3 Steps To Buying Your First Rental Property
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Published 2024-05-07
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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.
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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.
Follow on Instagram: www.instagram.com/thachnguyen/
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
All Comments (21)
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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!
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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
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Thach! Love your Wisdom and Inspiration!!!!
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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 🙏🏽
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Anh Thach, you are so inspiring!!! Thanks for all your advice!
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I really appreciate your videos. I'm soaking up all your wisdom. I want to be just like you, Thach.
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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?
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great information? Love your mentor videos!🤑
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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?
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Thank you!!!
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Amazing mentality 👍
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Thanks for the video. Thach, Do you have connections in the DMV? I need to have connections, wholesalers, financial institutions, etc
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Getting my popcorn
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Very smart 👌
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when you refi do you like to shorten the length of loan a little say from 30 to 25 yr?
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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!
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Can you do a video on us expat buying a rental?
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I have a ?.. each year does the renter pay for the property tax or do we do ?
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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.
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So if you already have a house that you are paying on but intend to move into the new property you are going to buy Can you still use the 5% down?
