Real Estate Rookie
By BiggerPockets
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Jb
Dec 21, 2020
Good to know info for newbies.
Description
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.
| Episode | Date |
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Rookie Reply: Should You Rent to a Bankrupt Tenant?
00:13:09
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 Youtube Channel Real Estate Rookie Facebook Group 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. |
May 21, 2022 |
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Ditching the "American Dream" & Finding Ways to Live a Wealthier Life
01:00:34
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 and realize 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 flow and 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 Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group David Greene's BiggerPockets Profile Rookie Reply: How Much Cash Flow Do You Need to Quit Your W2? w/Daryl Clinch Find Money, Partners, & Deals Using The “D.A.D System” w/ Mike Michalowicz Connect with Omid: 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. |
May 18, 2022 |
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Rookie Reply: Rent Out Your Primary Residence or Sell and Buy Rentals?
00:08:54
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 Youtube Channel Real Estate Rookie Facebook Group 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. |
May 14, 2022 |
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9 Doors While Deployed and Investing from Afghanistan, Iraq, and Africa
00:52:44
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 Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group The BiggerPockets Conference 2022 Connect with Caleb: 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. |
May 11, 2022 |
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Rookie Reply: How to Buy Your First Rental With No (or Low) Money Down
00:09:25
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 Youtube Channel 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. |
May 07, 2022 |
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From Freak to Financially Independent & Beating the Average Joe to $1M
00:51:15
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 Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group The Real Estate Robinsons Youtube Channel Connect with Dan: 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. |
May 04, 2022 |
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Rookie Reply: Why Real Estate Debt Isn’t So Scary
00:09:41
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 Youtube Channel Real Estate Rookie Facebook Group Real Estate Rookie Podcast in Apple Podcast 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. |
Apr 30, 2022 |
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Gang Houses, Animals, and 17 Units by Capitalizing on Properties People Avoid
00:58:32
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 Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Connect with Tammy: 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. |
Apr 27, 2022 |
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Rookie Reply: Tony’s Troublesome Shreveport Deal ($29k LOSS)
00:14:59
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 Youtube Channel 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. |
Apr 23, 2022 |
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Changing Their Family's Fate by Building a 600+ Unit Portfolio (At Age 20!)
01:00:04
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 of financial 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 Syndications and 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 Real Estate Rookie Youtube Channel The BiggerPockets Conference 2022 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 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 Instagram The Donis Brothers's Facebook Page The Donis Brothers's Youtube Channel 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. |
Apr 20, 2022 |
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Rookie Reply: How to Structure a Real Estate Partnership
00:16:35
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 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. |
Apr 16, 2022 |
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$1M in Real Estate in Just 1 Year (and How You Can Do It Too!)
00:52:15
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 Real Estate Rookie Youtube Channel Rookie Podcast 55: Combining House Hacking and Live in Flips with Tyler Madden Connect with Tyler 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. |
Apr 13, 2022 |
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Understand ANYONE Around You (Including Yourself!) Using One Simple Tool w/Nick Baumgart
00:44:05
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 Tyler Madden's BiggerPockets Profile 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. |
Apr 09, 2022 |
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The 2022 Housing Market Explained: Is Now a Good Time to Buy? w/Dave Meyer
00:54:54
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 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 Real Estate Rookie Facebook Group Real Estate Rookie Youtube Channel Stop Waiting for a Housing Crash (Do This Instead) Connect with Dave 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. |
Apr 06, 2022 |
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Rookie Reply: ARM vs. Fixed-Rate Mortgages (Which Is Better For Cash Flow?)
00:10:47
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 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. |
Apr 02, 2022 |
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From Flight Nurse to Financially Fruitful Landlord with 7 Units (in 2 Years!) w/Stacey Stegenga
00:50:07
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 Scott Trench's BiggerPockets Profile Tyler Madden's BiggerPockets Profile Real Estate Rookie Facebook Group Real Estate Rookie Youtube Channel Connect with Stacey 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. |
Mar 30, 2022 |
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Rookie Reply: How Much Cash Flow Do You Need to Quit Your W2? w/Daryl Clinch
00:23:00
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 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/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. |
Mar 26, 2022 |
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7 Doors in 11 Months While Investing Out-of-State w/ Hashim Ismail
00:50:49
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 Tyler Madden BiggerPockets Profile Real Estate Rookie Facebook Group BiggerPockets Investment Calculators Connect with Hashim 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. |
Mar 23, 2022 |
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Finding Contractors, Renovation Red Flags, and Estimating Rehab Costs (Part 2) w/ James Dainard
00:38:53
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 Biggest Red Flags When Buying a House (Flips and Rentals) 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. |
Mar 19, 2022 |
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A Step-by-Step Guide to Estimating Rehab Costs w/ Master Flipper & Investor James Dainard (Part 1)
00:49:18
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 BiggerPockets Podcast 338: From Red Robin Waiter to 250 Units (Using the MLS) with James Dainard Connect with James 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. |
Mar 16, 2022 |
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Rookie Reply: How Do I Escape My 9-5 with Real Estate Investing?
00:11:50
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:
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 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. |
Mar 12, 2022 |
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Using Short-Term Rentals & House Hacks to Become Financially Free in 2 Years w/ Andrew Bresee
00:54:54
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 Brandon's BiggerPockets Account Real Estate Rookie Facebook Group BiggerPockets Real Estate Rookie Youtube Channel BiggerPockets Investment Calculators 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. |
Mar 09, 2022 |
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Rookie Reply: Permitting Problems and Finding Hard Money Lenders
00:13:29
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 Rental Property Calculator BiggerPockets Real Estate Investing Bootcamp 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. |
Mar 05, 2022 |
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Using Calculated Risk to Acquire 17 Doors In Under a Year (at Age 24!) w/ Grace Gudenkauf
00:40:31
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 Real Estate Rookie Facebook Group BiggerPockets Real Estate Rookie Youtube Channel BiggerPockets Podcast 109: From Sleeping in His Car to Multi-Unit Landlord & The "Nomad" Strategy 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. |
Mar 02, 2022 |
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Rookie Reply: How to Borrow Money for Down Payments (and Pay it Back!)
00:08:30
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 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. |
Feb 26, 2022 |
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Building an Out-of-State Empire by Using the Right Type of Real Estate Agent w/ Sarah Weaver
00:43:17
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 Real Estate Rookie Facebook Group BiggerPockets Real Estate Rookie Youtube Channel BiggerPockets Podcast 563: W2 retired and Traveling the World with Just 15 Units w/ Sarah Weaver BiggerPockets Investment Calculators 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. |
Feb 23, 2022 |
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Rookie Reply: The Best Career Moves for an Aspiring Real Estate Investor
00:15:44
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. |
Feb 19, 2022 |
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The 4 Keys to Perfect Property Management & Live in Flipping as an Army Man w/ Adam Widder
00:46:07
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 Real Estate Rookie Facebook Group Brandon's BiggerPockets Account National Apartments Association BiggerPockets Rookie Youtube Channel 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. |
Feb 16, 2022 |
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Rookie Reply: What’s The BEST Vacation Rental Loan?
00:12:18
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 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. |
Feb 12, 2022 |
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Progress Over Perfection: Building Wealth w/o Any "Home Run" Properties w/ Ali Garced
00:52:23
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 Real Estate Rookie Facebook Group 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. |
Feb 09, 2022 |
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Rookie Reply: Is Investing with Family Members a Mistake?
00:14:10
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 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. |
Feb 05, 2022 |
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20 Deals in a Year as a Professional Basketball Player w/ Terry Harris
00:52:45
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 Real Estate Rookie Facebook Group Rookie Podcast 91: 8 Units, 10 Wholesale Deals, and $0 Spent on Marketing w/ @Liliinvests 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. |
Feb 02, 2022 |
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Rookie Reply: How to Fund Real Estate Deals (and Scale Bigger!)
00:17:02
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 Rookie Podcast 102: $10M Profit On Her First Deal?! It’s Possible with Campground Investing 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. |
Jan 29, 2022 |
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28 Units as a Full-Time Surgeon and Escaping the “Golden Handcuffs” w/ Daniel Shin
00:51:24
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 Real Estate Rookie Facebook Group Rookie Podcast 55: Combining House Hacking and Live in Flips with Tyler Madden Brandon Turner's BiggerPockets Account Scott Trench's BiggerPockets Account Mindy Jensen's BiggerPockets Account 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. |
Jan 26, 2022 |
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Rookie Reply: Which Rent Numbers Can You Trust When Analyzing a Deal?
00:15:08
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 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. |
Jan 22, 2022 |
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55-Unit "Mobile Home Queen" and The Nightmare 17-Month Rehab w/Emily Fackler
00:55:18
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 Real Estate Rookie Facebook Group Rookie Podcast 91: 8 Units, 10 Wholesale Deals, and $0 Spent on Marketing w/ @Liliinvests 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. |
Jan 19, 2022 |
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Rookie Reply: Should You Buy a Rental Before Buying Your Primary?
00:09:35
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. |
Jan 15, 2022 |
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13 Flips as a Full-Time Flight Mechanic and Part-Time Lender w/ Anthony Michael
00:56:11
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 Real Estate Rookie Facebook Group 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. |
Jan 12, 2022 |
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Rookie Reply: How Tony Robinson Lost His Job (and Found His Freedom)
00:16:43
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 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. |
Jan 08, 2022 |
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Leaving the 9-5 Office Life to Start a Mother-Daughter Flipping Business
01:06:08
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 Real Estate Rookie Facebook Group Rookie Podcast 109: From Sleeping in His Car to Multi-Unit Landlord & The “Nomad” Strategy 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. |
Jan 05, 2022 |
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Rookie Reply: 6 Short-Term Rental Tips from Tony J. Robinson
00:23:47
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 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. |
Jan 01, 2022 |
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High Salary? No Thanks, I'd Rather Be Wholesaling w/Aaron Latal
00:49:39
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 Real Estate Rookie Facebook Group BiggerPockets Podcast 494: The Five F-Words Every Real Estate Investor Needs to Master BiggerPockets Podcast 480: Making $200k a Month After Being on the Verge of Bankruptcy 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. |
Dec 29, 2021 |
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Rookie Reply: Do You Have to Put 20% Down on an Investment Property?
00:09:03
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 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. |
Dec 25, 2021 |
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3 Biggest Real Estate Lessons We Learned in 2021 w/Ashley Kehr and Tony Robinson
00:45:54
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 The Real Estate Robinsons Youtube Channel AJ Osborne's Self Storage Conference 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. |
Dec 22, 2021 |
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Rookie Reply: Seller Financing 101
00:13:41
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 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. |
Dec 18, 2021 |
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The Best Tax Benefits of Rental Property Ownership w/ CPA Ana Klein
00:48:43
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 Real Estate Rookie Facebook Group 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. |
Dec 15, 2021 |
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Rookie Reply: How Do I Find Rental Comps for My Property?
00:10:18
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 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. |
Dec 11, 2021 |
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Turning $3,000 into 10 Doors (As a Former Parolee)
00:50:45
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 Real Estate Rookie FaceBook Group Rookie Podcast 129: 5 Properties After Spending 8 Years in Prison (With ZERO Credit!) 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. |
Dec 08, 2021 |
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The 6-Step Process for Buying Your First Rental Property
01:22:07
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 Real Estate Rookie FaceBook Group BiggerPockets Newbie Worksheet 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. |
Dec 04, 2021 |
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2 Houses Flipped as a Part-Time Real Estate Agent & Full-Time Father
00:51:28
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 Real Estate Rookie FaceBook Group Rookie Podcast 55: Combining House Hacking and Live in Flips with Tyler Madden 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. |
Dec 01, 2021 |
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Rookie Reply: Loan Amortization and Balloon Payments Explained
00:07:39
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. |
Nov 27, 2021 |
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From Server to Landlord with 10+ Units at 24 Years Old
00:47:22
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 Real Estate Rookie FaceBook Group Rookie Podcast 125: Using OnlyFans to Fund Ownership in Her First BRRRR w/ Brin Amberlee 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. |
Nov 24, 2021 |
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Find Money, Partners, & Deals Using The “D.A.D System” w/ Mike Michalowicz
00:45:30
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 Real Estate Rookie FaceBook Group 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. |
Nov 20, 2021 |
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4 Units At 20 Years Old & Ditching Med School for Multifamily
00:57:05
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 Real Estate Rookie FaceBook Group Graham Stephan's Youtube Channel Rookie Podcast 102: $10M Profit On Her First Deal?! It’s Possible with Campground Investing 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. |
Nov 17, 2021 |
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Rookie Reply: How to Spot Scam Wholesale Deals
00:08:34
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. |
Nov 13, 2021 |
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5 Properties After Spending 8 Years in Prison (With ZERO Credit!)
00:55:26
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 Real Estate Rookie FaceBook Group Rookie Podcast 109: From Sleeping in His Car to Multi-Unit Landlord & The “Nomad” Strategy 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. |
Nov 10, 2021 |
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Rookie Reply: Finding & Financing Bigger Real Estate Deals
00:26:22
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 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. |
Nov 06, 2021 |
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Buying Property While Stationed Overseas (and a $40k Rookie Mistake!)
00:55:17
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 Real Estate Rookie FaceBook Group 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. |
Nov 03, 2021 |
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Rookie Reply: Want to Be a Full-Time Investor? Learn These Skills!
00:24:33
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 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. |
Oct 30, 2021 |
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Using OnlyFans to Fund Ownership in Her First BRRRR w/ Brin Amberlee
00:43:17
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 Real Estate Rookie FaceBook Group Rookie Podcast 123: ‘Building’ Wealth as a 24-Year-Old with 12 New Construction Projects 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. |
Oct 27, 2021 |
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Rookie Reply: Tony & Ashley Talk Challenges They Face Today
00:15:24
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 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. |
Oct 23, 2021 |
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‘Building’ Wealth as a 24-Year-Old with 12 New Construction Projects
00:44:59
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 Real Estate Rookie FaceBook Group 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. |
Oct 20, 2021 |
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96 Units in 5 Years By Combining Long & Short-Term Rentals
00:42:28
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 Real Estate Rookie FaceBook Group 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. |
Oct 16, 2021 |
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The Biggest Takeaways from BPCon 2021 | Live Host Panel from NOLA
01:34:29
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 Kevin Leahy's BiggerPockets Profile Mark Ferguson's InvestFourMore Wendy Papasan's LinkedIn Profile Rickey Rodriguez's BiggerPockets Profile Joe Asamoah's BiggerPockets Author Profile Steve Rozenberg's BiggerPockets Profile InvestHer's Partnership Question Guide Dave Ramsey's Personal Website Matt Faircloth's BiggerPockets Author Profile The Real Estate InvestHER Community Connect with the BiggerPockets Hosts: BiggerPockets Real Estate Podcast Listen to the BiggerPockets Podcast Brandon's BiggerPockets Profile BiggerPockets Money Podcast Listen to the BiggerPockets Money Podcast Real Estate Rookie Podcast Listen to the Real Estate Rookie Podcast Ashley's BiggerPockets Profile InvestHER Podcast Listen to the Real Estate InvestHER Podcast Andresa'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. |
Oct 14, 2021 |
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10 Units in Multiple States, All in Just Under 2 Years!
00:56:52
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 Real Estate Rookie FaceBook Group Rookie Podcast 51: 18 Deals in 2 Years AND a Full Time Job with Kevin Christensen 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. |
Oct 13, 2021 |
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Rookie Reply: Can I Cash-Out Refi After a 1031 Exchange?
00:08:15
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. |
Oct 09, 2021 |
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A Single-Mom’s Second Chance at Success with Real Estate Investing
00:43:08
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 Real Estate Rookie FaceBook Group Rookie Podcast 109: From Sleeping in His Car to Multi-Unit Landlord & The “Nomad” Strategy Investor Girl Britt's Instagram 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. |
Oct 06, 2021 |
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Stop Scrolling, Start Posting: Social Media for Real Estate Investors
00:42:27
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 Real Estate Rookie FaceBook Group 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. |
Oct 02, 2021 |
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From 0 to 12 Units Overnight and House Hacking a...Farm?
00:49:31
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 Real Estate Rookie Rookie Facebook Group 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. |
Sep 29, 2021 |
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Rookie Reply: Can Agents Help You Find Off-Market Deals?
00:05:31
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 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. |
Sep 25, 2021 |
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The BRRRRent-to-Own Strategy: A Win-Win for Tenants and Landlords
00:35:47
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 Youtube Channel Real Estate Rookie FaceBook Group 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. |
Sep 22, 2021 |
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Rookie Reply: Should I Get Preapproved From Multiple Lenders?
00:12:36
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 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. |
Sep 18, 2021 |
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The 6 Traits Every New Real Estate Investor Needs to Succeed
00:46:12
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 Youtube Channel Real Estate Rookie FaceBook Group Rookie Podcast 91: 8 Units, 10 Wholesale Deals, and $0 Spent on Marketing w/ @Liliinvests 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. |
Sep 15, 2021 |
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Rookie Reply: Should You Invest in an Expensive Real Estate Market?
00:09:11
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 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. |
Sep 11, 2021 |
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26 Doors in 1 Year? Here’s How You Can Do It Too!
00:48:27
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 Youtube Channel Real Estate Rookie FaceBook Group BiggerPockets Podcast 476: Using Partners to Scale & Killing it With Airbnbs w/ Tony J Robinson 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. |
Sep 08, 2021 |
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Rookie Reply: Informing Inherited Tenants of a Change in Ownership
00:09:40
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 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. |
Sep 04, 2021 |
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From Sleeping in His Car to Multi-Unit Landlord & The "Nomad" Strategy
00:49:27
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 Youtube Channel Real Estate Rookie Facebook Group Rookie Podcast 81: David Greene on Where Rookies Go Wrong When Looking for an Agent 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. |
Sep 01, 2021 |
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Rookie Reply: How to Make an Offer on a House (Even If It’s Off-Market)
00:11:54
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 Rookie Podcast 98: Rookie Reply: Lessons Learned from Our First Real Estate Deals 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. |
Aug 28, 2021 |
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10 Income Streams on 1 Property by “Land Hacking” w/ Kai Andrew
00:59:42
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 Youtube Channel 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. |
Aug 25, 2021 |
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Asset Protection for Rookies: 7 Wealth-Saving Answers from an Expert
00:23:48
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 Facebook Group Rookie Podcast 73: Partnerships: What to Do Before You Jump in With Another Investor 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. |
Aug 21, 2021 |
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Don't Lose Your Portfolio to Lawsuits! Here's How to Protect Yourself
00:54:04
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 Facebook Group LLC or Umbrella Insurance: Which Is Better for Investors? 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. |
Aug 18, 2021 |
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Rookie Reply: Do I Need a Lawyer to Evict Tenants?
00:08:49
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 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. |
Aug 14, 2021 |
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From Restaurant Waiter to 100+ Deals in Only 4 Years w/ Derrick Acuff
00:50:49
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 Facebook Group 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. |
Aug 11, 2021 |
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$10M Profit On Her First Deal?! It's Possible with Campground Investing
00:49:49
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 Facebook Group 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 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. |
Aug 07, 2021 |
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Campgrounds: The Investment You've (Probably) Never Thought About
00:52:39
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 Real Estate Rookie Facebook Group 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. |
Aug 04, 2021 |
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Why Brandon Turner Encourages Rookies to "Start Small and Scale"
00:55:04
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 Real Estate Rookie Facebook Group 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. |
Jul 31, 2021 |
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Buying a 51-Unit Property with 0% Interest and No Money Down
00:50:27
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 Real Estate Rookie Facebook Group 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. |
Jul 28, 2021 |
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Rookie Reply: Lessons Learned from Our First Real Estate Deals
00:14:16
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. |
Jul 24, 2021 |
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19 Units in 1 Year and Starting a “Luxury House Hack”
01:04:44
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 Real Estate Rookie Facebook Group BiggerPockets Podcast 476: Using Partners to Scale & Killing it With Airbnbs w/ Tony J Robinson Rookie Podcast 91: 8 Units, 10 Wholesale Deals, and $0 Spent on Marketing w/ @Liliinvests 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. |
Jul 21, 2021 |
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Rookie Reply: How Much do Property Managers Charge?
00:16:25
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. |
Jul 17, 2021 |
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Buying Your Next Home with This Often Overlooked 0% Down Loan
00:51:28
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 Real Estate Rookie Facebook Group BiggerPockets Real Estate Rookie Podcast Rookie Podcast 81: David Greene on Where Rookies Go Wrong When Looking for an Agent 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. |
Jul 14, 2021 |
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Rookie Reply: Should I Invest in Real Estate or Pay Off Student Loans?
00:10:14
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. |
Jul 10, 2021 |
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Stop Making Offers! Here’s What to Do Instead with Erik Wright
00:52:23
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 Real Estate Rookie Facebook Group BiggerPockets Podcast 470: The 7 Tips @investorgirlbritt Used to Go from Amateur to Pro Investor 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. |
Jul 07, 2021 |
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Rookie Reply: How to Fund Rehabs and Renovations
00:05:55
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. |
Jul 03, 2021 |
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8 Units, 10 Wholesale Deals, and $0 Spent on Marketing w/ @Liliinvests
00:50:44
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 The Real Estate Robinsons Youtube Channel 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. |
Jun 30, 2021 |
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Rookie Reply: How to Find the Owner of a Property (Without Being Creepy)
00:11:08
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 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. |
Jun 26, 2021 |
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Buying Non-Traditional Properties as a Rookie Real Estate Investor
00:47:54
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 Youtube Channel 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. |
Jun 23, 2021 |
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Rookie Reply: Analyzing a Short-Term Rental Market
00:10:16
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 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. |
Jun 19, 2021 |
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Couple Leaves Their W2s (During COVID!) To Go Full Time in Real Estate
00:53:18
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 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. |
Jun 16, 2021 |
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Rookie Reply: What Should I Look Out for on Mobile Home Parks?
00:06:46
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:
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
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. |
Jun 12, 2021 |
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Stop Creating Your Own Roadblocks to Investing with Justin Munk
01:00:09
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
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. |
Jun 09, 2021 |
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Rookie Reply: Pros & Cons of Inherited Tenants
00:09:36
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:
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. |
Jun 05, 2021 |
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College Coach with 10 "Doors" Renting By the Room to Students
01:02:52
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
Links from the Show
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. |
Jun 02, 2021 |
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Rookie Reply: How To Split Finances in a Partnership/Joint Venture
00:10:19
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:
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. |
May 29, 2021 |
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David Greene on Where Rookies Go Wrong When Looking for an Agent
00:58:45
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
Links from the Show
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. |
May 26, 2021 |
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Rookie Reply: How Does Property Management Handle Maintenance?
00:11:36
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:
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. |
May 22, 2021 |
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19 Year Old College Student Making $18,000 Per Deal
00:47:54
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
Links from the Show
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. |
May 19, 2021 |
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Rookie Reply: How Do I Estimate Property Taxes?
00:14:55
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:
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. |
May 15, 2021 |
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CPA Answers Depreciation, House-Hacking, and Rookie Tax Questions
00:54:33
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
Links from the Show
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. |
May 12, 2021 |
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From No Experience to Multi-Million Dollar Business with Ellen Bennett
00:39:06
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
Links from the Show
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. |
May 08, 2021 |
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From Working on Oil Fields to Passively Investing in Real Estate with Travis Watts
00:51:37
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
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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. |
May 05, 2021 |
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Rookie Reply: Next Steps After Buying Your First Property
00:15:38
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:
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. |
May 01, 2021 |
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Partnerships: What to Do Before You Jump in With Another Investor
00:52:10
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
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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. |
Apr 28, 2021 |
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Rookie Reply: Cash Out Refinances vs HELOCs | Which Should You Use?
00:09:19
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:
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. |
Apr 24, 2021 |
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Auctions, Section 8 Tenants, and 16 Doors in South Chicago with Martin Neal
01:00:07
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
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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. |
Apr 21, 2021 |
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Rookie Reply: Should I Sell or Rent Out My Primary Residence?
00:10:15
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:
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. |
Apr 17, 2021 |
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Putting Rentals on Autopilot While Living in the Dominican Republic with Becky Nova
01:05:32
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
Links from the Show
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. |
Apr 14, 2021 |
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Rookie Reply: Stop Making Excuses in Business & How to Develop a “Scout Mindset”
00:29:39
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
Links from the Show 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. |
Apr 10, 2021 |
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Moving From Single Family Homes to Self-Storage Units with Dee Brock
01:07:16
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
Links from the Show
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. |
Apr 07, 2021 |
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Rookie Reply: Buying Sight Unseen & Financing Off-Market Deals
00:15:17
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:
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. |
Apr 03, 2021 |
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Multifamily, Mobile Home Parks, and Commercial Deals: All in 2 Years! with Tommy Polise
01:05:01
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
Links from the Show
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. |
Mar 31, 2021 |
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Rookie Reply: How Do I Place Properties Under a Newly Acquired LLC?
00:20:20
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:
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. |
Mar 27, 2021 |
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Diverging From Corporate Life to Flip Houses Full-Time with Sean and Ann Wayne
01:15:58
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
Links from the Show
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. |
Mar 24, 2021 |
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Rookie Reply: What’s The Best Way to Find a Lender?
00:10:38
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:
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 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. |
Mar 20, 2021 |
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Digital Nomad with 15 Units in 5 Different Areas with Michael Su
00:45:59
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
Links from the Show
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. |
Mar 17, 2021 |
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Rookie Reply: How Do I Analyze Short-Term Rentals?
00:16:07
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:
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 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. |
Mar 13, 2021 |
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Rookie First-Time Home Buyer Questions Answered by Scott and Mindy
01:15:09
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:
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
Links from the Show
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. |
Mar 10, 2021 |
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Rookie Reply: Doing The Work Yourself vs. Hiring Out
00:11:21
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:
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. |
Mar 06, 2021 |
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Virtual Assistants, Roach Infestations, and Turnkey Companies with Maria Acosta
00:57:38
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. |
Mar 03, 2021 |
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Rookie Reply: Tips on Owner Financing Then Refinancing Out
00:12:05
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:
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. |
Feb 27, 2021 |
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Combining House Hacking and Live in Flips with Tyler Madden
01:00:49
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:
Links from the Show
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. |
Feb 24, 2021 |
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Rookie Reply: The BEST Apps for Real Estate Investors
00:13:13
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:
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
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. |
Feb 20, 2021 |
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Turning 9-to-5 Burnout into 24 Doors (in a Year and a Half!) with Kristie LeSage
00:52:05
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:
Links from the Show
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. |
Feb 17, 2021 |
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Rookie Reply: My Debt-To-Income is Too High to Get Another Property, How Do I Keep Up the Momentum?
00:13:28
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:
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
Links from the Show 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. |
Feb 13, 2021 |
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18 Deals in 2 Years AND a Full Time Job with Kevin Christensen
01:13:09
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:
Links from the Show
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. |
Feb 10, 2021 |
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Rookie Reply: I Have Analysis Paralysis, What Should I Do?
00:08:21
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:
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
Links from the Show
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. |
Feb 06, 2021 |
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Targeting New Builds to Get Around the W-2 Requirements for House Hacking with Andres Bustamante
01:00:34
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:
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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. |
Feb 03, 2021 |
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4 Ways Newbies Can Finance Deals with Richard Kelly
00:56:09
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:
Links from the Show
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. |
Jan 27, 2021 |
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0 to 7 Deals in a Year Using Other People's Money with Andres Bernal
00:51:39
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:
Links from the Show
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. |
Jan 20, 2021 |
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How an “I Don’t Want to Invest” Couple Became Successful Long-Distance Landlords with Annie and Trey Johnson
00:45:17
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:
Links from the Show
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. |
Jan 13, 2021 |
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On-Air 2021 Goal-Setting and Accountability Plans with Rookie Investors Beth Henson, Jackson Seedott, and Jordan Crockett
00:59:40
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:
Links from the Show
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. |
Jan 06, 2021 |
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The Top 10 Real Estate Rookie Questions Answered by Tony and Ashley
00:51:01
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:
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:
Links from the Show
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. |
Dec 30, 2020 |
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Defeating 5 Years of Analysis Paralysis to Do 4 Deals in 2020 with Jacqueline Smith
00:53:46
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:
Links from the Show
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. |
Dec 23, 2020 |
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Bed and Breakfast House Hacking with Lauren Keen Aumond
00:53:06
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:
Links from the Show
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. |
Dec 16, 2020 |
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Using Hard Money & BRRRR to Go From 2 to 80 Units with Kyle Mack
00:56:31
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:
Links from the Show
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. |
Dec 09, 2020 |
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Using the “AREA” System to Buy 21 Houses in Just a Few Years with Anam and Aamir
00:50:36
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:
Links from the Show
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. |
Dec 02, 2020 |
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$500 Per Door on Multifamily Properties (During COVID!) with Thomas Tsitouridis
00:49:51
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:
Links from the Show
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. |
Nov 25, 2020 |
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Balancing a Career, Family, and Lots of Deals with Active Duty Service Member Adam Whitney
00:45:45
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:
Links from the Show
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. |
Nov 18, 2020 |
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New Co-host Tony J Robinson: Scaling with Short-Term Rentals
00:53:32
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:
Links from the Show
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. |
Nov 11, 2020 |
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Programming Note: Show News
00:00:57
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. |
Nov 06, 2020 |
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Gym Employee on the Path to $2k/Month and "Living for Free" with Gary Janica
00:45:19
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
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. |
Nov 04, 2020 |
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Doubling Cashflow by Renting out Rooms with Pharmacist Ryan Chaw
00:52:37
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:
Links from the Show
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. |
Oct 28, 2020 |
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School Teacher Making $72,000 a Year in Cashflow with Amy Barber
00:49:24
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:
Links from the Show |