There are so many different avenues and areas of real estate investing to choose from, and some people like owning properties and renting them out to their tenants. In today’s video I wanted to provide you with a few tips and strategies to consider if you decide to go the route of rentals.
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Hi, I’m Chimene Van Gundy, best selling author and mobile home millionaire, and in today’s video we’re going to talk about buying your first rental property. The first thing that I can tell you to do if you’re going to do this is probably the best bet, is to invest in single family homes. Make sure that you’re choosing a location near amenities. Next, I would tell you to make sure that you invest enough money to be cashflow positive. This will actually limit your risks and increase your odds of success and also leave room for some errors. You’re always going to have unexpected expenses that pop up, so make sure that you’re leaving some room for errors as well. When you’re dealing with cashflow, the next thing you do is invest in turnkey properties. This will give you immediate cashflow and immediate income and you have somebody else to take those 2:00 AM calls for you. You also want to find an area where you can get a 7% cap rate or more. These could be areas that are transitioning, which means they’re up and coming areas. So these are areas where they’re putting in money and time to really grow the area because jobs are coming to that area 7% or higher. And a cap rate is what you should look for. The next thing that you can do is have a written lease agreement. This is really important. Make sure that everything that’s agreed upon is documented in writing and signed by both parties. This will save you so much time and headache later on. And finally, make sure that you have the ability to accept payments. Online checks get lost in the mail every day and all the time. So if you don’t know how to set those up, ask your son or your grandson, right? Anybody younger than you that might know how to do that. But you can accept payments through Venmo and paypal as well. Making sure that you make it easily accessible for them to be able to pay their rent will help you in the long run.
If you love this video, I want to invite you to my free webinar where I’m going to teach you how to bind, sell mobile homes. Why mobile homes are little boxes that spit out cash, why you don’t need a real estate license or have any real estate experience whatsoever, and how I get 25 to 30 mobile homes for free every month and how you can too. Please don’t forget to like share, comment and subscribe and I cannot wait to see you in the next video.
After watching this video , click here to register for the upcoming webinar that I’m hosting about How To Buy & Sell Mobile Homes With Nothing Down… Whether You’re Just Starting Out Or Are A Seasoned Expert!
You’ll also discover:
- Why Mobile Homes are little boxes that are easy to overlook… yet massively profitable!
How To Become A Real Estate Expert With NO Previous Real Estate Experience
I’ll Share Exactly How I Acquire 25-30 Mobile Homes Every Month with Nothing Out of Pocket