Follow my field-tested 5 steps for the correct way to purchase your first rental startup angel investor. To be nobody but yourself – in a world which is doing its best, night and day, to make you like ever body else, means to fight the hardest battle any human being can fight, and never stop fighting startup company
Startup Angel Investor
The majority of people in this world are satisfied with mediocrity. If you seek to advance, and startup angel investor your lot in life, along a different path, do not expect them to cheer you on. You have to find your strength and resolve from within. In addition, you have to climb the summit of a steep learning curve anytime you start a new, worthwhile endeavor. Yet with each hill you climb, you get stronger.
Refinance your existing house
Beyond increasing your net worth, owning your own home allows you an easy path to begin buying properties to fix up and rent out. The number one way that investors obtain money to purchase investment properties, myself included, is to refinance a house that has increased in equity, and to take out a new loan on the house to utilize that equity.
Prequalify for a Loan
Before you start shopping, it is important to get an idea of how much a lender will actually be willing to give you to purchase your investment property. You may think you can afford a $300,000 property, but lenders may think you are only good for $200,000 depending on factors like how much other debt you have, your monthly income and how long you have been at your current job.
Focus Your Search
Focus your search in areas of town where many people like to live. It will not be the nicest area of town, or the worst area of town, but somewhere in between the two extremes. Concentrate on lower-priced fixer upper houses.
Do a genuine inspection
Always do a professional and through inspection of your startup angel investor. It is not enough just to just “eyeball” a house and go by what you see on the surface. You must hire a professional inspector. When you turn up some unsatisfactory conditions, you ask the seller to fix the problems, or you look for another house.
Ask for a better deal
During tough economic times, sellers do not receive very many, if any, offers on their houses. This opens the door of opportunity for the buyer who can ask for a lower price and request that the seller help with closing costs.