In this episode of Driven Couples, Albert and Syl talk about step by step how the Real Estate buying process works.
Getting pre-qualified to know what price range to look in when you start looking at properties. How to get the most for your income by reporting what you actually make and not try to avoid paying taxes as self-employed, one of the most common mistakes entrepreneurs make.
Albert then talks about how he bought his 3 units in 90 days to close, had to come up with $9,000 for the downpayment. He had to put 9k + closing costs, summing up to $12k. He explains how holding those 3 units + the 4 units from Syl made them about $700k in profits from equity and monthly passive cash flow. Syl also talks about not get discouraged over how the property looks, if it looks in bad condition, to be open to look at where the property can go after $5k of remodeling and increasing the rent big time.
What to look for when buying a property?
Look for properties on the outskirts.
3 things to consider:
- Purchase Price
- Rent Collected
Albert suggests 12% ROI at least to then remodel and increase the rent.
Look for Role Rent Collected, not market value.
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