How My First Rental Property Changed Everything…

Before you buy your first rental property, there are three things you’ll need. And no, it’s not money, time, or experience. If you have these three keys to real estate investing, you can build wealth faster, get more deals done, and turn one rental into an entire real estate portfolio, just like David Richter did. Today, we’re going to walk through his first rental, what he did right, what he did wrong, and the lessons YOU can take away to buy your first rental, too!

David bought his first investment property early (he was only 21). He didn’t have enough cash to buy a property outright or fund the rehab himself. But thanks to a special rental property loan, he was able to fix the property up, rent it out, and start collecting cash flow WITHOUT needing hundreds of thousands in the bank. But it gets even better…

David then sold this property for a solid profit without paying ANY taxes on the sale. This allowed him to snowball his money into more rental properties and passive income and eventually achieve financial freedom. And if you follow David’s action steps for success, you can repeat this winning rental property formula, too.

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Check Out the Last “After the Deal” Episode:
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The 6-Step Guide to Buying Your FIRST Rental Property:
https://www.biggerpockets.com/blog/real-estate-703?utm_source=youtube&utm_medium=description&utm_campaign=none
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What You Need to Know Before Buying Your First Rental:
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Grab Your Copy Of “Profit First for Real Estate Investing”:
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Connect with David:
BiggerPockets: https://www.biggerpockets.com/users/drichter?utm_source=youtube&utm_medium=description&utm_campaign=none
Instagram: @richterscale91 or https://www.instagram.com/richterscale91/
Website: https://simplecfosolutions.com/

00:00 My First Rental
01:31 Finding and Funding the Deal
02:43 Renovating the Rental
03:48 Leasing and Finding Tenants
04:29 Moving into His Rental!?
04:58 Lease Options and TAX-FREE Income
07:12 3 Things Every Real Estate Rookie Needs
08:16 YOUR Action Steps


Did you miss our previous article...
https://trendinginrealestate.com/where-to-buy/house-flipping-on-the-rise-3-ways-to-find-deals