Two big mistakes are: 1) Renting out your former primary residence. 2) Only being invested in one market.
This Beginner’s Real Estate Investing Audio Guide also helps you step-by-step with buying an income property:
- Credit Scoring
- Mortgage Pre-Approval
- Writing An Offer
- Vetting A Property Manager
**The entire audio from this episode is transcribed into words and can be found at the end.**
People set up LLCs for asset protection, anonymity, or tax purposes. But there is a lot of administrative work. Is it even worth setting up?
Your FICO credit score has five ingredients. Down payment, debt-to-income ratio covered.
Mortgage pre-approval is better than pre-qualification.
Select income property in: job-growth economies, high rent in proportion to low purchase price.
Cash flow = Rent Income minus “VIMTUM”.
Why would someone sell you a cash-flowing property?
“Turnkey” defined. Should you make a lowball offer to a turnkey provider?
Also discussed: Negotiation Strategy, Earnest Money, Purchase Contracts, Management Fees, Management Agreements, Mobile Notary, Title Company, Rent-To-Value Ratio, Collecting Cash Flow.
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1) Grab my FREE E-book and Newsletter at: GetRichEducation.com/Book
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