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

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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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patchoflandWe just wanted to give a shout out to our podcast sponsor on today’s show: Patch of Land. Patch of Land is a Peer-to-Real-Estate (“P2RE”) lending marketplace that matches accredited and institutional investors seeking high-yield, short-term, asset-collateralized investments to borrowers seeking more timely and consistent sources of funding for rehabbing properties across America.

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In This Episode We Cover:

  1. Commit
  2. Gain Knowledge
  3. Get Your Life in Order
  4. Decide on What You Want With Your life
  5. Decide What Niche/Strategy is Going to Get You There
  6. Set Your Goal(s)
  7. Choose Your Farm Location
  8. Figure Out Your Financing
  9. Get Your Core Team Together
  10. Start Looking for Deals
  11. Estimate Rehab Budget
  12. Run the Numbers
  13. Review Your Numbers With Someone
  14. Make the Offer
  15. Negotiate and Get It Under Contract
  16. Manage the Due Diligence Process
  17. Keep Yourself Organized
  18. Buy the Property
  19. Manage the Property or Rehab
  20. Stick Close to BiggerPockets for Every Step of This process

Download the PDF (for all the links)
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Connect with Brandon and Josh

Show Preview

 

Brandon’s Deal Analysis Video

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!

22 Comments

  1. Chuck Buck

    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

  2. Vincent Crane

    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.

  3. Michael macklin

    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.

  4. Paul Lombardi

    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

  5. Tom Burckhard

    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!

  6. Sam Chu

    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 !

  7. Matthew Foucheaux

    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.

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