Rookie Reply: Financing Your First Rental, Leases, and High Interest Rates
As a new investor, financing can come with a lot of questions. Financing your first property itself seems like a steep learning curve, but once you find a method that works for you, it makes investing a lot easier. Welcome back to this week’s Rookie Reply. But, instead of just answering one question, we’ll be going over multiple to get you on the fastest path to investing in real estate. Today, we’re touching on topics like how much money you'll need to invest in your first property, how to build a lease, recommendations for financing without a W2, and how rising interest rates affect investors.
Before you invest, understanding the market you want to invest in is essential. You also have to understand the expenses that come with your property. Once you know these two things, you’ll have a more accurate estimate of your costs. A perk that comes with investing is that the money doesn’t have to be yours. Whether you decide to take out a conventional mortgage loan or partner with another investor, you can creatively finance your deal to have less money come out of your pocket!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
How to understand the market you’re investing in, the average cost of a property, and the range of expenses you can expect
Safety reserves and how much to have on hand before you buy a property
Creative financing methods that will lessen the amount of capital you’ll need to close
Financing without a traditional W2 and how small banks, mortgage brokers, and co-signers can be your best friends
Easily building your perfect lease using the BiggerPockets lease agreements!
And So Much More!
Links from the Show
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Check the full show notes here: https://www.biggerpockets.com/blog/rookie-226
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