263: Rookie to Real Estate Investor: House Offer Accepted! Now What?
Offer accepted! Now what? As a rookie real estate investor, it can be anxiety-inducing to hear that a seller accepts your house offer. You’ve been working so hard to get up to this point, and now, you’re one step closer to closing on your first rental property. But what happens next? Are there steps that you should be following? And what should you be doing in the meantime as your closing date starts to creep closer and closer? If you’re in this situation (or are about to be), stick around!
We’re back with our “Rookie to Real Estate Investor in 90 Days” series, as our mentees join us for some exciting news. Last time around, much of the advice from Ashley and Tony was “make more offers!” Well, the mentees have delivered, so much so that one of our rookies already has a house under contract just a month or so after starting this series! We first talk to Melanie, who began submitting short-term rental offers in Savannah, Georgia. She’s got some solid takeaways but is having trouble finding someone who will accept seller financing.
Next, Brandon hops on as the first rookie to get a property under contract! With only a few offers sent out, Brandon has already agreed with a seller on terms but has questions about when to get a home inspection and whether title insurance is worth it. Finally, Lawrence joins us with a copy of Ashley’s newest book, Real Estate Rookie: 90 Days to Your First Investment. Lawrence has been making aggressive offers but couldn’t match a seller’s counteroffer with high-interest rate financing terms. All our rookies are inches away from getting their first (or next) rental property, and this could be the most pivotal point!
In This Episode We Cover
How to make an aggressive offer on a house and negotiating with a seller
Short-term rental data and how to use tools like AirDNA to find occupancy rates
What to do once you’re under contract for a new rental property
Home inspections and when it’s worth waiving one (plus when you DEFINITELY should get one done)
Title insurance vs. an attorney's opinion and which one is a better bet
Seller financing and how to find the perfect terms a seller will accept
How to target motivated sellers to find better real estate deals at lower prices
And So Much More!
Links from the Show
Connect with Brandon, Lawrence and Melanie:
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-263
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