6 Golden Tips For Buying A Rental Property
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- čas přidán 2. 06. 2024
- In this video, we'll share six invaluable tips for buying a rental property. From the unexpected advantages of new builds to innovative financing strategies, we share insights and experiences that could redefine your approach to the real estate market. Tune in to gain knowledge that's as practical as it is profitable!
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A huge thank you to our realtor, Steve Ostler (www.stephenostler.com/) and our loan officer, Rob Griffin (rob@innovativerates.com). They have been super helpful in this process for us and make a great team to help you find your next property as well.
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00:00 - 00:07: Introduction to Rental Property Tips
00:08 - 00:37: Tip 1: Consulting with a Mortgage Officer
00:38 - 01:29: Tip 2: Benefits of New Builds vs. Existing Homes
01:30 - 01:58: Tip 3: Consider Single and Multifamily Dwellings
01:59 - 03:14: Tip 4: Understanding Seller Financing
03:15 - 04:04: Tip 5: Choosing the Right Property Upgrades
04:05 - 05:56: Tip 6: Evaluating Upgrades for Long-Term Value
05:57 - 06:28: Conclusion and Outro - Jak na to + styl
Buying rental properties is the best thing I ever did, best thing we can all do; definitely recommend doing this. Building your own rentals takes time but it is a great way to create a huge amount of wealth. Or adding value to existing rentals works great too.
In my experience the biggest thing that can make or break you as a landlord is properly screening your tenants. Criminal background checks and credit checks as well as determining if the applicant is a good fit for the property is absolutely Paramount.
Cool vid! As a renter, we dream about finding landlords like you guys! Especially when it comes finding newer rental properties with nicer features and finished basements/rooms/home theater/baths!! 🎉
Great tips. Ive got a couple questions:
If you take over the payments, how does the seller get a new mortgage? Won't the old mortgage still be on their debt to income?
If you take over the loan, what can be done if the bank calls the loan due on sale?
If you stop making payments, how is the seller protected?
Two and a half years ago, when we bought our first home, looking in both Utah and Salt Lake counties, we were surprised to find out that getting a new home cost the same (or was cheaper) than getting an existing home. Now, having our first home, there are many things that we've learned along the way and there are many projects that I get to do (finish the basement, powered attic fan...) that I get to do.
Awesome! Yeah, the market varies wildly from place to place but every home has its pros and cons. Very cool that you got a good deal and have a great perspective on it!
Great information. Too many people just jump right in with little to no research 🛠️🛠️
Thanks so much for watching!
Genius couple. Happy to see your success!
Thanks, Derrick! You rock, man.
Excellent video Team
Thanks, William! Great to hear from you, brother.
In my area, it's far more expensive to build new than to buy existing, both initially and with property taxes.
Yeah, this one, like so many, depends on your area and the market. A lot of folks here don't have time to wait for a build and need a quick move-in so that changes the demand somewhat.
What about pre-fab homes? There are some truly beautiful designs, spacious, and very affordable in the $200,000 to $350,000 range. Placing these on some type of structure is often under $100,000 in costs. The land is a question mark.
Great point! Yeah, they're definitely worth looking into, especially if the numbers work as far as resale price.
FYI, you have a commentary error, you say "separate kitchen and bath" instead of "separate shower and bath" at 5:48. :)
Thanks. Unfortunately CZcams doesn't let me make changes to video or audio (other than cutting it out) after I upload but good to know.
Dude, great tips throughout but the seller finance section should be cut. If you transfer title, you’re signing a deed. That transfer will trigger the "acceleration" or "due-on-sale" clause of every residential mortgage in the US. The bank can call the full loan amount immediately, and if it’s not paid, immediately foreclose. There goes the title. Can you pull it off if you and seller are both on the same rainbow? Sure. Odds of disaster are pretty high though.
AND if you then rent the property you are warranting a clean title when in fact your title is not. That puts you, the landlord, in breach and your tenant can walk. Or worse when they get booted in the foreclosure - landlord gets to pay tenants moving expenses and atty fees. All this crap happened in the early 80s when rates were 14%. Except now it’s all digital and the title & lien info is 2 clicks away. I know I’m sounding a bit frothy but this is risky.
So sad to see the greed mentality. life isn’t about MONEY
Being a landlord is immoral.
So, for those who can't afford to buy, they should all be homeless?
Your logic is pathetic.
@@RobertLeBlancPhoto And your logic is nonexistant. Without landlords driving up the demand for property (and thus the price) without using it for its purpose (living in), property would be cheaper, and getting into the housing market would be cheaper.
Not to mention this is all funded by mortgages from the banks, so even the artificial demand from landlords is artificially inflated, and if you're buying a house yourself, you can get a 20x multiplier on your money from the bank with a 95% mortgage, so property is 20x the price it should be, all orchestrated by the banks to rake in the interest revenue... And landlords are one of their instruments of evil.
Being a landlord is immoral.
Also parents should probably stop yeeting their kids from the next the femtosecond they turn 18. Maybe you know, actually care about and love one's own family.
I live in Ohio but I work for a California company. My house is three times the size of what my coworkers could purchase at 10 times the price.
Without Landlords, most people would be homeless.
@@willmallory9085 Imbecile thinking.