Episode #435, presented by Baselane:
Episode Show Notes:
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If you’re holding out for the “perfect” deal, you’ll always be on the sidelines. Today’s guests weren’t afraid to take on a challenge with their first rental property, and it paid HUGE dividends. Not even an expensive market or extensive rehab could stop them from making money and reaching their investing goals!
Welcome back to the “Real Estate Rookie” podcast! Noreen and Derek Eddy are a real estate investing power couple who took a big risk with their first deal—a distressed, multifamily property that had recently been foreclosed on. To make matters worse, they were forced to turn their renovation project into a live-in flip once their contractor didn’t hold up his end of the bargain. Rather than straining their relationship, this DIY project brought them closer together, and today, the property’s revenue covers most of their mortgage!
In this episode, you’ll learn all about the low-money-down loan you can use to finance your property and renovation costs, as well as a lesser-known strategy you can use to find rare deals in a competitive market. Finally, Noreen and Derek will offer advice on dealing with tenants and how to get along while living under the same roof!
00:00 Intro
00:57 Finding a RARE First Deal
13:12 203(k) Loans Explained
18:33 Investing with Your Spouse
20:51Numbers on the Property
25:34 House Hacking with Tenants
32:43 2AM Police Visits!?
39:16 What’s Next for the Eddys?
42:51 Connect with Noreen & Derek!
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By: Real Estate Rookie
Title: Building Wealth with a First Rental Property 99% of Newbies Pass Up
Sourced From: www.youtube.com/watch?v=5rpIppzjmcE
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