What all is entailed (New to home buying an B&H)

1 Reply

So I'm hoping someone can give me a realistic start to finish process in buying a home for a rental property. Currently I just rent a apartment and never have looked into owning until I picked up Rich Dad Poor Dad back in November. After reading the book I basically have snowballed none stop into educating myself in Real Estate. In my research I haven't really found anything regarding actual start to finish for new owners. There are so many terms an things brought up in various books I have read an would like to have some people put it into prospective. I just want to get educated an figure this was the place to ask for help. 

I'm just going to create a scenario so someone can let me know how this would go.

(made up scenario ->) Have 10,000 cash saved. Found a property in good neighborhood worth $65,000 and are asking close to the valued price. Did a walk around with a realtor to check the property and found some issues that need resolved to make it rent worthy. 

From the walk through what would be next. I know things need to be done like title insurance, property insurance estimates, contractor estimate an things of that nature. Just trying to gather kind of a basic step by step process of this. Any help that is give is much appreciated  

Originally posted by @Devon Angle :

So I'm hoping someone can give me a realistic start to finish process in buying a home for a rental property. Currently I just rent a apartment and never have looked into owning until I picked up Rich Dad Poor Dad back in November. After reading the book I basically have snowballed none stop into educating myself in Real Estate. In my research I haven't really found anything regarding actual start to finish for new owners. There are so many terms an things brought up in various books I have read an would like to have some people put it into prospective. I just want to get educated an figure this was the place to ask for help. 

I'm just going to create a scenario so someone can let me know how this would go.

(made up scenario ->) Have 10,000 cash saved. Found a property in good neighborhood worth $65,000 and are asking close to the valued price. Did a walk around with a realtor to check the property and found some issues that need resolved to make it rent worthy. 

From the walk through what would be next. I know things need to be done like title insurance, property insurance estimates, contractor estimate an things of that nature. Just trying to gather kind of a basic step by step process of this. Any help that is give is much appreciated  

 The process can vary state to state and county to county.  You should be working with a good agent and they can walk you through the steps.

Once your offer is expected you would do an inspection and any contractor walk throughs, then negotiate repair items or a credit with the seller, at the same time you submit docs to the bank and they do an appraisal, then you secure the insurance and close.  The offer agreement will outline deadlines for all this

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