Sign Montana Banking Residential Lease Agreement Easy

Industry sign banking montana residential lease agreement easy

hello hello everybody this is sam hack here with rent to retirement coming at you hot with another real estate educational video here in gardner montana [Music] i'm standing here on the banks of the yellowstone river right below me here and the gates to the north entrance of yellowstone national park right up the road it's been quite an awesome experience cross-country skiing up here and visiting seeing bison elk moose and all the other beautiful wildlife that montana and wyoming have to offer i'm absolutely loving life and all of it is possible because of real estate without investing and even working in real estate i wouldn't be where i am today and it's time for you to start living the life that you want as well how are you going to do this well it's all about investing in rental real estate that produces mailbox money as i like to call it mailbox money is just passive rental income that's going to show up in your mailbox whether or not you get dressed and go to work every day getting started in real estate can really seem like a daunting task it's because there's just a million ways in the industry to make money and so choosing one of those can be tough it's also important that you learn all the details and gain the knowledge so you can feel comfortable before buying your first property and signing on that dotted line today i'm going to be breaking down step by step how to buy your first investment property in a general sense and then i'm also going to talk about my first experience buying a rental property and how you can compare and contrast that with your own life don't forget to like subscribe and turn on the notification bell below to stay up to date with all rent to retirements content and educational videos all right let's do it step number one go and look at some real estate that's right the fun part comes first by this i mean you should sign yourself up for a zillow.com account or any of those other real estate listing websites or maybe even get a real estate agent that can send you mls listings on a regular basis by doing this it's going to give you a feel for real estate costs in your area and give you an idea of how much money you're going to need in order to buy something by looking at properties regularly it's also going to motivate you and keep investing at the front of your mind so that you can put the work in to make this dream happen in my own experience i signed up for pretty much every single real estate website out there zillow.com realtor.com truly uh you name it i also made a spreadsheet so that i could easily plug in numbers i found on those websites to see if the property is going to make sense for me to buy step number two save money there's no secret that real estate costs a lot of money and so when one way or another we're gonna need some in order to do this thing with this comes the first step of saving up for a down payment well your down payment can be a little bit or a lot depending on what type of loan you get you could also partner with somebody else who's going to put in the money for you in exchange for you finding the deal or managing the property in the future there's a million different ways to come up with the money for a down payment for a property but i suggest the kiss method which is keep it simple stupid and by that i mean literally just save your money put it in a savings account hide it under your mattress whatever you need and then go ahead and put that down on a home yourself and own that property 100 in your name in my particular case i just accelerated my income and i worked nights i worked overtime i did dog sitting and i even rented out my car for extra cash and once i had this money i went and stashed in a high yield savings account at my local credit union so i wouldn't spend it and before you knew it i had enough for a down payment [Music] step three talk to a lender so now that you have some money saved up let's say between five and twenty percent of a home's value you're gonna wanna go find a bank or mortgage broker that can evaluate your financial picture and tell you whether or not you're in a good spot to buy a property this lender is going to do a full financial background check on you to see if you're ready if you're not well you might have to go back to the drawing board but at least you know where to go from there hopefully you'll spell out your full financial picture for the lender they'll evaluate it and agree that you're in a good spot to buy a property and then they're going to issue what's called a pre-approval letter which is going to show how much money you're approved to borrow for the property for me this is where i learned the most in my first investment property journey i found a lender online got a pre-approval letter and quickly started developing a relationship with them however i quickly realized that the lender was a bit disorganized and not very responsive to my communication so i sort of accepted that they weren't going to be able to get my deal done my real estate agent rad recommended me to a local lender that was familiar with the area and that lender quickly pre-approved me and got me ready to make my offer step four make an offer this is the exciting part so now that you're armed for that pre-approval letter you're ready to go out and make things happen that's right time to jump off the cliff into the world of financial freedom through real estate now that you've seen hundreds if not thousands of potential properties through your browsing of zillow or those weekly updates from your real estate agent with the mls listings you're now going to know what your target property is going to look like for me that target property was a two bedroom two two-bath new construction condo i wanted to go with new construction because i knew everything would be new and fresh and not require a lot of maintenance i also wanted two bedrooms and two baths actually because i wanted to have a roommate so i could rent out one room which would help me pay the mortgage lastly i made sure that this property was reasonably priced because i didn't want to stretch myself too thin financially when you find that property even if it's not perfect make the offer real estate is a get rich slow scheme and it's more about time in the market than it is about timing the market waiting for that perfect property or the right price [Music] step number five close so closing is just a fancy real estate term for saying you're gonna sign that dotted line and you're going to complete the purchase of your property between making an offer and actually closing there's a lot of due diligence items in between there and you want to make sure you do those so what you think you're buying is actually what you're buying if you have a confident real estate agent and a good one at that like my friend rad they'll walk you through all these things and make sure that you're closing with flying colors when i closed on my first property the condo it was one of the best feelings of my life i really felt i was taking control of my financial future my housing situation not paying any more rent and it helped me overcome my fear of real estate investing being scary but i soon found out it was pretty easy i was finally able to sign on the dotted line and call that piece of property my own and my home [Music] referring back to my keep it simple stupid method there's just a lot of detail here and even more in between the lines that's important to keep track of not everyone can find that perfect real estate agent like my buddy rad this is why i suggest leaving the details to the pros and making sure that nothing is overlooked and linking up with a professional turnkey company like rent to retirement there are plenty of people in the world who want to find you a property sell it to you and never talk to you again but that's the opposite of what we do here at rent to retirement the reason i'm making this video is to educate people about the power of real estate whether or not you decide to use rent to retirement please remember to like subscribe and turn on the notification bell below thank you so much for taking the time to watch and good luck buying your first property [Music] you