249: Beginner’s Real Estate Investing Guide

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
• Inspection
• Vetting A Property Manager
• Appraisal
• Insurance
• Closing
• LLCs

 **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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