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How to calculate if a property is profitable!
I purchased an asset that allows you to input the surface level numbers to see what properties are even worth looking at for their ability to cashflow (the profit each month from tenants) and the appreciation (the total value increase). Linked is a video showing you how to read and input the information!
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How to calculate if a property is profitable!
Real estate masterclass IN THE CLASSROOM!
Check out my meet call with Jabbar, a veteran who shows you step by step how to close on your first property and scale the business through his story.
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How to make millions in real estate with Jabbar Adesada!
Keep checking the calendar! Working a date with the Marine turned real estate investor now. I'll be interviewing him on how he got his start, some common hurdles, and what's required to break into the industry!
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New comment Aug 12
Here's a step by step to your first rental property.
- Step 0: Down payment (if necessary/not using VA home loan) but have 5% of total home value just in case - Step 1: Have good credit (760+ is a good rule of thumb) but don't let this scare you away from homeownership, the VAHL works with flexible credit lenders (lenders are the people who give you the loan to buy the house) - Step 2: Have proof of income/employment (disability percentages from the VA counts as income!) - Step 3: Talk to lender to know exactly what you can afford via showing tax returns and credit report to see exactly what you qualify for in terms of interest rates (the lower the better) - Step 4: Search for properties outside of what may initially seem attractive! you want to compare the immediate surrounding market vs the goal home you've identified (see if you're getting a good deal compared to what’s out there) - Step 5: Determine if the property is cashnlowable (use home buying sites to determine what market prices are for similar homes) (use mortgage calculator to account for mortgage, property tax, insurance, miscellaneous expenses, vacancy) make reasonably lower offers if the purchasing price won't allow for you to make money each month when tenants occupy *there's alot more that goes into month to month costs than just the mortgage! - Step 6: Location (don’t buy near annoyances and inconveniences such as loud highways or growing construction) (DO buy near schools as renters tend to have families or in close proximity to military bases for example) - Step 7: Make offers, (keep in mind at least breaking even each month if not profiting) keep in mind cashflow at all times! - Step 8: Inspections! (just because an offer is finalized doesn't mean you can't negotiate credit or a lower price from the seller if upon inspecting the property you find discrepancies that make the house worth less than the asking price) - Step 9: Closing costs are usually 1% of closing costs (explore the options of the seller covering closing costs)
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Here's a step by step to your first rental property.
Join me in my journey to my first rental property!
I've been putting money off to the side with the hopes of one day breaking into real estate. I'll be, - Summarizing the notes I take from research and - Documenting every step I take towards closing on and managing the property
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New comment Jul 25
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The Convoy
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