47: How To Buy Your First Rental Property (Step by Step)

Property Investors Podcast

In this episode of The Property Investors Podcast, Russell Leeds and James Youel walk you through the step-by-step process of buying your first buy-to-let property. From getting financially prepared and choosing the right strategy to the often-overlooked step of securing insurance, they cover it all.
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The 9 steps to buying a buy-to-let property are:

1. Get financially prepared: Determine your budget, explore financing options, and get a mortgage in principle.
2. Pick a strategy: Choose a property investment strategy that aligns with your goals and the local market.
3. Pick a location: Select a location that suits your strategy and investment criteria. Consider proximity, market trends, and potential rental demand.
4. Book a big day of viewings: Dedicate a day to viewing multiple properties that fit your criteria.
5. Make an offer: Base your offer on your property valuation and comparables, not just the asking price.
6. Hire a solicitor: Find a reliable solicitor to handle the legal aspects of the purchase.
7. Secure your insurance: Obtain the necessary insurance coverage, including buildings and landlord insurance.
8. Complete the purchase: Work with your solicitor to finalise the transaction, including drawing down funds and signing contracts.
9. Prepare it for renting: Make any necessary repairs, refurbishments, and safety checks before listing the property for rent.
   

Key Highlights:

• Cash vs. Mortgage: Should you buy your first property with cash or a mortgage? Russell and James debate the pros and cons in today's market.
• Location, Location, Location: Learn how to pick the perfect location for your buy-to-let investment, and why it's essential to consider your strategy.
• The Big Day of Viewings: Why you should view as many properties as possible, and how to make offers that get accepted.
• The Solicitor Secret: Discover why solicitors are a necessary evil and how to avoid common pitfalls when working with them.
• The Estate Agent Bribe: James shares his controversial tactic for getting the best deal on a property, and why it might not be strictly legal.

Whether you're a seasoned investor or a first-time buyer, this episode is packed with valuable insights and actionable advice. Tune in now and start your property investment journey today!