How to Confidently Buy Your First Rental Property (10-Steps)

Рет қаралды 47,836

Күн бұрын

⭐ Join Rental Property Mastery, my coaching & learning community:
www.coachcarson.com/RPM-YT
🎙️ Episode 161 - It can be SCARY to buy your first rental property. But this video removes the mystery and shares the exact steps you need to safely & confidently buy your first rental. These are also the exact steps Coach Carson has used to buy over 100 rental properties over the last 18 years.
▶️ Next Video: My First Rental Property 17 Years Later
• My First Rental Proper...
🎬 Topics Covered:
0:27 - #1 - Find your strategy
2:14 - #2 - Pick a target market
5:20 - #3 - Identify good deal criteria
7:46 - Free rental calculator spreadsheet
12:11 - #4 - Pre-approved for financing
14:36 - #5 - Save for down payment
17:41 - #6 - Build a team
19:33 - #7 - Evaluate 25 properties
20:54 - #8 - Make offers
22:45 - #9 - Contract & due diligence
26:35 - Closing thoughts
🔗 Video Links:
• MY COURSE ON DUE-DILIGENCE/PAPERWORK TO BUY PROPERTIES: www.coachcarson.com/ctoc-YT
• FREE SIMPLE RENTAL ANALYSIS SPREADSHEET: www.coachcarson.com/rental-pr...
ADDITIONAL READING - Discovering a Target Market:
• My Guide to Picking a Market - www.coachcarson.com/ideal-mar...
• Real Wealth Network - www.realwealthnetwork.com/lea...
• Roofstock - learn.roofstock.com/blog/best...
• SmartAsset - Price to Rent Ratios in 50 Largest US Cities - smartasset.com/data-studies/p...
--------------------------
⚒️ Get my FREE Real Estate Investor Toolkit:
www.coachcarson.com/toolkit-yt/
🖥️ My Real Estate Courses:
[FREE COURSE] Find Your Focus in Real Estate for Beginners:
www.coachcarson.com/findyourf...
30 Days to a Better Rental Investor:
www.coachcarson.com/30days-YT
Creative Financing for Real Estate Investors:
www.coachcarson.com/creativef...
📘 (My Book) The Small & Mighty Real Estate Investor:
www.coachcarson.com/smallandm...
📙 (My Book) Retire Early with Real Estate:
www.coachcarson.com/retiremen...
💰 DealMachine - Software to help you buy more real estate deals:
www.coachcarson.com/dealmachi...
✅ Subscribe for more videos about real estate investing:
kzfaq.info...
👋 Connect with me:
/ coachchadcarson
/ coachchadcarson
/ coachchadcarson
🌐 For everything else: www.CoachCarson.com

Пікірлер: 134

@CoachChadCarson 2 жыл бұрын

Learn from my mistakes as I analyze my *FIRST* rental property 17 years later! ► kzfaq.info/get/bejne/b9SJoM-Ly7aqZ40.html

@tiffanydrake1652 2 жыл бұрын

What is your opinion on Air B n B's?

@dncostheta 2 жыл бұрын

Coach, I can’t believe you share these videos with the public without charging a penny. God will continue to bless you and your family.

@CoachChadCarson 2 жыл бұрын

Thank you David. I get value out of hearing it is helpful, so I appreciate the feedback.

@elfutbolmx8650 2 жыл бұрын

Yes I can’t believe it also this information is so valuable

@sunnyday6678 Жыл бұрын

@spencerlawrence8318 Жыл бұрын

Completely agree

@kristieruelas3435 2 жыл бұрын

I love how easy you make your break downs!!

@aaaaachew 2 жыл бұрын

This is excellent!

@okayq Жыл бұрын

Thank you coach!

@felisak6053 9 ай бұрын

Great information again Coach Carson! It is very helpful for someone that is just starting to venture in this field.

@amandeepsinghid 2 жыл бұрын

Man! This information is Gold!

@CoachChadCarson 2 жыл бұрын

Thanks Amandeep!

@RudolphDocCampos 4 ай бұрын

Thanks, Couch.

@chongzhang-cuadrado3669 Жыл бұрын

Your video is packed with good information. Thank you so much.

@CoachChadCarson Жыл бұрын

Glad you liked it! Thanks for watching, Chong.

@ronkeobaro1647 2 жыл бұрын

Thx a lot Coach🙏 for sharing this impactful teaching🙏

@CoachChadCarson 2 жыл бұрын

Glad it was helpful! Thank you for watching, Ronke.

@karenslaught626 Жыл бұрын

Thank you, Chad. You sure bless a lot of us learning with your extensive knowledge.

@CoachChadCarson Жыл бұрын

Thank you for your kind words, Karen!

@sayedmahmood5186 2 жыл бұрын

Great Analysis Coach, thank you

@CoachChadCarson 2 жыл бұрын

My pleasure! thanks for watching.

@mycaptivethoughtswithatosh5737 Жыл бұрын

This video is immensely helpful- Thank you so much!

@CoachChadCarson Жыл бұрын

Glad it was helpful! Thanks for the feedback.

@arnaldosifre2706 Жыл бұрын

Thank you, God bless you.

@lailaatallah1857 10 ай бұрын

Fabulously helpful. Thank you for the step by step approach, outlining potential pitfalls, as well. I like how you show how doable it is, but you don’t sugar coat it either.

@MikeSoMoney 2 жыл бұрын

Your best video on the overall process !!!

@CoachChadCarson 2 жыл бұрын

Thank you Mike!

@Actrogy1 2 жыл бұрын

Thank you!!! This is really helpful.

@CoachChadCarson 2 жыл бұрын

Glad it was helpful!

@michaelbaremore3440 2 жыл бұрын

Awesome awesome, appreciate your simple direct way of presentation. I am in the middle of my 25 evaluations! Gonna make it happen!

@CoachChadCarson 2 жыл бұрын

Glad it was helpful. Good luck with the rest of those 25 evaluations!

@Onecamera Жыл бұрын

Great advise. There's so much more in each category, but you nailed it. It's a slow and steady race to win the game.

@CoachChadCarson Жыл бұрын

Definitely more to learn! Thanks for the comment.

@erfadhmohammed8887 2 жыл бұрын

Great insights, coach.

@CoachChadCarson 2 жыл бұрын

Appreciate it! Thanks for watching.

@asuero1000 3 ай бұрын

Thank you!

@CoachChadCarson 3 ай бұрын

You bet!

@angbarnard Жыл бұрын

Thank you so much Coach! Such helpful info!

@CoachChadCarson Жыл бұрын

You're so welcome! Thanks for watching, Ang

@dfrank2044 2 жыл бұрын

Great analysis. Thanks

@CoachChadCarson 2 жыл бұрын

Glad you liked it! I appreciate you watching.

@kuyayllasumak4552 2 жыл бұрын

Coach Carson I'm so deeply thankful for you and to find you. I just bought a course but I'm learning a lot with you! You are great may our God bless you and your family! Thank you thank you thank you!

@CoachChadCarson 2 жыл бұрын

I appreciate that! Glad you found the videos helpful. Who did you take a course from?

@JakeRichardsong 2 жыл бұрын

Thank you, helpful.

@CoachChadCarson 2 жыл бұрын

Glad it was helpful!

@mikasaproperties7794 Жыл бұрын

Very Accurate... Thanks!

@CoachChadCarson Жыл бұрын

Glad it was helpful!

@danvel524 2 жыл бұрын

Yes Coach

@CoachChadCarson 2 жыл бұрын

🙌

@jordiortega4436 Жыл бұрын

Very good piece.

@CoachChadCarson Жыл бұрын

Many thanks!

@sidshri6080 2 жыл бұрын

I'm like... watch it on repeat 🙂 thanks Coach

@CoachChadCarson 2 жыл бұрын

You rock! Thanks for watching, Sid!

@iwantosavemoney 4 ай бұрын

I like the idea that this calculator has the paydown numbers on it and they appreciation it’s pretty cool I have to say.

@Coronerlex 2 жыл бұрын

Been loving the videos. I'm hoping to purchase my first rental property in 2022 and videos like these are really helpful. I bought the book as well! Getting delivered tomorrow.

@CoachChadCarson 2 жыл бұрын

Great to hear!! Thanks for watching and getting the book. Let me know when you get that first rental in 2022. I love to celebrate with you!

@jakedangler612 Жыл бұрын

Truly a god among men coach carson you are a legend

@soaring8467 Жыл бұрын

I just subs to your channel. I appreciate your honesty and sharing some less “sexy” approach to investing which is important in balancing the risk vs. reward.

@CoachChadCarson Жыл бұрын

Thanks for the subscribe! Great to have you on Team Coach Carson!

@lagansam6226 2 жыл бұрын

Man who sharing knowleage with us and do not want anything for return 🙏 keep going Coach

@CoachChadCarson 2 жыл бұрын

Appreciate that! Sharing my videos with your friends is always a big help if you're willing 🙏

@felisak6053 Жыл бұрын

Great information! Thank you for sharing these resources. Is there a way you can post the video as well for fist time buyers for their first house not for investment yet, but hopefully transition eventually to be the first investment? What are the fees, and financial payables that a first-time buyer needs to be prepared for and not be blinded? Thank you

@Ratchet25 Ай бұрын

Can you make a video on how you manage your rental properties/receive cash while your traveling in another country for 17 months like you did when you went to Ecuador with your family. How do you access your money from back home to use in Ecuador, and how do you know everything is taken care of back in the US and nothing can go wrong.

@nancyguzman7887 Жыл бұрын

Your videos helped my husband and I buy our 2nd property. Thank you! We’re very happy. Do you have a video for folks that start this in their middle fifties with the goal of retirement in a few years? What’s special about these purchases? Anything different we should be looking for? Thank you!

@ronaldchristian1960 Жыл бұрын

Coach Carson you seem to be a Naturally Nice Person. Thank you for All that you share !

@CoachChadCarson Жыл бұрын

I appreciate that, Ronald! Thank you for watching.

@ronaldchristian1960 Жыл бұрын

You’re Welcome! It’s coming straight from the Heart Both ways .

@backyardbbq4280 2 жыл бұрын

Nice football helmet. I have tons of family in Clemson and my cousin Jarvis Jenkins played for them a few years back. Nice video BTW!

@CoachChadCarson 2 жыл бұрын

I remember when Jarvis played! I would have loved to have more defensive lineman like him in front of me when I played at Clemson. I appreciate you watching the video and your feedback.

@Brian-rs4ug 2 жыл бұрын

I just moved out of California five months ago. A two bedroom condo in Orange County sells for half a million dollars and up! It’s insane.

@Bamaoutdoors Жыл бұрын

Thanks for sharing! Have you ever done a balloon mortgage? It has to be payed in full in 10 years or refinance the remaining balance. Oh and it's 0% down too!

@karessajwiley 2 жыл бұрын

Thanks for sharing I'm happy to find your channel. I'm a newbie , started learning about wholesaling I am learning that I am more interested in focusing on rentals. Can you share what is the best way to get funding to buy rental properties.

@CoachChadCarson 2 жыл бұрын

Thanks for stopping by Karessa! I made a video about down payments here: kzfaq.info/get/bejne/frp-ptWTqr27onU.html. There are many 30-year loan programs for first time buyers, especially if you house hack (live in one unit, rent out other parts of home or duplex, 3-plex, etc). Some financing programs to explore are FHA, VA (for veterans), USDA (for rural homes), and conventional loans (owner occupant or investor). I'd start with a mortgage broker who already does investment loans. Try to find a local investing meetup or club and ask investors who they use for loans.

@sunshinewolf5980 Жыл бұрын

Thanks for sharing coach. I reside in Canada and I want to start acquiring our very first rental property since our main residence is about to be paid off next year.( 25 yrs contract but going to be paid off in it's 10th year!) Do you think this year is the right time as real estate here in Sask has gone up as well as the intetest rates? Or should we wait for the buyer's market? Thank you!

@deljay1840 2 жыл бұрын

As a newbie, I saved $50k for a rental in 2014. I missed out on two homes, each selling for $48k. I gave up on RE investing bc it seemed too hard. Saved $50k again in 2021. But still sitting on the sidelines, this time bc the homes I missed in 2014 are now selling for $300k.

@CoachChadCarson 2 жыл бұрын

What do those $300,000 homes rent for in your location? Would you consider getting a loan to buy one if the numbers make sense?

@ohiodigger4391 2 жыл бұрын

I’m looking to start buying some single family rental properties. I’ve been saving for the last year or so. But I’m wondering is there an advantage to refinancing my personal home and using that as my down payment? Considering rates are pretty low. Is it better to hold onto my cash? FYI your info is awesome. And super easy to follow along the way you present it. Thanks for that. Sub’d.

@CoachChadCarson 2 жыл бұрын

I started a new segment on my channel called Ask Coach, and I used your question for the first episode. Check it out as I answer your question in great detail. Thank you for your question! kzfaq.info/get/bejne/qKiRgauhrNCnl3k.html

@Joseph-ux8xg 10 ай бұрын

Thanks again Coach!! Also I downloaded the spread sheet but when I put zero for the interest rate, I'm getting errors for Loan princiapal paydowns, total return, total ROI, Total return, total ROI. I believe it stems from Loan Principal paydown since I'm paying only principal. I simpy don't know how to fix it??

@tomasnattes564 2 жыл бұрын

Amazing! Thank you so much for delivering such a great content. I have a quick question, coach: Since I'm living in a country with a whole different economy (Colombia), would all of this information still apply somehow?

@CoachChadCarson 2 жыл бұрын

The financing step will be different in Colombia than the US. And running the numbers will likely be different. When I lived in Ecuador, I remember that the rent to price ratio was a lot lower than in the US. But the concept of buying in the right location building a team, doing due diligence, etc I'm sure are all similar.

@CoachChadCarson 2 жыл бұрын

What part of Colombia do you live in?

@tomasnattes564 2 жыл бұрын

Alright, Coach. I'll take that into account. I'm living in Ibague City, it's a place with a population of 530.000 people. It's growing rapidly.

@CoachChadCarson 2 жыл бұрын

Buena suerte! Espero que vaya bien.

@killzoomer Жыл бұрын

Man this is stressing me out

@vijidoc623 3 ай бұрын

Hi nice videos, can you send the rental property analysis excel sheet, thank you

@CoachChadCarson 3 ай бұрын

Thank you! You can download it here: www.coachcarson.com/rental-property-calculator-spreadsheet/

@joshuahernandez2720 Жыл бұрын

Hi Coach good day, thank you for this videos I learned a lot. I am a newbee in this industry and eager to take risk. I am about to loan a condo and build into a beds space rent, do you think it is a good strategy? Thank you coach

@CoachChadCarson Жыл бұрын

Thanks Joshua. Are you buying the condo? And by "beds space rent" do you mean renting out bedrooms? Whether it's a good deal depends on the numbers and the location.

@enfoquefitnessyfinanzas3976 Жыл бұрын

Hello, we offer fu Price $525k, 3% credit to buy down rate. We are in escrow but inspection came back and there is about 5k in work that’s must be done. I don’t want to ask for price reduction to cover repairs as that will affect the 3% rate buy down. What are my options maybe credit on closing cost?

@dennisstokes1385 Жыл бұрын

What about a HELOC?

@TeacherPrepTech 11 ай бұрын

Where is the template please and thanks for your video

@CoachChadCarson 10 ай бұрын

Here's the spreadsheet: www.coachcarson.com/rental-property-calculator-spreadsheet/

@chizobanweke5698 2 ай бұрын

Please, I need some honest advice. I have a $ 90,000 balance on my mortgage payment. The interest rate was 3.99%. I have $80k saved to buy a rental property, but the interest rate now is 7%. Do you advise that I use this saved money to pay down my mortgage and save up more money to start buying rental properties? That way, I don't have much debt to keep me restless at night 😅. Please advise

@dlnash1 Жыл бұрын

Hi There Coach. Thank you for the spreadsheet! However, it will not open...

@CoachChadCarson Жыл бұрын

Sorry to hear that, David. Can you help me understand where it was a problem. Did you already visit here and download the spreadsheet: www.coachcarson.com/rental-property-calculator-spreadsheet/ ? And it's a link that should open in your browser, and then you can save it to your computer.

@evelyncr39 Жыл бұрын

Hi coach! Love your videos! Looking to start investing in rentals and I'm very nervous...went to look at 3 properties in Baltimore today and I desperately need someone with lots of experience advice...can I ask you your opinion on 2 that I saw? I would like to send the listing to you to see what you think if that's OK?

@CoachChadCarson Жыл бұрын

Hi Evelyn, I'd love to help but I'm not set up to look at individual deals right now. I'll be doing a coaching program this fall where I will be. In the meantime, do you know the Charm City Buyers? They're in Baltimore and seem to know their neighborhoods and the business very well. I'm happy to help here on the channel if you have general questions for now.

@CoachChadCarson Жыл бұрын

Also - a question for you ... you mentioned you're nervous. What would you say you're most nervous about? That may tell you and me a lot.

@415getActive Жыл бұрын

hey coach if 2400 is your cash flow that's pretty low 1 can argue real estate investing is more making banks rich than yourself....and to achieve more cash flow you need multiple houses/loans right? to eventually have a higher cash flow then save and pay off your loans 1 by 1...am I getting this right? it's impossible to be financially free with just 1 house

@caseyadams2627 Жыл бұрын

How do you feel about buying an out of state rental in cash with a HELOC, then paying the HELOC back with the cash flow? Thanks for the all the info. Considering doing just this in Ohio (I live in California and absoltuely cannot afford a rental here).

@CoachChadCarson Жыл бұрын

That's exactly what the couple in this video did: kzfaq.info/get/bejne/aa-Pe9Zpx7qcmo0.html I recommend refincing the HELOC with a new mortgage unless you can pay it off very fast (a couple of years). A HELOC is a good short term tool but not something to keep debt on for the long term. Pay it back fast.

@awesomebosssoccer7387 2 жыл бұрын

Hey Coach! I am from Guayaquil -Ecuador but live in the US. Thanks for the info! How do you calculate the cash flow when you pay cash for the property? I still have a loan because I am doing a cash out refi but with no down payment, I am not sure how to show that in the calculations. Thanks!

@CoachChadCarson 2 жыл бұрын

Hola Nihad! I love Ecuador. The people there were so great to me and my family when we lived there in Cuenca in 2017/2018. If you pay cash, on the spreadsheet I shared you can just put 100% for down payment. And if you refinance and pull out ALL your cash with a loan (i.e. you borrow 100%), then you put 0% for the down payment. Hope that makes sense.

@awesomebosssoccer7387 2 жыл бұрын

@@CoachChadCarson Hi Coach. Do you offer 1-1 coaching sessions? I am interested in buying my first rental property but I am having difficulty running the numbers. Thanks

@awesomebosssoccer7387 2 жыл бұрын

I just purchased your rental property analysis course. Hopefully we have an opportunity to chat at some point. Thanks!

@miguelmontrell996 Жыл бұрын

Coach, What if you have about 175,000 in equity in your current home. Would would you play be? Thinking about out of state. I want to get a 4 plex....2,000 cash flow after all expenses.

@CoachChadCarson Жыл бұрын

Have you considered a HELOC to use that equity?

@awesomebosssoccer7387 2 жыл бұрын

Hi coach. I purchased and took one of your courses. The course description offers having our questions answered by you. So, I asked a question in the chat a few days ago. I also sent it via email, but there is no response. I noticed that most of your comments to the course questions are from a year ago... if we purchased the course in October 2021, can we still receive feedback and answers to our questions? Thank you.

@CoachChadCarson 2 жыл бұрын

Nihad, I'm sorry I missed your question. I just saw it and will be happy to answer it in the course. Yes, in the courses you're free to ask questions anytime. My assistant and I are going to make an adjustment so I don't miss a question like that next time.

@olo1135 2 жыл бұрын

A mentor asked me to pay $3000 usd for something you giving for free May god bless you

@CoachChadCarson 2 жыл бұрын

glad you found it helpful! Thanks for watching.

@bernadettepineda4179 3 ай бұрын

True

@pedromoreno1260 2 жыл бұрын

Where can I buy your course ? I want to prepare myself before buying my first rental property.

@CoachChadCarson 2 жыл бұрын

thanks for asking. I have a course on analyzing deals: courses.coachcarson.com/p/rental-property-analysis and another on all the steps of buying a property (like contracts, due diligence, etc): courses.coachcarson.com/p/contract-to-closing those are both good places to build a foundation. I normally also do a live, bootcamp style course every spring and fall but I won't be teaching it until spring 2023 while I'm moving to Spain this fall. But that can be found at coachcarson.com/reds I appreciate your interest!

@djgainsbond 2 жыл бұрын

🎁

@calklobuchar 2 жыл бұрын

Hey man, how do you keep track of your properties?

@CoachChadCarson 2 жыл бұрын

Bookkeeping: quick books. Also use Google sheets for big picture tracking of property progress, insurance policies, etc. Hope that helps!

@415getActive Жыл бұрын

why count that other profit if we plan on not refinancing or selling the house

@luismorillo2695 2 жыл бұрын

could someone tell me where should i include in the spreadsheet the CondoFee/HOA ?

@CoachChadCarson 2 жыл бұрын

Hi Luis, You can just add an extra line into spreadsheet for HOA or substitute it for something else, like the mortgage insurance if you don't have any.

@vincentengongoro2705 2 жыл бұрын

Coach I feel like the prices all over have gotten out of hand.. should I wait out the market for a correction or is there still enough potential out there

@CoachChadCarson 2 жыл бұрын

I've got an Ask Coach podcast/video coming for you some to answer your question, Vincent! It'll publish here on the channel or in podcast app March 25th.

@vincentengongoro2705 2 жыл бұрын

@@CoachChadCarson thanks... I'll keep my eyes open for it

@mitchholste5999 8 ай бұрын

Water heater. Hot water doesn’t need heated.

@mariacifuentesmarrero8938 Жыл бұрын

what is your take on Tax liens?

@CoachChadCarson Жыл бұрын

It can be a good source to find investment properties to purchase. Some people also just buy the liens to collect interest. I've bought liens that turned into deeds for properties, and I've sent letter to properties owners with delinquent taxes to try and buy their property. Both have worked well.

@mariacifuentesmarrero8938 Жыл бұрын

@@CoachChadCarson thanks!!

@neilkansari7942 2 жыл бұрын

How do I get the spreadsheet?

@CoachChadCarson 2 жыл бұрын

right here: www.coachcarson.com/rental-property-calculator-spreadsheet/ It's also in the description.

@donnadang4752 2 жыл бұрын

Hi how can I reach to you please let me know .Thanks have a nice day

@CoachChadCarson 2 жыл бұрын

I do live calls and discussion in my course Real Estate Deal School (www.coachcarson.com/REDS-YT) but unfortunately I haven't been able to offer any 1-1 calls lately. I appreciate you watching.