Get Rich Education

Two big mistakes are: 1) Renting out your former primary residence. 2) Only being invested in one market.  This Beginner’s Real Estate Investing Audio Guide also helps you step-by-step with buying an income property: Credit Scoring Mortgage Pre-Approval Writing An Offer Inspection Vetting A Property Manager Appraisal Insurance Closing LLCs  **The entire audio from this episode is transcribed into words and can be found at the end.** People set up LLCs for asset protection, anonymity, or tax purposes. But there is a lot of administrative work. Is it even worth setting up? Your FICO credit score has five ingredients. Down payment, debt-to-income ratio covered. Mortgage pre-approval is better than pre-qualification. Select income property in: job-growth economies, high rent in proportion to low purchase price. Cash flow = Rent Income minus “VIMTUM”. Why would someone sell you a cash-flowing property? “Turnkey” defined. Should you make a lowball offer to a turnkey provider? Also discussed: Negotiation Strategy,