Real Estate Rookie: Recent Episodes
BiggerPockets
Ready to build your real estate empire… but not sure where to begin?
Think of us as your personal trainer.
From detailed breakdowns of real-world deals… to one-on-one coaching sessions and a warm, welcoming community… hosts Ashley Kehr and Tony J Robinson bring on a wide range of guests to tackle the “newbie” questions you've wondered about but might be afraid to ask.
Looking to 10X your real estate investing business this year? This show isn’t for you.
Looking for your first, second, or third deal -- or envisioning a more modest portfolio? Step right up.
Every Wednesday, we’ll arm you with the tips, tools, and roadmaps you'll need as you embark on your journey toward financial freedom.
If your end goal is financial freedom, investing in real estate is one of the best ways to get there. But, if you want to reach that goal sooner rather than later, you may need to leverage several strategies at once. Today’s guests were able to fast-track their journey to financial freedom by doing just that! In this episode of the Real Estate Rookie podcast, we’re chatting with husband-and-wife real estate duo Joe and Andrea DelGrosso. Their investing journey started back in 2016 when they bought a single-family rental without knowing very much about real estate. Although they initially invested for some extra financial stability, their focus shifted in 2019. As they started tuning into BiggerPockets and educating themselves about real estate, they realized that there were ways to expedite their path to financial freedom—tapping into equity to turn tens of thousands into MILLIONS. Today, the DelGrossos have a modest portfolio of ten properties. Stick around as they share how they were able to create multiple revenue streams from a single property, as well as why they made the transition from long-term rentals to short-term rentals. For rookies who are still deciding on which real estate strategy to use, they touch on everything from 1031 exchanges to BRRRRs and more! In This Episode We Cover: Reaching financial freedom faster by combining multiple investing strategies How to create multiple streams of income from ONE property How to get your spouse on board with real estate investing Leveraging the equity in your properties to grow your portfolio FAST How to avoid capital gains taxes using a 1031 exchange And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Hear Our Recent Interview with Mike Michalowicz Snowballing 6-Figure Short-Term Rental Profits Into Passive Investments w/ Avery Carl Achieving FI with Fewer Doors: The Small and Mighty Real Estate Portfolio w/ Chad Carson Follow Lauren Mattina on Instagram Connect with Joe and Andrea: Joe's BiggerPockets Profile Joe and Andrea's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-321 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices
Your tenant is breaking their landlord tenant lease agreement. What now? Do you go after the money or eat the loss? Depending on the amount, it may not even be worth the trouble. Either way, perhaps the more important question to ask is, “How can I prevent this from ever happening again?” Welcome back to another Rookie Reply! Broken leases are a pain to deal with, but in this episode, Ashley and Tony offer up the “magic words” that could save you the headache. They also talk about partnerships and make the case for getting pre-approved separately. Rookie investors often feel like fish out of water when it comes to networking. Fortunately, our hosts have several helpful tips on how to bring real value to the table. They also go over property management fees and how to vet a property manager before hiring them. Finally, they discuss tax strategy versus tax preparation and why waiting until tax season to hire a CPA is the wrong move! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover: What to do if a tenant breaks a lease (and the clause you MUST put in your lease agreement) The best way to get pre-approved for a loan when you’re in a partnership Two questions you MUST ask before hiring a CPA (certified public accountant) Different types of fee structures to consider before hiring a property manager Minimizing your taxes as much as possible as an investor How to bring value as a rookie investor and build your network And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Grab Your Copy of “Real Estate Partnerships” Today When It Comes to the Lease, Don’t Leave Any Wiggle Room Follow Gaby and Ciara on Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-316 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices
Going from house poor to earning HUGE cash flow and building a real estate empire? The journey to wealth through real estate was no walk in the park for today’s special guest. After figuring out that someone else would actually pay his mortgage for him, however, it became a whole lot easier! Welcome back to the Real Estate Rookie podcast! Today, we’re joined by none other than Rob (Robuilt) Abasolo—investor, YouTuber, and co-host of the BiggerPockets Real Estate podcast. Born to first-generation immigrants who worked tirelessly to provide him with a better life, Rob grew up knowing how to live below his means. Little did he know that this mindset would prove critical when he and his wife were stuck with a mortgage payment they couldn’t afford. It was at this time that Rob discovered house hacking and put the strategy to the test—with enormous success! Ultimately, this proof of concept would give him the courage to build and scale his very own real estate business. If you need to be reminded that investing in real estate is a viable path to financial freedom, look no further than this ultimate rags-to-riches story. As Rob reflects on his days as a rookie investor, he shares why it’s so important to document your journey, different ways to subsidize your mortgage, and how to get your spouse on board with your real estate obsession! In This Episode We Cover: Why you NEED to start documenting your real estate journey today Supplementing your income with creative side hustle ideas How to get your spouse on board with your real estate ventures Subsidizing your mortgage payment through house hacking and rental arbitrage Using proof of concept to scale your real estate business Money-saving DIY home renovation projects (and when to hire a pro instead!) And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Listen to the "BiggerPockets Real Estate" Podcast Meet Rob at BPCon 2023 in Orlando 10 Deals on a $20K Waitress Salary With Ashley Hamilton Connect with Rob: Rob's BiggerPockets Profile Rob's Instagram Rob's TikTok Rob's Twitter/X Rob's YouTube Join Rob at HostCon on October 28–30 in Houston, TX
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-315 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices
Are mortgage points really worth it? In many cases, they can save you money on a loan. But be careful; that lower rate might not be worth the cash you put up! It’s important to run the numbers before doing a mortgage buydown, and our trusted hosts are here to show you how! Welcome to this week’s Rookie Reply! In this episode, Ashley and Tony talk about mortgage points and when they make sense for real estate investors. They also discuss cash-out refinancing in depth—how much you can pull from a property, why banks enforce a “seasoning period,” and how to potentially get around it! Looking to go digital with your rentals? Our experts list the pros and cons of installing keyless entry pads. Finally, they provide the FREE tools you can use to get updated property information! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover: Mortgage points and why you MUST do the math before a buydown Seasoning periods and how long you might need to wait before refinancing How much cash you’re able to pull in a cash-out refinance How to choose between short-term and long-term rental strategies Pros and cons of installing keyless entry pads for your rentals FREE tools you can use to get accurate information about a property And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Find Your Next Off-Market Deal, with Invelo Change Your Locks with Ease by Purchasing Core Inserts Follow Emma Kioko on Instagram Books Mentioned in This Episode Real Estate Partnerships by Ashley Kehr & Tony Robinson
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-314 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices
No real estate investing journey is ever sunshine and rainbows, but some are certainly more difficult than others. Many rookie investors are either so fearful of making a mistake that they experience “analysis paralysis” or are so eager to own property that they rush into several costly mistakes. Today’s guest fell into the latter camp! Welcome back to the Real Estate Rookie podcast! Today, we’re joined by Tyrin Tyson, a travel nurse who made his fair share of mistakes on the way to his first deal. After working tirelessly to save up extra cash for real estate, Ty hastily bought two properties at an auction. Come to find out, they weren’t exactly as advertised. To make matters worse, some bad advice led to a nightmare rehab project that went $20,000 over budget and took nearly two years to complete. If you want a realistic picture of the average real estate journey, this is an episode you won’t want to miss! Hear how Ty earned the capital to invest (including a fun side hustle!), weathered the storms of his first deal, and found a real estate community that pushed him to keep going when giving up seemed like the best option. In This Episode We Cover: Why you MUST have a game plan before buying real estate The two challenges you are likely to face without a real estate community How to find a mentor who will point you in the right direction The pros and cons of long-distance investing vs. staying in your market How to spot a nightmare renovation project when estimating rehab costs Creative side hustle ideas you can use to fund your real estate deals And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Manage Your Rental Property with Stessa Books Mentioned in This Episode The Book on Tax Strategies for the Savvy Real Estate Investor by Amanda Hann & Matt MacFarland Real Estate Partnerships by Ashley Kehr & Tony Robinson The Cashflow Quadrant by Robert Kiyosaki Connect with Tyrin: Tyrin's YouTube Tyrin's Instagram Tyrin's LinkedIn
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-313 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices
You recently submitted an offer on a house, but you haven’t heard back from the seller. Now what? As an eager rookie investor, the waiting game can be painful. You may already have an eye on other properties but need the capital to invest. Should you withdraw your original offer? Fortunately, Ashley and Tony have a few helpful tips to make your decision a little easier. Welcome back to another Rookie Reply! In this episode, our hosts tackle several important topics—including when to pull an offer on a house and whether you should create an LLC when buying your first property. They also discuss the biggest differences between single-family and multifamily real estate and which type of property is best for rookie investors to target. Finally, they talk about how to become a private money lender and the two important documents that should be in place before you lend a penny! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover: Rescinding an offer on a house when you don’t hear from the seller Whether to buy a single-family or multifamily property for your first deal LLCs and whether you need one when buying your first property How to become a private money lender (and what you need to protect yourself!) The two documents that MUST be in place before lending money And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Hear Our Full Episode on Real Estate Partnerships Grab Your Copy of “Real Estate Partnerships” Today How to Protect Your Rental from Fires, Floods, Lawsuits, and Liability Follow Mindy Templeton on Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-312 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices
Some simple DIY investing hacks could save you thousands of dollars. But, as a rookie, the thought of tackling your own home renovation projects might be a little intimidating. Bringing sweat equity to a deal, however, can help you save a ton of money and even make you more valuable in a partnership. In this episode of the Real Estate Rookie podcast, we’re chatting with Shaun Kelly, whose road to real estate investing was anything but fast or easy. Shaun spent nine years in the analysis paralysis phase before he finally pulled the trigger on his first deal. Since then, he has built a portfolio of nine properties in four years and has refined his DIY skill set to the point where he can perform all types of rehab projects for a fraction of the typical cost. Whether you’re looking for creative ways to increase profits on your investment properties or bring value other than capital to a partnership, tune in to hear Shaun’s biggest money-saving DIY hacks and his journey, from making simple fixes to performing major home renovations. Ashley and Tony discuss their own experiences with DIY projects and list the jobs they prefer to outsource to a pro! In This Episode We Cover DIY hacks that will help you save a FORTUNE on home renovation projects How to stop overanalyzing and finally land your first real estate deal How to account for sweat equity when structuring a partnership The importance of documenting your journey as a new real estate investor Harnessing the power of YouTube to build your network and create another income stream And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Analyze Your Deals with the BiggerPockets Investment Calculators Achieving FI with Fewer Doors: The Small and Mighty Real Estate Portfolio Follow Ashley Wilson on Instagram Book Mentioned in the Show: Real Estate Partnerships by Ashley Kehr and Tony Robinson The Gap and the Gain by Dan Sullivan Connect with Shaun: Shaun's BiggerPockets Profile Shaun's YouTube
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-311 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices
Do you really need a real estate partnership for your deals? What are the benefits, and do they outweigh the risks? Well, it depends. The truth is that, while great partnerships will deliver value to both sides, bad partnerships will turn belly-up in no time. Welcome a very special edition of the Real Estate Rookie podcast, where our hosts, Tony and Ashley, talk about their latest book, Real Estate Partnerships. There are several reasons why a rookie investor might benefit from having a partner. Maybe they lack the capital for a particular deal, or maybe there are knowledge gaps where the expertise of a more seasoned investor might prove helpful. If you’ve wondered whether forming a partnership is the right move for you, you’re in luck—this episode is all about partnerships! Tune in to learn where to look for a partner, how to structure a partnership, and the differences between equity partnerships and debt partnerships. Our hosts also share the single greatest sign of whether a partnership will succeed. Remember to grab your copy of Real Estate Partnerships and use code “PARTNER310” at checkout for an exclusive discount! In This Episode We Cover Four signs that you NEED a partnership to succeed in real estate The best places to look for a real estate partner Choosing a partner with a compatible personality and complementary skill set How to properly structure your real estate partnership (and splitting the deal!) Important points you MUST include in your partnership agreement The main differences between equity partnerships and debt partnerships And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Hear David and Rob on the “BiggerPockets Real Estate” Podcast How to Use the DISC Profile to Communicate Effectively in Business David's BiggerPockets Profile David's Instagram Rob's BiggerPockets Profile Rob's Instagram Book Mentioned in the Show: Grab Your Copy of “Real Estate Partnerships” and Use Code “PARTNER310” at Checkout
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-310 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices
A small real estate portfolio that replaces your entire W2 income!? Many rookies assume that becoming a full-time investor is only possible after amassing a large portfolio with dozens of properties, but that’s not the case. Today’s guest was able to meet his family’s monthly income goals with only six rentals! In this episode of the Real Estate Rookie podcast, we’re speaking (in person!) with Travis Hall, an investor who knew very little about real estate just 18 months ago. After seeing the stress that his wife’s rigorous W2 job was creating, Travis discovered BiggerPockets and caught the real estate bug. The rest is history. Today, he has a small portfolio of six rentals—all thanks to the power of networking, partnerships, and, most importantly, taking action. If you’re ready to trade in the rigidity of your nine-to-five for the flexibility of real estate, tune in to hear Travis talk about his fast journey to full-time real estate investor. He spares no details when discussing his short-term rental strategy (including some VERY unique investments), as well as the monthly income goals he needed to meet to make full-time investing a reality. Grab Ashley and Tony’s latest book, Real Estate Partnerships. Don’t forget to use code “REALESTATE” to get 10% off at checkout! In This Episode We Cover Replacing your W2 income through a small real estate portfolio Combining the cash flow from multiple rentals to meet your income goals Why you NEED to review your market’s short-term rental regulations BEFORE closing a deal Airbnb arbitrage (and how to convince a landlord to let you do it!) Using Facebook groups to find partners for future real estate deals How to start managing other properties with ZERO capital And So Much More!
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-309 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices
How important is cash flow when analyzing real estate deals? Many rookies zero in on this familiar figure when crunching the numbers, but there’s another metric that is FAR more important: cash-on-cash return. This simple but powerful equation can help you determine whether an investment property is worth buying! Welcome to another Rookie Reply! Many rookies struggle to analyze deals when starting out. Fortunately, Ashley and Tony are here to show you exactly how to calculate your cash-on-cash return on a property. They discuss when to use lines of credit to help fund deals, as well as how to pitch seller financing options that make sense for both sides. They also talk about the home appraisal process and, finally, whether an offer on a property can ever be TOO low! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover Why you should use cash-on-cash return over cash flow when analyzing deals How low is TOO low when making an offer on a property When it makes sense to use a line of credit for a down payment The purpose of appraisals and when you might need to order one How to effectively pitch seller financing options so both sides walk away with a win And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Use the BiggerPockets Investment Calculators to Analyze Your Deals Using Lines of Credit to Kickstart Your Investing Career
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-308 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices
Your rental property is at risk. Maybe not now, but in the near future, you could face property damage, the need to rebuild, or an angry tenant/guest filing a lawsuit against you. What do you do? Don’t get too sweaty; this is why you have landlord insurance! The problem? Most landlords have coverage that BARELY protects their properties when something goes wrong, leaving their entire portfolio vulnerable just to save a few dollars. This is a HUGE mistake and could cost you far more than you know. To help demystify the world of rental property insurance, we brought on Christian Bachelder from The One Brokerage and Darren Pettyjohn, co-founder of Proper Insurance. Together, these two policy powerhouses discuss the BEST ways to protect your properties, the unknown risks that so many rental property investors aren’t aware of, and the common mistakes rookies make when choosing a rental property insurance policy. But that’s not all. Christian and Darren will give you the exact questions to ask your insurance agent/broker, uncover why umbrella policies are a MUST in this business, and explain why big insurers are leaving high-risk states like California and Florida. This discussion could save you hundreds of thousands, if not MILLIONS when something goes wrong at your property! In This Episode We Cover The most common mistakes rookies make when getting landlord insurance CRUCIAL questions to ask your agent BEFORE you buy a policy Umbrella insurance vs. LLC protection and which is a better bet for investors The three most important parts of your insurance quote and numbers to pay attention to Short-term rental property insurance and why AirCover just won’t cut it Renters insurance and the unbelievably cheap protection it provides tenants And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Find Insurance For Your Rental Property The BiggerPockets Guide to Landlord Insurance Rookie Reply Episode 296 Richer v. Travelers Case Connect with Christian & Darren: Christian's BiggerPockets Profile Christian's Instagram Christian's Email Darren's BiggerPockets Profile Darren's Website
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-307 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices
Financial freedom with only a handful of rental properties!? So many real estate investors are convinced that amassing units is the key to bigger profits, but the truth is that a strategy involving fewer doors can be just as—if not more—effective. Today’s guest is an advocate for the “small and mighty” real estate portfolio that allows you to create passive income, pursue your passions, and achieve financial independence on your terms! Welcome back to another episode of the Real Estate Rookie podcast! Today, we’re sitting down with Chad “Coach” Carson to discuss his latest book, The Small and Mighty Real Estate Investor. Enjoying the flexibility that many rookie investors dream of, Chad and his family live abroad while his property managers handle the day-to-day operations of his rentals stateside—allowing him to spend very little time on his business each week. If you want to achieve financial freedom without becoming enslaved to your real estate business, this is an episode you won’t want to miss! Chad speaks on creating passive income through real estate, how to enjoy a two-hour workweek, and why accumulating more units shouldn’t be your end goal. He also talks about the three phases in every real estate journey and why the final phase is the key to unlocking your financial independence! Remember to pick up Chad’s new book and use code “SMALL306” at checkout! In This Episode We Cover How to build a small real estate portfolio that supports your financial goals The three important phases in every real estate journey Lean FI, fat FI, and why you should know both numbers before investing The people and systems you NEED to create passive income from your rentals Arriving at “enough” when scaling your real estate empire And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Become a (Small) Multifamily Millionaire in 7 Steps w/ Brian Murray and Brandon Turner Books Mentioned in the Show Retire Early with Real Estate by Chad Carson Get Your Copy of “The Small and Mighty Real Estate Investor” and Use Code "SMALL306" for 10% Off Connect with Chad: Chad's BiggerPockets Profile Coach Carson Podcast Chad's Instagram Chad's YouTube
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-306 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices
Don’t know how to analyze a rental property? After this episode, you’ll be a rental property analysis pro, knowing exactly how much money you’ll make on your first, second, or next real estate investment. But don’t worry; you won’t need any complex formulas, dense spreadsheets, or complicated math to calculate how much cash flow you’ll collect from your real estate deal. Instead, you can use the EXACT methods we show to analyze investment properties in minutes, EVEN if you’re a real estate rookie! In this episode, Ashley and Tony will teach you EXACTLY how to analyze real estate deals in 2023. From long-term to short-term rentals, BRRRR properties, and choosing your real estate market, Ashley and Tony will go through everything you need to ensure your first or next real estate deal is a home run. Our hosts will go step-by-step through analyzing a real estate investing market, signs of one you should invest in, building your “buy box,” analyzing a long-term, short-term, and BRRRR investment property, and how the 2023 housing market has changed. If you’re still waiting to get a rental property under contract, this is the place to start In This Episode We Cover How to analyze a rental property, short-term rental, or BRRRR investment from scratch 2023 housing market updates and what you MUST know before buying Using the BiggerPockets rental property calculators to analyze properties in minutes Where to find insurance prices, property taxes, and other KEY variables The three things you MUST know before analyzing an Airbnb or vacation rental Financing your real estate deal and rental property loans you can use to purchase an investment property! And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! BiggerPockets Calculators Used in This Episode: Rental Property BRRRR Rent Estimator Tune into The “Real Estate Rookie” Podcast: Podcast YouTube Grab Tony’s Short-Term Rental Calculator BrightInvestor NeighborhoodScout Policygenius PriceLabs Propstream Investor Shout-Outs: Amy Mahjoory Lattes and Leases Zosia Madden (Rookie Ep 301)
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-305 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices
Want to buy your first investment property? You DON’T need twenty percent down sitting in your bank account. We know; everyone has told you that you need a massive down payment before you buy a property. But did you know that expert investors like Ashley and Tony rarely come to the closing table with their own money? If you know where to find the right funding, you too could buy multiple income properties a year WITHOUT having to scrimp and save up tens, if not hundreds of thousands of dollars! We’re back with another funding and finance-first Rookie Reply episode. This time, Ashley and Tony will go over how to fund your first BRRRR or fix and flip, EVEN if you don’t have twenty percent down. On a closely related note, we’ll touch on what to show a private money lender when you’re looking for funding and the “private money packet” new investors should start creating TODAY. Then, Ashley and Tony will hit on how to make more offers so you can build wealth faster. Lastly, you’ll hear the differences between small and large multifamily and why experienced investors LOVE larger deals. If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover Reserves, down payments, and how to fund your first BRRRR or fix and flip if you’re low on cash Unlocking private money lending and exactly what a lender wants to see before they fund your deals The easiest way to start making more offers and the simple technique that’ll make analyzing deals a breeze What to know BEFORE you buy a large multifamily property (and laws to pay attention to) Cap rates, commercial real estate, and why bigger deals are often easier to increase equity And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Listen to Episode 303 with Spencer Carpenter Check Out Our Mentee Episodes with Lawrence Briggs: Part 1 Part 2 Part 3 Part 4 Lattes and Leases Serena Norris
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-304 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices
The easiest way to supercharge your real estate portfolio? Host your own real estate meetups to build your network! If that sounds intimidating, you’re not alone! Many rookies let their lack of experience or fear of no one showing up stop them from tapping into this gold mine of a networking strategy. Today’s guest found it to be the fastest and easiest way to find wholesalers, buyers, and lenders for his real estate deals! Welcome back to the Real Estate Rookie podcast! In this episode, Ashley and Tony are joined by Spencer Carpenter—an investor who got into real estate with the goal of supporting his family members in retirement. After his first deal went south, however, Spencer lost most of his capital and could have easily given up on real estate. Instead, he doubled down and networked his way to a pair of house flips that he was able to sell at a sizable profit. If you’ve ever wondered how investors grow their networks to find better deals, this is the episode you’ve been waiting for! Spencer provides his step-by-step formula for hosting real estate meetups at little to no cost, while Ashley and Tony offer their best tips for vetting contractors and property managers. They also discuss working with hard money lenders and what can go wrong if you DON'T maintain an open line of communication! In This Episode We Cover How to host your very own real estate meetups at no (or low) cost Harnessing the power of networking to find wholesalers, buyers, lenders, and more The best ways to find and vet contractors for your rehabs Weighing your financial risk when analyzing real estate deals Red flags to look out for when hiring a property management company Why you NEED to get on the same page with your hard money lender upfront And So Much More!
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-303 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices
Hiring a contractor doesn’t have to be a guessing game. Most real estate rookies choose the first (or cheapest) contractor that comes their way, but this rarely leads to a home renovation gone right. Instead, you could be looking at tens of thousands in extra costs, poor-quality workmanship, timelines that stretch out months past your projections, and a rental property that almost any tenant will walk away from. So, how do you find the BEST contractors in your area? And what are some signs that a contractor will make your life easier? We’ve got all the answers in this episode.
Rachel Richards is back on the show to talk about her recent renovation done by Zosia Madden’s team over at Laurelless. While Rachel was thousands of miles away traveling, Zosia and her team turned Rachel’s newest property around, staying on budget, on time, and with as little stress as possible. After some tear-inducing past experiences with other, lower quality contractors, Rachel and Zosia go over EXACTLY what makes a contractor the right one, red flags to look out for, software to use, and lessons learned that EVERY investor should take to heart!
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100% financing for ALL of your real estate deals? Without thousands of dollars saved up, many people assume there’s no way for them to invest in real estate. But that’s far from true. Today, you can fund your entire real estate deal—including purchase price, down payment, closing costs, and rehab costs—using other people’s money! Welcome back to another Rookie Reply! If you don’t have the funds to invest in real estate, hear Ashley and Tony share their best strategies for getting deals done with creative financing. They also discuss rehab costs and provide a three-step plan for estimating them. Hiring a property manager is a daunting task for any rookie, but our hosts share the biggest red flags to watch out for when vetting a property management company. Finally, they discuss the touchy subject of rental repairs—who’s responsible and how to keep the peace with tenants! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover How to get financing for 100% of your deals (purchase price AND rehab costs!) Four EASY ways to find private money lenders for your real estate deals The three-step plan you NEED to accurately estimate rehab costs Red flags to look out for when hiring a property management company How to determine who is responsible for repairs (without upsetting your tenants!) And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Private Capital Explained: The 4-Second Pitch to Unlock Unlimited Funds (Part 1) Private Money Explained: 5 Simple Ways to Find Private Money Today (Part 2) Private Money Explained Part 3: The “Credibility Pieces” Lenders Love to See Private Money Explained Part 4: Rates, Returns, and Protecting Investors A Step-by-Step Guide to Estimating Rehab Costs w/ Master Flipper & Investor James Dainard (Part 1) Finding Contractors, Renovation Red Flags, and Estimating Rehab Costs (Part 2) w/ James Dainard Follow Amy Mahjoory on Instagram to Learn More About Raising Private Capital Book Mentioned in this Episode: Raising Private Capital by Matt Faircloth The Book on Estimating Rehab Costs by J Scott Check the full show notes here: https://www.biggerpockets.com/blog/rookie-302 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices
Significant other not sharing your enthusiasm for real estate? Maybe you have dreams of buying your first property or going full-time with a real estate business, but your partner isn’t on board. You’re not alone! The truth is that investing in real estate is a huge decision, and couples aren’t always on the same page. Fortunately, there are ways to align your goals and build a profitable real estate business together. In this episode of the Real Estate Rookie podcast, we’re chatting with Zosia Madden. Today, Zosia and her husband Tyler operate two businesses—a successful construction company and a seven-figure real estate business with twelve rental properties. Despite their recent success, the couple faced many challenges before going all-in on real estate—including the question of whether Zosia should leave the stability of her W2 job. As you might expect, they didn’t arrive at this decision overnight. It took multiple conversations—filled with vision-casting, goal-setting, and strategizing—before Zosia was able to put in her two-week notice. If you and your significant other seem to be on two different wavelengths, you don’t want to miss this episode! Zosia, Ashley, and Tony cover some of the most important questions you’ll want to ask your partner on your journey toward financial freedom. They also discuss topics that many rookie investors struggle with—such as paying yourself, hiring fractional advisors, and the systems and processes that will help you scale your real estate business! In This Episode We Cover Questions all couples should ask to help align their long-term goals The three stages of spouse involvement in real estate investing How to transition from a stable W2 job to a full-time real estate investor Fractional advisors and how hiring them can change the trajectory of your business When to take a salary from your real estate business (and when to reinvest instead!) Systems and processes you NEED to scale your business And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple Building and Scaling a Massive Real Estate Business Real Estate Rookie 300 with Rachel Richards Real Estate Rookie 55 with Tyler Madden Real Estate Rookie 173 with Tyler Madden Books Mentioned in this Episode: The ONE Thing by Gary Keller with Jay Papasan Connect with The Maddens: Zosia's BiggerPockets Profile Zosia’s Instagram Tyler’s Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-301 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices
Huge cash flow after selling most of your real estate portfolio!? Many rookies assume that having more doors equates to more profit, but that’s not always the case. The truth is, if you start identifying the best investing strategy for your property, you can make more cash flow while owning fewer units. Today’s guest has had small and large portfolios alike and has succeeded with both!
In this 300th episode of the Real Estate Rookie podcast, we catch up with past BiggerPockets guest, full-time real estate investor, and two-time best-selling author Rachel “Money Honey” Richards. After 2022 threw her several curveballs, Rachel made the tough decision to sell her thirty-eight-door real estate portfolio and start over. A nomad at heart, Rachel turned her attention to house hacking—a strategy that gives her a place to live while allowing her the freedom to travel six months each year. Whether you have one door or one-hundred doors, you won’t want to miss out on the important lessons Rachel shares in this episode! She talks about beating analysis paralysis, using a solutions-oriented approach when looking for deals, and when it makes sense to use multiple rental strategies at once. But that’s not all, we’ll also get into creative financing, choosing a real estate niche, finding the best contractors for rehab projects, and more!
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-300 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices
Want financial freedom? We’re not talking about buying yachts, private planes, or million-dollar sports cars. We mean REAL financial freedom. The freedom that lets you work where you want, when you want, and spend time with the ones that matter most, without having to worry about paying the bills or having enough in the bank to make ends meet. That’s what it means to be financially free. And today, we’re here to help you get even closer to achieving that dream. While Tony and Ashley are living their financially free lives, Dave Meyer, VP of Data and Analytics at BiggerPockets and host of On the Market, stopped by to give you the step-by-step guide to achieving financial freedom. In this episode, Dave will show you how to set goals for a financially free life, calculate your “freedom number,” choose a real estate market to invest in, find the right property, and analyze a real estate deal from scratch. You DON’T need to be an investing expert to start your journey to financial freedom. Unlock the tools expert real estate investors use daily by becoming a BiggerPockets Pro member. Get 20% off your first year of Pro if you use code “FREEDOM” at checkout and gain access to investment property calculators, lease documents, rent estimators, and more! In This Episode We Cover The four steps to financial freedom and how to achieve ultimate independence through real estate investing Setting SMART goals and calculating your “freedom number” How to pick the right real estate market and two questions you MUST ask before you do Four ways you can start finding real estate deals TODAY Analyzing a real estate deal LIVE (step-by-step) using the BiggerPockets calculators What expert investors know that most real estate rookies don’t And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Try the BiggerPockets Rental Property Calculator on Your Next Property Estimate Rent for ANY Property Sign Up for a BiggerPockets Bootcamp Hear Dave on The “On The Market” Podcast Wherever You Listen to Podcasts: Spotify Apple Podcasts BiggerPockets Watch Dave on the “On The Market” YouTube Channel Connect with Dave: Dave's BiggerPockets Profile Dave's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-299 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices
Losing $100K on one real estate deal!? Is there any coming back from that kind of loss? Unfortunately, real estate investing is not always sunshine and rainbows. Every successful investor has had their fair share of failures. By learning from some of our mistakes, our hope is that new investors won’t have to make them! Welcome back to another episode of the Real Estate Rookie podcast. Today, Ashley interviews Tony about one of his most recent deals that went south. Ultimately, Tony ended up losing a whopping $100K on the deal. This kind of loss would cause many people to throw in the towel and quit their real estate journeys. Instead, Tony ate the loss, learned some important lessons, and got back up on his horse. If you’re afraid of losing money on a real estate deal, allow Tony’s mental fortitude to encourage and inspire you to keep going! In this episode, he shares a handful of invaluable lessons—including why it’s so important to manage the timeline of a deal, why you should always take a pre-approval with a grain of salt, and how diversifying investments across different markets can help lower your risk! In This Episode We Cover Finding your real estate niche and building a strong financial foundation Managing the closing timeline (and saving a fortune in holding costs!) The importance of purchase agreements and earnest money deposits The subjectivity of appraisals (and when you should challenge them) Why you should NEVER treat a pre-approval as gospel What you should know before becoming a private money lender And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Making $71K on ONE Deal After 5 Failed House Flips and Six-Figure Debt The Difficult Path to Wealth: Losing Money on Your First Real Estate Deal w/ JL Collins 4 Important Steps to Bounce Back After Losing Money on a Deal
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-298 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices
A house hack that covers all living expenses and allows you to travel the world!? Many people dream of making passive income from real estate, but only some take action. After getting her real estate license and immersing herself in the world of investing, today’s guest was chomping at the bit to buy her first property. In this episode, we’re speaking with Olivia Tati—a former chemical engineer turned nomadic real estate investor! After discovering the freedom and flexibility of working from home, Olivia quickly determined that she no longer wanted to work her corporate W2 job. Fortunately, she had spent months cultivating several side hustles and multiple streams of passive income. With this financial safety net in place, Olivia quickly turned her attention to real estate. It wasn’t long before she landed her first deal—a duplex that rents for up to $6,500/month and allows her to live out her nomadic dream! Do you aspire to earn enough passive income to quit your nine-to-five, work from home, or travel the world? This is the episode for you! Tune in to hear Olivia, Ashley, and Tony discuss a unique strategy to get a property under contract, various ways to buy real estate with no money down, and creating the perfect guest experience at your short-term rental. They also cover the benefits of getting a real estate license—whether it’s getting your feet wet before investing, saving money on closing costs, or making passive income through referrals! In This Episode We Cover How to get a property under contract (without having the most competitive offer!) Three advantages of getting your real estate license before investing How to earn thousands of dollars each month through real estate referrals Multiple strategies you can use to buy real estate with no money down When to make a rental property short-term, medium-term, or long-term The keys to providing a world-class guest experience at your short-term rental And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE House Hacking 101: What It Is and How to Get Started Create Eye-Catching Graphics for Your Real Estate Business Find and Manage Cleaners for Your Short-Term Rentals: Turno Breezeway Connect with Olivia: Olivia's Instagram Olivia's YouTube
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-297 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices
Let’s face it—property management fees aren’t cheap. While you may need to hire a property manager if you’re investing out of state or are unable to self-manage your property, these costs can quickly eat into your profits if you’re not careful. How can you ensure that you’re getting high-quality services for a fair price and keep your overhead under control? Welcome back to another Rookie Reply! If you’re struggling to pull the trigger on hiring a property management company, we understand why you might be hesitant. Fortunately, Ashley and Tony are here to shed some light on the topic and share their own experiences with property management companies. They also talk about insuring properties during the rehab phase, as well as buying pre-foreclosed properties. Finally, they discuss balloon payments—what they are, how to use them to your advantage, and when it may be risky to get a loan that has them! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover How to find the BEST property management company for your rental Property management fees and how to keep costs down Why you MUST insure your property during the rehab phase How to use balloon payments to your advantage (and avoid more risk!) What you need to know before buying a pre-foreclosed property And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE 0 Doors, 100% Creative Financing with Pace Morby Rookie Reply: Loan Amortization and Balloon Payments Explained 8 Tips for Hiring the Best Property Manager for Your Rentals
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-296 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices
A $100K "exotic plant" side hustle to over $2 million in real estate? The truth is that you can use virtually any side hustle to help kickstart your real estate journey—whether you need capital to invest or want the extra business experience before diving in. While today’s guest may have taken a more unconventional approach to investing in real estate, he now has a portfolio of eight units cash flowing $4,500 each month! Welcome back to another episode of the Real Estate Rookie podcast! In 2021, when millions of Americans lost their jobs, corporate underwriter Paul Lee came to the realization that relying on his W2 as his only source of income was a risky bet. At a time when mandates were requiring more people to work from home, Paul started flipping exotic house plants for a HUGE profit—netting well over $100,000 in two years! Despite his success, Paul recognized the volatility of the business he had built and turned his attention to a more historically stable side hustle—real estate. If you’re looking to use a side hustle as your gateway into real estate, you’ll want to hear Paul, Ashley, and Tony share about the importance of having multiple income streams. They also cover several important real estate topics—from house hacking and self-managing properties to exceptions that could make you ineligible for FHA loans. Finally, they discuss private mortgage insurance and how to remove it when it’s hurting your cash flow! In This Episode We Cover How to find side hustles with the highest earning potential The skills you NEED to self-manage your investment properties Using leverage to spread equity across more properties The self-sufficiency test your house hack MUST pass to get an FHA loan How to get private mortgage insurance removed from a loan When to pull a HELOC (and how to use the money!) And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE No Money for Real Estate? 2 Side Hustles You Can Use to Fund Your First Deal Compare Market Rents with Rentometer Connect with Coach Chad Carson on Instagram Connect with Paul: Paul's BiggerPockets Profile Paul's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-295 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices
Don’t have enough funds for real estate deals? Today, there’s no excuse. Beyond strategies that allow you to invest in real estate with no money down, you can always start a profitable side hustle and put the earnings towards your next deal. In this episode of the Real Estate Rookie podcast, we’re chatting with Ava Yuergens and Josh Janus—two young entrepreneurs who managed to launch their own profitable side hustles to help fund their first real estate deals. Shortly after Ava and her fiancé launched their very own couch-flipping side hustle, they were able to generate enough cash to invest in real estate. Josh was a student by day, so he needed a side hustle that he could work outside of school hours. After seeing the schedule flexibility that DoorDash provided, Josh started making food deliveries—often using multiple apps and two phones to maximize his earnings. If you’ve ever wanted to start your own side hustle, this is the episode for you! You’ll learn how to launch your own successful side hustle from square one, sharpen your entrepreneurial skills, and generate more than enough income for you to put towards your first real estate deal. Finally, Ashley and Tony tie the bow on this showdown-style episode by evaluating these side hustles for upfront capital, earning potential, time commitment, and risk! In This Episode We Cover Two side hustles you can start TODAY with little to no money Using a side hustle to raise capital for your real estate business Launching a flexible DoorDash side hustle that earns up to $50 an hour Starting a couch-flipping side hustle that generates $10,000 per month Side hustle skills that carry over into the real estate world And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE $900K in Real Estate at Age 17 by Doing What 99% of Teenagers Won’t From DoorDasher to $1.5 MILLION in Real Estate (All at 22 Years Old!) Connect with Ava & Josh: Ava's BiggerPockets Profile Ava's Instagram Ava's TikTok Josh's BiggerPockets Profile Josh's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-294 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices
Too busy to buy rental properties? After this episode, you won’t have any more excuses. Brandon and Dani Tilson started building their rental property portfolio just under a year and a half ago and have already acquired six properties while working schedules that would make most people faint. We’re not talking about one job or two; we’re talking about working three jobs while raising a family and self-managing a rental portfolio. So, if you’re working less than eighty hours a week, this is your sign to get started! After growing up with a struggling single mother, Brandon vowed that his children should never have to worry like he did. After learning about real estate, Brandon was ready to invest, but his wife, Dani, was not. Cash in the bank was a luxury Dani wanted to hold on to, but after many long conversations, the couple agreed to try their hand at rental properties. Their first deal didn’t go as planned, but it helped them build momentum and turn a small sum into a cash-flowing rental portfolio. In this episode, you’ll hear exactly how Brandon and Dani scaled to six units in just a year and a half, the property management software they use to run their portfolio painlessly, and how to get your spouse on the real estate investing bandwagon. Brandon and Dani are set to retire in just five years, and if you tune in, you can too! In This Episode We Cover Building a rental property portfolio that will allow you to retire in five years (or less) Why you should NOT try to DIY your first rental property renovation What to do when you want to invest but your spouse or partner isn’t interested Cash-out refinances vs. HELOCs and which makes more sense with today’s high-interest rates Property management software and how to run a rental portfolio without pulling your hair out “Alignment meetings” and how to conquer your craziest goals even with a hectic schedule And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Analyze Your Own Deals Using the BiggerPockets Rental Property Calculator Manage Your Property with RentRedi Hear Our Interview with Husband and Wife Investing Duo Devana and Reid How to Easily Analyze Rental Properties Connect with Brandon & Dani: Brandon & Dani's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-293 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices
Off-market real estate deals can give investors like you HUGE discounts on what would be expensive investment properties. Either due to the property condition or the state of the seller, these real estate deals sell for sometimes hundreds of thousands less than their on-market equivalents. But finding them can be a challenge. As a result, most new investors rely on real estate wholesalers to bring them a deal. But what if the price point still doesn’t make sense?
Welcome back to another Rookie Reply, where we’re joined by real estate wholesaling master, Jamil Damji, and newly self-employed investor, Ethan Wilson. Jamil and Ethan both have a taste for off-market, underpriced deals and are here to share their wisdom with you. In this episode, you’ll hear how to negotiate with a wholesaler who’s firm on price, how to find off-market deals WITHOUT cold-calling sellers, and Jamil’s killer deal-finding strategy that costs far less than the competition!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
How to negotiate with a real estate wholesaler even if they have a set purchase price
Investing in your early twenties and why partnering up can help you scale faster
Cold calling tips and why most investors are too scared to talk to sellers
The EASIEST, cheapest way to find off-market real estate deals
Meth house and mold remediation and why you should ALWAYS google a potential property’s address
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Real Estate Rookie Facebook Group
Real Estate Rookie Podcast
BiggerPockets Forums
On The Market Podcast
KeyGlee
AstroFlipping
BiggerPockets
On The Market Youtube Channel
Connect with Ethan and Jamil:
Ethan's Instagram
Ethan's BiggerPockets Profile
Jamil's Instagram
Jamil's BiggerPockets Profile
Jamil's Youtube Channel
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-240
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Before the most well-known real estate moguls were moguls, they were rookie investors with a dream. While it took vision to get them to where they are today, they wouldn’t be successful without goals and a plan to achieve their goals. Tony and Ashley, two investing tycoons in their rights, use today’s episode to reflect on their goals from 2022 and start thinking about goals for 2023.
One of the most important parts of goal setting is the plan to get your goals accomplished. A goal without a plan is just an unattainable dream, but with a plan, your dreams can become your reality. So how do you intentionally set a goal? You turn your goal into a SMART goal. SMART goals are more achievable since you measure them, and when you start seeing results, it encourages you to keep going and accomplish them.
Goals give you something to work towards, but sometimes you don’t meet them, and that’s okay. The beautiful thing is that they can roll over. Missed your goal this year? Try again next year! Tony and Ashely both fell short on a few of their goals for 2022, but that didn’t discourage them. Develop a growth mindset, and a missed goal can turn into an opportunity. So join Tony and Ashely, pull out a notepad, write down your goals and make 2023 the year that everything changes.
Links from the Show
Find an Investor-Friendly Real Estate Agent
Real Estate Rookie Facebook Group
Real Estate Rookie Podcast
BiggerPockets Bookstore
Airbnb
Upwork
PropStream
Alpha Geek Capital
Monday.com
Find Money, Partners, & Deals Using The “D.A.D System” w/ Mike Michalowicz
Real Estate Rookie Youtube Channel
The Science Behind Setting and Achieving Big Goals
Connect with Ashley and Tony:
Ashley's Instagram
Ashley's BiggerPockets Profile
Tony's Instagram
Tony's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-239
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Section 8 investing isn’t as scary as it seems. Most landlords will opt to not rent to section 8 tenants, fearing non-payment or just getting stuck with a bad renter. But, this means that the tens of thousands of potential tenants, waiting with guaranteed rent, have nowhere to stay, while you struggle to fill an empty unit. Ashley Hamilton, Detroit-based investor, thinks that not renting to section 8 tenants could be a huge mistake.
Welcome back to this week’s Rookie Reply! This time, we’ve got Cullen asking: Is it a bad idea to invest in properties out of state where the housing market is cheaper and more affordable for us? Or would it be better to save more money and invest in the market we are currently living in?
Good news for Cullen, we’ve got a cash flow market expert here to help answer his question!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
Cash flow vs. appreciation and when to start investing out-of-state
Buying in affordable real estate markets and what to look for before you invest
Section 8 investing and how “guaranteed rent” can help boost your property profits
Action steps to take when identifying a rental market or potential investment property
Tenant screening tips that’ll keep your portfolio at 100% occupancy
The one thing you’ll need if you want to be financially free through real estate
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
BiggerPockets
MLS
The BiggerPockets Real Estate Podcast
Real Estate Rookie Podcast
10 Deals on a $20K Waitress Salary With Ashley Hamilton
Investor Update: The “10 Deals on $20K/Year” Investor’s Explosive Growth
BiggerPockets Forums
BiggerPockets Calculators
Connect with Ashley:
Ashley's Instagram
Ashley's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-238
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
The beautiful thing about building wealth is there’s not just one way to reach your financial goals. This is where your creativity and ambition come into play. Today’s guest, Daniel Schiermeyer, built his residential portfolio and then leveraged that to buy businesses, with more ways to cash flow than we can count!
Daniel started getting into real estate after college when he read The Automatic Millionaire. He prioritized living cheaper, and in Charlotte, it was cheaper to buy a house than to rent, so he bought his first house at twenty-nine. With a thirty-year mortgage on his first house, Daniel realized if he bought a house every year or two, by the time he was sixty, he could pay off all the houses and have a strong retirement plan. His real estate portfolio consists of two townhomes, a duplex, a self-storage facility, and businesses to boot!
Sticking to residential real estate was the plan until Daniel drove by a car wash for sale with his brother. His brother encouraged him to pursue it, so they called the number on the “For Sale” sign. Once they talked to the broker, ran the numbers, and walked the property, they realized the numbers made sense. Now, he’s got a cash-flowing car wash and residential and commercial real estate all while chasing financial freedom!
In This Episode We Cover
Using real estate to build a retirement planand why real estate is the ultimate payday
Analyzing commercial real estate deals and how to determine potential growth
Purchasing land vs. purchasing a business and why it’s beneficial to buy both
How to run a business and why self-education is essential
Self-storage investing 101 and how to create value in the self-storage space
Building areal estate investing business planand the key things you need to succeed
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
Airbnb
Real Estate Rookie Facebook Group
Monday.com
BiggerPockets
LoopNet
BizBuySell
MLS
$13M in Equity from One Deal & Cash Flowing Despite Being Comatose with AJ Osborne
AJ Osborne’s Instagram
The BiggerPockets Real Estate Podcast
Self Storage: The Misunderstood Money Maker Most Investors Overlook
4 Key Ways to Build Wealth in Real Estate
Connect with Daniel:
Daniel's Instagram
Daniel's Facebook Profile
Daniels BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-237
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Pace Morby’s name is synonymous with creative financing. In fact, you could say that he’s brought back a revival of strategies like subject to and seller financing. He’s been so successful with these strategies that Pace has been able to buy over six hundred rental units this year without using a single bank loan! He believes that now, even with rising interest rates and high inflation, rookie investors have a chance to get better deals than ever before!
Welcome to this week’s episode, where we’re live from BPCon2022! We’ve brought in Pace Morby, friend of BiggerPockets, to talk about everything related to creative finance. If you’re brand new to this topic, don’t be alarmed. While some of Pace’s methods may sound complicated, they aren’t actually so difficult in practice. And in just one episode with Pace, you could be convinced to try them out on your next deal!
Pace shares how he’s finding deals, where he’s buying, the negotiation tactics he uses, and why now may be one of the best times to buy. He also discusses why sellers are so open to trying alternative financing options, how you can pick up real estate deals for zero dollars down, and why creative finance options offer far better returns than bank financing in 2022, 2023, and beyond!
In This Episode We Cover
Creative finance explained and why now is a great time to try it
Seller financing vs. subject to, and when to go after pain vs. gain
How creative financing builds a win-win scenario for buyers and sellers
Whether or not rising interest rates and a shaky housing market affect these strategies
Negotiating with a seller and how to sweeten your offers so you get deals on your terms
Where to find the deals best-suited for seller financing and subject to
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
Zillow
MLS
Airbnb
Craigslist
Kelly Blue Book
OfferUp
Facebook Marketplace
Leasetrader
Opendoor
LandWatch
ListSource
PropStream
Weststar Loan Servicing
AirDNA
300 Doors, 100% Creative Financing with Pace Morby
The Essential Elements of the Creative Financing Toolbox
Connect with Pace:
Pace's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-236
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
To have something you’ve never had, you have to be willing to do something you’ve never done before. Today’s guests, Amy Wright and Mitch Mathern are doing something most people haven’t seen before, a twist on the BRRRR method. They’ve closed on three properties in three years, and all theirproperties are over 100 years old!
Amy and Mitch started their real estate journey right before COVID and went into contract on their first property in February 2020. They started investing when Amy was fresh out of college, and with no money to buy an investment property, they bought a primary residence instead. Since they purchased the home as a primary residence, they used an FHA loan and came to the closing table with only $7,000! Their first property marked the beginning of their strategy: purchase as a primary, rehab, and rent—the PRR.
But buying older homes isn’t a drawback to this strategy, it’s a benefit! Amy and Mitch refer to themselves as restorers instead of flippers. While they rehab their homes, they do their best to keep the character and history alive. Their unique strategies have helped them differentiate themselves in their market and succeed. They hope to keep up their current pace of one property a year and eventually increase the number of properties per year as they continue to scale.
In This Episode We Cover
The benefits of a live in flipand how to pace yourself when doing the rehab
FHA lendingand how to take advantage of all its benefits when you first get into real estate
How to spot renovation red flagswhen walking a potential property and how to DIY your rehab
Investing in older homes and how to rehab an outdated property while keeping its history alive
How to attract a top-tier tenantand screening tips that will save you a LOT of time
How to structure your “buy box” and shift it as needed so you can grow your real estate portfolio faster
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
Real Estate Rookie Podcast
RentRedi
Zillow
BiggerPockets Pro
MLS
6 Ways to Invest in Real Estate with Little Money or Experience
Connect with Amy & Mitch:
Amy & Mitch's Instagram
Amy's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-235
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Before you invest in real estate, everything can seem new and confusing. Bidding on houses, renovation budgets, finding tenants—these are all skill sets you must acquire to become a financially independent real estate investor. But that doesn’t mean you need to be a pro before buying your first property. Just ask Brittany Arnason, AKA InvestorGirlBritt, the Canadian real estate superstar who started BRRRR-ing her way to wealth at just eighteen.
We brought Britt onto the show to help us dive deeper into a question we received on the Real Estate Rookie Facebook Group. This question came from JP, asking: How do you network and partner with more experienced investors when you feel you have nothing to add value?
Most investors never feel like they know enough, and this is especially true if you’ve never done a deal before. But, Britt may serve as the perfect person to share her experience with JP, as she went from knowing nothing about real estate to becoming a multi-million dollar commercial investor all before the age of thirty!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
Why ability often trumps experience and understanding that you don’t need to know everything all at once
How food poisoning turned into a rental property portfolio for InvestorGirlBritt
Outsourcing, delegating, and hiring the people that can help you grow
Surrounding yourself with better investors that push you higher so you can build your own portfolio
Imposter syndrome and why almost every investor does NOT feel like an expert
Content creation, digital detoxes, and why you should always be building an online brand
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
Real Estate Rookie Podcast
The 7 Tips @investorgirlbritt Used to Go from Amateur to Pro Investor
How to Become a Real Estate Millionaire (NO Experience Necessary)
Connect with Brittany:
Britanny's BiggerPockets Profile
Britanny's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-234
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
The path to financial freedom is a marathon, not a sprint. It requires patience, discipline, sacrifice, and a long-term mindset. Today’s guest, Logan Kohn, is on his way to financial freedom with over one million dollars of real estate with three properties at only twenty-one years old!
Logan planned to invest in real estate later in life, but COVID forced him to rethink his timeline. Since interest rates were at an all-time low during the pandemic and his income took a hit, Logan decided to expedite his investing journey. For his first investment property, he looked at his county, but it wasn’t affordable, so he looked at the next county over. It wasn’t the best area, but he saw the opportunity for growth, and now his first property has already appreciated over thirty percent!
Logan bought his first property and his other two properties in the span of one year, which required extreme financial discipline and frugality. Logan has been interested in growing his money since he was a child. From the age of ten to the end of his teenage years, he started various side hustles to make money. He’s done magic on the street, dropshipping, affiliate marketing, and email marketing. At seventeen, he discovered stocks and started stacking his money and letting it grow. Now he invests his money while having few expenses to be as frugal as possible so he can multiply his wealth through real estate!
In This Episode We Cover
How to spot a growing market through real estate market analysis
The importance of a long-term mindset and how to use it to find financial freedom
Living frugally and how to cut back on your expenses (it’s easier than you think!)
The process of self-managing your rental properties and building good rapport with your tenants
Flood Insurance and insurance options for those affected by Hurricane Ian
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
Real Estate Rookie Podcast Channel
Biggerpockets
Facebook Groups
BiggerPockets Forums
Designing a Frugal But Luxurious FI Life by Age 32
Should You Self-Manage Your Properties or Hire a Pro? Here’s How to Tell
Connect with Logan:
Logan's BiggerPockets Profile
Logan's Instagram
Logan's Youtube Channel
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-233
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Medium-term rentals are not new to real estate investing, but most investors have hardly heard of them. For years, corporate travelers would rent a room, apartment, or small property for a year or less. These travelers would pay a premium to avoid long-term leases and stay close to their work. But, with the rise of traveling nurses and digital nomads, the medium-term rental strategy is in a revival when investors need it most.
Joining us on today’s show are investors, coaches, and authors, Sarah Weaver and Zeona McIntyre. Their new book, 30-Day Stay, is a masterclass in the wonderful world of medium-term rentals, walking new investors through everything they need to double their cash flow almost overnight. This strategy sounds too good to be true, but even a short-term rental king like Tony Robinson says that he’s intrigued. So is there a catch to this no vacancy, high cash flow, and often headache-free type of housing?
In this episode, you’ll learn the pros (and very limited cons) of investing in medium-term rentals. You’ll also hear which markets this strategy works best in, what type of software you’ll need to run one, and how medium-term rentals are starting to rival vacation rentals! If you’re looking for an investment with a high ROI, that doesn't need to be minutes from a beach, this strategy is for you!
In This Episode We Cover
The medium-term rental strategy explained and why it’s become so popular in 2023
Short-term rental regulations and whether or not they affect medium-term rentals
How to analyze a medium-term rental and what to look for in an investing area
Tenant screening tips and building your lease agreements for medium-term tenants
Which real estate markets work best for medium-term rentals (and which to avoid)
Running your medium-term rental hands-free and the best software picks to choose
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
Airbnb
Real Estate Rookie Facebook Group
Real Estate Rookie Podcast
Semi-Retired at 30 Thanks to One Year’s Worth of Real Estate Investing
Early Retirement Through Short-Term Rental Properties with Zeona McIntyre
W2 Retired and Traveling the World with Just 15 Units w/Sarah Weaver
PriceLabs
AirDNA
Furnished Finder
Vrbo
Hospitable
Google voice
Facebook Groups
Monday.com
Trello
Asana
Avail
Connect with Sarah & Zeona:
Sarah's Instagram
Sarah's BiggerPockets Profile
Zeona's Instagram
Zeona's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-232
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
If early retirement seems out of reach right now, try semi-retirement. Once you get there, you’ll only be halfway to early retirement, just like today’s guest, Jessie Dillion. At only thirty years old, she is semi-retired and has scaled her real estate portfolio to almost two million dollars in nine months, with five properties total!
When people think about high returns, they often think about a high unit count—but why have a lot when you can do the same with a few? Jessie is strategic about each property purchase she makes and has made a goal to make one smart investment each quarter. She currently has a single-family home and two duplexes. One of her duplexes is a house hack, and her portfolio sports a mix of long-term, short-term, and mid-term tenants.
Jessie’s success is due to how responsible she is with her finances. To finance her first property, she built up her savings to ensure she had enough to cover any surprises. As Jessie continues to scale, she has gotten more creative with her financing. She has formed great relationships with her lenders because of her ability to ask questions and carefully choose where and how she gets her funding. Now she is semi-retired at thirty years old and pays a measly fifty dollars a month towards her mortgage!
In This Episode We Cover
The FIRE movement and how to start your early retirement journey today
How to use transferable skills from other jobs to make investing easier
Building trust with your spouse and getting them on board with your investing journey
Getting the funding for your first rental property and how to use creative financing for the rest
Brilliant savings tips and how to rapidly increase your savings
The loan process and how to build a strong relationship with lenders
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
On the Market Podcast
Jamil Damji's BiggerPockets Profile
Pace Morby's Instagram
Brittany Arnason's Instagram
Ashley Hamilton's Biggerpockets Profile
10 Deals on a $20K Waitress Salary With Ashley Hamilton
Rachel Richard's Instagram
Henry Washington's Instagram
Zillow
Furnished Finder
Craigslist
Facebook Groups
AirDNA
PriceLabs
Data.rabbu
Monday.com
Connect with Jessie:
Jessie's BiggerPockets Profile
Jessie's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-231
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Is the 1% rule in real estate still relevant? Who shouldn’t be buying turnkey rentals? And why is an escrow account favorable for scaling real estate investors? All these questions and more are coming up in this Rookie Reply.
We’re back at BPCon 2022, and joining us is fellow investor and turnkey operator, Zach Lemaster. You may have heard Zach’s episode on the BiggerPockets Real Estate Podcast or maybe you’ve used his turnkey company, Rent to Retirement, before!
Zach helps us answer an array of questions, some from semi-passive turnkey investors and some from active investors. We touch on investor lines of credit and how to secure them, the 1% rule’s relevance in 2022, whether or not to get preapproved before finding a deal, buying off-market, and much more! Zach also poses three questions every investor should ask BEFORE investing in turnkey rentals.
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
Where to find investor lines of credit and which banks are your best bet
Should you get an appraisal on an off-market property?
The 1% rule explained and how it’s holding up in 2022 (and beyond)
Escrow accounts and which types of investors should optionally enroll in them
Who should (and shouldn’t) invest in turnkey rentals and the questions you should ask your turnkey provider
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Facebook Group
Real Estate Rookie Podcast
How “Turnkey” Rentals Can Help You Build Real Estate Riches Faster
The One Mistake That Almost Put My House in Foreclosure
Rent to Retirement
BiggerPockets Calculator
Connect with Zach:
Zach's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-230
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Your network can be your most powerful tool inside and outside of real estate. Today’s guest, Ryan John, started his real estate investing journey after seeing his friends succeed in the investing space—including his childhood friend, Ashley Kehr. Ryan has been in the real estate game for a year and a half and has closed on two off-market deals—a house hack and a duplex.
As all rookies know, trying to find and close on your first deal can be a mix of emotions. From excitement to fear to anxiousness and fulfillment, you go through various emotions when trying something you’ve never done before. While Ryan wanted to get started right away, he experienced a lot of nervousness regarding his first deal—waking up at three in the morning, scared he was missing something. But, unlike many other investors, he didn’t allow this to deter him from accomplishing his goals.
Ryan prefers off-market dealsbecause he doesn’t have to go through a realtor. An off-market deal requires more legwork but often comes with significantly better numbers. Becoming an investor has also given Ryan the freedom to make big life changes. Ryan went to his first real estate investor meetup and met investors with a wide range of experience. After attending, an incident at work prompted him to quit. Since he lives below his means and has cash-flowing rentals, he has the time and ability to breathe and explore his options before deciding his next steps.
In This Episode We Cover
How to overcome analysis paralysis and the fear of your first deal
The pros and cons of off-market deals and how to find them in today’s market
How to buy a small multi-family propertyand why they’re worth investing in
House hacking 101 and how to make money using unused space on your property or in your home
Time value vs. opportunity cost and how to know when it’s time to outsource
The power of real estate meetups and being surrounded by motivated investors
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
Airbnb
Real Estate Rookie Facebook Group
The Real Estate Podcast
Real Estate Rookie Podcast
RentRedi
Connect with Ryan:
Ryan's BiggerPockets Profile
Ryan's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-229
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
A cash offer almost always gets a seller's attention. Whether someone comes in low or high, the prospect of a smooth closing without any loan contingencies is often more than enough to get a deal done. But what if you don’t have stacks of cash lying around? Maybe you’re trying to get your first rental property or house hack with a conventional, FHA, or VA loan. How do you set yourself apart from the hotshot who roles in and offers all cash without any appraisal necessary? Worry not because Ashley and Tony have done it dozens of times before.
Welcome back to this week’s Rookie Reply, where we take questions directly from Instagram, Facebook, the BiggerPockets Forums, and our Rookie Request Line. This week, we talk about how to beat cash offers, what to do when tenants in the same property start disputing, and appraisal tips to get your home valued higher. We also touch on how to network, make better connections, and build genuine relationships with other investors in your area!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
What to do when an appraisal comes back lower than you expected
Using comps (comparable properties) to boost your home’s value in an appraiser’s eye
Handling tenant disputes, and whether or not you’re liable if the argument gets physical
The three things that motivate a seller when listing a property (and how to use them to get better deals)
Beating cash buyers and using speed and price to your advantage
Networking tips for new investors (even if you’ve never been to a real estate meetup)
And So Much More!
Links from the Show
Airbnb
BiggerPockets
Real Estate Rookie Facebook Group
Real Estate Rookie Podcast
On the Market Podcast
Thanks for Visiting Podcast
Vrbo
MLS
Connect with Ashley and Tony:
Ashley's Instagram
Tony's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-228
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Who says you can’t have it all? The career, the love, the wealth—it can all be yours if you want it and work for it. Today’s guest, Mackenzie Grate, works hard so she can have it all. Working full-time as an assistant middle school principal, Mackenzie spends her nights and weekends as a real estate investor and agent. She owns two single-family homes, a fourplex, a duplex, a short-term rental, and her primary residence.
Mackenzie’s real estate investing journey started in 2017. While living in her apartment, she rented out her extra room and decided to buy a home once rent pricesbecame a little too high to handle. From there, she started looking for her first deal by googling the three fastest-growing job markets in New York. She then chose the market she wanted to invest in, asked a friend to go upstate with her, and started driving for dollars. She put in an offer on the first house she saw and closed on the home. But was she doing it alone?
There is a common misconception that when you invest with a significant other, they have to be involved to be on board. Mackenzie’s relationship with her husband proves that involvement doesn’t equate to support. He supports what she’s doing, but he isn’t an active part of her investing journey, and for them, that works. He shows support by doing other everyday tasks at home, giving Mackenzie more time to work and pursue real estate. This freed-up time is essential for Mackenzie as she juggles all her endeavors and earns her nickname, the "Mack of All Trades."
In This Episode We Cover
The pros and cons of getting your real estate licenseand how to determine whether becoming an agent is for you
The benefits of owning a co-op and what it means to “own a share” of a building
How to find and capitalize on emerging markets that have strong rental demand
Investing with a spouse and how to find the right balance for your relationship
Property management vs. self-management and how to weigh the pros and cons for both
Managing a short-term rental and automating your processes to become the ultimate host
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
Airbnb
BiggerPockets
Real Estate Rookie Facebook Group
The Real Estate Podcast
BiggerPockets Forums
Real Estate Rookie Podcast
Zoom
RentRedi
Digital Nomad-ing and Answering All Your FIRE Healthcare Questions w/ Amy & Tim from GoWithLess
Connect with Mackenzie:
Mackenzie's Instagram
Mackenzies BiggerPockets Profile
Mackenzie's Website
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-227
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
As a new investor, financing can come with a lot of questions. Financing your first property itself seems like a steep learning curve, but once you find a method that works for you, it makes investing a lot easier. Welcome back to this week’s Rookie Reply. But, instead of just answering one question, we’ll be going over multiple to get you on the fastest path to investing in real estate. Today, we’re touching on topics like how much money you'll need to invest in your first property, how to build a lease, recommendations for financing without a W2, and how rising interest rates affect investors.
Before you invest, understanding the market you want to invest in is essential. You also have to understand the expenses that come with your property. Once you know these two things, you’ll have a more accurate estimate of your costs. A perk that comes with investing is that the money doesn’t have to be yours. Whether you decide to take out a conventional mortgage loan or partner with another investor, you can creatively finance your deal to have less money come out of your pocket!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
How to understand the market you’re investing in, the average cost of a property, and the range of expenses you can expect
Safety reserves and how much to have on hand before you buy a property
Creative financing methods that will lessen the amount of capital you’ll need to close
Financing without a traditional W2 and how small banks, mortgage brokers, and co-signers can be your best friends
Easily building your perfect lease using the BiggerPockets lease agreements!
And So Much More!
Links from the Show
Airbnb
BiggerPockets
BiggerPockets Calculator
Real Estate Rookie Facebook Group
Real Estate Rookie Podcast
What Makes Rookies Into Millionaires? Quitting What You Hate!
BiggerPockets Forums
Policygenius
BiggerPockets Pro
RentRedi
Biggerpockets Bootcamps
Connect with Ashley and Tony:
Ashley's Instagram
Tony's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-226
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Life is unpredictable, and there's no way to get around that. Instead, you have to learn to pivot and accept where you are, so you can get to where you're going. Today’s guest, Josiah Hein, was hit with life’s unpredictability when he was in a car accident with a drunk driver, resulting in damage to his neck and back. Josiah could have easily used the accident as a reason to give up, but instead, he took it as an opportunity to pivot and build another business. Josiah has closed on three deals, including a tiny home that alone cash flows $6,000 a month!
Josiah's first business required strenuous physical labor, so after his accident, he couldn't work as much. He used his newfound time to start learning about real estate. He had always considered real estate as a long-term retirement plan, but his plan suddenly got expedited. He started investing right before COVID by converting his old house into a rental property.
His portfolio also includes an out-of-state property and a tiny home. He was inspired to invest out-of-state after reading David Greene’s Long-Distance Real Estate Investing. After five months of researching to find an out-of-state market, he settled on Tulsa, Oklahoma. He also has a lucrative tiny home bringing in some serious cash flow every month!
In This Episode We Cover
Using a setback as a setup and how to pivot when life gets unpredictable
Finding “hot” markets and what criteria to look for
Doing a profitable cash-out refinance and the BRRRR strategy
Self-managing short-term rental properties and using listing sites like Airbnb to rent out your property
Tiny homes 101 and the benefits that go beyond having a mini-mortgage
Buying out-of-state investment properties and how to manage your rental remotely
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
Airbnb
BiggerPockets
BiggerPockets Calculator
Real Estate Rookie Facebook Group
The Real Estate Podcast
BiggerPockets Forums
Real Estate Rookie Podcast
Play the Game or Get Played: Using Paternal Instincts to Close on 17 Units
Zillow
The Real Estate Robinsons Youtube Channel
Vrbo
CDS Rental Calculator
Robuilt’s Tiny Houses That are Cashing in MASSIVE Profits Every Month
Connect with Josiah:
Josiah's Instagram
Josiah's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-225
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Real estate investing is known for one thing: cash flow. No matter who you talk to, investors always seem to be hypnotized by this single metric. Rookie investors love to chase after cash flow and cash flow only—often completely disregarding the much more lucrative benefits of real estate investing for the shiny object of monthly profits getting deposited into your account. But, if you’re buying, analyzing, and negotiating deals based on cash flow only, you could be making a huge mistake.
In the new book Real Estate by the Numbers, Dave Meyer and J Scott, both veteran investors in their own regards, give you the numbers behind the NOI and show how real estate will make you rich in much more ways than one. They give you the exact calculations, framework, and mindset to use when analyzing real estate deals, and will show you how you can build wealth faster, smarter, and with less effort than the cash-flow-crazed investor down the street.
On today’s show, Dave and J walk through the four ways that investors can build wealth through real estate, which questions real estate rookies should start asking, and debate whether or not the 2022 housing market is one worth buying in. Real estate rookie or not, this show will give you everything you need to start chasing better deals with hidden profits others are too blind to find.
In This Episode We Cover
Why real estate rookies should grab the new book, Real Estate by the Numbers
Recessions, interest rates, and whether or not 2022 is a good year to buy real estate
The four ways to generate wealth through real estate investing (it’s more than cash flow)
Questions real estate rookies should ask when analyzing their first real estate deals
Real estate tax deductions and how investors can pay almost no income tax
How to “force” appreciation so you can increase equity faster and walk away with a big payday
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
Airbnb
BiggerPockets
BiggerPockets Calculator
Real Estate Rookie Facebook Group
The Real Estate Podcast
Real Estate Rookie Podcast
On the Market Podcast
BiggerPockets Business Podcast
BiggerPockets Bookstore
How to Become a Real Estate Millionaire (NO Experience Necessary)
What Works (and Doesn’t) in a Recession & the Untold Story of J Scott’s Messy First Flip
Connect with Dave and J:
Dave's Instagram
Dave's BiggerPockets Profile
J's Instagram
J's BiggerPockets Profile
J's Website
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-224
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See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
If you pay attention, you’ll notice there is a game being played. The sooner you realize this, the sooner you can play to win. The game of life has various components, but the top one percent has mastered the game of money and finance. Once you start playing, your financial fear becomes irrelevant. After all, it is a game—and you’re supposed to have fun.
Today’s guest, Nick Troutman, started playing the game after his second child was born. His fatherly instinct kicked in, and he had a deep desire to provide. He started researching investing, money, and finance—his friend recommended BiggerPockets, and the rest was history. Now, Nick has four rental properties with seventeen units, including a nine-unit apartment.
As a professional athlete, Nick is on the road for six to ten months, which exposes him to various housing markets. This exposure helped him narrow down his scope of locations to invest in. Ultimately he decided to invest in Tennessee and Georgia. Nick’s open and optimistic approach to life has helped him create his dream life as a father, husband, professional athlete, and investor.
In This Episode We Cover
The “game” of money and finance and how to play to win
Overcoming provider syndrome and how to use it to your advantage
The BRRRR Method and why it’s one of the best ways to get into real estate
What to consider before investing in a new market and why you should invest in familiar markets
Price-to-rent ratio and making sure you’re charging the right amount for rent
Fear vs. danger analysis and how to use it to start eliminating fear in your life
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
MLS
Airbnb
BiggerPockets
BiggerPockets Calculator
Real Estate Rookie Facebook Group
16 Units in 3 States as a BiggerPockets Power Couple Working Full-Time
BiggerPockets Instagram
The Real Estate Podcast
BiggerPockets Forums
Zillow App
Real Estate Rookie Podcast
Connect with Nick:
Nick's Instagram
Nick's Podcast
Nick's BiggerPockets Profile
Great Family Adventure's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-223
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
A rental property falling into foreclosure is a sad sign. “What happened to that landlord?” you might ask. Did a tenant do extensive damage, leaving them with a too burdensome repair bill? Did the landlord forget to pay their mortgage? What could have caused this? Well, if you’re like Ashley Kehr, someone else may have caused your home to (almost) slide into foreclosure, without you knowing.
Welcome back to this week’s Rookie Reply. Wait, scratch that. This week’s Rookie Confession, featuring our own Ashley Kehr! Many listeners know Ashley as a fast-moving, quick-thinking, real-life monopoly player, but in this episode, she opens up about a mistake that almost lost her multiple properties. It was an easy real estate mistake to make, but even veterans in the game get caught now and again. Want to avoid what happened to Ashley? Tune into this episode!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
BiggerPockets
Real Estate Rookie Youtube Channel
Airbnb
BiggerNews March: How a Surge of Foreclosures Will Impact the Housing Market w/Auction.com’s Daren Blomquist
Rookie Reply: How Do I Estimate Property Taxes?
Connect with Ashley and Tony:
Ashley's Instagram
Tony's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-222
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
If you’re hesitant to start your real estate investing journey, ask yourself this—where would you be now if you started ten years ago, and where could you be in ten years if you started today? As today’s guest, Brandon Rush, said, “everything you enjoy today, is the result of something you did five to ten years ago.” Brandon currently has three multi-family homes with a total of ten units.
Brandon started his investing journey when he couldn’t see the light at the end of the tunnel with his W-2. He couldn’t imagine himself working a nine-to-five until sixty-five, so he decided to take his future into his own hands and started house hacking. After two years of hard work and planning, he was able to quit his W-2 a month ago to be a full-time real estate agent.
Brandon’s success is not without sacrifice. He moved out of his single-family home and moved an hour away from work for his first house hack. And, of course, after his first house hack, he moved to his second house hack! Moving required Brandon and his wife to get rid of most of their things and travel lightly. Although moving and getting rid of material things can be difficult, for Brandon, getting rid of clutter helped clear his mind and reinforced the idea that he was on the right path. Brandon is confident in his investing choices because he surrounds himself with like-minded people, has built an investor-friendly network, and knows that all his decisions now will benefit his future self.
In This Episode We Cover
House hacking 101—how to get started and why it’s a great way to start investing
How to build an investor-friendly network and the importance of surrounding yourself with like-minded people
Self-managing your tenants—how to set boundaries and expectations from the start
Creating your lease agreement and how to properly screen tenants
Whycash flow is the most overrated metric of success and how to accurately measure your property's performance
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
MLS
Airbnb
BiggerPockets
Facebook Marketplace
Realtor.com
BiggerPockets Calculator
TenantCloud
Real Estate Rookie Facebook Group
Connect with Brandon:
Brandon's Facebook
Brandon's Instagram
Brandon's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-221
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Jerry through Ashley’s Instagram direct messages. Jerry is asking: I’ve finally made the plunge and bought three investment properties. After I rehab, rent, and refinance them, where can I get more money to invest? Is there a type of loan for investors or do I need to look into a hard money lender?
Rental property loans are aplenty if you’ve found the right deal. Most veteran investors already know that once you have a good deal, it isn’t hard to find the money to fund it. But, before you build your rental property portfolio, you’ll need to know which options are out there. Don’t worry, you won’t need to spend months or years saving up for another large down payment. There are quicker ways to build a cash-flowing portfolio.
Here are some suggestions:
- Go the commercial lending route and look into DSCR (debt service coverage ratio) loans
- Partner with another investor or a private money lender to finance your next down payment
- Cash-out refinance from your previous properties and recycle that money into your next deal
- Once you have some investing experience, reach out to hard money lenders and ask for their terms and rates
- And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
BiggerPockets
BiggerPockets Hard Money Lenders
Connect with Ashley and Tony:
Ashley's Instagram
Tony's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-220
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
A successful investor finds their “why” where other people find excuses. Real estate investing isn’t without its challenges, but as you overcome more challenges, you become a better investor. Today’s guest’s strong “why” led him to real estate, and it’s what pushes him to break through barriers, overcome obstacles, and build the life he’s dreamed of.
Hunter Lewis’ "why" came two weeks before his senior year of college when he found out his girlfriend was pregnant. Knowing he was to become a father forced him to get serious about his future. He found a college mentor that was successful in the commercial real estate space and began working for his company. Hunter then saved up enough to buy his first property in July 2020. Since then, he’s closed on two other doors and is working on his fourth!
Hunter became a first-time landlord with his second property, and while it was a challenge initially, he learned more about property management and how to compromise. Becoming a father at a young age also taught him how to take advantage of opportunities and reframe obstacles. As a real estate investor, he’s learned how to structure partnerships with family and the benefits of patience. Hunter is now working towards his five-year goal—$10,000 of passive income per month.
In This Episode We Cover
Taking advantage of opportunity and finding ways to advance your career
Finding your “why” and reframing your obstacles
How to structure partnerships with family and significant others
Becoming a first-time landlord and how to self-manage your rentals
The importance of understanding and watching the market
Investing while working full-time and how to use your job to help you invest
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
MLS
Airbnb
The GaryVee Podcast
RentRedi
Monday.com
Asana
On the Market Podcast
The Ultimate Property Management Masterclass
Connect with Hunter:
Hunter's Instagram
Hunter's Youtube Channel
Hunter's Email
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-219
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Building a rental property portfolioisn’t complicated. You find deals, finance them, buy them, manage them, and repeat. What could be easier? For most real estate investors, it’s not the big steps that stop them from scaling. It’s the little ones. Finding deals means looking through the MLS, cold calling, driving for dollars, or door knocking almost daily. Financing means talking to mortgage brokers, local banks, or investment property lenders. These day-to-day tasks are what make or break your portfolio, so how do you get on top of them?
Welcome back to this week’s Rookie Reply, where we’re joined by On The Market co-host, Henry Washington. In only a few short years, Henry has grown his portfolio to over seventy-five doors. With kids at home, a family to take care of, and businesses to manage, how did he scale so fast? He gives his secrets in this episode.
And as a bonus for our BPCon2022 attendees, we have some tips for you on how to make the most out of the upcoming convention!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
BPCON2022
Real Estate Rookie Facebook Group
The Real Estate Podcast
BiggerPockets Forums
BiggerPockets Bootcamps
On The Market Podcast
Connect with Henry:
Henry's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-218
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Successful real estate investors don't find success alone. Real estate is a relationship business, so eventually, you need someone— an agent, contractor, cleaning lady, or handyman. At times, your success depends on these people, so you need to build a relationship with them. Once you cultivate a relationship, maintenance becomes the next step, but how do you do that? How do you find the balance between too friendly and impersonal? How do you turn a transactional relationship into a transformational one?
Today’s guests, Evan and Katie Miller, have prioritized relationship building in their business and have seen tremendous success. The advantage of investing as a couple is they balance each other out. Evan enjoys numbers, while Katie enjoys working with people—creating the balance they need to be a well-oiled real estate machine. They have sixteen units amongst seven properties in Florida, Denver, and Nebraska.
While growing their real estate business, they both work full-time jobs with a baby at home. Katie is the general manager at the BiggerPockets publishing division, which motivated her to invest because she sees the power of real estate every day. Since they still work full-time, they prioritize time management, relationship building, and organization. Evan and Katie hope to hit fifty properties in five years while keeping their full-time jobs.
In This Episode We Cover
Investing with a spouse or a significant other and how to find balance and set boundaries
Appraisal issues and finding creative solutions vs. knowing when it’s time to step away
Self-management vs. property management and whether outsourcing is worth it
Vetting and finding the right property manager in a new market
How to cultivate and maintain relationships both professionally and personally
Out-of-state investing, learning how to invest in new markets, and the criteria you should have
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
BPCON2022
BiggerPockets Bookstore
Real Estate Rookie Facebook Group
The Money Podcast
The Real Estate Podcast
AirDNA
The Official BiggerPockets Facebook Group
MLS
LoopNet
BiggerPockets Forums
BiggerPockets Free Membership
Real Estate Rookie Youtube Channel
Connect with Evan and Katie:
Evan's Instagram
Katie's Instagram
Evan's BiggerPockets Profile
Katie's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-217
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Real estate investors are a hard-working bunch. They put in long hours every day to create passive income and find financial freedom. Many investors resort to doing what they hate, day in and day out, simply to escape the clutches of a nine-to-five job. If you’re a rookie real estate investor, you’re probably the property manager, head of acquisitions, tenant contact, and accountant all rolled into one. But this “all or nothing” way of working could slow you down faster than you know.
If you want to take your wealth to the next level, try quitting—it’s what Pat Hiban and Tim Rhode have been doing for decades. As two successful real estate agents, they enjoyed the negotiation games that eventually led to large commission checks. But as the years went by, this non-stop grind took its toll—so much that they both gave up very profitable professions to do what they love. Surprisingly, the “do what you love” lifestyle made them even more money than before!
This is all well and good for a couple of veteran investors, but what about our real estate rookies? What about you, listening to this with one, two, or ten deals? How do you take a step back and become a quitter like Pat and Tim? Can you really make more money by doing less, and even if you could, how do you take the first step? In their new book, The Quitter’s Manifesto, Pat and Tim lay out the exact team and strategy you need to go from burnout to big checks with far less effort.
In This Episode We Cover
How two formal education failures became multimillionaires
Going from 100% “obligation” work to 100% “interest” work by doing what you love
Finding the “quiet” that brings your best ideas to light
Building your team of quitters who will hold you accountable to do less and make more
How to find a world-class real estate mentor who will speed up your growth substantially
The financial position you should be in before you contemplate quitting
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
GoBundance
Upwork
BPCON2022
BiggerPockets Bookstore
Building 61 Different Passive Streams of Income with Pat Hiban
Turning $5K Into $5K/Month and Retiring at 40 with Tim Rhode
9 Simple Steps to Finding the Best Real Estate Mentor for You
Book Mentioned in this Show
The Quitter's Manifesto by Tim Rhode and Pat Hiban
Connect with Pat and Tim:
Pat's LinkedIn
Pat's BiggerPockets Profile
Tim's Website
Tim's LinkedIn
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-216
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Want to become a millionaire? After this episode, you’ll have everything you need to start your journey to a seven-figure net worth through real estate investing. Most people think that to become a millionaire you need to have a high-paying job, a large inheritance, or hundreds of rental properties. This couldn’t be further from the truth, as regular real estate investing allows almost anyone to build wealth, attain financial freedom, and live the life they dream of in only a matter of years.
For those who haven’t bought their first investment property, or only have a few, this webinar with Dave Meyer will provide the step-by-step system that’ll take you from onlooker to investor. Dave takes you through the math behind making millions, how to find investment properties worth buying, analyzing real estate in just minutes, and finally, how to repeat the system so you can continuously build wealth no matter what life position you’re in.
Stick around until the end as Dave throws in a special gift for our viewers that will help take you from rookie to veteran investor in no time at all. The tools, information, and data found in this episode could help slingshot your wealth to levels you’ve never imagined. So, are you ready to start?
In This Episode We Cover
How to become a real estate millionaire no matter where you’re starting from
Defining your “why” and knowing how much money you want to make
How an economic recession could affect real estate investors in 2022
The “crystal clear criteria” every investor must know before buying a rental property
Building your real estate “stack” that can make you rich in only a few years
How to analyze rental properties for complete confidence in the deal
Finding, funding, and financing investment property purchases
The fastest way to level up your real estate investing skills so you can reach financial freedom
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Zillow
BiggerPockets Calculators
On the Market Podcast
BiggerPockets Pro
MLS
BiggerPockets Agent Finder
BiggerPockets Rental Property Calculator
Craigslist
BiggerPockets Bootcamps
Mashvisor
Roofstock
AirDNA
Connect with Dave:
Dave's Instagram
Dave's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-215
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Ricky through Ashley’s direct messages on Instagram. Ricky is asking: I’m about to start my investing journey with short-term rentals. How do I build a real estate team, and which positions should I look for first?
On your way to building a short-term rental empire, you’ll need to build out your real estate investment team. These are the people who will help you scale, manage your properties, and handle host headaches that come up, so you can focus on finding better vacation rental properties. If you want to scale like Tony, who’s already at sixteen short-term rental units, you’ll need to invest in the four “buckets." Doing this will free up time for you to run a better business and source bigger deals.
Here are some suggestions:
Start making checklists, notes, and training videos as soon as you buy your first property
Find the things you hate doing and offload them sooner, rather than later
Build out your short-term rental core four who can help manage the property while you source deals
Start small with a cleaner or maintenance worker and slowly hire out from there
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
BiggerPockets
BPCON22
Investor Girl Britt
BadAsh Investor
Airbnb
Loom
BiggerPockets Agent Finder
Find Money, Partners, & Deals Using The “D.A.D System” w/ Mike Michalowicz
21 Real Estate Professionals You Need on Your Team (Updated 2021)
Connect with Ashley and Tony:
Ashley's Instagram
Tony's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-214
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
The older you get, the more you realize how much life costs. As a kid, it's easy to take for granted the free rent and free meals, but what if you could get back to that? What if you could live mortgage or rent-free as an adult? What if you could have your meals paid for on someone else’s dime? In today’s episode, our guest, Nate Weintraub, shares how he lives for “free” with his three properties that total sixty-five units.
With a real estate investor as a father, Nate has always been around rental property investing. Henever saw himself getting into real estate until he worked his first W-2. After seeing the realities of a nine-to-five, Nate decided to buy a property after college and pursue real estate. In March of 2020, he put a house under contract in Rochester, New York. Since then, he has purchased a sixty-three-unit storage facility in Alabama and is currently house hacking in Florida.
As Nate works toward financial freedom, he has made steps toward reducing his cost of living while still living a life he loves. In addition to being an investor, he does what he loves as a self-employed copywriter—BiggerPockets’ copywriter in fact. At only twenty-four, Nate lives rent-free in his house hack, his rental property covers most of his food, and his real estate investment trusts pay for his car.
In This Episode We Cover
Analyzing andchoosing an out-of-state market to invest in (w/o visiting them)
Self-managing and how to build a trusting relationship with your tenants
House hacking and how to use it to live rent-free while building wealth
Self-storage investing and how to break into a newer, bigger asset class
Finding reliable and trustworthy partners and how to manage your partnerships
The importance of talking about your real estate aspirations and how to generate more business through conversation
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Podcast
Zillow
$13M in Equity from One Deal & Cash Flowing Despite Being Comatose with AJ Osborne
Real Estate Rookie Facebook Group
How to Cut Expenses for a Faster Route to Financial Freedom
BiggerPockets Calculators
Easy Storage Solutions
Stessa
Roomies.com
Yelp
SquareFoot
QuickBooks
On the Market Podcast
BiggerPockets Forums
Airbnb
Connect with Nate:
Nate's Instagram
Nate's Email
Nate's Website
Check out the full show notes here: https://biggerpockets.com/blog/rookie-213
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Carolyn through Ashley’s direct messages on Instagram. Carolyn is asking: I just bought my first investment property in cash. Am I still considered a first-time homebuyer? What happens if I take out a mortgage on that property?
First-time homebuyer loans tend to confuse many real estate rookies. When it comes to first-time homebuyer loans and programs, what options do you have? Some investors think that they can only use loans like the FHA loan for their first home, while others may be enticed by first-time homebuyer programs that boast a lot of benefits, but with a ton of red tape. Which loans work for which investors, and what happens when you want to refinance?
Here are some suggestions:
Remember that loans like the FHA loan are not reserved for first-time homebuyers
Special loan programs designed for first-time buyers could help you fund your down payment, but you’ll want to read the fine print
Look for state-specific grants when buying your first home (you could come across some free funds!)
If you are going to refinance after a cash purchase, be sure to double-check the “seasoning” period with your lender
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
BiggerPockets
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-212
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
While constantly hearing success stories can be encouraging, it can also start to seem unattainable when you don’t know where to start. How did all these successful investors get to where they wanted to be? And if they can do it, why can’t you? Today’s guests, Simon Murillo and Kristina Vaio adjusted their mindset from “why them?” to “why not us?,” which resulted in some serious short-term rental success.
It took a while for Simon and Kristina to become cohesive in their real estate partnership. Simon has been interested in house hacking since 2018, but Kristina couldn’t envision sharing her home with strangers. For his first investment, Simon wanted to invest long-distance in his hometown, but Kristina had reservations about investing in a property she couldn’t physically manage. Despite their opposing views on what their first investment would look like, through a lot of communication, education, trust, and compromise, they found an investment they agreed on—their basement.
With the help of a rockstar real estate agent, they were able to close on a house in December of 2021. It took a few months of blood, sweat, and tears to set up their basement rental, but within just thirty minutes of posting their short-term rental listing, they got their first booking! Now, they’re averaging about $4,500 each month and are looking for their next home to house hack. They plan on doing this at least two or three times until they’re financially free in their forever home—and you can do it too!
In This Episode We Cover
Convincing a skeptical partner and how to find compromise through mutual goals
How to ease into investing through small steps and self-education
Building a team that can help you with your vision—from investor-friendly real estate agents to reliable contractors
The benefits of going to investor meetups and being surrounded by similar people with similar goals
Managing your short-term rental while balancing your full-time W-2
Increasing the value of your property through unique upgrades and renovations
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Podcast
BiggerPockets Forums
Alpha Geek Capital
Real Estate Rookie Bootcamp
Airbnb
Sarah Robinson's Instagram
Redfin
Zillow
Facebook Groups
Nextdoor
MLS
BiggerPockets Agents Finder
Hospitable
Real Estate Rookie Facebook Group
Connect with Simon and Kristina:
Simon's Instagram
Simon's BiggerPockets Profile
Kristina's Instagram
Check out the full show notes here: https://biggerpockets.com/blog/rookie-211
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
The term “other people’s money” is common in the rental property industry. You may hear successful investors use it all the time—but what does it mean? Who are these “other people,” and why are they giving out money so freely? Don’t worry—rich relatives are not necessary for this episode of the Real Estate Rookie Podcast. We’re not talking about taking money from your Grandma. We’re talking about private money lending.
Who better to bring on to the show than Alex Breshears and Beth Johnson, authors of the new BiggerPockets book, Lend to Live: Earn Hassle-Free Passive Income in Real Estate with Private Money Lending? Although tailored towards would-be passive private money lenders, Lend to Live drops some serious knowledge that the everyday investor can use. If you’ve ever wanted to know where to find private money, how it works, and how you can use it to grow your real estate portfolio, this episode is a great place to start.
Alex and Beth break down the fundamentals behind private money lending, what makes a great private money lender, and how to vet yours when accepting money. Private money can create phenomenal opportunities for active investors, but it comes with legal landmines that are easily activated if you don’t know what to look for. So, before you start accepting money from a local lender, be sure you read Lend to Live first!
In This Episode We Cover
What makes a great private money lender and the qualifications they should possess
Why become a private money lender and who private lending is best suited for
How to find private money even if you’re just starting to grow your network
Structuring a private money loan and keeping yourself legally protected
Private money red flags and what investors and lenders should look out for
Points, rates, and other lending lingo you need to know before taking a loan
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Podcast
BiggerPockets Forums
BiggerPockets Bookstore
The BiggerPockets Podcast
Private Money: What the Experts Warn Against Before You Lend (Or Borrow!)
Connect with Alex and Beth:
Alex and Beth's Email
Alex's BiggerPockets Profile
Alex's LinkedIn Profile
Beth's BiggerPockets Profile
Beth's Website
Check out the full show notes here: https://biggerpockets.com/blog/rookie-210
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
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As an investor, finding and closing on a deal is only the beginning, and it sets the tone for how the rest of the deal will go. So what criteria should you have to make finding a profitable deal easier? Once you find a deal that's promising, how do you do your due diligence before submitting an offer? In today’s episode, Kenneth Donis shares his bulletproof process for finding and underwriting profitable deals.
Kenneth is the Head of Marketing and Acquisitions in the Donis Brothers’ operation. The Donis Brothers have a little more than 1,000 units under their belt and show no signs of slowing down. Kenneth is responsible for finding those deals, underwriting them, and meeting with brokers. With a growing portfolio, Kenneth’s process has become more efficient, and the proof is in their success.
Kenneth breaks down his process into three parts—creating criteria, analyzing the deal before submitting the offer, and submitting a letter of intent. He explains how to create a buy box based on your budget and the importance of ensuring your overhead is covered. Taking to heart just a few of the tips that Kenneth shares today could put you on the fast track to closing on your next big investment property!
In This Episode We Cover
Creating criteria to find great deals based on your goals and budget
Defining your ”buy box” and what you should include in yours
Multifamily deal analysis and the quotes you’ll need before submitting an offer
Drafting the letter of intent and the key elements to a perfect offer
How to build lasting and beneficial relationships with mortgage brokers
Raising capital from outside sources and using creative financing to fund your deals
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Podcast
MLS
Apartments.com
BPCON22
Real Estate Rookie Podcast
Changing Their Family’s Fate by Building a 600+ Unit Portfolio (At Age 20!)
How a College Dropout Got a Seat at the Millionaire Investor Table
Post, Invest, Profit: A Step-by-Step Guide to Content Creating for Investors
BiggerPockets Calculators
Connect with Kenneth:
The Donis Brothers’s Website
The Donis Brothers’s Instagram
The Donis Brothers’s Facebook Page
The Donis Brothers’s Twitter
The Donis Brothers’s Tiktok
The Donis Brothers’s Youtube Channel
The Donis Brothers’s Podcast
Check out the full show notes here: https://biggerpockets.com/blog/rookie-209
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Aaron on the Real Estate Rookie Facebook Group. Aaron is asking: How do you set up your rental income for tax season? Do you just show your accountant, for example, a Stessa report? Do you give receipts to your tenant when they pay so you have one for tax season?
Navigating the world of real estate accounting can be tricky. Do you write everything down by hand or update your numbers in tax software? Ask two real estate experts like Ashley and Tony and you’ll see that there’s usually one clear way to gather up your rental income so your CPA doesn’t have a mountain of paperwork and an avalanche of questions to ask you.
Here are some suggestions:
Use software like Stessa or QuickBooks to easily track your income/expenses for tax time
Send tenants rent receipts (if they ask for them) using software like Apartments.com and RentRedi
Keep clear records of how much you received in rent, spent on maintenance, and any amount of vacancy
Get your bookkeeping in place from the first property onwards (your future self will thank you)
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
Stessa
QuickBooks
Apartments.com
RentRedi
Google Drive
OneDrive
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-208
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
As an entrepreneur trying to build wealth, how do you find work-life balance? How do you prioritize your family and life when you work long hours for a better future? Is the time freedom you’re ultimately working towards worth the time you have to give up presently? Amanda Salovitch, today’s guest, shares the balance she’s been able to maintain as a full-time working mom, building a short-term rental business while going from zero to six units in a year and a half.
Amanda has been passionate about real estate for a while. She became a licensed real estate agent fresh out of college in 2008. Amanda worked at a brokerage with another recent high school graduate, and when she decided to pursue a career at the bank, she watched him grow his investment career. The bank required a very fast-paced lifestyle, and it wasn’t until the pandemic that she began to slow down and reassess certain aspects of her future. She started listening to the Real Estate Rookie podcast and became inspired.
She purchased three long-term rentals shortly after she began listening to the podcast. She then closed on a property with three short-term treehouse rentals with various income-generating activities. While living a hectic investor life, Amanda always includes her kids as much as possible. Her ultimate goal is to have the time and freedom to live the life of her choosing with her family, and with the path she’s on, she’ll be able to achieve it soon!
In This Episode We Cover
Getting your real estate license and the benefits of being a licensed investor
Finding your personalized work-life balance and the importance of having a strong “why”
The process of qualifying for a loan and how to qualify for the financing of your choosing
The 1031 exchange explained, its benefits, and its shortcomings
How to get your spouse on board with investing while communicating your goals
Investing while still working your day job and how to manage your time for optimum efficiency
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
Airbnb
Real Estate Rookie Podcast
MLS
QuickBooks
Apartments.com
Lodgify
Booking.com
MileIQ
The Real Estate Podcast
Vrbo
Connect with Amanda:
Amanda's Website
Amanda's BiggerPockets Profile
Amanda's Instagram
Check out the full show notes here: https://biggerpockets.com/blog/rookie-207
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Not knowing how to deal with a bad contractor can cost you thousands, if not tens of thousands, on a single deal. The wrong contractor can cause months more of holding time, thousands in materials wasted, and drain your energy when trying to get the project done. But, once you know the common contractor red flags, you’ll be able to spot which workers won’t work out in the future so you can hire the right ones faster.
Ashley and Tony both have horror stories when hiring general contractors. They have some crucial tips when hiring a contractor for your next home renovation. Their most important one? Hire slow and fire fast. The wrong crewmember could sabotage your entire real estate deal.
Here are some suggestions:
Don’t pay contractors per hour and stick to your contractor criteria
Stand your ground and don’t second guess yourself if you know how something should be done
Never hire the same contractor for another job until they’ve finished the first one
Set milestones and benchmarks for the contractor to hit so they stay on-schedule
Don’t hire the first contractors available for a job, take your time vetting the crew and general contractor
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
BiggerPockets
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
Real Estate Rookie Bootcamp
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-205
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Sometimes in real estate, less is more, and as the saying goes—quality over quantity. You don’t need a portfolio with 100+ properties if you have a strong cash flow from five. This approach allows less to fall through the cracks and a more personalized experience for the tenant while still building wealth like never before. Today’s guest, Kelly Cronin, explains how she has created Cronin Castles, a variety of unique experiences in various locations, and is now profiting off people’s desire to experience more life.
Her current portfolio includes a sea house in Puerto Rico, an off-the-grid dome in Alaska, a tiny home in Utah, and eighty acres in Wisconsin. While Kelly was merely setting her price on listing sites and looking for interesting places, she stumbled on the next big thing. Currently, short-term rental sites are looking for more properties with unique experiences, like Kelly’s, to feature and further differentiate themselves from the competition.
Kelly was able to start investing because she saved half of her income. She was able to save an astonishing $110,000 not because of a high salary—in fact, she never hit the six-figure mark—but because she gamified her life. Kelly did this by finding ways to lower her mortgage, save on childcare expenses and use credit card points to cover her travel expenses. Now Kelly can give people the traveling experiences she would want while simultaneously building wealth and changing her financial future.
In This Episode We Cover
How to research and invest in different markets
Cultivating unique experiences and how to market your rentals
Managing your rental property remotely and the importance of building a network in the market you choose to invest in
Saving fifty percent of your income and how to gamify your life and stretch your money
Self-managing your properties and how to stay on top of your rental portfolio
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
BiggerPockets Forums
Brandon Turner's Instagram
Nate Robbins' Instagram
Brian Murray's Instagram
Airbnb
Vrbo
Realtor.com
AirDNA
Zillow
Derek Diedricksen's Instagram
Boostly
Godaddy
Hostfully
Meta Business Suite
96 Units in 5 Years By Combining Long & Short-Term Rentals
Connect with Kelly:
Kelly's Website
Kelly's Facebook Page
Kelly's Instagram
Check out the full show notes here: https://biggerpockets.com/blog/rookie-205
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
New short-term rental regulations are sprouting up around densely-populated states like California and New York. These regulations can stop new investors from setting up shop while making established hosts much wealthier. With stricter short-term rental laws, what should real estate investors do to hedge their risk against being stuck with a property that can’t be rented out?
Both Ashley and Tony own short-term rentals. Ashley’s is situated in a town with no regulations, while Tony has vacation rentals scattered across multiple markets, each with its own specific ordinances. Tony knows that even with these new laws, there are still steps you can take to ensure that your short-term rental investment isn’t ever at risk of being left empty.
Looking into short-term rental markets? Here are some suggestions:
Look for established, mature vacation rental markets when starting your search
Economic dependency on tourism will most likely make an area more open to short-term rentals
Always research the number of short-term rentals an owner can legally own in an area as well as how the permitting process works
Stay up-to-date on an area’s short-term rental laws as they are subject to change
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-204
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Property management can be one of the more complex decisions when it comes to investing. Do you save money and ensure the job is done exactly how you want it by self-managing, or do you invest in someone with experience and save yourself time, energy, and headspace? Today’s guest, Karen Lane, breaks down property management in bite-size chunks, so whether you’re deciding between property management vs. self-management or hoping to pursue property management already, this episode is perfect for you.
Karen has been in property management for commercial real estate for most of her career, so she’s seen it all—including a dead deer carcass in the middle of a shopping center parking lot. She’s worked with private investors on both coasts and internationally. Karen’s abundant experience has made her a wealth of knowledge and the perfect person to learn from. While she has thrived in the property management space, she now hopes to beat analysis paralysis and find her first investment.
Karen goes over what it means to be a property manager and how to become one. She also talks about the nuances of juggling the different relationships you need to maintain as a property manager. Today’s episode is the free property management masterclass you don’t want to miss.
In This Episode We Cover
What it means to be a property manager and how to know if you have what it takes
Finding and vetting a property manager to make sure your goals and expectations align
How to keep the landlord and the tenant happy and find a middle ground
Management agreements and how to understand the property management fees that come along with it
How to check for hidden fees as a landlord
The most significant things to look for in a property manager to make sure your relationship is successful
The ideal reporting structure, the cadence, and what you should include
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
BPCON2022
BiggerPockets Forums
Rookie Landlord Bootcamp
BiggerPockets Calculators
Buildium
AppFolio
Quickbooks
A Step-by-Step Guide to Estimating Rehab Costs w/ Master Flipper & Investor James Dainard (Part 1)
Finding Contractors, Renovation Red Flags, and Estimating Rehab Costs (Part 2) w/ James Dainard
18 Deals in 2 Years AND a Full Time Job with Kevin Christensen
Connect with Karen:
Karen's Property Management Company
Karen's Company Email
Karen's Website
Karen's Email
Check out the full show notes here: https://biggerpockets.com/blog/rookie-203
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Brandon on the Real Estate Rookie Facebook Group. Brandon is asking: On a cash-out refinance, is this considered income? If so, will I have to report it on my taxes?
Real estate investing provides a lot of tax benefits, some that new investors or everyday homeowners simply don’t know about. One of the greatest tax benefits? No taxes on loans and liabilities! That means that the cash-out refinance can be done without paying any taxes on the cash given to you from the bank. But, there are a couple of ways that you could get snagged during tax season if you don’t follow the right steps.
Here are some suggestions:
Cash-out refinances are considered debt, not income, from a taxation point of view
If you are planning to have your business pay you back for acquisition/renovation costs, be sure you make a record of that so you don’t get taxed on your repayment
You may pay taxes on a cash-out refinance if you plan on taking profits from your business
As always, consult a tax professional if you have any specific tax questions
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
Rookie Reply: Cash Out Refinances vs HELOCs | Which Should You Use?
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-202
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
The beautiful thing about real estate is that there is endless room for growth. While some jobs have a capped amount of opportunity, real estate encourages constant advancement. Today’s guest, Gus Ofili, began his investing journey after the pandemic and now has nine properties with twenty-three units.
Gus turned to real estate after deciding to leave his nine-to-five at a bank. He didn’t hate his job, in fact, he was doing very well, but there wasn't adequate room to grow. Gus started realizing he was getting passed up on opportunities by people who dedicated at least a decade of their life to the bank. He couldn't see himself taking ten years of his life for a career milestone—so he quit.
Initially, real estate intrigued Gus because of the thrill he got from negotiating. He started taking classes to become a realtor while working his nine-to-five. As an agent, he sold fifty homes in his first year, seventy-one in his second, and 108 in his third year. While he did exceptionally well as a realtor, he wanted a backup plan and knew investing would be a fundamental part of his real estate career. He had the opportunity to sell a five-unit house, but when the first appraisal fell through, he began to see potential in the home, decided to buy it, and as the saying goes—the rest is history.
In This Episode We Cover
Quitting your nine-to-five and how to prepare to do so
How to use social media to gain free exposure and grow your brand
Finding a profitable side hustle in real estate and the benefits of becoming a leasing agent
Clubhouse and how to use it to learn more, expand your network, and gain motivation
Overcoming the fear of buying your first investment property and how to make the transition as smooth as possible
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
BPCON2022
Airbnb
STR Summit
Clubhouse
Discord
BiggerPockets Forums
Facebook Marketplace
Connect with Gus:
Gus' Facebook
Gus' Instagram
Check out the full show notes here: https://biggerpockets.com/blog/rookie-201
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
You’re here to buy your first rental property. This is the Real Estate Rookie Podcast, and as a rookie, where should you start? Most new real estate investors think that the steps to buying a rental property are simple—find an agent, find a property, buy the property. And although that could buy you a rental property, the chances of you becoming successful are very low. Real estate investing requires much more than just purchasing a property if you’re trying to build generational wealth, financial freedom, and a life that operates on your schedule.
It shouldn’t be surprising that the CEO of a company like BiggerPockets is someone who took the slow, yet highly successful route. No raising money on his first deal, no buying multimillion-dollar apartment complexes, no giant yacht, and no private planes. Scott Trench is the epitome of the “grind until you shine” real estate investor. Starting with little-to-no savings, he was able to work his way up to his first rental, his second, and now his thirteenth.
To celebrate the release of the updated version of his wildly popular book, Set for Life, Scott has created a ten-step checklist that any new investor should use to get their first real estate investment. These steps were specifically designed for you to not just get one rental, but many more following your first purchase. These are the exact steps Scott took to reach financial freedom in under ten years, and if you follow them as well, you might be able to do it faster.
In This Episode We Cover
The ten steps to becoming a successful real estate investor (even if you have no experience)
Frugality and its impact on how you invest and grow your wealth over time
Calculating your dollar per hour cost and choosing whether or not to outsource work
The four levers of wealth creation and how to pull them all for fast-paced wealth building
How Scott went from entry-level worker to CEO of BiggerPockets in under ten years
Building your “investor ability” so you can make smarter decisions faster
And So Much More!
Links from the Show
Rookie Readiness Checklist
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
BiggerPockets Forums
Podcast Guest Onboarding Form
BiggerPockets Bookstore
The BiggerPockets Money Podcast
Dish Network
The Real Estate Podcast
Joshua Dorkin's Website
Brandon Turner's Instagram
Dave Visaya's Podcast Editing Services
Mr. Money Mustache
Airbnb
Vrbo
Mindy Jensen's Instagram
From 400 Credit Score to Making $17,000/Month in Passive Income
BiggerPockets Bootcamps
FRED
BiggerPockets Calculators
Buildium
Books Mentioned in this Show:
Set for Life, Original Edition by Scott Trench
Set for Life, Revised Edition by Scott Trench
First-Time Home Buyer by Scott Trench & Mindy Jensen
Connect with Scott:
Scott's BiggerPockets Profile
Scott's Rookie Readiness Checklist
Check out the full show notes here: https://biggerpockets.com/blog/rookie-200
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
We are in the age of social media, so how do you use that to your advantage? How do you create a platform that helps you reach your career goals? What content should you create to target your desired audience? Today’s guest, Kerwin Donis, shares how he and his brothers have built the platforms that have helped them partner in over 600 units of apartment syndication deals.
The Donis Brothers have a wide range of platforms, from YouTube to TikTok, where they document their journey and share their wealth of knowledge. They have about 12,000 followers on Instagram and 63,000 on TikTok, but their main focus is their podcast. Kerwin, the head of their social media, says their initial goal was to document their journey and build credibility as young investors. While that is still their goal, they have become more strategic about what they post and the audience they post for to grow their platform and their online community.
So how do you begin? You begin now—stop waiting! Kerwin emphasizes that when you start, it won't be perfect, and that's okay. Create the content you’d want to consume, aim to entertain and educate, and the rest will come. The benefits of building your platform are endless because you never know who you’re reaching—whether that be a future mentor, partner, or client. There is no better time to start your social media journey and no better place to start than this episode!
In This Episode We Cover
Building a platform with little knowledge (it’s not as hard as you think)
How to manage different social media platforms and decide which one should be your primary focus
The various benefits of building a platform and how to get the most out of your platforms
Content marketing and how to target your ideal audience
Creating content without a big team and how to keep yourself accountable
Lead magnets and how to use them to increase your marketing efforts
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Youtube Channel
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
$1M in Real Estate in Just 1 Year (and How You Can Do It Too!)
How a College Dropout Got a Seat at the Millionaire Investor Table
Lili Thompson's Youtube Channel
On the Market Podcast
BiggerPockets Forums
Pat Flynn's Website
Smart Passive Income
Your First Real Estate Investment Podcast
Derrick Acuff's Instagram
From Restaurant Waiter to 100+ Deals in Only 4 Years w/ Derrick Acuff
Grant Cardone's Website
Venmo
How to NOT Go Bankrupt: 5 Mistakes New Investors Make
Connect with Kerwin:
Kerwin's Instagram
The Donis Brothers Website
The Donis Brothers Instagram
The Real Estate Monopoly Podcast
The Donis Brothers Youtube Channel
Check out the full show notes here: https://biggerpockets.com/blog/rookie-199
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Mantas on the Real Estate Rookie Facebook Group. Mantas is asking: My buddy placed an offer substantially above asking price and the seller, before accepting the offer, asked my friend if he would pay the difference if the appraisal came in lower than the offer. Anyone encountered this situation and what would be the best response if any?
Ah, the classic appraisal gap/appraisal contingency. During hot housing markets (like we’ve been experiencing over the past two years), these types of offers have become more and more common. A seller wants to be sure that they can get the sales price they want and the buyer often has to pay the price to cover the appraisal difference. But what are some ways to get around this if your appraisal comes back low?
Here are some suggestions:
Do as much research beforehand so you know an appropriate appraisal value before the appraisal
Run comps using real estate data tools (like PropStream) or look up comparable home sales in your area using a listing service
Challenge the appraisal buy checking for discrepancies and running comps
Get a different appraisal ordered or switch to a more flexible lender if all else fails
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
Propstream
MLS
Realtor.com
Zillow
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-198
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
If you’re unsure about real estate, run the numbers. It’s that simple. Once you run the numbers, you’ll have clarity on which decisions to make and tangible reassurance that you made the right ones. Today’s guest, actress Brec Bassinger, shares how focusing on the numbers has given her the confidence to become the successful investor she is today.
Brec’s name may sound familiar to some of you. She’s been the star of Bella and the Bulldogs and the new hit show, DC’s Stargirl. Brec’s interest in real estate began after a trip to Big Bear with her boyfriend when she realized the earning potential of short-term rentals. She decided to buy a condo and had her first short-term rental within six months. The speed at which she got her first deal may seem intimidating, but Brec’s confidence came from the numbers she calculated and the profits she knew she could make.
During her first season of Stargirl, Brec had to share a small apartment with her coworker because that’s all she could afford with her fluctuating income. Now she makes more money by living in an expensive high-rise apartment while renting out her old space. Real estate has allowed Brec to supplement her fluctuating income without a W-2 and the freedom to live the life she wants. And even though she plays a superhero, her story proves that you don’t have to be one to invest in real estate.
In This Episode We Cover
How to confidently close on your first investment property and move past fear
Becoming more financially stable by supplementing your income with a passive income stream
The importance of running the numbers and how to use the simple rental calculations to make profitable decisions
Building a relationship with your property manager and eye-opening questions to ask them
How to qualify for loans without a “steady” income
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Youtube Channel
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
Airbnb
BPCON2022
20 Deals in a Year as a Professional Basketball Player w/ Terry Harris
Terry Harris' Instagram
Zillow
AirDNA
BiggerPockets Calculator
MLS
From Sleeping in His Car to Multi-Unit Landlord & The “Nomad” Strategy
Nick Cooley's Instagram
Connect with Brec:
Brec's Instagram
Check out the full show notes here: https://biggerpockets.com/blog/rookie-197
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Tony’s Instagram direct messages! This rookie real estate investor is asking: I have a good chunk of equity in my home, should I pull out cash to purchase a rental property? If not, what should I do with the equity?
If you want to know how to use home equity to buy real estate, you need to know your options first. As many homeowners are sitting on massive equity gains, thanks to the past two years worth of price run-ups, they’re asking how they can use this equity to their advantage. For most investors, you’ll have two options in how you take this equity out of your home’s value. But, both of them need to be intelligently evaluated before you make a decision.
Here are some suggestions:
Look at your current mortgage rate and see if it’s higher or lower than today’s average interest rate to refinance
Ask your lender about a HELOC (home equity line of credit) as well as the terms, interest rates, and duration offered
Interest rates are likely to rise, so locking down a great rate now may help you in the future
Know your exit strategy (flip vs. BRRRR vs. buy and hold) for each different kind of financing option
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
BiggerPockets Forums
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-196
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
You often hear about house hacking as a means to an end, a simple way to start your real estate journey, but what if it could be more? What if house hacking could be your ticket to financial freedom? Today’s guest, Craig Curelop, author of The House Hacking Strategy, shares how he reached financial freedom through house hacking and how to follow along in his footsteps.
Craig started where most do, hating his W-2 and working too much. He began researching how to earn a passive income and came across BiggerPockets. Within six months, Craig started working at BiggerPockets, moved to Denver, and decided to start living his life the way he wanted. Using his house hacking strategy, he went from being $30,000 in debt to financial freedom in two and a half years.
Before you get into house hacking, you need to understand the basics, and today Craig breaks them down. He goes over the different ways to house hack and its advantages and disadvantages. Craig also talks about how to live with your tenants and the boundaries needed for your ideal house hacking situation. Craig paints the whole picture so you can make an informed decision and decide if house hacking is the way for you to become financially free too (or at least build more passive income)!
In This Episode We Cover
Why house hacking is ideal for new and young investors and how to get started
The different ways to house hack and how to turn an unused space into an income-generating area
The noteworthy advantages and disadvantages of house hacking and how to decide if house hacking is for you
Living with tenants and how to set landlord boundaries for you and your tenant’s comfort
How to vet tenants and red flags to look out for before offering them a lease
Collecting rent and the processes to have in place to help you stay in “landlord mode”
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Youtube Channel
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
Airbnb
AJ Osborne's Website
The CRE Circle
RentRedi
The Real Estate Podcast
Costco
10 Income Streams on 1 Property by “Land Hacking” w/ Kai Andrew
Kai Andrew's Website
Apartments.com
Connect with Craig:
Craig's Instagram
The FI Team
Invest2FI Podcast
Check out the full show notes here: https://biggerpockets.com/blog/rookie-195
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
The best real estate investing apps are ones you could not live without. Whether you’re a full-time real estate investor, managing a few properties, or still trying to get your first deal done, these apps can help you find, manage, and cash flow your rentals quicker. Ashley and Tony both use these apps daily and probably couldn’t run their real estate investment portfolios without them.
To help you scale up your real estate investing, Ashley and Tony have written down their most-used real estate investing apps. Now, anytime you see a potential deal, need to chat with a team member, or simply want to time how long you’ve been working at a rental property, you can. Most of these apps are free, so you can download them today, try them out, and buy your first (or next) deal faster!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
Building an Out-of-State Empire by Using the Right Type of Real Estate Agent w/ Sarah Weaver
Zillow
Realtor.com
LandGlide
PopStream
OnX
DealCheck
MLS
Homesnap
Personal Capital
Easy Calculator
Google task
Google Calendar
Google Docs
Splice
Quickbooks Time
MileIQ
Schlage
Ring
Loom Mobile
Loom
Monday.com
Wrike
Miro
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-194
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Your connections and relationships are invaluable in real estate, so how do you get to know the right people? How do you build a lasting, mutually beneficial relationship? The answer is simple—you show up, get your name and face out there, and listen. Building a network can seem intimidating, especially starting from scratch, but today’s guest, Jeffrey Donis, breaks it down step-by-step.
Jeffrey Donis of the Donis Brothers is in charge of nurturing investor relations, so networking is his bread and butter. At twenty-three, he has helped his brothers raise enough money to co-sponsor 600 units worth of deals in the last two years. This would have been nearly impossible to achieve in such a short time without the network they built and the relationships they nurtured. Their network didn’t come automatically, and similar to everyone else, they started from scratch and were able to find a way to get themselves out there.
The first step is to build your credibility. While there are many ways to do so, Jeffrey explains how to use social media to document your journey and build trust. He also goes into how to navigate networking events and bring value no matter your experience level. The Donis Brothers have become widely successful in a record amount of time, and the way they built their network and brand is a large part of that.
In This Episode We Cover
Building credibility and how to use social media to do so
The 80/20 rule and why it’s an effective way to network and build relationships
How to bring value to others (without money!) and maintain a good reputation
Overcoming imposter syndrome and how to be more confident in your abilities
How to vet potential investors and red flags you should look out for
The importance of constant self-education through real estate courses and classes
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Youtube Channel
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
Changing Their Family’s Fate by Building a 600+ Unit Portfolio (At Age 20!)
How to Find Free Money to Finance Your Education & Avoid Extensive Student Debt
Student Loans Update: Repayment, Refinancing, and Potential Forgiveness w/ Robert Farrington
Robert Farrington's Website
Your First Real Estate Investment Podcast
Tyler Madden's BiggerPockets Profile
SyndicationPro
Joe Polish's Website
InvestNext
Subto
Meetup
Eventbrite
Citrix Podio
Connect with Jeffrey:
The Donis Brothers' Website
Jeffrey Donis' Instagram
Jeffrey Donis' Twitter
The Real Estate Monopoly Podcast
Check out the full show notes here: https://biggerpockets.com/blog/rookie-193
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Natalie on the Real Estate Rookie Facebook Group. Natalie is asking: How did you narrow your focus to determine your strategy? And how do you get good at analyzing real estate deals?
This is one of the most-asked questions we receive. When you’re starting as a rookie real estate investor, every strategy seems like a good one. You may hear a guest on the Real Estate Rookie show talk about wholesaling or flipping or short-term rentals. Before long, you’re already planning your next exciting purchase even if you had another one already in the works. This “shiny object syndrome” is common when getting started, and while it’s good to know about many different investing strategies, changing yours too often can lead you well off the path to financial freedom.
Here are some suggestions if you’re torn between strategies and need to up your analysis game:
Look at your resources and base your investing strategy upon what makes sense for you specifically
Pledge to become an expert in a certain strategy and don’t try building too many bridges
Set up a strong foundation in your current investing strategy, then you can pivot wherever you want
Practice your deal analysis daily and send your calculations to other investors as a pulse check
Get to know your investing area as much as you can (even if you’re remote investing!)
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
BPCON2022
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-192
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
What differentiates a top producer from everyone else? The most common answer is hard work, ambition, and charisma, but what does that even mean? Hard work, while a universal concept, changes depending on the context, so what does hard work entail in real estate? Today’s familiar guest, David Greene, answers all these questions and more in today’s episode and his new book, SKILL.
SKILL is only part two in his three-part book series where David teaches you how to excel as an agent or investor. It follows SOLD, which is all about gaining confidence by learning and understanding the fundamentals of real estate. SKILL then teaches you how to become a top producer and make more money through intelligent negotiation, building trust with clients, and becoming an expert in your field. Ideally, this book is for those with a little experience who want to take their career to the next level.
In today’s episode, David shares some of the characteristics of a top producer. He goes over the importance of generating leads and how to do so, building your marketing funnel, and the metrics you should be tracking to find and convert more leads. Instead of telling you how to get better through abstract concepts, David provides concrete step-by-step examples on how to differentiate yourself, so you can beat out the other agents in your area.
In This Episode We Cover
How to decide if getting your real estate license would be beneficial for you (it’s not the answer you think)
Lead generation and how to get your name known
How to improve investor and agent communications and find deals that align with your criteria
The most important metrics to track if you want to scale your business
Lead vs. lag measures and why tracking lead measures get you results sooner
Listing presentations, how to hold one, and why they make you stand out as an agent
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Youtube Channel
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
MLS
On The Market Podcast
BiggerPockets Calculator
BiggerPockets Agent Finder
AJ Osborne's Website
The CRE Circle
BiggerPockets Real Estate Podcast
BiggerPockets Bookstore
FTX
Zillow
Robert Abasolo's Instagram
Connect with David:
David's Instagram
David Greene Real Estate Youtube Channel
Check out the full show notes here: https://biggerpockets.com/blog/rookie-191
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
What is due diligence in real estate? If you ask most new investors, they’ll have some sense of what due diligence is, but may be confused about what it really means. Is due diligence when you analyze your deal? Who should you be in contact with during due diligence? How long does a due diligence period usually last? And what happens if your deal turns out to be a dud in due diligence?
In reality, due diligence isn’t all that confusing. It’s simply the time that you, and your partners (if you have them), spend inspecting, double-checking, and re-analyzing the deal. The due diligence period is there for the protection of the investor, so you can use everything in your power to confirm that you truly are getting a great deal. But, before you start calling inspectors, make sure you follow some of these more granular steps that could save you a fortune in the future.
Never done due diligence before? Here are some suggestions:
Work with a seasoned real estate broker, agent, or attorney who can catch things you won't
Double-check that your financing options still stand if you find anything wrong with the property
Talk to the local city government or code enforcer to ensure prior work on the property was done correctly
Calculate out what the cost of repairs will be for the property once you’ve gotten an inspection
Don’t fall in love with a deal and be prepared to walk away if you find something that’ll kill your exit strategies
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
Ryan Dossey's Instagram
Ballpoint Marketing
Airbnb
AlphaGeekCapital
MLS
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-190
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
House hacking is one of the easiest ways to get into real estate investing. Thanks to its flexible financing options, low down payment loans, and ability to cut your rent in half (or eliminate it), house hacking is truly a phenomenal investing strategy. In short, house hacking is when a homeowner or investor buys a house or multifamily and rents out the other rooms or units while they live in one of them.
The house hacking strategy can be mixed and matched in any way you like. Want to live with a bunch of friends? Buy a three or four-bedroom house and rent out the rooms. Want to have a private space for you and your family? Buy a small multifamily and rent out the other units. No matter what you choose to do, house hacking can help speed up your journey to financial freedom. This is done by reducing the amount of money you spend on rent/a mortgage while also giving you serious tax benefits, instant cash flow, and appreciation so you can build wealth in the background.
In this how-to episode, Ashley and Tony give you everything you need to find, analyze, finance, and buy a house hack. They go over in-depth real estate analysis so you can confidently bring a deal to your lender, partner, or just have peace of mind that you’re making a smart investment. This single home purchase could change your financial future forever, so what are you waiting for?
In This Episode We Cover
What is house hacking and the major benefits of hacking your house
The four ways to build wealth in real estate and three common rookie mistakes
The best ways to fund your real estate deals or house hack property
How to analyze your next property using the BiggerPockets real estate calculators
Property management 101 and how to manage a rental property
How to get your first real estate deal faster with BiggerPockets tools and expert guidance
And So Much More!
Links from the Show
BiggerPockets
Real Estate Rookie Youtube Channel
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
The Real Estate Robinsons Youtube Channel
BiggerPockets Forums
James Dainard's Instagram
On The Market Podcast
ProjectRE Youtube Channel
BiggerPockets Calculator
Dan Sullivan's LinkedIn
Who Not How: Stop Doing the Things You Hate, Free Up Time, Be Happier and Richer with Dan Sullivan
BiggerPockets Agent Finder
Craigslist
Facebook Marketplace
MLS
BiggerPockets Rent Estimator
BiggerPockets Marketplace
Brandon Turner's BiggerPocket's Profile
BiggerPockets Pro Membership
David Greene's BiggerPocket's Profile
Craig Curelop's Instagram
Connect with Ashley and Tony:
Ashley's Instagram
Tony's Instagram
Check out the full show notes here: https://biggerpockets.com/blog/rookie-189
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Networking tips only matter as long as they work. Everyone knows the classic ones—bring a business card, wear a nametag, and look people in the eye. But, when you’re meeting with investors who have big portfolios, it can be easy to get flustered all of a sudden. Maybe you run into your dream mentor at your next real estate meetup—what do you do?
Both Ashley and Tony were able to buy their first rentals and grow their portfolios thanks to networking. At first, they didn’t know what to do or say, and didn’t have many deals to speak of. But, over time, their net worth grew with their networking skills, allowing them to connect with more investors, find more deals, and build lifelong friendships. They’re testaments that even if you don’t have any deals yet, networking could be what brings you your first!
Not used to networking? Here are some suggestions for your next meetup:
Sign up for a BiggerPockets meetup in your city and get your tickets to BPCon2022!
Don’t stick with your clique, remember that networking is there for you to meet new people
Rehearse the question you want to ask if a mentor, speaker, or inspiring investor is at the event
Take a break from networking to write down names, lessons learned, and takeaways from conversations
Don’t know anyone at the meetup? Join a group (they’ll almost always welcome you openly)
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
BiggerPockets
BiggerPockets Bootcamps
BiggerPockets Forums
BPCON2022
Alex Sabio's Instagram
Daryl Clinch's Instagram
Brandon Turner's LinkedIn
Tyler Madden's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-188
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Cash flow and revenue should always be your main focus, but that’s not always the case. Often, the focus tends to be on the number of doors, with many investors not realizing you can make more with less. Today’s guest, Welby Accely, has mastered the art of maximizing revenue per unit and automating his flips. Despite his primary focus being quality over quantity, Welby has done over 100 flips in just four years!
Welby’s success didn’t come overnight, in fact, most of it has come from trial and error. Welby started investing in 2004 without knowing anything about ROI or cash flow, but that didn’t stop him. Unfortunately, this lack of knowledge cost him a fortune in time and money. Fast forward thirteen years, Welby has realized all the detrimental mistakes he was making. The price of his lessons may have been high, but now he knows people with twice as many doors as him that don’t make half as much net income.
As Welby says, everything is about the numbers. When you realize this, it’s easier to focus on the properties that generate income and ditch the properties that don’t. Before you focus on the numbers, you need to understand cash flow and depreciation while also figuring out your financial goals and what aligns with them. These two metrics are Welby’s bread and butter. After he understood them, he created a simple formula for his flips and automated everything in his business, allowing him to make more while doing much less.
In This Episode We Cover
Generating capital through your flips and how to invest that capital to make even more
Understanding capital, ROI, and depreciation and the importance of setting your financial goals first
How to maximize revenue per unit and focus on the numbers to reach your financial goals
How to simplify your scope of work, control your capital, and make your money work for you
Building a business model that focuses on maximizing your revenue and simplifying your flips
Welby’s flip formula and how to automate your flipping process to get the most out of it
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Youtube Channel
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
Scammed, Cheated, But Still Coming Out with 50 units with Welby Accely
MLS
Zillow
Redfin
Realtor.com
Lowe’s Home Improvement
Flipper Force
Connect with Welby:
Welby's Instagram
Welby's Website
Check out the full show notes here: https://biggerpocket.com/blog/rookie-187
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Aaron on the Real Estate Rookie Facebook Group. Aaron is asking: What paperwork do I need to close an off-market deal? If presenting a cash offer, can it all be done between me and the seller? Do you typically ask for an inspection period?
Off-market real estate deals can seem tricky when you’ve never done one before. For the most part, investors only deal with on-market deals where their real estate agent walks them through the closing process. When you’re pursuing off-market deals, you’re on your own (for the most part), but that doesn’t mean that closing on a new deal has to be complicated.
Here are some suggestions:
Contact local real estate attorneys and escrow offices before closing on a property
Remember to include purchase contingencies (like inspections) so you’re not stuck with a bad deal
Send in a letter of intent to the seller before presenting a formal offer to see where they stand
Consult a real estate attorney to draft up a legal, enforceable purchase and sale agreement
When in doubt, lean on your escrow, title company, or attorney for the next steps
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
InvestNext
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-186
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Today’s guest, Alicia Marks, started real estate investing unintentionally in 2011 when she became an accidental landlord. It wasn’t until eight years later, in late 2019, that she decided to intentionally invest in hopes of reaching her financial goals faster. Since then she has closed on five doors, has done one live in flip, and has six more under contract.
Besides being a part-time investor, Alicia is also the BiggerPockets Community Manager. This direct connection to the BiggerPockets community has allowed Alicia to get more exposure to the world of real estate investing while also knowing first-hand how useful all the BiggerPockets tools can be. Alicia even found her partner through BiggerPockets! They started with only one deal to test the waters and had a very clear exit strategy in case it didn’t work out. Thankfully they discovered the partnership worked well for both of them, but if it hadn’t, Alicia would have been perfectly fine because of the exit strategy she put in place.
After some major life changes, Alicia thought she’d pursue a dental career until she realized the people in the dental field were trying to get out and pursue real estate. It was then that she decided instead of accruing massive debt in hopes of reaching financial freedom, she’d return to real estate after an eight-year hiatus and begin her financial freedom journey right away!
In This Episode We Cover
The importance of finding a solution-based property manager and how to maintain long-distance communication with them
How to find, manage, and build a lasting, beneficial relationship with contractors
Exit strategies and why it’s important to have them in place
How to plan your exit strategies and how to know when it’s time to implement them
The importance of structuring your partnership in a way that aligns with the strengths of you and your partner
How to use private lender meetups to your full advantage and finding the perfect private money lender for you
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Youtube Channel
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
Real Estate Rookie Bootcamp
BiggerPockets Forums
On The Market Podcast
James Deinard's Instagram
Dave Meyers' Instagram
On The Market YouTube Channel
Is College Worth the Cost? This 30,000 Variable Study Says “Sometimes…”
How to Retire Early With Real Estate & Do What Matters More with Chad Carson
Ouch! Brandon & David’s 10 Biggest Investing Mistakes (& How to Avoid Them)
Asana
Connect with Alicia:
Alicia's BiggerPockets Profile
Alicia's Instagram
Check out the full show notes here: https://biggerpocket.com/blog/rookie-185
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Andrew on the Real Estate Rookie Facebook Group. Andrew is asking: How would you handle a prospective tenant that has a bankruptcy on their record?
Tenant screening is almost as important as rental property screening. A bad tenant can not only cost you potential rent but cause thousands or tens of thousands in damages if not handled correctly. This is why landlords are so strict when evaluating tenants, as a good tenant can mean next-to-nothing maintenance and a bad tenant can mean habitual headaches. It’s up to you whether or not a potential tenant meets your criteria. When evaluating, remember to stay within your legal limits!
Got a tenant with some questionable financial history? Here’s how to proceed:
Speak with the applicant and get their side of the story while trusting your gut
Verify the applicant is truthful by running a credit check and background check
Use a property management software that allows you to report a tenant’s monthly payments to credit bureaus
Look at the applicant’s job history, debt-to-income ratio, and if they have any repossessions
Know that people who have filed bankruptcy may only have the option to rent (for a while)
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
Alpha Geek Capital
Belmont Housing Authority
RentRedi
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-184
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
In today’s episode, you’ll get to see the third major reason why Alpha Geek Capital, Tony’s fast-scaling real estate company, is so successful. Omid Tehranirad is the third partner in the group, acting as the first layer of protection, or as he puts it, the “chastity belt”, of the partnership. Omid is the head of investor relations and splits operational duties with Sara, Tony’s wife.
He discovered real estate after being unfulfilled by the typical “American Dream'' job. His parents encouraged him to pursue the tried and true traditional path that leads to retirement at sixty-five, but after sixteen years at a corporate job, he needed something to change. Omid was looking for something new when he stumbled upon BiggerPockets and discovered the power of real estate investing. He already knew Tony since he was Sara's cousin, but it wasn’t until they found out they both followed David Greene that they realized they could be making money together. From there, they did their first deal and as the saying goes, the rest is history.
Omid and Tony work well together because they complement each other’s skillsets. Where Tony is idealistic, Omid is realistic and together they reach each goal they set. Omid has been able to leave his corporate nine to five of eighteen years and increase his wealth overall—his financial wealth, social wealth, time wealth, and physical wealth. For the first time in years, he’s able to drop his kids off at school, prioritize his physical health, and travel while still making money. Omid serves as proof that we all need to stop classifying wealth as just financial andrealize true wealth is about finding your freedom.
In This Episode We Cover
Breaking away from the traditional “American Dream” (and finding something even better)
The BRRRR method and how to a find low-risk rehab
How to prepare to transition from a fixed income to a variable income
How to structure a partnership and prioritize partner alignment
Understanding cash flowand making the numbers work for you
Identifying a client’s need and how to create a mutually beneficial relationship and partnership
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Youtube Channel
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
Real Estate Rookie Bootcamp
Airbnb
BiggerPockets Forums
Alpha Geek Capital
David Greene's BiggerPockets Profile
Monday.com
Wrike
Rookie Reply: How Much Cash Flow Do You Need to Quit Your W2? w/Daryl Clinch
Daryl Clinch's Instagram
Find Money, Partners, & Deals Using The “D.A.D System” w/ Mike Michalowicz
Mike Michalowicz's Website
Hospitable
Rod Khleif's Website
Connect with Omid:
Omid's Instagram
Check out the full show notes here: https://biggerpocket.com/blog/rookie-183
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Brandi through Ashley’s Instagram direct messages. Brandi is asking: Our current home could give us about $260,000 in net proceeds if sold. We plan to purchase rentals with those proceeds. But, our home is in a good location with good appreciation. Should we sell our primary to buy properties or refi and make it a rental?
The sell vs. refi argument is back once again! In this hot housing market, it’s no surprise that homeowners want to take advantage of their growing equity by selling their properties. But, doing so could cause you to lose one property only to have to go out and find another. Although the sell vs. refi answer is specific to each investors’ situation, there are a few quick ways you can establish which is a good move for you.
Here are some suggestions:
Ask “what’s going to give me a higher ROI?” and look at metrics like cash-on-cash return and return on equity (ROE)
Take out a home equity line of credit (HELOC) instead of refinancing and BRRRR your next rental to pay back the loan
Don’t forget to factor in future appreciation that you could miss out on by selling
Double-check your interest rate on your primary residence (it may be too good to give up!)
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
Alpha Geek Capital
Tyler Madden's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-182
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
When you think about long-distance investing, what comes to mind? People usually have reservations about investing out-of-state, but today’s guests took it a step further and invested from halfway across the world. Today’s guest, Caleb Drake, has closed on nine doors with one flip underway.
Caleb was active duty military for fourteen years, and once he joined special ops he was deployed for six months at a time. During those six months, his house would sit, unused, and that’s when he saw an opportunity. Caleb decided to rent out his house through Airbnb. As a new landlord and Airbnb host, Caleb had to learn by doing, a task that was increasingly more difficult since he was self-managing from Iraq, Afghanistan, and Africa. Caleb was able to combat this challenge by building a team that could handle what he couldn’t.
After a few years of investing solo, Caleb joined a partnership to expand his portfolio and increase his profit. His partner was also out of the country, so they switched off who was “on-call” and figured out how to automate their check-in and check-out processes. As the business grew, the partnership adjusted to ensure its longevity. Caleb now hopes to continue to scale his business, add to his personal portfolio, and build wealth in the background.
In This Episode We Cover
The importance of building a self-sufficient team and how to do so
Vetting your guests/tenants and how to target your ideal tenants
How to invest out-of-state or overseas and automating your check-in processes
Residential loans vs. commercial loans and how to figure out which one to use
How to balance and adjust your partnership(s) as your business grows
The importance of having a real estate agent with an investor mindset, plus how to find one
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Youtube Channel
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
Real Estate Rookie Bootcamp
Airbnb
BiggerPockets Forums
The BiggerPockets Conference 2022
IGMS
Alpha Geek Capital
Rentometer
BiggerPockets Calculators
BiggerPockets Insights
Connect with Caleb:
Caleb's Email
Caleb's Instagram
Check out the full show notes here: https://biggerpockets.com/blog/rookie-181
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Rodney through Tony’s Instagram direct messages. Rodney, like many investors, has been told that you need twenty percent down to buy a rental property. Rodney wants to know the best way to fund a property without breaking the bank. He's asking: Should I save for a down payment or is there a way to get a rental without the twenty percent down?
It’s not uncommon for real estate investors to get into deals with far less than 20% down. But, for a beginner, this type of task can seem a bit intimidating, especially if you’re looking at your first investment property. Thankfully, the world of real estate presents investors like us with many ways to creatively fund deals!
Here are some suggestions:
Purchase a vacation rental using a second home loan that only requires ten percent down
Pitch seller financing to the seller and walk them through the tax benefits of financing the property to you
Partner up with an investor who can provide the down payment on the deal
Sign a joint venture agreement with another investor who can split the down payment with you
Remember: if you find a deal you can (probably) find the money for it!
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
BiggerPockets Forums
Real Estate Rookie Facebook Group
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-180
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Financial literacy is the first step to becoming a millionaire. Unfortunately, the US is a (relatively) financially illiterate country, so to become financially independent and add more zeros to your net worth, you have to self-educate. Fortunately, today’s guest has published a book and workbook that lays out exactly how to become a millionaire, even at a young age.
Dan Sheeks lives and breathes all things personal finance. He has been a high school teacher for twenty years and teaches young people everything he wishes he would have known about financial literacy. He teaches a variety of different business classes, ranging from entrepreneurship to personal finance to marketing. His passion for working with young people is what inspired him to write his book, First to a Million. In this book, Dan details nineteen “freakish” phrases to get you to your first million. Throughout the book, Dan emphasizes the need to be “freakish” and be willing to do the work everyone else won’t.
Besides his role as a teacher and an author, Dan is also an investor. He house hacked his first property in 2004 but he didn’t truly get into investing until he met his wife seven years ago. Together they have expanded their real estate operation and have closed on seventeen units. Dan has dedicated his life to personal finance and financial literacy so if there’s a man to learn from— it’s him.
In This Episode We Cover
Achieving early financial independence and the steps you need to take to get there
Good debt vs bad debt and how to use good debt to reach financial freedom
How to use First to a Million and the First to a Million Workbook to reach your financial goals
The four mechanisms of financial independence and how to implement them in your life
Navigating all nineteen phases of First to a Million and their timelines (it’s easier than you think!)
How to introduce and entice your child about the world of personal finance & financial independence
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Youtube Channel
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
The Real Estate Robinsons Youtube Channel
The BiggerPockets Podcast
BiggerPockets Bookstore
AJ Osbourne's Instagram
Ally
Real Estate Rookie Bootcamp
Airbnb
TurnoverBnB
BiggerPockets Forums
Connect with Dan:
Dan's Email
Dan's BiggerPockets Profile
Dan's Linkedin
Dan's Instagram
Dan's Website
Check out the full show notes here: https://biggerpockets.com/blog/rookie-179
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Jessica through Tony’s Instagram direct messages. Jessica has seen what Tony and his wife Sara have been doing while building their short-term rental empire. But, Jessica is having some doubts. She’s asking: How do you invest in real estate when the idea of debt scares you?
Many new investors have this fear. If you’re buying your first property, the thought of five or six-figure debt may seem like a massive weight on your shoulders. After all, isn’t the goal to be debt-free? Fortunately for real estate investors, the answer is no. Using leverage to buy properties makes your investing far more profitable and can help you get comfortable when taking on good debt.
Here are some suggestions:
Scared of debt? Pay off your personal debt before you invest in rental properties
Think of debt as a tool that can help you build wealth with real estate
Know the difference between good debt and bad debt and how to use both
Define your “worst-case scenario” if you’re unable to pay your rental mortgage
Use the BiggerPockets Calculators to calculate your rental property profits (especially when taking on debt!)
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
BiggerPockets Forums
Real Estate Rookie Facebook Group
Real Estate Rookie Podcast in Apple Podcast
Irvine Company
Sam Zell's Website
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-178
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Someone has to step up to the plate when a challenge presents itself, and today’s guest always does. Tammy Skeath began her real estate journey in 2018, and despite being faced with several unique obstacles, she has found immense success. She currently has seventeen units and plans on expanding exponentially within the next few years.
Tammy was inspired to get started after watching her cousin continue to build wealth through real estate. Her first deal was a carbon copy of one of his deals. By doing this, she learned the ins and outs while having a step-by-step real estate guide she could reference. Despite replicating his deal, she encountered various problems that made the process more difficult. The city she invested in has strict rules to protect endangered animals, and instead of investing elsewhere she decided to do more research on the issue. From her research she was able to find a unique solution and complete the project.
She did this again when she bought a gang house with twenty-seven code violations. Most people would say this type of property isn’t worth the hassle, but it was for her. She was able to double her initial investment, and pull out $600,000 from this one deal. Now real estate allows her to bring in a large amount of income, reach her goals faster and still have the time to spend with her kids.
In This Episode We Cover
Goal setting—how to define your goal, pursue it, and pivot once you achieve it
How to become good at and capitalize on something everyone’s scared of (it’s not as hard as you think)
Spec builds—how to find a contractor & ask the right questions
1031 exchanges, how to perform one, and why they’re an underrated investment tool
How to use cash for keys as a tool to help you and your tenant part ways peacefully
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Youtube Channel
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
Alpha Geek Capital
MLS
Yelp
Apartments.com
Stride: Mileage & Tax Tracker
Wave Financial
Connect with Tammy:
Tammy's Instagram
Tammy's Email
Tammy's BiggerPockets Profile
Check out the full show notes here: https://biggerpockets.com/blog/rookie-177
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Every week, Ashley and Tony reply to a frequently asked question from the BiggerPockets community. But, this week, they’ve decided to finally answer the most asked question yet: what happened with Tony’s Shreveport deal? If you’re an avid Rookie Reply listener, you’ve probably heard Tony talk about one property that he has been trying to sell for over a year. Well, it’s finally sold, and Tony’s here to share all the details, mistakes, and numbers so you can do better on your next deal.
While this wasn’t Tony’s first deal, it did provide him with a strong foundation of knowledge to pursue bigger and better real estate investments. So, if you find yourself looking for deals, or stuck with a bad deal, take some of Tony’s suggestions to heart:
Avoid buying properties in flood zones unless you’ve fully calculated the cost of flood insurance
Be highly selective of your property’s location and get to know the neighborhood you’re buying in
Have multiple exit strategies for every property (rental, flip, BRRRR, etc.)
See money spent on a deal as “real estate education” that will make you richer!
Know that as an investor, you’re not going to get everything right all the time
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Omid's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-176
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
There are those who accept their circumstances and then there are those like today’s guests —the Donis Brothers (Jeffrey, Kenneth, and Kerwin). These three brothers have created immense success for themselves at only twenty & twenty-three years old through self-education, network building, and hard work. They’ve done seventeen wholesale deals and co-sponsored three multifamily syndications with a total of 636 units between them in a mere two years.
They got their start in college when the oldest brother, Kenneth, heard about wholesaling while watching The Breakfast Club. After taking a humbling trip to Guatemala and realizing how many opportunities they had access to, they knew they had to pursue real estate. Once they decided to pursue real estate, each brother separately came to the same conclusion—college wasn’t for them. They collectively decided to focus on building their business so they could reach their ultimate goal offinancial freedom and retiring their mom.
They started their real estate journey with single-family homes but quickly realized multifamily properties aligned more with their goals. During their transition, it took six months of straight cold calling before they got their first deal. While working to get their first deal they also joined a mastermind and spent time expanding their network. They actively sought out people in spaces they were trying to penetrate which led them to their current mentorship program. Their ability to scale their business and network simply proves they are a force to be reckoned with. Make sure to listen closely because the Donis Brothers could be the next big thing.
In This Episode We Cover
How to invest at a young age and turn being young into an advantage
Networking events and how to extract true value from each one you attend
Cold calling, its importance, and how to effectively nurture leads
How to make the transition from single-family to multifamily properties
Building a powerful real estate network of mentors, investors, deal finders, and friends
Syndicationsand how to use them to broaden your investing opportunities
Building a social media platform to expand your network and reach
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Youtube Channel
Real Estate Rookie Podcast
BiggerPockets Bootcamp
The BiggerPockets Conference 2022
Max Maxwell's Website
Meetup
Eventbrite
Podio
Subto Real Estate
PropStream
ListSource
BatchLeads
Mojo Dialer
Grant Cardone's Website
BiggerPockets Forums
Your First Real Estate Investment Podcast
Is This Deal Worth My Time? The 6 Crucial Steps to Vet a Multifamily Deal
The 8 Steps That Will Stop You From Getting Burnt on Multifamily Deals w/Andrew Cushman
Pitchstack
Bar Down Investments
Tyler Combs
Rare Bird Real Estate
BiggerPockets Real Estate Podcast
Real Estate Rookie Facebook Group
Books Mentioned in this Show:
Rich Dad Poor Dad by Robert T. Kiyosaki
Best Ever Apartment Syndication Book by Joe Fairless and Theo Hicks
Connect with The Donis Brothers:
The Donis Brothers's Website
The Donis Brothers's Instagram
The Donis Brothers's Facebook Page
The Donis Brothers's Twitter
The Donis Brothers's Tiktok
The Donis Brothers's Youtube Channel
The Donis Brothers's Podcast
Check out the full show notes here: https://biggerpockets.com/blog/rookie-175
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Kurt through Ashley’s Instagram direct messages. Kurt is asking: We’d like to buy a vacation property with my brother and sister-in-law. My wife and I would handle the management while my brother would bring the down payment to the table. How do we quantify each party’s contribution when dividing profit and equity in the property?
Real estate partnerships can be a huge help to rookie investors, especially for those who have the experience but lack the cash to invest by themselves. It’s important to note that real estate partnerships can be set up in any way you prefer—as long as both parties agree that the split is fair—you have full reign of your partnership structure.
Ready to partner up on a deal? Here are some suggestions:
Clearly define responsibilities so that both parties are happy with the agreement
Have a predetermined exit strategy for the partnership and property
Provide interest to whoever is putting down the money and pay fees to whoever manages the property
Set limits to when partners can use the property for their personal use (if it’s a short-term rental)
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Rookie Podcast 170: Rookie Reply: ARM vs. Fixed-Rate Mortgages (Which Is Better For Cash Flow?)
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-174
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Investing in rental properties can be challenging at first, which is why so many investors tend to take it slow. Tyler Madden had the luxury of NOT being able to do this, and it’s worked out well in his favor. Just over a year ago, we interviewed Tyler on episode fifty-five of the Real Estate Rookie Podcast. At the time, Tyler was an “accidental landlord”, but a lot has changed since then.
Tyler found himself in the position to purchase seven units, a mere $1,000,000 or so in real estate, right as his wife was due to deliver their first-born child. While he didn’t necessarily want to handle a full rehab of so many units, he took a “why not?” approach and found a way to make both properties work. Through a lot of sweat equity, Tyler was able to rehab, rent, and refinance these units and come out with a crazy amount of monthly cash flow!
If you want to expand your real estate portfolio as Tyler did, listen to this episode intently. Tyler dives deep into the numbers, work, and lessons he learned along the way as he turned seven underperforming rental units into a portfolio any investor would dream of!
In This Episode We Cover
Relying on data vs. emotions when buying your first rental property
Whether or not now is the right time to buy real estate
What’s impacting today’s housing market and using uncertainty to your advantage
The best investing moves to make if a recession (or crash) is on the horizon
What rookies should look for in a real estate investing market
Buying real estate with a long-term outlook (so you can handle the dips!)
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Youtube Channel
Real Estate Rookie Podcast
Rookie Podcast 55: Combining House Hacking and Live in Flips with Tyler Madden
Airbnb
Asana
Monday.com
BiggerPockets Bootcamp
Zoom
Connect with Tyler
Tyler's Instagram
Tyler's Website
Check out the full show notes here: https://biggerpockets.com/blog/rookie-173
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Today’s episode is all about understanding yourself. Nick Baumgart, an Enneagram expert, explains how to use the information from the Enneagram in your everyday life. The Enneagram test is used as a way to understand your emotional habits. Unlike other popular personality tests, the Enneagram focuses less on what you do and more on who you are.
The test breaks down your motivations into three parts: fear, body, and mind. When you truly understand what motivates you, you're able to see why you act the way you do and can start taking steps to fix any destructive behaviors. This knowledge also goes a long way when interacting with other people. This test is ideal for teams because instead of putting yourself in their shoes and still looking at problems from your perspective you can “understand them in their shoes." Nick talks about how powerful of a tool this test is and how it could have changed his life if he had found it earlier, so do yourself a favor and let this test change your life today!
Links from the Show
Ashley's Instagram
Tony's Instagram
Tyler Madden's BiggerPockets Profile
The Myers Briggs Company
The Narrative Enneagram
Tony Robbins' Profile DISC Assessment
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-172
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
The 2022 housing market is off to a wild start. We’ve seen home inventory at decade lows, interest rates have finally started to rise, and more homebuyers are looking at fewer houses. As a real estate investor, it can be tough to navigate a market like this, especially when you’ve never bought a rental property before. What you need is data behind the decision making, and today, we’ve got just that!
Joining us today is Dave Meyer (@thedatadeli), VP of Data and Analytics at BiggerPockets, and host of the brand new podcast, On The Market. Dave has spent the last decade analyzing real estate data so he and the BiggerPockets community as a whole can invest smarter. Today, Dave dives deep into the most pressing matters of the real estate market, ranging from topics like interest rates, to housing crash indicators, determining the best rental market, and more.
If you want to hear a high-level update on everything happening within the world of real estate investing, plus some predictions for this year’s housing market, stick around! Dave will give you all the analytics-based insight you need!
In This Episode We Cover
Relying on data vs. emotions when buying your first rental property
Whether or not now is the right time to buy real estate
What’s impacting today’s housing market and using uncertainty to your advantage
The best investing moves to make if a recession (or crash) is on the horizon
What rookies should look for in a real estate investing market
Buying real estate with a long-term outlook (so you can handle the dips!)
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
Scott Trench's BiggerPockets Profile
Josh Dorkin's BiggerPockets Profile
James Dainard's BiggerPockets Profile
Brandon Turner's BiggerPockets Profile
Henry Washington's BiggerPockets Profile
Kathy Fettke's BiggerPockets Profile
David Greene's BiggerPockets Profile
Jamil Damji's LinkedIn Profile
Daryl's instagram
Real Estate Rookie Facebook Group
BiggerPockets
BiggerPockets Forums
Real Estate Rookie Youtube Channel
The Rookie Investor
Real Estate Rookie Podcast
BiggerPockets Blog
AJ Osborne Podcast
Redfin
FRED
BiggerPockets Rent Estimator
FundRise
Stop Waiting for a Housing Crash (Do This Instead)
Connect with Dave
On The Market
Dave's Instagram
Check out the full show notes here: https://biggerpockets.com/blog/rookie-171
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Channa through Ashley’s Instagram direct messages. Channa is asking: I have three rental properties and am looking to refinance them all. Should I do an adjustable-rate portfolio loan on all three or do separate fixed-rate loans on each property?
As real estate investors, we tend to have many different options when financing rental properties. Some, like adjustable-rate mortgages (ARMs), may come with lower closing costs and slightly lower interest rates, while fixed-rate mortgages have slightly higher interest rates but boast the added security of long-term financing for a property or properties. While both have definitive pros and cons, the implications of both types of loans must be understood before you reach the closing table.
Here are some suggestions when making the choice:
Understand your long-term strategy for the property and which loan works for which exit strategy
Run an amortization schedule on both loans to see the difference in your monthly payment
If you decide to go with an ARM, make sure you know what you’ll do once your low-interest rate ends
Calculate total closing costs to see if you have the reserves ready to go through with each loan
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
The BiggerPockets Money Podcast
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-170
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Stacey Stegenga wasn’t always a landlord, she was a nurse. But not just any nurse, Stacey was a flight nurse, helping transport military patients across the US. When she stepped away from flight-nursing, she picked up travel nursing, moving around the US for months at a time to provide medical care wherever needed. She finally ended up in Denver, where her pay was cut in half and her expenses saw a drastic boost.
This was a massive change for Stacey. She wasn’t the best at budgeting and knew she needed more income. After stumbling upon the book Set for Life, by our own Scott Trench, she knew that the most logical conclusion to fix her financial troubles was saving, house hacking, and real estate investing. But at the age of thirty-three, Stacey questioned whether or not she was too late to get in on the cash-flowing action.
After educating herself intensely, she took the risk and jumped into real estate. Stacey was able to build a seven-unit portfolio in just two years! She’s tried her hand at out-of-state investing, raising private capital, partnering on deals, and mid-term rentals, all of which have worked out generously in her favor. She shares the exact steps she took to build her portfolio as fast as she did, so you can do the same!
In This Episode We Cover
Fixing your personal finances before trying to invest in real estate
Building a “financial runway” that allows you to buy properties, stress-free
In-state investing vs. out-of-state investing and the best choice for those in pricey markets
Scaling your real estate portfolio using cash offers (even if you don’t have the money)
Using mid-term rentals as a way to keep rent stability while boosting your profit
The risk vs. reward of buying properties sight unseen when investing out of state
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
Scott Trench's BiggerPockets Profile
Tyler Madden's BiggerPockets Profile
Real Estate Rookie Facebook Group
BiggerPockets
BiggerPockets Forums
BiggerPockets Bootcamp
Real Estate Rookie Youtube Channel
MLS
The War Room
PropStream
DirectSkip
BatchLeads
Appfolio
Connect with Stacey
Stacey's Instagram
Check out the full show notes here: https://biggerpockets.com/blog/rookie-169
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
How much cash flow do you need to quit your day job and go full-time into real estate investing? You may have a big number in your head when we ask that. Maybe you’re thinking of replacing a six-figure salary with six-figure cash flow, but that's probably far from what you truly need to quit. In fact, you can quit with a lot less cash flow than what you’re being paid today!
Joining us again is Daryl Clinch, who recently went full-time into real estate investing with his mentor and partner, Ashley Kehr. Daryl transitioned from seasonal employment to full-time investor after working at his job for sixteen years and deciding he needed a change. In today’s show, Daryl breaks down exactly how he prepared to quit, the cash savings he had, and the surprising amount of cash flow that allowed him to achieve occupation-independence!
Looking to do the same as Daryl? Here are some suggestions:
Find a mentor who can fast-track your knowledge and learn from them
Partner up on deals with other investors and provide value whenever possible
Calculate your true cost of living to find your minimum cash flow to quit
Keep a strong safety reserve so you can focus on getting deals (not paying bills!)
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Rookie Podcast 164: Rookie Reply: How Do I Escape My 9-5 with Real Estate Investing?Real Estate Rookie Facebook Grou
Rookie Podcast 147: 13 Flips as a Full-Time Flight Mechanic and Part-Time Lender w/ Anthony Michael
Real Estate Rookie Podcast
Daryl's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-168
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
As a dreamer and life-long learner, Hashim Ismail makes it a goal to push himself. Hashim officially started his real estate investing journey eleven months ago but began learning about real estate just two years ago. He dealt with analysis paralysis, but after making a goal to start in 2021, he decided to jump in with both feet. Through hard work, dedication, and optimism, Hashim has closed on seven properties in eleven months.
Since Hashim invests out-of-state he dealt with a whole new set of obstacles apart from the usual challenges new investors face. He combatted this by using the BiggerPockets forums to learn and network as much as possible. Hashim used keyword research on the site to find and connect with key players in the Memphis market. Through the new connections he made, Hashim educated himself on the area, without having to physically visit! Investing out-of-state can be risky within itself, so Hashim has created a series of processes to mitigate risk as much as possible. While redundancy is a large part of his process to reduce and catch errors, Hashim has found immense success simply by stepping out of his comfort zone.
In This Episode We Cover
Analysis paralysis and how to use goal-setting to overcome it
How to use the BiggerPockets Forums to build your investor network
Out-of-state investing and how to penetrate a market you know nothing about
Using processes to mitigate risk and how to make a repeatable investing system
Desk appraisals and why they’re worth every penny
How to approach networking and get the most out of every interaction
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
Tyler Madden BiggerPockets Profile
Real Estate Rookie Facebook Group
BiggerPockets
BiggerPockets Conference
BiggerPockets Forums
Facebook Business Ads
Real Estate Rookie Podcast
BiggerPockets Investment Calculators
BiggerPockets Bootcamp
Fixated On Real Estate
Cardone Capital
Grant Cardone
Google Maps
Zillow
Redfin
Starbucks
Walmart
James' Instagram
James' Youtube Channel
Rookie Podcast 165: A Step-by-Step Guide to Estimating Rehab Costs w/ Master Flipper & Investor James Dainard (Part 1)
Rookie Podcast 166: Finding Contractors, Renovation Red Flags, and Estimating Rehab Costs (Part 2) w/ James Dainard
Stessa
Rentometer
Connect with Hashim
Hashim's Linkedin Profile
Check out the full show notes here: https://biggerpockets.com/blog/rookie-167
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Welcome to part two of a rehab estimation masterclass with real estate mogul James Dainard! As mentioned in part one, James has created a multi-level brokerage where he has been involved in 3,000 transactions. His excess experience has allowed him to create an almost scientific process for his flips. In today’s podcast, James builds off part one and gives you a step-by-step guide on how to emulate the process that has given him his success.
James goes over what and who to bring when visiting a property, closing on a property, writing a contractor contract, and finalizing a project to perfection. Each process includes tedious details that may seem daunting at first, but as the saying goes, the devil is in the details. While the initial steps may seem meticulous, once you begin making the process repeatable and do it continuously, it's second nature. James perfected his flipping and renovation processes through trial and error, and if you listen closely you can avoid commonly made mistakes and have an advantage over most new investors. To be the best you have to learn from the best—so listen closely!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Podcast
Rookie Podcast 165: A Step-by-Step Guide to Estimating Rehab Costs w/ Master Flipper & Investor James Dainard (Part 1)
Biggest Red Flags When Buying a House (Flips and Rentals)
Apple
BiggerPockets Youtube Channel
BiggerPockets
Luxury Farmhouse Flip | Breakdown Walkthrough - w/ Ashley Kehr
Check out the full show notes here: https://biggerpockets.com/blog/rookie-166
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Welcome to part one of a rehab-estimation masterclass with real estate mogul James Dainard! James has earned his title by being involved in 3,000 transactions over the past fifteen years and creating a multi-level real estate brokerage. He has mastered the art of estimating rehab costs which has allowed him to invest on a seriously large scale. Currently, he is working on thirty flips and has 400 apartment doors under construction, so not only has he had past successes, but he is consistently learning and adjusting to the rapid changes of the market. James is an investor to not only learn from but to emulate, and today he gives a step-by-step guide to do just that.
James breaks down renovation steps like building a team, getting a budget sheet together, and vetting workers, contractors, and properties in vast detail. The underlying theme behind each of his steps is meticulous preparation. As an investor, one of the best things you can do for yourself is to prepare and get rid of any variation in your processes. By perfecting his preparation processes, James has been able to minimize variation and save himself in the long run. Do yourself a favor and listen to these next couple of podcasts intently— it could save you serious time, headache, and money in the future!
In This Episode We Cover
How to find a contractor that aligns with your project’s budget and goals
How to vet contractors so your time (and theirs) is respected on a job
The “plug and play” method and how to break down your scope of work
How to organize your budget sheet and estimate rehab costs efficiently
What it takes to master flipping, BRRRRing, or any home renovation
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets Podcast 338: From Red Robin Waiter to 250 Units (Using the MLS) with James Dainard
BiggerPockets
Real Estate Rookie Podcast
Connect with James
James's Instagram
James's Youtube Channel
Check out the full show notes here: https://biggerpockets.com/blog/rookie-165
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Nash through Ashley’s Instagram direct messages. Nash is asking: How do I quit my job and become a full-time real estate investor?
Nash isn’t alone in asking this question. Almost every Real Estate Rookie Podcast listener has pondered this as well. Even our hosts, Ashley and Tony, asked themselves this before leaving their jobs to pursue real estate investing full-time. What makes today's episode even more special is that Ashley’s partner, Daryl Clinch, just left his nine-to-five as well! Daryl is here to help answer Nash’s question on exactly what it took to leave his back-breaking work and pursue financial independence.
Here are some suggestions:
- Live below your means—it’s much easier to replace your income when your expenses are low
- If you have no investing experience, find an investor that could benefit from your knowledge
- Calculate your “worst-case scenario” (it’s probably not as scary as you think)
- Quit professionally so you can return to work (if needed)
- Stay educated by listening to the Real Estate Rookie Podcast!
- And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
- Real Estate Rookie Facebook Group
- Real Estate Rookie Youtube Videos
- Daryl's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-164
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Despite what most people would like to think, success has no timeline. There will be some "perfect" opportunities that don’t work out, which is why you must persist. You can either become stuck in one failure or use that failure to propel you forward. Our guest, Andrew Bresee, has learned to use missed opportunities to propel him forward.
Andrew was infected with the “real estate bug” in his teenage years after reading Rich Dad Poor Dad. While he didn't start his real estate journey that young, he began developing the skills that have made him a successful entrepreneur early on. Being persistent has helped Andrew in more ways than one. In school, he had the opportunity to study abroad in Italy and like many others, he loved it so much he didn’t want to leave. For weeks he continued to ask to stay and for weeks he continued to get rejected, but he refused to take no for an answer. After a while, the administration finally relented and let him stay as long as he agreed to work as a handyman. Had he accepted his fate, Andrew would have missed out on another year in a beautiful country with the love of his life who is now his wife.
When he came back, he lived with his parents, and instead of rushing to get to the next chapter of his life, he took a step back and found an opportunity right where he was. He decided to convert his parent's basement into an apartment that they could eventually rent out. While it took six years to complete, it currently cash flows and gave him experience with the rehab process. After that, he found the fourplex that he lives in now which cash flows about $1,200 a month! He found his current fourplex after he didn't qualify for a fourplex he thought was "perfect". Opportunities can be found in any failure or redirection—you just need to look hard enough.
In This Episode We Cover
The power of persistence and how to make life work for you
Understanding a seller and how catering to their needs can ultimately benefit you
Optimizing your Airbnb descriptions to attract your ideal tenant
Establishing your short-term rental vs your long-term rental and why it’s important to approach them differently
The importance of finding the right real estate agent who understands your goals and intentions
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
Brandon's BiggerPockets Account
Real Estate Rookie Facebook Group
BiggerPockets
BiggerPockets Real Estate Rookie Youtube Channel
BiggerPockets Podcast 448: The Lazy Person’s Guide to Financial Freedom in Less Than 10 Years with Dion Mcneeley
The BiggerPockets Podcast
BiggerPockets Forums
Google Voice
Airbnb
Yahoo
Furnished Finder
Lowe's Credit Cards
Real Estate Rookie Podcast
BiggerPockets Investment Calculators
BiggerPockets Blog
BiggerPockets Pro Membership
The Section 109 Podcast
Check out the full show notes here: https://biggerpockets.com/blog/rookie-163
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Carlos, who directly messaged Ashley on the BiggerPockets Real Estate Rookie Bootcamp! Carlos is asking: Do you recommend, or is it even possible, to use a hard money lender from a different state?
Hard money lenders and hard money loans are a crucial part of real estate investing for many real estate investors. If you’re a rehabber, flipper, or BRRRR-er, there’s most likely a chance you’ll need hard money in the future. But how do you find a hard money lender without past experience with one?
Here are some suggestions:
Use investor referrals and sites like BiggerPockets to find hard money lenders
Be specific when you ask a hard money lender questions to make sure they can lend in your area
Inquire about the criteria that your hard money lender looks at when lending
Relay your strategy to your hard money lender, to ensure they can lend on the property type you’re looking at
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Facebook Group
BiggerPockets Website
BiggerPockets Rental Property Calculator
ARVC
BiggerPockets Real Estate Investing Bootcamp
BiggerPockets Forums
BiggerPockets Rookie Waitlist
Check the full show notes here: https://www.biggerpockets.com/rookie162
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Real estate favors those who value risk. An investor’s willingness to take a calculated risk separates the good from the great. And today’s guest, Grace Gudenkauf, is definitely on her way to greatness. This ambitious 24-year-old has managed to get seventeen doors between eight properties under her belt in less than a year, and she shows no signs of slowing down.
She was first introduced to real estate when her boyfriend decided to flip a house. It didn’t pique her interest until she reviewed the numbers and saw the potential. Since then, hard work and calculated risk have allowed her to have the accelerated success any new investor dreams of. A substantial amount of this success is due to her and her boyfriend making it a point to “never let the money stop them”, they “get the deal first and then find the money.” Most would be reluctant to take this approach, but it has worked phenomenally for Grace.
From talking directly to a VP at a local bank to deciding to leave her W-2, Grace keeps taking risks in the name of real estate, and it keeps paying off. When it came to deciding if she would leave her W-2 or not, Grace looked at the worst-case scenario to weigh her options. After it was all laid out—her worst-case financially, emotionally, and socially—she decided the risk was well worth it. This is an episode you don’t want to miss.
In This Episode We Cover
Taking on big rehabs as a rookie and how to DIY to save money
How to find creative ways to finance your property
Creating an LLC and structuring it so you can have fewer headaches and more properties
Residential vs commercial loans and why commercial loans can be a helpful resource to any investor
Commercial loan qualifiers and how to improve your chances of getting approved
How to look at the worst-case scenarios so you can feel confident in your risk tasking
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
James' Instagram
Real Estate Rookie Facebook Group
BiggerPockets Website
BiggerPockets Real Estate Rookie Youtube Channel
BiggerPockets Podcast 109: From Sleeping in His Car to Multi-Unit Landlord & The "Nomad" Strategy
The BiggerPockets Podcast
BiggerPockets Forums
Alpha Geek Capital Website
Google Voice
Google Suite
Check out the full show notes here: https://biggerpockets.com/rookie161
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from AJ through Ashley’s Instagram direct messages. AJ is asking a question many new investors have: If I borrow down payment money from friends or family, what’s the best way to pay back the down payment while cash flowing on the property?
For many rookie investors who don’t have large cash sums sitting around, much of their initial investment has to be done through borrowed money. This means not only getting a conventional loan from a bank but privately financing their down payment as well. But, before you start asking your grandma for some “seed funds”, make sure that your bank will allow you to borrow down payment money.
Here are some suggestions:
Double-check that your bank allows borrowed down payments, if not, try and receive a “gift” from a family member
Work out a payment plan with your private lender before closing on the deal
Pay back the down payment personally and count it as an initial investment in your CoC calculations
Offer equity or a delayed payout as a way for you to maximize cash flow in the deal
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Facebook Group
BiggerPockets Website
BiggerPockets Rental Property Calculator
Check the full show notes here: https://www.biggerpockets.com/rookie160
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Knowing how to find a real estate agent is one thing. Knowing how to find a truly investor-friendly agent is another. While most real estate agents and realtors can show you homes on the market, send you MLS listings, and do the needed paperwork, investor-friendly agents do much, much more. These types of agents are so important to a real estate investor, that they can be thought of as a more permanent part of your team. They’ll find deals, leads, help you run numbers, and give you what you need to grow your real estate portfolio. But how do you find them?
This was a question that real estate investor, agent, and coach, Sarah Weaver asked when first getting into out-of-state investing. In fact, Sarah was doing more out-of-country investing than most other investors. As a digital nomad, Sarah was traveling throughout the US, Canada, and New Zealand buying rental properties without ever laying an eye on them. She was able to do this thanks to her rockstar real estate agents.
Now, after almost perfecting the long-distance real estate investing strategy, Sarah is back to share with rookie investors how they too can find an investor-friendly agent to help them scale. If you haven’t already, check out the BiggerPockets Real Estate Agent Finder Tool, you’ll instantly have access to dozens of investor-friendly agents in your area that can help you close on your next deal!
In This Episode We Cover
Investing in real estate while out of state, out of the country, and far from home
The best questions to ask a real estate agent to see whether or not they’re truly “investor-friendly”
Defining your crystal clear criteria so top agents take you more seriously
What a great agent should (and should not) know about an investing area
Building the investor-agent relationship so you both benefit for years to come
Qualifications an investor must meet before reaching out to real estate agents
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
BiggerPockets Website
BiggerPockets Real Estate Rookie Youtube Channel
MLS
BiggerPockets Agent Connect
BiggerPockets Podcast 563: W2 retired and Traveling the World with Just 15 Units w/ Sarah Weaver
BiggerPockets Investment Calculators
The BiggerPockets Podcast
BiggerPockets Forums
BiggerPockets Rent Estimator
Check out the full show notes here: https://biggerpockets.com/rookie159
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Ryan through Ashley’s Instagram direct messages. Ryan is asking: What job would be best for real estate investors? I’m currently doing maintenance for a contractor, but am having minimal takeaway. What’s the best move for financial freedom?
Real estate side hustles and full-time jobs come in all different shapes and sizes. What one job path may lack in salary, it may make up for in experience and connections. What’s more important than immediately jumping ship at your current job is to see what you can do within your role to grow your skillset. So how do you get paid, gain experience, and buy more rental properties?
Here are some suggestions:
Look for opportunity within your current role and ask to take on more of what interests you
Ask an investor if you can work with them directly, you’ll learn a ton!
If you’re having trouble getting deals, look for a partner to invest with
Fully understand your expectations within your current and future roles
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
Rookie Podcast 147: 13 Flips as a Full-Time Flight Mechanic and Part-Time Lender w/ Anthony Michael
Check the full show notes here: https://www.biggerpockets.com/rookie158
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Property management is a difficult yet crucial part of real estate investing. In today’s episode, our guest, Adam Widder, who was a former property manager, shares his four guiding principles that make property management more manageable.
Adam got his start after college while stationed in Kansas. A fellow ROTC member advised him to start investing, and following his advice, Adam tried to find a property near Kansas State. Unfortunately, he couldn’t find anything that cash flowed, so he did a live in flip instead. He made a solid profit from his first flip and continued to do live in flips with two other properties.
Before he got into real estate investing, Adam was a commercial property manager, which gave him the experience he needed to handle any property management issues in his own buildings. Based on his experience, Adam has generated four keys vital to your property management success. These four keys can simplify a considerably complicated part of your real estate journey and give you a definite advantage over your competition.
In This Episode We Cover
Live in flips and why they’re a great option for new investors
Conventional real estate loans vs FHA Loans and why conventional loans can sometimes be the better option
Self-management vs property management and how to figure out which one is better for you
How to find the right property manager (& red flags you should look out for)
The 4 crucial keys to headache-free property management
How to set up the right working relationship with your property manager
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
BiggerPockets Website
Brandon's BiggerPockets Account
Zillow
Apartments Website
National Apartments Association
Mindy's BiggerPockets Account
BiggerPockets Pro
BiggerPockets Business Podcast 105: The MOST Profitable Skill to Learn (From a $200M+ VC Investor) with Codie Sanchez
BiggerPockets Rookie Youtube Channel
MLS
Airbnb
Check out the full show notes here: https://biggerpockets.com/rookie157
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Xavier through Ashley’s Instagram direct messages. Xavier is asking: Can I use an FHA loan for a vacation rental? What’s the best way to scale without paying high down payments?
Xavier brings up a great question that many rookies have been asking. We all know we can get a conventional loan with very low down payment requirements for an owner-occupied investment like a house hack, but what about a vacation rental? Before you bombard your mortgage lender with questions, listen to what Tony (short-term rental expert) has been using for his vacation rental financing.
Here are some suggestions:
Look into vacation home loans, you can secure a property with only ten percent down
Find a lender who’s familiar with funding vacation rentals, this will save you a lot of time
Understand the geographical limitations that come with vacation home loans
Make sure you’re able to use your vacation rental property for personal use at some point in the year
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
Real Estate Robinsons Youtube Channel
How to Buy a Short Term Rental with Only 10% Down
BiggerPockets
Check the full show notes here: https://www.biggerpockets.com/rookie156
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Every investor wants all their properties to be loaded with high cash flow, but that’s usually not the case. Realistic expectations are essential to the longevity of your career and the maximization of your investments. Progress over perfection should always be the goal. As today’s guest, Ali Garced, stated, “progress is progress, and it will eventually add up”.
Given that her dad is an investor, Ali has always been exposed to real estate, but it wasn’t until she was in the military that she decided to pursue it for herself. Once she realized how great of a resource VA loans are, Ali was determined to buy a house for herself. She purchased a house through the MLS but had to deploy before moving in, so that gave her another opportunity—renting it out. While it had seemed like a great idea, Ali later learned about the 1% rule and realized she was merely evening out after expenses and had no cash flow. This left her questioning if real estate was for her until she checked the appreciation of the house last year. From 2016 to 2021, Ali was shocked to find that the house appreciated double the price.
Her unintentional buy and hold profited more than what she wanted to get from renting—a very pleasant surprise. Since then, Ali has invested in four other properties, including an out-of-state turnkey and a duplex. While none of these properties have been a “home run”, Ali is more than thankful for her “base hits” because they helped her build wealth faster than she imagined. Turns out that it’s hard to not make money when buying the right real estate!
In This Episode We Cover
The VA loan and how it’s an incredible resource for military families
The 1% rule and why it’s an important calculation to make when deciding on future or current investments
Property management vs self-management and how to decide between the two
The importance of having the right permits and how to check them
The classic buy and hold method and how to make a profit with minimal work
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
BiggerPockets Instagram
Sara's Instagram
BiggerPockets Calculator
MLS
Airbnb
BiggerPockets Bootcamp
Check out the full show notes here: https://www.biggerpockets.com/rookie155
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
We’re continuing the Rookie Reply Direct Message trend! This week’s question comes from Minnie through Tony’s Instagram DMs. Minnie is asking: Should you partner with family members when investing in real estate?
While this may not be the most fun question that Tony has received in his DMs, it’s a very necessary one to answer, as many real estate investors start their journey partnering with family. While at times it can be stressful, working with family can also be rewarding in more ways than just financial. But, if you want to work with someone close to you, be prepared to treat your investment like a business.
Here are some suggestions:
Treat it like a partnership by signing an operating agreement or joint venture agreement
Make sure your family member knows the risk of investing
Don’t do anyone favors, present great investing opportunities instead of asking for money
If you feel like you need to update your partnership agreement, do so quickly and with the consent of your partners
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
Real Estate Robinsons Youtube Channel
Mini_vannnn's Instagram
Omid Tehranirad's Instagram
Alpha Geek Capital
Scott Trench's BiggerPockets Account
Check the full show notes here: https://www.biggerpockets.com/rookie154
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Real estate requires a lot of self-motivation and discipline to succeed. Successful investors know that nothing happens overnight and nothing comes to you easily. Today’s guest, Terry Harris, had the perfect amount of drive and persistence when he began his real estate journey. He now owns five properties and has closed twenty wholesale deals.
Terry started getting into real estate when he came to terms with his G League contract only lasting about six months. He wasn’t sure what to do with his free time until he picked up The Book on Rental Property Investing and started listening to BiggerPockets. He started bringing books with him on the road and while his teammates teased him for always having his nose in a book, it was during those rides that he decided he was going to buy a house. He bought his first house and while it didn’t go as planned at all, the house appraised for double the price and he was beyond proud of himself for seeing it through. One of the hardest things for him during his first deal was the lack of community he felt, but he filled that gap by relying on the BiggerPockets community.
Unfortunately, COVID quickly put a pause on him investing in any other properties, but Terry didn’t let that stop him. He moved to LA for basketball and began looking into another aspect of investing—wholesaling. After practice, he began dedicating an hour to driving around looking for vacant properties and listening to podcasts. He started cold calling and while he missed out on a big potential first deal, he did twenty successful deals after that. While he has found success in wholesaling and enjoyed it, he wants to now transition into investing in more properties himself and gain a more passive income.
In This Episode We Cover
How to use FHA loans and seller credits to help you purchase properties
Succeeding in real estate without a strong support system and building your investor community
The importance of cold calling and how to add it into your busy schedule
Saving vs splurging and how to encourage yourself to funnel more money into investments
Wholesaling land and the three indicators of a successful land deal
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
Rookie Podcast 91: 8 Units, 10 Wholesale Deals, and $0 Spent on Marketing w/ @Liliinvests
BiggerPockets Podcast
BiggerPockets Forums
BiggerPockets Facebook Group
Thach Nguyen's Instagram
Brent Daniels's Instagram
Airbnb
Ryan Dossey's Instagram
Propstream
Google Maps
LandGlide App
OnXHunt App
MojoDialer
Roor App
Check the full show notes here: https://www.biggerpockets.com/rookie153
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Ashley and Tony’s DMs are open for real estate Q&A business! Just like last week, this week’s question comes from Tony’s Instagram DMs. The question? How are you scaling your real estate portfolio so quickly? How do you finance your deals?
For most rookie investors, real estate financing seems like a big hurdle to get over. With deals flying off the MLS so quickly nowadays, having your funding locked and loaded is as important as ever. Thankfully, even if you don’t qualify for bank financing (or you’ve maxed out your personal loan limit), you can still find some phenomenal financing options.
Here are some suggestions:
You don’t need the money, use a partner as a source of funding
Using a cash-out refinance or HELOC from a current property to fund your deals
Walk into your bank and ask what they can do for you (you may be surprised by your options)
Ask the seller about owner financing to close on deals without the hassle of a bank
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
Real Estate Robinsons Youtube Channel
A General Contractor (Almost) Ruined Our Rehab
Yelp
James Dainard's Instagram
Sara's Instagram
Swaterzzz's Instagram
Rookie Podcast 102: $10M Profit On Her First Deal?! It’s Possible with Campground Investing
BiggerPockets Podcast
Ryan Pineda's Instagram
Check the full show notes here: https://www.biggerpockets.com/rookie152
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Most people assume they’ll achieve financial freedom after they make their dream salary, but what they don’t realize is you can’t out-earn your toxic money habits. Today’s guest, Daniel Shin, learned this quickly when he started making his full-time surgeon salary.
As a child, Daniel was fortunate enough to live the ideal suburban lifestyle, but when his dad got laid off during a recession, things quickly changed for the worse. After seeing his parents struggle to put food on the table, young Daniel decided he would do everything he could to prevent himself from being in a similar situation financially. Once Daniel started making his surgeon salary he assumed he’d be financially stable, but he began to expand his lifestyle to his salary and started drowning financially. It was at this point he decided to turn to real estate investing.
He started by listening to BiggerPockets and decided investing was for him once he realized he could reach financial freedom faster through real estate. The first couple properties he invested in were turnkey properties. With less risk, Daniel felt it was a comfortable start to his investing journey, but after a while he wanted more of the action. Over the last three years, he has acquired about twenty-eight units including four duplexes and two small apartment buildings. Daniel is now focused on building his “real estate empire” while becoming financially free.
In This Episode We Cover
How to balance your salary and spending habits (and live below your means)
The benefits of investing in turnkey properties and how to find a turnkey operator
How to deal with a “bad” property and how to prevent investing in any more future headache rentals
How to show possible investors, mentors, or partners that you’re committed
The importance of getting thorough inspections and the consequences of skipping them
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
Rookie Podcast 55: Combining House Hacking and Live in Flips with Tyler Madden
Tyler Madden's Instagram
Sara's Instagram
Brandon Turner's BiggerPockets Account
BiggerPockets Podcast
Dave Ramsey's Podcast
Grant Cardone's Podcast
BiggerPockets Money Podcast
Scott Trench's BiggerPockets Account
Mindy Jensen's BiggerPockets Account
BiggerPockets
BiggerPockets Forums
Rookie Podcast 29: Growing Your Portfolio with Turnkey Investing with Whitney Hutten and Lance Robinson
Tiktok
The Real Estate Robinson's Tiktok Account
Check the full show notes here: https://www.biggerpockets.com/rookie151
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Ashley and Tony’s Instagram DMs have been blowing up! This week’s question comes from Collette through Tony’s Instagram direct messages. Collette is asking: Do you make offers based on pro forma or actual rent numbers?
If you’re a real estate rookie or a residential-only investor, this may be the first time you’ve heard the term “pro forma” before. A real estate pro forma is simply a spreadsheet or document that projects the estimated financials on a property once capital expenditures, rent increases, or other improvements have been put in. So, should you trust those numbers?
Here are some suggestions:
Remember to “trust, but verify” and always run your own numbers on projected income
Use multiple different investor scenarios: pro forma, current numbers, worst case, etc.
Take into account the holding cost of performing a large rehab on a commercial property
Calculate your working capital and CapEx budget needed to acquire the property successfully
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
Rookie Podcast 103: From Restaurant Waiter to 100+ Deals in Only 4 Years w/ Derrick Acuff
BiggerPockets
BiggerPockets Rent Estimator
BiggerPockets Pro Membership
Zillow
Craigslist
Facebook Marketplace
BiggerPockets Calculator Reports
Check the full show notes here: https://www.biggerpockets.com/rookie150
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
While leaving your W-2 to pursue real estate can be intimidating at first, it’s important to realize the skills you learned at your W-2 don’t all go to waste. Most of what you learned is transferable when it comes to the wonderful world of real estate investing. Instead of looking at your W-2 as a means to an end, think of it as an experience-based asset. This is exactly what today’s guest, Emily Fackler, did.
As a former salesperson, Emily was no stranger to the word “no”. In fact, she had heard it so many times she has created a thorough follow-up system to combat it. This follow-up system led her to her first flip, purchasing a home that multiple people told her “was already sold”. Her first flip took her 17 months and while she did two other flips besides that, she soon realized flipping wasn’t for her. This took her to her next real estate venture: mobile home investing.
Emily partnered with her best friend and bought a 39 lot mobile home park for a mere $139,000. Compared to flipping homes, Emily loves it! Investing in mobile homes makes more sense for her financially and allows her to have a sense of relationship with all her tenants. She has been able to hire a property manager to handle all the logistics and hopes to bring more homes into the park. After finding her niche with mobile homes, Emily is ready to hit the ground running and eventually be known as the “Mobile Home Park Queen”.
In This Episode We Cover
The importance of follow up and how much of a difference it can make in your business
How to finance your flips, rental properties, and mobile home parks
Structuring family partnerships and the benefits of working with those you trust
How to pitch investors on a potential deal so they feel confident in your value
The “stair-stepping method” and how to increase rent in a gradual, less intrusive way
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
BiggerPockets Podcast
Ed Mylett's Website
The MFCEO Project Podcast
BiggerPockets Conference
BiggerPockets
Clayton Homes
Open Door Capital
Rookie Podcast 91: 8 Units, 10 Wholesale Deals, and $0 Spent on Marketing w/ @Liliinvests
Propstream
Tony Robinson’s Podcast
Netflix
Hulu
Realtor
Zillow
BiggerPockets Forums
BiggerPockets Bootcamp
The 7 Income Streams of Millionaires
Check the full show notes here: https://www.biggerpockets.com/rookie149
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Brandon through Ashley’s Instagram direct messages (follow her @wealthfromrentals). Brandon is asking: I live in a great neighborhood where my rent is less than a potential mortgage. I’m looking to invest in a different town experiencing great growth, but I would live there myself. Is it a bad idea to purchase a rental property before purchasing my primary residence?
Both Ashley and Tony had to ask themselves this same question as they started their real estate investing careers. While they took different approaches, in the end, they both agree that this decision is far more subjective than many people think, and it will entirely depend on your family plans, cash flow, and net worth calculations.
Here are some suggestions:
Ask “will this home purchase contribute faster to my cash flow or net worth goals?”
Decide on the importance of having a “home base” in your name
Understand how your financing options may change after buying the property
Calculate how long it will take you to invest/buy your primary after your purchase
Make the decision through a five-year lens
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
Check the full show notes here: https://www.biggerpockets.com/rookie148
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
To be a successful entrepreneur and investor, you need to learn how to turn a no into a yes. Today’s guest, Anthony Michael, has earned his title as a successful entrepreneur from doing just that. Through determination, calculated risk, and finding ways to create value, Anthony has done thirteen flips while also becoming a trusted lender.
Anthony’s real estate investing journey started when he realized he needed to gain control of his money. After his first flip, a live in flip on the house he and his wife had just bought, he knew flipping was something he could do for profit. From there he found his first partner, one of his co-workers, and began to flip even more houses. The second partner he found rejected him at first, even though his online profile (with no profile picture) was pretty much anonymous. Despite this, Anthony was drawn to this mystery partner and his alleged “400 flips” so he flew out to meet this so-called legend and was pleasantly surprised when he was exactly who he said he was.
Anthony could have stopped there but he decided to tap into a new source of income; lending. It started with him asking his neighbor what he did for a living and now he’s the top-rated lender on BiggerPockets. The ability to create value and persist has allowed Anthony to become not only a great real estate investor but an amazing entrepreneur.
In This Episode We Cover
VA loans and why they’re powerful home buying tools
How to navigate partnerships and find the right partnership structure for both parties
Promissory notes and the importance of having legitimate legal documents in place
How to establish a strong partnership foundation in the beginning
How to bounce back from losing money and prevent it from happening again
Hard money loans and why you shouldn’t automatically write them off
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
BiggerPockets Podcast
Ashley Wilson's Instagram
BiggerPockets Radio Podcast 001: Building a Successful House Flipping Business and Losing Millions with Marty Boardman
David Greene's Instagram
Lowes
The Home Depot
Grant Cardone's Website
BiggerPockets
Check the full show notes here: https://www.biggerpockets.com/rookie147
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Getting fired usually isn’t a good thing. But in retrospect, it was arguably one of the best things to ever happen to Tony Robinson. Before being the internet’s poster boy for short-term rental investing, Tony Robinson spent his days working for someone else while climbing up the corporate ladder. When he unexpectedly got fired (2 days before Christmas), he had to reimagine what his life would and could look like.
Tony took a chance on himself and his real estate business, a chance that has paid off massive dividends to this day. He now lives life on the schedule he wants, spending time with his wife and son, without having to worry about a boss one day letting him go.
Maybe getting fired (while owning real estate) isn’t such a bad thing!
Thinking of leaving your job? If so, prepare like Tony did:
Have a healthy safety reserve before you decide to leave
Understand the job market for your specific position and whether or not you could be rehired
Use your W2 income to invest in cash-flowing assets like real estate
Understand the difference between “job security” and “wealth building security”
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
BiggerPockets Real Estate Investing Bootcamp
BiggerPockets Podcast
Check the full show notes here: https://www.biggerpockets.com/rookie146
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Most people describe their start in real estate investing as a thought-through process. It usually includes a tedious plan with an incredible amount of time spent gaining background knowledge—but that’s not always the case. Today’s guest, Jan Trisler, stumbled into real estate investing by accident but hasn’t been able to look back after having four successful flips, while currently working on her fifth. Now, she has hopes of getting into rental properties in the upcoming year.
Jan was already in a transition period in her life as she was moving from Nebraska to Arizona as a divorcee but she decided to take it one step further and trade her 9-5 for real estate. It started with purchasing her primary residence from an auction, then later rehabbing it to realize she could do this for a profit. From there, she made the transition from rehabbing to flipping and bought two more properties from an auction.
Once Jan realized that flipping was not only a sustainable source of income but something she genuinely enjoyed, she formed an LLC with her daughter and made things official. While some are hesitant to work with family, Jan and her daughter have created a great system where work is allocated fairly, their wages are paid hourly and the financial investment works perfectly for them. By taking the investing “plunge”, Jan has been able to live and finance her ideal life while doing it with the people she cares about most.
In This Episode We Cover
House hacking and how to get your start in real estate investing
Wholesaling and whole-tailing and what that means
How to make sure the job you work at matches your ideal life
How to set long-term and short-term goals and how to approach them
Building processes and incorporating systems that help your business prosper
Outsourcing and how to train employees (even if you’ve never been a boss)
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
Auction.com
MLS
Hours Tracker App
Time Clock App
Quickbooks
Quickbooks Time Tracking
Rookie Podcast 109: From Sleeping in His Car to Multi-Unit Landlord & The “Nomad” Strategy
Sara's Instagram
Zillow
Realtor
Check the full show notes here: https://www.biggerpockets.com/rookie145
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
From time to time, Ashley and Tony both have questions they need answering. And thankfully, they both host a show with a real estate investor in complementary niches. This week, Ashley is prepping to scale her short-term rental empire, so she wants to know from Tony what his six top tips for vacation rentals would be.
Although Tony has only been hosting for a few years now, he has a sizable portfolio that was built fast and efficiently. He’s able to charge top dollar on his vacation rentals due to his management, rehabs, and pricing strategies. If you want to max out your vacation rental income, Tony is the guy to listen to!
Here are some suggestions for Ashley:
Utilize comparable data to match region-standard checkout policies, nightly pricing, and minimum stays on bookings
Find the niche that you can fill and will allow your rental to stand out
Do whatever you can to ensure the guest leaves a positive review on your property
Communicate with guests in a systematized, timely manner
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
BiggerPockets Real Estate Investing Bootcamp
Airbnb
Vrbo
Robuilt Youtube Channel
Hospitable
iGMS
YourPorter
Check the full show notes here: https://www.biggerpockets.com/rookie144
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
When you think about your ideal life in 5,10 or even 15 years, what do you see? When you think about your finances, what is it that you want your money to do for you? As today’s guest, Aaron Latal, so elegantly put it, when setting goals it is best to start backwards.
After graduation, Aaron landed a high-paying job as an engineer and genuinely enjoyed the work he was doing, yet he felt like something was missing. Besides his job, he had nothing to fill his free time, so he turned to real estate investing. He began to read, listen to BiggerPockets and do anything he could to educate himself. Once he felt like he had a good understanding, he started his real estate journey by rehabbing the property he lived in and eventually house hacking a duplex he purchased.
Shortly after that, he realized this is what he was meant to be doing. He then quit his job despite enjoying it because he knew that engineering didn’t fit the life he envisioned for himself. From there on he poured everything into real estate and wholesaling. He soon noticed that he had more of an interest in the business and process side of things so that’s what he focused on. As business picked up, he was able to outsource certain aspects of his job and focus on his strengths and what he enjoys. By working backward and understanding what he wants his life to look like in the future, Aaron is not only building his ideal life but living it.
In This Episode We Cover
House hacking and how to get your start in real estate investing
Wholesaling and whole-tailing and what that means
How to make sure the job you work at matches your ideal life
How to set long-term and short-term goals and how to approach them
Building processes and incorporating systems that help your business prosper
Outsourcing and how to train employees (even if you’ve never been a boss)
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
Alpha Geek Capital
The One Thing
Podio
Forefront
BiggerPockets Podcast 494: The Five F-Words Every Real Estate Investor Needs to Master
BiggerPockets Podcast
BiggerPockets Podcast 480: Making $200k a Month After Being on the Verge of Bankruptcy
Scott Trench
Loom
Readymode
CallRail
Check the full show notes here: https://www.biggerpockets.com/rookie143
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Mack through Ashley's Slack channel in the Real Estate Rookie Bootcamp. Mack is asking: How can I buy an investment property without putting 20% down?
Mack has the question that many real estate investors do: how to buy with low or no money down? Thankfully, the world of real estate has a plethora of financing options from low down payment conventional and FHA loans to zero percent down loans from certain providers. Granted, you do need to check a few boxes before you can get these.
Here are some suggestions:
Understand the main differences between FHA loans and conventional loans
Use house hacking as a way to qualify for owner-occupied financing
Calculate out your PMI beforehand so you know the true cost of a sub-20% percent down loan
Use a HELOC on your current properties as the down payment for new ones
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
Real Estate Rookie Bootcamp
BiggerPockets Forums
NACA
Check the full show notes here: https://www.biggerpockets.com/rookie142
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
We usually get to hear from our amazing guest speakers, but as the year comes to an end, it’s time to hear directly from our dynamic show hosts. Besides hosting rookie podcasts, Tony and Ashley are living proof of how lucrative real estate can be when done right. In this end of the year special we explore Tony and Ashley’s business goals, challenges, and motivations.
While it might be hard to imagine, Tony and Ashley started exactly where everyone else did, at the beginning. Before they each had their own successful businesses, they had to develop a plan, make connections, build a strong reputation, and find the confidence and motivation to keep going even through failure. In fact, despite their current success they still have to do all these things and more. Real estate investing isn’t stagnant and in order to get to or stay on top you have to be willing to evolve, change and take risks.
Tony and Ashley break today’s episode into three categories: business development, partnerships and motivation/inspiration. In each category they talk about their current and past business ventures and their big takeaways. We usually get to hear small snippets about what they’re doing and how they’re doing it, but today it’s just them and it’s something you don’t want to miss!
In This Episode We Cover
The BRRRR strategy and how lucrative it can be for investors
The importance of constantly challenging yourself and finding something you’re passionate about
The benefits of finding your niche market and becoming “known” for something
Why goal setting and vision planning is essential (even if you don’t know your end goal)
Building your internal team and the difference between your internal and external partners
The different types of partnerships and finding the right partnership structure for you
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
Brandon Turner's Instagram
The Real Estate Robinsons Youtube Channel
AJ Osborne's Self Storage Conference
AJ Osborne's Instagram
James Dainard's Instagram
Check the full show notes here: https://www.biggerpockets.com/rookie141
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Once again, Ashley’s DMs are open for questions! This week, Brendan direct messaged Ashley asking: I’m looking at a 10-unit property at $1.9M. The current owner only has 4/10 units rented, but banks require 75% occupancy to finance. The seller would be interested in owner financing. Where do I start?
It’s good to note that no two seller financing deals are the same. Different sellers want different things out of a sale and it’s up to you, as the buyer, to find the things they really need to get the deal done. If you’re able to do that, you could get a great property under contract with little-to-no money down!
Here are some suggestions for owner financing:
Use PropStream or county records to see whether or not the seller has a mortgage/lien on the property
Calculate how much you’d be comfortable putting down and relay that in your offer
Run the numbers with current/Pro forma occupancy to see what the property could cash flow
Know that (almost) everything is negotiable, don’t be scared to ask for flexible options
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
BPCON2021
Propstream
Check the full show notes here: https://www.biggerpockets.com/rookie140
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
What 2022 real estate tax strategies do you have prepared? Or maybe the better question is: have you even started to plan for taxes in 2022? If you’re a real estate rookie, you probably are just dipping your toe into the wonderful world of real estate tax deductions. But, without a good bookkeeper, accountant or CPA, you could be missing thousands (if not more) in tax savings.
Joining us today for our end of year tax roundup is investor, lender, and CPA Ana Klein. Ana started her real estate journey working as a public accountant, then a private accountant, and finally starting her own business. She saw the massive tax advantages her clients benefited from simply by owning rental property, so she decided to do the same.
Now, Ana has a growing portfolio, complete with cash flow and depreciation to offset her income. Ana spends some time today walking through how you, a rookie or experienced investor, can benefit when investing in real estate. She also lays out the ways you can set yourself up for success with a CPA and maximize your deductible income.
In This Episode We Cover
How to shift from a nine-to-five mindset to an entrepreneurial spirit
Converting a duplex into a triplex for only a thousand bucks
What should rookies do right now to take advantage of real estate tax benefits
Is it ever tax-advantaged to buy a rental property that is losing money?
The good (and bad) 2022 tax code changes for real estate investors
When you should contact a CPA to help with tax filing
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
Brandon Turner's Instagram
Grant Cardone Seminars
BiggerPockets
MLS
InvestorGirlBritt's Instagram
Stessa
Quickbooks
Check the full show notes here: https://www.biggerpockets.com/rookie139
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Daniel, who reached out directly to Ashley through her Instagram (@wealthfromrentals). Aside from giving Ashley some more movie quotes to use, Daniel is also asking: How do I gather local rent numbers for my rental property?
Landlords can struggle when trying to price a rental appropriately, that’s why rental comparable (comps) research can be so important when looking into a new area or when shopping for properties. Both Ashley and Tony use rental comps daily, so they can calculate the right rent price in their sleep!
Here are some suggestions:
Look at comparable homes in your area and see what they’re renting for on top rental sites
Focus on a zip code and property type, as these will be two important factors when comparing rents
Use the BiggerPockets Rent Estimator to automatically find a comparable rent price
Call a local property manager and ask them what your property would rent for
Start an excel spreadsheet where you can easily track days-on-market and price for rentals
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
Zillow
Redfin
Craigslist
Facebook Market Place
BiggerPockets Rental Estimator
Check the full show notes here: https://www.biggerpockets.com/rookie138
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Do you ever feel out of place as an employee? The W2 route isn’t for everyone and maybe you’ve started to feel the entrepreneurial itch. So what steps do you take when it’s time to transition into working for yourself all while building wealth through real estate?
After years of being in and out of the prison system, Sterling Shrout needed a change. His whole life he considered himself a “bad employee” until he finally realized he wasn’t meant to be an employee, so he turned to real estate.
He began by listening to The BiggerPockets Podcast and any other educational material he could find. From there, he became hooked on the idea of creating opportunity and building capital through self-employment. Besides owning his own home, something he never thought he would do, Sterling has now closed on ten doors in less than two years!
We touch on topics like overcoming self-doubt, finding a business partner, going from an employee to an entrepreneur, triple net leases, and operating agreements. If you want to begin the journey to self-employment regardless of your past, this episode is perfect for you!
In This Episode We Cover
Overcoming self-doubt and not letting it keep you from pursuing your dreams
The importance of having the right business partner (and how to find one)
Transitioning from being an employee to an entrepreneur and why you should take the leap
Triple net leases and the massive advantages that come with it as a landlord
How to set up an operating agreement and why they’re essential for partnerships
How to build, find and maintain business relationships (even if you don’t have any yet)
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie FaceBook Group
Rookie Podcast 129: 5 Properties After Spending 8 Years in Prison (With ZERO Credit!)
BiggerPockets Podcast
Craigslist
Brandon Turner's Instagram
Dayton Real Estate Estate Investors Network Facebook Group
Check the full show notes here: https://www.biggerpockets.com/rookie137
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
If you’re wondering how to buy your first rental property, there is arguably no better place on the internet to learn than BiggerPockets. Ashley Kehr should know, she tripled her portfolio after she found the BiggerPockets forums. But, in order for Ashley to triple her portfolio, she had to make the leap and buy her first deal. Today, she’ll teach you how to do the same, so you can reach financial freedom.
Ashley wasn’t born into a real estate family. She worked a nine-to-five job as an accountant, only to realize she hated it and later quit. She began working for a local investor and started learning the real estate management game. Ashley then partnered with the son of her boss, who provided her the capital to begin investing.
In less than a decade, Ashley was able to reach financial freedom, retire from any possibility of a regular workweek, and spend more time with her children. Now, it’s time for you to do the same!
In This Episode We Cover
The six-step process to go from real estate onlooker to real estate investor
How real estate can help you build long-lasting, generational wealth
Why doesn’t everyone invest in real estate if it’s so great?
The five mistakes that almost every real estate investor makes
Running through the numbers on a live real estate deal analysis
Real estate strategies for every type of rookie investor
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie FaceBook Group
BiggerPockets Bootcamp
BiggerPockets Forums
BiggerPockets Webinars
Joshua Dorkin's Website
BiggerPockets
BiggerPockets MarketPlace
MLS
BiggerPockets Calculator
BiggerPockets Podcast 348: Full-Time Job, Full-Time Mom, and Full-Time Wealth From Rentals with Ashley Kehr
BiggerPockets AlreadyPro
BiggerPockets Newbie Worksheet
BiggerPockets Newbie Slides
BiggerPockets 7 Years
Realtor Sold Listings
BiggerPockets Conference
Check the full show notes here: https://www.biggerpockets.com/rookie136
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Real estate is a relationship-based business. As you establish more relationships within the industry, your job continues to get easier and today’s guest, Jay Simpson, is a prime example of that. With the help of his mentor, he has successfully flipped two houses and already turned one into a rental property.
The primary reason he got into real estate was because he wanted the time to be actively part of his daughter’s life — a freedom his W-2 didn’t allow. His ability to cultivate meaningful relationships is the reason he has been able to find so much success as a real estate agent and investor. Jay heavily emphasizes the role his mentor plays in his real estate career, especially given that when he was new to the industry, he needed someone to show him what the classroom couldn’t. His genuine nature got him his first sale, his first flip, and a continued relationship with his lenders.
Real estate has allowed him to not only free up his time but enjoy the time he has freed up, which to a family man like himself, is the dream. Investing is about more than building wealth, it’s about learning the value of time, especially because you can never get it back.
In This Episode We Cover
Getting your real estate license and how it can be the first step to investing
Working for a broker and what that means for your career as an agent
House flipping and the signs that indicate a great potential flip
How to estimate rehab costs as a first timer
The importance of a detailed scope of work and its benefits
The importance of being genuine and authentic with everyone you encounter
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie FaceBook Group
Rookie Podcast 55: Combining House Hacking and Live in Flips with Tyler Madden
BiggerPockets Podcast
Zillow
Lowe's
16Personalities
Tony Robbins Website
BiggerPockets Bookstore
MLS
Apartments.com
Cozy
Buildium
rentredi
appfolio
BiggerPockets Forums
BiggerPockets Conference
Check the full show notes here: https://www.biggerpockets.com/rookie135
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Neil on the Real Estate Rookie Facebook Group. Neil is asking: I’m reading a book on financing strategies — if a loan is amortized over thirty years, how is there a balloon payment at fifteen years? What’s the difference between the two?
Most real estate investors don’t run into things like balloon payments until they’ve started taking loans from private lenders or use seller financing. Balloon payments allow investors the chance to refinance earlier or pay off a loan in its entirety while also giving a seller or lender the cash they want.
Considering a balloon loan? Here’s what to know:
A loan is amortized over a set amount of years and interest is usually paid before principal
Balloon payments force the lendee/investor to pay back the unpaid loan amount at a certain year mark
Refinancing, paying off a property, or selling a property are ways to fund a balloon payment
Balloon payments force investors to think further in the future for better exit strategies
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
Check the full show notes here: https://www.biggerpockets.com/rookie134
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
What if you knew you could be fresh out of college and already owning property? Why wait for a “stable career” to start building wealth when you can dive into real estate investing, whether that be in or out-of-state? Would you start looking into investing earlier if you knew it was without age limitation?
Today’s guest Karina Mejia, a 24-year-old investor, goes over her house hacking journey that helped her go from a server to a landlord. From managing tenants to investing in out-of-state properties, Karina walks through the mindset of investing from a very early age, without the emotional support of those around her.
We touch on topics like house hacking, the BRRRR strategy, investing with a romantic partner, out-of-state investing, and financing your first deal. If you’re a first-time investor or college student, this episode is perfect for you.
In This Episode We Cover
What to do with an unruly tenant while house hacking
How to invest with a romantic partner to ensure asset protection for the both of you
Investing fresh out of college even if you have no experience in real estate
Successfully investing without the support of those around you
How to build a lease for your house hacks so tenants have a positive experience
Finding the best out-of-state market for your investing strategy
How to passively invest and outsource work to maximize time value
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie FaceBook Group
Rookie Podcast 125: Using OnlyFans to Fund Ownership in Her First BRRRR w/ Brin Amberlee
BiggerPockets Podcast
BiggerPockets Forums
Experian
Microsoft Excel
MLS
Check the full show notes here: https://www.biggerpockets.com/rookie133
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
We often hear entrepreneurs talk about how they want to “be the best” in their field. It’s the same with many real estate investors. They want to be the best wholesaler, flipper, short-term rental host, or landlord. But, does “being the best” really matter much to your customer if they can’t tell the difference between you and your competition? Probably not.
Mike Michalowicz, author of Profit First, is on the show today to discuss his new book, Get Different, and why so many entrepreneurs and real estate investors have marketing all wrong. If you’ve ever tried direct mail, cold calling, or door knocking, you know the sting of quick rejection from a potential seller. Why do they reject so quickly? Because you sound just like every other real estate marketer trying to get to them.
If you’re looking to entice new partners, private lenders, tenants, employees, or sellers, you need to start marketing differently. This is possible through Mike’s “D.A.D Framework” that highlights the three most important factors of marketing successfully to a prospect.
In This Episode We Cover
Why real estate investors need marketing more than they think
Finding your competitive advantage and using it to outsmart other investors
Why having a high-referral rate doesn’t mean you're succeeding at marketing
Who, what, and ‘win’ to target and market to partners, private lenders, and sellers
The “D.A.D Framework” and how you can capitalize on it to score leads
Asking customers “what am I doing right” and making it a crucial part of your brand
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie FaceBook Group
Zillow
Geek Squad
Check the full show notes here: https://www.biggerpockets.com/rookie132
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
The more “traditional path” encourages a lot of waiting: waiting to get into the right school, waiting to get the right degree, the right internship, and the right job, but what about the right now? As every current and aspiring entrepreneur knows, time is money so capitalizing on the right now is essential. How do you do that? Real estate investing!
Today’s guest, Rachel Morrow, knew the importance of capitalizing on the right now. At merely 20 years old she was on her way to med school when she realized she wanted to start building wealth. During her warehouse shifts, she began listening to real estate podcasts and recognized real estate was not only something she wanted to do but something she could do. This led to a big transition period in her life from the path she had always known to the path less traveled, but once she made that mindset shift, that was it.
The change didn’t happen instantaneously. She had to completely start anew and work towards her goals which at one point meant working 60 hours a week for a year to get pre-approved for a loan. Her drive and persistence allowed her to close on 4 units with hopes of closing on more single-family homes in the future. We touch on topics like creating value, breaking from the “traditional” path, self-managing a house hack, finding a mentor, and being a young investor.
In This Episode We Cover
Breaking from the “traditional” path and finding what best suits you
Building wealth without prior experience in real estate
How to successfully self-manage a house hack
Using your youth as an advantage when investing in real estate
Getting pre-approved for a loan without high income or long work experience
How to find the right mentor (especially as a newbie)
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie FaceBook Group
Steve Rozenberg Events
The Real Estate Guys
Real Estate Rookie Podcast
Graham Stephan's Youtube Channel
MLS
Zillow
Brandon Turner
Rentredi
Rookie Podcast 102: $10M Profit On Her First Deal?! It’s Possible with Campground Investing
Apartments
BiggerPockets Forums
Check the full show notes here: https://www.biggerpockets.com/rookie131
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Rob on the Real Estate Rookie Facebook Group. Rob is asking: How do I make sure a wholesaler that is sending me deals is not a scam?
With wholesaling, as with any other sector of real estate, you’re always going to have your good and bad actors. Many wholesalers are running professional businesses, but some are simply inexperienced, while others have malicious intent.
Here are some suggestions on weeding out wholesalers:
Have your attorney look over the assignment contract to ensure it’s legal
If a wholesaler ever asks you to send funds directly to them, they’re probably not legit
Know your numbers, so any suspiciously good (or bad) deals can be written off
Contact wholesalers on your own so you can do due diligence upfront
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Check the full show notes here: http://www.biggerpockets.com/rookie130
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
What if you treated the lowest point in your life as a beginning instead of an end? What if you were told real estate investing could be the second chance you’re looking for? Why give up when you could level up?
Today’s guest, Jason Peterson, took back control of his life by doing exactly that. Instead of giving into adversity and strife, Jason found a way to turn his life around, through real estate investing. After eight years of incarceration, Jason went from a zero credit score to buying his first property a year and a half after his release. Now, he has acquired five properties and is on the path to becoming financially free. He did all this with the help of his mentor, support from his loved ones, and the education he received in a sandwich shop. So, what’s stopping you?
We touch on topics like overcoming adversity, finding a mentor, seller credits, building credit, and how to invest with little capital. If you’re at a breaking point or need the motivation to keep going in the real estate investing game, this episode is perfect for you!
In This Episode We Cover
Overcoming adversity and not letting your past define your future
Investing and buying properties with little capital or credit
How the use of a mentor can help elevate your knowledge
The risk involved in house hacking or investing and why it’s ultimately worth it
The use of seller credits and how to get creative with your financing
How to build the credit you need to invest (even if you’re starting from zero!)
The time-tested buy and hold method and its advantages for rookie investors
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie FaceBook Group
Rookie Podcast 109: From Sleeping in His Car to Multi-Unit Landlord & The “Nomad” Strategy
BiggerPockets Podcast
Real Estate Rookie Podcast
MLS
Craigslist
BiggerPockets
Rentredi
QuickBooks
Check the full show notes here: https://www.biggerpockets.com/rookie129
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Ashley and Tony have been on a tear this year, buying up more homes than ever before. They’ve also been branching out into bigger commercial deals, like RV parks, campgrounds, hotels, motels, and more. While every real estate rookie knows the thrill of finding a new deal, many don’t understand the struggles that go with it.
Today, Ashley and Tony walk through the biggest hurdles they’ve been facing when trying to chase bigger, better deals. One of the biggest struggles when getting into a larger real estate class is financing. You’ll hear how the hosts individually dealt with difficult financing challenges, from subject to financing to raising money and syndicating.
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
Vrbo
Airbnb
BiggerPockets
BiggerPockets Podcast 527: 300 Doors, 100% Creative Financing with Pace Morby
Check the full show notes here: https://www.biggerpockets.com/rookie128
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Military members in the real estate community love to preach about how great the VA loans are for financing primary residences. They also love the fact that these primary residences can be turned into rentals, quite easily, when the military decides to station you elsewhere. This is exactly how Angel Garcia got his start; accidentally investing in real estate, all while stationed overseas.
Angel bought his first house as a way to ensure financial security for his wife and daughter, but when he was re-stationed, he decided to give landlording a go. He bought another primary residence, but once again, was forced to move, leaving him with two rental properties. He started to notice the cash flow coming in, and with some help from David Green’s Book Long-Distance Real Estate Investing, he made the jump to invest out-of-state.
He made an offer on the perfect property, a $55,000 duplex, but when his inspector wouldn’t even enter the house, he knew he may have made a mistake. This home had $40,000 in foundation damage that needed to be repaired, turning his small investment into a cash-heavy burden. Through perseverance and the ability to learn from past mistakes, Angel was able to make this rental cash flow a respectable amount and it allowed him to get even further along the path to financial freedom.
In This Episode We Cover
Opening yourself up to investing, even if you were raised without an investor’s mentality
Using rental property investing as a way to secure generational wealth for your family
Utilizing VA loans to get 0% down financing on your primary residence
Why you need to be careful you don’t talk yourself out of a deal
Why you should always “do something” even if you can’t buy a property yet
Recovering from a $40,000 surprise when rehabbing a property
How to help those around you even if they don’t seem interested in learning
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie FaceBook Group
BiggerPockets Podcast
Brandon Turner
Joshua Dorkin
Youtube
David Greene
Zillow
Realtor
BiggerPockets Calculator
BiggerPockets Forums
Check the full show notes here: https://www.biggerpockets.com/rookie127
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week is less of a Rookie Reply, and more of a “Rookie Ramble” as Ashley likes to call it, as Tony and Ashley ask each other questions about their road to full-time investor status. They talk about first jobs, best degrees for real estate investing, the industries they chose to go into after college, and the skills they wish they had learned earlier.
Both Tony and Ashley didn’t have the end goal of investing in real estate upon graduation, but they made smart choices in their W2 careers that allowed them to go full-time when the opportunity presented itself. If you’re young or even just starting out on this real estate journey, ask yourself, “what skills do I need to develop to succeed at this?”
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
BiggerPockets Podcast
Rookie Podcast 118: Stop Scrolling, Start Posting: Social Media for Real Estate Investors
BiggerPockets Podcast 500: Robert Kiyosaki: America’s ‘Rich Dad’ Sees a Real Estate Crash Coming
Check the full show notes here: https://www.biggerpockets.com/rookie126
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
You could say that Brin Amberlee isn’t a traditional real estate investor. She doesn’t have tons of experience with property management, construction, or investing, but she does have the will to succeed. After buying her primary residence in Las Vegas, Brin was prompted by friends to start listening to The BiggerPockets Podcast, where she learned about the mind-blowing BRRRR strategy. Brin's funding source for the deal? Her OnlyFans business!
Hailing from Columbus, Ohio, she knew that investing in her hometown would be a perfect place to practice her first BRRRR, turning an old house into an instagramable short-term rental. With help from her father, she is personally taking the time to demo, rehab, and design this property, top to bottom.
Brin touches on everything from finding an investor-friendly agent, to viewing properties, analyzing deals, getting financing, growing your personal brand, and more. She has some big plans to buy even more short-term rentals after this first BRRRR, and we doubt we won’t see her back on The Real Estate Rookie podcast very soon, with a lot more units to her name!
In This Episode We Cover
Resisting lifestyle creep so you can use extra money to invest
Why your first BRRRR doesn’t need to be perfect
Surrounding yourself with those who achieve greatness and distancing from those who don’t
Vacation home mortgages vs. conventional mortgages on short-term rentals
Building your brand on social media and beyond
The importance of keeping healthy reserves in case a rehab goes over budget
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie FaceBook Group
MLS
Airbnb
BiggerPockets
Rookie Podcast 123: ‘Building’ Wealth as a 24-Year-Old with 12 New Construction Projects
OnlyFans
Grant Cardone
BiggerPockets Forums
Zillow
BiggerPockets Calculator
Tiktok
BiggerPockets Rent Estimator
Investor Girl Britt
Check the full show notes here: https://www.biggerpockets.com/rookie125
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
We’d all like to imagine that Ashley Kehr and Tony Robinson are perfect investors. They do perfect deals, have a perfect team, and everything runs smoothly in their lives. While they are two phenomenal investors, they still face the challenges that most entrepreneurs and real estate investors also face off-camera.
From shiny object syndrome to letting go of the entrepreneurial reigns, Tony and Ashley squeeze in a lot into this Rookie Reply. If you feel like you’ve been getting bored on your journey or simply are too anxious to take the next step, remember that Tony and Ashley have felt the same way.
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
Airbnb
Alpha Geek Capital
BiggerPockets Rookie Bootcamp
BiggerPockets Rookie Episode 125
Check the full show notes here: https://www.biggerpockets.com/rookie124
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
New construction is an enigma to many real estate investors, and especially to rookies. When building a new house, you need to understand engineering, permitting, construction, and a more complicated funding structure. This didn’t stop Donovan Adesoro, house hacker turned home builder from keeping the investment train going.
Although Donovan had a background in engineering, he didn’t have much experience with building homes. He started off buying a duplex property to house hack, which turned out so well that he wanted to buy another. The problem? Not enough cash to make the down payment. So he wondered, “what would it cost if I built one of these?” Donovan discovered that he was able to use raw land as a down payment for a new construction loan. So if he had enough to buy the land, he had enough to build the whole house!
Now, at only twenty-four years old, Donovan has twelve lots either ready for a new build, partially through construction, or about to be sold. He’s taken advantage of the huge appreciation we’ve seen in the past two years and makes it clear that even if you don’t have money, you don’t have to give up on a deal.
In This Episode We Cover
The many costs that go into developing a new construction home
Engineering, permitting, contracting, and other key parts of home building
Using partners to cover costs when you aren’t able to come up with enough cash
House hacking as a way to get your start in real estate investing
Always having multiple different exit strategies so you come out profitable
Renting your car for extra cash and passive income
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie FaceBook Group
BiggerPockets Podcast
Roomies
BiggerPockets Calculator
Law Depot
Turo
Outdoorsy
MLS
Airbnb
Zelle
Cash App
BiggerPockets Lease Agreements
Check the full show notes here: https://www.biggerpockets.com/rookie123
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Five short years ago, Avery Carl didn’t own ninety-six rental units. She didn’t have her real estate license, she hadn’t founded The Short Term Shop or The Mortgage Shop, and she did not have a book written on short-term rental investing. But now, Avery has all those things, and she did all of them in only half a decade.
Avery’s first venture into real estate started by her saving up every penny she could to buy a property in Nashville. After some success, she asked, “what’s the most bang for my buck in real estate?” The answer: short-term rentals. Seven of her units alone brought in over six figures in just July, proving her point that vacation rentals are a necessary part of any investor's asset collection.
Now, she manages her own short-term rentals and long-term rentals, she also helps teach others how they too can start investing in short-term rentals and even goes as far as to help them to get financing. All of this was done in a very short time period, and all of it proves that hard work can fuel financial freedom through real estate investing.
Click here to listen on Apple Podcasts.
In This Episode We Cover
What to look for in a short-term rental or vacation rental market
Why short-term rentals are far more active investing than long-term rentals
Staying up to date on your city’s short-term rental laws and regulations
The software and systems Avery uses to analyze a deal
1031 exchanges and using them to massively grow your portfolio (tax-free!)
Getting out of the fear of overpaying for a property through detailed analysis
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie FaceBook Group
BiggerPockets Podcast
BiggerPockets Forums
BiggerPockets Podcast 364: Snowballing 6-Figure Short-Term Rental Profits Into Passive Investments with Avery Carl
The Short Term Shop
The Mortgage Shop
Airbnb
VRBO
Alpha Geek Capital
Alpha Geek Capital Calculator
Your Porter
iGMS
Smartbnb
Airdna
PriceLabs
BiggerPockets Publishing
Check the full show notes here: https://www.biggerpockets.com/rookie122
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Marching along Bourbon Street last week was a parade with some of the best real estate investors in the world, celebrating another successful BPCon, ready to take on the world. Throughout the past week, attendees of the conference heard from world-class business leaders, investors, and authors, learning about everything from running a business to short-term rental markets, to self-storage, and more.
On this live episode, your hosts, Ashley Kehr and Tony Robinson, are joined by Brandon Turner and David Greene, hosts of the BiggerPockets Podcast, Scott Trench, host of the BiggerPockets Money Podcast, and Liz Faircloth and Andresa Guidelli, hosts of The Real Estate InvestHER Podcast, plus special guest Esther, who has a widely impressive portfolio herself.
You’ll hear the hosts talk about topics like how to connect with fellow investors, future trends influencing the real estate market, what’s working today (and what isn’t), plus a live version of the Famous Four and Fire Round.
If you weren’t able to make it to this year's BPCon, plug into this episode and get on the waiting list for next year!
In This Episode We Cover
What’s ‘firing up’ the hosts of the BiggerPockets Podcast Network?
What investors can do in today’s market to ensure wealth tomorrow
Future trends that allow investors to profitably pivot
How BPCon helps connect investors, reshape ideas, and build wealth
How to vet partners before you go in on a deal with them
The top characteristics that contribute to your success as an investor
Why you should definitely be at BPCon 2022
And So Much More!
Links from the Show
NPR (National Public Radio)
Kevin Leahy's BiggerPockets Profile
Mark Ferguson's InvestFourMore
Wendy Papasan's LinkedIn Profile
Noah Evans's LinkedIn Profile
Rickey Rodriguez's BiggerPockets Profile
Your First Real Estate Investment Podcast: How to Recover from the Great Recession and Leverage Creative Financing to Fund Your First Deal
Joe Asamoah's BiggerPockets Author Profile
AJ Osborne's Personal Website
Steve Rozenberg's BiggerPockets Profile
InvestHer's Partnership Question Guide
Meetup
Hal Elrod's Personal Website
Dave Ramsey's Personal Website
Cashflow The Board Game
Matt Faircloth's BiggerPockets Author Profile
BiggerPockets Calculators
The Real Estate InvestHER Community
Connect with the BiggerPockets Hosts:
BiggerPockets Real Estate Podcast
Listen to the BiggerPockets Podcast
Brandon's BiggerPockets Profile
David's BiggerPockets Profile
BiggerPockets Money Podcast
Listen to the BiggerPockets Money Podcast
Scott's BiggerPockets Profile
Mindy's BiggerPockets Profile
Real Estate Rookie Podcast
Listen to the Real Estate Rookie Podcast
Tony's BiggerPockets Profile
Ashley's BiggerPockets Profile
InvestHER Podcast
Listen to the Real Estate InvestHER Podcast
Andresa's BiggerPockets profile
Liz's BiggerPockets profile
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Tony Robinson has some great ideas, like creating a short-term rental empire in both Joshua Tree, California, and the Smoky Mountains over in Tennessee. Tony talked so highly of the latter investing region, that today’s guest, Cale Delaney decided to pack his whole family into the minivan and make the 10+ hour drive to check out the area. Shortly after, Cale was under contract for not one, not two, but three cabins!
This wasn't Cale’s first experience with real estate investing. Back at the beginning of 2020, Cale had a mental shift where he realized that real estate could be the key to setting him financially free. He scoured homes all over his area of Florida until he came across a fourplex which rejected one offer from him but later accepted another. He made three of these units long-term rentals, and the other one a short-term rental.
Cale went from zero to ten units in only a year and a half or so, without a ton of management experience of extravagant funding. If he can do it, you can too!
In This Episode We Cover
How to get your first property under contract, even if you keep getting rejected
Managing locally before stepping into long-distance investing
How a quick closing can lead to more deals in your pipeline
Getting off-market properties under contract even in a competitive area
Financing real estate investments using conventional loans, HELOCs, and more
Scheduling time now to plan for freedom tomorrow
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie FaceBook Group
Airbnb
Google Maps
Zillow
MLS
BiggerPockets Podcast
Hospitable
PriceLabs
Stessa
Quickbooks
RUBS
Host Financial
Visio Lending
LendSimpli
Rookie Podcast 51: 18 Deals in 2 Years AND a Full Time Job with Kevin Christensen
BiggerPockets Forums
Facebook Marketplace
Craigslist
Check the full show notes here: https://www.biggerpockets.com/rookie121
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Vince on the Real Estate Rookie Facebook Group. Vince is asking: After a 1031 exchange, can I refi/cash-out most of the funds and use it to purchase other property? Will I still be liable for taxes?
While neither Tony or Ashley are tax specialists, they have had some experience in the past with 1031 exchanges. Firstly, make sure you understand the rules of a 1031 exchange and use an intermediary to perform one, after that you may be in the clear to refinance!
Here are some suggestions:
Use the entirety of your 1031 profits to purchase (or subsidize) a new property to limit taxes
Harness the power of appreciation to “swap til you drop”
Use the same entity to 1031 exchange your property and hold it for at least two years
Use a trusted intermediary to complete the exchange
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
Check the full show notes here: https://www.biggerpockets.com/rookie120
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Susan Reehill has defied the odds time and time again. She was a teenage mother, having her first son at the young age of sixteen. For most young and single mothers, the chance of becoming a homeowner, let alone an investor is slim, to say the least. At forty-two years old, Susan decided to make two big jumps in her life and career: graduate from college and buy her first home. She succeeded at accomplishing both.
As the years passed by, Susan wanted to be a closer distance to her local downtown area. So, she decided to look at buying a new home. When her old home was having a hard time selling, she decided to try and rent it out, which she did with very little property management knowledge or landlording skills. Her tenant brought in ten different individuals to live with her, half of which weren’t authorized on the lease. In only six months, her tenant did more damage to her house than Susan had done in the several years she lived there.
But, this didn’t stop Susan’s will to create long-lasting wealth. She began listening to more real estate podcasts, one of which was the Real Estate Rookie podcast. She ended up joining Ashley’s first round of the Real Estate Rookie Bootcamp, where after 90 days Susan was able to score a phenomenal deal, over $100k+ under the asking price!
In This Episode We Cover
Breaking through the societal norms of who you’re supposed to be at a certain age
Becoming an “accidental landlord” and what everyone should know before they rent their home
Making it known that you’re an investor who is actively looking for good deals
Why a deal is still a deal even if you have to pay PMI (private mortgage insurance)
Finding contractors through meetups, fellow investors, and Facebook groups
Why you don’t need to be rich to start investing in real estate
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie FaceBook Group
Real Estate Rookie Bootcamp
Rookie Podcast 109: From Sleeping in His Car to Multi-Unit Landlord & The “Nomad” Strategy
Investor Girl Britt's Instagram
BiggerPockets
Check the full show notes here: https://www.biggerpockets.com/rookie119
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Social media investors are becoming the new normal. Whether you’re on Instagram, Facebook, TikTok, Clubhouse, or Twitter you can find successful entrepreneurs giving tips on real estate, stock trading, or investing in general. So, as an aspiring real estate investor, it would only make sense for you to use these platforms to lock down more deals, find more partners, and maybe even entice some private investors.
Katie Brinkley from Next Step Social Communications is a master of optimizing social media posts for her clients. As a real estate investor herself, she understands why it’s so crucial to not only post consistently, but with the highest possible quality content. She also encourages investors on social media to start engaging with their customers, allowing relationships to grow organically.
Even if you’re just getting started in real estate investing or if you haven’t even got a deal under your belt, it can be a phenomenal future-proofing strategy to get your social media profile started now!
In This Episode We Cover
The benefit of using social media as an investor
What platforms work best for real estate and which to avoid
Planning out a content strategy for maximum engagement with your followers
How to automate your posts, interactions, and more
The rise of video-only platforms like TikTok and who should use them
Sharing your struggles, wins, and client stories with the world
And So Much More!
Links from the show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie FaceBook Group
Myspace
Clubhouse
Loomly
Tiktok
Gary Vaynerchuk's Website
InShOt
Check the full show notes here: https://www.biggerpockets.com/rookie118
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Amanda Bolan, like many of us, had a “pressure cooker” moment where she realized that becoming a real estate tycoon was part of her future. At the time, she was working in the oil and gas industry without real estate investing experience. She took a leap of faith and decided to flip her first house in 2018, then flip another in 2019, then buy a 12-unit apartment in 2020, and another in 2021. Did we mention she was buying a 61-acre land development deal in between these time periods?
While Amanda was searching for rentals she saw more and more expensive multifamily deals come up. At first, she had “sticker shock”, but ran the numbers and realized that a good deal in real estate is a good deal for her, no matter the price. She got to work underwriting, financing, and partnering to close on this seven-figure property. Even with some hiccups along the way (financing falling through, environmental flags going off), she was able to close on the deal and became a commercial real estate owner.
Part of her fearlessness in taking on these big, and often unconventional deals is looking at what could go right, not just what could go wrong. Instead of being stuck in analysis paralysis, Amanda made moves to secure properties that would scare rookie investors and made them her own.
In This Episode We Cover
Buying a large multifamily property as your first rental
What to do when financing falls through at the last moment
Running the numbers before you run away from a potential deal
Learning to self-manage at scale without any experience
Buying farmland and holding land for future development
Pushing past fear and making large deals work in your favor
And So Much More!
Links from the show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Rookie Facebook Group
Buildium
Check the full show notes here: https://www.biggerpockets.com/rookie117
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Mel on the Real Estate Rookie Facebook Group. Mel is asking: When working with agents, do your agents help in finding off-market deals, or do you mainly look for those as they send you on-market deals?
While it isn’t uncommon for agents to have “pocket listings” (pre-market listings), most agents deal solely with on-market deals, working with buyers and sellers based on MLS listings. If you’re looking to find more off-market deals, you may have to incorporate some deal hunting strategies like driving for dollars, sending out direct mail, cold-calling, and door-knocking.
Here are some suggestions:
Look for investor-friendly agents who can bring “pocket listings” to you
Even if you find your own deals, agents can help draft up purchasing documents
Find agents who may have new construction contacts that can bring you pre-market offerings
Ask buyers to split commission payments or offer to pay in full to sweeten the deal
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
BPCON2021
MLS
Check the full show notes here: https://www.biggerpockets.com/rookie116
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
What if you could own rental properties without the responsibility of landlording? Not only that, what if you were paid a hefty, non-refundable deposit for your home, minimizing your risk? Would you start investing under these circumstances?
If you like the sound of that, you’ll love the rent-to-own strategy, or as Today’s guest Jessica likes to call her framework, the BRRTOR (Buy, Rehab, Rent-to-Own, Repeat). Most landlords won’t offer rent-to-own to their tenants, not because they don’t want to, but because they don’t know it’s a possibility. This type of seller financing is what Jessica’s entire portfolio is built off of, and it has some major benefits for not only the landlord but the tenant.
Jessica also gives some great advice in our mindset segment, specifically relaying that a big part of real estate is making mistakes. Jessica has had some great deals in her real estate investing career, but not every one of them has turned out to be a superstar. The big takeaway for investors should be to start, make mistakes, learn from them, and do better!
In This Episode We Cover
Combining the BRRRR strategy and the rent-to-own strategy
How to vet tenants to find the best candidates for seller financing
The importance of putting ownership in the hands of a tenant
Finding homes that will profit in this highly competitive market
What to look out for when interviewing hard money lenders
Understanding that the first deal probably won’t be a home run
And So Much More!
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie FaceBook Group
BPCON2021
Craigslist
MLS
Zillow
Check the full show notes here: https://www.biggerpockets.com/rookie115
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Roosevelt on the Real Estate Rookie Facebook Group. Roosevelt is asking: I’m currently preapproved with one lender but another lender has a loan option my current one isn't offering. Can you be preapproved with multiple lenders at once? And are there any issues I could run into with this?
It’s commonplace in the real estate investing world to be preapproved by multiple lenders, that way, you’re never stuck without an option to finance a deal. Many investors also opt to use a mortgage broker that can help shop for loans on your behalf. If you’re worried about your credit score dropping because of preapprovals, try to apply for your loan applications within thirty days so credit bureaus count the multiple hard credit pulls as a singular instance.
Here are some suggestions:
Get preapproval from multiple banks (small, local, national, etc.)
Apply within the same thirty day period to minimize effects on your credit
Use a mortgage broker to save time when applying for loans
Ask what the lender has to offer, they may have custom loans for investors
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
Airbnb
BiggerPockets Calculator
Check the full show notes here: https://www.biggerpockets.com/rookie114
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
When you get started in real estate investing, you often don’t know what you’re doing. Is this deal going to work out? Am I choosing the right materials for my flip or BRRRR? Will this appraise at what I need it to? All these types of questions can flow through a rookie investor’s mind in the first months or even years of investing. But, if you’re making the right progress and doing what needs to be done, you’re probably miles ahead of the competition.
Today we talk to Brian Davila, a real estate investor and coach who helps his students answer the same questions like the ones above. Brian has identified the six key traits of a successful real estate investor. You may have been born with some of these, but almost every real estate investor needs to make a conscious effort to become a master of all six.
If you’re able to capitalize on the advice from Brian, you’ll score more deals, connect with more investors, raise more money, and maybe make an extra few hundred thousand dollars a year!
In This Episode We Cover
Why every investor needs to take calculated risks frequently
Becoming a problem solver so you can get deals others will pass up
Using resources like BiggerPockets and Facebook Groups to find deals
Choosing the activities that will set you closer to your goal
Having faith even when you’re low on energy (or money)
Building relationships and developing basic sales skills
And So Much More!
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie FaceBook Group
BPCON2021
BiggerPockets Podcast 407: Buying 100+ Houses/Year in 4 Hours/Week Using Teams, Traction, and (Get this…) TikTok with Ryan Pineda
BiggerPockets
Yelp
BiggerPockets Forums
BiggerPockets Calculator
Podio
Rookie Podcast 91: 8 Units, 10 Wholesale Deals, and $0 Spent on Marketing w/ @Liliinvests
MLS
Check the full show notes here: https://biggerpockets.com/rookie113
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Scott (@hotdads1) through Tony’s direct messages on Instagram! Scott is asking: How are expensive properties profitable? Is it a mindset shift to buy expensive properties, or should I look in cheaper areas? Should I purchase in a quickly appreciating market?
This is a very 2021-type question. We’ve seen numerous markets around the United States (and the world) see massive appreciation over the past year and a half. Now, real estate investors wonder if it’s even worth pursuing deals on the market. Although prices may be higher than they were before, you still have numerous options when trying to purchase a profitable rental property.
Here are some suggestions:
Price becomes irrelevant when looking at cash on cash return and true cash flow
Look at creative financing solutions (like FHA loans) to close on a home with low money down
Calculate your numbers for the long term to get rid of any short-term price dropping fears
Stop looking at past prices and ask: “Is it a good deal today?”
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
Scot Morris's Instagram
Rookie Podcast 109: From Sleeping in His Car to Multi-Unit Landlord & The “Nomad” Strategy
Check the full show notes here: https://biggerpockets.com/rookie112
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Purchasing one rental property is an accomplishment in itself, but what about purchasing 26 units in your first year of real estate investing? Not many do it, but someone who has is Amelia McGee. Amelia didn’t have any formal training on real estate investing. She wasn’t a broker, an agent, or a contractor; none of her family invested in real estate either. You could say that Amelia had to take a ‘’leap of faith” to begin her real estate investing career, a leap that has paid off quickly.
Amelia had exhausted much of her funds after investing in her first deals, but through leveraging her social media she was able to find partners who funded the down payment for an 11-unit apartment complex. She received equity for her hard work and her financers received equity for their risk, a true win-win!
Now, Amelia is helping others purchase their first deals by TA-ing for Ashley during BiggerPockets Rookie Boot Camp. If you weren’t able to get in on the Bootcamp this time, fill out this form to be notified when sessions open up next!
In This Episode We Cover
How to acquire deal #1 without any background in real estate investing
The best resources rookies can use to get a home-run deal on their first try
Partnering with family to flip or a BRRRR a property
Why local banks may be an underappreciated way to affordably finance your deals
Using social media as a way to generate property leads, partnerships, and more
The systems and software you need to scale FAST as a rookie
And So Much More!
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie FaceBook Group
Rookie Bootcamp
David Greene
BiggerPockets Podcast
BiggerPockets Podcast 476: Using Partners to Scale & Killing it With Airbnbs w/ Tony J Robinson
Apartments.com
Stessa
Monday.com
Iowa Courts
biggerpockets.com/forums
Check the full show notes here: https://biggerpockets.com/rookie111
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Rhett on the Real Estate Rookie Facebook Group. Rhett is asking: How do you inform an inherited tenant of changes in ownership after you close on a property?
When you inherit a tenant, you often inherit a lease as well, so it’s important to know exactly what the tenant is paying for rent, their security deposit, and their lease terms during your due diligence period. If you want to notify your new tenants of an ownership change, make sure you do so professionally, so they reach out to you on your business phone, during the hours you’ve set availability at.
Here are some suggestions from Ashley:
Send an estoppel agreement to the tenants so you can verify the lease
Give your new tenants a welcome package with all the needed information
Check your local laws about rent increase timelines
Prepare for the potential of vacancy in case a tenant disagrees with the rent change/ownership change
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
BPCON2021
Check the full show notes here: https://www.biggerpockets.com/rookie110
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Nick Cooley was driving through Texas as part of his medical device sales job. At the time, he didn’t have much money on him. He pulled over to fill up his company car with gas, scraped every nickel and dime from the seats and cup holders, and came up with just over one dollar in change. This was Nick’s meal budget for the night. He settled on an ice cream sandwich before getting ready to spend another night in his car.
This was a position Nick never wanted to be in again. He knew what it was like to be broke and borderline starving due to financial scarcity. Nick then decided it was time to jump into real estate investing and make a change for the better.
As Nick made more money, he saved up everything he could to start buying primary residences, only to rent them out a year later using his coined “nomad strategy”. He’s done this multiple times and has been lucky to buy all of them in the growing Denver market. That being said, this wasn’t a completely smooth transition. Nick had a property that put a $50,000 hole in his pocket right after closing. If you stick around for his story, you too will be able to avoid this type of mistake in the future!
In This Episode We Cover
Developing your “why” behind investing in real estate
The “Nomad” strategy for buying a new primary residence every year
Wholesaling a $2M, 8-unit property as his first wholesale deal
How to get your partner on the real estate investing train
Finding deals in expensive, competitive markets like Denver, Colorado
Whether or not investors should become real estate agents
Losing $50k on a bad deal, but creatively making a profit from it
And So Much More!
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
BPCON2021
Rookie Bootcamp
BiggerPockets Podcast
MLS
Real Estate Rookie Facebook Group
Rookie Podcast 81: David Greene on Where Rookies Go Wrong When Looking for an Agent
Facebook Marketplace
Airbnb
Brandon Turner's Instagram
BlackRock
Check the full show notes here: https://biggerpockets.com/rookie109
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Steven on the Real Estate Rookie Facebook Group. Steven is asking: I’m about to try to make an offer on a house but the property is on market, so I’m talking with the agent. When I make the offer, is there any official document I need to submit, or do I just give them the price I want to offer?
Many rookies have this question, especially when trying to purchase their first rental property. You have a few options when trying to make an offer, and they will differ based on whether the property is on market, off-market, commercial, or residential.
Here are some suggestions:
Call the listing agent and ask if they will represent you (this is called a dual agent)
If a listing agent can’t represent you, ask if anyone on their team can
You don’t need to submit any documents, just tell your agent your offer and they’ll take it from there
If you’re working on an off-market deal, you may be able to negotiate directly with the seller and sign a purchase agreement
For bigger properties and commercial properties, you can submit an LOI (letter of intent)
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
BPCON2021
Rookie Podcast 98: Rookie Reply: Lessons Learned from Our First Real Estate Deals
MLS
Check the full show notes here: https://biggerpockets.com/rookie108
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
We have lots of fun phrases in the real estate community, phrases like house hacking, live in flipping, and BRRRRing. Now, we may have one new phrase to add...land hacking. Kai Andrew describes land hacking as extracting as many income streams as possible from one piece of property. That means having the main house for long-term rentals, a small ADU for short-term rentals, a glamping tent in the back, and potentially some farmland being rented out as well.
Only someone as creative as Kai could come up with this sort of strategy. In fact, Kai started out house hacking for his first real estate investment at the age of 21. He rented out to family members and friends before he saved up enough cash to start buying short-term rental properties around his local area of Portland, Oregon.
As his short-term rental portfolio began to grow, Kai started investing in more “unique” opportunities, like shipping container homes, glamping, or A-frame builds. He also set up criteria that he terms “the golden triangle” for all his unique experiences. These unique homes have helped him grow his portfolio, his profits, and take home a sizable amount of equity between his 12 doors.
In This Episode We Cover
Why house hacking is still a relevant strategy in today’s market
How to convince your partner/parents/friends to invest with an investor presentation
Airbnb arbitrage (rental arbitrage) and building your business with no home purchase necessary
Land hacking and using a single property for many income streams
Creating a “golden triangle” for your unique short-term rentals
Setting up safety nets so you never have to realize your “worst-case scenario”
And So Much More!
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
BPCON2021
Craigslist
Zillow
Airbnb
Vrbo
TONY ROBBINS
Check the full show notes here: https://www.biggerpockets.com/rookie107
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Last episode, we had Brian T Bradley, Esq on to talk about all things related to wealth and asset protection. Now, he’s back to answer questions from the BiggerPockets Real Estate Rookie community. We’ll go over a handful of questions from different rookies in the community, questions like:
Can I create an LLC and sell my property to it?
Will converting a property from my personal name to an LLC trigger a taxable event?
Can I put two properties in two different states in the same LLC?
Will renting out a side of my duplex as an LLC protect me?
How do I stop the commingling of funds when using many LLCs?
Should short-term rentals be put under an LLC?
How will financing change if my properties are in LLCs?
And more in the episode…
If you’re finding yourself at the $1M net worth mark and you’d like to protect your assets, check out Bradley Legal Corp or shoot Brian an email at Brian@btblegal.com!
In This Episode We Cover
Which LLC structure makes the most sense for landlords
How to protect your assets during your different stages of wealth
How to set up limited partnerships when you have too many LLCs
Protecting yourself when you are house hacking a property
How your financing options may change when you buy properties in an LLC
Where to hold short-term rentals so they stay protected
And So Much More!
Links from the Show
Real Estate Rookie Youtube
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
Rookie Podcast 73: Partnerships: What to Do Before You Jump in With Another Investor
BiggerPockets Calculator
BiggerPockets Conference
Click here to check the full show notes: https://www.biggerpockets.com/rookie106
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
As a rookie, you’re in the best position possible to start protecting your growing empire of rental properties, but what’s the best way to legally shield yourself from liability and litigation?
We talk to awarded asset protection attorney, Brian T Bradley, Esq, who answers questions ranging from when to buy umbrella insurance, how to set up LLCs, and whether or not S-Corps are worth forming. If you’ve ever worried about protecting your personal assets from business-related liability, this is THE episode to watch!
The most important point discussed throughout this episode is how you need to start planning for protection early. All too often, investors start building their rental property portfolios without the correct legal setup behind them, only to have one bad lawsuit wipe out decades worth of work. Even Ashley and Tony had some questions on whether or not they needed to shift their portfolio structures!
We’ll also have Brian back this Saturday to answer Q&As from listeners, so stick around for that show to minimize your risk when getting into this profitable industry of real estate investing!
In This Episode We Cover
Why everyone needs a “base layer” of protection when owning real estate
What asset protection is and how it benefits investors
When and how to set up your LLCs for different properties
How many properties should be housed under one LLC
Disregarded entities, charging orders, and anonymity
Designing a blueprint for your real estate portfolio
How to find the best CPAs, attorneys, and legal professionals for your real estate business
And So Much More!
Links from the Show
Real Estate Rookie Youtube
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
LLC or Umbrella Insurance: Which Is Better for Investors?
BiggerPockets Calculator
BiggerPockets Conference
Check the full show notes here: https://www.biggerpockets.com/rookie105
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Dan on the Real Estate Rookie Facebook Group. Dan is asking: For those of you that have gone through the eviction process, did you go it alone in small claims court or did you hire a lawyer?
While Tony (thankfully) doesn’t have experience evicting any tenants, Ashley has had to evict multiple out of her personal investment properties as well as from properties she managed when she was a full-time property manager. She describes the multiple ways you can evict a tenant, all of which will rely on the situation the tenant presents you with.
Here are some suggestions:
Hire an attorney if you are inexperienced with tenant evictions
Use small claims court to get back rent or payment for damages
Offer cash for keys if you are unable to legally evict at this time
Understand that many tenants will pay or leave once they receive an eviction notice
And Much More!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
BiggerPockets Podcast
Real Estate Rookie Rookie Facebook Group
Check the full show notes here: https://www.biggerpockets.com/rookie104
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Derrick Acuff was hungry for success in real estate. So hungry for success, that he would be picking up calls from sellers in the middle of performing his job as a waiter. He was trying to do everything he could to get his first deal; sending out direct mail, texting probate listings, and meeting with potential sellers. Finally, he scored his first wholesale deal, netting him and his wife a combined assignment fee of $8,000.
Now, four years later, Derrick Acuff has built a business around wholesaling and flipping. He and his business partner Ben have done over 100 deals in the Houston, Texas area. He also has a team of VAs (virtual assistants) to help him scrub lists, call potential sellers, and follow up whenever possible. A lot of his success derives from him and his team members treating sellers like people, and not going for the quick and easy sale or selling white lies.
Derrick’s mindset has changed throughout this process and there were times when he felt like giving up. Through perseverance, business optimization, and the will to succeed, he’s built a business that produces not only large amounts of profit but a trail of happy customers ready to give him more deals.
In This Episode We Cover
Choosing to forego college when it may not be a good option for you
Knowing that rejection and failure is part of the process
Staying motivated even when deals become hard to close
Treating sellers with honesty, integrity, and sticking to your word
Finding the “traction” your business needs to grow and succeed
Building rapport with a seller and letting them talk 90% of the time
And So Much More!
Links from the Show
Real Estate Rookie Youtube
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
BiggerPockets Podcast
Screencast-o-matic
Mojo
Google Voice
TTP
Loom
BiggerPockets Conference
Check the full show notes here: https://www.biggerpockets.com/rookie103
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Heather Blankenship was on a road trip from Florida to California, stopping at RV parks and campsites in between driving. She saw how busy these parks were and thought it would be interesting to own one. On her way back to the east coast, she ended up buying a campground in Tennessee for over three million dollars. She had no experience, no team, and no money. Now, that campground is worth over thirteen million dollars!
Although Heather was just 26 at the time, she was able to quickly adapt to the learning curve that the campground presented her. She grew her knowledge and skill set and now oversees around thirty million dollars in RV parks and campgrounds.
We talk about the many different streams of income that a campground or RV park owner can cash in on, how to score financing when buying commercial properties, what to look for in your due diligence phase, and how to underwrite these massive deals. For beginner investors, this can seem like a huge task, but Heather proves that even with no experience, you can put in the work to make massive financial leaps like she did.
In This Episode We Cover
The benefits of owning a campground or RV park
How commercial real estate differs from residential real estate
Financing big deals through bank loans and seller financing
Looking for commercial BRRRRs and value-add opportunities
Long-term parks vs. short-term parks and the benefits of both
Developing systems that leave you less reliant on third-party businesses
And So Much More!
Links from the Show
Real Estate Rookie Youtube
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
BiggerPockets Calculator
Rookie Podcast 100: Why Brandon Turner Encourages Rookies to “Start Small and Scale”
Rookie Podcast 101: Campgrounds: The Investment You’ve (Probably) Never Thought About
Google Ads
Biggerpockets
ARVC
Campspot Software
Airbnb
Vrbo
Slack
Check the full show notes here: https://www.biggerpockets.com/rookie102
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
As a successful real estate investor, you may be looking for bigger and better deals to take on, but sometimes those deals may come in a different shape and size. Kier Vogt had mastered buy-and-hold rentals, house hacking, and flipping. She wanted to take on a bigger challenge, something that would give her more responsibility with even more upside. After taking a cross-country drive, she found the asset class she was looking for: RV parks and campgrounds.
If you’re a rookie investor, you may have never thought about investing in an RV park or campground, but there are some serious benefits to them. Since these are commercial properties, your ability to obtain seller financing is far more likely and you can build out multiple streams of income from one property, as opposed to solely collecting rent.
Now, Kier is in the stage of analysis. She already has a private-money lender, but has to find a deal that fits her purchasing power and her criteria. Kier shares the mindset behind going into this completely new asset class, and how you have to push through fear to cold call owners, send in offers, and finally get an RV park or campground under contract.
In This Episode We Cover
The difference between RV parks, campgrounds, and mobile home parks
Analyzing larger commercial deals and performing due diligence
The benefits of seller financing compared to bank financing
Submitting a letter of intent (even if you’re scared to do so)
Self-managing a property to learn about the business
The many different revenue streams an RV park or campground can offer
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
Like Minded Investors
BiggerPockets Rookie Podcast 102: $10M Profit On Her First Deal?! It's Possible with Campground Investing
BiggerPockets Calculator
ARVC
Outdoorsy
BiggerPockets Podcast 157: A Simple Morning Ritual to Help You Dominate Every Area of Your Life with Hal Elrod
BiggerPockets Conference
Check the full show notes here: https://www.biggerpockets.com/rookie101
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Brandon Turner owns a lot of real estate. Some are single-family homes, but much of his portfolio is small and large multifamily properties. Why did he go into this niche and does he see value that many investors simply overlook?
Brandon hits on some key aspects of becoming a successful multifamily owner, diving deep into topics like why rookies should start in small multifamily, how to find a mentor and build partnerships, what to do before you jump into multifamily, and looking for value-add opportunities. One piece of advice he is very adamant about is that multifamily isn’t that much harder than single-family. If you already own a single-family rental property, buying a duplex, triplex, or quadplex won’t be that intense of a learning curve for you.
If you’re a rookie who has been successful in small multifamily, it may be time for you to start tackling those 10+ unit deals. Brandon also touches on this and shares stories from his fund, Open Door Capital, where they’re pursuing VERY large multifamily deals.
Ready to learn more about multifamily investing? Grab The Multifamily Millionaire Volume I and The Multifamily Millionaire Volume II today!
In This Episode We Cover
How Brandon got his start in real estate and Why multifamily investing
rookies should start in small multifamily before transitioning into large multifamily
Finding mentors, adding value, and creating partnerships to tackle bigger deals
What to do before you dive into multifamily investing
Deal analysis and underwriting, plus finding value-add opportunities
Where to find small and large multifamily deals (off-market, brokers, MLS, etc.)
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
BiggerPockets Podcast
BiggerPockets
BiggerPockets Forums
Craigslist
MLS
Zillow
Realtor
LoopNet
Open Door Capital
Deal Machine
Propstream
Check the full show notes here: https://www.biggerpockets.com/rookie100
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
It takes most real estate investors a while before they make the jump from single-family homes to commercial properties or large multifamily properties like mobile home parks. Edwin Byler isn't like most real estate investors.
After successfully flipping his first home, he decided to throw the profits into a rental property. For the first month, everything was going well, then the tenant stopped paying. After 6 months of no rent payments, Ed had to make the tough decision to evict the tenant.
Now with some experience under his belt, Ed was ready to take on bigger deals. Thankfully he was friends with an older gentleman who was looking to offload a 6-unit mobile home park, and Ed turned out to be the perfect buyer. He acquired the park with 20% down over a 15-year amortization schedule and ended up DOUBLING the park's revenue with some simple value-add.
Now, he’s taking on a 51-unit mobile park with his brother as a partner. Did we mention he’s acquiring this property with no money down and paying 0% interest? If you’re wondering how he did it, take a listen to Ed’s story!
In This Episode We Cover
Partnering on your first deal to mitigate risks and learn more about real estate
Getting tenants to move out (without having to formally evict them)
Purchasing mobile home parks without prior experience
Looking for “value-add opportunities” when viewing potential investments
Using owner financing to purchase investments like mobile home parks
How to find out the “why” behind a seller’s listing
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
MLS
BiggerPockets Podcast
BiggerPockets
Propstream
BiggerPockets Webinar
Zillow
Realtor
TenantCloud
Check the full show notes here: https://www.biggerpockets.com/rookie99
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week is a special Rookie Reply, Ashley and Tony are in the same physical location! They both stopped by Denver, Colorado to record some future episodes of the Real Estate Rookie Podcast!
Ashley and Tony are both talking about the first deal they acquired, the mistakes they made as rookies, the lessons they learned, and why you should never be afraid to fail. They walk through things like finding the deal, financing the deal, misconceptions they had before they jumped into investing, and how BiggerPockets was a huge help to both of them in their early investing journey.
If you’re still waiting to close on your first deal, here are some key points discussed.
How to finance a property and rehab costs with $0 down
What to do if your first property ends up losing you money
The importance of partnerships when getting started
Why you DON’T need to buy your first rental in cash
And Much More!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Check the full show notes here: https://www.biggerpockets.com/rookie98
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Greg Schwartz didn’t plan on getting into real estate, he was keen on becoming a private pilot. He figured he’d make $200k-$300k per year and that would be enough money to help him retire. That was until he talked to a real estate investor who told him about the potential to make 7-figures in a month. Greg knew that the investor was on to something and he took some time convincing his wife, Rachel, to start investing in real estate.
They both went in on a rental property in Alabama, but after some initial stumbles with long-distance investing, they switched their strategy to house hacking in College Station, Texas. Now, only a year into their investing journey, they have 19-units under their name, one of which is a “luxury house hack”.
Greg and Rachel have had to be diligent while building and systematizing their real estate. Rachel has already become an expert property manager and has learned through her job how to prioritize, systematize, and organize their business to the best of their abilities. This is a great interview with two rookies who chose to pivot and keep building better with every new property they got under contract.
In This Episode We Cover
What to know before you try your hand at long-distance investing
How to convince your partner to make the jump into real estate
Investing in your local market and knowing the small nuances of your area
House hacking in a quadplex and dealing with vacancy/troublesome tenants
Financing your deals using partnerships, retirement savings, and more
Systematizing your business so it can run without you
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
MLS
BiggerPockets Podcast
BiggerPockets
Propstream
BiggerPockets Podcast 476: Using Partners to Scale & Killing it With Airbnbs w/ Tony J Robinson
Airbnb
KellerWilliams
Rookie Podcast 91: 8 Units, 10 Wholesale Deals, and $0 Spent on Marketing w/ @Liliinvests
Rookie Podcast 33: A Marine (and his Mentor) Buy a BRRRR: Step-by-Step with Joe Roberts and Steve Rozenberg
Grant Cardone Website
Check the full show notes here: https://www.biggerpockets.com/rookie97
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Lisa on the Real Estate Rookie Facebook Group. Lisa is asking all about property management this week: I’ve never had a property manager, what are the responsibilities of one? I was recommended a manager and was told he charges 10%. What is the average pay for a manager? What questions should I ask when I speak with him?
While there is no standard on fees or responsibilities across all property managers, they tend to follow certain averages. Both Tony and Ashley have hired property managers as well as self-managed, here’s what they’ve found through their experiences:
Use your property managers as a means to find out more about a market
Property managers not only are in contact with your tenants, but they’ll also issue repairs and contractor bids when needed
If you’re new to real estate, it’s useful to have a property manager who can help educate you
Property management fees are around 10% (of rent) a month, but can be as low as 5%
Property managers will also charge fees for filling vacant units or performing maintenance
Ask about fees, thresholds for maintenance, and their experience with local investors
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Check the full show notes here: https://biggerpockets.com/rookie96
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
When most people think of USDA loans, they tend to think of farmland or some very, very rural house in the middle of nowhere. While this can be the case for many USDA loans, it isn’t the standard for all of them. As today’s guest Holly Barrett describes, USDA-applicable properties can be outside city centers and just a bit rural.
Not only that, these loans provide homeowners with the chance to get a 0% down loan! This is exactly what Holly did with her first home, later turning it into a rental and finally selling it to make room for some higher cash-flowing properties. She’s also used SBA loans to purchase a commercial property, which has helped her lower the upfront costs needed for acquisition.
Now, Holly has properties close to Chattanooga, centered around a “cool area” as she likes to call it. She’s making her transition from long-term rentals to short-term rentals and is excited to see what her new profit margins are like once her properties go live on Airbnb.
In This Episode We Cover
Using USDA maps to see whether or not a potential home is eligible for a 0% down loan
Live in flips and using them to get tax-free flipping gains
When you should use a 1031 exchange intermediary
Switching from long-term rentals to short-term rentals
Funding a commercial property acquisition with SBA loans
What investors should look for in an agent and the top questions to ask
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
MLS
USDA Maps
USDA
BiggerPockets Podcast
BiggerPockets Real Estate Rookie Podcast
BiggerPockets Calculator
Airdna
Vrbo
Airbnb
Zillow
Loopnet
America's SBDC
SBA Loan
Realtor
Rookie Podcast 81: David Greene on Where Rookies Go Wrong When Looking for an Agent
Relay
Clubhouse
The US Chamber of Commerce
Check the full show notes here: https://www.biggerpockets.com/rookie95
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Ben, who actually direct messaged Ashley and asked her a pretty personal question. Ben is asking: As someone with student debt, should I start investing in rentals or wait until I’ve paid off my student loans?
It goes without saying that this is a very personal question, especially since it has to do with personal (not business related) debt. Everyone is different in their willingness to take on debt. While some people don’t mind having lots of low interest debt, others want to get rid of it as fast as possible. Both Tony and Ashley have had student loans while building a rental portfolio, so they’ve had to ask themselves this question as well.
Here are some suggestions:
Make sure you pay off all high-interest debt first before you start investing
Use methods like partnerships, BRRRR investing, and other low/no money down options
Ask yourself whether or not the future cash flow can help you pay off your debts
Never put yourself in a position where you’ll feel anxious while investing
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Youtube Channel
Check the full show notes here: https://www.biggerpockets.com/rookie94
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
In this hot housing market, it seems like almost everyone is telling you to make offers on anything that could be a potential deal. But Erik Wright, founder of New Horizon Home Buyers, poses a different strategy. Erik has been getting more and more off market deals in Chattanooga, Tennessee without offering a single dollar to potential sellers. He has a specific way of negotiating that allows him to get tens of thousands of dollars off of properties, making the deals even sweeter for him.
Erik didn’t always have the gift of negotiation. He started his real estate journey at 23 years old, buying an accidental house hack property, then buying a HUD foreclosure, a couple of duplexes, and some more single-family homes. Over the past decade, he has amassed a 7 unit portfolio and is currently transitioning into having New Horizon Home Buyers become his full-time job.
Through the use of search engine optimization (SEO), Erik’s company has become the top-ranking result when searchers type in “Chattanooga cash home buyer”. This proves that even in a business like flipping, BRRRR-ing, or wholesaling, you can still find new ways to optimize and upgrade your lead generation efforts, even if you have ZERO experience in something like SEO!
In This Episode We Cover
Why house hacking is a rookie investor’s best friend
Buying a HUD foreclosure and how it differs from regular home sales
Financing a growing real estate portfolio without a W2
Using referrals of other investors to find the best contractors around
How to rank #1 on google so you can get more off market deals
Getting below-market prices without ever making an offer on a house
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
REI Reply
Real Estate Rookie Facebook Group
MLS
BaseCamp
BiggerPockets Podcast 470: The 7 Tips @investorgirlbritt Used to Go from Amateur to Pro Investor
BiggerPockets Podcast 423: Who Not How: Stop Doing the Things You Hate, Free Up Time, Be Happier and Richer with Dan Sullivan
InvestorGirlBritt's Instagram
Check the full show notes here: https://www.biggerpockets.com/rookie93
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Shantay on the Real Estate Rookie Facebook Group. Shantay is asking: We are about to close on a duplex. It is going to need a $6k-$10k upgrade. What are some options for funding the rehab cost?
Different investors have different preferred methods of funding rehabs of this size/price point. Both Ashley and Tony have renovated numerous properties and used the below methods to raise the funds they needed without dipping into their own pockets!
Here are some suggestions:
Find a 0% interest credit card so you can buy material for the rehab
Partner up for equity with another investor so you can split the costs
Raise private capital from family and friends by delivering a solid investment presentation
Take out loans against your stock portfolio, 401(k), or other assets
And more in the episode...
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Check the full show notes here: https://www.biggerpockets.com/rookie92
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Lili Thompson didn’t plan on getting into real estate investing, she was supposed to be a WNBA prospect. After tearing her ACL in college, she was brought onto the Harlem Globetrotters to showcase her skills across the country. One of her teammates started talking to her about real estate investing, specifically wholesaling. This happened at the perfect time since she was closing on her house hack around the time COVID-19 lockdowns began.
But now Lili was stuck with a house hack property and no income from her Globetrotter job, this is when she really began exploring wholesaling. She started driving for dollars with her mom, sent out some direct mail, did some cold calls, and received a few expletive-filled phone voicemails in the process. Lili knew she didn’t want to speak directly with the sellers, so she started chasing on-market wholesale deals.
Now she communicates with agents, promises them double their commissions, and assigns the contract for a fee to her flipping contacts. She’s done 10 deals so far this year, paying $0 out of pocket for marketing, AND securing 8 rental units for herself in the process!
In This Episode We Cover
How to wholesale when you have a $0 marketing budget
Driving for dollars, direct mail, and other wholesaling tactics
House hacking with a duplex or a single-family home
Finding on-market deals with enough profit to wholesale
A very colorful voicemail that Tony received recently
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Propstream
Zillow
Rentredi
The Real Estate Robinsons Youtube Channel
Redfin
MLS
City-Data
BiggerPockets Insights
Check the full show notes here: https://www.biggerpockets.com/rookie91
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Joey on the Real Estate Rookie Facebook Group. Joey is asking: Was driving in a new part of town and came across a house that had a yard that hasn’t been maintained in months and the house looks unkept. Any suggestions on how I should go about finding the owner and asking if they would be interested in selling?
We had a ton of great responses in the Facebook group, but Ashley and Tony will do their best to answer based on their own experience and their preferred style of skip tracing. You can do this both for free or for a fee, it all depends on which information you need!
Here are some suggestions:
Look up your city’s GIS mapping website and find the owners on the title
You can also use Propstream to skip trace the owners for a small fee
Reach out to neighbors and ask them if they know anything about the owner
If the owner is an LLC, go to your Secretary of State’s website to look up the LLC owner
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Propstream
Realtor
Airbnb
Real Estate Rookie FB Group
Real Estate Rookie Youtube
Kyle and Lauren Instagram
Check the full show notes here: https://biggerpockets.com/rookie90
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Sometimes, new real estate investors tend to forget about the other types of real estate investing outside of single-family and multifamily homes. What about self-storage, or commercial, or in Matt Racker’s case, warehouses? All these options can make you passive income, sometimes with far less hassle than managing residential properties.
Matt caught the real estate bug doing his first live in flip. He saw a house being remodeled, took a look inside, and decided he could finish the job. Just like that, he called the contractors, found the flippers, and offered to take it off their hands. With some sweat equity, Matt was able to completely renovate his primary residence off of a construction loan, while leaving $0 in the property. I think it’s safe to say we’d all like a new house for free! Then, Matt started thinking about what else he could invest in.
Since he runs his own office furniture and cubicle system business and had a pretty good handle on warehouse leases, he decided to use his expertise to start buying commercial warehouses as rental properties. Matt walks through exactly what you need to analyze a warehouse, which metrics matter most, and how to structure your leases (triple net, single net, etc.).
In This Episode We Cover
Putting in sweat equity so you can 100% finance your home
How to analyze commercial warehouses depending on their square footage
Partnering with family and how to create an org chart
Bidding on duplexes at a virtual auction
Triple net leases and why they’re common in commercial real estate
And So Much More!
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Wrike
Monday
Sonar
The OG Podcast
BiggerPockets Podcast
BiggerPockets Podcast 388: The 7-Step “Playbook” for Scaling Your Real Estate Business With AJ Osborne
Check the full show notes here: https://www.biggerpockets.com/rookie89
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Today, we have a question from Ashley to Tony, on a subject he has a lot of experience in. Ashley wants to know: How do you analyze a market for short-term rentals? Which factors come into play and how can you stay away from the markets that won’t work for short-term rentals?
This is a perfect time to ask Tony, especially since he’s looking to find a third market to invest in (outside of Joshua Tree and the Smoky Mountains).
Here are some suggestions from Tony:
Make sure you aren’t buying in an area that heavily relies on seasonality
Focus on mature vacation rental markets that have the infrastructure for short-term rentals
Double check regulations and zoning laws so you know you’re allowed to host a short-term rental
Look at the availability in the current market (are there any houses to buy?)
And more in the episode...
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Airbnb
Vrbo
Check the full show notes here: https://www.biggerpockets.com/rookie88
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Young love is beautiful, but what’s even more beautiful is young love that produces residual income together! That’s exactly what Sam and Nick of Eagle Hill Homes have done. Even though they have been together since their teenage years, Sam still had to be nudged by Nick to get into real estate investing. Once Sam started designing, planning, and executing on rehabs, she knew that this was the life for them.
Now, Sam is a certified general contractor and Nick is a loan officer. But these weren’t the couple’s original jobs, far from it actually. Nick was in corporate insurance sales while Sam was in marketing. Once they had 6 units under their name and they were making enough money to pay for their lifestyle, they quit their W2s and jumped into the real estate industry!
Now they’re rehabbing, renting out, and house hacking anything that has “value add” potential for them. They’ve taken very smart steps to renovate houses for far higher cash flow and ARV, gotten mortgages with 90%+ financing, and used their own specific skills to grow a flourishing rental portfolio!
In This Episode We Cover
Leaving a W2 job to pursue a career in real estate
Finding “value add” potential in deals
Finding off-market properties and negotiating with sellers
Understand the “why” behind a seller’s reason to offload their property
House hacking tips and how to keep your sanity when living close to tenants
And So Much More!
Links from the Show
Real Estate Rookie Facebook Group
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Tony's Podcast
BiggerPockets Podcast
Cozy
MLS
Apartments
Rookie Podcast 02: Going All Out to Secure Deal No. 1 (For Sale By Owner!) with Tim Goutos
Check the full show notes here: https://www.biggerpockets.com/rookie87
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Adri on the Real Estate Rookie Facebook Group. Adri is asking: I came across a seller financed mobile home park, this would be my first out of state investment. What should I be looking out for on MHP (mobile home parks) and is this a huge jump to make while still being a rookie?
While we can’t answer how ready Adri is for investing in a mobile home park (we believe in you), we can answer questions about what to look for when evaluating a MHP deal. Before you consider investing, you’ll need to look at some mobile-home-park-specific factors.
Here are some suggestions:
- Make sure you get accurate financials, especially a T12 rent roll
- Look at the utilities and see whether they’re public or private (wells and septics)
- Look at the capital expenditures (capex) of the entire park
- Find out who owns the trailers/mobile homes and evaluate whether the current ownership is advantageous to you
- If you’re still nervous, partner up with someone more experienced!
- And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
- Real Estate Rookie Facebook Group
- Rookie Podcast 65: Multifamily, Mobile Home Parks, and Commercial Deals: All in 2 Years! with Tommy Polise
Check the full show notes here: https://www.biggerpockets.com/rookie86
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Coming up with capital isn’t easy when you’re just starting out. How are you supposed to get 20% down for one property, let alone multiple when trying to grow your portfolio. This was the predicament Justin Munk was in until he found out about the BRRRR strategy. When implementing the BRRRR strategy, Justin was able to use a fraction of the money he would need as a down payment to get a renovated, highly desirable rental property.
Justin invests over 1,000 miles away in Ohio and manages all his rehabs remotely. Most investors would stray away from remote rehabs, but Justin has so many “checks and balances” set up that he feels confident to do them. His rehabs have to go through an inspector, a contractor, and a leasing manager before they’re put on the market. This allows Justin to have extreme confidence that he’s rehabbing a property to get the highest rent, with the lowest headache to management.
Justin gives some valuable advice to new investors that are struggling with analysis paralysis: don’t sabotage your own deals by finding problems in every property!
Links from the Show
- Real Estate Rookie Facebook Group
- Ashley's Instagram
- Tony's Instagram
- BiggerPockets Podcast
- Brandon Turner Instagram
- BiggerPockets Agents
- BiggerPockets Podcast 212: Buying a 115-Unit Apartment Complex for No Cash Out of Pocket with Brian Murray
- BiggerPockets Podcast 126: From 0 to 400+ Units Through Value-Add Investing with Brian Murray
- Biggerpockets Forums
Check the full show notes here: https://www.biggerpockets.com/rookie85
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Joaquin on the Real Estate Rookie Facebook Group. Joaquin is asking: When you purchase a property with a tenant already in the middle of their lease can you increase their rent or do you have to wait until their lease is up?
Inevitably, you’re going to come across some deals that have renters in place, but whether you want to keep them on as tenants is up to you. During this time of eviction moratoriums, you may be questioning whether or not an inherited tenant is worth the hassle. Here’s what Tony and Ashley think:
- An inherited tenant can save you a lot of hassle, but you need to be sure they’re a tenant you want
- If there isn’t a lease in place, make sure you get an estoppel agreement signed
- Request rent rolls from the seller to make sure tenants are paying
- You can raise the rent once a lease is up, but be sure to check with local laws on how quickly you can do so
- If you’re inheriting problem tenants, make sure you get the property at a deep discount
- And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Check the full show notes here: https://www.biggerpockets.com/rookie84
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Many landlords decide to switch from renting by the unit to renting by the room in order to maximize cash flow per unit. Renting by the room is usually best situated for students and for properties nearby sizable universities. This type of strategy is exactly what Hastings College track and field coach, Ryan Mahoney, has done with his 2 units that have a combined 10 rooms being rented out.
After a bit of over-leveraging in the early 2000s, Ryan found BiggerPockets and knew landlording was something that could help him reach financial freedom. When some of his athletes started complaining to him about the sub-par conditions they were living in, Ryan decided to start competing with the local student rentals, providing better living conditions at a more manageable price.
Now, Ryan is exclusively renting out his properties to students on 9 to 10-month leases. He’s had to pivot a bit since COVID-19 shutdowns took students off-campus, but has a solid amount of reserves and enough flexibility with students that he doesn’t have to worry. Ryan talks about how he found great contractors, used the BiggerPockets investment calculators to secure financing, and what you should (and shouldn’t) do when renting out to students.
In This Episode We Cover
- How to manage, rehab, and rent out student rentals
- Using the BiggerPockets calculator reports to secure financing
- Never buying as much house as you can afford
- Why inspections are almost always worth the price
- The screening process for students when renting by the room
- And So Much More!
Links from the Show
- Real Estate Rookie Facebook Group
- Ashley's Instagram
- Tony's Instagram
- BiggerPockets Business
- BiggerPockets Podcast
- BiggerPockets Money
- Cozy
- James Dainard's Instagram
- BiggerPockets Instagram
- BiggerPockets Facebook
- Realtor
- Buildium
- RentRedi
- Stessa
- Turbo Tenant
- Biggerpockets.com/pro
- Biggerpockets.com/calc
- Real Estate Rookie Youtube
Check the full show notes here: https://www.biggerpockets.com/rookie83
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Jimmy on the Real Estate Rookie Facebook Group. Jimmy is asking a couple of great questions about those in partnerships going in on a property:
1. How do we split the cost of buying a property 50/50 and keep the funds in one place?
2. How would it work right now as 50% of the money is with him and 50% of the money is with me?
Many real estate investors will come across the same question that Jimmy has, especially since partnerships and joint ventures are common as you grow your portfolio. Both Ashley and Tony have partnerships and answers to these questions!
Here are some suggestions:
- Lay out how the responsibilities, costs, and profits will be split
- Use an attorney to draft up an operating agreement or joint venture agreement
- Set up a new joint bank account for each property you acquire
- Make sure your assets are liquid before committing funds to a partnership
- Follow “seasoning” regulations for any money put into the joint account
- And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Check the full show notes here: https://www.biggerpockets.com/rookie82
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
A familiar voice pops in for this episode of the Rookie Podcast, it’s David Greene! The real estate agent, investor, entrepreneur, and co-host of the BiggerPockets Real Estate podcast joins us to talk about making the transition to top real estate agent and what new investors can do to find better deals and a great agent.
Most newbie investors want to be hand-held, which makes sense when you’re just starting out. That being said, that may not be the best way to find a great agent who can help you find a profitable deal. David talks through why so many new investors never end up buying, why you aren’t “hiring” an agent, and how to work together to achieve a win-win scenario. As he puts it, you’re in a partnership together, meaning it’s a win-win or a lose-lose.
If you’re trying to become a great agent, make sure you jot down some notes on David’s “medicine and delivery system” analogy where he talks about how he had to change his perceptions to succeed as a real estate agent. Many new agents (and investors) want to wait until they get their first sale/deal to become confident, but you’ll need confidence before you can get the first one!
In This Episode We Cover
- What exactly an “investor-friendly” agent is
- How David Greene built one of the top real estate teams in America
- How new investors should look at their investor/agent relationships
- Making sure you manage client expectations as an agent especially when working with investors
- Who should (and shouldn’t) become a real estate agent
- Using social media to boost your credibility and industry presence
- And So Much More!
Links from the Show
- Real Estate Rookie Facebook Group
- Ashley's Instagram
- Tony's Instagram
- Rookie Youtube Channel
- BiggerPockets Podcast
- KellerWilliams
- BiggerPockets Podcast 353: Turning $5K Into $5K/Month and Retiring at 40 with Tim Rhode
- BiggerPockets Podcast 226: From “D-Student” to $400,000 in Annual Rental Property Cash Flow with David Osborn
- Real Estate Rockstars Podcast
- BiggerPockets Podcast 190: Building 61 Different Passive Streams of Income with Pat Hiban
- Keller Wiliams Bold
- Keller Williams Ignite
- BiggerPockets Podcast 406: 51 Units and $900/Month in Pure Cashflow on a “BRRRRnB” with Shelby OsborneShelby Osborne
- LAPS System
- BiggerPockets Money Podcast
- BiggerPockets Business Podcast
- BiggerPockets Store
Check the full show notes here: http://biggerpockets.com/rookie81
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Bryan on the Real Estate Rookie Facebook Group. Bryan is asking: How do PM (property management) companies handle maintenance? Do they fix the issue and submit invoices to the owner or withhold the amount from monthly payments to the owner?
This is a great question for those who want to transition from self-management to hiring property managers. Both Ashley and Tony have the same type of payment setup with their property managers, but it can vary company to company.
Here are some answers/suggestions:
- Both Ashley and Tony have a maintenance threshold for small repairs
- Anything over the threshold needs to be approved
- One the job is done, the cost is deducted from the rent
- You can always go with a PM’s repair/remodel bid, but it may save you money to hire an outside contractor you know and trust
- Try and get PM companies with software, so you can see the exact invoice online
- And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Check the full show notes here: https://www.biggerpockets.com/rookie80
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Wholesaling is a tough game. Most investors who try their hand at wholesaling quit after only a few months, while those who have the grit to stick it out can end up making a much-deserved profit. Even real estate veterans have a hard time getting into wholesaling, but what about a 19-year old college student without experience in real estate?
Isabelle Zukowski just happens to be that 19-year old college student wholesaler. Isabelle had been working at a local restaurant when the COVID shutdowns started, she was released from her job and had to go on unemployment. While she was getting her unemployment money, she started listening to stock market, real estate, and business podcasts. She was interested in real estate, and when her friend told her about real estate wholesaling, she decided to try it out.
Isabelle joined a bunch of Facebook groups, contacted well-known agents and wholesalers in her area, and started building out her network. After 3 months of hard work, calling 300+ people a day, she landed her first deal. The wholesale fee? $18,000!
In This Episode We Cover
- Real estate wholesaling with no experience or money
- 3 tips for getting your first wholesale deal
- Skiptracing and the best lists to pull for cold calling
- Building relationships with everyone in your specific niche/space
- The best way to estimate rehab costs and ARV
- And So Much More!
Links from the Show
- Real Estate Rookie Facebook Group
- BiggerPockets Forums
- Ashley's Instagram
- Tony's Instagram
- Call Magic Leads
- BiggerPockets Podcast 255: Six-Figure Real Estate Investing in Just 20 Hours a Week with Elliot Smith
- BatchLeads
- BiggerPockets Bookstore
- Platinum Home Buyers
- Real Estate Rookie Youtube Channel
- Realtor.com
- Craigslist.org
Check the full show notes here: http://biggerpockets.com/rookie79
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Gre on the Real Estate Rookie Facebook Group. Gre is asking: How do you find accurate property tax info, including school taxes, when running numbers on a potential investment property?
Great question Gre! Running your numbers accurately is super important when making sure a deal will be profitable, thankfully, there are many online (and in person) resources where you can find accurate property taxes within minutes.
Here are some suggestions:
- Find the county assessor’s online website and look up the property address/parcel number
- Use third-party tools like Propstream to find property taxes
- Ask other investors in your area what they are paying in property taxes
- Call the county office and ask what they think property taxes will be when re-assessed
- Make sure you’re including school, village, and county taxes (when they apply)
- And More!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Check the full show notes here: http://biggerpockets.com/rookie78
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Amanda Han is a familiar face to the BiggerPockets audience. She’s been featured on the BiggerPockets podcasts before and has written multiple books published by BiggerPockets (The Book on Tax Strategies for the Savvy Real Estate Investor & The Book on Advanced Tax Strategies). Amanda has worked with lots of real estate investors and invests in real estate herself, so she’s answering some common questions that rookie investors have about taxes.
We run through a mix of topics such as deductions, depreciations, home-office write-offs, expenses, legal entities, and when you should get a CPA. Amanda also talks about some of the most common deductions that rookie investors miss. She also talks through different software for tracking your business expenses, recording your mileage, and keeping your business finances up to date.
It may seem like a lot of information to keep track of, especially when you’re in the middle of a rehab/flip or even just managing your rental. Amanda stresses how important it is for you not only to find a high quality, real estate friendly CPA, but also that you keep them in the loop. If you’re thinking of buying, selling, or transferring property, it’s incredibly important to keep your CPA notified on all things related to your real estate business. That way, you keep more money in your pocket and are able to grow your portfolio even faster!
In This Episode We Cover
- The most common tax mistakes that rookie investors make
- The best way to track your expenses (and your different options)
- When you should consider, interview, and hire a CPA
- The best questions to ask a CPA if you’re interviewing them
- Home office deductions, mileage deductions, and more
- When the best time to form a legal entity is (if needed)
- What to write off when you’re house hacking
- And So Much More!
Links from the Show
- Real Estate Rookie Facebook Group
- BiggerPockets Forums
- Ashley's Instagram
- Tony's Instagram
- Quickbooks
- Excel
- Appfolio
- Buildium
- Rookie Podcast 75: From Working on Oil Fields to Passively Investing in Real Estate with Travis Watts
- BiggerPockets Pro and Premium Membership
- BiggerPockets Pro Perks (Exclusive deals like Amanda's Course)
- Jumpstart Your Tax Savings as a Real Estate Investor
Check the full show notes here: http://biggerpockets.com/rookie77
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Before cooking at Michelin star restaurants, Ellen Bennett worked as a lottery announcer, an English tutor, and a “booth babe”. All of these jobs taught her to be comfortable in uncomfortable positions. When her head chef told her that he needed new aprons for all the cooks, Ellen took to the challenge, with no business plan, no connections, and no experience designing aprons. The deadline, uncomfortability, and challenge pushed her to deliver the aprons on time, and start Hedley & Bennett.
Now, Ellen runs this multi-million dollar business that delivers to Michelin star restaurants and at-home cooks alike. Ellen talks about the necessity of committing to something scary, even when you don’t know how to handle it. She used the same approach when buying 3 rental properties nearby her home in Los Angeles, all of which have appreciated dramatically.
The mantra used in creating a successful business, investment, or anything else is Dream First, Details Later, which also happens to be the name of Ellen's new book! An entrepreneur can get bogged down so easily with the details of any venture, so much sometimes that it could push them away from accomplishing something great.
In This Episode We Cover
- How Ellen accidentally started an incredibly successful apron business
- Using the pandemic to think differently about products and needs
- Looking at challenges as a gift and an excuse to grow
- How to plan when you know that things won’t go as planned
- Setting your employees up for a failure-first mindset (so they succeed!)
- And So Much More!
Links from the Show
- Real Estate Rookie Facebook Group
- BiggerPockets Forums
- MySpace
- Walmart
- Ford
- Ashley's Instagram
- Tony's Instagram
Check the full show notes here: http://biggerpockets.com/rookie76
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Travis Watts grew up with frugal parents. They taught him about coupons, buying the off-brand products, and basic financial 101, but never taught him about real estate investing. In 2009, as the market was hitting unprecedented lows, he decided to start investing in real estate. He purchased a single family home to start, then started house hacking, moved on to some fix and flips, bought some vacation rentals, and before he knew it, he was a very active real estate investor.
There was one problem though. Travis was working 90+ hour weeks in the oil industry, often working overseas for long periods of time. Travis was trying to run his active investing with his hectic schedule, but often found it hard to put a high level of effort into his rentals when so much of his energy was being exerted from his job. In 2015, Travis made the decision to become a passive investor.
Passive investing isn’t for everyone, especially for those who want to be making the big decisions. Luckily, Travis didn’t mind having general partners make decisions for the syndications he invested in, if anything, he preferred it. Travis walks through what you need to look at before putting money into a syndication, including the general partners, the market, and the deal. He also talks through how to identify whether or not a syndication is being run well, and other passive investing strategies like investing in REITs.
Many real estate investors will find themselves with lots of projects, lots of experience, lots of money, but little to no time. If you feel like this, it may be a good idea to start balancing some of your active investing with more passive cash flow opportunities!
In This Episode We Cover
- The benefits of passive and active real estate investing
- Syndications and who they’re meant for
- 506(b) and 506(c) syndications and the differences between the two
- How to identify good general partners running syndications
- Becoming an accredited investor
- REITs (real estate investment trusts) and other passive income strategies
- How much money passive investors can make
- And So Much More!
Links from the Show
- Real Estate Rookie Facebook Group
- BiggerPockets Forums
- Charles Schwab
- Janus Henderson
- BiggerPockets Podcast 227: From Single Family Houses to $130,000,000 in Multifamily with Joe Fairless
- Ashley's Instagram
- Tony's Instagram
Check the full show notes here: http://biggerpockets.com/rookie75
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Jennsey on the Real Estate Rookie Facebook Group. Jennsey is asking: what’s the next step after your first property, as far as financing and steps to scale to a larger portfolio.
If you’ve gotten your first property, congratulations! Now you have the momentum and experience to go get more! The next steps that are most important are finding the money for your next deal, getting your systems and processes in place, and letting others know you’re a real estate investor looking for deals.
Here are some suggestions:
- Save up for a conventional mortgage, link up with a partner, find a hard money lender, or find a private money lender
- Understand the fees and structures in each of these types of financing
- Put together a binder showing your past deal, your experience, and your goals
- Know how many doors you want to acquire and lay the foundation for that goal
- Every time you do something with financing, tenant management, or underwriting, make sure you document how you’re doing it
- And More!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Check the full show notes here: https://www.biggerpockets.com/rookie74
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Believe it or not, Tony and Ashley haven’t met each other in real life...until now! They’re recording from the BiggerPockets headquarters in Denver, and they brought their partners! Tony’s wife Sarah and Ashley’s business partner Joe are here to answer the most common questions about partnerships and investing with someone else.
What makes a great partner? Tony, Sarah, Ashley, and Joe all agree that a good partner has to have complementary strengths to you. Do you know how to do financing but are terrible at design? You should find a partner who loves design but doesn’t want to touch financing. Although it may not be the easiest task, one of the best ways to find a partner is to look at your weaknesses, your strengths, and look within your circle to find someone who could be the yin to your yang.
Ashley also talks about the “partner presentation”. You may have heard this term before on the show. A partner presentation is essentially a binder including a bank statement, credit report, personal finance statement, and past deal history. This helps you show a potential partner that you’re coming from a position of strength and that you possess the competence to tag team a deal.
Ashley, Tony and their partners also go over things like goal setting, partnership structures, LLCs, life insurance policies, and more. While many rookies feel they don’t have the experience to bring to a partnership, it’s important to know that you running the numbers, listening to the podcast, and having interest in real estate already puts your skillset above many others!
In This Episode We Cover
- What Ashley and Tony look for in their partners
- What a good partner looks like and what you should avoid when partnering up
- Preparing your “partner presentation” for a prospective partner
- Setting goals and staying on the same page as a partner
- How to structure your partnerships so everyone is on the same page
- Umbrella policies, life insurance policies, and other partner protections
- And So Much More!
Links from the Show
- Real Estate Rookie Facebook Group
- BiggerPockets Forums
- BiggerPockets Calculator
- Airbnb
- Asana
- BiggerPockets Events
- Learn the In's and Out's: How to Structure Partnerships as a New Investor
Check the full show notes here: https://www.biggerpockets.com/rookie73
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Ricky on the Real Estate Rookie Facebook Group. Ricky is asking about the pros and cons of using a cash out refinance vs. using a HELOC (home equity line of credit), especially since you can pay down a HELOC and use it over and over again.
Many real estate investors take advantage of HELOCs since you can get them for your primary residence or a rental property. That being said, HELOCs can come with variable interest rates and can be closed once up for renewal.
Here are some points to consider:
- First see if your primary home qualifies for a HELOC, if not, go the commercial route
- Primary residences will get better interest rates compared to commercial HELOCs
- Cash-out refinances are a great way to get equity that's been built over time with a low interest, long-term loan
- HELOCs may require you to take out from them every year, or be penalized
- You may be able to get HELOC closing costs waived, unlike on a refinance
- And More!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Check the full show notes here: http://biggerpockets.com/rookie72
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Martin Neal started his career as a police officer during the great recession. His family convinced him to buy a condo since prices were near rock bottom, this is when Martin was bit by the real estate bug. When he was transferred to another police station, thus doubling his salary, he knew it was time to do something with the condo. He paid off the loan and set up a HELOC (home equity line of credit) so he could purchase cash flowing rentals!
Now Martin uses the BRRRR strategy to buy homes that need rehabbing, rehab them, rent them out, and get them into conventional loans. As of now he has 11 properties with 16 doors, most of which was picked up just in the last 3 years.
Martin has done what many investors advise against, worked with his family. He has his dad running management on some of his properties and helps when rehabbing them as well. How did Martin work with his dad without jeopardizing their relationship? He sat down with his father, laid out the roles and responsibilities of the project, and paid him for his time. It’s tough finding trustworthy workers and partners in real estate, so don’t disregard family just because they’re family!
Martin also gives some great advice on finding high-quality section 8 tenants, many of which helped his real estate portfolio through the COVID-19 shutdowns due to their government subsidized rent. He also talks about buying homes off of auction sites, but making sure you’re able to do your due diligence before putting in an offer.
In This Episode We Cover
- Using HELOCs to fund your future BRRRRs
- Having a defined plan so you can scale faster and with less headache
- Having the bravery to buy more units, even when it pushes you into new territory
- Why townhouses may be an attractive asset in specific parts of town
- Working with family (without destroying your relationships)
- Buying homes at auctions
- And So Much More!
Links from the Show
- Rookie Podcast 55: Combining House Hacking and Live in Flips with Tyler Madden
- BiggerPockets Forms
- BiggerPockets File Place
- Google Spreadsheets
- Auction.com
- Cozy.co
- Tresta
- BiggerPockets Podcast
- BiggerPockets Podcast 248: From Shop Teacher to Multifamily Syndicator with Todd Dexheimer
- BiggerPockets Podcast 075: Mobile Home Investing and Getting Started With John Fedro
- Brandon Turner's Instagram
- BiggerPockets Money Facebook Group
- Real Estate Rookie Facebook Group
- BiggerPockets Facebook Group
- BiggerPockets Forums
- Rookie Rockstar Facebook Post
Check the full show notes here: http://biggerpockets.com/rookie71
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Dane through Ashley’s DMs on Instagram (you can find her @wealthfromrentals). Dane is asking: should I sell or rent out my primary residence?
Whenever you’re moving from your current home to a new home, you have the option to sell or rent. While there isn’t one solid answer for everyone, you can find out whether selling or renting is the best option by looking at your market and your specific financial situation.
Here are some suggestions:
- Get comps (comparables) on market rents from homes like yours
- Search through recently sold homes that are comparable to yours and find the median sales prices
- Pull out a home equity line of credit on your primary home to help buy your next primary home or more rentals
- Run the numbers as a sale and a rental, does it cash flow?
- Refinance for a lower mortgage payment and rent it out
- Run the numbers for EVERY scenario and make long-term decisions
- And more!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Check the full show notes here: http://biggerpockets.com/rookie70
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Becky Nova didn’t have a linear path to real estate like many others. She’s had times in her life when she was poor and times in her life when she was rich. Becky knew that she didn’t want to go back to those poorer times in her life, so when she was about to marry her husband, she was pushed to get herself out of debt and into a much more stable position. She worked a consulting gig, got herself debt-free, and decided she wanted to start house hacking!
Now, Becky is off in the Dominican Republic, running her entire portfolio of 10 houses completely remote. Even more impressive, Becky used traditional financing for those rental properties! So how does she manage properties all the way in upstate New York while she’s thousands of miles away on the beach?
Well-tailored systems and procedures is what Becky relies on. She refers to her phone as one of the best tools for real estate, since she can call her agent, her tenant, or her contractor whenever she needs something. Becky proves that you can run a rental portfolio long distance, and do it successfully to boot!
This did take Becky some time, though. She designed the life she wanted and made her rental properties fit around that life, which is sometimes the opposite of what us busy real estate professionals do. Now, she can relax and enjoy her time travelling because she put the systems in place to automate her business!
In This Episode We Cover
- Understanding what you really want and making your business fit your ideal life
- Getting off the “paycheck to paycheck” hamster wheel
- How Becky got 10 units in just over 2 years
- Joining local networking groups and your chamber of commerce to find deals
- How to find the best plumbers, contractors, electricians, and more through referrals
- Having systems in place so your business can run itself
- And So Much More!
Links from the Show
- Brandon Turner
- Zillow
- Real Estate Rookie Facebook Group
- Dave Ramsey
- DealCheck
- Rentometer
- Realtor.com
- BiggerPockets Calculators
- BiggerPockets Insights
- Rookie Podcast 10: 2 Long-Distance Rentals with $0 Down with Tony Robinson
- Lady Landlord's Financial Cheat Sheet
Check the full show notes here: http://biggerpockets.com/rookie69
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
It’s not uncommon that we make excuses for ourselves, especially when it comes to our businesses. A contractor may have let us down, or a tenant took advantage of a poorly-written lease, or our partner isn’t doing a job as well as we’d like. Are these problems fully forming because of the other person, or ourselves?
Today we talk to Julia Galef, author of The Scout Mindset and host of the “Rationally Speaking” podcast. Julia is trying to answer a big question: how do we improve our reasoning and our decision making? For her, there is a big difference in mindset. Sometimes we have a scout mindset, which allows us to be more exploratory and see what really is going on. Then we also have a soldier mindset, which is when we’re seeing only our pre-existing beliefs. How do you know if you’re using your scout or soldier mindset? Ask yourself if you’re rationalizing your situation or just making excuses.
This can be hard as business owners and investors because we often are the first to blame someone else for our problems. We even downplay our shortcomings, like when a novice flipper thinks he or she can do the electrical, plumbing, foundation, and flooring work without any prior experience. It’s important for us as people and investors to get honest feedback not only from our clients, tenants, contractors, and partners, but also from ourselves.
In This Episode We Cover
- The difference between a scout mindset and a soldier mindset
- How to get out of fooling yourself into believing something that isn't true
- Jeff Bezos’s “30% Success” story
- Implementing feedback in a way that is beneficial for you and those around you
- Leaning into confusion and finding the underlying causes
- Being a better real estate investor
- And So Much More!
Links from the Show
- Jeff Bezos
- Amazon
- Tony Robbins
Check the full show notes here: https://www.biggerpockets.com/rookie68
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
After moving from his home state of Georgia to Oklahoma, Dee Brock discovered a burning desire to buy rental properties. He had bought himself a primary residence and cosigned with his mother on her home, but knew he wanted to accrue units that could be cash flowing. He was then able to get a HELOC (home equity line of credit) on his primary and use it to buy a foreclosure.
Everything was going well, but Dee wanted more structure, more advice, and more of a game plan. Someone at his church group suggested going onto a site called BiggerPockets, which later became a huge resource to Dee (and hopefully to you reading this now)! Now Dee knew how to vet tenants, get a cash out refinance, and run numbers like the pros.
Dee developed a bit of a formula for how he sends in offers on houses. He finds a house he likes, sends it to his agent to get comps (comparables), averages those comps, multiples it by 80% (cash out refinance amount), then subtracts closing and maintenance. That’s the offer Dee puts in on the house and gives him the numbers he needs to feel confident about buying it.
What if a house doesn’t appraise for the amount needed? Dee also has a workaround for that! Dee’s local credit union that lends to him allows him to use their ARV (after repair value) number OR an appraisal. This saves Dee tons of time and money if an appraisal isn’t needed!
Now Dee is setting his sights on a new venture, self-storage units. We’ve seen a lot of successful real estate investors transition from residential buildings to self-storage, and for good reason. Less management, less maintenance, and other benefits described by Dee makes self-storage a no brainer for where he’s at in his investing career.
In This Episode We Cover
- Using conventional primary residence loans to fund foreclosures
- Section 8 tenants and the pros/cons of having them in your rentals
- Getting your spouse and family on board with real estate investing
- Opting for a bank’s ARV number instead of getting an appraisal
- The benefits of owning self-storage units
- Giving your tenants a rent reduction if they pay on time
- And So Much More!
Links from the Show
- BiggerPockets Forums
- BiggerPockets Real Estate Podcast
- Brandon Turner
- Zillow
- Real Estate Rookie Facebook Group
- Loopnet
- AJ Osborne's Instagram
- Realtor.com
- truepeoplesearch.com
- whitepages.com
- TurboTenant
- Dave Ramsey
- BiggerPockets Podcast 395: From Car Valet to $100k/Month… Seriously! with Thach Nguyen
- BiggerPockets Podcast 427: The 12 Week Year and The Danger of Long-Term Goal Setting with Brian Moran
Check the full show notes here: http://biggerpockets.com/rookie67
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Mitch on the Real Estate Rookie Facebook Group. Mitch is asking two questions: How do you close on a property sight unseen and how do you finance off-market deals?
Our two lovely hosts have expertise in both of these areas. Tony has bought a fair amount of property sight unseen and Ashley has used some very creative strategies for financing off-market deals.
Here are some suggestions for both of Mitch’s questions:
- Get your agent, inspector, and general contractor to inspect a prospective sight unseen property
- Don’t waive the inspection clause, especially if you’ve never been in the property
- Look for lenders that aren’t traditional banks, especially those that work with investors
- Ask local banks if they offer any products that could help with your funding
- Use a line of credit or borrow against your stocks/other assets
- Ask for seller financing whenever possible
- And More!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Check the full show notes here: http://biggerpockets.com/rookie66
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Real estate investing works differently for different people. Some people like to gradually buy small properties, then start looking for larger deals, and then go into commercial financing for big deals. Tommy Polise always knew he wanted to buy real estate and had spent five years analyzing markets and educating himself, but never bought any properties. In 2019, that changed.
Tommy had been looking into single family homes but found that he’d only be walking away with a small amount of pure cash flow each month. While he now feels that single family homes are a great investment, at the time, he didn’t think the cash flow was worth the effort. So he and a partner went in on a multifamily deal together. It worked out well and he gained some experience and connections, so he decided to go bigger and better.
Now, two years later, Tommy and his partners are sitting on 30 units. This includes single family homes, multifamily properties, and a land deal that includes 10 mobile home lots, 8 storage units, 3 single family homes, and a 5 unit apartment complex. He even has a laundromat with a residential property attached to it as well!
So how does a real estate rookie like Tommy go from 0 units to 30 units in the span of 2 years? Tommy says you need to develop good relationships, get great partners, understand your financing, and continuously take risks!
In This Episode We Cover
- How to get commercial financing if you’re just starting out in real estate
- Finding a great partner that will work with you, even when you make mistakes
- Why single family homes may work for some investors more than others
- The appeal of doing large commercially financed deals
- How to do a thorough inspection when you’re closing on a large property
- Calculating your “worst case scenario” and knowing your risks
- Developing the confidence to pursue bigger and more complicated deals
- And So Much More!
Links from the Show
- BiggerPockets Forums
- BiggerPockets Real Estate Podcast
- Brandon Turner
- Clubhouse
- Zillow
- Buildium
- BiggerPockets Podcast 348: Full-Time Job, Full-Time Mom, and Full-Time Wealth From Rentals with Ashley Kehr
- BiggerPockets Podcast 423: Who Not How: Stop Doing the Things You Hate, Free Up Time, Be Happier and Richer with Dan Sullivan
- BiggerPockets Business Podcast
- Real Estate Rookie Facebook Group
Check the full show notes here: http://biggerpockets.com/rookie65
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Mantas on the Real Estate Rookie Facebook Group. Mantas is asking: How do I place properties under a newly acquired LLC?
Before you place your properties in an LLC, you’ll need to ask yourself if you need an LLC in the first place. This really depends on your goals as an investor and whether you have a partner or not. Many investors skip the LLC route and put a rental property solely in their name, while other investors that work with partners choose to either start a new LLC or put the new investment property in their current LLC.
Here are some suggestions:
- Make sure you know the financing options for LLCs vs. buying in your own name
- Get an umbrella policy if you don’t have an LLC
- Speak to a trusted attorney or submit LLC paperwork yourself (if not too burdensome)
- Get commercial financing for your LLC and purchase the house in its name
- And Much More!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Check the full show notes here: http://biggerpockets.com/rookie64
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
It’s hard to leave a comfortable job, especially when you’re working with family. What happens if you can’t make your entrepreneurial dreams work, what if you need health insurance, what about your bills? This is the predicament that Sean and Ann Wayne were in, only a couple short years ago. Thankfully, they made the jump, and now they’re flipping more than ever!
Sean and Ann left college with around $93,000 in debt, but were able to pay it off quickly due to their thrifty lifestyle and saver skills. After they had paid off their debt, they wondered where they could put their leftover money into. Sean stumbled upon BiggerPockets and knew that something within the realm of real estate was the best option.
Luck would have it that Sean and Ann’s landlord at the time was a flipper and a real estate agent. After some discussions, their landlord decided to mentor them through their first flip. If you’ve listened to this podcast long enough, you know what’s coming next. They were hooked! Sean knew he had to leave his corporate job to pursue flipping, even if it meant less stability.
Now this dynamic flipping duo has done 12 deals. Sean focuses on the rehab and Ann focuses on design. If you’ve wondered about what the best ways to paint and design your flip are, Ann drops some knowledge on what is worth risking, and what isn’t. Together, they’re an unstoppable team, and will definitely be on the Real Estate Podcast soon enough!
In This Episode We Cover
- Why you should tell EVERYONE what you do and what you’re interested in
- How to talk to a mentor to convince them that you can provide benefit to them
- Tackling both the mental and financial barriers to leaving a corporate job
- Funding deals with hard money and private money
- Splitting up your roles as a team, whether you’re business partners or partners in life
- Resources for finding the best designs for your flip
- Keeping your partner “in the know” so your flips runs smoothly
- Fighting imposter syndrome as an intermediate real estate investor
- And So Much More!
Links from the Show
- BiggerPockets Forums
- BiggerPockets Real Estate Podcast
- Brandon Turner
- Lowe's
- Home Depot
- Target
- Overstock
- Wayfair
- Christian Healthcare Ministries
- BiggerPockets Money Podcast 94: 18 Options for Healthcare in Early Retirement with Lynn Frair
- Financial Peace University
- Google Drive
Check the full show notes here: http://biggerpockets.com/rookie63
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Kaylee on the Real Estate Rookie Facebook Group. Kaylee is asking: When looking for a lender (specifically 203k) what is the best most effective way to find them? Do I need to find someone local? Am I overcomplicating?
Whether it’s a 203k loan, or any other loan, having a consistent and quality lender is incredibly important when building up your real estate portfolio. Ashley and Tony have both used a handful of lenders to fund their different types of deals.
Here are some suggestions:
- Start with local lenders, especially ones you have relationships with already
- Call or email all the banks in your area or the area you’re looking to buy in
- Tell loan officers your plan, they may have a loan that fits exactly what you need
- Even if a loan officer doesn’t have the right type of loan for you, keep up the relationship!
- Get referrals from other investors in your area
- And More!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
- BiggerPockets Calculator
- BiggerPockets Forums
Check the full show notes here: http://biggerpockets.com/rookie62
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
While traveling throughout southeast Asia, Michael Su asked what he could be doing to protect himself if he ever didn’t have stable income. As a digital nomad, travelling from country to country, all while working at a startup, Michael was used to risk. He realized that the best way to mitigate and reduce the risk of him ever being in a dire financial situation was to make his own income. The best way to do that? Buy rental properties!
Michael had already been following some popular real estate influencers, and decided to do what they were doing. He even contacted BiggerPockets’ very own Craig Curelop and asked him to be his agent in Denver and help him house hack. From then on, Michael reached out to more investors in other areas of the United States and began using their strategies.
Now, only one year into real estate investing, Michael has over 15 homes, with two under contract, in five regions in the US! This doesn’t just happen by luck. Michael had a strong grasp on financing strategies, investment strategies, and real estate economies of scale. He even read the SEC filings for major REITs to see how they scaled their businesses and dealt with problems.
Now Michael can continue building his real estate portfolio, while traveling, and working at a job he loves. All possible through smart investing!
In This Episode We Cover
- Thinking long term on wealth accumulation and passive income strategies
- How to create a portfolio that works with your life, not the other way around
- Buying in different markets with different investing strategies
- Reaching out and interviewing investors, agents, and real estate influencers
- The multiple different ways to finance your real estate deals
- Section 8 and the pros/cons that come with it
- How to mitigate and manage the risk you face when real estate investing
- And So Much More!
Links from the Show
- BiggerPockets Forums
- BiggerPockets Real Estate Podcast
- Blueboard Inc.
- BiggerPockets Real Estate Podcast Episode 423 - Dan Sullivan
- Zillow
- House Hustle
- BiggerPockets Real Estate Podcast 406 - Shelby Osborne
- Hemlane
- Appfolio
- Rent Manager
- MLS
- BiggerPockets Calculator
Check the full show notes here: https://www.biggerpockets.com/rookie61
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
We’re asked a lot on how to analyze short-term rentals. Since short-term rentals have different expenses, rent estimates, and occupancy rates, running a short-term rental analysis may seem tricky at times. Both Ashley and Tony own short-term rentals and know the often overlooked costs of running a profitable getaway.
If you’re still looking for the best way to analyze your short-term rental prospect, Ashley and Tony may offer some much needed guidance!
Here are some suggestions:
- Understand your average nightly rate, occupancy rate, and annual expenses
- Use tools like AirDNA and Mashvisor
- Use Tony’s short-term gross revenue formula
- Try out the BiggerPockets Airbnb Calculator
- Know the permitting laws and fees of the area you’re looking into
- Add regular business expenses to your calculations (accountants, insurance, taxes, etc.)
- And more!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
- Airbnb
- MLS
- Amazon
- theyoungretireeby33
Check the full show notes here: https://www.biggerpockets.com/rookie60
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Starting out as a rookie investor means you most likely have a lot of questions that need to be answered before you dive in and buy your first home! Whether it’s a primary residence, a house hack, or an investment property, you’ll need to know about loans, agents, inspections, and more. With us today is Scott Trench and Mindy Jensen, co-hosts of the BiggerPockets Money Podcast and authors of the new book First-Time Home Buyer.
We’ve rounded up some of the most popular questions asked on the Real Estate Rookie Facebook group and asked the experts their opinions on them. Questions include:
- Should I use an agent-referred lender or a mortgage broker?
- Is more or less of a down payment better?
- Does my agent need to find off-market deals?
- How do I shop for loans?
- Would you buy an as-is property as your first deal?
- And more!
Scott and Mindy have definitive answers to each of the above questions and sprinkle in a bit of their own experience, so you don’t make the mistakes they did. If you’re about to purchase a house, getting into the planning phase, or just starting to learn about real estate investing, make sure you get a copy of First-Time Home Buyer!
In This Episode We Cover
- How to find a lender and how to compare the ones you find
- How loan applications affect your credit score
- Getting inspections on your home and using them for price reductions
- Buying an as-is property and what that means for your budget
- Running your numbers 3 different ways
- Keeping a healthy safety reserve, regardless of if your home is a primary residence or an investment
- And So Much More!
Links from the Show
- BiggerPockets Money Podcast
- Rose Buckley episode
- Zillow
- realtor.com
- BP Insights
- Craigslist
- BiggerPockets Calculator
- BiggerPockets Forums
- MLS
- HomeReady
- Homepossible
- USDA Eligibility Map
- Redfin
- Your 48 point DIY Home Inspection Checklist
Check the full show notes here: https://www.biggerpockets.com/rookie59
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question is a very common one that has frequently come from novice and experienced real estate investors alike. If you own rentals, you may be thinking about this as well. When do you do the work yourself vs. hire it out? The answer depends on different factors, such as where your rentals are located in relation to you, how solid of a team you have, whether or not you have experience doing the work, and more.
Tony and Ashley both have different experiences when it comes to swinging hammers and laying down floors. One thing they agree on: you want to be in a place where you can hand off the work if needed.
Here are some suggestions to make the decision easier:
- Create systems that allow you to step away if possible
- Have a great team in place so you always have work to outsource
- Make a checklist whenever you do a new task
- Look at your goals and hire out accordingly
- Read Who Not How, The E-Myth, and Traction
- And more in the episode...
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Everybody knows someone who has attended some kind of course, workshop, or “guru” consulting. Maria Acosta attended one after watching HGTV, and ended up buying her first rental property from someone at the conference. What she thought she was getting was a turnkey duplex that had professional management and was rented out on both sides. What she actually got was a trashed duplex without tenants and a roach infestation.
Bad luck right? Thankfully, Maria isn’t a quitter, and all that did was inspire her to be more diligent with her future deals. Now, that same property has healthy cash flow each month (and no roaches). Maria has gone on to do a few flips, a couple wholesale deals, and owns 8 units throughout the United States. She’s learned some impactful lessons along the way, like how to fire and hire a property manager, what to look for in a pre-foreclosure property, and how to get a subject to deal under contract.
Maria has been through some tough scenarios that many experienced real estate investors would have never dreamed of. Ever had to track down the brother of a partner of a seller who has no address? Maria has done it. Ever had to get a father who is in a correctional facility in another state to sign a power of attorney for a property? Maria has done it.
She’s hired multiple VAs, set them up on a system and schedule to find off-market deals, and created a small real estate empire that is growing day by day. This is what hustle and grit looks like in a rookie!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Cory on the Real Estate Rookie Facebook Group. Cory is asking: Owner financing would buy me some time to get the property rented and cash flowing as well as build some equity before taking it to my bank for conventional financing. Any tips, suggestions, stories on doing this?
Many real estate professionals have an opinion on owner financing (also called seller financing). Some love it, some hate it, and some just haven’t had any experience with it. Ashley has had some great experience not only owner financing a package of properties for sale, but also being the owner who has financed her property when selling it.
Here are some of Ashley’s suggestions:
- Show the seller that you’re financially stable with some key documents
- Work with the seller to find terms, interest rates, and payment options that work for you both
- Ask the seller what they need to make this deal work for them
- Draw up a letter of intent and attach an amortization schedule
- Get it structured and drawn up legally with your lawyer
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Talking to Tyler Madden for any more than a minute, you can tell that he’s a smart guy. But would you ever guess a general contractor and real estate investor has degrees in biology and chemistry? Probably not!
Tyler went to school to be a doctor, but after leaving school he found himself in the restaurant industry. He was serving tables, which later turned into bartending, and later managing the restaurants himself. He enjoyed the growth he found in the restaurant industry but realized that there was a cap to the success.
At the same time, Tyler was fixing up his primary residence every so often, learning new tricks of the trade from online. He got so good at fixing up his own house, other people started asking him to take care of projects on their houses. Tyler loved fixing up houses, and decided to get his general contractor license and start up his own business.
Tyler was even inadvertently house hacking and doing a live in flip/rehab on his first primary home without even realizing it. He rented out a room in his house while he was fixing up the property, which helped him cover a lot of costs. When Tyler and his wife decided to move into another house, they kept it as a rental property, and held on to a LOT of equity that he is now using to pursue future deals.
He’s had a fire in a home, a break-in, and at one point had 40 cop cars surrounding him with guns drawn (he shares in the episode). Tyler is an interesting guy, and has a lot of knowledge to share on rehabbing, contracting, cost estimating, and financing!
In This Episode We Cover:
- How doing a great remodel can boost up the price of your house significantly
- Taking out HELOCs (home equity lines of credit) and keeping them around for future financing options
- Starting an LLC so you can take advantage of financing later on
- Using high-end finishes vs. using standard finishes for rentals
- How to get your spouse on board when they are worried about real estate risk
- Making offers on and off market so you can get a deal in an expensive area
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- BiggerPockets Podcast
- Ashley's Instagram
- Tony's Instagram
- Redfin
- Zillow
- Rookie Podcast 48: 4 Ways Newbies Can Finance Deals with Richard Kelly
- BiggerPockets Podcast 189: 500 Deals, the $100,000 Wholesale Paycheck, & the Systems That Make it Work with Tarl Yarber
- BiggerPockets Podcast 438: The Ultimate Beginner’s Guide to Finding GREAT Deals in ANY Market with Anson Young
- PropStream
Check the full show notes here: http://biggerpockets.com/rookie55
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s topic comes from our hosts, Ashley and Tony. They’ve heard many rookies ask the same question: what are the BEST real estate apps to have? Well, Ashley and Tony have rounded up their favorite apps and created a list so you and your partners can invest more successfully and with less headache!
Ashley and Tony break down some of the best apps that they use in their real estate investment careers. Here are some of their suggestions:
- Stessa: Manage the accounting and documents of a property
- Propstream: An easy way to get lists for off-market deals
- Wrike: Project management made easy
- Dealcheck: Run your numbers quicker
- Google Voice: Keep your tenants and vendors off your personal cell phone with a FREE business number
- Everlance: Mileage tracking for business traveling
- And More!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE)
Links from the Show
- QuickBooks
- Propertyware
- Appfolio
- Podio
- Zillow
- onX Hunt
- LandGlide
- Personal Capital
- Google Tasks
- Google Calendar
- Google Drive
- Asana
- PriceLabs
- Smartbnb
Click here to check the full show notes: https://www.biggerpockets.com/rookie54
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Kristie LeSage didn’t mind her 9-5 much before she went on a hiking trip to Yosemite. When she turned her phone off for a few days, hung out with friends, and spent time in nature, she realized that she wanted more freedom in her life. After that hiking trip, she returned home to her husband and told him it was time for her to quit. The problem? She didn’t know how she was going to make money when she left her job.
After doing some options trading and making money off of it, she made the decision to leave her job by the end of summer 2019. While she was trading, her husband was getting into the BiggerPockets community, and through some of her husband’s suggestions, Kristie found another way to make money. In August of 2019, they closed on a 4-plex in San Diego. A year and a half later, Kristie and her husband have an impressive 24 doors!
Kristie walks through the benefits and struggles of owning multifamily properties both in and out of state. She also talks about the different types of funding she used in order to get them under contract, including conventional loans, HELOCs (home equity lines of credit), and commercial loans. Even without a W2 or 2 years of 1099 income, Kristie proves it’s possible to start your real estate journey regardless of where you’re at.
In This Episode We Cover:
- The advantages of buying rentals in your state or out of state
- Why multifamily properties made the most sense for Kristie’s situation
- How to leverage an array of financing options to get houses under contract
- How to avoid mistakes when vetting tenants (plus what to look out for)
- Calculating your DTI (Debt-to-income) ratio before applying for financing
- Self-managing multifamily properties even when they’re out of state
- How to show a house remotely (and safely)
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- BiggerPockets Podcast
- Ashley's Instagram
- Tony's Instagram
- BiggerPockets Forums
- Cashflow Game
- Rookie Podcast 42: Bed and Breakfast House Hacking with Lauren Keen Aumond
- Rookie Podcast 49: Targeting New Builds to Get Around the W-2 Requirements for House Hacking with Andres Bustamante
- GuestHouse Netflix
- Zelle
- Venmo
- Cash App
- QuickBooks
- Stessa
- Mint Budget
- RentRedi
- Buildium
- Appfolio
Check the full show notes here: http://biggerpockets.com/rookie53
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Meghan on the Real Estate Rookie Facebook Group. Meghan is asking: How do I keep up the momentum after closing on two deals, when my debt-to-income ratio is too high to get another loan? I’m too new to bring experience to the table, and without much cash or financing, what do I bring to the partnership?
We’ve heard this A LOT from rookies, and this is one of the main reasons that rookie investors get stuck and stop investing consistently. Ashley and Tony both have some great advice on keeping the ball rolling so your investment portfolio keeps growing!
Here are some suggestions:
- You always have some amount of experience that is valuable to a partner
- Find strengths in yourself that partners may lack
- Share what you’re doing with other investors or in your social circles
- Be confident on future deals: you’re bringing partners an opportunity
- Look into other types of lending like commercial lending
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
- Debt-to-income (DTI) ratios and how they affect loans
- Getting your personal finances together to show investors you’re responsible
- What you should say to ANY investor who may be interested on partnering up
- Finding a strategy that fits into your lifestyle
- And More!
Links from the Show
- David Greene's BiggerPockets Profile
- BiggerPockets Meetups
- Brandon Turner's BiggerPockets Profile
Check the full show notes here: http://biggerpockets.com/rookie52
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Real estate investors are very busy people, and often, rookie investors become busier than ever as they’re learning the tricks of the trade. Kevin Christensen is no different, he works a full-time job, runs a retail store with 5 locations, and self-manages his long and short-term properties, all while doing some handyman work himself!
As a United States Marine, Kevin was used to the “improvise, adapt, and overcome” mentality, which has served him well in his investing career. Kevin only started actively investing in real estate around 2 years ago, but has so far done 18 deals, won a lawsuit, and hired two full-time contractors for his properties. He runs a very tight ship, and doesn’t let much slip through the cracks.
Kevin’s secret to success is centered around just being himself: work hard, be kind to others, and focus on customer service. As you’ll hear in the episode, Kevin was able to get a $350,000 house reduced to $190,000 simply by listening to the seller’s needs and being courteous throughout the transaction, something that the other wholesalers in his area failed to do.
If you’re interested in subject-to properties, it will serve well to heed Kevin’s advice. He was sued in the middle of a subject-to deal while renting out a house as a short-term rental. Kevin walks through exactly why the sellers were suing, how he protected himself, and how he pulled in $14,000 of revenue in only around 2 months!
You’ll probably hear Kevin on the BiggerPockets Real Estate podcast soon, because even though he’s a rookie in years, he’s a pro in experience!
In This Episode We Cover:
- How to be a better wholesaler and listen to what sellers need
- Getting your spouse on board for real estate investing
- What a subject-to property is and how to facilitate a subject-to transaction
- The best property management software (that’s also free!)
- The importance of having a W2 income if you’re going to BRRRR, flip, or buy long-term rentals
- Why short-term rentals can be serious cash-flowing investments
- When to BRRRR and when to flip (depending on your goals and finances)
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- BiggerPockets Podcast
- Ashley's Instagram
- Tony's Instagram
- Rookie Podcast 32: Debt Free with 2 Rentals and Counting with 24-Year-Old ICU Nurse Prescott Williams
- Cozy
- Smartbnb
- PriceLabs
Check the full show notes here: https://www.biggerpockets.com/rookie51
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Welcome to the first Rookie Reply episode of the Rookie podcast! We’ll be taking questions from Facebook, Instagram, the BiggerPockets forums, and maybe even the Rookie Request Line (Call us at 1-888-5-ROOKIE).
This week’s question comes from Trevor on the Real Estate Rookie Facebook Group. Trevor is asking: What was the hardest part of getting started? What helped you overcome that obstacle, and how do you mitigate analysis paralysis?
This is a question we often get, so it’s perfect for the first Rookie Reply show. Here are some suggestions:
- See the first deal as a learning opportunity
- Don’t let it become emotional
- Verify your data and numbers
- Have another exit strategy
- Get an accountability partner
- And more in the episode...
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group!
In This Episode We Cover
- How to overcome analysis paralysis
- Why you should know your “worst case scenario” and adjust accordingly to it
- Having other exit strategies for your property
- Having reserves (or a partner with reserves)
- Taking the emotion out of the deal
- And More!
Links from the Show
- BP Insights
- Rookie Podcast 12: What Works (and Doesn’t) in a Recession & the Untold Story of J Scott’s Messy First Flip
Check the full show notes here: https://www.biggerpockets.com/rookie50
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Not many college students get their real estate license while in college, let alone during freshman year. Andres Bustamante did just that, becoming a leasing agent so he could cover his housing and tuition costs. Andre didn’t know if he would go into real estate full-time after college, but when he found the BiggerPockets Podcast in the Summer of 2019, he decided to make the jump.
Andres reached out to a guest on the show, who later became his mentor and asked Andres to join his team! In his first year of full-time real estate Andres managed to sell 15 houses, with 15 more under contract as we speak. He lives in a house hack, has another house hack under contract, and bought an AirBnB as a short-term rental.
Since Andres had 1099 income he wasn’t able to take the traditional route to house hacking that W2 employees have available to them. Instead, Andres found new construction projects going up, put down earnest money for them, and locked in the deal. As Andres describes, he was able to get into these projects at “stage 1”, so as the builders were building, Andres was guaranteed a price for a house that was appreciating everyday in his growing market.
As Andres has been house hacking he's come up with some great ways to verify that tenants will work for you and for your profit margins. He talks about what he provides, what he puts in his leases, how he decides on tenants, and more helpful tips for any aspiring house-hacker!
In This Episode We Cover:
- How to get a property for house hacking when you don’t have a W2
- What you’ll need to get a new build under contract
- How earnest money differs from a down payment
- The criteria you should have in place for househack tenants
- How to split utilities among tenants when house hacking
- How to make equity profit from new builds
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- BiggerPockets Podcast
- BiggerPockets Podcast 352: No Driver’s License, No Money, No Excuses: How Diego Corzo Blazed a Trail to 18 Doors
- BiggerPockets Podcast 329: Financial Freedom Before 30 Through Just 10 Deals With Felipe Mejia
- Diego Corzo’s Instagram
- Stessa
- Ashley's Instagram
- Tony's Instagram
Check the full show notes here: https://www.biggerpockets.com/rookie49
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
After Richard Kelly shadowed a veterinarian for the day, he realized that his passion wasn’t performing surgery on animals, it was actually money. This led him to become a banker and after he was given the book Rich Dad Poor Dad, his interest in real estate investing was sparked.
After deciding he wanted to become a landlord, Richard found BiggerPockets and started listening to every episode of the podcast he could. After feeling confident enough in the real estate investing education space, he made his first jump into flipping, buying a short-sale home with some creative financing via hard money loans.
After some very heavy hard money fees paired with long nights working to get his flip finished, he walked away with a solid profit, and knew that he wanted to park it in buy-and-hold investing. Currently, Richard has completed 2 flips and owns 2 rentals (a single family and a duplex), and knows exactly what (and what not) to look for when using hard money and creative financing. Now, he’s here to share the knowledge with all of us.
Richard has done 4 deals, with 4 completely different ways of financing. From private money, to 401(k) loans, and using a fan favorite, the 203(k) construction loan. He also talks through how to find deals, who to partner up with, and why you need a great real estate agent especially when you’re just starting out.
In This Episode We Cover:
- Why short sale properties may be a great buy for new investors
- The importance of having reserves when going through hard money lending
- How to get comfortable with making offers (before you see the place)
- Financing through hard money, 401(k) loans, and 203(k) loans
- Finding quality partners that make deals easier
- How to find off-market deals, wherever you are
- Richard’s favorite tools for finding and managing properties
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- Yes Man
- Trulia
- Zillow
- Redfin
- Realtor
- BiggerPockets Hard Money Lenders
- Propstream
- BiggerPockets Forums
- BiggerPockets Real Estate Show
- BiggerPockets Money Podcast
- Genius Scan
- Stessa
- Ashley's Instagram
- Tony's Instagram
Check the full show notes here: https://www.biggerpockets.com/rookie48
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Andres Bernal came to America to play tennis with only $500 in his pocket. He thought that professional tennis is what his life would end up revolving around. After playing for 2 years and being burnt out from work, Andres decided to take some advice from his family members: start buying real estate.
After buying his primary residence, he started looking into multi-family homes that could make him some cash flow each month. He later put down 3.5% with an FHA loan to purchase a triplex, and rented out the bottom 2 units while he lived in the upper 3rd unit. He sold his condo, had some cash, and was ready to start investing more.
Andres had some pretty creative ways of getting funding for his real estate deals. He started calling every contact in his phone, asking if they were interested in real estate, and if they were, he packaged up a deal for them. The trade? He does the work and the analysis, they do the financing.
These types of partnerships have worked well for Andres and they can work for other rookies as well. His advice is to test the partnership, build the trust, and use the BiggerPockets Rental Property Calculator! The rest will fall into place.
In This Episode We Cover:
- Why FHA loans are a great first financing tool for rookie investors
- Calculating out your “worst case scenarios” on houses
- How to treat tenants so they want to stay (and will respect your home)
- Why investors need to solve a problem for tenants (especially those that cause you the most trouble)
- Finding local investors and investors within your existing circles
- The profitability of student housing as an investment
- Using social media to grow your existing network
- How to set expectations for contractors
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- BiggerPockets Bookstore
- BiggerPockets Forums
- BiggerPockets Podcast
- BiggerPockets Meetups
- Find a Real Estate Agent
- Brandon Turner
Check the full show notes here: http://biggerpockets.com/rookie47
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Most rookie real estate investors want to hit a home run on their first deal, Annie and Trey Johnson did it completely on accident. Neither of them were interested in being landlords or real estate investors, but after they made six figures profits on their first home, they realized there was real money in the real estate game.
Annie and Trey were looking for a home to raise their family in. They found the perfect plot of land which had a new manufactured home and a scenic view. After living in the home for a few years they decided to move elsewhere to be closer to family, and instead of selling it, they decided to rent it out for a year.
Now they were landlords by accident, and as the money started to flow in every month they questioned “is this something people are normally doing to make money?”. Fast forward a year, they subdivided the land, sold the home, and walked away with profits exceeding $200,000. Not bad for a couple of rookies!
Annie and Trey now invest out of state, building up their real estate portfolio by rehabbing inexpensive homes. They’re so into real estate, that Annie even hosted her own socially-distant meetup during 2020!
This investor couple walks through their keys to success, the players on their team that make the biggest difference, and how they went from just homeowners to real estate investors!
In This Episode We Cover:
- How to use your primary home to make more money
- The ability to cash flow using ADUs and mother-in-law suites
- How to parcel out lots of land to sell them separately (and make more money!)
- Why writing a “love letter” may be a good move when submitting home offers
- How a good or bad property manager can make or break your long-distance investing
- What to do when there are no meetups in your area (or COVID has limited them)
- The best advice for new rookies who are looking to find their first deal
- How to find funding for your BRRRR
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- BiggerPockets Bookstore
- BiggerPockets Forums
- BiggerPockets Podcast
- BiggerPockets Meetups
- Rookie Podcast 43: Defeating 5 Years of Analysis Paralysis to Do 4 Deals in 2020 with Jacqueline Smith
Check the full show notes here: https://www.biggerpockets.com/rookie46
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Not one, not two, but three real estate rookies join us on the first Real Estate Rookie episode of 2021! Beth Henson, Jackson Seedott, Jordan Crockett all started their real estate investing careers in 2020, but are in different stages of the game. They each have contrasting strategies, goals, and visions for 2021, making this interview even more interesting!
Beth acquired 6 units in 2020! She’s also got 3 more units under contract and is ready to close in early 2021. Beth is also flipping houses as well and has a BIG revenue goal to hit in 2021 for her flipping business.
Jackson is still looking to get his first deal under contract but made a very impressive personal finance transition in the 2020. He doubled down on his side business during COVID-19 and has seen revenue triple, which is going directly into his investing fund. He’s analyzing deals, calling agents, and ready to get his first deal in Q1 of 2021!
After joining the “How to Get Your First Rental in 90 Days” webinar, Jordan made it his mission to get his first rental property under contract. Jordan bought a duplex within that 90 day timespan and house hacks one side of it. He’s looking to add more rentals and start wholesaling in 2021.
These 3 investors talk about their visions for 2021, how they accomplished success in 2020, and what new investors can do to maximize their efforts for the coming year.
In This Episode We Cover:
- The importance of having a profitable side business
- Why daily consistent action is the driving force behind goal accomplishment
- The reason real estate investors vet contractors, agents, and partners so thoroughly
- Why it’s okay to not know everything, especially if you’re just getting started
- Defining your “worst case scenario” and making a plan to tackle it
- How to follow up on your action items for your 2021 goals
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- Dave Ramsey
- BiggerPockets Bookstore
- Zillow
- Craigslist
- BiggerPockets Money Podcast 151: From Single Dad w/ $61K in Student Loans to Financially Savvy Real Estate Investor with Tony J Robinson
- BiggerPockets Webinars
- Rookie Podcast 24: 13 Units Despite Being Stationed 5,000 Miles Away with Naaman Taylor
- BiggerPockets Podcast 398: 22 BRRRR Properties in Under 10 Hours Per Week with Tarl Yarber
- BiggerPockets Forums
- Cozy
- QuickBooks
- Stessa
- Appfolio
Check the full show notes here: http://biggerpockets.com/rookie45
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
You asked, we answered! This week we’re tackling the most common and most interesting questions asked on the rookie request line! If you’ve sent in a voicemail, you may be featured on this week’s episode!
Questions such as:
- What is better, LLCs vs. Sole Proprietorships for buying properties?
- How to find a great real estate agent
- What do you do after you’ve bought your first rental?
- The best investment types that AREN’T real estate
- How to start buying rentals after bankruptcy
- And many more great questions!
These will all be answered by our two experienced co-hosts, plus a special cameo from our senior producer, Kevin!
If you’ve been wondering about a certain aspect of real estate or just want to know what you can do to get started, this is the episode for you!
In This Episode We Cover:
- How LLCs can limit or expand your financing for rental properties
- What factors make a great agent (and which one’s definitely don’t)
- The importance of shopping around for many different financing options
- What other asset classes real estate professionals invest in
- Subletting and AirBnB arbitraging
- How lenders look at income when two different partners are in on a deal
- Whether you should pay off debt or add more investments
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- BiggerPockets Find an Agent
- Rookie Podcast 43: Defeating 5 Years of Analysis Paralysis to Do 4 Deals in 2020 with Jacqueline Smith
- Dave Ramsey
- Debt Free Community on Instagram
- BiggerPockets Money
- Rookie Podcast 23: From Dave Ramsey Disciple to No-Money-Down Real Estate Investor with Sarah Brandenberger
- BiggerPockets Keyword Alerts
- How I Used Real Estate to Pay for My Newborn Daughter’s College Education (Brandon Turner's Blog Post)
- Cashflow Board Game
- Be a Guest on the Podcast!
Check the full show notes here: http://biggerpockets.com/rookie44
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Jacqueline Smith knew that she didn’t want to have a big loan on her first house. The way she solved the problem: buy a foreclosed home and do a live in flip! It worked out so well, that she later decided to do it again, on her second home. Her and her husband then had the idea to go at it full time.
Even during COVID-19, Jacqueline and her husband have 4 flips in the making, and are looking to add more when deals pop up. She’s been through a lot in her short flipping career, from a tornado coming through a house she was working on, to builder tools being stolen while they were housed on site. This only made Jacqueline find better and more efficient ways to do her flipping.
Many of the deals Jacqueline has worked on have come from realtors and investors she’s met through organizations like BiggerPockets and her local REIA. She strongly urges any new investor to join their local real estate groups, talk to investors, and present deals to other experienced professionals when they have the ability to.
Jacqueline’s husband now is able to work on their flips as his primary business, plus get paid for the labor! Even in a crazy year like 2020, Jacqueline and her team have decided to go bigger, when many other investors were holding back.
In This Episode We Cover:
- How to find foreclosed homes that are perfect for flips
- The importance of building equity in order to fund your future deals
- How to stop “analysis paralysis” from creeping in
- Why you should attend meetups and networking events
- How to introduce yourself to other real estate professionals, whether you’re at a meetup or just getting coffee
- What to look for in a partner, especially if you’re new to flipping
- Whether or not to put in an “escalation clause” when submitting an offer
- Why you should always have security cameras on site
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- Ashley's Instagram
- Tony's Instagram
- Hubzu
- Mike Butler's Website
- BiggerPockets Forums
- BiggerPockets Meetups
- Dave Ramsey
- DISC Profile
- Quickbooks
- Security National Mortgage Company
- Rookie Podcast 27: 5 Doors by Using Seller Financing for the First Time with Aaron Chapman
- Delayed financing highlights from Jacqueline's Friend at SNB
- Jacqueline's Excel Spreadsheet
Check the full show notes here: https://www.biggerpockets.com/rookie43
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Lauren Keen Aumond was only 22 years old when she got her primary residence under contract, and 23 when she purchased it. She realized that the rents in her area were higher than the mortgage payment of buying a house, so she bought a home, leased out a room, and incidentally discovered house hacking. At 23 she was only paying $200 a month to own a home that would appreciate for many years to come.
This is when Lauren decided that real estate would become a bigger part in her life than she had planned. She then spent the next decade buying a second home, selling it, and cashing it in for a duplex. Now she owns a cash-flowing duplex plus her latest purchase, a house hacking bed and breakfast!
This home was situated on a decent sized lot, with a primary home, 2 cottages, and a mobile home! As a resourceful investor, Lauren decided the best way to make this a cash flowing property was to turn the two cottages into short-term rentals and buy a camper as a 4th unit on the property.
Lauren now juggles school, a full time job, small businesses, and her rental portfolio all at once. She goes into some seriously messy situations she’s been in with tenants, from evictions, to break-ins, and even utility siphoning. With all that being said, she still feels confident as ever to be a landlord, and isn’t looking back!
In This Episode We Cover:
- Why house hacking is great for young real estate investors
- Why you need to focus on the numbers, not emotions in a deal
- Different financing options for multi-family properties
- Creative ways to house hack a property with different units on one lot
- How to get multiple appraisals (if the first doesn't cut it)
- Dealing with very troublesome tenants (especially during COVID)
- Why you shouldn’t give up even if a property’s numbers fall short
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- Ashley's Instagram
- Tony's Instagram
- BiggerPockets Bookstore
- 7 Metros With the Biggest Rent Growth Over the Last 5 Years
- Vrbo
- Airbnb
- AirDNA
- Smartbnb
- Felipe Mejia's Instagram
Check full show notes here: http://biggerpockets.com/rookie42
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Kyle Mack was only a senior in college when he bought his first duplex, house hacked it, and caught the real estate bug. Since graduating he’s held a handful of jobs, from retail, to becoming a leasing agent, and even a commercial real estate broker. But that wasn’t what Kyle’s degree was in, he was actually planning on becoming a doctor.
Kyle talks through how he gained the confidence to take on an 18 unit apartment building, not too long after closing on his first property. He also talks about the importance of financing, and how it can help you scale.
Using financing like hard money, credit cards, and cash to close on properties, Kyle has had to think on his feet to get deals done. He walks us through the best way to approach hard money loans, how to have lenders lined up for deals, and what to do when you can’t refinance at the end of a BRRRR deal.
Kyle brings up “imposter syndrome" and how it’s easy to psych yourself out of deals that you can handle. This is a great episode for any new investor who has never used hard money, creative financing, or wants to go from 1 unit, to many.
In This Episode We Cover:
- How Kyle bought his first duplex before graduating college
- How to pivot career paths, even if you’re just starting out
- Why it’s important to do the “hard” parts of real estate, not just busy work
- What a land contract is, and how it differs from seller financing
- Using 0% credit cards to finance materials for deals
- How to prepare your deals for hard money lenders
- How to find great electricians, general contractors, and other professionals
- Why you need to ignore the “imposter syndrome” that can creep up during deals
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- Ashley's Instagram
- Tony's Instagram
- Buildium
- BiggerPockets Forums
- BiggerPockets
- Zillow
- Moo
- BiggerPockets Podcast
Check the full show notes here: http://biggerpockets.com/rookie41
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Investor couple Anam and Aamir have been hard at work during COVID, locking down deals and BRRRR-ing more and more houses. Through years of system-building and deal mistakes/lessons, they were able to create a system that allows them to save time searching for deals and know immediately whether a property is worth the investment or not.
After pinpointing exactly what they wanted in a deal, Anam and Aamir took the time to develop systems and processes that would help them get properties rehabbed and rented faster.
So how did they finance these deals? HELOCs, credit cards, cash, hard money, and other creative financing.
This is what allowed them to build a portfolio of 21 units within a few years, all while working full time jobs that take up much of their waking hours.
With their deal criteria system (A.R.E.A), they’ve been able to turn their dreams into reality. Now at only 28 and 30, Anam and Aamir are on track to close more and more deals, securing their financial independence all while building appreciating wealth.
In This Episode We Cover:
- How you can grow your rental portfolio, even during a pandemic
- How to get your processes and systems down so they work for you
- Using your partner’s strengths/weaknesses to inspire growth
- How to use different creative financing strategies to get deals faster
- How to find a hard money lender that works with your time-frame and ARV
- What the A.R.E.A system is, and how it can help you find high-quality deals
- The importance of running accurate comps in a desired area
- Using your mistakes to make yourself into an educated investor
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- Ashley's Instagram
- Tony's Instagram
- Buildium
- BiggerPockets Forums
- BiggerPockets
Check the full show notes here: http://biggerpockets.com/rookie40
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Thomas Tsitouridis is truly a jack of all trades. As a kid, he was used to helping on the project-management side of his parent’s 64-unit apartment building (taking out the trash, helping with tenants, and so on). He later realized that real estate investing would hold a special place in his future.
Thomas later worked for a construction manager, then chose to start his own construction business, property management business, and long term buy-and-hold business.
Using the experience and cash flow from his construction business, Thomas found that he could amplify his money by buying deals and using his own team to do the construction and rehab.
Now Thomas (and his partner) are buying multifamily deals, fixing them up, and getting sustainable cash flow, so they can retire early. Within his first year as a real estate investor, he has already learnt a lot. Thomas shares some great tips on tenant management, system automations, construction, and even financing so you can get better ROI earlier on!
In This Episode We Cover:
- What to look for when partnering up with other investors
- The importance of having a great broker on your team
- Why you need to take action and lock down your first deal
- How to facilitate a rent increase while having empathy for tenants
- How to split responsibility between you and your partner
- Why ARM loans are a great choice for the BRRRR strategy
- Managing tenants while controlling your own emotions
- Why you need to ask the stupid questions to be smarter later on
- How to start automating everything in your real estate business
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- Ashley's Instagram
- Tony's Instagram
- Realtor.com
- BiggerPockets Calculators
- BiggerPockets Insights
- Chase
- Buildium
- Tidying Up with Marie Kondo
Check the full show notes here: https://www.biggerpockets.com/rookie39
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Feeling stretched for time in your investing career? Today we talk with Adam Whitney, an active duty military member, working full-time, with children, a wife, and an active investment portfolio!
With so much going on at once, Adam makes it look easy, juggling his hectic military life while accomplishing his long term goals.
Adam started learning about real estate over a decade ago, but didn’t dive in until 2017. Thanks to his “ruthless work ethic”, he’s been able to stack up his rental portfolio, make meaningful mentor connections, and join masterminds in only a few years!
Adam talks about getting 0% down loans, locking down long-distance real estate deals, doing thorough inspections when buying sight-unseen, and how to start relationships with mentors and real estate professionals you look up to.
With a healthy portfolio of rental properties spanning across the country, Adam is the perfect example of someone who found the time to accomplish his (and his family’s) dreams of financial independence!
In This Episode We Cover:
- How to make time for investing with a career, family, and hectic schedule
- The importance of goal-setting for you (and your partner)
- Setting specific goals to silo your vision for a brighter future
- Gaining the experience to get your 2nd, 3rd, or 4th deal (and beyond!)
- Why you should start “aggressively networking”
- How to reach out to your real estate heroes (and get responses)
- Reading and making sense of a pro forma analysis
- Optimizing your home inspection process (for less!)
- How to tackle a joint venture (even if it’s your first)
- How your “why” drives your deals forward
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- Ashley's Instagram
- Tony's Instagram
- Brandon Turner's BiggerPockets Profile
- BiggerPockets Podcast
- Biggerpockets Calculators
- Rookie Podcast 29: Growing Your Portfolio with Turnkey Investing with Whitney Hutten and Lance Robinson
Check the full show notes here: http://biggerpockets.com/rookie38
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Big news: previous guest Tony J Robinson is back... he's now your new co-host alongside Ashley.
Today, you'll get reacquainted with Tony and learn how he rapidly expanded his portfolio this year. In fact, he went from owner of 2 houses when he appeared on the show in March... to closing on his 7th property (!) next month.
...How tho? Tony spells it out today: from finding new financing options in Louisiana (he lives in Southern California), to breaking into the short-term rental game in the Great Smoky Mountains of Tennessee and Joshua Tree, CA.
Plus: a next-level tip we haven't heard before: using a line of credit against your stock portfolio (rather than a property) to free up short-term cash.
We're excited to have Tony on board; get to know him in this episode, and we'll see you next week!
In This Episode We Cover:
- Investing in short-term rentals in 2 locations 2,000 miles apart
- Using 10% down vacation home loans to buy Airbnb's
- Self-managing Airbnb's using automation and pricing software
- Why short-term rentals fit Tony's personality and skill set
- Getting his fiancé involved in his real estate investing business
- Borrowing money against a stock portfolio
- Taking the leap to buy a property "sight unseen"
- His plan to buy a short-term rental every 3 months
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- Ashley's Instagram
- Rookie Podcast 10: 2 Long-Distance Rentals with $0 Down with Tony Robinson
- BiggerPockets Podcast 364: Snowballing 6-Figure Short-Term Rental Profits Into Passive Investments with Avery Carl
- Airbnb App
- PriceLabs
- Smartbnb
- HorseflyRealty
- David Greene's BiggerPockets Profile
- Rookie Podcast 34: School Teacher Making $72,000 a Year in Cashflow with Amy Barber
- Nerds Guide to FI
- Rookie Podcast 23: From Dave Ramsey Disciple to No-Money-Down Real Estate Investor with Sarah Brandenberger
- Ryan Dossey's Instagram
Check the full show notes here: http://biggerpockets.com/rookie37
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
BiggerPockets Senior Producer Kevin Leahy shares some news about a change in the Real Estate Rookie host lineup.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Today's guest is Gary Janica, a Jacksonville, FL investor who loves his "stress-free job"... but realized he needed side hustle income to better support his family. Enter real estate investing!
Gary's portfolio is on the smaller side – he owns 2 duplexes – but he's been able to drastically change his financial picture by house hacking and extracting hidden value with "garage apartments."
If you share similar goals, check out this episode to get inspired and learn something new – and connect with Gary by leaving a comment on the show notes page.
Links from the Show
- Real Estate Rookie Facebook Group
- Felipe's Instagram
- Ashley's Instagram
- BiggerPockets Forums
- BiggerPockets Podcast
- Bailey's Health and Fitness
- Realtor.com
- Zillow
- The Stack: The Perfect Blueprint To Scale Quickly In Real Estate by Brandon Turner
- BiggerPockets Youtube Channel
- Impact Theory
- Simon Sinek
- Marcus by Goldman Sachs
- BiggerPockets Podcast 365: Ret. Navy SEAL Jocko Willink on Embracing Discomfort and Leading Through Extreme Ownership (+ His Real Estate Investing Tips!)
- Buildium
Check the full show notes here: http://biggerpockets.com/rookie36
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
From $25,000 purchase prices last week to $300,000+ group houses this week!
We head to the Bay Area today to meet pharmacist Ryan Chaw, who ventured about an hour away from his hometown and began buying 1 house per year and renting them by the room to college students.
Ryan collects nearly $11,000/month from 18 tenants, and is creating the kind of generational wealth his grandfather used to put both him and a sibling through college.
Does renting to college kids sound like a disaster waiting to happen? Well... Ryan has found several ways around this, and in this episode he outlines the checklists, systems, and "personal touches" he uses to self-manage without the headaches.
Ryan opens up about an early failure, too. He wasn't getting all his rooms filled, and he realized he wasn't doing a good enough job advertising. So he developed step-by-step, "P.R.I.M.E." marketing method to attract a steady stream of qualified applicants... and you'll learn each step today.
If you're struggling how to figure out just how to create cashflow in a spendy market, follow Ryan's lead! Get creative, consider rent-by-the-room and other outside-the-box strategies, and reap the rewards of greater appreciation and stability that come with high-priced areas.
In This Episode We Cover:
- How Ryan is succeeding in one of the most expensive markets in the country, the Bay Area
- Using his job as a pharmacist to get conventional financing
- Creating generational wealth through real estate
- How he saved up to buy 1 property per year, 4 years in a row
- Why he rents his houses to college students
- The systems he uses to manage 18 tenants and avoiding roommate drama
- Unlocking hidden value and boosting rental income by adding bedrooms
- Lessons learned from a difficult tenant who smoked weed and played loud music
- Why "buy then wait" beats "wait then buy"
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- Felipe's Instagram
- Ashley's Instagram
- BiggerPockets Forums
- BiggerPockets Podcast
- Rentometer
- Yelp
- Zillow
Check the full show notes here: https://www.biggerpockets.com/rookie35
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
What do you get when you combine Dave Ramsey-style frugality with aggressive deal-finding tactics? You get teacher Amy Barber and her fiancé, Jay – and their $6,000 monthly cashflow in rural Iowa.
In this episode, Amy shares her strategies for buying foreclosed ranch houses in cash, cleaning them up, then refinancing so she can repeat the process again and again.
Think no one's doing deals during the pandemic? Well, she's bought 4 houses in the past 4 months, and plans to keep going until she's making enough to comfortably leave her W-2 job.
If you're looking for guidance on how to build the financial foundation so you can invest in real estate from a position of strength, Amy's story will fire you up and get you ready to take that most important next step toward "getting rich slowly" just like her.
By the way, Amy came to our attention through the Real Estate Rookie Facebook group. If you find other awesome investors who would make a great fit for the show, tag us or send them to biggerpockets.com/guest so they can apply.
In This Episode We Cover:
- How Amy got started as an "accidental landlord" during the Great Recession
- Buying 4 properties in the last 4 months
- Finding deals through her fiancé's job in foreclosure preservation
- How they bought a foreclosed house and created $50k in equity
- Taking Dave Ramsey's course to get her finances under control
- Delaying gratification and making sacrifices to create enough cashflow to quit her W-2 job
- Working 2 jobs and doing real estate on the side
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- Felipe's Instagram
- Ashley's Instagram
- BiggerPockets Forums
- BiggerPockets Podcast
- Financial Peace University by Dave Ramsey
- Airbnb
- Outdoorsy
- Mint
- Cozy
- Stessa
- Apartments.com
- Asana
- Zillow
- Brandon's BiggerPockets Profile
- BiggerPockets Money Podcast
Check the full show notes here: https://www.biggerpockets.com/rookie34
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Today we bring you another mentor/mentee conversation, where Joe Roberts shares his experience working alongside Steve Rozenberg to buy his first long-distance investment property.
Joe is a U.S. Marine helicopter pilot who regularly deploys to combat zones, so efficient systems are a must for him. Steve, a commercial airline pilot and experienced investor, loves designing standard operating procedures. Perfect fit!
The two got paired up when Joe won Mynd Property Management's $20,000 mentorship contest, and today they reveal how Joe found the perfect market, neighborhood, and property for his first BRRRR.
You'll love hearing how Joe and Steve developed their strategy based on Joe's goals for appreciation, equity, and cashflow; how he analyzed the numbers in several markets before settling on Atlanta; how he documented his process to he can repeat the process over and over again (even while deployed)... and why he'd rather hire property management than deal with tenants himself.
This show gives you a peek into a real-world mentorship and breaks down the mistakes and lessons learned along the way. Let us know what you think of this episode in the comments at biggerpockets.com/rookie33, and we'll see you next week!
In This Episode We Cover:
- How Joe got started in real estate while serving as a Marine helicopter pilot
- Why Steve chose Joe as the winner of the $20,000 Mynd mentorship contest
- Why Steve and Joe chose to buy a long-distance deal in Atlanta, GA
- How they crunched the numbers once they chose a market
- Why they pulled out of two deals after bad inspections
- Getting aligned with your spouse or partner regarding your real estate goals
- Using BiggerPockets' market-specific sub-forums to find an agent
- Time management strategies for busy people (you!)
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- Felipe's Instagram
- Ashley's Instagram
- BiggerPockets Forums
- BiggerPockets Podcast
- BiggerPockets Conference
- BiggerPockets Podcast 352: No Driver’s License, No Money, No Excuses: How Diego Corzo Blazed a Trail to 18 Doors
- BiggerPockets Agents
- Cozy
- BiggerPockets Youtube Channel
Check the full show notes here: http://biggerpockets.com/rookie33
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Frontline healthcare worker... Air Force Reservist... real estate investor!
24-year-old Prescott Williams is a renaissance man committed to building real wealth through real estate while serving his community and his country. Today he walks us through his first 2 deals, and the 3 deals he's currently working on in the Hattiesburg, Mississippi area.
Prescott shares some great shortcuts for investors who work full-time – from creating a "rental requirement list" with your personalized criteria to publicly posting your real estate goals (you never know who will send you a lead!).
A lot of our guests choose their real estate agent as their MVP, but for Prescott it's his mortgage lender. You'll learn how he finances his rehabs and new construction deals by partnering with a small local bank – a strategy you can model (if you're willing to put in a little legwork!)
Give Prescott a follow on Instagram @prescott_williams -- and follow us by joining our Real Estate Rookie Facebook Group: just search "Real Estate Rookie" and answer the screening questions to join 15,000 other like-minded investors.
In This Episode We Cover:
- Prescott's strategy for graduating college debt-free
- Finding a flexible local "portfolio" lender
- Persuading his parents to take out a HELOC to help him get started in real estate investing
- Sleeping on an air mattress while renovating a house
- His "rental requirement list" criteria
- How he uses the "1% rule" (rent = 1% of purchase price) to guide his purchasing decisions
- The stress-free way to handle maintenance calls
- How he's gotten deals just be posting his goals on social media
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- Felipe's Instagram
- Ashley's Instagram
- BiggerPockets Forums
- BiggerPockets Podcast
- BiggerPockets Podcast 348: Full-Time Job, Full-Time Mom, and Full-Time Wealth From Rentals with Ashley Kehr
- BiggerPockets Podcast 329: Financial Freedom Before 30 Through Just 10 Deals With Felipe Mejia
- BiggerPockets Podcast 012 : Wholesaling and Marketing with Sharon Vornholt
- Zillow
Check the full show notes here: http://biggerpockets.com/rookie32
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
So... how do partnerships work in real life? Today, you'll learn how – from two new(ish) real estate investors: Amy Swayze and Chris Lawrence.
Amy breaks down her partnership with her adult son, who used his retirement fund to jumpstart their investing career earlier this year (right before COVID hit!). Here's the arrangement: Amy's son brings the money and crunches the numbers; she manages rehabs and gets tenants in their BRRRR rental properties.
Chris is a more experienced investor, having left his sales job to start investing full-time in the Rochester, NY area. Still – when he first jumped into real estate investing, he realized he was missing a few pieces of the puzzle (including liquid $$$).
So what did he do? He found a partner!
Like Amy, Chris and his partner split everything 50/50. They use a HELOC to borrow money at a low interest rate... so they can make cash offers when they're looking for flips and wholesale deals.
This is a real-life look behind the curtain to see how two rookie investors are running their business, and using partnerships to supercharge their wealth-building. Don't miss it... and if you enjoy it, share it with a friend or family member. Who knows, he or she might want to partner up with you someday!
In This Episode We Cover:
- How Amy partnered 50/50 with her son, an electric line worker who likes the tax advantages of real estate
- How she and her son divide duties
- Using hard money to fund their BRRRR deals
- Starting out in real estate investing right before COVID-19 hit
- How Chris' partner complements his skill set
- How he evaluates various exit strategies
- A deep dive into one of Chris and his partner's recent fix-and-flips
- And SO much more!
Check the full show notes here: https://www.biggerpockets.com/rookie31
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
"I know partnerships can help me build wealth, but how do they actually work in practice?" This is one of the most common questions we get... and today Felipe and Ashley outline 6 rules for partnering on your real estate investments.
From identifying the missing piece that's holding you back, to defining clear lanes and avoiding common pitfalls... this show is a must-listen for any new investor who realizes she can't do it all herself.
Be sure to come back next week for Part 2 – where you'll hear the details of real-world partnership case studies, as told by a handful of investors who have made it work!
In This Episode We Cover:
- Identifying the "missing piece" to get a deal done
- Knowing your numbers and being prepared
- Making your official presentation (finances, experience, deal analysis)
- Offering an opportunity rather than begging for help
- Various financial structures you can use
- How Felipe found a partner to do the books
- Why Ashley partnered with a construction expert on a full gut remodel
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- BiggerPockets Podcast 352: No Driver’s License, No Money, No Excuses: How Diego Corzo Blazed a Trail to 18 Doors
- BiggerPockets Podcast
- Investor Girl Britt's Instagram
- BiggerPockets Podcast 320: Hands-On BRRRR Investing and DIY Secrets with Instagram Star Brittany Arnason
- Rookie Podcast 25: What Appraisers Look For and What it Means for You with Investor/Appraiser Josiah Smelser
Check the full show notes here: https://www.biggerpockets.com/rookie30
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Expensive market? Busy with a career and other priorities? There are a lot of compelling reasons to consider turnkey investing in a more affordable area – where a local "operator" sells you a tenanted property designed to pump out cashflow from day one.
All you have to do is "turn the key," hand things off to a property manager and... voilà! You're rich. You can now kick back and sip margaritas on the beach. Right?
Well, it's a little more complicated... as you'll learn today from seasoned turnkey investors Whitney Hutten and Lance Robinson. Both have bought rental properties from turnkey operators in several different markets, and they tell us all about the highs and lows, reveal what they wish they would have known, and offer candid advice for anyone considering this niche.
When you're done with this show, you'll know the exact questions savvy investors ask prospective turnkey providers about neighborhoods, construction warranties, property management contracts, and how operators handle evictions and major repairs. You'll also know how to handle a home inspection to ensure you know exactly what you're getting into!
Look – there are a lot of turnkey operators active on the BiggerPockets forums. A lot of them are great teachers, too. But this episode is told from the investor/customer's perspective... and it's well worth a listen – or two!
In This Episode We Cover:
- What turnkey investing is
- Doing due diligence to find a trusted turnkey operator
- Why it's always worth flying out to walk the property before purchasing
- Hiring your own home inspector!
- Whitney and Lance's turnkey winners and losers
- Managing your property manager
- Handling an eviction
- The role of cash reserves when buying turnkey properties
- The "BRRRR-key" business model
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- Felipe's Instagram
- Ashley's Instagram
- BiggerPockets Podcast
- Quickbooks
- BiggerPockets Calculators
- David Greene
- Turnkey Reviews
- BiggerPockets
- BiggerPockets Forums
- Appfolio
- Buildium
- Zillow
- Apartments.com
- FEMA
- Deal Check
- Stessa
- Quickbooks
Check the full show notes here: http://biggerpockets.com/rookie29
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
We all have the same 24 hours per day... so be like Marsay Winder and make the most of them!
He calls himself the "Property Pastor," and he owns 8 properties (24 units) in the Virginia Beach, VA area. Marsay juggles his business with his family life and a full-time career in manufacturing, so landlording systems are a must – and he breaks them down for us in this episode.
You'll also hear about his MVP mentor, how he avoids time-wasting distractions, and the books and resources that helped him build a formidable portfolio in just 3 years.
Enjoy this one... and if you're getting value out of the content here, please do us a favor and give us a rating and review on Apple Podcasts. It takes less than 30 seconds, and it really helps us climb the rankings and spread the gospel of financial independence through real estate investing!
In This Episode We Cover:
- Working on his properties on nights and weekends while working full-time
- Going big on his first deal: a 4-unit building bought from a wholesaler
- Buying from tired landlords
- How to frame a rent increase with tenants
- Using Cozy and QuickBooks to manage his rentals
- Hiring a property management company
- How to successfully approach a real estate mentor
- Involving his kids in his real estate investing business
- What happened when his tenant joined his church, then stopped paying rent
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- Felipe's Instagram
- Ashley's Instagram
- BiggerPockets Podcast
- Robert Kiyosaki
- Cozy
- Deal Machine
- Quickbooks
- BiggerPockets Calculators
- Rookie Podcast 12: What Works (and Doesn’t) in a Recession & the Untold Story of J Scott’s Messy First Flip
- Google Forms
- Google Voice
- Cashflow Board Game
Check the full show notes here: http://biggerpockets.com/rookie28
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Aaron Chapman ran into major obstacles on his first 2 real estate deals... obstacles you might face as you launch your own investing career. Wouldn't you like to know how to react when you're turned down for a loan? Today, you'll learn how!
From a duplex purchase that seemed doomed when he lost his job while in escrow... to a triplex purchase that a bank wouldn't touch, this Louisville, KY investor breaks down how he reached 5 doors by age 24 – and his exact roadmap to reach financial independence by age 30!
Oh, and don't miss the story of how Aaron wound up on the show (hint: his fiance is the real MVP!). Before you go, here's a challenge for you: who in your market would make a great guest for this show? Send them over to biggerpockets.com/guest and we'll take a look at their application.
In This Episode We Cover:
- His "work backwards" plan for achieving financial freedom ($10k/month) by age 30
- Aaron's process for "driving for dollars"
- Living for free through house hacking
- Buying a "1% rule" triplex using seller financing
- How he achieved a 47% cash-on-cash return
- How he and his fiance adjusted when he lost his job while under contract on his first deal!
- Getting your spouse or partner interested in investing
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- Felipe's Instagram
- Ashley's Instagram
- BiggerPockets Podcast
- BiggerPockets Money
- BiggerPockets Business
- BiggerPockets Podcast 329: Financial Freedom Before 30 Through Just 10 Deals With Felipe Mejia
- Robert Kiyosaki
- Cozy
- Stessa
- Deal Check
- Deal Machine
- Zillow
Check the full show notes here: https://www.biggerpockets.com/rookie27
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Derek Tellier didn’t start investing in real estate until he was over 40. Unhappy with what was going on in his life, a friend plugged him into healthy eating, exercising, and long-distance running. Once his health was back on track, he realized he didn’t like the trajectory his life was on, and made major changes.
That same running friend introduced him to real estate investing. Derek got licensed, joined his friend’s real estate team, and bought his first real estate deal - a cabin that he rents out short-term in the Smoky Mountains.
Derek has parlayed that into a career, helping people invest in short term rentals in the Smoky Mountains
Derek’s Rookie Deal is a BRRRR property that needed a LOT of work. He financed it using private money and after his rehab he was able to pull out ALL of the money he had into the deal. It even cashflows $350 per month!
Derek has had some growing pains along the way, like a true real estate investor. He shares tips for finding contractors, finding lenders, and finding deals in this episode, along with discussing numbers and the importance of having reserves.
If you think you waited too late to start investing in real estate, this episode can help change your mindset and show you that it’s never too late to get started.
In This Episode We Cover:
- How a midlife crisis made him start investing in his 40s
- Buying short-term rentals during COVID
- How he funds deals using private money
- His BRRRR strategy
- How his mentor helped him get 7 deals in 6 months
- How he got the word out there by starting his own meetup
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- Felipe's Instagram
- Ashley's Instagram
- BiggerPockets Podcast
- Rookie Podcast 23: From Dave Ramsey Disciple to No-Money-Down Real Estate Investor with Sarah Brandenberger
- Rookie Podcast 19: Going Full-Time as a Rookie Right Out of College With Arvi Carkanji and Dave Arlaud
- Rookie Podcast 09: Finding Off-Market Deals, Step by Step with Ryan Dossey (Mentor) and Drew Wiard (Mentee)—Part 1
- Rookie Podcast 13: How Drew Pulled 6 Deals From His First Direct Mail Campaign With Ryan Dossey (Mentor) and Drew Wiard (Mentee)—Part 2
- BiggerPockets Podcast 364: Snowballing 6-Figure Short-Term Rental Profits Into Passive Investments with Avery Carl
- The Short Term Shop
- Airbnb
- Uber
- Vrbo
- BiggerPockets Podcast 352: No Driver’s License, No Money, No Excuses: How Diego Corzo Blazed a Trail to 18 Doors
- The Daily Stoic Podcast
- Ryan Holiday
Check the full show notes here: http://biggerpockets.com/rookie26
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Here, by popular demand: the Appraisal Episode!
Josiah Smelser – podcaster, two-time BiggerPockets Real Estate Podcast guest, and Certified General Appraiser – is here to answer your many questions, and he delivers the goods.
We played some questions from the Rookie Request Line and touched on subjects like which data and documents you can provide an appraiser, how to challenge an appraisal, and how to keep your emotions in check when estimating After Repair Value.
Whether you're a rookie who plans to flip, BRRRR, or invest in rental properties, understanding how properties are appraised – and the mindset of an appraiser – is key to coming out on top. So enjoy this episode, and tell Josiah what you think in the show notes at biggerpockets.com/rookie25.
In This Episode We Cover:
- Getting inside the mind of an appraiser
- What information you can and should provide an appraiser
- The top 3 variables that determine value
- Approaching the appraisal process with "data and humility"
- How appraisals vary by market
- The Sales Comparison Approach vs. the Income Approach
- Kitchens, bathrooms, and added square footage
- How doing unpermitted work can come back to bite you
- Why you should never outright ask an appraiser to come back with a specific number
- The right way to challenge a low appraisal
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- Felipe's Instagram
- Ashley's Instagram
- BiggerPockets Podcast
- BiggerPockets Podcast 382: No Money Down BRRRR Investing with Josiah Smelser (Part 1, Recorded Pre-Coronavirus)
- BiggerPockets Podcast 382.5: Surviving When the BRRRR Hits the Fan with Josiah Smelser (Part 2, Post-Coronavirus)
- CBRE
- Rookie Podcast 11: Using Home Inspections to Spot “Deal Killers” and Negotiate Better Prices with Rose Buckley
- USPAP
- BiggerPockets Glossary
- Grant Cardone
- Rookie Podcast 23: From Dave Ramsey Disciple to No-Money-Down Real Estate Investor with Sarah Brandenberger
- Craigslist
- Zillow
- Trulia
Check the full show notes here: http://biggerpockets.com/rookie25
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
On today's show: how U.S. Army Staff Sgt. Naaman Taylor is combining house hacking, partnerships, and VA loans to build himself a comfy retirement... all while serving his country overseas!
This episode has something for everyone – from structuring partnerships to stretch your dollar farther, to hiring property managers and identifying a trustworthy mentor.
Be sure to let Naaman (he said we could call him "Taylor") what you thought of the show by visiting our show notes page at biggerpockets.com/rookie24 and leaving a comment... or sharing your thoughts in a post in the Real Estate Rookie Facebook Group.
In This Episode We Cover:
- Planning for a financially secure retirement while working a steady military job
- How to use VA loans more than once
- Common mistakes when using a VA loan
- Duplexes vs. single family homes
- Overcoming an early bad experience with a tenant
- Using Dave Ramsey's principles to save money for down payments
- The advantages of a 50/50 partnership
- Generating "truly passive income" rather than creating a job for himself
- How to interview property management companies
- Taking advantage of the "2 in 5" tax rule with your primary residences
- How to vet a potential real estate investing mentor
- And SO much more!
Check the full show notes here:https://www.biggerpockets.com/rookie24
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Interested in real estate investing... but wary of taking on debt?
That's the situation Sarah Brandenberger found herself in, and today shares her journey from a staunchly anti-debt "penny pincher" to a creative financier raising private money!
Sarah also gives us the goods on portfolio loans – including a ninja tip that allowed her to tap the equity in multiple properties and use those funds to take advantage of a smokin' deal. You'll learn what documents to bring when asking for a loan – whether you're meeting with a bank or a private individual. And Felipe throws in a Home Depot shopping hack for good measure.
Give Sarah a follow on Instagram (@nerdsguidetoFI) and let her know what you thought of this episode... and share this episode with a friend or family member who would find it inspiring.
In This Episode We Cover:
- How Sarah changed her mindset about "good debt"
- 15-year vs. 30-year mortgages
- The data and documents she shares with potential lenders
- House hacking by turning her basement into a rental
- Unlocking "the power of a cash offer" with private money
- Tapping the equity on multiple properties at once
- The loan that's invisible to other banks
- Using checklists to estimate rehab costs (even when you're brand new)
- Using Avail to manager her rentals
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- Felipe's Instagram
- Ashley's Instagram
- BiggerPockets Podcast
- Cozy
- Zillow
- Buildium
- Dave Ramsey
- Mr. Money Mustache
- Madfientist
- Paula Pant
- Stealthy Rich
- BiggerPockets Forums
- Rookie Podcast 01: From 4 Years of Analysis Paralysis to 4 Cash-Flowing Properties with Lauren and Kyle Clugston
- The Home Depot
- Avail
- Rentals to Wealth
- Investor Girl Brit
- Real Estate Old School
Check the full show notes here: http://biggerpockets.com/rookie23
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Curious how to manage a rental portfolio in your limited free time?
Learn from today's guest Ruben Galindo, who had his hands full managing hundreds of law enforcement officers in Texas... but didn't let that stop him.
Ruben is 48 years old, and in the past five years, he's acquired five rental properties that require about an hour of his time each week. In this episode, he'll teach you how he uses Cozy and Docusign to do everything virtually, how door knocking led to one of his best deals, and how he leverages his 401(k) in his real estate business.
Ruben didn't jump in until his 40s, but he already has experience with buying a foreclosure, helping a seller avoid foreclosure, a short sale, and a straightforward live-in flip (where he currently lives). Not bad for a relative rookie!
If you pick up any tips from Ruben or have questions for him, leave a comment in the show notes at biggerpockets.com/rookie22. And if you're feeling extra generous, leave us a rating and review in Apple Podcasts.
In This Episode We Cover:
- How Ruben automates his rental property management
- Building and maintaining a network of contractors
- The accounts where Ruben, Ashley, and Felipe hold their reserve funds (Rookie Request Line question! 1-888-5-ROOKIE)
- Buying a HUD foreclosure
- Helping a family avoid foreclosure by temporarily taking over payments
- Hiring an attorney on a tricky pre-foreclosure deal
- How door-knocking helped him beat his competition
- How to avoid over-leveraging yourself as a rookie
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- Felipe's Instagram
- Ashley's Instagram
- BiggerPockets Podcast
- Cozy
- Zillow
- Venmo
- Cash App
- HUD Home Store
- Rookie Podcast 15: 5 Steps to Reach Financial Freedom in 15 Years Through Long-Distance Investing With Elyse Rasmussen
- AppFolio
- Buildium
- BiggerPockets Podcast 352: No Driver’s License, No Money, No Excuses: How Diego Corzo Blazed a Trail to 18 Doors
- BiggerPockets Events and Meetups
Check the full show notes here: http://biggerpockets.com/rookie22
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Rookie FAQ time!
Today Ashley and Felipe run through the top 5 questions from the Real Estate Rookie Facebook Group and the Rookie Request Line (leave us a voicemail at 1-888-5-ROOKIE).
From finding and financing deals to the infamous LLC question and beyond, our co-hosts offer their advice and discuss various approaches new investors can use to build momentum. Plus, former BiggerPockets Real Estate Podcast guest Whitney Hutten makes a cameo to offer her two cents on how to properly vet turnkey providers.
What did we miss? Let us know, and make sure you're subscribed to the show so you won't miss an episode.
In This Episode We Cover:
- Various approaches to financing a deal
- Methods for finding deals when you're new to the game
- The one question you should ask every turnkey company (you probably haven't thought of it)
- Owning property an in LLC
- How to decide whether to get your real estate license
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- BiggerPockets Podcast
- BiggerPockets Calculators
- BiggerPockets Forums
- Facebook Marketplace
- Craigslist
- Rookie Podcast 09: Finding Off-Market Deals, Step by Step with Ryan Dossey (Mentor) and Drew Wiard (Mentee)—Part 1
- Rookie Podcast 13: How Drew Pulled 6 Deals From His First Direct Mail Campaign With Ryan Dossey (Mentor) and Drew Wiard (Mentee)—Part 2
- Ryan Dossey's Instagram
- BiggerPockets Podcast 340: How a Mom with a Full-Time Job Bought 10 Houses Her First Year with Whitney Hutten
Check the full show notes here: http://biggerpockets.com/rookie21
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Today: how Lexington, KY investor Charlie Ashley uses lines of credit and construction loans to build his portfolio while working full-time.
Charlie walks us through his year-long education phase, his first couple deals, and the expensive lessons he learned while renovating a property he lovingly calls "The Pit"!
Sure... finding deals is important. But today you'll learn how understanding financing has helped Charlie gain a lot of momentum quickly – and how every new investor can do the same.
Thanks for spending time with us every Wednesday. If you like what you hear, let us know with a rating and review in Apple Podcasts... or share this episode with a friend or family member!
Links from the Show
- Real Estate Rookie Facebook Group
- Felipe's Instagram
- Ashley's Instagram
- BiggerPockets Podcast
- BiggerPockets Podcast 329: Financial Freedom Before 30 Through Just 10 Deals With Felipe Mejia
- BiggerPockets Podcast 384: Losing $60k on His First 2 Flips so You Won't Have To with Spencer Cornelia
- Rookie Podcast 17: 3 Rentals in His First Year & the Power of a Real-Life ‘Rich Dad’ Mentor with Derrick Ziglar Jr.
- Google Sheets
Check the full show notes here: http://biggerpockets.com/rookie20
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
In today's episode, you'll meet a power couple who both immigrated to the U.S. seven years ago and soon decided real estate would be their path to financial freedom.
Arvi Carkanji and Dave Arlaud are Nashville-based flipper-investors, who are dividing and conquering to run a successful business while building a stable of rental properties. Arvi handles acquisitions (listen for the Rookie Request Line about direct mail), while Dave is a licensed contractor who takes charge of construction.
Together they walk us through their approach to renovating houses and working with subcontractors and dive into the deal that motivated Arvi to quit her first (and quite possibly last) "real job."
If you're thinking about taking on "value-add" projects—and you probably should be—listen close to hear these two rookies walk us through their process!
In This Episode We Cover:
- How Arvi and Dave wound up as real estate investors just a year out of college
- How they work with contractors, step by step
- Dave's "25-25-50" payment plan for contractors
- The different stages involved in renovating a house
- Red flags to look for when inspecting work
- Due diligence and permits
- Transforming a single-family home into a duplex
- Raising private money as a newbie
- Renting staging furniture from companies like Rent-A-Center
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- Felipe's Instagram
- Ashley's Instagram
- BiggerPockets Podcast
- Rookie Podcast 09: Finding Off-Market Deals, Step by Step with Ryan Dossey (Mentor) and Drew Wiard (Mentee)—Part 1
- Rookie Podcast 13: How Drew Pulled 6 Deals From His First Direct Mail Campaign With Ryan Dossey (Mentor) and Drew Wiard (Mentee)—Part 2
- BiggerPockets Forums
- Rent-A-Center
- Rookie Podcast 15: 5 Steps to Reach Financial Freedom in 15 Years Through Long-Distance Investing With Elyse Rasmussen
- Rookie Podcast 17: 3 Rentals in His First Year & the Power of a Real-Life 'Rich Dad' Mentor with Derrick Ziglar Jr.
Check the full show notes here: https://www.biggerpockets.com/rookie19
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
She read Rich Dad Poor Dad, got angry at herself for not having built multiple income streams... and decided to do something about it!
Tricia Baxter is a real estate rookie who got in the game in her mid-40s. In this episode, she shares how she built a healthy portfolio of small multifamily properties on the Jersey Shore.
Tricia's a busy professional with her own law practice, but she still decided to self-manage when she got started—namely, to learn the ropes and create standard operating procedures, which came in handy when she eventually hired a property manager (spoiler: that's her MVP!).
This episode is full of great tips for anyone who aspires to treat their real estate investing like the business it is!
In This Episode We Cover:
- Self-managing your first property as a learning exercise
- Why Tricia chose to buy long-term rentals in a touristy area
- How she finds great vendors using private Facebook groups
- How to handle raising below-market rents
- Her tips for financing deals creatively
- Juggling real estate with a demanding career
- The importance of multiple income streams
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- Felipe's Instagram
- Ashley's Instagram
- BiggerPockets Podcast
- Tony Robbins
- Robert Kiyosaki
- BiggerPockets Insights
- BiggerPockets Wealth Magazine
- BiggerPockets Calculators
Check the full show notes here: http://biggerpockets.com/rookie18
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
From humble beginnings... to Division 1 football, military service, and now three rental properties in his 20s!
Derrick Ziglar Jr. is a man on a mission, and today he shares how he converted a wrong turn into a $30K duplex purchase that kick-started his journey toward generational wealth.
If you're interested in securing your financial future, then don't miss Derrick's tips on how he finds deals, how he uses a personal line of credit, and the lessons he's learned about managing contractors.
Plus, we go in-depth on how he built a life-changing relationship with a mentor/father figure and the importance of casting a long-term vision for your real estate business—no matter your goals.
Derrick is an impressive rookie investor, and he doesn't hold back in this one... so hit play now. And if you enjoy this episode, please leave us a rating and review in Apple Podcasts!
Links from the Show
- Real Estate Rookie Facebook Group
- Felipe's Instagram
- Ashley's Instagram
- BiggerPockets Podcast
- Zillow
- Redfin
- Audible
- The Biggerpockets Magazine
- Rookie Podcast 15: 5 Steps to Reach Financial Freedom in 15 Years Through Long-Distance Investing With Elyse Rasmussen
- Robert Kiyosaki
- Grant Cardone
Check the full show notes here: http://biggerpockets.com/rookie17
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
What better way to learn a concept than a real-life, real-time case study?
Today, we listen in on rookie investor Jamie Gallagher as he compares and contrasts two markets. Meanwhile, BiggerPockets' data wiz David Meyer is there to walk him (and us) through the numbers.
You'll learn how to use population growth, rent-to-price ratio, rent-to-income ratio, and historical performance to weigh the pros and cons of various markets so you can compare apples to apples.
These aren't the only factors to consider, but this episode will give you a solid grasp of the basics and put you way ahead of most investors in your search for a market that makes sense for you and your goals.
Be sure to check out BPInsights, the new Pro member benefit bringing you fresh, local real estate data, at biggerpockets.com/insights (use the promo code "ROOKIES" for a discount if you're upgrading to Pro!). And you can find more of David's work in BiggerPockets Wealth magazine at biggerpockets.com/magazine.
In This Episode We Cover:
- The most important data points to consider when choosing a market
- What rent-to-price ratio is
- What rent-to-income ratio is
- How to look at a market's performance throughout economic cycles
- How job and population growth affects appreciation
- What types of employers to look for
- Quality of life factors
- Analysis of Cleveland vs. Columbus, Ohio
- Advice for a future house hacker
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- Felipe's Instagram
- Ashley's Instagram
- BiggerPockets Podcast
- Rookie Podcast 15: 5 Steps to Reach Financial Freedom in 15 Years Through Long-Distance Investing With Elyse Rasmussen
- BiggerPockets Wealth Magazine
- BiggerPockets Pro
- Case-Shiller Index
- BiggerPockets Insights
- Zillow
- BiggerPockets Calculators
- BiggerPockets Podcast 379: What the Numbers Reveal About Today’s Rents, Prices, and Top Cashflow Markets with Data Scientist Dave Meyer
Check the full show notes here: http://biggerpockets.com/rookie16
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
In 2017, she had done zero deals. Today, she's got 20 units and is nearing her goal of financial freedom by age 45.
In this episode, Elyse Rasmussen shares five tips for rookies interested in long-distance investing... although each can easily be applied to investing in your own backyard, too.
Check out her Instagram page @investingforfinancialfreedom for some #landlordmemes, and be sure to join the Real Estate Rookie Facebook group to tell us what you think of this episode!
In This Episode We Cover:
- Elyse and her husband's plan to reach financial freedom by age 45
- What to look for when choosing a market out of state (climate, natural hazards, tax policies, etc.)
- Joining a network of long-distance investors to find referrals
- Finding and vetting a dual property manager/real estate agent
- Her approach to insurance policies for 19 properties
- Buying properties at online auction, step by step
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- Felipe's Instagram
- Ashley's Instagram
- BiggerPockets Podcast
- How to Buy Real Estate & Build Your Portfolio Fast! ("The Stack!")
- Marshall Reddick
- BiggerPockets Glossary
- BiggerPockets Guest
- National REIA
- Meetup App
- BiggerPockets Events and Happenings
- Brandon Turner's BiggerPockets Profile
- Auction.com
- Xome
- Cashflow Quadrant
Check the full show notes here: http://biggerpockets.com/rookie15
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Between his career and a podcasting side hustle, Robert Leonard's a busy guy. So how does he—and how can you—build a small but mighty rental portfolio in your spare time?
For Robert, it comes down to 4 major elements:
-
Use a series of house hacks to lower expenses and build equity.
-
Find an MVP real estate agent.
-
Align with a partner.
-
Invest out-of-state.
In this episode, Robert goes into detail on each of the above and explains how they helped him break through "analysis paralysis" in his early 20s. If you pick just one of these strategies and do it well, you'll be way ahead of the game. When you combine several, you're on your way to financial freedom.
Be sure to check out Robert's two podcasts, Millennial Investing and Real Estate Investing over on The Investor's Podcast Network, and subscribe to Real Estate Rookie so you won't miss our next show.
Links from the Show
- Real Estate Rookie Facebook Group
- Felipe's Instagram
- Ashley's Instagram
- Rookie Podcast 11: Using Home Inspections to Spot “Deal Killers” and Negotiate Better Prices with Rose Buckley
- BiggerPockets
- REI013: Getting Started in Rentals and Flips With J Scott
- City Data
- Axiom Bank
- BiggerPockets Bookstore
- BiggerPockets Podcast
- Cozy
- Stessa
- BiggerPockets Podcast 383: Finding Your Perfect Partner and the Top 6 Factors When Choosing a Market with Ben Leybovich & Sam Grooms
- Zillow
Check the full show notes here: http://biggerpockets.com/rookie14
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Everything you've ever wanted to know about direct-to-homeowner marketing... but may have been afraid to ask!
From exactly what Drew writes in a letter, to how he builds rapport when running an appointment, to making offers and getting to the closing table, it's all here in plain English.
This episode follows up on show #9, where mentor/mentee duo Ryan Dossey and Drew Wiard broke down how Drew built a brand and zeroed in on his target market. Today, they walk us through everything that happens after a lead comes in, including how Drew was able to close three deals and get three more under contract in the past three months—despite the pandemic.
If you're tired of seeing all the good deals go to other investors, take matters into your own hands and put some of their tips into action! And be sure to subscribe to Real Estate Rookie in your favorite podcast app so you won't miss the next one.
In This Episode We Cover:
- Drew's results from his first direct mail campaign
- Marketing to an "absentee owners with equity" list
- Keeping your marketing message simple
- Why Drew's letters don't acknowledge the homeowner's hardship
- Why response rate is the wrong metric to focus on
- Using "75% of ARV minus repairs" to formulate offers
- Overcoming objections when you're negotiating a price
- Putting an inspection period in your contract
- Finding real estate agents who work with cash buyers
- Drew and Ryan's personal real estate investing MVPs
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- Felipe's Instagram
- Ashley's Instagram
- Rookie Podcast 09: Finding Off-Market Deals, Step by Step with Ryan Dossey (Mentor) and Drew Wiard (Mentee)—Part 1
- Rookie Podcast 12: What Works (and Doesn’t) in a Recession & the Untold Story of J Scott’s Messy First Flip
- Rookie Podcast 11: Using Home Inspections to Spot “Deal Killers” and Negotiate Better Prices with Rose Buckley
- Build The BEST Cash Buyers List In 2020 (Ryan's Video)
- PropStream
- REsimpli
Check the full show notes here: http://biggerpockets.com/rookie13
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
BiggerPockets legend J Scott was once a rookie, and he's got the stories (and scars) to prove it!
Today J stops by to give us a primer on economic cycles and how they impact real estate investors. You'll learn what to expect when housing prices soften and which strategies work best in each economic phase. Plus, J shares the tale of his first (years-long) flip, tells us what he's learned along the way, and delivers a surprising top tip for today's rookie real estate investor.
For more on this topic, pick up a copy of J's newly updated book Recession-Proof Real Estate Investing here.
In This Episode We Cover:
- Economic cycles throughout history
- Which strategies tend to work well at each point in the cycle
- J's first flip as a complete newbie
- The systems he developed over the years
- How he's shoring up his cash position
- Opening credit lines
- Adjusting to a new lending environment
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- Felipe's Instagram
- Ashley's Instagram
- BiggerPockets Business Podcast
- BiggerPockets Real Estate Podcast
- BiggerPockets Bookstore
- BiggerPockets Forums
- BiggerPockets Blogs
- BiggerPockets Podcast 381: 5 Rules for Investing in a Down Market with Tucker Merrihew
- Rookie Podcast 07: 6 Things New Investors Should Be Doing Right Now
- Brandon's BiggerPockets Profile
- Felipe's Instagram
- Ashley's Instagram
Check the full show notes here: http://biggerpockets.com/rookie12
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
OK, you've got a property under contract. Now the real work begins!
In today's episode, you'll learn all about about a crucial step in the home-buying process: home inspections.
Find out how they work, how much they cost, and how they could wind up saving you a boatload of cash—or help you negotiate a sweet deal!
Rose Buckley is a certified home inspector who has walked 1,000-plus homes. And with her background in teaching and translating, she enjoys breaking down this part of the business for up-and-coming investors.
Rose shares her tips for finding a great local inspector and reveals which defects are no biggie, which are challenging, and which ones can be "deal killers."
And yes. We, too, noticed Rose is a female in a male-dominated profession. That led to a great discussion about how she approaches that challenge, how sometimes it's actually an opportunity, and why training as a home inspector—regardless of your gender—may get you closer to your investing goals.
Subscribe to Real Estate Rookie in your favorite podcast app, and if you enjoyed this episode, please pass it on to just ONE friend or family member who might, too.
In This Episode We Cover:
- What makes a great home inspector
- Using an inspection report in price negotiations
- The most common issues Rose runs into
- Why water is the real estate investor's No. 1 enemy
- The time she spent 8 hours inspecting a single house
- How to spot sloppy work in a house that's been flipped
- Termite and pest infestations
- GFCI outlets in bathrooms and kitchens
- Rose's experience as a female in a male-dominated industry
- How becoming a licensed inspector could make you a savvier investor
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- BiggerPockets Podcast
- HTTV - TV
- Felipe's Instagram
- Ashley's Instagram
- Summer Maintenance Checklist
- Fall Maintenance Checklist
- Winter Maintenance Checklist
- Spring Maintenance Checklist
- Rose in T-Rex Costume (Video)
- Rose's Inspector Story Time (Video)
Check the full show notes here: http://biggerpockets.com/rookie11
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Tony Robinson had every excuse NOT to invest.
Expensive local market? Demanding full-time job? Family responsibilities?
Check, check, and check.
So, how did he pull off his first two deals in a cash flow-friendly market 1,500 miles away?
Today, Tony spills the beans: how he got a bank to loan him 100% of purchase AND rehab cost, how he managed contractors from afar, two crucial lessons he learned on his first deal, and much more.
Tony shares tip after tip for investors like you—especially if you live in a pricey area (he lives in Southern California and invests in Shreveport, Louisiana).
Plus, he dives into the mindset shifts that helped him break through—and how becoming a father at a young age led to a goal of achieving financial independence.
We guarantee you'll get value out of this episode. If you agree, subscribe to the show and give us a rating and review in Apple Podcasts. See you next Wednesday!
In This Episode We Cover:
- How Tony got past a failed first deal
- Zeroing in on one zip code when looking for deals
- Why he chose to invest in Shreveport, LA
- How he pulled his money out by refinancing
- Why real estate is "80% mental"
- Finding a real estate agent and property manager out-of-state
- Managing renovations remotely using FaceTime
- How a local bank funded 100% of his projects
- How a construction loan works and what "draws" are
- Analyzing local rents
- Why he locked in his tenants on a 2-year lease
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- BiggerPockets Podcast
- Rookie Podcast 08: Why Pay Someone Else’s Mortgage? Ditching $20K/Year Rent with Mallori and Lucas
- Brandon Turner's Instagram
- Zillow
- BiggerPockets Forums
- Cashflow Game
- BiggerPockets Conference
Check the full show notes here: http://biggerpockets.com/rookie10
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Can't find deals on the MLS? Dreaming about off-market deals, but not sure how to go after them?
Today's show lays out a step-by-step, repeatable strategy for those of you who have what it takes to approach homeowners directly. It's not easy. It takes patience. And It costs money (or time). But for those precise reasons, it's where the real money is.
Today we bring in Drew Wiard, a Fort Wayne, IN investor with a family and a full-time job. He's joined by his mentor, Ryan Dossey, a former BiggerPockets Podcast guest who built his 100+ unit portfolio by creating a pipeline of off-market deals.
The guys walk us through how to build a brand that stands out from the competition, how to establish authority online, and how to pull lists full of juicy leads. This is not vague advice... they reveal the exact systems and resources they're using to find and contact sellers (not all of whom fit the "desperate/distressed" stereotype, by the way)!
Plus, we have a great conversation about mentoring in general – how to find and vet teachers, how to deliver value, and how to hold one another accountable along the way.
This is actually Part 1 in a series; we're going to invite Drew and Ryan back next month to tackle the second piece of this puzzle: handling leads, negotiating with sellers, and crafting your exit strategy.
If you think you have what it takes to find off-market deals, this episode is a perfect starting point. Be sure to subscribe to the show in your favorite app, and we'll see you next Wednesday!
In This Episode We Cover:
- Building a local community-oriented brand when marketing to sellers
- How to differentiate yourself from other "We Buy Houses" competitors
- Setting up a Carrot website
- Creating a web presence to build authority
- How to identify the hottest zip codes in your area
- Building "niche" marketing lists using online public records
- How to generate off-market leads without quitting your day job
- Eye-catching direct mail pieces
- The Customer Relationship Management (CRM) system Ryan and Drew use
- How Ryan holds Drew accountable to his goals
- How to bring value to your mentor
- How Drew makes time for investing despite having a demanding job and a family
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- BiggerPockets Podcast
- Ryan's Member's Blog
- Carrot
- Monday
- ListSource
- DealMachine
- BiggerPockets Podcast 335: 70+ Units Per Year and How Exactly to Make a Lowball Offer with Ryan Dossey
- How to Find Cash Buyers Tutorial (Max Maxwell)
- REsimpli
- Call Porter
Check the full show notes here: http://biggerpockets.com/rookie9
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Banks tend to love a certain type of borrower... and Mallori and Lucas don't quite fit the mold.
They're not 9-to-5ers. They rely on tips and seasonal work. And they live modestly but aren't swimming in cash. So, when they took the plunge into real estate investing—in pricey Tacoma, Washington—they had some work to do to become "bankable."
Today you'll learn how despite a few roadblocks, they dumped their rent payment and pulled off their first-ever home purchase: a house hack in an up-and-coming area. From shopping around between banks, to securing a "rehire" letter to verify employment, to negotiating "early access" to the property and doing some repairs before closing, this episode is full of great tips for those just starting out.
Also—it's a reminder that "sweat equity" doesn't always mean physical labor. Sometimes it's just as important to stay focused and organized when it comes to the huge amounts of paperwork involved in a real estate transaction!
Let us know what you think of the show in our Facebook group (just search "Real Estate Rookie"), and subscribe so you won't miss out next week. See you Wednesday!
In This Episode We Cover:
- What Mallori and Lucas learned from a first-time homebuyer class
- The mindset shift that helped them overcome their fears
- How they avoided analysis paralysis
- Getting access to a property to do repairs before closing
- How they ensured their property passed the appraisal
- How they got free carpet for their rehab
- How blue-collar workers can be real estate investors, too
- How seasonal workers can make themselves more bankable
- What a "rehire letter" is
- How they analyzed several house hack deals
- Why listings with one Google Street View photo can be hidden gems
- Websites where they check rent comps
- Why their real estate agent turned out to be their "MVP"
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- BiggerPockets Podcast
- BiggerPockets Youtube Channel
- Redfin
- Biggerpockets Calculators
- BiggerPockets Pro
- Washington State Housing Finance Commission
- BiggerPockets Hard Money Lenders
- Zillow
- Hotpads
- Padmapper
Check the full show notes here: http://biggerpockets.com/rookie8
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
If you've been telling yourself, "I'll invest in real estate when prices come down," well... that time may be coming.
So, what should rookie real estate investors be doing now to prepare?
Today we outline six action items—from shoring up your financial position to making yourself an attractive partner. Also, we bring back the "Rookie Request Line" so you can hear Ashley and Felipe's answers to a few questions from the audience.
If you feel stuck, fearful, or just restless while you're cooped up inside... then check out this episode and take action!
If you're enjoying the show, please take 30 seconds to give us an honest review on Apple Podcasts.
See you next Wednesday!
In This Episode We Cover:
- How to secure long-term debt now
- How to make yourself bankable
- Why now is the perfect time to practice analyzing deals
- Why you should take a fresh look at your tenants' leases
- How to make yourself an attractive real estate partner
- What balloon payments are and how to plan for them
- Emergency preparedness procedures
- Getting your mindset right before jumping into real estate investing
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- Dave Ramsey
- Apartments.com
- Rookie Podcast 03: Coronavirus Crash? Dos and Don’ts from Recession Veterans Joe Asamoah and Steve Rozenberg
- Rookie Podcast 06: The Ultimate Beginners Guide to Tenant Screening with Lucas Hall
Check the full show notes here: http://biggerpockets.com/rookie7
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Today we tackle the often-overlooked -- but perhaps most important -- element of real estate investing: actually placing a (great!) resident in your property.
Our guest Lucas Hall built website Landlordology.com (which he later sold to Cozy, where he now works) and is an expert on best practices for landlords self-managing small portfolios (that's you!).
Lucas walks us through his exact process from the moment he lists a property for rent, to the moment he signs a lease -- AND explains what's changed (and what hasn't) since the COVID-19 outbreak began.
Want to avoid evictions and vacancy? Listen up...⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
Lucas has been a landlord for 10+ years, owns 4 properties across 3 states. Yet he still hasn't had to evict anybody. That's not an accident; it's the result of a firm but fair process he follows every time there's a vacancy.
Plus, we add a fun twist toward the end of the episode when a rookie investor -- Andrés Bustamante -- jumps on the call to ask some GREAT questions about his own current search for a tenant.
This is a timeless episode that will be just as relevant years in the future. Check it out now, and subscribe to Real Estate Rookie so you won't miss the next one.
See you next Wednesday!
In This Episode We Cover:
-
The importance of "pre-screening" over the phone
-
Online tools to run background and credit checks
-
Why you should always check an applicant's social media profiles
-
The income-to-rent ratio Lucas uses to qualify tenants
-
Why gathering social security numbers is overrated
-
Photo ID checks
-
Where to find classes on how to be a fair, ethical landlord
-
How to follow fair housing laws
-
What Lucas thinks of "cash for keys"
-
Whether to accept pre-payment of rent
-
Co-signing/guarantor arrangements when a tenant has no income
-
How to show properties during the COVID-19 quarantine
-
Handling late and non-payment of rent
And much more!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Yes, newbies ARE still closing deals out there.
This week, we talk to three up-and-coming investors who either recently closed or are currently under contract on investment properties.
Despite entire parts of the economy being shut down, real estate continues to be classified as "essential" -- and Jeremy Goldizen (Avon, OH), Kristen Johnson (Columbia, SC), and Rafael Estrada (Denver, CO) are all taking advantage.
This episode was streamed as a Facebook live, so our audience pitches in and puts some timely questions to our guests and hosts.
How did Jeremy score a 55% discount on a house he plans to BRRRR?
How did Kristen find the wholesaler who brought her the perfect rental property?
And how did Rafael shift his strategy when coronavirus hit and flipping no longer looked like such a great idea?
Hit play, and get answers to all those questions and more.
Next week, we'll be talking about how to screen and work with tenants in the current environment.
You won't want to miss that one... so subscribe to Real Estate Rookie in your favorite podcast app, and we'll see you next Wednesday!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
In this episode, we hand the mic over to YOU.
Yesterday (March 24) Ashley and Felipe took took live listener calls and real-time questions from Real Estate Rookie Facebook group members.
"Should I go through with my deal?" "How do I handle my short-term rental?" "How are more experienced investors shifting their big-picture strategy?"
Those are just FEW of the questions we take on in this fast-paced episode.
What do you think of this format? Let us know in the Real Estate Rookie Facebook group -- and tell us what topics you want us to tackle next week.
This are disorienting times for investors of ALL skill levels... but by sharing information and resources, we put ourselves in the best possible position to build wealth throughout good markets AND bad.
See you next Wednesday.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
It's a new week... and, seemingly, a new world.
So -- we've got a new (and very fresh) episode for you... with a twist on our usual format.
On Tuesday, March 17, Ashley and Felipe sat down with Joe Asamoah and Steve Rozenberg to discuss the topic on everyone's mind: the COVID-19 outbreak and its inevitable impact on real estate investors.
Think of it as a virtual coaching session with two seasoned, successful investors who have withstood several downturns and lived to tell about it.
Joe and Steve have a combined 50 years of experience under their belts, so they offer a valuable perspective to younger or less experienced investors -- our fearless co-hosts included -- who haven't yet seen a full real estate cycle.
This episode covers it all -- from the mindset successful investors use to accelerate wealth-building through downswings, to the shifting competition you're likely to face, to how to whip your finances into shape and secure lines of credit BEFORE you need them.
Plus -- Joe breaks down how renting to Section 8 voucher holders can be a lifeline during a recession (assuming you do a few things exactly right), and Steve shares his tips for designing systems and checklists (he's a pilot after all!) so you can think clearly... even when you're steering into economic headwinds.
This episode is GOLD for investors on the hunt for their first, second, or third deal in 2020... Stay safe, everyone -- and we'll see you next Wednesday.
In This Episode We Cover:
- Why the first thing we should all do is "take a breath"
- The importance of a well-thought-out business plan
- Learning from local investors who thrived during past crashes
- Why you're likely to see more flippers leasing out houses
- Why taking out a HELOC may make sense right now
- Treating tenants like customers to reduce turnover
- Why Joe believes "your tenant is the true asset"
- What Steve learned from 9/11 and Hurricane Harvey
- Learning from your own (and others') failures
- And SO much more!
Links from the Show
- Rookie Request Line: 1-888-5-ROOKIE to leave a voicemail
- Real Estate Rookie Facebook Group
- BiggerPockets Podcast 356: 30+ Rentals (in a Pricy Market) Through BRRRR and Section 8 with Joe Asamoah
- BiggerPockets Podcast 343: Want to Work Less and Earn More? Think Like a Pilot! With Steve Rozenberg
- National Real Estate Investors Association
- BiggerPockets Events
- Grant Cardone on Multifamily Investing and Why You Should Never Buy a House!
- BiggerPockets Business Podcast
- BiggerPockets Real Estate Podcast
- Mynd.co
Check the full show notes here: http://biggerpockets.com/rookie3
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Ever felt like you're close to breaking into real estate investing, but not quite getting anywhere?
Today's guest, Tim Goutos, was right there with you. But after taking a trip abroad to clear his head, Tim narrowed his focus and went ALL-OUT in pursuit of his first deal.
He talked to everybody about his goal. He went driving for dollars in his hometown of Lake George, NY. Then, after seeing a For Sale By Owner (FSBO) sign, he called the owner on the spot.
What happened next? You'll hear the story in today's episode of the Real Estate Rookie Podcast.
We'll cover how to manage fear when making a cold call, how to crunch the numbers using government tax records, and how to protect yourself against the worst-case scenario.
Plus -- if you know anyone who got burned in 2007-08.. or worry you'll meet the same fate... you'll connect with Tim's story. He had a close relative who lost out in the last downturn, so he had every reason to stay far away. Instead, Tim learned all he could and put together a more conservative game plan.
"Captain Tim" is a relatable, down-to-earth guy... and you can learn a lot from his approach of looking to "get on base" rather than hit a home run right away.
Tell us what you think of this episode in the Real Estate Rookie Facebook group, and subscribe to the podcast in your favorite podcast app so you won't miss the next show!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
How will YOU transition from the "getting educated" phase to taking direct action toward your real estate goals?
Start by taking cues from Lauren and Kyle!
In this premiere episode, they share how they powered through their initial hesitation to build a "small but mighty" rental portfolio in less than 3 years' time... a portfolio that has them well on their way to a life of financial freedom (and maybe even a "boat house!").
You'll love their tips for identifying the right market for you, minimizing risk by house hacking, and leveraging your local meetup group to get the scoop on real estate trends in your area.
Plus, they guide us through their first "true" BRRRR deal—sharing lessons from their experience negotiating directly with a seller, firing a contractor, and finding time to DIY a lot of the renovation, all while juggling two full-time careers.
Lauren and Kyle may seem like sophisticated investors now. But in 2017, they were right where a lot of you are today. By following their roadmap and adjusting it to your market, you too can build a mini-empire that funds the life you dream about.
Make sure to subscribe to Real Estate Rookie in your favorite podcast app, and join our Facebook group (just search "Real Estate Rookie") to continue the conversation. See you next Wednesday!
In This Episode We Cover:
- Lauren and Kyle's backstory
- How Lauren overcame 4-year analysis paralysis
- How Lauren and Kyle balance full-time careers with real estate investing
- How the BRRRR strategy worked for them
- Why they let other investors (their “competition”) walk through their property
- Why their MVP is their real estate meetup group
- Rookie Request Line: "What is your best advice for finding real estate agents who know what they're doing with investors?"
- And SO much more!
Check the full show notes here: http://biggerpockets.com/rookie1
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Coming March 5, from BiggerPockets. Subscribe wherever you listen to podcasts!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.