5 More Steps To Getting Started In Real Estate

More tips on getting started in real estate: one of the best investments with one of the top overall returns. Here's how. Enjoy! 🔥 Personal Finance Course & Investing Programs (Soon) https://profmichaelcurran.com🚨 Use Coupon Code🤠MICHAEL🤠🚨🔥These are educational courses; past performance does not guarantee future results.

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So you want to learn more about investing in real estate?

In this video I briefly break down the CORE investing strategy; discuss some tips when you're under contract like negotiation, contingencies (appraisal, inspection) and down payments ("bank hacking"); renovation; reappraising to remove Private Mortgage Insurance or refinancing or taking equity out through a Home Equity Line Of Credit (HELOC) or Rental Line Of Credit (RLOC); and renting out your home to pay off the mortgage.

See the video for more on the four basic investing strategies within the CORE method.

When considering going under contract, it's important to negotiate. Even in a hot market, you can often find properties where your bid can still be less than the asking price of the seller and you may get your bid accepted as I did in 2021 and 2022 despite coming in over 10% below asking and bidding the seller down by about 80% relative to my initial bid. Contingencies can slow down the process and reduce the chance that you make a successful offer, but they will give you as the buyer more wiggle room in case the property turns out to be worse than expected. Last, it's important to consider the down payment. Don't feel forced to put down too much - try "bank hacking" by putting down less (e.g., 5% vs 25%) if you can live in the property for a year before renting it out.

If your downpayment is low, you may have to take out Private Mortgage Insurance (PMI). If you buy a fixer upper, after repairing it, you may be able to reappraise the property and remove the PMI.

My last one jumped by about $300k!

Refinancing is another strategy for extracting value in addition to taking out a Home Equity Line Of Credit or Rental Line of Credit. See the video for more!

Ultimately, you can convert it into a rental property and have your renters help to pay the mortgage (Principal+Interest+Tax+Insurance). If the numbers work, you'll be able to pay TIMMUR (tax+insurance+maintenance+management+utilities+reserve[for vacancies]) and possibly even cover D for deprecation too.

Here's to your real estate investing career!

00:00 Intro
00:40 CORE Strategy
02:13 Under Contract
06:00 Rehab
06:47 Reappraise + HELOC
09:59 Rent

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