If you’re very new to all of this, you’re probably wondering how to dive in to the wonderful world of buying rental property. I’ll share with you what worked for me, and it involves 5 specific steps:- Find a good real estate agent
- Practice running the numbers
- Conduct physical inspections (drive-by’s & showings)
- Make an offer & negotiate
- Manage the contract processSTEP #1: FIND A GOOD REAL ESTATE AGENTEventually, you will need your own “team,” including a real estate agent, mortgage broker, insurance broker, title company, attorney, home inspector, and a handful of trustworthy contractors. But with the exception of a real estate agent, your team does not need to be brought together right out of the gate. You will gradually assemble it as you go.STEP #2: PRACTICE RUNNING THE NUMBERSAsk your new broker to send you all the active 2-8 unit multifamily rental property listings in your target area, and practice running the numbers to identify the most beneficial ones. As long as you know a simple formula and have a few key numbers from the property, can use those numbers to do rapid-fire “back of the envelope” calculations to quickly screen properties for financial practicality. Read my property valuation article to learn how to do this.STEP #3: CONDUCT PHYSICAL INSPECTIONSOnce you have a list of financially viable multifamily rental properties, take some time to do drive-by’s. Whether the numbers work or not, you do not want to get any property in an especially bad area (in fact, you’ll find that the numbers usually work best in such areas…you get what you pay for!). Plus, while not a flawless science, if the outside looks like it’s falling apart you may want to pass.After this process, you will have a list of maybe 3 or 4 properties to look at with your Realtor, instead of, say, 10 or 15. Have your Realtor schedule weekly showings, and bring a notebook to jot down notes so you can later use this info to adjust your bid amount.Keep physically inspecting properties with your agent in this manner every week and do not get discouraged. The majority of rental properties you come across will be poorly maintained and/or overpriced. Tenants beat them up, and many, many landlords could care less about maintaining their investment.So, buying rental property takes time. All I can say is be patient, and remember that the more deals you inspect, the better deal you are likely to get when you finally pull the trigger.STEP #4: MAKE AN OFFER & NEGOTIATEOk, so you’ve run a bunch of initial numbers, did a bunch of drive-by’s, and physically inspected a bunch of hot prospects with your agent. Finally, you’ve found a 2-8 unit multifamily rental property you’d like to purchase. Time to negotiate!STEP #5: MANAGE THE CONTRACT PROCESSYippee, your offer was accepted! So now what? Well, there are various steps that round out the process of buying rental property:- Get the property “under contract”
- Initiate title work; note that some states require an attorney
- Conduct a property inspection
- Get an appraisal
- Arrange financing
- Get property insurance
- Get a property survey
- Review settlement documents and close the dealThis may seem complicated if you happen to be new to all of this, but it’s really not. After you go through the entire process once, you’ll be ready to start buying rental property like there’s no tomorrow!
Start Buying Rental Property With This 5-Step Process
What Are The Benefits Of Personal Branding
Benefits Of Personal Branding
There are many benefits of personal branding within any business venture. From the onset, of your business creating a brand/logo should be a priority to ensure you stand out and separate yourself from the masses over other related businesses.
Researching multi-million or even multi-billion dollar industries, personal branding is an application that has been proven and shown remarkable results. As an example regardless of the owner of franchises such as McDonald’s, the golden arches remain constant and recognizable to throughout all McDonald’s worldwide. The golden arches have become the brand of the business. These same concepts should be the applied within your business plan.
Personal Branding For Success
In order to create a strong business brand utilize the thought process of building strong brands. Put a considerable amount of time into selecting your brand. Once you’ve determined your brand image stick with it, this is key in the importance of branding yourself for success. It is essential for your business, to create a positive image in the minds of potential customers. Personal Branding Why Should You Brand There are some key reasons in regards to “why brand”? Some of the main reasons you should choose personal branding are:
to build a strong presence
put and image/face to the company
create “likeability” surrounding your brand
define your business’ purpose
differentiate you/your brand from the numerous others in your niche
Personal Branding Establishing Yourself As An Expert In Your Niche
On a daily basis, there are several new businesses opening both online and offline, in either circumstance strong personal branding is essential to your presence, visibility and success. Creating your business, be sure you are branding yourself and not the company product you represent. The main reason for doing so is if you want to add another product, you don’t have to begin to create a new brand. Establishing yourself as an expert within your area will allow you the ability to offer more than one service or product. As long as you stay within your niche, you will continue to brand yourself as an expert within that field.
Personal Branding Through Syndication
Once you’ve established your brand image, you must begin to create traffic to your site. One of the easiest and most cost effective ways is through article marketing for SEO (search engine optimization). Each article should then go through a process of content syndication. There are a couple of tools to utilize to make this process as automated as possible. These tools are:
OnlyWire – “send your content to the top social sites with the push of a single button”
TribePro -” a simple and powerful tool that allows your message to be shared across unlimited social networks without lifting a finger.”
Be sure to brand yourself and not the company when creating your online or offline presence.