BP Podcast 040: 40 Quick Tips for Buying Your First (or Next) Investment Property

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Today’s episode of the BiggerPockets Podcast is a little different than normal – in a great way. To celebrate the 40th episode of the Podcast, Brandon and Josh spend an hour sharing their top forty tips for buying your first – or next – investment property. These tips range from marketing to working with agents to investing with a full time job and a whole lot more.  Whether you are brand new or are an experienced investor, a flipper, wholesaler, or buy and hold investor – these tips are going to help you build your business and close more deals, faster.

Read the transcript for episode 40 with Josh & Brandon here.

Listen to The Show on iTunes (Preferred Method!)

Click here to listen on iTunes.

Listen to the Podcast Here:

In This Show, We Cover:BiggerPockets Podcast _ Real Estate Investing and Wealth Building

  • Working with investor friendly agents
  • Finding and lining up financing
  • The 50%, 70%, 1%, and 2% rules
  • Tips for inspecting property
  • Finding deals that are “off market”
  • Direct mail tips and tricks
  • Negotiation Tips
  • Hiring property management
  • Investing in real estate with a full time job
  • and a whole lot more!

Special Thanks to This Week’s Sponsor

We just want to give a special shout-out to our very first sponsor ever here on the BiggerPockets Podcast – MemphisInvest.com. The team at MemphisInvest continues to provide incredible value to our community, so definitely take a minute to check them out if you are interested in turnkey rental property.

Visit them at Blog.MemphisInvest.com/BP

Links Mentioned in the Show:

Books Mentioned in the Show

Tweetable Topics

When dealing with home sellers, look for motivation and equity. (Tweet This!)

When analyzing property, don’t let emotion cloud your judgement. (Tweet This!)

You can build your reputation by being ‘that guy’ who brings everyone together. (Tweet This!)

Find investment niches and strategies that fit your lifestyle. (Tweet This!)

Create systems for your business so you are not the bottleneck in your business. (Tweet This!)

 

 

About Author

Thanks for checking out the BiggerPockets Real Estate Investing & Wealth Building Podcast. Hosts Joshua Dorkin & Brandon Turner strive to bring top-notch educational content and interviews to our listeners -- without the non-stop pitch prevalent around the industry. With over 80,000 listeners per show, the BiggerPockets Podcast has become the biggest real estate podcast in the world. But don’t take our word for it. We’re the top-rated and reviewed real estate show on iTunes — check it out, read the reviews on iTunes, and get busy listening and learning!

35 Comments

  1. Great podcast. You guys are amazing. Thanks for putting this together. One question: One of the quick tip was about leas options if there is no equity, can you elaborate a bit about them both from a wholesaler and from a buy/hold perspectives? Or point to the right resources. How do they work? I am interested in learning more about them. Thanks.

    • When you talk about talking with the seller to find out what they need, how do you do that with listings off of the MLS? My realtor does not allow me to contact the seller. Is that common?

  2. Quick tip: when writing an offer on a buy and hold were the property comes with tenants don’t forget to include either in the offer or have title company take care of this; document the transfer of the security deposit (and any pro-rated rent).

    Lesson Learned!!!
    Rob

  3. I put this in the wrong spot.

    When you talk about talking with the seller to find out what they need, how do you do that with listings off of the MLS? My realtor does not allow me to contact the seller. Is that common?

  4. The tip about working with inspectors is a good one. You don’t necessarily have to follow the inspector around like a puppy dog however. What I do is let the inspector in (or have him let in), and then come back in 2 hours or so when he’s wrapping up. Then he takes me around and shows me everything and explains it in detail. I ask questions and have learned a lot.

    I think if you watch someone WHILE they work, it can bug them. But if you let them explain what they did AFTER they’re done, then they are showing off their experience.

    Another tip — if you find a really good inspector, stick with them. Don’t be afraid to ask for deals if you get a lot of inspections. I haven’t bought a ton of properties, but I’ve used the same inspector and like Josh and Brandon said, it normally is about $300-$400 for an inspection. I made a deal with my inspector that I get all my inspections for $250. And I’ve referred that inspector to other people as well, so it’s paid off for him.

  5. Congrats on the 40th podcast Brandon and Josh! Great tips and thank you. Keep up the great work you two do! I have also spread the word about BP to a couple people I have meet along the way too.

  6. Congrats on the 40th podcast. Yet another great podcast. So many useful tips. I especially liked the idea of using Craigslist to determine how much to charge for rent in the area. Thanks guys.

  7. Wait, wait wait.. guys, don’t forget the basics… it’s not “quick tip”… it’s “quuiiiiiicckk tiiiip”…. like you mean it!

    I’m only 30 seconds in, excited about this one. Great milestone, guys, congrats.

  8. Brandon/Josh, One of the quick tip was about leas options if there is no equity, can you elaborate a bit about them both from a wholesaler and from a buy/hold perspectives? Or point to the right resources. How do they work? I am interested in learning more about them. Thanks.

  9. The podcast said you should plan 1/2 of your mortgage payment in expenses. Is that 1/2 of your principle, interest, taxes and insurance payment or just principle and interest?

  10. Brooke Spaulding on

    Hi guys- this is a great episode. I just wanted to add to your suggestion of craigslist for rent comparisons. I really like padmapper (website and app version) for looking up rentals. It also gives you comparison to average for that number of bedrooms in that specific area.

    Thanks for all the great info!

  11. Josh/Brandon, in my REI learning journey, I like your 40th bday tips… Specially, I like about putting my currently working deal numbers and get the feedback for expert advice… It was a great show… Keep up your good work…

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