It's Raining Rent How to Make Money Purchasing and Renting Properties
By Biff Sellers
()
About this ebook
Biff is a successful rental property owner, fix and flipper and Engineer. Biff has sold over 1,000 houses as a middle man, flipped over 220 houses, and owns his own publishing company. Biff bought his first rental property on his own in October 2012 and now has 16 rentals (commercial and residential). He has fix and flipped houses since 2005. Over the years, he has learned the best way to find rentals, get great deals, manage properties, finance properties, find great markets and build wealth with rentals. In this book, Biff gives you all the information you need to be a successful rental property investor.
Biff is known for his clear teaching style that is easy to understand and full of insight. This guide contains real-world case sales notes and data from an investor actively investing in today’s market (2019).
Here are just a few of the topics covered:
· How rental properties make retirement easy and are more secure than other investments
· The risks of investing in rentals
· How to determine a great location for rental property
· How to determine what type of rental to buy
· How to get a great deal on properties
· How to finance rentals and win using private money
· How to invest in rentals with less cash
· How to repair and maintain properties
· How to manage rentals or find a property manager
· What are the best exit strategies
· How to buy rental properties when your market is too expensive
This book has been revised a number of times to reflect current market conditions and changes in Biff’’s strategies.
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It's Raining Rent How to Make Money Purchasing and Renting Properties - Biff Sellers
Its Raining Rent:
How to Make Money Purchasing and Renting Properties
From investment expert
Biff Sellers
Dunnmade books © 2019
Introduction
The following chapters will discuss why an income-generating property rental is a great way to make money, the basics of real estate rental investment, the different ways to make money in real estate investment, how to choose a profitable property rental and also what it takes to be a successful landlord. Commercial rentals may not be the common starting place for a beginner investor but this strategy is certainly worth a mention and worth pursuing once you’ve built up the capital and notched up a few years’ valuable experience.
Real estate is just one of the types of many investment opportunities available. This long list includes foreign exchange speculation, savings accounts, and investing in stocks and bonds. These are among the more common. There is also, of course, the old method of stashing the cash under the bed. The last method guarantees no returns at all. The amount you put under the mattress is exactly what you take out from under the mattress. This works contrary to any investor’s goal which is to make the most gains possible.
Ask anyone about the best ways to invest money and real estate investment will more often than not appear as the number one investment method. This is because investing in property is a tried and tested approach to building wealth more quickly than any other form of investment. Beginner investors face an exciting journey before them, especially if they decide to unleash their inner landlord.
No one likes to hear there are no shortcuts to success. But if you do hear it this should raise a very big red flag. Success, especially in real estate letting, is built on the back of planning, preparation and persistence. All three is required in formulating and implementing a business instrument every business person requires: the business plan.
Chapter 1:
Property
Wealth For Today And Tomorrow
Rental Property Investing is purchasing investment property for the purpose of renting it out for positive cash flow. It can be single family homes, multifamily units, apartment complexes or commercial property.
Rental property is using the property to receive a regular payment from those who choose to rent or lease. It is a great way to make a steady income. Unlike flipping where you fix and sell, you will receive smaller payments over an extended period of time.
There are several ways in which you can make money through rentals. If you buy and hold the property you can rent it out for the long term. This method will give you a consistently steady flow of income that could last you for years.
Another way you can make money on rental properties is to offer the home on a rent-to-own plan. This system is where the renter gives you a down payment and then pays you rent with the specific agreement that a percentage of the rent will be applied to the sale price of the home. At an agreed upon time, the renter can either return the property to you or pay it off based on the terms of the contract.
You are not limited to renting out apartments and homes. You can also rent out condos, townhouses, commercial property, and even land. With either option, you will receive a monthly income that can be applied to the mortgage, interest, and any maintenance needed to keep the property in livable condition.
One of the biggest advantages of rental property investing, is getting passive income. Having your property or investment work for you, and earn a income while you relax or move on to other projects. If done property, rental property investing can give you the freedom to live life on your terms and set your own schedule.
* You don't have to be present to make money. You can purchase a home and have the rest of the work subcontracted out, and earn positive cash flow.
* Rental property investing allows you to make money in a variety of ways. You can earn appreciation and on your property value and have your equity grow. You get tax benefits, interest and business write offs for property ownership. You can get positive cash flow income from your tenant's rent.
* You have a variety of business models to choose from. Single Family, multifamily or commercial property.
* Real Estate Investing is one of the most sound and enduring businesses ever created. When I was a child, JC Penny's and Sears were the retail giants. They have been replaced by Amazon and Walmart. Real Estate investing will always be around because people will always need a place to stay.
* The principles for success are easy to understand. Buy at or below wholesale, rehab if necessary, rent or flip for a profit.
When you start a rental property business, begin with the end in mind. What strategy do you want to use? There are several types of strategies to decide on. For example:
* What type of property do you want to invest in? Single family, multifamily, commercial lease, apartments, condos or duplexes?
* How much money to you want to earn. Knowing that number will help you to decide what type of property you want to invest in.
* How will you finance your properties? High interest loans from private lenders? Deal with the regulations of traditional lenders or how about using credit cards?
* Where do you want to invest? Many suggest you start out, within one hour of where you live. But if you have really big financial goals, you may desire to invest nationwide.
* What is your time frame. Dreams are goals with a deadline.
Tony Robbins. You have to make a list of goals that are accompanied with deadlines.
* Are you going to manage your properties or hire a property management company?
* All business ventures involve risk. Expect the best, prepare for the worst. Business liability insurance will help, as well as the decisions you make involving financing and tenant selection.
* Vacancy. Eventually a tenant will move out. What model of marketing will you use to buffer the lost of a tenant.
* Passive income is not passive, if you are working on everything. How much are you going to delegate or subcontract out?
Once you select your overall rental property investment strategies you have to put a team together. You will need an attorney, accountant, real estate agent, repair man or maintenance person and a marketing person.
When you select an attorney make sure he or she specializes in real estate. They have to have a detailed knowledge of real estate contracts that are fair and protect you.
When it comes to accounting there are tons of software options out there that might persuade you to do your own accounting. You have to decide how much responsibility you want to have when it comes to accounting.
If you have a good real estate agent, they are well worth their commission. The best real estate agents work full time. They are more motivated because their dinner depends on their success. They should be able to give you accurate comps (Comparables is a real estate appraisal term referring to properties with that are similar, that have sold recently in the same area) and have a deep understanding of the real estate market.
Whether it's a single family, or much larger property, you should have a maintenance or repair person. Depending on the size of your business, you may need to have several maintenance personnel. If you decide to hire subcontractors, use references to make sure they are reliable.
Marketing. With the growth of the internet, there are now tons of ways to market your property. Your marketing can be as simple as business cards and a web site. Or your marketing could also be as detailed as creating YouTube videos for marketing in combination with other forms of social media like Facebook ads, email marketing, customer list building, article marketing and press releases.
Study to show yourself approved, a workman that need not be ashamed. Make educated decisions based on sound knowledge (people are destroyed for lack of knowledge). Learn from your mistakes.
Practice patience for your success. In the parable of the Chinese bamboo tree, speaker Les Brown teaches that the Chinese bamboo tree has to be watered every day while it grows for 5 years underground. Then it reaches enormous heights, shortly after it bursts threw the ground. Continue to water your breakthrough.
Make a decision to be determined to succeed. Set your goals. Make a plan. Then take action. Nothing worthwhile comes without challenges. Learn to enjoy the challenges, knowing that it is helping you to grow. After all, what's life without a little adventure.
The Safety In Rental Properties/ The Risks Of Real Estate
Investing in a rental property has its pros and cons. The positive sides of owning a rental property