43: Everything You Need to Know About Financing Your First Rental
Are you ready to buy your first deal but unsure how to finance it? This show is for you! We walk through some of the common types of financing for buying your first rental property and how you can put yourself in the best possible place to get a loan.
We also talk about the importance of understanding how to use debt wisely in real estate. By using leverage, you can have control over assets worth 4 to 5 times as much as the cash you put into the deal, which means you have multiple opportunities to grow your wealth.
Loan Preparation Checklist
- Two months of bank statements
- Two pay stubs
- Previous two years tax returns and W2s
- Previous 2 years of business tax returns (if applicable)
- Copy of your drivers license
- Deal financials (not required but can be helpful)