40: 40 Quick Tips for Buying Your First (or Next) Investment Property

Today’s episode of the BiggerPockets Podcast is a little different than normal – in a great way. To celebrate the 40th episode of the Podcast, Brandon and Josh spend an hour sharing their top forty tips for buying your first – or next – investment property. These tips range from marketing to working with agents to investing with a full time job and a whole lot more. Whether you are brand new or are an experienced investor, a flipper, wholesaler, or buy and hold investor – these tips are going to help you build your business and close more deals, faster.

Read the transcript for episode 40 with Josh & Brandon here.

In This Show, We Cover:

• Working with investor friendly agents
• Finding and lining up financing
• The 50%, 70%, 1%, and 2% rules
• Tips for inspecting property
• Finding deals that are “off market”
• Direct mail tips and tricks
• Negotiation Tips
• Hiring property management
• Investing in real estate with a full time job
• and a whole lot more!

Special Thanks to This Week’s Sponsor

We just want to give a special shout-out to our very first sponsor ever here on the BiggerPockets Podcast – MemphisInvest.com. The team at MemphisInvest continues to provide incredible value to our community, so definitely take a minute to check them out if you are interested in turnkey rental property.

Visit them at Blog.MemphisInvest.com/BP

Links Mentioned in the Show:

• BP Radio Podcast 001: Building a Successful House Flipping Business and Losing Millions with Marty Boardman
• BP Podcast 011 : The Ultimate Beginner’s Podcast For Real Estate Investors
• BP Podcast 006: Investing While Holding a Full Time Job with Arthur Garcia 
• BP Podcast 037: Full Time Income, Part Time Lifestyle Real Estate Investing with Aaron Mazzrillo
• BP Podcast 026: Building a Scalable Real Estate Business and Tenant Management Tips with Chris Clothier
• The Real Estate Agent’s Ultimate Guide to Working with Investors – shortcode?
• [Video] How I Quickly Analyze an Investment Property
• The BiggerPockets Analysis and Reporting tools
• The 50% Rule: How to Quickly Analyze a Multifamily Investment Property [Video]
• Driving for Dollars Bible
• YoureTheManNowDog.com
• Property Management Interview Questionnaire 
• BiggerPockets Deal Analysis Forum
• Hard Money Lender Directory
• MemphisInvest.com
• EchoSign
• Why YOU Should Organize a Local BiggerPockets Real Estate Meetup
• 8 Tips for Having a Local BP Meetup

Books Mentioned in the Show

• No Time To Think: The Menace of Media Speed and the 24-hour News Cycle  by Howard Rosenberg and Charles S. Feldman
• The Four Hour Workweek by Tim Ferriss
• The E-Myth Revisited by Michael Gerber

Tweetable Topics

• When dealing with home sellers, look for motivation and equity. (Tweet This!)
• When analyzing property, don’t let emotion cloud your judgement. (Tweet This!)
• You can build your reputation by being ‘that guy’ who brings everyone together. (Tweet This!)
• Find investment niches and strategies that fit your lifestyle. (Tweet This!)
• Create systems for your business so you are not the bottleneck in your business. (Tweet This!)

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