“Um, whoa, wait a sec. Invest during a pandemic?!”
“What if the housing market crashes?”
Unlikely. During the Great Recession, three forces collided to trigger the housing crash:
- Speculative new home construction flooding the market with excess supply;
- Subprime loans given to unqualified borrowers who later defaulted; and
- Overleveraged homeowners who borrowed against equity for consumer spending.
To phrase it simply:
In 2008, many borrowers weren’t qualified. Homeowners took out second mortgages for frivolous junk, leading to low equity stakes and high monthly payments. And builders overbuilt.
That’s not the case today.
Two-thirds of new borrowers in Q4 2019 hold “excellent” credit scores. Today’s average homeowner holds significant equity and their mortgage payment consumes a much smaller slice of their paycheck, as compared to 2008. And residential construction is at a record low.
It ain’t the same.
This current bear market wasn’t triggered by weaknesses in the financial or real estate markets. It’s triggered by a deadly virus. The factors that led to today’s economy are different than 2008; a housing crash is unlikely.
“But what if people lose their jobs and get foreclosed on?”
First, due to coronavirus, the government is temporarily offering enhanced unemployment benefits. These days the average jobless person collects $978 per week from unemployment, equivalent to earning $50,856 per year.
Second, most lenders are offering mortgage forbearance programs, which allow homeowners to temporarily pause or reduce their payments. This prevents foreclosures.
Third, the opposite is unfolding: in April 2020, U.S. foreclosure filings reached a 15-year low.
A handful of aggressively overleveraged investors might lose their shirts (as happens in every recession). But most homeowners will be fine.
“Okay. But is this a good time to buy?”
How financially secure are you?
If you’re financially secure -- you have a strong emergency fund, you’re free from high-interest credit card debt, and you’re living on less than you earn -- then yes, this is a fantastic time.
If you’re not yet financially secure, then don’t jump the gun. You need a strong financial foundation. Build an emergency fund. Wipe out your credit card balance. Take care of that first.
“Why? What’s good about 2020?”
Buyers hold an advantage. There are fewer buyers, which means less competition. Buyers can make more competitive offers, negotiate for bigger discounts or ask for more concessions.
In 2018 and 2019, many buyers found themselves in fierce bidding wars. Today the tables have turned.
As Warren Buffet says, “Be greedy when others are fearful, and fearful when others are greedy.”
Great deals are found by investors who buy when they sense that nobody else is bidding, especially by those who make the only offer.
“I want to invest out-of-state, but I don’t want to fly on an airplane. What should I do?”
Build a team, duh!
This situation isn’t unique to the pandemic. Many investors purchase properties from out-of-state, using the time and talent of their local team. We’ve been Facetiming, Zooming, Skyping and Slacking before it was cool.
We teach you how to build a team of agents, property managers, inspectors and contractors who will be your eyes, ears and boots-on-the-ground … so that you never have to leave home.
“What if my tenants can’t pay rent?”
Excellent question! This is the type of scenario that separates true investors from amateurs.
We train you to prepare for these situations.
First, we teach you how to analyze properties by looking at a range of potential returns, such that you only invest in a property if you calculate that you can handle the worst-case scenario.
Second, we teach you how to screen and evaluate tenants. Yes, bad luck strikes everyone, but you’ll learn how to improve your odds of picking tenants who handle their occasional misfortune with grace, respect and responsibility. We teach you important landlord-tenant communication skills that can guide you through these rough patches.
Finally, during our live Q&A Office Hours, we’ll cover the flexible arrangements you can make with tenants who are temporarily cash-crunched. You could offer one month’s rent for free if they renew their lease for another year. You could waive late fees on the condition that they stay constantly communicative. You could defer one month’s rent and spread out the balance in equal installments through the remaining months of their lease.
“Okay. What if I have other questions about pandemic investing?”
Tap our amazing support!
You’ll have access to our incredible Teachers Assistants (TA’s), who are alumni from this course and successful rental property investors. They’re on-hand to answer your questions quickly.
You’ll join one of our small accountability groups, in which you and your fellow students keep each other on-track.
You’ll have access to our insider’s-only forum, filled with fellow students and alumni.
You’re invited to our live Q&A Office Hours, which we host roughly 18 times per year, exclusively for students and alumni of this course.
You have lifetime access to all of this support. Once you’re a student, you’re part of the family forever.
Enrollment Closes In...
Here are two of my expensive mistakes (and a couple near-misses)...
Several years ago, I offered $95,000 for a three-bedroom home in the Atlanta suburbs. The seller accepted, and we went under contract.
During the inspection, I discovered that the house had serious mold issues, which would take several thousand dollars to remedy.
Yet at the time, I didn’t understand that I could negotiate aggressively during the inspection period. I thought it might be okay to ask for a small discount or concession, but I assumed that tougher negotiations at this stage might be unprofessional or rude.
I asked for a credit of $1,000 to deal with the mold. The seller agreed, and we closed the deal.
Looking back, I realize that I easily could have asked for a concession of $5,000 or more to compensate for the mold issue, and the seller likely would have granted my request. I overpaid by $4,000 due to my lack of knowledge.
This was an expensive mistake — or as I call it, tuition in the school of hard knocks.
It’s not the only expensive mistake I’ve made.
Far from it.
The first property manager whom I hired was amazing. Unfortunately, because she was my first hire, I lacked the context to recognize her skill.
Back then, I didn’t know how to hire or evaluate team members. I assumed that the players who filled these roles were easily interchangeable.
The top-notch manager charged 10 percent of gross rent. In a misguided effort to boost profits, I replaced her with a different manager who only charged 9 percent.
Yet the replacement manager snapped blurry photos, published a poorly-written listing and dragged their feet for several days before returning phone calls. This resulted in a prolonged vacancy, which cost me $1,800 in two months of lost rent.
The manager finally collected a single application, which came from a poorly-qualified tenant with several red flags on their application.
In hindsight, I shouldn’t have approved this tenant’s application. I also should have insisted that the manager conduct biannual property walk-throughs during their tenancy (or I should have hired a manager who’s professional enough to just do that without being asked).
But I didn’t know this at the time.
This tenant proceeded to destroy the home, causing around $10,000 worth of damage. The responsibility for that damage falls on me. I didn’t know what I didn’t know. At the time, I didn’t know how to grow and lead a team. And I paid the price.
That was another early lesson from the school of hard knocks. My naivety cost me $11,800.
I fired the underperforming manager, replaced him with the original top-notch manager, and the home soon became insanely, wildly profitable again.
Today, this house is one of my best-performing assets.
Today I’m also significantly better at hiring, training and evaluating a team. And sharing the story of my expensive mistake — along with observations and lessons that I learned along the way — has spared countless others from repeating these errors.
Thankfully, I’ve also dodged a handful of would-be expensive bullets.
One time, I was touring a triplex with a real estate agent. At the end of the tour, I asked about the average monthly water bill for the property.
The agent replied: “I don’t know, but if it’s high, you can always raise the rent.”
Fortunately, thank goodness, I knew enough to see through that statement. The rent is determined by the market, not by the owner’s hidden operating costs.
Not only did I refuse to accept that answer (and I insisted on viewing the previous 12 months of water and sewer bills), but I also refused to work with that same agent again.
That’s a setup for receiving bad advice and making a potentially expensive mistake.
Another time, I made an offer on a duplex in the West End neighborhood of Atlanta.
This duplex seemed like the perfect rental property. I ran an analysis through a fine-tuned spreadsheet, using a range of assumptions about rental rates and operating costs, and everything checked out.
The seller accepted the offer, and we entered into a legally-binding contract. I sent over an escrow fee, dispatched an inspector to the property, and felt that everything was going well.
Then I received the inspection report.
I’ve read countless seemingly-scary housing inspection reports over the years, and I’ve learned to distinguish the signal from the noise.
But this was serious. I’d been an investor for several years by this point, and I knew enough to recognize the severity of the report’s findings.
So I pulled out of the contract. This was insanely emotionally difficult. I felt the pain of sunk costs, both from the many hours of my time I’d spent analyzing this property and from the $450 that I paid the housing inspector. I felt the loss of “what could have been.”
But I knew that the emotional weight of sunk costs shouldn’t drive a six-figure decision.
That was the first time I pulled out of a home sale contract. But it wasn’t the last.
Over the years, I’ve made this tough decision many times. I’ve spent thousands on inspection reports for homes I’ve never purchased.
That’s not a mistake. It’s an expensive example of getting it right.
Spending a small amount of money for good information, I’ve learned, is an investment that spares me from losing tens of thousands on a making a bad decision.Not buying the wrong property is as important — if not more important — than successfully buying the right one.
When I started investing in rental properties, I also began sharing thoughts, lessons and observations on my website. I grew a community around this topic, and I noticed I kept hearing the same request over and over.
The people in my community wanted an organized, centralized, start-to-finish roadmap that taught them everything they need to know to go from novice to landlord.
Four years ago, I began building a real estate investing course. I assumed I could finish building an ultra-high-quality course in six months. Rookie mistake.
Building this course took an intense three years of development. I hired a team and we spent three years surveying thousands of respondents, gathering tens of thousands of data points, and creating lessons that answer the most pressing questions on peoples’ minds.
Our course tackles questions and solves issues like:
Done. Solved. Manageable.
We built a course that teaches you how to handle all of that.
We rigorously tested, iterated and tweaked this course. We put the course through two rounds of beta-testers and sent more than 700 students through its doors.
We’ve also hired Teacher's Assistants who are graduates from the Spring & Fall 2019 cohort, who will provide fast, knowledgeable one-on-one and group support.
Speaking of which, let’s meet a few alumni from the course:
"The way you write really resonates with me because you have this...analytical approach, which I really appreciate."
- davide fossati
“I wanted to structure my knowledge and thoughts and get additional information [on real estate investing], and there was tons of that.”
- Martin Stockerd, D.D.S.
“This class has been an amazing confidence boost.”
"I wish I had this 10 years ago."
- james guanzon
Here are a few other YFRP graduates with their thoughts:
“The most helpful aspect of enrolling in the course was the road map the course provided that helped my husband and I tackle this new-to-us real estate investing venture together.
I’m not sure we would have had the courage to go through with the [duplex] purchase without the course. And I know we wouldn’t be as savvy in our decision-making - and there are a lot of decisions to be made - without the information we got out of this course.”
“I didn’t know enough about real estate to have fully formed expectations going into the course, however the end result blew anything I would’ve had in mind out of the water. The level of detail for the immense scope of the course was awesome. The production made the content fun, interesting, and relatable, when it could’ve been textbook dry.”
- Alex Le
Here’s everything you need to know about this course.
This course is for beginner rental property investors who want to use real estate to build passive income and financial independence.
The course assumes that you live in the U.S. and want to buy rental property in the U.S., but it doesn’t make any assumptions about whether you’re investing locally vs. out-of-state. It’s designed for both situations.
(If you live in Canada, you’re welcome to join this course, but please be aware that all specific information about taxes and federal laws are U.S.-based.)
The first day of class is May 26th. This course is 10 weeks long and you’ll join an active community of your fellow students.
You’ll be organized into accountability groups of 3-5 students, so that you and your cohort can keep each other on-track.
You’ll receive an email from us five days a week for the next 10 weeks.
Each email prompts you to login to the course so that you can:
You’re welcome to take the course at your own self-guided pace, if that’s what you prefer, and you’ll have lifetime access to all the material.
The course includes an astonishing number of resources, including worksheets, checklists, word-for-word phone scripts and email scripts, spreadsheets, and much more.
The quizzes test your knowledge of everything we’ve covered for the day, and the results point you to the exact spot in the written transcript where we’ve covered any information that you missed.
You’ll get loads of individual attention. Our Teacher's Assistants will answer your questions within 24 - 48 hours, and Paula will host at least six (6) online Office Hours sessions, which typically run for 90+ minutes.
If you can’t make it to Office Hours, don’t worry — you'll have access to video replays for all sessions, complete with timestamps for everything that we discussed.
You can also learn from your fellow students, plus the alumni of previous cohorts, in our forums. (Hint: the forums are a great place to swap referrals and recommendations!)
Here’s what you’ll learn in the next 10 weeks:
How to analyze a rental property for its income stream and profit potential
How to search for a rental property, both locally and out-of-state, using both publicly-listed data as well as hunting for off-market deals
How to pay for a rental property, using both institutional (bank) loans as well as other creative methods
How to decide what level of renovation and improvement is fitting for the home, and how to speak intelligently with contractors so that you command their respect
Negotiate and Buy
How to navigate the complex process of purchasing the property (and how to spot pitfalls and red flags!)
Build a Team
How to attract, hire, evaluate, train and retain top talent
How to advertise for tenants, evaluate applicants, manage tenants, and process move-in/move-out day.
FAQs About the Course
(Click a question to expand)
“Will this course help me if I own rental properties, but have no idea how to manage them?”
Yes. If you’re an accidental landlord, or you don’t feel well-equipped to manage your existing rentals, or if you want to invest in more properties but don’t know where to start, then the material in the course will help.
If you’ve been winging it as a landlord, this course will give you more confidence to manage your rental property business.
That said, because Your First Rental Property is specifically aimed at beginners who are buying their first or second rental property, we DON’T recommend it for experienced real estate investors.
As the name implies (actually, as the name blatantly states), this is for beginners. Don’t enroll if you’re looking for overly-advanced strategies.
That leads to our next commonly-asked question ….
“Does this class share the secrets to real estate investing?”
OMG give me a break.
There are no “secrets” shared in the course, and if any of those other “gurus” out there claim that they have “secrets,” they’re shady AF because that’s a gigantic load of baloney hogwash.
There are no “secrets” to real estate investing, just like there are no “secrets” to learning calculus or dental hygiene or trumpet playing.
You don’t take a class because the teacher will reveal (imaginary, nonexistent) “secrets.” You take a class because you want a guided, curated set of lesson plans that covers everything you need to know in logical, sequential order. You take a class because you want support and accountability from the teacher, the teachers assistants, and your fellow students. You take a class for access to the resources, spreadsheets, checklists, word-for-word scripts, email canned responses, and the business-in-a-box setup. You take a class for the quizzes that test your knowledge along the way and provide real-time feedback about your strengths and weaknesses. Duh, that’s what a class is.
That’s why you take classes in high school and college, and that’s why you take classes online.
You don’t take classes because someone is going to teach you the “hidden secrets” to anthropology or statistics or dog training. Right?
So please do me a favor and never believe anyone who claims that they’ll sell you a class that holds the “secrets to real estate success.” Barf. If anyone claims to have these, they’re spammy and they’re lying.
Okay, rant over.
“I want to invest out-of-state. Should I enroll?”
Yes. This course is designed for both local and out-of-state investors. Our only assumption is that you live in the U.S. and that you want to invest in residential rental properties anywhere inside the U.S.
People outside of the U.S. are welcome to enroll in the course, and can learn the concepts and high-level critical thinking. But specifics about taxes, laws, banking and resources will be U.S.-based. For example, I don’t know the capital gains tax rate in Sweden. I don’t know the average cost of replacing an asphalt-shingle roof in South Korea. I don’t know about lending requirements from banks and credit unions in Malaysia. Our assumptions within this course are U.S.-centric.
“I’d like to buy a rental property in the next 2-3 years, but I don’t have a downpayment saved yet. Should I enroll?”
Yes, and congratulations on getting a head start. This is an excellent time to learn how to analyze, find and finance deals. If you start learning 2-3 years before you’re ready to buy, you’ll be super-knowledgeable and confident by the time you’ve saved your downpayment. And if you’re ready to buy a rental property soon (like this year), then this is a critical time to learn how to choose a great rental property.
“I’m up to my eyeballs in credit card debt, and I don’t have an emergency fund. Should I enroll?”
Heck NO!! If you are financially struggling, please do not enroll in this course. If you’re stressed about bills and you’re in a tough financial situation, this course is not right for you at this time.I’ve published hundreds of free articles on my website and 200+ free podcast episodes that can help you save money, earn more, start a side hustle, and get out of high-interest consumer debt. If you’re financially struggling, stick only with my free material. Stabilize yourself first.
“How many Your First Rental Property students buy their first property right after taking the course?”
Great question! We have a handy chart that answers this. We surveyed our students on when they plan to buy their first rental, and they said…
As you can see, most of the students in the course don’t plan on buying their first rental property right away. This makes it hard to answer the question, “How many students have purchased their first property after taking the course?” as many are still in the research and planning stages.
Further, buying the right property is crucial to this process. Rushing to buy a property just for the sake of having one goes against everything I teach in the course.
Getting spared from buying the wrong property is as important — if not more important — than buying the right one.
What’s Inside This Course?
The course consists of educational videos, audio, transcripts, quizzes, worksheets, forums, checklists for your business systems and processes, word-for-word scripts that you can use when you make calls, canned responses that you can use when you send emails, and direct access to me through six (6) live Q&A Office Hours.
Here’s a 5-minute video that explains what’s inside the course. This video is part of the Welcome and Orientation portion of the course.
What Will This Course Cover?
This 12-minute video explains it well. The video is part of the Welcome and Orientation portion of the course, and within this video, I discuss why the course modules are arranged in the order in which they are. When you watch it, you’ll get strong insight into what’s inside the course — and why it matters.
By the end of this course, you should be able to:
You WILL NOT learn about:
Where and When?
The course is online-only. You can access it from any device, at any time.
Enrollment is from May 18 - 25. The first ‘official’ day of class (when you’ll start to receive emails related to the curriculum) is May 26th.
Immediately upon enrolling, you’ll receive full access to the course. You’re welcome to self-pace through the course at your convenience, as there’s no class schedule. However, we encourage you to move through the course with the group, so that you and your fellow cohort of students can interact in the forums, discuss the day’s lesson, bounce ideas off each other, and hold one another accountable for finishing the homework, quizzes and worksheets.
You’ll receive a video lesson, quiz and/or other prompt 5 days per week for 10 weeks. Please set aside roughly 30 minutes per day, or 2.5 hours per week, to learn the material.
Of course, you have unlimited lifetime access to the course, including all future updates. The group pacing is an option, not a requirement. You’re welcome to revisit the lessons anytime you’d like, or take the class at a self-directed pace.
Many students find themselves getting off-sync with the student cohort midway through the material, usually after they get sick, take a vacation or get busy at work — and that’s normal and expected. In fact, we even have a special spot in the forums for our self-paced students. We call it “Turtle Power.” You’ll see. 🙂
How Much is Tuition?
Tuition for Your First Rental Property is $997. This includes lifetime access to the course material and lifetime support from our team.
We update the course in-between our spring and fall cohorts. We add new resources, new lessons, and new features. Once you enroll, you have full access to these ongoing updates for free, forever. You're always invited to join the Office Hours sessions that I host (six times per cohort). You can re-take the course anytime you want - you always have access to the material.
Once you enroll, you're a student for life.
"Why should I join?"
To save yourself from making an expensive mistake. (I’ve made plenty of those!) You can learn from the school of hard knocks, or you can learn in an online classroom.
Tuition for Your First Rental Property is $997, about the cost of ordering two housing inspections. It’s significantly less than you’d pay for a single class at a 4-year college or university. It’s substantially less than the fees and closing costs of just one refinance.
If this class can save you from losing/forfeiting $5,000 in an earnest money deposit, or if it can teach you to negotiate for an extra $7,000 in closing cost concessions, or if it can prevent you from taking out the wrong type of loan and spending $3,000 in refinancing fees, it will more than pay for itself.
As you continue to make smart decisions about rental property investing, this course will pay for itself over and over again.
If this class can spare you from buying the wrong rental property, just once, it could save you from making a six-figure mistake.
What YFRP Alumni Are Saying Across Our Communities...
Still on the fence? We have a 14-day, iron-clad
100% Money-Back Guarantee
Hundreds of students have already had life-changing experiences with Your First Rental Property, and I'm confident you will too.
However, if for any reason you're not satisfied with the course, simply email us within 14 days of purchasing and we'll refund you every last cent. Simple as that.
This Sounds Awesome!
How Do I Enroll?
Funny you asked…
We look forward to seeing you inside!
If you have any questions about the course, email support [at] affordanything [dot] com and we'll respond within 24 hours!