Improving Cash Flow When Searching for Your Next Rental Property
Manage episode 356994959 series 3360978
Don't wait until after you own your rental property to start optimizing cash flow. In this special recording, James discusses all the strategies for improving cash flow while you're actively searching for the next rental property to buy.
In this special mini-class for the Real Estate Financial Planner™ coaching program James covers:
- Real Estate Agent Selection - Besides all the things that a typical real estate agent might be able to do like help you select a better cash flowing rental property, negotiate a better deal on your behalf, refer you to quality, good value dream team members… your real estate agent may also be able to rebate part of their commission back to you at closing and you could use that money to improve cash flow. One way to improve cash flow with the rebated commission is to buy down your mortgage interest rate.
- Lock/Float Your Mortgage Interest Rate - Lock in your mortgage interest rate while searching for properties to avoid having rates rise while you’re finding your next rental property.
- Search for Less Expensive Properties - Buying less expensive properties and getting the same rent you’d get on higher priced properties can improve cash flow.
- Search for Pretty Properties - Use money you would otherwise use for fixing up properties to buy down the interest rate might result in improved cash flow.
- Search for Seller Concessions - Look for properties where sellers are willing to contribute some money toward your closing costs. You could use their contributions to improve cash flow by buying down the interest rate.
- Search for Creative Financing - Find properties where the terms of the loan aren’t directly dictated by the lender but negotiated between buyer and seller.
This covers one section of the 88 Ways to Improve Cash Flow from Real Estate Rental Properties.
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