Here’s a Real Estate beginner tutorial where I can really cover the blueprints and outline the basics of what’s needed in order to prepare for, and actually invest in real estate. Enjoy! Snapchat/Instagram: GPStephan
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Step 1: BUILD YOUR CREDIT. This is one of those steps that you can can do NOW. If you’re watching this and you don’t already have a credit card, when you’re done with this video, watch this:
Step 2: SAVE YOUR MONEY. The reality is that you can’t invest in real estate with no money down, no income, no credit…it just doesn’t happen. So this means that in order to save money, not only will you be required to live somewhat frugally so you don’t spend everything you make, but you will need to MAKE MONEY. I know this sounds common sense, but it’s at least every day that I get people asking how they can buy real estate without having any money…it doesn’t happen.
Step 3: SHOW YOUR INCOME on a tax return. his means that you can’t just have one great month on Shopify and then expect to use that as a down payment…lenders want to see consistent, stable income before they give you a loan.
Step 4: Get prequalified. It’s as easy as going to a few major banks, having them run your credit, giving them your tax returns, bank statements, and some other minor information…and they will give you a pre-approval amount based off those numbers. You can then take that pre-approval and shop that around a few other banks, getting them to match or beat those terms.
Step 5: LOOK AT EVERYTHING IN THE MARKET YOU WANT TO BUY IN. Do your research. Find out which areas you feel are undervalued and where you feel people will be moving to. Drive around on weekends through every street and neighborhood. See every open house on a Saturday and Sunday within your price range, plus maybe a few hundred grand so you know what’s out there. The more you see, the better you’ll be able to recognize a good deal when it comes up.
Step 6: Make offers on places you feel are a good deal. Know your price, know what it’s worth, and have patience. It’s more important to get the right property at a fair price than wait years trying to find the unicorn of a deal.
Step 7: Do your inspections. I usually tell my clients to do all the inspections they can, and usually it’ll be a break even when you re-negotiate a credit with the seller. I also take it a step further and also walk two contractors through the unit who will give me a free bid on how much things cost to repair. This way, I know everything that’s “wrong” from a cosmetic standpoint and exactly how much it’ll cost to fix.
Step 8: Close on the property. In the interim here, you’ll be speaking with your lender, getting in all the information they request from you, do an appraisal on the property to make sure it’s worth what you’re paying, and you close. Once the property is yours, this is where the fun begins!
Step 9: Do minor renovations. Most people ask “where do you find your contractors?!” And my answer to this has always been Word of mouth, and yelp. Also make sure to get various bids to understand the costs associated with what you want to do, never just hire the first person.
Step 10: Rent it out. Here’s how I post my ads on craigslist:
For business inquiries or one-on-one real estate investing/real estate agent consulting or coaching, you can reach me at GrahamStephanBusiness@gmail.com
Suggested reading:
The Millionaire Real Estate Agent: http://goo.gl/TPTSVC
Your money or your life: https://goo.gl/fmlaJR
The Millionaire Real Estate Investor: https://goo.gl/sV9xtl
How to Win Friends and Influence People: https://goo.gl/1f3Meq
Think and grow rich: https://goo.gl/SSKlyu
Awaken the giant within: https://goo.gl/niIAEI
The Book on Rental Property Investing: https://goo.gl/qtJqFq
Favorite Credit Cards:
Chase Sapphire Reserve – https://goo.gl/sT68EC
American Express Platinum – https://goo.gl/C9n4e3
Video Rating: / 5
Useful advice for a teenager with some plans for future! Thanks Graham!
Upon paying off your property is it better to sell outright or continue to rent it out to tenants for consistent cash flow?
can any one refer me to a good forex or crypto trader, who can help me trade?
Hi everyone, we are @imeeco_sas (Instagram), a small company based in Colombia. If you are interested in investing in Real Estate with high returns and low risk, feel free to contact us. We are approaching the real estate sector in an innovative and different way. We are company with 10 years of experience, we are builders and owners of our land. We buy land and develop, the safest and most secure way to invest in real estate. Best Regards!
What about your renter bails out on you or house gets damaged…you end up in a hole
I have one problem
IM 13
Is it possible to get bank financing with no proof of income?
U cant hide that hairloss with that lifted hair
We can't keep arguing on things that doesn't work.
Watching videos on how to trade gives you the knowledge without experience.
In my first three years investing I nearly crashed. Thanks to Harper
Its an amazing thing making not less than 18 to 20k in every three weeks in the open market.
Thank you for saying seller financing is BS. Most people are selling their property to go by another probably bigger home, and with that need to put money down because not many can go by property without a mortgage. Thank you
Can someone explain step 3 for me?
Great information, thank you 🙂
Hey, I'm new to real estate, why do you keep mentioning loans?
3:25 thanks for saying the truth. There’s so much BS get rich quick stuff out there, and it’s leading people down the wrong path. Real Estate investing takes MONEY ?. Stop wasting time and energy trying to find the gold at the end of the rainbow, and instead put all that energy into making more money. It’s going to take a lot of work. People need to resign themselves to that fact.
https://m.youtube.com/watch?v=UxQQvsxnvlY Watch this new couples
Man your videos are funny and helpful! Thank you!
Awesome information. Very helpful and saved me so much time researching this information. Definitely hit the subscription button. Love the channel. Thank you!!
Is it required to use a lender to loan some money or can I use my own money to buy ?
I have steps 1-4, the most important steps to get started but now I don’t know where to buy.
do you need a license to rent out to people?