82: How To Buy An Income Property: Step-By-Step

Your offer is accepted, your Earnest Money goes into to escrow, then your property has an Inspection, Appraisal, and more – all the way to closing. We discuss those steps, tell you what your action items are, and discuss how long the income property-buying process takes. Want more wealth? Visit GetRichEducation.com and 1) Subscribe to our free newsletter, and 2) Receive Turnkey RE webinar opportunities. Listen to this week’s show and learn:

02:00 Robert Kiyosaki will be our guest in two weeks.
04:11 Why we’re embarking on the best decade ever for income property investing.
05:41 Why would anyone sell you a cash-flowing property? Many reasons given.
11:59 How to identify a winning income property: RV Ratio, eliminate your emotion, turnkey buying.
17:48 Investors get excited by the next deal. Remember to protect what you have.
19:20 What your Mortgage Loan Officer needs from you. Pre-approval letter.
20:22 Can you negotiate the property price with turnkey providers? Yes.
21:15 Submitting your Earnest Money.
23:03 Get a professional Property Inspection. What to expect.
27:17 Your Property Management Agreement.
28:21 Property Insurance.
29:18 Get a relationship with your Property Manager.
31:42 Your Property Appraisal. 33:23 Mobile Notary.
35:42 Real estate’s lack of liquidity contributes to its price stability.
36:14 You need to act. You won’t make money from the property that you don’t own.