Rental Properties 101 with Adam Droege

Hey guys, Adam with Three Doors here. Have you ever thought about getting your first rental property? Kinda like this one here?

Well hey, a lot of people ask me on a regular basis where do I start off when looking for rental properties. And I always kind of turn them on to the one percent rule. What that means is monthly rent should be about one percent of the property value. So the property is priced at a hundred thousand, the rent should be around a thousand dollars a month. And what this does guys, is it just allows you to know when to analyze a property. So if a house cost $200,000 and you’re only getting a thousand dollars a month, don’t get it if you’re looking for a rental property. Just kind of move on from that one. But if it does meet that one percent rule, it’s time to start looking at the property taxes, what the insurance costs, and a variety of other things as far as repairs and things like that. So you know, I would say anybody that’s looking to get a rental property: Educate yourself first. Find a good realtor. Also get involved in a group. We teach these things along with so many other things in our Affiliate Program, so if you want more information about that, get ahold of me.