How To Prepare Financially To Buy Your First House Or Rental Property

If I had no idea who you were and told you never buy a rental. I would be right 90% of the time. Most people do not have the disposition to own rentals. Dealing with contractors that do repairs, Selecting tenants and fully understanding finance are things most people can't do EFFECTIVELY. I didn't say you couldn't do them. But you have to do them in a way where you don't make mistakes and you make money.

So lets say, the rent is $1,000,000.00 and it leaves you $25000.00 a month, that's 0.025% gravy.
I think it's attractive only if you have a huge investment that yields a huge rent - otherwise, if you look at it, you are getting only 0.3% of the annual rent.

Good information. Thanks.

Thanks for the video as always gold information

Thanks for the info

First time running into your channel, great video! As a realtor/investor this was some great info. 👍

128 units only making $25,000 a month something don’t seem right

Thanks for the video! I am currently 26 I bought my first house at 24 and I just bought another property this month. I created an LLC and will be doing short term rentals on my old property. My plan is to retire at 30. Real estate is TRUE WEALTH!!

Can you give examples with the average US income or low income instead of such high numbers?

Already end of the year and no reduction in interest rate. Also no chance of interest rate reduction early next year.

Closing on my first house at the end of January at the age 21, might as well do it now then waiting and seeing prices double maybe triple.

It is smart to get a second loan on your main house, to buy another property

Great video

128 rentals,25k a month. So about 195 dollars a month per rental unit. That’s crazy. So I gotta clear 10 rentals just to be 2k a month in profit. Wild.

very informative! unlike some other real estate influencers, you provide detailed information and insight on your channels. keep it up!

is this strategy applicable in other countries?

I got 3 properties in 4 months. My goal is 100 by the end of this year

THES GUYS NEED A REALITY CHECK

Lol TY for all the info. U are hilarious in your presentation btw. Keeps me watching 😂

Interest rate will drop, houses prices will go up, but due to insane inflation people will not be buying houses as "theories" anticipate, ppl are spread thin, salaries are not keeping up with inflation and housing prices.

Who tf is buying a 500k house for thier first home 😂

At 20 yrs old I have a 728 credit score just from using good methods and being smart if I can do so can you I’m positive

What if i dont own a home for myself, want to buy an investment property, but dont have 25% down, how can i get the 25 down to the 5 and below like the FHA?

im going to buy my first property this yr, really enjoying all the great content, thanks!

Great thinking on this video

I'm 23 years old. I own an event space now, but I'd like to get into something that will increase my fortune and that of my family and future generations. My credit score is good, but should I start with an investment property or my personal residence? In any case, I'm thinking of submitting an FHA loan application. I do want to start investing in real estate in the future; I don't want to wait to do so until I'm older or my credit gets better. Please helpppppp lol 🙏🏽

Might be a dumb question, but can I get into rental investing if I live in an apartment. Can I still purchase investment properties or do I have to own a primary house before I can invest?

Great info Thach!

Buying at a high interest rate now and hoping it comes down in the future is fine, but just make sure you are comfortable always paying that higher payment just in case rates don't come down like you had hoped.

Please Make a video on how you deal with tenants who refuse to pay and squatters that take over your vacant properties and the eviction process. I used to rent my basement apartment out to people and single rooms upstairs to college kids. I couldn't stand crappy people anymore and stopped renting and sold that property. Crappy tenants have scared me off of buying a rental. I'd like to hear about how you get a 100 million and deal with bad people. Thanks.

I’m a new dad, I moved to the Bay Area a few years ago and I’m thinking of purchasing a single family home, but with real estate prices currently through the roof, is it still a good idea to buy a home or should I invest in stocks for now and just wait for a housing market correction? I heard Nvidia and AMD are strong buys.

Thank you for this really helped understand the process.

👍🏼

This is such great advice! Please keep the videos coming.

Dang, I remember watching this video in June 2023. Bought my first rental and started putting it to work in Aug 2023. Renters have paid my mortgage every single month to this day. Everything they are saying is true

This video is very helpful. Thank you, Thach!

Getting all my credit cards paid off went up 67 points yesterday or so still waiting on another card to report. I got a loan paid that off with same company opening bigger loan. I have a car payment. Now i pay pay pay and ill be there. But i have to save down payment. Time is the killer aint it.

What the credit cards only wanted $200 to begin with so I put 700 on it and only allowed a 200.00 spending. This will keep your credit above 30% 100% of the time or you did something else. This is so you can pay any fees our purchases that comes out late might confuse you at times. So you might need a little bit more extra money to give you a little bit more credit so it doesn't impact your credit score is bad if a hiccup comes. A higher deposit means you don't have to ask for an increase just a new card or upgrade. Don't do this if you're just going to buy a bunch of shoes and stuff. Don't go out and buy a TV. You can go out and put a down payment on a car and then doordash or Uber. Make sure you swipe it for what you need it or if the product or new hobby toy is going to make you money/paying back the cards for you. what I'm saying you can make it easy for yourself or hard

I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quite mediocre neighborhoods. Then you’ve got Better, average sized homes in nicer neighborhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.

What kind of coffee u drink tach

do a vid on first investment properties for a new person who has only a 300 dollar monthly bill

Do you recommend purchasing a rental property before owning a primary resident home? Smart or bad idea

My website lists top local properties for sale. Check it out when you can.

I have made over $700 k from a $ 100k capital so far, after a succession of payouts from trading Forex, I recently diversified some into dividend paying Stocks and for long term hold

QUESTION: how important is having Your taxes updated?

Credit 780
Cash ready for Down Payment: $73,000
Making $13,000 month.

I make my money on airbnb out of country. Money goes to my us account.

Good income, no student loans, no credit card debt, no car payments.

Can I qualify to buy a house or not?

It’s a nightmare getting approved.

God Bless’

I want to buy a 4 plex in Washington.

I'm so scared. We just sold our property for 700K. Now, what to do with 700K?

I don't want to work full time anymore and want to live somewhere in asia, so. I'm thinking...

Buying or building 1 apartment building with multiple units, or Start buying multiple investment properties for passive income. Debt is what scares me the most...

If you have any questions, don’t hesitate to give Cody a call.

206-909-2007