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:
Your money or your life:
The Millionaire Real Estate Investor:
How to Win Friends and Influence People:
Think and grow rich:
Awaken the giant within:
The Book on Rental Property Investing:
Favorite Credit Cards:
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American Express Platinum –
If I understand correctly, you use the tenants' rent to pay for the loan in the bank every month, and you also have a profit every month?
I watch several YouTube videos on how to trade in the stock market but haven't made any head start because they are either talking some gibberish or sharing their story of how they made it and I do not want to make mistakes by taking risks in my own hands
good guide
Karlton Dennis Saw This so what u Think? 🫡
DSCR loans you dont need to show your W-2
In the realm of investments, real estate is the backbone of enduring financial success.
Bitcoin is a flight to safety from the fraudulent fiat fractional reserve system your lawmakers promote.
Real estate can never be that.
Teh
Jdud7
Should I buy real estate under a LLC or on my own?
The future belongs to those who believe in the beauty of their dreams. Success is a state of mind. I think I'm blessed because if not I wouldn't have met someone who is as spectacular as Expert Mr KAYLIAN SMITH.
The same 10-15 Year investment plan in USA, would take you 1-2 Years in Dubai.
Feel like I've been in the "fix credit, get down payment" steps for ten years 😭
Fantastic video
Not me searching for deals without even having a credit card 😂😂😂😂😂 thanks Soo much I think I should first settle down and work on my credit, financial house and then start the process
So after getting my potential deal I now looking for a lender they asked for a credit report guess what it's 0000000 from first to last coz I even didn't know what a credit card is😂😂😂😂😂ooh lord I just played full of me thank you Soo much for this video I now know what to do first
Researching the market thoroughly before making an offer is crucial. Your emphasis on patience and diligence when making offers on properties really resonated with me. It's a reminder not to rush into anything without doing proper research.
Researching the market thoroughly before making an offer is crucial. Your emphasis on patience and diligence when making offers on properties really resonated with me. It's a reminder not to rush into anything without doing proper research.
Graham you are smart asfff
🔥
now if i had ppl rent out the property and give me money to put in my pockets, wouldn’t a lot of that go to the loans i used for the house ??