Build your first deal

Practice on fictional Cedar House. Learn to check evidence, compare funding, test costs, handle surprises and decide whether to proceed or pass.

• Rent is not profit: Spot what the ad leaves out.
• Set your limits: Find out how much this investor can put in.
• Compare two areas: Choose where to look closer. An estimate isn’t a fact.
• Pick a property: Do a quick check before you spend more time on a property.
• Compare loans: Look past the monthly payment.
• Check the numbers: Use rent you can back up, and count all the costs.
• Test a setback: See if the plan holds up when rent drops.
• Set your walk-away price: Change the price. Don’t bend the facts.
• Start the work together: Track who does what and by when, without waiting when you don’t need to.
• Handle a surprise: Fix the cash plan before you commit.
• Clear up open issues: Treat loan approval, title and insurance as three separate checks.
• Prepare to close: Check that the money adds up and fix last-minute problems.
• Review your first month: Run the rental legally, and compare real results with your estimates.
• Explain your decision: Take what you learned into your next deal.
• Try a different property: Use the same steps on a new case.

Finer details vary by location, financing and contract. Check current local rules before acting.