No BS Just Buy Rentals: A Straightforward Guide to Buying Your First Rental Property

Entering the world of rental property investing can feel overwhelming. Between endless YouTube videos, podcasts, and blogs, it’s easy to get stuck in a cycle of consuming information without taking action. If you’ve been caught in this loop, unsure about where to start or who to trust, this guide is for you. This no-nonsense approach, inspired by real estate investor Bud Evans, cuts through the fluff and delivers practical, actionable advice to help you buy your first rental property with confidence.

Overcoming Analysis Paralysis: Taking the First Step

One of the biggest barriers to buying your first rental property is fear and confusion. Many aspiring investors get caught up in what’s called “analysis paralysis”—endlessly researching, comparing opinions, and hesitating because every deal looks risky or every market seems uncertain. The internet is filled with conflicting advice: some say only buy multifamily properties; others push flipping, wholesaling, or waiting for the perfect market crash.

Here’s the truth: you don’t need to be perfect to get started. Bud Evans emphasizes that one good deal outweighs a hundred opinions. Your goal should be to learn the basics, get into the game, and adjust as you go. Confidence comes from action, not from more research. Fear often masquerades as logic, pushing you to “be cautious” or “do more research,” but the only way to conquer that fear is by taking imperfect action.

What Makes a Good Rental Property?

Not all rental properties are created equal. When evaluating your first investment, focus on three key criteria:

1. Cash Flow:

   Does the property generate positive cash flow after accounting for all expenses? This means not just your mortgage payment, but also property taxes, insurance, maintenance, vacancy, capital expenditures, and management fees.

2. Location:

   Is there strong rental demand in the area? Consider factors like job availability, school quality, infrastructure, and neighborhood stability.

3. Exit Options:

   If the market shifts or your tenant stops paying, can you sell, refinance, or switch to short- or mid-term rentals? Flexibility is key to managing risk.

Remember Bud’s rule of thumb: if it doesn’t cash flow on paper, it won’t magically cash flow in real life. It’s essential to be disciplined in your expense estimates—set aside 5-8% for vacancy, 5-10% for maintenance, 5% for capital expenses, and 8-10% for property management, even if you manage the property yourself. Underestimating expenses and overestimating rent is one of the most common beginner mistakes, and it can cost you thousands over time.

Understanding your tenant profile is equally important. Are you targeting working-class renters in a C-class neighborhood with higher turnover, or investing in an A-class neighborhood with higher income tenants and longer leases? The more you understand your market, the easier it becomes to find properties that fit your investment goals.

Financing Your First Rental Property

Many people believe you need to be wealthy to start investing in rental properties. That’s simply not true. There are several financing options available, and some require little to no money down:

• VA Loans:

  Available to veterans, these allow you to buy a 1-4 unit property with 0% down. You can live in one unit and rent out the others, effectively “house hacking.”

• FHA Loans and 203k Loans:

  Require only 3.5% down and can be combined with house hacking strategies.

• Conventional Loans:

  Typically require 5-25% down, sometimes up to 30%, but are great for long-term holds.

• USDA Loans:

  For rural properties, sometimes offering 100% financing.

• Creative Financing:

  Seller financing, subject-to deals, private money lenders, hard money loans, and partnerships can provide alternative funding options.

Bud stresses that funding should follow deal analysis—not the other way around. Find a solid deal first, one that cash flows and is below market value. If the deal is good enough, the money will follow. That said, do have your lenders, private money contacts, or partners lined up before you jump on a deal. Networking with agents, lenders, and contractors is crucial to success.

Don’t let the down payment scare you. Bud shares that some of his clients bought properties with less than $5,000 out of pocket. The key is knowing how to use available tools and resources effectively. The first deal is always the hardest, but once you have a process, the second and third deals get easier and build momentum.

Run Your Numbers with Confidence

Fear often comes from uncertainty about the numbers. To eliminate guesswork, Bud uses a tool called Flipper Force. This software helps investors calculate repair budgets, cash flow, returns, break-even points, and compare exit strategies. Having a clear, data-driven picture of your deal is vital to making sound decisions and avoiding emotional pitfalls.

Without precise calculations, you risk underestimating rehab costs, ignoring reserves, or forgetting management expenses, which can quickly erode profits. Bud recommends running every deal twice: once with conservative estimates and once with best-case scenarios. If the deal doesn’t work under conservative assumptions, walk away. Discipline now saves you regret later.

Building Your Real Estate Team

Real estate investing is not a solo endeavor. Trying to do everything yourself—from acquisitions and marketing to rehab planning, leasing, bookkeeping, and operations—quickly leads to burnout. Bud advises building a team and mastering delegation.

One of Bud’s best moves was hiring an executive assistant through REVA Global, a company specializing in virtual assistants trained for real estate tasks. Virtual assistants can handle activities like pulling comps, updating CRM systems, scheduling calls, following up on leads, bookkeeping, sending mailers, and coordinating maintenance.

Delegation might feel risky at first, and you might worry that no one can do it as well as you. But Bud’s experience shows that systems and clear standard operating procedures (SOPs) combined with a good virtual assistant can deliver 80% or better results. This consistency and efficiency free up your time to focus on strategy and growth—ultimately the key to scaling your real estate business.

A 30-Day Game Plan to Buy Your First Rental Property

If you’re serious about buying your first rental property this year, here’s a clear 30-day action plan to cut your learning curve in half and build momentum:

1. Find One Deal in Your Pipeline:

   Don’t focus on buying immediately; instead, get serious about defining your buy box. Analyze real opportunities and work with an agent to narrow down your ideal first rental property criteria.

2. Choose Your Target Market:

   Research and decide on the geographic area and tenant profile that aligns with your goals.

3. Try Flipper Force:

   Use this tool to analyze deals accurately. It’s free for the first 30 days, making it a risk-free way to sharpen your skills.

4. Book a Discovery Call with REVA Global:

   Explore how a virtual assistant can support your investing journey.

5. Analyze Five Deals:

   Challenge yourself to analyze at least five properties within a week to build your deal evaluation muscle.

6. Build Your Network:

   Start creating a list of real estate agents, lenders, contractors, and join local or online real estate groups such as Facebook communities.

Following this plan will give you more clarity and knowledge than most people who spend months watching videos without taking action.

Final Thoughts: Commitment Over Fear

Rental property investing is a marathon, not a sprint. It’s not a get-rich-quick scheme, but rather a proven path to financial freedom when done with discipline and commitment.

Bud shares a powerful analogy:

To recap your weekly checklist:

• Know Your Buy Box:

  Define what properties fit your investment criteria.

• Trust Your Numbers:

  Use tools like Flipper Force to analyze deals accurately.

• Get Support:

  Build your team, including virtual assistants and trusted professionals.

• Make Your Move:

  Take imperfect action and start building your rental portfolio.

Remember, imperfect action beats perfect inaction every time. Don’t wait to feel 100% ready. Start with small steps: call a lender, analyze your first deal, book a discovery call, and watch how these actions compound into success.

Rental property investing offers a fast track to financial freedom—but only if you take the leap and commit to the process. Your future self will thank you.

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