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 agentsFinding and lining up financingThe 50%, 70%, 1%, and 2% rulesTips for inspecting propertyFinding deals that are “off market”Direct mail tips and tricksNegotiation TipsHiring property managementInvesting in real estate with a full time joband 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 BoardmanBP Podcast 011 : The Ultimate Beginner’s Podcast For Real Estate InvestorsBP 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 MazzrilloBP Podcast 026: Building a Scalable Real Estate Business and Tenant Management Tips with Chris ClothierThe Real Estate Agent’s Ultimate Guide to Working with Investors – shortcode?[Video] How I Quickly Analyze an Investment PropertyThe BiggerPockets Analysis and Reporting toolsThe 50% Rule: How to Quickly Analyze a Multifamily Investment Property [Video]Driving for Dollars BibleYoureTheManNowDog.comProperty Management Interview Questionnaire BiggerPockets Deal Analysis ForumHard Money Lender DirectoryMemphisInvest.comEchoSignWhy YOU Should Organize a Local BiggerPockets Real Estate Meetup8 Tips for Having a Local BP MeetupBooks Mentioned in the ShowNo Time To Think: The Menace of Media Speed and the 24-hour News Cycle  by Howard Rosenberg and Charles S. FeldmanThe Four Hour Workweek by Tim FerrissThe E-Myth Revisited by Michael GerberTweetable TopicsWhen 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!)