Guide To Buying Your First Real Estate Investment

Blog BiggerPockets Real Estate PodcastBiggerPockets Podcast 200: A Step-by-Step Guide to Buying Your First Real Estate Investment

Welcome to the BiggerPockets Podcast show 200! We wanted to create a show that we could point people to in the future as an ultimate resource for building their real estate investment business. If you are new, this will give you a step-by-step plan. If you are experienced, it will help you systematize your business better and pick up new ideas to streamline how you buy properties. These tips were obtained from the community in a recent Forum thread Josh started.

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In This Episode We Cover:

Commit
Gain Knowledge
Get Your Life in Order
Decide on What You Want With Your life
Decide What Niche/Strategy is Going to Get You There
Set Your Goal(s)
Choose Your Farm Location
Figure Out Your Financing
Get Your Core Team Together
Start Looking for Deals
Estimate Rehab Budget
Run the Numbers
Review Your Numbers With Someone
Make the Offer
Negotiate and Get It Under Contract
Manage the Due Diligence Process
Keep Yourself Organized
Buy the Property
Manage the Property or Rehab
Stick Close to BiggerPockets for Every Step of This process

Download the PDF (for all the links)

Connect with Brandon and Josh

Show Preview

Brandon’s Deal Analysis Video

http://traffic.libsyn.com/bpradio/bpp-200.mp3

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By BiggerPockets Real Estate Podcast

Real strategies that work for real people seeking to build wealth through real estate investments. Co-hosted by Brandon Turner and David Greene, this podcast provides actionable advice from investors and other real estate professionals, who chat about failures, successes, motivations, and lessons learned.

39 Replies

Andrew Syrios Residential Real Estate Investor from Kansas City, Missouri

Replied almost 3 years ago

Great 200th podcast guys, congrats!

Steve Stackman Investor from Fairborn, OH

Replied almost 3 years ago

Congratulations on number 200! Enjoyed it as always!

Chuck Buck Investor from Colorado Springs, Colorado

Replied almost 3 years ago

Grats on the 200th podast. I enjoyed the start to finish walkthrough. I do have a question about making offers though. When you are making an offer on a non-MLS listing without a realtor, how do you set up the offer? What does the inspection clause look like? Are there examples close buy to reference? Again, thank you so much for all the podcasts and posts here. I have learned quite a bit the last year. Charles

John Clark Investor from Pinckney, Michigan

Replied almost 3 years ago

Congrats on the 200th podcast. Thank you guys so much for creating BP, It truly is a great resource for us investors.

Erika Carter Residential Real Estate Broker from Chicago, IL

Replied almost 3 years ago

Congrats on your episode milestone! I really appreciate you and everyone at BiggerPockets! Thank you!

Vincent Crane Realtor from Atlanta, GA

Replied almost 3 years ago

Congrats, it’s been an amazing journey and I listen to these every single Thursday. 200 podcasts, that’s the sum of a lot of hard work, and dedication, and has served hundreds of thousands of people like myself to get started and change our lives. I’m very appreciative.

Michael Macklin Mortgage Consultant from Raleigh, North Carolina

Replied almost 3 years ago

I am currently pulling a 24 hour duty for the military and found this hour and a half to be quite useful (not just because it took up some time from this duty). I am a new REI who hasn’t made a deal yet, but I found this podcast to be quite helpful in getting the head game portion together. Have to have a gameplan to play the game and now I have armed myself with a great wealth of information. I have subscribed to the podcast and am a Pro member so I will take full advantage of all the tools you guys present. Thank you for what you do and congrats on making it to 200 episodes.

Sharon S. from Charleston, SC

Replied almost 3 years ago

Congrats on 200 podcast episodes and BP being such a great success! We really appreciate the time/effort you put into BP and creating a supportive real estate investment community.

Samantha Liang Real Estate Agent from Brooklyn, New York

Replied almost 3 years ago

Congrats on the 200th podcast and wishing many more. Just finished listening to it this morning on my commute. Greatly appreciate your generosity to share and for creating such a tremendous platform!

Michael Strobel Investor from Lynchburg, VA

Replied almost 3 years ago

Congrats on 200! Kinda crazy to get mentioned in a podcast but Ive learned so much from these and from BP. And Ive got so much more to do with my investing strategy. Thanks for all you do and for these podcasts! Look forward to the next 200!

Clint Okayama Investor from Astoria, NY

Replied almost 3 years ago

Congrats, guys (and BP team). I’m only on my second deal, but if I ever reach 200, I’ll still credit these podcasts as my primary REI education. Thank you.

Jose Riano from Lincolnton, North Carolina

Replied almost 3 years ago

congrats on your 200th podcast episod and for creating such an impressive source of real estate knowledge.

Lucas Albuquerque from Greenfield Park, Québec

Replied almost 3 years ago

Hey guys, i started to listen to the podcast on this one! fantastic! By the way: can you put here the book reference you made during the show? The “Life in Air”, or something like that. Thank you very much ! Lucas

Cliff T. Realtor from Rock Hill, SC

Replied almost 2 years ago

Yes, can we please get an author for that book reference?

Arun Chhatpar Investor from Los Angeles, CA

Replied almost 3 years ago

Great information as usual. Looking forward to 300 more!

Yaroslav Golubev from Hollywood, Florida

Replied almost 3 years ago

Congrats I started listing to the podcasts on my drive too work almost have listened to all 200 podcasts. Keep it going

Paul Lyons from Boca Raton, Florida

Replied almost 3 years ago

Congrats on hitting the 200 mark! I listen in every week while I am at the gym. The information you provide is invaluable to all multi family investors out there. I do have one request – Can you produce one podcast or webinar specifically on how to buy your “second” property? And have it include: 1. how to know when you are ready (mentally and financially), 2. creative financing – leveraging your first properties equity to buy the second. Are there any rules of thumb? Things to watch out for or avoid? Thanks again and keep up the good work! -Paul

Brian Bomgaars

Replied almost 3 years ago

Too much month left at the end of the money??? Great show anyways as always.

Tom Burckhard Realtor/Real Estate Investor from Seattle, Washington

Replied almost 3 years ago

Fantastic show as usual. I’m currently working on my third deal since August and was starting to get bogged down thinking how was I going to get to the next one. A great reminder to follow the steps and good things will happen. Do the work, think creatively and the magic happens! Your enthusiasm for real estate investing is contagious; when I grow up I want to be just like you guys!

Sam Chu from Melbourne, Victoria

Replied almost 3 years ago

Congratulations Josh and Brandon on achieving this significant milestone! I am new to BP and recently started watching your videos, very informational and helpful, thank you so much for sharing your knowledge and experiences. Looking forward to the big 500th !

Kyle Atans Investor from Sherman Oaks, California

Replied almost 3 years ago

Congrats BP Team !

Matthew Foucheaux from Houston, TX

Replied almost 3 years ago

Congrats on the 200th episode. I have enjoyed listening to you guys week after week. Curious if there has ever been any analysis done on the Famous 4 – specifically questions 1,2, and 4. It would be interesting to see how many times over your 200 shows a book has been named a favorite (obviously RDPD, E-Myth, and 4HWW would reign supreme) or advise has been given (grouped into categories presumably). I thought that would be interesting.

Roger Edington Investor from Berrien Springs, MI

Replied almost 3 years ago

I just started listening about two weeks ago. This is exactly what I need, since I am new to investing in real estate. I intend on listening to all the podcasts and purchasing several books before I am confident in pulling my money out of stocks. I am tired of letting others make decisions in regard to how much I make on my investments. I am taking ownership of my investing. Congrats to making it to this milestone in your podcasts!

Sean Canahuate Rental Property Investor from Leawood, KS

Replied almost 3 years ago

Great show! Congrats!

Brendon Grover Real Estate Agent from PA

Replied over 2 years ago

You guys are awesome!! So much help and i for one appreciate all you do for everyday people trying to make a better living. Your advice and expertise is second to none and I am forever grateful!!

Paul OBryan Investor from Los Angeles, California

Replied over 2 years ago

Really insightful and helpful podcast. I feel a bit overwhelmed after listening to it (so much stuff to be on top of) but am committed to jumping into my first deal this year. Thanks, guys!

Maxwell Silva from Clark, New Jersey

Replied over 1 year ago

I am exactly on the same boat Paul. Good luck

Donna

Replied over 2 years ago

It can\’t be necessary to repeatedly rag on Detroit. We get it, you wouldn\’t invest here. Congratulations.

Toby

Replied over 2 years ago

Where can I find the due diligence checklist that you guys talked about?

Chris Czekaj from Las Vegas, NV

Replied over 2 years ago

Toby I hope you found the due diligence checklist. https://www.biggerpockets.com/search/files?utf8=%E2%9C %93&term=due%20diligence%20checklist&page=1 Also you can find a lot of great form here https://www.biggerpockets.com/files

Anthony Robles Real Estate Investor from Port Saint Lucie, FL

Replied over 2 years ago

Guys , AMAZING achievement. As a NEWBIE , I am very appreciative and look forward to the next 200.

Keith Pinster Rental Property Investor from Tucson, AZ

Replied almost 2 years ago

The one thing I think is missing is to figure out your exit strategy. Not all properties will have the exact same exit path, so for any given property, you should know how/when/why you are going to get out of it. Even if you plan to keep it “forever”, it’s good to know how to get out of it if things go sideways with either the property or with your business and you need to liquidate.

Maxwell Silva from Clark, New Jersey

Replied over 1 year ago

Congrats on the 200th podcast. I’m New here and this provided me with a good base to study over and build on. Thank you for all the info!

Jason Smith Real Estate Investor from Cincinnati, Ohio

Replied over 1 year ago

What was the name of the book and author Brandon mentioned in this podcast. I can’t find it. It was something like “life in air or on air”

Sherry

Replied over 1 year ago

I want to purchase a vacant hotel, any thoughts on process creatively?

Benny Gelbendorf from Holon, Israel

Replied about 1 year ago

Hi, In the show you have mentioned something call lead manager in beta stages. I would assume this already been fully developed, but I could not find it. Can you help me a bit ? Thanks, Benny

Charles Washington

Replied about 1 year ago

My wife is a realtor in Orlando and we come across properties for flip. We are looking for private lenders to partner with. Looking for contacts to start a network

Justin Verrillo

Replied about 1 year ago

I am in the process of educating myself in the “real estate investing game”. However I am a home owner in Laurel, MD and have been for almost two years now. I took out an FHA loan and I’m at 4.5% interest. My mortgage is 2k a month. I’ve been thinking about refinancing but am hearing a lot of mixed reviews and not sure what the right move is? Furthermore, I do have some equity in the house and at some point I’m definitely going to take out a line of credit against it as a down payment on my first deal. Thoughts on what type of plan I should come up with moving forward

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BiggerPockets Podcast 200: A Step-by-Step Guide to Buying Your First Real Estate Investment

Want more articles like this?

Listen to the Podcast Here

Watch the Podcast Here

Help Us Out!

This Show is Sponsored By

In This Episode We Cover:

Download the PDF (for all the links)

Connect with Brandon and Josh

Show Preview

Brandon’s Deal Analysis Video

BiggerPockets Podcast 347: Using Multifamily Syndication to Reach 5,000 Units with Mark and Tamiel Kenney

BiggerPockets Podcast 346: 34 Units & 6-Figure Wholesale Fees (at 20 Years Old!) with Josiah Pott

BiggerPockets Podcast 345: “Vivid Visions” and 90-Day Sprints—Brandon’s Approach to Mobile Home Park Investing (and Life!)

BiggerPockets Podcast 344: “No Money” Real Estate Investing with Gabriel Hamel

Services

Additional Tools

BiggerPockets Podcast 200: A Step-by-Step Guide to Buying Your First Real Estate Investment

Want more articles like this?

Listen to the Podcast Here

Watch the Podcast Here

Help Us Out!

This Show is Sponsored By

In This Episode We Cover:

Download the PDF (for all the links)

Connect with Brandon and Josh

Show Preview

Brandon’s Deal Analysis Video

Related Blog Posts

BiggerPockets Podcast 347: Using Multifamily Syndication to Reach 5,000 Units with Mark and Tamiel Kenney

BiggerPockets Podcast 346: 34 Units & 6-Figure Wholesale Fees (at 20 Years Old!) with Josiah Pott

BiggerPockets Podcast 345: “Vivid Visions” and 90-Day Sprints—Brandon’s Approach to Mobile Home Park Investing (and Life!)

BiggerPockets Podcast 344: “No Money” Real Estate Investing with Gabriel Hamel

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