Real Estate Rookie
By BiggerPockets
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Reviews: 1
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: How to Buy Rentals Once You’ve Run Out of Cash
00:08:56
This week’s question comes from Jerry through Ashley’s Instagram direct messages. Jerry is asking: I’ve finally made the plunge and bought three investment properties. After I rehab, rent, and refinance them, where can I get more money to invest? Is there a type of loan for investors or do I need to look into a hard money lender? Rental property loans are aplenty if you’ve found the right deal. Most veteran investors already know that once you have a good deal, it isn’t hard to find the money to fund it. But, before you build your rental property portfolio, you’ll need to know which options are out there. Don’t worry, you won’t need to spend months or years saving up for another large down payment. There are quicker ways to build a cash-flowing portfolio. Here are some suggestions:
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 Hard Money Lenders Connect with Ashley and Tony: Check the full show notes here: https://www.biggerpockets.com/blog/rookie-220 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Sep 24, 2022 |
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3 Rentals Right Out of College as a Young Dad and First-Time Landlord
00:52:08
A successful investor finds their “why” where other people find excuses. Real estate investing isn’t without its challenges, but as you overcome more challenges, you become a better investor. Today’s guest’s strong “why” led him to real estate, and it’s what pushes him to break through barriers, overcome obstacles, and build the life he’s dreamed of. Hunter Lewis’ "why" came two weeks before his senior year of college when he found out his girlfriend was pregnant. Knowing he was to become a father forced him to get serious about his future. He found a college mentor that was successful in the commercial real estate space and began working for his company. Hunter then saved up enough to buy his first property in July 2020. Since then, he’s closed on two other doors and is working on his fourth! Hunter became a first-time landlord with his second property, and while it was a challenge initially, he learned more about property management and how to compromise. Becoming a father at a young age also taught him how to take advantage of opportunities and reframe obstacles. As a real estate investor, he’s learned how to structure partnerships with family and the benefits of patience. Hunter is now working towards his five-year goal—$10,000 of passive income per month. In This Episode We Cover Taking advantage of opportunity and finding ways to advance your career Finding your “why” and reframing your obstacles How to structure partnerships with family and significant others Becoming a first-time landlord and how to self-manage your rentals The importance of understanding and watching the market Investing while working full-time and how to use your job to help you invest And So Much More! Links from the Show The Ultimate Property Management Masterclass Connect with Hunter: Check the full show notes here: https://www.biggerpockets.com/blog/rookie-219 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Sep 21, 2022 |
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The One Move That Helped Me 2x My Rental Property Portfolio
00:31:41
Building a rental property portfolio isn’t complicated. You find deals, finance them, buy them, manage them, and repeat. What could be easier? For most real estate investors, it’s not the big steps that stop them from scaling. It’s the little ones. Finding deals means looking through the MLS, cold calling, driving for dollars, or door knocking almost daily. Financing means talking to mortgage brokers, local banks, or investment property lenders. These day-to-day tasks are what make or break your portfolio, so how do you get on top of them? Welcome back to this week’s Rookie Reply, where we’re joined by On The Market co-host, Henry Washington. In only a few short years, Henry has grown his portfolio to over seventy-five doors. With kids at home, a family to take care of, and businesses to manage, how did he scale so fast? He gives his secrets in this episode. And as a bonus for our BPCon2022 attendees, we have some tips for you on how to make the most out of the upcoming convention! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Facebook Group Connect with Henry: Check the full show notes here: https://www.biggerpockets.com/blog/rookie-218 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Sep 17, 2022 |
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16 Units in 3 States as a BiggerPockets Power Couple Working Full-Time
01:04:19
Successful real estate investors don't find success alone. Real estate is a relationship business, so eventually, you need someone— an agent, contractor, cleaning lady, or handyman. At times, your success depends on these people, so you need to build a relationship with them. Once you cultivate a relationship, maintenance becomes the next step, but how do you do that? How do you find the balance between too friendly and impersonal? How do you turn a transactional relationship into a transformational one? Today’s guests, Evan and Katie Miller, have prioritized relationship building in their business and have seen tremendous success. The advantage of investing as a couple is they balance each other out. Evan enjoys numbers, while Katie enjoys working with people—creating the balance they need to be a well-oiled real estate machine. They have sixteen units amongst seven properties in Florida, Denver, and Nebraska. While growing their real estate business, they both work full-time jobs with a baby at home. Katie is the general manager at the BiggerPockets publishing division, which motivated her to invest because she sees the power of real estate every day. Since they still work full-time, they prioritize time management, relationship building, and organization. Evan and Katie hope to hit fifty properties in five years while keeping their full-time jobs. In This Episode We Cover Investing with a spouse or a significant other and how to find balance and set boundaries Appraisal issues and finding creative solutions vs. knowing when it’s time to step away Self-management vs. property management and whether outsourcing is worth it Vetting and finding the right property manager in a new market How to cultivate and maintain relationships both professionally and personally Out-of-state investing, learning how to invest in new markets, and the criteria you should have And So Much More! Links from the Show Real Estate Rookie Facebook Group The Official BiggerPockets Facebook Group Real Estate Rookie Youtube Channel Connect with Evan and Katie: Check the full show notes here: https://www.biggerpockets.com/blog/rookie-217 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Sep 14, 2022 |
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What Makes Rookies Into Millionaires? Quitting What You Hate!
00:43:24
Real estate investors are a hard-working bunch. They put in long hours every day to create passive income and find financial freedom. Many investors resort to doing what they hate, day in and day out, simply to escape the clutches of a nine-to-five job. If you’re a rookie real estate investor, you’re probably the property manager, head of acquisitions, tenant contact, and accountant all rolled into one. But this “all or nothing” way of working could slow you down faster than you know. If you want to take your wealth to the next level, try quitting—it’s what Pat Hiban and Tim Rhode have been doing for decades. As two successful real estate agents, they enjoyed the negotiation games that eventually led to large commission checks. But as the years went by, this non-stop grind took its toll—so much that they both gave up very profitable professions to do what they love. Surprisingly, the “do what you love” lifestyle made them even more money than before! This is all well and good for a couple of veteran investors, but what about our real estate rookies? What about you, listening to this with one, two, or ten deals? How do you take a step back and become a quitter like Pat and Tim? Can you really make more money by doing less, and even if you could, how do you take the first step? In their new book, The Quitter’s Manifesto, Pat and Tim lay out the exact team and strategy you need to go from burnout to big checks with far less effort. In This Episode We Cover How two formal education failures became multimillionaires Going from 100% “obligation” work to 100% “interest” work by doing what you love Finding the “quiet” that brings your best ideas to light Building your team of quitters who will hold you accountable to do less and make more How to find a world-class real estate mentor who will speed up your growth substantially The financial position you should be in before you contemplate quitting And So Much More! Links from the Show Building 61 Different Passive Streams of Income with Pat Hiban Turning $5K Into $5K/Month and Retiring at 40 with Tim Rhode 9 Simple Steps to Finding the Best Real Estate Mentor for You Book Mentioned in this Show The Quitter's Manifesto by Tim Rhode and Pat Hiban Connect with Pat and Tim: Check the full show notes here: https://www.biggerpockets.com/blog/rookie-216 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Sep 10, 2022 |
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How to Become a Real Estate Millionaire (NO Experience Necessary)
01:15:32
Want to become a millionaire? After this episode, you’ll have everything you need to start your journey to a seven-figure net worth through real estate investing. Most people think that to become a millionaire you need to have a high-paying job, a large inheritance, or hundreds of rental properties. This couldn’t be further from the truth, as regular real estate investing allows almost anyone to build wealth, attain financial freedom, and live the life they dream of in only a matter of years. For those who haven’t bought their first investment property, or only have a few, this webinar with Dave Meyer will provide the step-by-step system that’ll take you from onlooker to investor. Dave takes you through the math behind making millions, how to find investment properties worth buying, analyzing real estate in just minutes, and finally, how to repeat the system so you can continuously build wealth no matter what life position you’re in. Stick around until the end as Dave throws in a special gift for our viewers that will help take you from rookie to veteran investor in no time at all. The tools, information, and data found in this episode could help slingshot your wealth to levels you’ve never imagined. So, are you ready to start? In This Episode We Cover How to become a real estate millionaire no matter where you’re starting from Defining your “why” and knowing how much money you want to make How an economic recession could affect real estate investors in 2022 The “crystal clear criteria” every investor must know before buying a rental property Building your real estate “stack” that can make you rich in only a few years How to analyze rental properties for complete confidence in the deal Finding, funding, and financing investment property purchases The fastest way to level up your real estate investing skills so you can reach financial freedom And So Much More! Links from the Show BiggerPockets Rental Property Calculator Connect with Dave: Check the full show notes here: https://www.biggerpockets.com/blog/rookie-215 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Sep 07, 2022 |
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Rookie Reply: How to Build Your Dream Short-Term Rental Team
00:10:55
This week’s question comes from Ricky through Ashley’s direct messages on Instagram. Ricky is asking: I’m about to start my investing journey with short-term rentals. How do I build a real estate team, and which positions should I look for first? On your way to building a short-term rental empire, you’ll need to build out your real estate investment team. These are the people who will help you scale, manage your properties, and handle host headaches that come up, so you can focus on finding better vacation rental properties. If you want to scale like Tony, who’s already at sixteen short-term rental units, you’ll need to invest in the four “buckets." Doing this will free up time for you to run a better business and source bigger deals. Here are some suggestions: Start making checklists, notes, and training videos as soon as you buy your first property Find the things you hate doing and offload them sooner, rather than later Build out your short-term rental core four who can help manage the property while you source deals Start small with a cleaner or maintenance worker and slowly hire out from there And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Facebook Group Find Money, Partners, & Deals Using The “D.A.D System” w/ Mike Michalowicz 21 Real Estate Professionals You Need on Your Team (Updated 2021) Connect with Ashley and Tony: Check the full show notes here: https://www.biggerpockets.com/blog/rookie-214 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Sep 03, 2022 |
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Living for “Free” with 63 Self-Storage Units
01:05:28
The older you get, the more you realize how much life costs. As a kid, it's easy to take for granted the free rent and free meals, but what if you could get back to that? What if you could live mortgage or rent-free as an adult? What if you could have your meals paid for on someone else’s dime? In today’s episode, our guest, Nate Weintraub, shares how he lives for “free” with his three properties that total sixty-five units. With a real estate investor as a father, Nate has always been around rental property investing. He never saw himself getting into real estate until he worked his first W-2. After seeing the realities of a nine-to-five, Nate decided to buy a property after college and pursue real estate. In March of 2020, he put a house under contract in Rochester, New York. Since then, he has purchased a sixty-three-unit storage facility in Alabama and is currently house hacking in Florida. As Nate works toward financial freedom, he has made steps toward reducing his cost of living while still living a life he loves. In addition to being an investor, he does what he loves as a self-employed copywriter—BiggerPockets’ copywriter in fact. At only twenty-four, Nate lives rent-free in his house hack, his rental property covers most of his food, and his real estate investment trusts pay for his car. In This Episode We Cover Analyzing and choosing an out-of-state market to invest in (w/o visiting them) Self-managing and how to build a trusting relationship with your tenants House hacking and how to use it to live rent-free while building wealth Self-storage investing and how to break into a newer, bigger asset class Finding reliable and trustworthy partners and how to manage your partnerships The importance of talking about your real estate aspirations and how to generate more business through conversation And So Much More! Links from the Show $13M in Equity from One Deal & Cash Flowing Despite Being Comatose with AJ Osborne Real Estate Rookie Facebook Group How to Cut Expenses for a Faster Route to Financial Freedom Connect with Nate: Check out the full show notes here: https://biggerpockets.com/blog/rookie-213 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Aug 31, 2022 |
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Rookie Reply: Why "First-Time Home Buyer Loans" Aren’t What You Think
00:08:54
This week’s question comes from Carolyn through Ashley’s direct messages on Instagram. Carolyn is asking: I just bought my first investment property in cash. Am I still considered a first-time homebuyer? What happens if I take out a mortgage on that property? First-time homebuyer loans tend to confuse many real estate rookies. When it comes to first-time homebuyer loans and programs, what options do you have? Some investors think that they can only use loans like the FHA loan for their first home, while others may be enticed by first-time homebuyer programs that boast a lot of benefits, but with a ton of red tape. Which loans work for which investors, and what happens when you want to refinance? Here are some suggestions: Remember that loans like the FHA loan are not reserved for first-time homebuyers Special loan programs designed for first-time buyers could help you fund your down payment, but you’ll want to read the fine print Look for state-specific grants when buying your first home (you could come across some free funds!) If you are going to refinance after a cash purchase, be sure to double-check the “seasoning” period with your lender And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Facebook Group Check the full show notes here: https://www.biggerpockets.com/blog/rookie-212 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Aug 27, 2022 |
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Turning Their Basement Into a $4,500/Month Money Making Machine
01:04:02
While constantly hearing success stories can be encouraging, it can also start to seem unattainable when you don’t know where to start. How did all these successful investors get to where they wanted to be? And if they can do it, why can’t you? Today’s guests, Simon Murillo and Kristina Vaio adjusted their mindset from “why them?” to “why not us?,” which resulted in some serious short-term rental success. It took a while for Simon and Kristina to become cohesive in their real estate partnership. Simon has been interested in house hacking since 2018, but Kristina couldn’t envision sharing her home with strangers. For his first investment, Simon wanted to invest long-distance in his hometown, but Kristina had reservations about investing in a property she couldn’t physically manage. Despite their opposing views on what their first investment would look like, through a lot of communication, education, trust, and compromise, they found an investment they agreed on—their basement. With the help of a rockstar real estate agent, they were able to close on a house in December of 2021. It took a few months of blood, sweat, and tears to set up their basement rental, but within just thirty minutes of posting their short-term rental listing, they got their first booking! Now, they’re averaging about $4,500 each month and are looking for their next home to house hack. They plan on doing this at least two or three times until they’re financially free in their forever home—and you can do it too! In This Episode We Cover Convincing a skeptical partner and how to find compromise through mutual goals How to ease into investing through small steps and self-education Building a team that can help you with your vision—from investor-friendly real estate agents to reliable contractors The benefits of going to investor meetups and being surrounded by similar people with similar goals Managing your short-term rental while balancing your full-time W-2 Increasing the value of your property through unique upgrades and renovations And So Much More! Links from the Show Real Estate Rookie Facebook Group Connect with Simon and Kristina: Check out the full show notes here: https://biggerpockets.com/blog/rookie-211 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Aug 24, 2022 |
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The Rookie’s Guide to Finding Private Money for Your Next Property
00:48:17
The term “other people’s money” is common in the rental property industry. You may hear successful investors use it all the time—but what does it mean? Who are these “other people,” and why are they giving out money so freely? Don’t worry—rich relatives are not necessary for this episode of the Real Estate Rookie Podcast. We’re not talking about taking money from your Grandma. We’re talking about private money lending. Who better to bring on to the show than Alex Breshears and Beth Johnson, authors of the new BiggerPockets book, Lend to Live: Earn Hassle-Free Passive Income in Real Estate with Private Money Lending? Although tailored towards would-be passive private money lenders, Lend to Live drops some serious knowledge that the everyday investor can use. If you’ve ever wanted to know where to find private money, how it works, and how you can use it to grow your real estate portfolio, this episode is a great place to start. Alex and Beth break down the fundamentals behind private money lending, what makes a great private money lender, and how to vet yours when accepting money. Private money can create phenomenal opportunities for active investors, but it comes with legal landmines that are easily activated if you don’t know what to look for. So, before you start accepting money from a local lender, be sure you read Lend to Live first! In This Episode We Cover What makes a great private money lender and the qualifications they should possess Why become a private money lender and who private lending is best suited for How to find private money even if you’re just starting to grow your network Structuring a private money loan and keeping yourself legally protected Private money red flags and what investors and lenders should look out for Points, rates, and other lending lingo you need to know before taking a loan And So Much More! Links from the Show Private Money: What the Experts Warn Against Before You Lend (Or Borrow!) Connect with Alex and Beth: Check out the full show notes here: https://biggerpockets.com/blog/rookie-210 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Aug 20, 2022 |
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A Beginner's Guide to Analyzing Big Deals & Building a “Bulletproof”
00:55:40
As an investor, finding and closing on a deal is only the beginning, and it sets the tone for how the rest of the deal will go. So what criteria should you have to make finding a profitable deal easier? Once you find a deal that's promising, how do you do your due diligence before submitting an offer? In today’s episode, Kenneth Donis shares his bulletproof process for finding and underwriting profitable deals. Kenneth is the Head of Marketing and Acquisitions in the Donis Brothers’ operation. The Donis Brothers have a little more than 1,000 units under their belt and show no signs of slowing down. Kenneth is responsible for finding those deals, underwriting them, and meeting with brokers. With a growing portfolio, Kenneth’s process has become more efficient, and the proof is in their success. Kenneth breaks down his process into three parts—creating criteria, analyzing the deal before submitting the offer, and submitting a letter of intent. He explains how to create a buy box based on your budget and the importance of ensuring your overhead is covered. Taking to heart just a few of the tips that Kenneth shares today could put you on the fast track to closing on your next big investment property! In This Episode We Cover Creating criteria to find great deals based on your goals and budget Defining your ”buy box” and what you should include in yours Multifamily deal analysis and the quotes you’ll need before submitting an offer Drafting the letter of intent and the key elements to a perfect offer How to build lasting and beneficial relationships with mortgage brokers Raising capital from outside sources and using creative financing to fund your deals And So Much More! Links from the Show Changing Their Family’s Fate by Building a 600+ Unit Portfolio (At Age 20!) How a College Dropout Got a Seat at the Millionaire Investor Table Post, Invest, Profit: A Step-by-Step Guide to Content Creating for Investors Connect with Kenneth: 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-209 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Aug 17, 2022 |
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Rookie Reply: Time-Saving Real Estate Accounting Tips for New Investors
00:07:53
This week’s question comes from Aaron on the Real Estate Rookie Facebook Group. Aaron is asking: How do you set up your rental income for tax season? Do you just show your accountant, for example, a Stessa report? Do you give receipts to your tenant when they pay so you have one for tax season? Navigating the world of real estate accounting can be tricky. Do you write everything down by hand or update your numbers in tax software? Ask two real estate experts like Ashley and Tony and you’ll see that there’s usually one clear way to gather up your rental income so your CPA doesn’t have a mountain of paperwork and an avalanche of questions to ask you. Here are some suggestions: Use software like Stessa or QuickBooks to easily track your income/expenses for tax time Send tenants rent receipts (if they ask for them) using software like Apartments.com and RentRedi Keep clear records of how much you received in rent, spent on maintenance, and any amount of vacancy Get your bookkeeping in place from the first property onwards (your future self will thank you) And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Facebook Group
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-208 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Aug 13, 2022 |
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Working Towards Time Freedom "In the Trees" with 3 Treehouse Rentals
01:02:15
As an entrepreneur trying to build wealth, how do you find work-life balance? How do you prioritize your family and life when you work long hours for a better future? Is the time freedom you’re ultimately working towards worth the time you have to give up presently? Amanda Salovitch, today’s guest, shares the balance she’s been able to maintain as a full-time working mom, building a short-term rental business while going from zero to six units in a year and a half. Amanda has been passionate about real estate for a while. She became a licensed real estate agent fresh out of college in 2008. Amanda worked at a brokerage with another recent high school graduate, and when she decided to pursue a career at the bank, she watched him grow his investment career. The bank required a very fast-paced lifestyle, and it wasn’t until the pandemic that she began to slow down and reassess certain aspects of her future. She started listening to the Real Estate Rookie podcast and became inspired. She purchased three long-term rentals shortly after she began listening to the podcast. She then closed on a property with three short-term treehouse rentals with various income-generating activities. While living a hectic investor life, Amanda always includes her kids as much as possible. Her ultimate goal is to have the time and freedom to live the life of her choosing with her family, and with the path she’s on, she’ll be able to achieve it soon! In This Episode We Cover Getting your real estate license and the benefits of being a licensed investor Finding your personalized work-life balance and the importance of having a strong “why” The process of qualifying for a loan and how to qualify for the financing of your choosing The 1031 exchange explained, its benefits, and its shortcomings How to get your spouse on board with investing while communicating your goals Investing while still working your day job and how to manage your time for optimum efficiency And So Much More! Links from the Show Real Estate Rookie Facebook Group Connect with Amanda: Amanda's BiggerPockets Profile Check out the full show notes here: https://biggerpockets.com/blog/rookie-207 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Aug 10, 2022 |
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Rookie Reply: Biggest Red Flags of a Bad Contractor (and How to Fire Them)
00:14:58
Not knowing how to deal with a bad contractor can cost you thousands, if not tens of thousands, on a single deal. The wrong contractor can cause months more of holding time, thousands in materials wasted, and drain your energy when trying to get the project done. But, once you know the common contractor red flags, you’ll be able to spot which workers won’t work out in the future so you can hire the right ones faster. Ashley and Tony both have horror stories when hiring general contractors. They have some crucial tips when hiring a contractor for your next home renovation. Their most important one? Hire slow and fire fast. The wrong crewmember could sabotage your entire real estate deal. Here are some suggestions: Don’t pay contractors per hour and stick to your contractor criteria Stand your ground and don’t second guess yourself if you know how something should be done Never hire the same contractor for another job until they’ve finished the first one Set milestones and benchmarks for the contractor to hit so they stay on-schedule Don’t hire the first contractors available for a job, take your time vetting the crew and general contractor And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Check the full show notes here: https://www.biggerpockets.com/blog/rookie-205 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Aug 06, 2022 |
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Puerto Rican Paradise, Arctic Abodes, and Building "Dream" Vacation Rentals
01:05:20
Sometimes in real estate, less is more, and as the saying goes—quality over quantity. You don’t need a portfolio with 100+ properties if you have a strong cash flow from five. This approach allows less to fall through the cracks and a more personalized experience for the tenant while still building wealth like never before. Today’s guest, Kelly Cronin, explains how she has created Cronin Castles, a variety of unique experiences in various locations, and is now profiting off people’s desire to experience more life. Her current portfolio includes a sea house in Puerto Rico, an off-the-grid dome in Alaska, a tiny home in Utah, and eighty acres in Wisconsin. While Kelly was merely setting her price on listing sites and looking for interesting places, she stumbled on the next big thing. Currently, short-term rental sites are looking for more properties with unique experiences, like Kelly’s, to feature and further differentiate themselves from the competition. Kelly was able to start investing because she saved half of her income. She was able to save an astonishing $110,000 not because of a high salary—in fact, she never hit the six-figure mark—but because she gamified her life. Kelly did this by finding ways to lower her mortgage, save on childcare expenses and use credit card points to cover her travel expenses. Now Kelly can give people the traveling experiences she would want while simultaneously building wealth and changing her financial future. In This Episode We Cover How to research and invest in different markets Cultivating unique experiences and how to market your rentals Managing your rental property remotely and the importance of building a network in the market you choose to invest in Saving fifty percent of your income and how to gamify your life and stretch your money Self-managing your properties and how to stay on top of your rental portfolio And So Much More! Links from the Show Real Estate Rookie Facebook Group 96 Units in 5 Years By Combining Long & Short-Term Rentals Connect with Kelly: Check out the full show notes here: https://biggerpockets.com/blog/rookie-205 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Aug 03, 2022 |
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Rookie Reply: Do New Short-Term Rental Regulations Make Investing Risky?
00:08:11
New short-term rental regulations are sprouting up around densely-populated states like California and New York. These regulations can stop new investors from setting up shop while making established hosts much wealthier. With stricter short-term rental laws, what should real estate investors do to hedge their risk against being stuck with a property that can’t be rented out? Both Ashley and Tony own short-term rentals. Ashley’s is situated in a town with no regulations, while Tony has vacation rentals scattered across multiple markets, each with its own specific ordinances. Tony knows that even with these new laws, there are still steps you can take to ensure that your short-term rental investment isn’t ever at risk of being left empty. Looking into short-term rental markets? Here are some suggestions: Look for established, mature vacation rental markets when starting your search Economic dependency on tourism will most likely make an area more open to short-term rentals Always research the number of short-term rentals an owner can legally own in an area as well as how the permitting process works Stay up-to-date on an area’s short-term rental laws as they are subject to change And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Check the full show notes here: https://www.biggerpockets.com/blog/rookie-204 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jul 30, 2022 |
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The Ultimate Property Management Masterclass
01:00:11
Property management can be one of the more complex decisions when it comes to investing. Do you save money and ensure the job is done exactly how you want it by self-managing, or do you invest in someone with experience and save yourself time, energy, and headspace? Today’s guest, Karen Lane, breaks down property management in bite-size chunks, so whether you’re deciding between property management vs. self-management or hoping to pursue property management already, this episode is perfect for you. Karen has been in property management for commercial real estate for most of her career, so she’s seen it all—including a dead deer carcass in the middle of a shopping center parking lot. She’s worked with private investors on both coasts and internationally. Karen’s abundant experience has made her a wealth of knowledge and the perfect person to learn from. While she has thrived in the property management space, she now hopes to beat analysis paralysis and find her first investment. Karen goes over what it means to be a property manager and how to become one. She also talks about the nuances of juggling the different relationships you need to maintain as a property manager. Today’s episode is the free property management masterclass you don’t want to miss. In This Episode We Cover What it means to be a property manager and how to know if you have what it takes Finding and vetting a property manager to make sure your goals and expectations align How to keep the landlord and the tenant happy and find a middle ground Management agreements and how to understand the property management fees that come along with it How to check for hidden fees as a landlord The most significant things to look for in a property manager to make sure your relationship is successful The ideal reporting structure, the cadence, and what you should include And So Much More! Links from the Show Real Estate Rookie Facebook Group A Step-by-Step Guide to Estimating Rehab Costs w/ Master Flipper & Investor James Dainard (Part 1) Finding Contractors, Renovation Red Flags, and Estimating Rehab Costs (Part 2) w/ James Dainard 18 Deals in 2 Years AND a Full Time Job with Kevin Christensen Connect with Karen: Karen's Property Management Company Check out the full show notes here: https://biggerpockets.com/blog/rookie-203 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jul 27, 2022 |
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Rookie Reply: Is a Cash-Out Refinance Taxable?
00:04:31
This week’s question comes from Brandon on the Real Estate Rookie Facebook Group. Brandon is asking: On a cash-out refinance, is this considered income? If so, will I have to report it on my taxes? Real estate investing provides a lot of tax benefits, some that new investors or everyday homeowners simply don’t know about. One of the greatest tax benefits? No taxes on loans and liabilities! That means that the cash-out refinance can be done without paying any taxes on the cash given to you from the bank. But, there are a couple of ways that you could get snagged during tax season if you don’t follow the right steps. Here are some suggestions: Cash-out refinances are considered debt, not income, from a taxation point of view If you are planning to have your business pay you back for acquisition/renovation costs, be sure you make a record of that so you don’t get taxed on your repayment You may pay taxes on a cash-out refinance if you plan on taking profits from your business As always, consult a tax professional if you have any specific tax questions And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Rookie Reply: Cash Out Refinances vs HELOCs | Which Should You Use? Check the full show notes here: https://www.biggerpockets.com/blog/rookie-202 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jul 23, 2022 |
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Quitting Corporate to Build a 23-Unit Post-Pandemic Rental Portfolio
01:04:55
The beautiful thing about real estate is that there is endless room for growth. While some jobs have a capped amount of opportunity, real estate encourages constant advancement. Today’s guest, Gus Ofili, began his investing journey after the pandemic and now has nine properties with twenty-three units. Gus turned to real estate after deciding to leave his nine-to-five at a bank. He didn’t hate his job, in fact, he was doing very well, but there wasn't adequate room to grow. Gus started realizing he was getting passed up on opportunities by people who dedicated at least a decade of their life to the bank. He couldn't see himself taking ten years of his life for a career milestone—so he quit. Initially, real estate intrigued Gus because of the thrill he got from negotiating. He started taking classes to become a realtor while working his nine-to-five. As an agent, he sold fifty homes in his first year, seventy-one in his second, and 108 in his third year. While he did exceptionally well as a realtor, he wanted a backup plan and knew investing would be a fundamental part of his real estate career. He had the opportunity to sell a five-unit house, but when the first appraisal fell through, he began to see potential in the home, decided to buy it, and as the saying goes—the rest is history. In This Episode We Cover Quitting your nine-to-five and how to prepare to do so How to use social media to gain free exposure and grow your brand Finding a profitable side hustle in real estate and the benefits of becoming a leasing agent Clubhouse and how to use it to learn more, expand your network, and gain motivation Overcoming the fear of buying your first investment property and how to make the transition as smooth as possible And So Much More! Links from the Show Real Estate Rookie Facebook Group Connect with Gus: Check out the full show notes here: https://biggerpockets.com/blog/rookie-201 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jul 20, 2022 |
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Scott Trench’s 10-Step Checklist to Buy Your First Rental Property
01:08:17
You’re here to buy your first rental property. This is the Real Estate Rookie Podcast, and as a rookie, where should you start? Most new real estate investors think that the steps to buying a rental property are simple—find an agent, find a property, buy the property. And although that could buy you a rental property, the chances of you becoming successful are very low. Real estate investing requires much more than just purchasing a property if you’re trying to build generational wealth, financial freedom, and a life that operates on your schedule. It shouldn’t be surprising that the CEO of a company like BiggerPockets is someone who took the slow, yet highly successful route. No raising money on his first deal, no buying multimillion-dollar apartment complexes, no giant yacht, and no private planes. Scott Trench is the epitome of the “grind until you shine” real estate investor. Starting with little-to-no savings, he was able to work his way up to his first rental, his second, and now his thirteenth. To celebrate the release of the updated version of his wildly popular book, Set for Life, Scott has created a ten-step checklist that any new investor should use to get their first real estate investment. These steps were specifically designed for you to not just get one rental, but many more following your first purchase. These are the exact steps Scott took to reach financial freedom in under ten years, and if you follow them as well, you might be able to do it faster. In This Episode We Cover The ten steps to becoming a successful real estate investor (even if you have no experience) Frugality and its impact on how you invest and grow your wealth over time Calculating your dollar per hour cost and choosing whether or not to outsource work The four levers of wealth creation and how to pull them all for fast-paced wealth building How Scott went from entry-level worker to CEO of BiggerPockets in under ten years Building your “investor ability” so you can make smarter decisions faster And So Much More! Links from the Show Real Estate Rookie Facebook Group The BiggerPockets Money Podcast Dave Visaya's Podcast Editing Services From 400 Credit Score to Making $17,000/Month in Passive Income Connect with Scott: Scott's Rookie Readiness Checklist Check out the full show notes here: https://biggerpockets.com/blog/rookie-200 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jul 16, 2022 |
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Post, Invest, Profit: A Step-by-Step Guide to Content Creating for Investors
00:45:08
We are in the age of social media, so how do you use that to your advantage? How do you create a platform that helps you reach your career goals? What content should you create to target your desired audience? Today’s guest, Kerwin Donis, shares how he and his brothers have built the platforms that have helped them partner in over 600 units of apartment syndication deals. The Donis Brothers have a wide range of platforms, from YouTube to TikTok, where they document their journey and share their wealth of knowledge. They have about 12,000 followers on Instagram and 63,000 on TikTok, but their main focus is their podcast. Kerwin, the head of their social media, says their initial goal was to document their journey and build credibility as young investors. While that is still their goal, they have become more strategic about what they post and the audience they post for to grow their platform and their online community. So how do you begin? You begin now—stop waiting! Kerwin emphasizes that when you start, it won't be perfect, and that's okay. Create the content you’d want to consume, aim to entertain and educate, and the rest will come. The benefits of building your platform are endless because you never know who you’re reaching—whether that be a future mentor, partner, or client. There is no better time to start your social media journey and no better place to start than this episode! In This Episode We Cover Building a platform with little knowledge (it’s not as hard as you think) How to manage different social media platforms and decide which one should be your primary focus The various benefits of building a platform and how to get the most out of your platforms Content marketing and how to target your ideal audience Creating content without a big team and how to keep yourself accountable Lead magnets and how to use them to increase your marketing efforts And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group $1M in Real Estate in Just 1 Year (and How You Can Do It Too!) How a College Dropout Got a Seat at the Millionaire Investor Table Lili Thompson's Youtube Channel Your First Real Estate Investment Podcast From Restaurant Waiter to 100+ Deals in Only 4 Years w/ Derrick Acuff How to NOT Go Bankrupt: 5 Mistakes New Investors Make Connect with Kerwin: The Real Estate Monopoly Podcast The Donis Brothers Youtube Channel Check out the full show notes here: https://biggerpockets.com/blog/rookie-199 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jul 13, 2022 |
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Rookie Reply: What To Do When an Appraisal Comes Back Low?
00:06:40
This week’s question comes from Mantas on the Real Estate Rookie Facebook Group. Mantas is asking: My buddy placed an offer substantially above asking price and the seller, before accepting the offer, asked my friend if he would pay the difference if the appraisal came in lower than the offer. Anyone encountered this situation and what would be the best response if any? Ah, the classic appraisal gap/appraisal contingency. During hot housing markets (like we’ve been experiencing over the past two years), these types of offers have become more and more common. A seller wants to be sure that they can get the sales price they want and the buyer often has to pay the price to cover the appraisal difference. But what are some ways to get around this if your appraisal comes back low? Here are some suggestions: Do as much research beforehand so you know an appropriate appraisal value before the appraisal Run comps using real estate data tools (like PropStream) or look up comparable home sales in your area using a listing service Challenge the appraisal buy checking for discrepancies and running comps Get a different appraisal ordered or switch to a more flexible lender if all else fails And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-198 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jul 09, 2022 |
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From the Screen to Short-Term Rentals and How "Stargirl" Started Investing
00:51:45
If you’re unsure about real estate, run the numbers. It’s that simple. Once you run the numbers, you’ll have clarity on which decisions to make and tangible reassurance that you made the right ones. Today’s guest, actress Brec Bassinger, shares how focusing on the numbers has given her the confidence to become the successful investor she is today. Brec’s name may sound familiar to some of you. She’s been the star of Bella and the Bulldogs and the new hit show, DC’s Stargirl. Brec’s interest in real estate began after a trip to Big Bear with her boyfriend when she realized the earning potential of short-term rentals. She decided to buy a condo and had her first short-term rental within six months. The speed at which she got her first deal may seem intimidating, but Brec’s confidence came from the numbers she calculated and the profits she knew she could make. During her first season of Stargirl, Brec had to share a small apartment with her coworker because that’s all she could afford with her fluctuating income. Now she makes more money by living in an expensive high-rise apartment while renting out her old space. Real estate has allowed Brec to supplement her fluctuating income without a W-2 and the freedom to live the life she wants. And even though she plays a superhero, her story proves that you don’t have to be one to invest in real estate. In This Episode We Cover How to confidently close on your first investment property and move past fear Becoming more financially stable by supplementing your income with a passive income stream The importance of running the numbers and how to use the simple rental calculations to make profitable decisions Building a relationship with your property manager and eye-opening questions to ask them How to qualify for loans without a “steady” income And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group 20 Deals in a Year as a Professional Basketball Player w/ Terry Harris From Sleeping in His Car to Multi-Unit Landlord & The “Nomad” Strategy Connect with Brec: Check out the full show notes here: https://biggerpockets.com/blog/rookie-197 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jul 06, 2022 |
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Rookie Reply: How to Use Home Equity to Buy Rentals
00:11:19
This week’s question comes from Tony’s Instagram direct messages! This rookie real estate investor is asking: I have a good chunk of equity in my home, should I pull out cash to purchase a rental property? If not, what should I do with the equity? If you want to know how to use home equity to buy real estate, you need to know your options first. As many homeowners are sitting on massive equity gains, thanks to the past two years worth of price run-ups, they’re asking how they can use this equity to their advantage. For most investors, you’ll have two options in how you take this equity out of your home’s value. But, both of them need to be intelligently evaluated before you make a decision. Here are some suggestions: Look at your current mortgage rate and see if it’s higher or lower than today’s average interest rate to refinance Ask your lender about a HELOC (home equity line of credit) as well as the terms, interest rates, and duration offered Interest rates are likely to rise, so locking down a great rate now may help you in the future Know your exit strategy (flip vs. BRRRR vs. buy and hold) for each different kind of financing option And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Check the full show notes here: https://www.biggerpockets.com/blog/rookie-196 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jul 02, 2022 |
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Financially Free in 2.5 Years by Buying “Low Risk” Rental Properties
00:47:20
You often hear about house hacking as a means to an end, a simple way to start your real estate journey, but what if it could be more? What if house hacking could be your ticket to financial freedom? Today’s guest, Craig Curelop, author of The House Hacking Strategy, shares how he reached financial freedom through house hacking and how to follow along in his footsteps. Craig started where most do, hating his W-2 and working too much. He began researching how to earn a passive income and came across BiggerPockets. Within six months, Craig started working at BiggerPockets, moved to Denver, and decided to start living his life the way he wanted. Using his house hacking strategy, he went from being $30,000 in debt to financial freedom in two and a half years. Before you get into house hacking, you need to understand the basics, and today Craig breaks them down. He goes over the different ways to house hack and its advantages and disadvantages. Craig also talks about how to live with your tenants and the boundaries needed for your ideal house hacking situation. Craig paints the whole picture so you can make an informed decision and decide if house hacking is the way for you to become financially free too (or at least build more passive income)! In This Episode We Cover Why house hacking is ideal for new and young investors and how to get started The different ways to house hack and how to turn an unused space into an income-generating area The noteworthy advantages and disadvantages of house hacking and how to decide if house hacking is for you Living with tenants and how to set landlord boundaries for you and your tenant’s comfort How to vet tenants and red flags to look out for before offering them a lease Collecting rent and the processes to have in place to help you stay in “landlord mode” And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group 10 Income Streams on 1 Property by “Land Hacking” w/ Kai Andrew Connect with Craig: Check out the full show notes here: https://biggerpockets.com/blog/rookie-195 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jun 29, 2022 |
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Rookie Reply: 19 Best Real Estate Investing Apps We Couldn’t Live Without
00:14:50
The best real estate investing apps are ones you could not live without. Whether you’re a full-time real estate investor, managing a few properties, or still trying to get your first deal done, these apps can help you find, manage, and cash flow your rentals quicker. Ashley and Tony both use these apps daily and probably couldn’t run their real estate investment portfolios without them. To help you scale up your real estate investing, Ashley and Tony have written down their most-used real estate investing apps. Now, anytime you see a potential deal, need to chat with a team member, or simply want to time how long you’ve been working at a rental property, you can. Most of these apps are free, so you can download them today, try them out, and buy your first (or next) deal faster! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Building an Out-of-State Empire by Using the Right Type of Real Estate Agent w/ Sarah Weaver Check the full show notes here: https://www.biggerpockets.com/blog/rookie-194 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jun 25, 2022 |
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How a College Dropout Got a Seat at the Millionaire Investor Table
00:57:12
Your connections and relationships are invaluable in real estate, so how do you get to know the right people? How do you build a lasting, mutually beneficial relationship? The answer is simple—you show up, get your name and face out there, and listen. Building a network can seem intimidating, especially starting from scratch, but today’s guest, Jeffrey Donis, breaks it down step-by-step. Jeffrey Donis of the Donis Brothers is in charge of nurturing investor relations, so networking is his bread and butter. At twenty-three, he has helped his brothers raise enough money to co-sponsor 600 units worth of deals in the last two years. This would have been nearly impossible to achieve in such a short time without the network they built and the relationships they nurtured. Their network didn’t come automatically, and similar to everyone else, they started from scratch and were able to find a way to get themselves out there. The first step is to build your credibility. While there are many ways to do so, Jeffrey explains how to use social media to document your journey and build trust. He also goes into how to navigate networking events and bring value no matter your experience level. The Donis Brothers have become widely successful in a record amount of time, and the way they built their network and brand is a large part of that. In This Episode We Cover Building credibility and how to use social media to do so The 80/20 rule and why it’s an effective way to network and build relationships How to bring value to others (without money!) and maintain a good reputation Overcoming imposter syndrome and how to be more confident in your abilities How to vet potential investors and red flags you should look out for The importance of constant self-education through real estate courses and classes And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Changing Their Family’s Fate by Building a 600+ Unit Portfolio (At Age 20!) How to Find Free Money to Finance Your Education & Avoid Extensive Student Debt Student Loans Update: Repayment, Refinancing, and Potential Forgiveness w/ Robert Farrington Your First Real Estate Investment Podcast Tyler Madden's BiggerPockets Profile Connect with Jeffrey: The Real Estate Monopoly Podcast Check out the full show notes here: https://biggerpockets.com/blog/rookie-193 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jun 22, 2022 |
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Rookie Reply: How to Choose Your Real Estate Investment Strategy
00:13:17
This week’s question comes from Natalie on the Real Estate Rookie Facebook Group. Natalie is asking: How did you narrow your focus to determine your strategy? And how do you get good at analyzing real estate deals? This is one of the most-asked questions we receive. When you’re starting as a rookie real estate investor, every strategy seems like a good one. You may hear a guest on the Real Estate Rookie show talk about wholesaling or flipping or short-term rentals. Before long, you’re already planning your next exciting purchase even if you had another one already in the works. This “shiny object syndrome” is common when getting started, and while it’s good to know about many different investing strategies, changing yours too often can lead you well off the path to financial freedom. Here are some suggestions if you’re torn between strategies and need to up your analysis game: Look at your resources and base your investing strategy upon what makes sense for you specifically Pledge to become an expert in a certain strategy and don’t try building too many bridges Set up a strong foundation in your current investing strategy, then you can pivot wherever you want Practice your deal analysis daily and send your calculations to other investors as a pulse check Get to know your investing area as much as you can (even if you’re remote investing!) And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Check the full show notes here: https://www.biggerpockets.com/blog/rookie-192 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jun 18, 2022 |
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Expedite Retirement & Learn the Secret to Becoming a Top Producer (Quickly)
01:06:16
What differentiates a top producer from everyone else? The most common answer is hard work, ambition, and charisma, but what does that even mean? Hard work, while a universal concept, changes depending on the context, so what does hard work entail in real estate? Today’s familiar guest, David Greene, answers all these questions and more in today’s episode and his new book, SKILL. SKILL is only part two in his three-part book series where David teaches you how to excel as an agent or investor. It follows SOLD, which is all about gaining confidence by learning and understanding the fundamentals of real estate. SKILL then teaches you how to become a top producer and make more money through intelligent negotiation, building trust with clients, and becoming an expert in your field. Ideally, this book is for those with a little experience who want to take their career to the next level. In today’s episode, David shares some of the characteristics of a top producer. He goes over the importance of generating leads and how to do so, building your marketing funnel, and the metrics you should be tracking to find and convert more leads. Instead of telling you how to get better through abstract concepts, David provides concrete step-by-step examples on how to differentiate yourself, so you can beat out the other agents in your area. In This Episode We Cover How to decide if getting your real estate license would be beneficial for you (it’s not the answer you think) Lead generation and how to get your name known How to improve investor and agent communications and find deals that align with your criteria The most important metrics to track if you want to scale your business Lead vs. lag measures and why tracking lead measures get you results sooner Listing presentations, how to hold one, and why they make you stand out as an agent And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group BiggerPockets Real Estate Podcast Connect with David: David Greene Real Estate Youtube Channel Check out the full show notes here: https://biggerpockets.com/blog/rookie-191 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jun 15, 2022 |
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Rookie Reply: What is Due Diligence in Real Estate?
00:25:13
What is due diligence in real estate? If you ask most new investors, they’ll have some sense of what due diligence is, but may be confused about what it really means. Is due diligence when you analyze your deal? Who should you be in contact with during due diligence? How long does a due diligence period usually last? And what happens if your deal turns out to be a dud in due diligence? In reality, due diligence isn’t all that confusing. It’s simply the time that you, and your partners (if you have them), spend inspecting, double-checking, and re-analyzing the deal. The due diligence period is there for the protection of the investor, so you can use everything in your power to confirm that you truly are getting a great deal. But, before you start calling inspectors, make sure you follow some of these more granular steps that could save you a fortune in the future. Never done due diligence before? Here are some suggestions: Work with a seasoned real estate broker, agent, or attorney who can catch things you won't Double-check that your financing options still stand if you find anything wrong with the property Talk to the local city government or code enforcer to ensure prior work on the property was done correctly Calculate out what the cost of repairs will be for the property once you’ve gotten an inspection Don’t fall in love with a deal and be prepared to walk away if you find something that’ll kill your exit strategies And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Check the full show notes here: https://www.biggerpockets.com/blog/rookie-190 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jun 11, 2022 |
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House Hacking: How to Live for Free and Build Wealth in The Background
01:00:15
House hacking is one of the easiest ways to get into real estate investing. Thanks to its flexible financing options, low down payment loans, and ability to cut your rent in half (or eliminate it), house hacking is truly a phenomenal investing strategy. In short, house hacking is when a homeowner or investor buys a house or multifamily and rents out the other rooms or units while they live in one of them. The house hacking strategy can be mixed and matched in any way you like. Want to live with a bunch of friends? Buy a three or four-bedroom house and rent out the rooms. Want to have a private space for you and your family? Buy a small multifamily and rent out the other units. No matter what you choose to do, house hacking can help speed up your journey to financial freedom. This is done by reducing the amount of money you spend on rent/a mortgage while also giving you serious tax benefits, instant cash flow, and appreciation so you can build wealth in the background. In this how-to episode, Ashley and Tony give you everything you need to find, analyze, finance, and buy a house hack. They go over in-depth real estate analysis so you can confidently bring a deal to your lender, partner, or just have peace of mind that you’re making a smart investment. This single home purchase could change your financial future forever, so what are you waiting for? In This Episode We Cover What is house hacking and the major benefits of hacking your house The four ways to build wealth in real estate and three common rookie mistakes The best ways to fund your real estate deals or house hack property How to analyze your next property using the BiggerPockets real estate calculators Property management 101 and how to manage a rental property How to get your first real estate deal faster with BiggerPockets tools and expert guidance And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group The Real Estate Robinsons Youtube Channel Who Not How: Stop Doing the Things You Hate, Free Up Time, Be Happier and Richer with Dan Sullivan Brandon Turner's BiggerPocket's Profile David Greene's BiggerPocket's Profile Connect with Ashley and Tony: Check out the full show notes here: https://biggerpockets.com/blog/rookie-189 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jun 08, 2022 |
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Rookie Reply: Networking Tips That’ll Increase Your Net Worth
00:16:35
Networking tips only matter as long as they work. Everyone knows the classic ones—bring a business card, wear a nametag, and look people in the eye. But, when you’re meeting with investors who have big portfolios, it can be easy to get flustered all of a sudden. Maybe you run into your dream mentor at your next real estate meetup—what do you do? Both Ashley and Tony were able to buy their first rentals and grow their portfolios thanks to networking. At first, they didn’t know what to do or say, and didn’t have many deals to speak of. But, over time, their net worth grew with their networking skills, allowing them to connect with more investors, find more deals, and build lifelong friendships. They’re testaments that even if you don’t have any deals yet, networking could be what brings you your first! Not used to networking? Here are some suggestions for your next meetup: Sign up for a BiggerPockets meetup in your city and get your tickets to BPCon2022! Don’t stick with your clique, remember that networking is there for you to meet new people Rehearse the question you want to ask if a mentor, speaker, or inspiring investor is at the event Take a break from networking to write down names, lessons learned, and takeaways from conversations Don’t know anyone at the meetup? Join a group (they’ll almost always welcome you openly) And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Tyler Madden's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-188 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jun 04, 2022 |
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Making Twice as Much with Half as Many Doors and 100+ Flips
01:03:05
Cash flow and revenue should always be your main focus, but that’s not always the case. Often, the focus tends to be on the number of doors, with many investors not realizing you can make more with less. Today’s guest, Welby Accely, has mastered the art of maximizing revenue per unit and automating his flips. Despite his primary focus being quality over quantity, Welby has done over 100 flips in just four years! Welby’s success didn’t come overnight, in fact, most of it has come from trial and error. Welby started investing in 2004 without knowing anything about ROI or cash flow, but that didn’t stop him. Unfortunately, this lack of knowledge cost him a fortune in time and money. Fast forward thirteen years, Welby has realized all the detrimental mistakes he was making. The price of his lessons may have been high, but now he knows people with twice as many doors as him that don’t make half as much net income. As Welby says, everything is about the numbers. When you realize this, it’s easier to focus on the properties that generate income and ditch the properties that don’t. Before you focus on the numbers, you need to understand cash flow and depreciation while also figuring out your financial goals and what aligns with them. These two metrics are Welby’s bread and butter. After he understood them, he created a simple formula for his flips and automated everything in his business, allowing him to make more while doing much less. In This Episode We Cover Generating capital through your flips and how to invest that capital to make even more Understanding capital, ROI, and depreciation and the importance of setting your financial goals first How to maximize revenue per unit and focus on the numbers to reach your financial goals How to simplify your scope of work, control your capital, and make your money work for you Building a business model that focuses on maximizing your revenue and simplifying your flips Welby’s flip formula and how to automate your flipping process to get the most out of it And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Scammed, Cheated, But Still Coming Out with 50 units with Welby Accely Connect with Welby: Check out the full show notes here: https://biggerpocket.com/blog/rookie-187 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jun 01, 2022 |
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Rookie Reply: How to Close on Off-Market Properties
00:09:13
This week’s question comes from Aaron on the Real Estate Rookie Facebook Group. Aaron is asking: What paperwork do I need to close an off-market deal? If presenting a cash offer, can it all be done between me and the seller? Do you typically ask for an inspection period? Off-market real estate deals can seem tricky when you’ve never done one before. For the most part, investors only deal with on-market deals where their real estate agent walks them through the closing process. When you’re pursuing off-market deals, you’re on your own (for the most part), but that doesn’t mean that closing on a new deal has to be complicated. Here are some suggestions: Contact local real estate attorneys and escrow offices before closing on a property Remember to include purchase contingencies (like inspections) so you’re not stuck with a bad deal Send in a letter of intent to the seller before presenting a formal offer to see where they stand Consult a real estate attorney to draft up a legal, enforceable purchase and sale agreement When in doubt, lean on your escrow, title company, or attorney for the next steps And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Check the full show notes here: https://www.biggerpockets.com/blog/rookie-186 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
May 28, 2022 |
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11 Doors and Returning to Real Estate After an 8-Year Hiatus
00:44:58
Today’s guest, Alicia Marks, started real estate investing unintentionally in 2011 when she became an accidental landlord. It wasn’t until eight years later, in late 2019, that she decided to intentionally invest in hopes of reaching her financial goals faster. Since then she has closed on five doors, has done one live in flip, and has six more under contract. Besides being a part-time investor, Alicia is also the BiggerPockets Community Manager. This direct connection to the BiggerPockets community has allowed Alicia to get more exposure to the world of real estate investing while also knowing first-hand how useful all the BiggerPockets tools can be. Alicia even found her partner through BiggerPockets! They started with only one deal to test the waters and had a very clear exit strategy in case it didn’t work out. Thankfully they discovered the partnership worked well for both of them, but if it hadn’t, Alicia would have been perfectly fine because of the exit strategy she put in place. After some major life changes, Alicia thought she’d pursue a dental career until she realized the people in the dental field were trying to get out and pursue real estate. It was then that she decided instead of accruing massive debt in hopes of reaching financial freedom, she’d return to real estate after an eight-year hiatus and begin her financial freedom journey right away! In This Episode We Cover The importance of finding a solution-based property manager and how to maintain long-distance communication with them How to find, manage, and build a lasting, beneficial relationship with contractors Exit strategies and why it’s important to have them in place How to plan your exit strategies and how to know when it’s time to implement them The importance of structuring your partnership in a way that aligns with the strengths of you and your partner How to use private lender meetups to your full advantage and finding the perfect private money lender for you And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Is College Worth the Cost? This 30,000 Variable Study Says “Sometimes…” How to Retire Early With Real Estate & Do What Matters More with Chad Carson Ouch! Brandon & David’s 10 Biggest Investing Mistakes (& How to Avoid Them) Connect with Alicia: Alicia's BiggerPockets Profile Check out the full show notes here: https://biggerpocket.com/blog/rookie-185 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
May 25, 2022 |
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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 |