5 easy steps to buy your first rental in 90 days

Today, I’m going to share the exact 5-step playbook I used to buy my first property within only 4 months of learning it.

It’s not magic. It’s strategy. And it’s simple.

• One Market

• One Team

• One Strategy

• One Buy Box

All designed to help you do one thing…

Create cash flow and build generational wealth.

Let’s dive in.

Step 1: Define Your Market

It’s helpful to focus on a goal of either cash-flow or appreciation.

Some markets, like Austin or Seattle, are appreciation plays. They won’t cash-flow as traditional long-term rentals.

We prefer cash flow markets for new investors because cash is oxygen. As long as you have enough cash flow, you can survive.

And we typically suggest a 10% cash-on-cash return minimum.

If you want cash flow, we suggest the following markets:

• Augusta, GA

• Portland, ME

• Cincinnati, OH

• Memphis, TN

• Dallas, TX

The key is to get crystal clear on where you want to invest.

And don’t over think it. There’s no “best market”. Markets vary down to the street.

It’s more important to pick and stick with one at first.

Step 2: Specify Your Buy Box

Once you get specific about which market you’ll invest in, you will create a buy box around what’s important to you and your investment.

• Bedroom/bathroom count

• Desired square footage

• 10% cash-on-cash return or better

• Any other features relevant to your investment strategy

Once you know what you’re looking for, you can start scouting Zillow and Redfin.

It’s important to know what you’re looking for first before getting overwhelmed by all of the options online.

For the Austin market, my buy box for House Hacking is a 4 bedroom, 3 bath, and a minimum 2,500 square feet.

Because I have such strict criteria in this buy box,I know I’ll cash flow on Day 1.

Step 3: Build Your Team

Your team will consist of your lender, agent, and a handyman.

(It could also be a contractor if you are looking for a rehab project, or a cleaner if you are doing a short-term rental.)

The first part is to get pre-qualified for a lender. These are often banks or credit unions that will give you a loan for a home.

To get a pre-approval, you’ll send them documents such as

• Credit history

• Employment history

• Bank statements

• Credit card statements, etc.

These documents tell the lender how much they can loan you.

Assuming a lender is willing to lend to you, they’ll issue you a pre-approval, stating how much they’re willing to loan you. This tells your agent and the seller that you’re likely to secure financing for your offer.

This pre-approval will help your agent know what price point to look for too.

Your agent will send you listings that match your buy box. They’ll help facilitate the buying process and show you homes, among other things.

To find an agent, it’s best to ask your network. Talk to other investors you know in the area or attend local meet ups. You can also search the BiggerPockets forums for realtors in the area or look on social media.

If you are looking for an agent in your market, feel free to reply back to this email and ask me. Ward or I will see if we have a connection in your market to introduce you.

A great agent will be able to refer you to anyone else you need through the buying process, like a cleaner, handyman, contractor, etc.

Step 4: Analyze 1 Deal Every Day

For 30 straight days.

This strategy, just one deal per day, doesn’t overwhelm you. It’s not like you have to commit 4 hours per day to analyze hundreds of deals.

The more you build the habit of regularly analyzing deals, the better you get at it and the faster you can analyze them.

And by studying your market daily, you’ll start to figure out what is realistic in terms of expenses, revenue, rental demand, etc.

Most of the deals you analyze will not be good deals. Don’t let that prevent you from continuing to analyze a deal a day. When a good deal comes across your desk, you’ll know.

Step 5: Make Offers

By analyzing deals regularly, you’ll eventually find one that works. That’s when you need to pounce.

But just because it works doesn’t mean you have to overpay. In fact, it’s crucial to offer less than you think it’s worth so if the seller accepts your offer, you instantly build equity and increase your net worth on the purchase.

Be ok with sending low-ball offers. You never know if someone is in a situation where they just need to sell and will take less than asking.

Our standard is to make 5 offers per month MINIMUM.

That means you’ll be making offers every week. It’s all about taking action once you have the right plan in place.

It took me 4 months to buy my first rental because I followed this exact sequence.

If you’re looking to buy your first property in 2025, you might be interested in joining our FI Investors Community where we’ll help you get under contract.

You’ll get weekly coaching calls to help you buy your first rental property (and scale), you’ll get exact blueprint to start earning cash flow from your rentals, and connect you with dozens of other like-minded investors.

More importantly than all of this, is the air and ground approach.

On the ground, we’ll work with you 1 on 1 to make sure you make a good investment. We will make sure your deal makes sense before you buy.

In the air, we’ll grow your network and connect you with other investors so you will see what’s possible. You’ll meet and interact with people your age who are worth millions already. It’ll completely change your view of what you can achieve.

If you want accountability and a community where buying rental properties is the norm, then hit reply and let’s talk!

Best,

Diego

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