| by Kenneth Chase | 63 comments

How to Buy a Rental Property When You Don’t Know Where to Start


63 Comments

Jerry Rauch

Jan 1, 2019, 4:13 pm Reply

I was looking at a 2 bedroom bungalow, small lot, down the street from me, in West Chicago. The house was going for 120,000$ (not a foreclosure) and prop. taxes were over 5,000 $. My last house I had here from 2003 -2011, my prop. taxes went from 3,300 – 10,900 in that period. I think your videos are great , and have learned a lot, but bottom line if you're buying in Illinois be carefull with taxes and the unfavorable landlord laws. Keep up the good work Clayton.

Lawn Bear

Jan 1, 2019, 4:22 pm Reply

Thanks for another great video. I would love to see more information about out of (local) market investing. Do you buy unseen? What information do you need to pull the trigger? The market is insane where I live but I can find deals 10-20 hours away. Can I get a step-by-step video. Again, thanks for the help!

eBeing Tan

Jan 1, 2019, 6:29 pm Reply

Mr. Morris, it's always nice to watch you and learn. I have been following you for a while, your are like a mentor to me. Thank you, I have a quick question, how much does your CPA charges for your business? I am looking for an affordable real estate accountant and CPA.

I scheduled a call with your team last year, the gentleman on the phone would not give me an ROI that I would be able to get. When I asked for the purchase price, he refused to answer me. I am starting to look for turn key rentals now, but I am interested in learning the purchase price, rehab and ROI on the property. Do you normally disclose these information? Thank you and keep up the good work.

Derek Moore

Jan 1, 2019, 7:47 pm Reply

Hey Clayton. Thank for the free content, I love you're videos. I live in michigan and was wondering if you could recomend a good bank for investment properties?

Alex Chow

Jan 1, 2019, 8:11 pm Reply

Where does the $150k figure and rents keeping up with it come from? More expensive/appreciation markets require more money down to make the cash flow work but that doesn't mean it's impossible. And there is the downside of locking up your money in one property vs several. But just curious where $150k comes from and is that cash in a property (aka downpayment) or total ARV?

Jambix McHades

Jan 1, 2019, 9:56 pm Reply

That shirt is terrible

AnglerUp with Brant

Jan 1, 2019, 1:08 am Reply

Your videos have really helped me formulate my real estate plan. I’m about to close on house number 3. My first two I purchased in the mid west for $30,000 a piece and have them rented for $600 each. My goal is 30 single families between $30,000 and $60,000. I really appreciate the content.

kleyton silva

Jan 1, 2019, 1:27 am Reply

Thank you I'm learning a lot. Great videos clayton

noah wiggs

Jan 1, 2019, 4:46 pm Reply

Just turned 20 I've been saving up and I'm a few months away from having enough to buy my first rental

BetterBPrepared

Jan 1, 2019, 6:03 pm Reply

Hi Clayton, your content is very helpful for us new investors. My wife and I are closing on our first duplex in two weeks, and it needs some major rehab work. We have also purchased three turnkey properties with our IRAs from Indy and Charlotte. Very interested in talking with your team, but I don't quite have my wife onboard with taking a loan from the 401K to purchase another property. Part of our reason for investing in real estate was to not have our eggs in one basket (the stock market), but to diversify our retirement portfolio. Now I have turned 180 degrees and want to invest everything into properties and eventually follow your lead and become a full time investor. I do have a quick question about the insurance that you use. Have you guys every had to file a claim with Arcana Insurance? At this point I am having problems getting competitive quotes for this duplex. It is a brick duplex built in 1890, 2600 sq ft, ARV is $90K, and the best insurance quote is $1000 annual, which isn't too bad but…. The other quotes are even much higher by 30%-50%. Just wondering about your experience with this insurance company. Thanks for the great content and all that you do to help educate us new investors!

Northeastern native plant digest

Jan 1, 2019, 6:18 pm Reply

If I'm considering a property and can get it a little lower than market value and then increase its value. Should i calculate the potential rent based on what i expect to pay for it or the amount i would like to try and refinance ot for?

Camilo Cantor

Jan 1, 2019, 2:30 am Reply

if you only had 50K to start, would you buy a 50k house or would you try to buy 3 (50K ea) houses and financing the rest? Thank you

Terrance Carlton

Feb 2, 2019, 4:11 am Reply

Hey definitely appreciate you guys sharing your knowledge. ‭My home is paid off and I was wondering what is the best loan or refinance strategy to use to invest in Rental Property?

Dominic Williams Chen

Feb 2, 2019, 7:24 am Reply

I love this channel dearly. You can sense how genuine Mr Morris and Morris Invest are. Pieces of gold everywhere

Monroe Jackson

Feb 2, 2019, 7:23 pm Reply

If you are here and listening to this man you already REALIZE he is a genius.
Sit down shut up and listen!

initia Phillips

Feb 2, 2019, 10:17 pm Reply

Thank you for the information. Didn't know about meet up.com.

Ayayaiii Ai

Feb 2, 2019, 4:53 pm Reply

What city In Texas is a good one to invest?

newtong579

Feb 2, 2019, 1:28 pm Reply

Hi Morris, I need to get some more info regarding rental properties…how do I contact your office.

Kelley Home Team

Feb 2, 2019, 7:40 pm Reply

Clayton, you make great points in this video. Thank you!

John Adan

Feb 2, 2019, 3:56 am Reply

Really good ????

Ayanna Love

Feb 2, 2019, 1:23 am Reply

what is a good city in mississippi to invest in?

Santos Marquez

Feb 2, 2019, 4:39 am Reply

Wow, great video Clayton.
Just today I've called up
Fund & Grow. Going to create a relationship to gain business credit.
I've also made a date for your team for a consultation.
Looking fwd to th next level…

Yum Yum Cooking

Feb 2, 2019, 2:23 am Reply

I really want to start rental properties. I went to my bank and asked them if i can get a loan to buy rental properties. They said no because i already have my mortgage loan. Then i talked with ppl at morris invest she told me there 0% interest for 12 to 18 months. But after that going to be %12 interest. In my mind i khnow there is on way i can pay back $60,000 in 18months. Do you have any suggestion

Fattie2BaddieTv

Feb 2, 2019, 4:21 am Reply

When it comes to the funding service you mentioned , what range does your credit have to be to qualify ? I’m currently at 580 but it will increase significantly within the next 3/5 months.

Jesse Taylor

Mar 3, 2019, 4:11 am Reply

I'm in Bergen County, NJ and am well aware of how expensive it is. What are your thoughts on buying my first duplex, triplex that's not in driving distance? Thanks so much for the content.

Dave Baldwin

Mar 3, 2019, 4:23 pm Reply

Mr. & Mrs. Morris,

I was hoping for just a little directionadvice on paying off the remaining balance of my first investment property with a small heloc to reduce my dti significantly which would open the door to the possibility of financing additional opportunities. 23k remaining on loan – heloc is 17,500 – we have cash to cover the rest. My thoughts are to get rid of the 1170 monthly payment and move it to heloc which will be a much smaller payment on paper (for dti).
Does this sound like a good idea?

boubker zahiri

Mar 3, 2019, 5:32 am Reply

Great advice .
Thanks

Jamar Meadows

Mar 3, 2019, 1:49 pm Reply

Great advice. I'm looking to get started in real estate investing this year but trying to understand how to get started with no money. My goal is to build generational wealth.

Jeremy N

Mar 3, 2019, 5:54 am Reply

Thanks for going a different direction with this topic than most do. It really resonates with a true beginner frustrated by analysis paralysis and not knowing where to start. The Spousal acknowledgement it huge

Stoney B

Mar 3, 2019, 6:45 am Reply

Hey clayton, I really need some advice on which direction to go. I would like to buy my properties cash since I make a decent amount. If that's not the best option please let me know. My credit score is 630 and I have $$25k saved separate from my emergency savings. Another problem I am having is that I travel for work which keeps me away from home for 3 months. I would like to invest in indianapolis which is my my home state. I am familiar with growing areas so finding properties aren't an issue. It's me getting started that is the problem.

jmramir

Mar 3, 2019, 10:50 pm Reply

Hi Clayton,
I just got a sweet deal here in Michigan, a single family home in a nice blue collar neighborhood for $15k. My mother cashed out a retirement fund for me to purchase it in cash. Only problem is, it needs some work in order to be tenant ready and I don’t have any money.
Any advice??

Serial Chiller

Mar 3, 2019, 6:50 am Reply

Can i still invest properties in the US if I'm not from the US? I'm from south east asia btw

Hugo Gonzalez

Mar 3, 2019, 4:54 am Reply

I never seen a house for 40 or 50 thousand on my area (oregon.) how do I get those deals.

BMW 2018

Apr 4, 2019, 4:13 pm Reply

I buy distressed properties in the low rent district for an average of $18k-$25k with about $10k reno cost. I only lease to Section 8 voucher holders. For 2 bed I receive $600-$650 monthly and on 3 beds I received $900-$1300 depending on the tenants qualifications . I’m in the same
Mind frame and trying build enough income to cover my nut and allow me to save a little.

zmk666666

Apr 4, 2019, 1:00 pm Reply

How are you guys getting away with all the lawsuits and complaints against you!

Jesse

Apr 4, 2019, 10:30 pm Reply

That's what what my boss did Clayton, ie brought in 5 sales people and told them they have 5 mins each to sell him the product. Works everytime Clayton! Lol! Where there's a will there's a way!

Joseph Ray de Guzman

Apr 4, 2019, 6:19 am Reply

Great video! I'm just learning about real estate investing. This helps a lot.

Livlife 2k

May 5, 2019, 12:27 am Reply

how do you sleep at night?

Steven Carolus

May 5, 2019, 7:44 am Reply

Mr Morris:
Why would I need an LLC and business account if I use a property management company? Why wouldn't I just have the cash flow deposit into my personal checking and then just pay the mortgage of the investment property?

Leon E. Orange Jr.

Jun 6, 2019, 1:05 pm Reply

Do you help with VA Loans?

Rico Mavis

Jun 6, 2019, 9:10 am Reply

Mr Morris I dont have a lot of money. My credits decent. Im going through an apprenticeship. I live in phoenix arizona. The houses here are usually 100k plus. I dont have that kind of money. I was wondering if i should look into buying trailers / mobile homes. Is that a good idea?

James Tyler

Jun 6, 2019, 11:30 pm Reply

How much would it cost me to work with your company ?

Ed

Jun 6, 2019, 4:11 pm Reply

Mr. Morris what do you think about Orlando,FL as a rental market? Thanks for all the knowledge you and your wife put out to us rookies.

thegravityrebel

Jun 6, 2019, 5:39 am Reply

Wow! I love this video! Thank you!

BERTRAM SCROGGINS

Jun 6, 2019, 8:35 pm Reply

Don’t you guys sell properties? If I had full cash for it what would be the procedures. You’re so much help I appreciate you brother!

Paul Kinyanjui

Jul 7, 2019, 6:56 pm Reply

I wanted you to keep talking. But the movie ended. You have motivated me beyond measure. Taking concrete steps going forward. Thank you

Juan Rivas

Jul 7, 2019, 7:56 pm Reply

Thumbs up

zombie soul-eater

Jul 7, 2019, 4:31 pm Reply

I have had SO much hardship insuring rental properties… all my properties have no insurance… i jumped up when i heard you put a link in description…. it was the easiest insurance ever to get—THANK YOU SO MUCH for that link…

Matt F.

Jul 7, 2019, 6:29 am Reply

If you're reading this before the video played, do yourself a favor and turn down the volume before pressing play.

Jeff Huffman

Jul 7, 2019, 7:53 pm Reply

Quit bullshitting and get on with your point, you waste so much time! And time is what?….MONEY!!!

Jonathan Alvarado

Jul 7, 2019, 6:56 pm Reply

Thank you for the content. Any advice on how a veteran can start in real estate using a va Loan? I am in it for Cash flow through SFR. Looking for some help. Thanks mate .

M S

Jul 7, 2019, 12:56 am Reply

Do you have a video on "owner financing"? What are your thoughts?

James Crews

Jul 7, 2019, 9:13 pm Reply

Do you have any advice on investing into commercial property rather than residential?

Shannon Carman

Aug 8, 2019, 8:34 pm Reply

Ok… I suck at YouTube. Where are "the links below" ?

Vincent-olivier Houle

Aug 8, 2019, 6:00 am Reply

I already have my first house and got a bit of money saved, should i pay off my mortgage faster or buy another property for rental income? Im 27 years old

Rodolfoskates

Aug 8, 2019, 6:58 pm Reply

Where can I find the video that you talk why you shouldn’t own a rental property under your name?

hquebrown

Aug 8, 2019, 1:10 am Reply

i found my mentor

Free Trader

Sep 9, 2019, 1:55 am Reply

Do you own the insurance company Arcana that you mentioned?

jhouser972

Sep 9, 2019, 5:12 pm Reply

Fun tip if you bank with Chase you can now download the Chase app which has a built in feature that will breakdown your monthly spending habits into category for you. I found it extremely helpful on finding my numbers without the headache of digging through my statements manually.

Brittney Pearson

Sep 9, 2019, 7:41 am Reply

Is 30 too old too start?

Leea Robinson

Sep 9, 2019, 4:17 pm Reply

In stead of writing a list I just looked up what is the middle class pay in st.Louis my goal is to make that much

Morris Invest

Oct 10, 2019, 8:14 pm Reply

Ready to buy your first rental property? Book a 30 Minute call with our team ➜
https://morrisinvest.com

erasmo ferreira

Oct 10, 2019, 4:15 pm Reply

Thank you, for educating us on real estate investing, question: do you need different property manager for every state you buy a property in?

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