How to Buy Your First Rental Property in 3 Easy Steps
So, you’re thinking about being called more than just “nurse!” or “hey nurse!” What about diving into real estate? Buying your first rental property can feel super intimidating, but it doesn’t have to be. I’m a busy nurse, mom to a toddler, and entrepreneur too, so trust me when I say you can make this happen—even with a packed schedule. Let me break it down into three totally manageable steps.
1. Get Clear on Your Goals (a.k.a. What Do You Want Out of This?)
First thing’s first: figure out your “why.” Try to get to the true why here.. Goals change from day to day, but what do you really seek? Are you trying to create a little extra monthly cash flown while continuing to be a nurse? Build long-term wealth for your family? Save for that dream Disney trip? Have the freedom to travel when and where you want? Knowing your goals will help you make smarter decisions when it comes to choosing the right property and will also direct you to the type of investment property.
Pro tip: Don’t overcomplicate this. Start small. Maybe a modest single-family home or a duplex to rent out while you learn the ropes. Fancy apartment complexes can wait until later.
2. Crunch Those Numbers Like a Pro
Okay, I know spreadsheets aren’t exactly sexy, but this is where the magic happens. I’ve gotten uncomfortably familiar with these bad boys, and for a couple years, used primarily excel / google sheets to run our businesses. You’ve got to know your budget before you start shopping. That means figuring out:
How much you can afford to spend on a property.
What your mortgage payment, property taxes, and insurance will look like.
How much you can realistically charge for rent.
Don’t forget to factor in unexpected costs like repairs or vacancies. A good rule of thumb? Aim for a property that brings in at least 1% of its purchase price in monthly rent. (So, a $200,000 home should bring in around $2,000/month.)
3. Find Your Dream Team and Start Shopping
You don’t have to do this alone. And it’s way easier if you don’t. Connect with a real estate agent who understands rental properties and knows your local market. Bonus points if they’re a mom like you and gets the hustle. You’ll also want to talk to a lender who can pre-approve you for a loan—it makes the buying process way smoother. Get a friend, partner, or family member to do this with you! (Don’t forget to start with an operating agreement to define the working relationship if doing this with someone - all relationships should be treated as business no matter how close you are) I can’t stress enough how much it helps to talk about business with someone you trust and can simply bounce ideas off of.
When you’re looking at properties, think about your future tenants. Is it close to schools? Grocery stores? A good park for those mom meetups? The more attractive your property is, the easier it’ll be to rent out.
Ready to Go for It?
That’s it! Three simple steps to get started: set your goals, run the numbers, and build your dream team. Owning a rental property can be such a game-changer for building financial security—and honestly, if anyone can handle it, it’s you.
Turn that dream into reality. If you’ve been thinking about real estate, this is your sign to take the leap! Have questions? Drop them in the comments—I’m cheering you on every step of the way.
