7 Steps in the Rental Property Buying Process

And a link to download the deal analysis spreadsheet.

I am preparing to teach a class on How to Buy a Rental Property on Monday and one of the things that I plan to cover are the 7 steps in the rental property buying process.

The 7 steps are:

1. First Meeting - This is what you typically will learn and discuss with your real estate agent when you meet with them for the first time.

2. Pre-Showings - These are the things you’ll need to do as homework before you start going out and looking at properties.

3. Showings - This is where you’ll be out looking at potential properties to make an offer on and ultimately buy.

4. Writing Offers - In this stage you’ll be working with your real estate agent, lender (and sometimes your attorney and CPA) to make an offer on a property that you’d like to purchase.

5. Contract to Close - Once you’ve gotten an offer accepted, this is all the stuff you and your team will need to do to close on the property.

6. Closing - This is the formal process of you buying the property. You bring your funding and sign paperwork and the seller provides you with a deed to show that you own the property.

7. Post-Closing - There are things to do after you formally close on the property and, additionally, hopefully your relationship with your real estate agent does not end at closing.

One of the things that give to clients at (or before) the first meeting is our new deal analysis spreadsheet. I call it The World’s Greatest Real Estate Deal Analysis Spreadsheet™.

This is what the inputs and dashboard tab of it looks like when you print it out:

Download a copy of it to be used with Microsoft Excel below.