Friday, December 8, 2017

Buy and Hold Rental Property Recipe

I must be hungry :) 
Yesterday we closed three properties (two duplexes and a single home aka 5 doors). Yoo-hoo!

If you told me three years ago, that I'd be buying three houses a day, I wouldn't believe it. The reality is, buying several properties together is not much different than buying one house at a time. The recipe is the same. All you do is follow the recipe and, if you run into any problems, figure out how to overcome them.

So if you have a big goal, find a recipe that will take you closer to your goal and do your best to follow the recipe. One step at a time! As long as you keep going towards the destination, you'll get there.

Initially, when my husband and I set course towards 50-doors goal, we thought "Okay, let's figure out how to buy the first door". Our hypothesis was that if we buy one property and make it work, we can then repeat the process 49 times... Sounds childish, but so far this approach has worked for us.

And here is the recipe we are using.

Recipe - Buy and Hold Rental Property 

Serves: $200 / month

Preparation Time:  up to 6 months

Cooking Times: 30-90 days

Equipment: Determination, computer, wi-fi, and phone

Ingredients: 1 house that can be rented, 1 insurance policy, 1 real estate lawyer, 1 real estate broker, and 1 property manager. 

Method: Using a computer, wi-fi, phone and determination,
  1. Find a house with positive cash flow 
  2. Find money to buy the house
  3. Add a real estate broker, a mortgage broker and a lawyer, mixing well 
  4. Stir in an insurance policy
  5. Simmer until successful closing
  6. To serve, add an experienced property manager.


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