like self employed entrepreneurs. I've never had a traditional 9-5 W2 job so getting approved for loans has always been more challenging for me. You will need a minimum of 2 years tax returns and they will take the average of your two previous years.

How much income do i need to qualify for a home loan?
The 28/36 rule states that your mortgage can be up to 28% of your gross monthly income and your Debt to income ratio can not exceed 36%. Of course there are a lot of variables and approvals that even fall outside of these guidelines but this is a good baseline to start

Step #4: Start Looking For Properties And Assess Cash flow
Having a great real estate agent will help you know what is currently on the MLS which stands for multiple listing services, what is about to come on the market that people who look at zillow, redfin, or realtor.com may not see or any off market deals

Step #5 Make Offers and Purchase A Property
Be sure to put in offers for properties that meet our criteria of cash flow and that only need up to minor renovation to be able to rent out. Don't get discourage if you have to put in many offers on different properties as real estate is generally competitive in decent markets.

Step #6 Rent Out Property
Once you acquire your property now it's time to rent it out. There are many ways you can go about this. First is you can start posting your property on various sites ranging from craigslist and various real estate sites for rent. From there you will want to screen tenants, do background checks, and be sure they will be a good fit

As a general rule of thumb you will want to see income at about 3X the rent, good references and previous renting history with no evictions.

❎ These videos are simply for entertainment purposes only and should not be considered financial advice. You (and only you) are responsible for any investment losses or gains.

Видео Buying Your First Rental Property ✅ #shorts канала Shaun Surgener