馃攳
Real Estate Investment Property Checklist - YouTube
Channel: unknown
[0]
this is the real estate guide to success
[1]
quick tips video series on Vance
[3]
Poindexter here with running Adams going
[6]
that thought pretty good all right
[7]
today's topic is going to be giving you
[9]
a basic investment property purchase
[11]
checklist all right something you can
[13]
use to go out and get your first
[15]
property and go through these steps and
[17]
make sure you follow these steps and
[18]
you'll probably have a successful
[19]
purchase sorry golf we're going to talk
[21]
about you know present you wanna do is
[23]
make a decision as to how you want to
[25]
use your property you want to flip it
[26]
what you want to rent anywhere and oh
[28]
yeah yeah the first thing that you want
[30]
to do when you're thinking about buying
[32]
a property is do I want to flip it or do
[35]
I want to hold it granot or and holding
[38]
it meaning do I want it to be a rental
[40]
program so there's going to be a couple
[42]
things that you look at that you say
[44]
okay if I'm going to flip it I need to
[46]
be in the area that I know I can flip
[47]
the house there's going to be a quick
[49]
sale if I'm going to read it I want to
[53]
make sure that I can I figure out what
[55]
my rent is going to be so I have to find
[57]
a house that's going to support that
[59]
particular such that you can make you
[61]
can be paid a mortgage engine to make
[63]
the profit that you want hey exactly if
[64]
you buy a house in a area that is a flip
[68]
area per se then the rents are going to
[71]
be real real high okay if you're going
[73]
to buy a property in a rental area that
[76]
you think that you're going to flip the
[77]
property well you might not be a perfect
[79]
because it's not much of its not as
[81]
desirable okay you know as and it's not
[83]
saying that rentals aren't desirable but
[86]
I have to look at okay can I fix up or
[89]
purchase fix up and sell this property
[92]
in a six-month period okay in a rental
[94]
area I might not be able to do a
[95]
six-month period and if I can't do that
[98]
six-month period I'm paying taxes i'm
[100]
paying mortgage payments and let's start
[102]
meeting to my overall i borrow your copy
[104]
yeah yep yep so you have to make sure
[105]
that you pick the right one all right
[107]
what about the next step may be choosing
[113]
determining if the rehab a freelance the
[117]
aspirin or 2i yeah well like if I'm
[120]
going to walk into a property and let's
[123]
take that already said okay I know it's
[125]
going to be a rental or I know it's
[126]
going to be a
[127]
I already know that now so now I'm going
[129]
out and I'm looking at the property so I
[131]
walk into the house and I see that it
[134]
has oil tank circuit for me all tank as
[138]
soon as I see that I'm gonna be where do
[139]
you see that where's that uh yeah a lot
[143]
of oil tanks from older properties
[145]
they're under the ground okay so then
[147]
you have to take them out because the
[149]
new EPA rules are you got to be on top
[151]
of ramp gotcha now the only thing is you
[153]
don't know whether that oil tank leaked
[155]
or not now if it did lead then you'll
[158]
have to pay calls to clean it up in that
[160]
sixth and that could be an extensive
[161]
cause so generally if I see a whole time
[164]
I don't mess with the house if I walk
[166]
into the basement and I see that there's
[167]
a crack in the foundation which I've
[169]
seen before that cannot be repaired yes
[172]
it can but it's going to be an extensive
[174]
calls okay so I'm not looking to put out
[176]
you know tens of thousands of dollars on
[178]
that one repair when I gotta do the
[180]
whole house if I happened to walk into a
[182]
house and see that you know the roof
[184]
leak but it was an extensive leak so
[187]
when you're looking at the second floor
[190]
on the second floor where the leak came
[192]
down or word came down now that messed
[194]
up the floor and if it messed up before
[197]
it you might have messed up the floor
[198]
joists so now they could get into some
[201]
structural damage there there so I may
[203]
pass on that particular house too
[205]
because there's a lot of houses out
[206]
there I don't have to take down there so
[208]
so when your checklist you're saying at
[210]
that point are the repairs necessary for
[212]
this property to extensive makes me just
[215]
back off from yeah yeah yeah yeah at
[217]
some point you would have to say you
[219]
know this thing could get out of hand
[221]
and once you get in you can't get out
[223]
all right all right so the net ties into
[226]
the next one we have on the list here
[227]
talking about ours a rehab costs in line
[230]
with what our plan is for the party
[232]
exactly if you're looking to flip the
[234]
property then you already know what that
[237]
house should be worth at the end now
[240]
once i purchase it for X amount of
[242]
dollars and I fix it up for X amount of
[244]
dollars then I know I can sell it I'm
[247]
this is the top that I can sell for now
[249]
that top amount that i can sell for I
[251]
would have to estimate that i made the
[253]
ten twenty percent a little bit lower
[255]
because i want to get a quick you know
[257]
flip right so you want to make sure that
[260]
your rehab calls don't go past what you
[263]
can actually sell that property for it
[265]
and make the profit that you were
[266]
looking to make okay even with the realm
[268]
if I wonder if it's going to be a rental
[270]
then I already know that my rep can not
[272]
be more than that well let's just say um
[274]
i purchased a property for X amount of
[277]
dollars I'm going to rehab the property
[279]
for another X amount of dollars whatever
[281]
that may be then I have to get a
[282]
mortgage well once i get that mortgage
[284]
in my rehab pulse were higher that's
[287]
gonna make my mortgage higher which is
[289]
in turn gonna make my payment higher so
[292]
now if I put too much into the house
[294]
then my pain is going to be too high I
[298]
can only rent for this month chapter my
[300]
mom now my payments will be right here
[303]
so I want to make sure that I can keep
[305]
all that in line all that is planning
[307]
before i actually purchased the property
[308]
you know they're not blind you just
[310]
can't walk in and buy a property in hope
[313]
for the best you know because you're
[314]
going to get there that's why we have a
[316]
checklist here's how exactly yeah oh yes
[318]
and only reason we do have the checklist
[320]
because I got that so you don't have to
[323]
good last one we have here on this
[326]
checklist is making sure you can get out
[329]
of property if you need to what is that
[331]
I always say that you have to have a way
[333]
out you know if I'm going to buy a and
[336]
this is more or less for rental
[337]
properties if I'm going to buy a rental
[339]
property then I need to know that i can
[342]
sell it at some point if i don't want to
[344]
do this anymore you know now sometimes
[347]
good good roads are in bad bad areas you
[351]
know so i don't want to buy a property i
[355]
always say that if you're going to rent
[357]
something you need to go in with the
[359]
mindset that I'm going to be there for
[360]
30 years I might not be able to sell or
[362]
i would have to find someone else just
[364]
like these they take it off take it off
[367]
my hands how about if I can so if I have
[369]
the mindset that I'm going to be in here
[370]
for a while then it doesn't you know I'm
[373]
not disappointed when I can't sell but
[375]
you want to always have an exit strategy
[377]
now so i might not buy in that area
[381]
because
[381]
might not be herself you know so this
[384]
area here I probably could sell it but
[387]
you know still now there might be a
[390]
little dicey but I'll take the chance
[391]
here so you kind of always have to have
[394]
that time too you're not going to want
[395]
to do it forever right so you want to be
[397]
able to get out but down if you buy in a
[399]
real bad area let's just say um
[403]
properties always appreciate that so I
[406]
might not be able to sell it in 34 years
[407]
but ten fifteen i probably can sell you
[410]
know because it's going to increase in
[412]
value or whatever like that my payment
[415]
would be lower or i would have paid the
[416]
house down some so i can always get out
[419]
you know at that point so but you always
[422]
want to have some sort of exit strategy
[424]
at something that's so i'm not going to
[426]
do this forever all right there there's
[428]
a quick basic investment property
[431]
purchased reckless you can use you can
[433]
find other checklists podcast post all
[436]
consecrated information at our website
[438]
www estate guide to success com thanks
[441]
all right
Most Recent Videos:
You can go back to the homepage right here: Homepage