Dont Rent Buy!: A Step-by-Step Guide to Buying Your First Home

Don't Rent Buy!: A Step-By-Step Guide to Buying Your First Home

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Be sure to shop around for the lender that will give you the best rate. They can help you identify homes with the best potential, keep you informed about average rental prices, and let you know about current trends in your area, such as up-and-coming neighborhoods. Ask other local investors for recommendations. Conduct research on the internet and spend plenty of time talking with potential real estate agents to find someone who speaks your language and is on the same page as you.

Remember that this is a business investment, not a personal one. Keep your own tastes out of it and think of what your target tenants are most interested in. Are you trying to attract active, single young professionals or families?

Are you aiming for high-end or mid-range buyers? When you receive your copy of the appraisal, have your real estate agent look it over to make sure the information reported matches up with comparables in your area. You should always make your offer contingent upon the home inspection, knowing that it could reveal some potentially serious problems that may change your desire to buy the property altogether or cause you to amend your offer. If the home is in need of significant repairs and updates, you can go back to the seller to renegotiate a price reduction or ask the seller to fix certain issues before the home is sold.

Have any questions about the process?

Don't Rent Buy!: A Step-By-Step Guide to Buying Your First Home by Eddie Fadel

Want to share your experience buying a rental property? Joshua and his brothers have worked as Atlanta real estate brokers for more than 15 years. As real estate investors themselves, they are experts in helping investors navigate the dynamic real estate landscape of the metro Atlanta and Decatur, Georgia area, particularly the Intown Atlanta neighborhoods. I am from Lae City in Papua New Guinea and tried to go into real estates business and through lack of knowledge was not successful. In I had a bank loan from nothing and operated a Hostel or Boarding house and later open up a section as a Guest house.

To day I have been doing a lot of researching and trying ways to find the keys to success. With internet assistance through such venues I am beginning to check on myself what I was doing. I am grateful for such sharing of knowledge.

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One thing I might add for the credit report piece is to also subscribe to a service that actually shows scores from the 3 credit bureaus. Many of these services such as Identity Guard give a 30 day trial period, so you can signup, see your scores and then unsubscribe if you do not want to continue the service. Since you are suggesting a normal mortgage loan owner occupant , how long would i have to live there before i van rent it out?

Also how hard would it be to get a second loan to repeat the process? I think this gives a good high level approach to the process. I did have one question for you. Great article and useful information. One question, is it best to get prequalified to know how much buying ability you have? Great tips Josh, thank you. Currently going through those steps in hopes to finish with these units in my possession.

Getting a real estate agent definitely would help me find better property options, I agree, and having someone that can keep up to date on current trends in the area would really help.

Notify me of follow-up comments by email. Notify me of new posts by email. Free eBook from BiggerPockets! Time to get serious.

Be thorough when viewing the house and bear these points in mind. This is also when you finalise the mortgage with your lender to pay for the house.

This is where solicitors and conveyancers come in to do the legwork for you. Everyone shakes hands and agrees on the sale. The last important hurdle to jump is making sure that the building is insured against potential damage. Time to pack up your stuff and move into your new home!

Next — Step 1: Find buildings and contents insurance for your home, quickly and easily with Confused. A 'most favoured nation' clause used by Compare the Market could negatively impact home insurance customers. From indoor cameras to leak-detecting sensors, smart home security is changing the way we monitor our homes.

During the House Hunt

Find out what is covered under accidental damage on your home insurance. Our guide will help you understand what cover you need for your new build home. Steps to prevent burst pipes in your home, especially in cold weather. Handy hints and tips on what to do when your boiler gives in. We would like to use cookies to provide you with a better service. By continuing to use our site or closing this window you are accepting these cookies. See how to manage cookies and view our policy here.

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