all right what's going on everybody so in today's video I'm gonna be going over
seven different rules for buying a house and this comes from almost a decade's
worth of experience as a real estate investor real estate broker having
purchased numerous properties myself so I've boiled it down to basically seven
specific rules that you're gonna find out in this video
okay so rule number one you want to start looking at properties before
you're really ready but you know if you're thinking about buying a house you
should start getting out there and looking at different properties of all
different price ranges neighbourhoods condos townhouses just to get a feel for
what's out there and in the real estate investing world we always talk about you
want to look at at least a hundred deals before choosing one and the same is true
when just looking at purchasing a property you want to get out there and
you don't necessarily need to see a hundred but you really need to get a
feel for what you know what the values are what you like about some properties
what you dislike different things like that because what you'll find and I've
seen this happen numerous times you might be originally looking at buying a
townhouse I mean you go see different townhouses and you realize you might
want a condo or you might want a single-family house or any number of
scenarios so that's why it's important to look at pictures online but you also
actually want to get out there in person and just start you know get get a lot of
reference experiences before you actually want to pull the trigger on you
know a property okay rule number two and this is more if you want to see your
property appreciated value but you should purchase a property in a
transitional neighborhood and I believe in the Zillow book he talks about you
want to purchase where all the hipsters live and I don't even know what a
hipster is I think it hipster is one of those things I can't describe it but I
know it when I see it so try to buy those like cool up-and-coming
neighborhoods maybe they're you know it's going through a lot of transition a
lot of times they might be older neighborhoods that we're always
considered the nicest neighborhoods but they're typically close to like a
downtown and you know there's a lot of potential value there okay rule number
three for buying a house is you should use a real estate agent I see a lot of
people that think they can just do it by themselves and look if you're like a
savvy real estate investor and you're your professional real estate investor
that's one thing but just because you might have bought a house or two does
not make you eligible to just say you know I don't need a real estate agent
because even the most mediocre real estate agent like you just want someone
you want someone on your side you want someone on your team backing you up
vouching for you it's a big investment there's no reason to just go at it alone
and the best ways to find a good real estate agent
wicked get referrals liquor reviews you know you don't need to find necessarily
the mega agent you can if you want I mean that that'd be great too but just
find a good highly rated local real estate agent okay rule number four for
buying a house you should always have a rainy day fund so when you purchase a
property whether it's a small condo or a massive mansion you should always have a
rainy day fund because the thing with homeownership there's gonna be
unexpected costs that come up maybe you might lose your job maybe you might have
different reasons where you need to spend a lot of money on something so you
should have at least like six months of income just saved away before you even
think about purchasing a property I just bought a house a few months ago and you
know the entire boiler needs to be replaced that's you know about $10,000
costs right there I'm sure I'm gonna find some other issues with it so always
have some money saved away when you're thinking of purchasing a property and
number five and this kind of goes hand-in-hand with having a rainy day
fund but when you're under contract to purchase and even before you purchase
you want to clean up your credit as much as possible you want to pay off any debt
and obviously don't want to make any big purchases when you're under contract to
purchase a property because that can affect your ability to qualify for a
loan I've heard of numerous horror stories
almost of people you know switching jobs right before they're about to purchase a
property which basically disqualify them from purchasing the property because you
need income statements or you know purchasing a car trying to make even
large furniture purchases so save all that stuff for after you closed on the
deal all right rule number six is you shouldn't buy two like weird of a house
so and what I mean by that some neighborhoods you always want to try to
buy you know the worst house in the best area that's what that's what everybody
says however I think there is an exception to that rule
so in some some older neighborhoods some transitional neighborhoods you might
find a property remain it's like a two-bedroom house and it's like 800
square feet or maybe even less than that and it's like one level and it's just
it's just not a practical property because if you if you bought that house
yeah it's gonna be significantly under the comps but you're gonna have to do
like a massive addition or maybe even tear it down just to make it like fit in
with the other properties because when you go to resell it down the road it's
just gonna stand out and more than likely they'll just be a builder that
will just have to knock it down and rebuild it and another example of kind
of like a weird property might be I was just looking at one it was like the
smallest condo in the see so things that are that unusual like
they're just gonna sell for a significantly lower amount so you just
need to be very conservative that those types of properties it's okay if it's a
little bit different but just don't be too extreme from from the neighborhood
comps now if you're a more experienced real estate investor than you know by
all means I know some people that you know look specifically for those
properties because they're just gonna tear them down to build a new house or
maybe do a massive addition or different things like that but I wouldn't do it if
it's like your first property alright and lastly rule number seven if you're
purchasing a property expect to hold on to it for a minimum of three years and
ideally more than that even five years or ideally longer than that just so you
can recoup the value and ideally build some equity up in the property because
if you're just looking at buying a house just for a year or two just because
properties are going up and everyone's talking about real estate
that's generally speaking not a great idea you know if you're if you're doing
a short-term flip and you just find a property significantly under market
value that's one thing but if you're just looking to resell it at your to
later that can get pretty risky okay so there you have it the seven rules of
buying a house and all if you put the full description below so you can just
look at that as well and feel free to share this video like
please subscribe and I will see you on the next one alright bye
For more infomation >> Curso Fornecedores de Sucesso Funciona? É bom Mesmo | Fornecedores de Sucesso Comprar - Duration: 4:49. 
For more infomation >> Fornecedores de Sucesso Funciona Mesmo? Vale a Pena | Preço - Onde Comprar Fornecedores de Sucesso? - Duration: 4:23. 
For more infomation >> Фотоаппарат системный Panasonic Lumix DMC-G80 Kit 12-60mm Black (DMC-G80MEE-K) обзор - Duration: 1:44. 
For more infomation >> [Endless Night encore] Episode 0 - don't sell our clients' organs - Duration: 11:51. 
No comments:
Post a Comment