How To Buy Your First Rental Property (What Not To Do)

[@CameronSevyn]

Sometimes it’s more important to JUST BUY SOMETHING if you’re going to talk yourself out of it year after year after year

[@chriswhynder8311]

so true bro

[@PerplexEnigma]

I bought a 6plex and 3plex last year. All because of your videos. Best decisions I ever made! Thanks!

[@SnowyBlizzard]

Literally everyone says “yeah it’s a way to possibly make good money but with all the issues you have to deal with you’ll never make any money” this brought me back to the book I’m reading, rich dad poor dad basically reminding me… why listen to advice from people who don’t have any field experience. There’s gonna be first time field issues figuring everything out in anything you do, and there’s money to be made to invest here I can see that, I’ll take their advice but this is something I’m so genuinely interested in figuring out how to optimize and make money as well as to improve in this field

[@lindens4044]

Hey man, you've been a huge inspiration, and I absolutely love your positivity and outlook! I'm getting into the rehab phase of my first property, and it's definitely more than I thought it would be going into it, but I have faith that I'll get through it and it will all work out great. It's videos like this that help with the perseverance when it seems things are starting to get tough! Thank you!

[@justintylus4205]

Just what I needed to see man, finally at the end of my first renovation and it’s been a process, but I know once day I’ll look back and it will be worth it

[@CEO_samuel]

Thank you for saying that, Ive been so afraid of buying properties and making a mistake, that I loose out a lot 🙏🏽🙏🏽 I’m getting one this year

[@biguubtorres7907]

Best believe this information is better than gold I'm currently looking to get my second property. You hold yourself back with negativity.

[@simsimmaa8343]

I just bought my first property. I may have slightly over paid, even though the appraisal came in at over 20K. Great area and almost nothing to needed to fix. up

[@anthonywright802]

Hey Chandler.. the first part of the video about not giving up is so real and motivational i appreciate that thanks 💪🙏🙏

[@CaseyBurnsInvesting]

Buying before you’re financially ready is a big one.

[@victorpla29]

@@blindtobillionaire..3862 how I can do it

[@ReklessBhavyr90]

That's been my worry. Looking to get my first but Financials have been the issue. Saving is taking too long.

[@nicholasduffus1375]

@@ReklessBhavyr90 budget, stay consistent, and you’ll make it. Or attempt to increase your income via certifications and apply what I said previously. Good luck .

[@dewayneanderson8985]

@@ReklessBhavyr90 A side hustle could help you save faster plus you can borrow money.

[@Jrocc811]

At 40yrs old I am about to embark on this journey alone. I really cant wait to commit to this and leave my 9-5 job.

[@reenabearkitty]

Thanks for the pep talk. I just started delving into the rental property world and yeah it's scary, but at some point I need to take the plunge.

[@stevenfoster9402]

Just got my first offer accepted and if all goes well I close on the 12th of next month! Your videos are a huge inspiration for me on this real estate journey!!

[@frankonwenu6510]

any update on your first rental?

[@Xspeedspec]

How did it go? Sounds like a loss

[@iamnobody9001]

You get it?

[@Hgvvc170]

@@Xspeedspec lol

[@VealJustin]

So thankful for this video

[@JonathanSorunke]

All really great tips! Getting the first property is the hardest after that, it gets much easier.

[@maliliete7517]

Definitely a must to have reserves before jumping into buying a property! Chanman always say to have at least 6 months. Love the content brother.

[@charlesg7926]

You really don’t need that much reserves if you live in a red state that’s pro landlord and allows you to evict somebody within 30 days. I am in a red state, and renters don’t screw around here because they know if they don’t pay, they’re OUT. Lol

[@charlesg7926]

The real recommendation I have is to not be stupid and don’t invest in a blue state or a blue urban area, because they really screw over the landlords because they want to get the votes of all of the poor dem voters who want free stuff (harsh but true)

[@charlesg7926]

In general though, I recommend having $20,000 in the bank at all times, that’s not money being saved for taxes, in case something breaks down. However, if you need to have say, $12,000 remaining to buy an IDEAL property, and you THINK nothing will break down, it’s worth going for it as long as you know you’ll be able to get a loan for the repairs in the unlikely event they’re needed. An HVAC system can sometimes be $10 grand and a new water heater can be like $3 grand or so, so these things can add up but they very rarely need replacing, only once every 15+ years

[@michaeldesilva3168]

Hey chandler, please upload this to Spotify. Create a podcast 😍

[@autumn_b905]

My biggest issue is investing in the right city. I can't afford properties in bigger, popular cities like austin, denver or pheonix but I don't think it's wise to invest in cities where the property appreciation is extremely slow due to slow job growth. Can you please do a video on cities that are in between too expensive and too low value/slow appreciation?

[@slenderman432]

Before watching the video. I'm going to tell you that I recently made my first purchase and it was a mistake. I think I overpaid, the house needs more repairs and will become more costly than I anticipated, the potential rents are lower than I expected as well. Rookie mistakes! I think if I sell at a loss, it would be easier to recover in the long run rather than try to grind this out. I may come back to real-estate investing next year with a partner who has more experience than I. Don't try to do everything yourself, its absolutely overwhelming!

[@mcpix3401]

I don't know the specifics of your situation, but every time I've overpaid for something, the one thing that has bailed me out is time. When I started my first business, I had a guy make me some custom counters and I way over paid for them. However, I've used those same counters for over 20 years now, so they really weren't that expensive. I paid too much for my first house, but now it's worth 5 times what I paid for it. Last year I decided to buy my first rental property. It was right at the beginning of the pandemic and everyone said to wait, that prices will crash soon. I bought it anyway and now it's worth about $150K more than I paid. Plus, I've got a great tenant. If you can afford to do it, I would keep working on the house and keep working on creating a space that commands more rent. I feel like you may be once burned twice shy if you sell and you'll lock in your losses permanently. Good Luck!

[@slenderman432]

@@mcpix3401 Awesome insight, thank you. I honestly feel overwhelmed doing this on my own, my parents don't know much about finance. I feel like selling and working with an experienced investor. I haven't decided yet. I still need to run the number.

[@cprendiville]

Gonna second what mcpix said, if someone is willing to buy your property at a loss for you that means it'll be a profit for them. Why eat the loss when you can just fix it up and hold it? If you can afford to hold onto it then do so. If you can't even get it off the ground to rent out then maybe you need to sell it or borrow from someone. Your first deal will never look amazing at first anyway, its a learning experience so stick through it and LEARN don't retreat unless you have to.

[@slenderman432]

@@cprendiville Thank you for that response. I keep finding more problems with this house. I feel like I'm in over my head to be honest. I lack the experience or knowledge deal with many of these issues. I may come back at a time when I am more prepared.

[@jamesguirand8243]

Fan from Haiti

[@nyxidreams1079]

Love to know more about these steps with lower personal credit scores..

[@adamhaves9532]

That is some awesome advice!

[@reacting_to_stuff_]

Can you make some videos from your properties?

[@b_rah]

Thanks for these type of videos, I hope I can make it up there and buy my rental property!

[@GregActonCPA]

Find a house you can house hack. That's how I got my first rental property. I lived on sight and rented out a studio apartment. Since then I have bought 2 more houses.

[@b_rah]

@@GregActonCPA I was thinking about starting with a duplex, since multi family properties are found out to be the best. I have a question, and I may sound a bit stupid, when there’s a house that is for example, 100K, then I get a mortgage of 100K, but then I put a 20% down payment for the property, then my loan balance is 80K, how am I supposed to buy the 100K property if I only have 80K?

[@GregActonCPA]

@@b_rah So if the purchase price is $100K and you bring a $20K down payment when you purchase the property your loan balance will be $80K. So your $20K down payment and your $80K mortgage (Loan) adds up to be the $100K purchase price. Does that make sense? Am I understanding your question correctly?

[@b_rah]

@@GregActonCPA So I buy the property with the 100K, then I sell it and give 20K to the bank as a down payment, then I pay off the 80K mortgage as well?

[@GregActonCPA]

@@b_rah I don't know if I'm understanding your question. You are buying and selling the property?

[@mason5234]

I’m 22 and work at a data center but miss out on so much family time having a new baby and stuff, been looking into this and learning more and more every day. Maybe one day I can start asking for a job/mentor ship

[@JM-ls8du]

This is a great video, you know exactly what’s holding all the RE investor dreamers from starting to fulfill their RE goals. I am one of them, and need a lot of encouragement so I don’t give up on my goals. Thank you for the video I will subscribe to get encouragement from you 🙂

[@DownSouthFinance]

Just subscribed! Love the video!

[@snowglider400]

@Chandler David Smith. I think you will be my lead to this industry. I am engineer by profession and wanted to start in real estate for long time but always afraid about it.

[@yunuskoksal5574]

i get loans and more benefits without having to worry.

[@jamesr5735]

What about the fact it seems impossible to find something that cash flows in central florida it’s crazy

[@CM-fs4qo]

Great advice. My wife and I are closing on a turnkey house that's near Austin. This has been a long thought process but I'm really fortunate to have this opportunity and can't wait to rent this out.

[@senorhook2872]

Congratulations!!!!!

[@CM-fs4qo]

@@senorhook2872 thank you! 😁

[@jesusangeles152]

How did it go?

[@CM-fs4qo]

@heysus hey there! We got the house and mortgage is $1425 per month. We also got a tenant paying $2125 for rent per month. So after our management fee we're at about $530 cash flow. 😁

[@jesusangeles152]

@@CM-fs4qo Congratulations!

[@lisamcbride9891]

Interest rates are up and management companies got hands. God damn!

[@DayanaPlays]

Good stuff Chandler! 🚀

[@elliotkugbe5168]

Don't listen to Dave Ramsey 😅😂😂😂😂❤ I love it

[@jeffxlee]

HELL YES!!! I want to buy a rental but my wife is making us buy a house first. How can I purchase a rental after a buying a home? Wouldn't my debt to income really high?

[@spldrong]

Buy a duplex now and live in half (if you guys can do that)... then later, buy a single family for the whole family

[@Terror_Rick]

@@spldrong I second this. I'm currently doing this and got the duplex for 10k less than the listing price. Not only would this keep your finances cheaper, which means less stress thanks to having income from the other side, but you can then make more profits once you move out! My wife wanted a home and she's pregnant right now. The duplex was the perfect option for making life more affordable when out daughter is born, and then giving us income once we move out.

[@CamBlow]

I have been going through all your videos one by one. I’m an expat living in Taiwan, but looking to invest in the US. Hard to know how to really jump into it while abroad.

[@lisaburks2]

How do you feel about owner financing?

[@LemonadeStand991]

Would love some advice. Do you all recommend to by a personal home first or a rental property. I live in DC and I see a lot of videos talking about homes for 100K and that’s literally not possible here. If I were to get an FHA first time home owner than I could get in for 3.5% but I wouldn’t be able to rent out the house. On this vid he states “living in the property” well a duplex , triplex, aren’t in this area and if they are the cheapest one would be 600K. So this advice doesn’t seem to go well with where I work and live.

[@gavinvarner8326]

Hey chandler love the video. Do you have any good books that’d be good to read that you would recommend ?

[@GregActonCPA]

Rich Dad Poor Dad is a great book. I also loved The Slight Edge as a mindset book.

[@andrewkennedy3859]

CDS come help me with my first home, i need a guy like you to help get a steal of a deal on a nice rental property and get all the bologna sorted out. So i am good to go.

[@SuzzessfulNa]

How can I become one of your students?

[@scottb4509]

does the artificially inflated market in the east Idaho area deter you from making rental purchases at all right now? and with such a sellers market are you finding it a lot harder to find deals and available properties for purchase? I've been looking for a property in the Rexburg area, but the cheapest available properties I can find are $300k or more for a single family and $500k or more for a duplex or more.

[@ryanhill9380]

Hey chandler, I’m in the Dayton Ohio area and looking to invest. There are tons of cheap properties that have great cash on cash returns (20%to40%). But a lot of them are in very rough areas of the city. Would you still invest in these properties?

[@tonycar55]

Great job Chandler, your course is well worth it. -

[@zoeyhazel2144]

what is the best way to make money from investing?

[@Ant-uy3tu]

Stonks

[@InnerPower212]

What you do then renter totally destroyed the house?

[@davemccoy5229]

You fix it

[@jeffqu9601]

Hi Chandler, do you know if things are the same if a Canadian invest in real estate in the US? Thank you.

[@bigchungus14hvh12]

​@chandler david smith▪️ you are sus imposter

[@andrewkennedy3859]

buy tesla stock back in 2010 Jenga

[@DillonStrouse]

Number 747!

[@TheDogondone]

A bigger reason for failure, is debt/mortgage. Stay away from it!

[@arianasherry3289]

Cool

[@tannerteague4673]

What are your thoughts on building new rentals?

[@lal5555f]

i second this! i under stand that you need a larger down payment for a construction loan and or own the land already to leverage the loan

[@ellenoir5678]

🎯

[@jamesr5735]

I feel like we’re in a bubble here

[@reybigdreams1618]

FIRST!!

[@yosoytercio245]

👍🏼

[@tankercrewchief]

Comment for the Al Gore

[@ASK-bs4oq]

After a recent post encouraging a low scoring forum member to be hopeful, several people have asked me how I got score from 426 to the 799 today.

[@nataliejohnson1467]

😭🙏

[@kevinb6745]

5:19 👆🏾

[@elements4192]

I have the money for downpayment and closing cost and I'm already preapproved but I can't find a good deal. A lot properties are old and they are in real bad areas. I'm in Houston Texas.

[@countrifiedjose7537]

Are you already working with a realtor? If not, find a good one. Probably best to look in the suburbs. House prices have skyrocketed in the Houston area.

[@elements4192]

@@countrifiedjose7537 yes, I have a realtor but no luck finding a good deal.

[@Juniora365]

Did you managed any of your property at the very beginning of your real state journey?

[@dennismc8145]

algorithm

[@WaqasKhan-hx4hw]

What would you say is the hardest part of a rental property??!

[@mikebenjamin621]

Am investing my time and money in crypto now, this new price is a clear sign for new investors to come in ✅✅

[@hatsapp1716]

Most intelligent words I've heard

[@emmaolivia5887]

Every wise individual should have a portfolio in crypto.

[@avasophie7062]

Yea this is absolutely the best time to buy and invest

[@abigailmiamcmananam8177]

Crypto is the future, trading crypto has become a lucrative way of making money

[@zoekkelsey7232]

I wanted to trade crypto but I got confused by the fluctuation and change in price

[@gwaters4862]

Great video. Very inspirational