How to buy a house or rental property in 5 minutes!

What’s up everybody? I’m Rob and I’m Reshawn and this is learn hustle grow if you are interested in all things personal finance Real estate and travel. This is the place for you in This video we’re going to talk about the step by step process and purchasing a primary residence or a rental property As real estate investors, we’ve made a few purchases over the last five years in addition to our primary residence We’ve also purchased a few single-family homes, and we recently closed on our first small multifamily investment Check out our blog learn hustle grow calm in order to learn more about our investment experience All right guys now it’s time to review the nine step process number one Check your credit score as a realtor I recommend Checking your score at least a year early and also your credit report so that you have the opportunity to repair Anything that may be inaccurate on your report For an FHA loan. The minimum score require is a 580 Keep in mind though the higher the score the better your rates Number 2 researching neighborhoods make a list of the things that are important to you whether it’s purchasing for your primary residence or a rental property some of the things we take into consideration are quality of the public schools Amenities in the neighborhood such as restaurants coffee shops and grocery stores doing your research in advance Will give you a more realistic expectation of the neighborhood you can afford before meeting with a realtor Number 3 to determine how much home you can’t afford check out an online? affordability calculator This tool will take into consideration your income the costs of the house and your monthly expenses Regardless of how much your lender approves you for only you can determine how much you can truly afford number for down payment So how much do you need in order to make a purchase if it’s your primary residence? You can have as little as three and a half percent Keep in mind the lower the downpayment. Usually the bigger the monthly payment 15% is generally the minimum requirement for an investment property However, 20% is recommended in order to avoid PMI number five give pre-approved Speak to your local bank or your mortgage lender To see just how much they will qualify you for number six find a great realtor He or she not only sets you up to view active properties on the MLS. They can also offer insight regarding the neighborhood in purchasing our investment properties We found it important to work with a realtor who was also an investor that way they have an idea of what it is We’re trying to accomplish and can help us reach our goals Number seven finding the home you want and make an offer Your Realtor should be able to help you figure out whether it’s a buyers market or a seller’s market For example in a buyers market the seller may be willing to pay for your closing costs On the other hand in a seller’s market. It may benefit you to pay over asking to win the bid Number eight it’s time for the home inspection while an inspection is not generally required It is absolutely to the benefit of the home buyer to do So the inspection gives you a better understanding of the condition of the home If there are issues that need to be fixed, the buyer has an opportunity to ask the seller for consideration either he or she can have those issues fixed or They can reduce the cost of the home Number nine now, it’s time for closing From the time your offer was accepted to the closing date usually takes about thirty days You will meet with your title company thoroughly go through your paperwork and sign and receive your keys Congratulations, you just bought a home Are you in search of a home or a new rental property? Did we miss anything? Share your comments below. We’d love to hear from you until next time this is lyon hustle. Grow

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