Real Estate Wholesaling- 10 Biggest Problems New Owners Make when Buying Rental Property

Closed Caption By Youtube this money so with that being said I
just want to say top of the morning to you and this is part four of my 10 part
series and today’s title is about how to not overestimate or underestimate how
much you can charge for rent for your apartment so these are some of the
things that we need to talk about because some people again will go into
situations blindly and just believing that they can charge what they want to
charge so this is very important that we we tackle this not a big subject but
there are some things that a person needs to know and a person needs to
understand I’m gonna get this out of the way early today sit back and maybe watch
the ball game I’m a huge Yankee fan so I might sit back and watch the Yankees
today so with that being said I want to give you guys a call to acts and and
what that means is I’m gonna ask my watches and my viewers to subscribe to
hit the share button to comment to like to do all the things that go according
to the video and also I have a book that I am giving out free of charge empire
pro and it is basically telling you that don’t do what the Guru’s are out there
telling you to do alright there’s another side to the story so if you want
to be able to make some money before you close a real estate deal get my book ok
get the book that my mentor has written and it’s free so with that being said
we’re gonna get into the four part series right now how not to overestimate
or undervalued what you can charge for your property so it’s very important
that you understand and that these deals and the things that
we’re speaking about they need to be done before the deal is done
okay so before you sign the paperwork and get all the other stuff done you
need to have done your due diligence okay so what this is comparable to is
what we like to call comps so you need to go in the area that you’re looking at
to buy a house okay I’ll build a house and find out what is to come what what
are people renting for here because you might have a certain number that you’re
looking to charge they might not be able to charge that amount in this area or
they may be able to go above that amount so these things need to be looked at
ahead of time all right ah you need to be when we talk about
comps you need to find a house that’s like yours so if it’s a one bedroom two
barreling through grabbing a four bedroom that’s what you need to find in
a six block radius okay houses that are similar to the makeup of
your house and find out what to charge it for rent all right so I’m gonna say
that again so if you have a two or three-bedroom house you need to find in
a six-block radius another two or three-bedroom house similar to yours
what is the going rent for in this particular house and that’s how you do
your counts so within the last 90 days you need to have this information all
right you don’t want to go back further than 90 days so you want this as recent
as possible so within the last 90 days what is the rent comparisons for this
particular neighborhood what is the vacancy rate for this
particular area and what I mean by vacancy rate how long does it take to
fill a vacant house okay or an apartment or a room this is the information that
you need to know because at the end of the day
it might take two or three months to fill the apartment and then at 2 or 3
months that’s lost cash flow so maybe you can afford it maybe you can’t but
these are the things that you need to understand before going into the deal
that it takes 6 months to get somebody in or it takes 4 months or next week the
occupancy rate is filled so these are all the different little things that you
can do alright so when we talk about rent we’re talking about some other
things you can do like is their washer and dryer in the house is that parking
available for your occupants all these things can add value to how much you can
charge ok so you need to understand these things also ok it’s very complicated and it’s very clear it’s
very precise that you understand that feeds deals need to be done before any
money is exchanged and properties and things the contracts and sign you need
to do your due diligence ahead of time all the questions that you want to know
how much can you charge is there pocket what’s the occupancy rate how how soon
does these departments fill up how soon doesn’t have to school up is
there another house like this ah with 3 or 4 burdens like mine how much are they
charging all of these questions they need to be answered ahead of time all
right you you want to know you might have you might want to charge 1500 for
rent 1700 for rent in this particular area
they’re only charged in 1250 you’re not going to get 1500 so this might not be
the area where you want to purchase a house or build a house so all these
things go into decision making and that’s what we’re talking about we’re
talking about decision making we’re talking about being prepared and
this is why it’s important that you listen to my channel because I’m going
to point you in the right direction okay I’m gonna point you in the right
direction and will give you a head start or a heads up on what you need to be
focusing on okay and that’s the purpose of my video that’s the purpose of my
channel okay is to network with different people and give them some
information that they might not normally think about okay so with that being said
I’m gonna close out it’s been fun this is not a crazy big talk of it but you
need to understand what needs to be before your deals are struck alright so
with that being said I’m gonna say adios I’m gonna say go Yankees and I’m gonna
ask you again to subscribe hit them share buttons hit the comment boxes and
do the likes okay and with that I’ll see you a part five okay you guys have a
nice day go Yankees

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