🔑Save up for a down payment of 15-20% of the property price.
💳Work on improving your credit score to qualify for a mortgage with better rates.
🏦Have your tax returns and bank statements in order for the loan application process.
🏡Consider investing in single-family residences or small multi-unit properties.
⏰Act quickly when you find a property you like, but compare options to make an informed decision.
How much money do I need for my first rental property?
—Typically, you'll need a down payment of 15-20% of the property price.
What credit score do I need to qualify for a mortgage?
—Ideally, you'll want a credit score above 740 for the best rates.
What documents do I need for a loan application?
—You'll need your tax returns, bank statements, and proof of employment and income.
Should I buy a condo or a single-family residence?
—Single-family residences offer more potential for growth and fewer restrictions compared to condos.
How can I make an informed decision when buying a property?
—See as many properties as possible, compare options, and act quickly when you find the right one.
00:00Learn how to prepare for buying your first rental property, including saving for a down payment and improving your credit score.
03:30Understand the importance of having your tax returns and bank statements in order for the loan application process.
06:00Consider investing in single-family residences or small multi-unit properties for better potential and financing options.
08:40Get answers to common questions about the required down payment, credit score, necessary documents, and property choices.
10:50Learn how to make an informed decision when buying a property by comparing options and acting quickly.
