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0Offer accepted! Congratulations—you’re well on your way to buying a rental property. But first, your earnest money deposit (EMD) is due. How much do you need to put down? What about due diligence fees? And what happens if the home inspection comes back with major issues? In today’s episode, we’ll show you what to pay and how to protect yourself!
Welcome to another Rookie Reply! Your earnest money deposit is often the first big financial commitment you’ll make to your investment property. Ashley and Tony show you how to navigate the process, which contingencies to include, and what to do if an inspection goes sideways. Next, we tackle a question that forces investors to sacrifice cash flow or time: Should you self-manage your rental property or hire a property manager? Being a landlord might seem intimidating, but we’ve got a few tips that will make your experience much easier.
Maybe you’re not ready for earnest money deposits or property managers yet because you haven’t found a real estate market with affordable home prices! Where should you start your search? What data should you be using? Stick around and we’ll break it all down!
Looking to invest? Need answers? Ask your question here!
In This Episode We Cover
Earnest money deposits and due diligence fees explained (and how much to pay)
What to do when your home inspection comes back with major problems
Self-managing versus hiring property management for your rental property
Where to invest when you can’t afford the home prices in your market
Must-have data when choosing a new real estate market to invest in
And So Much More!
Check out more resources from this show on BiggerPockets.com and www.biggerpockets.com.
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