How To Buy Your First Property To Let?

It’s easy if you have a few thousand dollars to put aside. When I started in the rental business I got my first property with a package. It was two caravans and a duplex. The duplex had only the upper part occupied and the lower part was not liveable. I repaired the bottom of the duplex and made it into a four-unit property. (two trailers and a duplex) He now carries around 800-900 per month. Not bad to start!

The first step is to research and keep an eye on opportunities if you are searching for property anywhere in the world like Properties malta or anywhere in Europe etc. It is also believing that you can do it without objection, apology, or without letting any obstacles stand in your way. If you put your mind to it, you can do it. The next step is to find your property. There are many websites that want to help you do this. It’s very convenient. (most of the time free)

So how do you buy your first rental property?

After you have found about 10 different properties, you want to go and look at them. I go and look at them myself before speaking to the dealer or owner. I look under the house for termite damage. I also look in the windows to see what the inside looks like. (Dress well so they don’t think you are a thief) Another way to find a good deal is to look for homes that need a well-kept yard and that no one seems to live there.

The next step is to take the leap of faith and decide. I always recommend multi-unit buildings because if you have someone leaving, you still have an income that comes with several renters.

Another step is to create signs that say: “I buy houses of any shape, shape or fashion”. Turn them off if local authorities allow you to. The next step on how to buy your first rental property would be to make an offer. I usually try to get a property at around 35% less than the market value. This is possible for people who absolutely need to get out of their property. I love old investors who want to get out of the business because they are getting old.

When it comes to trading, one of the best tricks to say is, “This is all I can afford”. It works miracles.

Now you want to get the bank to believe in your product Properties malta. (the product is you and your business) If the house will pay for itself, the bank will gladly do it. I have a strong relationship with my bank. So when I come in, they know I bring business and good deals.

These are some steps on how to buy your first rental property!

Thank you and good day! Good luck with the success of the Ascension!