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Are you interested in investing in rental property but don't know where to start? It can seem like a daunting task, but with these five simple steps, you can purchase a rental property in just 45 days.

1. Check Your Credit Score

Your credit score is a crucial factor in determining whether you qualify for a mortgage. A score of 650 or higher is generally considered good enough to get approved for a loan. Before you start your property search, make sure to check your credit score and work on improving it if necessary.

1. Crunch the Numbers

To make a profit on a rental property, you need to know what the monthly rent will be and what expenses you'll incur. To determine the rental price, use online tools like Rent-O-Meter or Bigger Pockets calculator. These tools help you estimate how much rent you can charge in your local area. Once you have that number, you'll need to factor in your expenses, such as property taxes, insurance, repairs, and maintenance.

1. Apply for a Loan

Once you've crunched the numbers, it's time to apply for a loan. Get preapproved with a local lender who can help you run the monthly mortgage payment against the rental numbers to ensure you will cash flow. This is an essential step because you don't want to end up with a mortgage payment that exceeds your rental income.

1. Account for Expenses

Before you buy a rental property, make sure to account for all the expenses you'll incur. This includes not only monthly expenses like property taxes and insurance but also any repairs or maintenance that may come up. You want to make sure you have enough cash flow to cover these costs and still make a profit.

1. Put in an Offer & Close

Once you've found a property that meets your requirements, it's time to put in an offer and close the deal. This is the exciting part where you can celebrate your new investment.

In conclusion, buying a rental property can be a profitable investment if done right. By following these five simple steps, you can purchase a rental property in just 45 days. Remember to check your credit score, crunch the numbers, apply for a loan, account for expenses, and put in an offer. Good luck!