3 Steps To Buying Your First Rental Property

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About this episode:
In this episode, real estate expert Thach shares the ultimate guide for beginners in real estate investing. He emphasizes the importance of having a clear roadmap to wealth and understanding the end game. Thach also discusses the best types of properties to buy and the ideal locations for cash flow. He provides a real-life example of a student who bought her first property with little money down and achieved positive cash flow. This episode is packed with practical advice for anyone looking to enter the world of real estate investing.

Thach Nguyen has come a long way since arriving in America at age 4 with his parents, four brothers, and sister in 1975. Focus, drive, determination, and great mentors paved the way for him to go from a homeless refugee to a multi-millionaire.

Thach is the CEO & Founder of Thach Real Estate Group and principal of Springboard to Wealth. He is not only a seasoned realtor, investor, coach, author, and speaker, but also a proud ambassador of the American Dream. During his 30 years in the real estate industry, he has built more than 300 homes, townhouses, multifamily units and completed over 100 flips, and owns over 100 rental properties giving him over $100,000 a month in passive income. Thach and his team have assisted more than 1,500 families to create their own American Dream of home ownership, ranking him in the Top 1% of all real estate professionals nationwide.

Timestamps:
0:00:00 - Introduction to the ultimate real estate investing guide for beginners
0:00:19 - Importance of having a roadmap and knowing the end goal
0:01:19 - Understanding the meaning of freedom, option, and wealth
0:02:27 - Personal motivations for achieving financial freedom
0:05:03 - Calculating the number of properties needed to generate desired passive income
0:07:34 - Choosing the right location and property type
0:09:12 - Real-life example of a first-time investor in Boston
0:10:10 - Importance of building relationships with realtors, bankers, wholesalers, and other investors to find off-market deals
0:11:01 - Example
0:12:07 - Comparison of the monthly cash flow with a 5% down payment versus a 10% down payment
0:12:59 - How the investor made $1,000 per month in positive cash flow
0:13:58 - Discussion of the investor's future plans to raise rents, refinance the property, and start wholesaling
0:14:56 - Goal of the investor to reach $10,000 per month in passive income through real estate investments
0:14:56 - Conclusion and encouragement for viewers to follow the same strategy

[cervantes]

You gotta be the only realistic real estate motivator on social media!
Many will say “no money down”
But you really know we really have regular jobs with regular pay.

You’re the best man!! Love the content!

[donaldtaggart]

I like how you explain how to buy the first house . Makes it seem achievable but need to have the mindset for this. Thanks Thach

[fernandoblanco]

Hey Thach, got my first property in December 2023. Looking to get another one by the end of the year! Appreciate all of the advice 🙏🏽

[lott]

Thach! Love your Wisdom and Inspiration!!!!

[ntnguyenmba]

Anh Thach, you are so inspiring!!! Thanks for all your advice!

[SoundsofNatureRelaxing-dirx]

Hello Thach, thank you for this information. I have a question: do you have a formula to determine whether an area is an A, B, C or D area?

[oqdynpo]

great information? Love your mentor videos!🤑

[estherkelly]

I really appreciate your videos. I'm soaking up all your wisdom. I want to be just like you, Thach.

[darrinoldakowski]

Great content. Thank you for all of the knowledge you are passing on to everybody. What do you recommend in terms of property management and how many properties can you manage on your own without getting overwhelmed?

[untkxyl]

great info would like to start investing asap

[musicmania]

If you put less than 20% then you need to conisder PMI as well which is again some hundreds bucks depending on the percentage paid in down payment

[paulalbertol]

Thanks for the video. Thach, Do you have connections in the DMV? I need to have connections, wholesalers, financial institutions, etc

[Povreviewz]

Can you do a video on us expat buying a rental?

[integyxsi]

So all the rental property will have to be under your name in order to “pretend” it will be your primary? What if you prefer to have the property on an LLC?

[jimdiez]

when you refi do you like to shorten the length of loan a little say from 30 to 25 yr?

[monkmysterio]

always always ALWAYS keep the 9-5 and use that money to keep funding your real estate. I always tell kids nowadays go work 2 jobs McDonalds, Pizza Hut, Walmart... whatever it takes to get your hands on real estate. EVERY market is hot as long as you get real estate near retail, hospitals, schools etc. And stay in the happy belt (Southern States)

[antonioharris]

Hi Thach,
I'm interested i n doing a DSCR 4 Plex in Detroit, MI. What tips do u hv to better accomplish this mission? I'm a newbie!

[tkingransom]

Hi Thach, When I bought my last house, I currently own 4 sfh I was told that I had to live in the house for one year otherwise it was mortgage fraud? They actually made me sign a paper that said I could be fined, prosecuted and incarcerated for violating the law. I buy all my properties owner occupied to get the best terms then live in them for a year.

[yslamannageldiyew]

In today’s market mortgage payment is higher than rent. When we rent we still have difference. How do we close that gap? Do we have to pay from our pocket?

[TurnRiver]

There are some caveats to low down payment. These types of loans can be quite difficult to close on because lenders are taking on higher risk. Therefore lenders are more stringent with their underwriting requirements, and the subject property has to be in better shape. Finding a more "turnkey" deal that is below market and/or fitting the 1% rule in high appreciating areas like Boston are difficult and rare to come by. Then there is the mortgage insurance that will increase your monthly payment until you have 20% or more in equity. On paper this is a lower entry point to getting into real estate, but there are also many factors going against you.