From the Podcast

Ep. #3 - The First 3 Things I Had To Learn How To Do For Purchasing My First Rental Property

Ep. #3 | The First 3 Things I Had To Learn For Purchasing My First Rental Property

Rental Real Estate Investing is simple, but its not necessarily easy... And making your first purchase can be downright scary. I've already related in the prior episode that my journey into being a Landlord started with reading the book, Rich Dad / Poor Dad. This episode relates more of this story focusing on what I had to learn how to do in order to go about purchasing my first rental property. Hint... It all relates to evaluating properties and what goes into that process, so that you will know if you will make (or lose) money if purchasing a particular property at a certain price.

What will your loan terms be? Down-payment amount required? Interest rate? Points? Closing costs? What will the property rent for? How much rehab will be required to make it rental ready? And how do you compile all of these details into an evaluation that tells you what your Return on Investment (ROI) will be on the cash invested? In this episode, I go into how I answered these questions for myself and the tools I used to do so.


Peppertree Townhomes

As previously related, my first rental property purchase came in July of 2015 (got it under contract in May) and it was a 2 Bedroom / 1.5 Bath Townhouse at just over 1,300 SqFt in a community named Peppertree of Guess Road in Durham North Carolina. But what did I have to learn between getting off the cruise ship "on fire" in March / April 2015 (where I read the book Rich Dad / Poor Dad) and getting my first rental property under contract in May?

I started by reading a second book, entitled "Buying Real Estate With Low & No Money Down" by Brandon Turner of BiggerPockets.com - which is a resource and forum site for Real Estate Investors. I forget exactly how I stumbled across BiggerPockets, but it was likely from a Google search, as the site ranks highly for many Real Estate related keywords.

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