How to BUY Your First Property (Rental or House) – Real Estate Investing

Invest in real estate with as little as $1!:

In today’s video, we’ll be speaking about the 12 steps that I used before purchasing my first rental property. These steps were paramount in the success of my first property transaction and can be applied to all investors. Make sure to follow me on Instagram: Griffin Milks

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Here are the steps used to buy your first rental property:
Step 1: Save up for your downpayment. When buying your first property, I tend to recommend using an owner-occupant loan, with as little as 10% down. This allows you to leverage your capital quite a bit more, lower the time needed to save, and increase your potential return on investment.

Step 2: Getting your credit in order. Unless you’re paying for your property in cash, you’ll need to take out a mortgage loan on the property. This means that you will require good credit to secure a good interest rate and even get approved at all. Pay off your debts, clean up your loans, and increase your credit score.

Step 3: Talk to a mortgage broker and get pre-approved. Using a mortgage broker will save you time and grief for finding the best mortgage. This person will also help you get approved for a loan and steer you in the right direction. A pre-approval letter can be an asset to include in your offer.

Step 4: Start searching for properties and have a strategy in mind. Try to analyze as many properties as you can on the internet and then visit a couple dozen properties in person to get a good idea of the market and what’s available. In this step, we also speak about whether or not I purchase my properties in a corporation or not.

Step 5: Find a competent real estate broker. This individual will know the ins and outs of closing a deal, and what needs to be done in a contract. This is one of the most important steps in successful property business.

Step 6: Find a property that only needs cosmetic repairs. I would recommend doing as many of these cosmetic repairs as possible yourself when you are first starting out to save on cost and gain some experience.

Step 7: Determine the cash flows and ROI of the property. I prefer to use an online calculator to quickly calculate the cash flow and return for a property during my online research process.

Step 8: Place offers that make sense! I like a deal to make a MINIMUM of 15% cash on cash return in the first year. And then tack on to that all of the mortgage paydown and forced appreciation. This is because if the deal will give me a 10% return total, for the amount of time and effort I’d rather just put it into the S&P 500 and let it grow.

Step 9: Inspection of the property. A building inspection is also paramount to uncovering certain issues that you can’t see for yourself.

Step 10: Renovate your property. If the units are vacant, do the cosmetic repairs asap. If the units are rented out to tenants, wait until there is tenant turnover.

Step 11: Rent it out. Make sure to use professional photos on your listings and respond to applications in a timeline manner. This is the time to be very selective of your tenant. I use Facebook marketplace mainly.

Step 12: Rinse and repeat. Continue saving for new properties, which should be quicker since you’re paying down equity and could be saving the cashflows.

If you enjoyed this video, make sure to give it a like and subscribe to the channel for more investing content. My goal with this channel is to help all my viewers get one step closer to financial independence. Follow me on Instagram and TikTok: Griffin Milks

#realestate #rentalproperty #investing

0:00 Intro
2:30 Step 1
5:50 Step 2
8:28 Step 3
14:00 Step 4
19:45 Bonus
22:35 Step 5
24:08 Step 6
26:25 Step 7
32:15 Step 8
34:12 Step 9
35:24 Step 10
36:05 Step 11
38:09 Step 12

Disclaimer: This video description contains affiliate links, meaning that if you click on a product link, I may receive a commission at no additional cost to you. I do not promote products, services or companies I have not personally used or those which I do not recommend. All opinions are my own.


42 Major Oaks Drive, Brampton Home for Sale – Real Estate Properties for Sale

Balwinder Kumar
Cell: 416-509-4919
[email protected]
2980 Drew Rd Unit 231 Mississauga, ON
Home for Sale – Real Estate Properties for Sale
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741 Castlemore Avenue, Markham Home for Sale – Real Estate Properties for Sale

Eric Ho
Sales Representative
Cell: 416-617-7168 | O: 905-707-8199
[email protected]
Re/Max Goldenway Realty Inc. Brokerage

Home for Sale – Real Estate Properties for Sale
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Buying Property During the Pandemic – Real Estate Acquisition in 2021

What’s the best way to buy property during the pandemic? Ken McElroy & MC Companies’ Acquisitions Director, Bobby Bull, discuss how to get the best deals on property in this unstable market. Want weekly real estate tips in your inbox? Sign up for Ken’s newsletter:

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⏰ Timestamps ⏰:
0:00 Introduction
1:12 How has the pandemic changed real estate?
3:03 The disconnect between sellers and buyers
4:35 Challenges lenders are facing right now
9:45 Looking for good markets
11:10 Changes in the multi-family market & bridge money
15:26 Conclusion

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Ken is the author of the bestselling books The ABC’s of Real Estate Investing, The Advanced Guide to Real Estate Investing, The ABC’s of Property Management, and has an upcoming book: “ABCs of Buying Rental Property: How You Can Achieve Financial Freedom in Five Years.” Ken is a Rich Dad Advisor.

With over two decades of experience in real estate investing, Ken McElroy is passionate about sharing the good life by helping real estate investors grow and prosper. This channel is a place for Ken to discuss numerous topics connected to real estate investing, including finance, budgeting, the entrepreneur mindset, and creating passive income.

Ken offers a wealth of personal experiences, practical advice, success stories, and even some informative setbacks, all presented here to educate and inspire. Whether you’re a new or seasoned investor, the information and resources on this channel will set you on a path where you and your investments can thrive.

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Chatting with a 22-year-old Real Estate Millionaire

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“The term “flipping” is used by real estate investors to describe “residential redevelopment”. Redevelopment of distressed or abandoned properties or neighborhoods has sometimes been linked to malicious and unscrupulous acts in the post housing bubble era. The term “flipping” is frequently used both as a descriptive term for schemes involving market manipulation and other illegal conduct and as a derogatory term for legal real estate investing strategies that are perceived by some to be unethical or socially destructive. In the United Kingdom the term is used to describe a technique whereby Members of Parliament were found to be switching their second home between several houses, which had the effect of allowing them to maximize their taxpayer funded allowances.” – wikipedia

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Why Real Estate and Housing Prices in California Continue to Rise | Lee O'hanian

California is facing a housing shortage as the median price of real estate exceeded 700,000 thousand dollars for the first time in the state’s history in 2020.
My guest today is Lee Ohanian. He is a professor of economics at UCLA and senior fellow at Stanford’s Hoover Institution.
Today he discusses the root cause of California’s housing shortage and the high cost of real estate.
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