How to Buy Your FIRST Rental Property in 2023

Ready to buy your first rental property in 2023? If you’re going to reach financial independence, retire early, and own your time, you better get started. But you can’t build a rental property portfolio without buying your first, second, or third deal. So, how do you go from real estate zero to rental property hero without having any experience? Take some notes from rental property investing expert David Greene, who built his financial freedom-producing portfolio in under ten years!

David walks step-by-step through everything you must do to buy your first rental property in 2023. From finding the deals, getting your financing and loans set up, analyzing a property, and repeating the system. If you listen fully through this episode, you’ll have everything you need to find and buy your first (or next) rental property. So what are you waiting for? Grab a notepad and a pen, and don’t get distracted by David’s beautiful bald head. Now is the time to start building your life of financial freedom!

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Try the BiggerPockets Rental Property Calculator on Your Next Deal:
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Estimate Rent Easily with the BiggerPockets Rent Estimator:
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David’s Books Mentioned in Today’s Episode:
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Grab Your Copy of “The One Thing”:
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Episode #754

00:00 Intro
01:36 Quick Tip
02:17 How to Buy Your 1st, 2nd, or 3rd Rental Property
07:58 Getting the First Deals Done
11:08 Finding the Financing
14:36 Finding the Deals
18:28 Finding Direction
21:36 The BEST Way to Find Deals
25:04 How to Analyze a Rental in MINUTES
39:08 What PRO Investors Do

[marcrodriguez]

Im about be 22 and I’m feeling so much anxiety trying to find my first property wish me luck y’all for the next 8 to 12 months

[Bcadet]

For most people, at least the bunch I talk to, it’s not so much the fear that’s stopping us from buying a rental property, it’s the capital. I wish the hosts on this podcasts here would lean their discussions more towards the capital barrier and less on the fear barrier. You just pulled up a down deposit of $33, 000 on that property and most of the discussion that followed was getting over your fear of buying. It takes some people years if not decades to build that amount of money. Not all of us got it like that to scale and buy properties every year… More talks about methods and resources to overcome the capital barrier and less “you’re probably not giving it your all… you’re probably not going to the gym and lifting the weights as hard as you can…you’re probably not pursuing that girl that you really like” @ 40:14. Please…

[andrewryanprofaci]

So glad I found you guys at Bigger Pockets. I've wanted to get into real estate for a long time but I've struggled to do more than tread water, living paycheck to paycheck. I just spent the last 8 months fighting cancer (and winning) and the silver lining is the big disability check I'll be receiving in the next few weeks. This is my opportunity to use it as a spring board and never look back. I think you guys will give me what I need to make this first move as efficiently and effectively as possible. Thank you!

[matthewburkholder]

David you my friend are an ocean of great financial and life information, please don't stop helping us advance in life👍🏼👍🏼👍🏼

[westleydwilson]

Great video! At 30 years old, I've had my real estate license for 10 years and now 13 rental units with one STR, and I still find value in all the bigger pockets videos, podcasts, and posts. Great job guys!

[DestinationSouthFlorida]

Greetings David from South Florida (Fort Lauderdale). Real Estate Agent for 5 years and getting ready to buy another property. Just found out about you and my teammate and myself reading your books.... and just joined Bigger Pockets Pro! I walk 5 miles a day and listen to your books on Audible.

[iceguy]

Hi David I've been listening to the podcast and the interviews with inspiring people and Q&As really helps me get inspired and get knowlege for Real estate investing. Thanks for providing great value to us.

[aceofinvesting]

Don't wait! Empower yourself by taking accountability! Great message and game, thank you Dave.

[dioxyde]

I’m inspired to get this started I’m on my path to get my first investment property putting it out there for the end of this year early next year 🎉

[alexencinas]

I am exactly what you described. Window shopping but not wanting to take the plunge. Phoenix seems I possible to buy a good deal at the moment.

[Peaceful]

I agree with your ideas, too; I am not confident I will not jump in right away. Need time to learn and practice and do it with sound knowledge. And then speeding.🎉 thank you

[veeh]

Great video, we put a lot to improve our properties but drain our funds and we do get the properties rented for more than the average however we spend out our limited family funds. I am looking at different ways to get deals and improve our spending power/ loan options too. My husband is scared to loose out on everything but I keep him focus on the long run, we are not going to give up. So, I’m happy to come across your videos to strengthen us to continue. We have only a few properties and more potential sellers are coming to us because they like our work. Good advice 😊

[GCInvesting]

Great info! Still some great deals out there!

[The-Sentinel]

love the calculator and have used it in theory a handful of times so thanks for that. But I am in california looking to house hack (duplex or better) and the outrageous prices are whats stopping me. Its very cut throat here. What might be feasible with a 60% probability of success in Oklahoma or Ohio is probably 1-5% in california unless you have deep pockets.

[enriquemendizabal]

Please recomend an episode in your podcast that educates on buying the first multifamily asset

[rodrigoherencia]

Hello David, Thank you for the content. Any chance those tools work in Canada as well?

[Texmex-]

David love your channel, I recently purchased two home (fixer uppers) paid cash for both.. I did a cash out home equity loan on my primary residence, borrowed $140k..looks like I’m only going to use $50k from the the loan for renovations..thinking about doing a recast lower my payment versus trying to pay down aggressively and doing a Heloc.. I’m stuck on what I should do.. can you help me out on this.. ty

[garydownes]

What about the renter damaging the property? How do you screen renters?? Thank you for this info. From Chicago area.

[skysthelimit.podcast]

Wow this is crazy impressive!Keep up the good work!

[franc]

The most difficult thing so far for me has been talking to banks that really have made it impossible to borrow money. You need 25% to 40% down payment. Property values are all time high. Money in reserves. Proof that you have money saved for 1 year reserves. Two years of Taxes. Well, it has been impossible for me so far. Thanks guys