Listen to a podcast, please open Podcast Republic app. Available on Google Play Store.
Jb
Dec 21, 2020
Good to know info for newbies.
Episode | Date |
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292: Rookie Reply: The One Thing You Need to Pay $0 in Income Tax
2536
Want to pay ZERO taxes next year? If you own real estate or are building a portfolio, there’s a good chance that you can legally keep your profits away from Uncle Sam. But you’ll need one thing before you can do so. Our own Tony Robinson plans on using this exact strategy to pay $0 in taxes for this most recent tax year. So, why aren’t all real estate investors doing this? And where do you find the income-tax-free-genie who can help you make your tax burden magically disappear?
It’s Saturday, so a new Rookie Reply is headed your way. This time, Ashley and Tony will touch on mitigating MASSIVE tax amounts using this particular service. Next, what can real estate partners expect when one party puts up the money, and the other puts up the work? For the debt-free disciples, you’ll hear about using a credit card for a down payment and when you know you have TOO much real estate debt. If you want to grow your passive income, pay fewer taxes, and ensure your mortgages ALWAYS get paid, stick around!
If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
How to (legally) eliminate income tax when investing in real estate
Down payments and why you (probably) won’t want to use a credit card to fund yours
Real estate partnership responsibilities and what a money partner’s roles are
Listing your own property for sale by owner (FSBO) vs. using a real estate agent
Rental property debt and what to do when tenants refuse to pay rent
The one question you need to ask a realtor that could lead to a reduced commission fee
And So Much More!
Links from the Show
Find an Agent
Find a Lender
Ashley's BiggerPockets Profile
Ashley's Instagram
Tony's BiggerPockets Profile
Tony's Instagram
Real Estate Rookie Facebook Group
Join BiggerPockets for FREE
Submit Your Real Estate Rookie Question!
Rich Dad’s CPA Shares 5 Steps to Eliminate Income Taxes through Real Estate
How to Buy Real Estate with Your Credit Card
How Much Do You Need For A Down Payment On A House?
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-292
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Jun 03, 2023 |
291: Living for FREE at 22 and Planning to Retire by 30 with Rentals w/Ryan Hughes
3281
Who knew living for free could be as simple as house hacking and renting rooms out to a few college friends? Today’s guest was able to generate enough monthly income from his first real estate deal to cover his mortgage payment each month—and then some!
Welcome back to another episode of the Real Estate Rookie podcast! Ryan Hughes’ real estate investing journey started at the age of fourteen, when his father allowed him to go in on a real estate deal. Naturally, Ryan was ready and eager to start investing in his own rental properties by the time he graduated from college. Within months, he had bought his first investment property, one he conveniently spotted while jogging around his neighborhood. Shortly after closing, Ryan had seven people living in the house and paying rent to fully cover his mortgage payment, utilities, and more.
If you’re interested in living for “free” and attaining financial freedom, you’ll want to hear what Ryan has to share about house hacking, building your real estate network, and how to keep the peace with other tenants. As always, Ashley and Tony have some invaluable insights to share as well—from leveraging debt the right way to finding the best home loan products!
In This Episode We Cover
How to live for FREE by house hacking and renting out rooms
Managing tenants when they live with you (and share your stuff!)
Identifying housing markets where cheap properties will appreciate
Tapping into a real estate agent’s network and leveraging their connections
Using an inspection report to your advantage before closing on a property
How to find a home loan that benefits both the buyer and seller
And So Much More!
Links from the Show
Find an Agent
Find a Lender
Ashley's BiggerPockets Profile
Ashley's Instagram
Tony's BiggerPockets Profile
Tony's Instagram
Real Estate Rookie Facebook Group
Join BiggerPockets for FREE
Analyze Your Own Deals Using the BiggerPockets Rental Property Calculator
Living for “Free” with 63 Self-Storage Units
Follow Ana Karina on Instagram for Real Estate, Tax, and Bookkeeping Advice
Connect with Ryan:
Ryan's YouTube
Ryan's TikTok
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-291
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
May 31, 2023 |
290: Rookie Reply: Best HVACs, HELOCs, and Using Home Equity to Buy Rentals
2732
Want to know how to use your home equity to buy your next rental? You could be sitting on tens of thousands in potential funds that’ll make saving for the down payment MUCH easier. But first, you’ll need to know how much equity you have, the amount you can pull out, and whether or not a HELOC (home equity line of credit) is even worth it. So, if you’re itching to get your next deal faster, stick around! Ashley and Tony will give you the info you need to take your money and multiply it!
Welcome back to this week’s Rookie Reply, where Tony wears a hat! Aside from covering up that beautiful bald head, Tony and Ashley have some solid tips for anyone looking to buy a property with tenants in place, debating the value of a whole house HVAC system (heating, ventilation, and air conditioning), or putting up the pros and cons of private lenders vs. bank loans. You’ll learn the many ways to cool your house, how to confirm rent payments before you buy a home with inherited tenants, and how to make passive income by private lending!
If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
HELOCs (home equity lines of credit) and using one to buy your next property
HVAC systems vs. window units and which demand higher rent prices
How to make completely passive income by becoming a private money lender
Raising capital vs. taking a bank loan and why big investors ALWAYS raise money
How to confirm rent payments BEFORE you buy a property with tenants in place
And So Much More!
Links from the Show
Find an Agent
Find a Lender
Ashley's BiggerPockets Profile
Ashley's Instagram
Tony's BiggerPockets Profile
Tony's Instagram
Real Estate Rookie Facebook Group
Join BiggerPockets for FREE
Sign Up for BiggerPockets Pro to Get Lawyer-Approved Lease Agreements:
BP Pro
Lease Agreements
Connect with Other Investors on the BiggerPockets Forums
Submit Your Real Estate Rookie Question!
How to Buy a Rental Property with NO Money OR Credit w/Pace Morby
Follow Rachel Richards (MoneyHoneyRachel) on Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-290
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
May 27, 2023 |
289: $11,000/Month with One VERY Unique Rental Property w/Garrett Brown
3584
A glamping site might sound like a fun real estate investment idea, but how feasible is it? Does it offer enough cash flow potential as a short-term rental property? How do you get a building permit for a unique structure like a geodesic dome!? Today’s guest managed to launch the very first glamping site in his area and make some killer cash flow, but not without jumping a few hurdles along the way.
In this edition of the Real Estate Rookie podcast, we pick the brain of award-winning music producer Garrett Brown, who first decided to get into real estate because of the schedule flexibility it offered. After starting out as a realtor and spending time around investors, Garrett’s eyes were quickly opened to the huge earning potential of investing in real estate. Using the capital he generated from a house flip, Garrett was able to get into the short-term rental space—combining his newfound passion for real estate with his background in hospitality. Today, he talks about his most recent acquisition—a three-door glamping site sandwiched between two regional attractions outside Houston, Texas.
If you’re looking to buy your first short-term rental property, you won’t want to miss out on all that Garrett, Ashley, and Tony unpack in this episode! They’ll discuss their favorite ways to estimate rehab costs, how to find the perfect market for your short-term rental, and the importance of delivering a first-class guest experience as an Airbnb host!
In This Episode We Cover
Garrett’s massive cash flow on a unique “dome” vacation rental
Several creative ways to estimate rehab costs for a house flip
Finding the perfect market for a short-term rental property
Important hospitality tips that will make you a top short-term rental host
Glamping sites, geodesic domes, and other unique short-term rental ideas!
How to underwrite unique properties (and get your county to give you a permit!)
And So Much More!
Links from the Show
Find an Agent
Find a Lender
Ashley's BiggerPockets Profile
Ashley's Instagram
Tony's BiggerPockets Profile
Tony's Instagram
Real Estate Rookie Facebook Group
Join BiggerPockets for FREE
Use the BiggerPockets Calculator to Estimate Your Earning Potential
Try Lodgify for Your Short-Term Rental Management Needs
Book Mentioned in the Show:
The Book on Estimating Rehab Costs by J Scott
Connect with Garrett:
Garrett's BiggerPockets
Garrett's TikTok
Garrett's YouTube
Garrett's Glamping Operation on Instagram
Garrett's Glamping Operation on Tiktok
Garret's Glamping Operation on YouTube
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-289
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
May 24, 2023 |
288: Rookie Reply: Tenant Red Flags and BEST Investor-Friendly Loans
2303
Want a better rental property loan? You’ve probably tried talking to banks, brokers, and residential lenders about growing your real estate portfolio, only for them to hit back with W2, income, and credit score requirements. Is there a loan that gets around these conditions for those that are hard to fund? What if you have a rock-solid real estate deal but no nine-to-five income to show to a bank? Well, there’s one type of funding you’ve probably never heard of, and real estate investors nationwide are starting to take advantage of it.
We’re back with another Rookie Reply as Ashley and Tony embark on an emotional journey down eviction lane, discussing what to do when bad tenants stay in your property and how to ensure it never happens again. But that’s not all; Ashley and Tony bring their tenant red flags that ANY landlord should know about when interviewing potential renters. They’ll also touch on subject to, seller financing, and other creative ways to fund your real estate deal, plus why you should (or shouldn’t) buy a historic home. Finally, you’ll hear about the investor-only loan so many people are using to grow their portfolios even 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).
In This Episode We Cover
The one rental property loan that big-time investors are using to multiply their portfolios
Evicting a tenant and how to recover rent payments that you’re owed
Tenant screening tips and red flags you should look out for when interviewing tenants
Creative financing and how seller financing and subject to deals create win-wins for buyers and sellers
Buying in a historic district and the grants and tax advantages you may be entitled to for doing so
And So Much More!
Links from the Show
Find an Agent
Find a Lender
Ashley's BiggerPockets Profile
Ashley's Instagram
Tony's BiggerPockets Profile
Tony's Instagram
Real Estate Rookie Facebook Group
Join BiggerPockets for FREE
Real Estate Rookie Podcast 280 with Pace Morby
Real Estate Rookie Podcast 538 with Katie Neason
DSCR Loans: What Are They And How To Get The Best Terms
The Ultimate Comprehensive List of Tenant Red Flags
Book Mentioned in the Show:
Wealth without Cash by Pace Morby
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-288
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
May 20, 2023 |
287: From 70 Hour/Week Burnout to Getting Paid to Buy Properties w/Danielle Daly
3810
A 36% return on your FIRST rental property? In today’s housing market? That sounds almost impossible. With more and more inventors struggling to find a cent of cash flow and home prices still so high, how does a real estate rookie walk away with a deal most investors could only dream of? The answer lies within Danielle Daly’s strategy, and it’s one that most people would be too picky to repeat. But, if you have the ingenuity to do what she did, you could live for free in an expensive market, collecting some killer cash flow every month.
Before this cash cow of a deal, Danielle was a burnt-out hospitality worker who quit her seventy-hour work weeks to make $30,000 per year as a waitress. She wanted the pay of a nine-to-five, without the soul-crushing time commitment so many jobs expect. So, she left sunny Florida on a whim, and headed to snowy Denver, only to end up at…BiggerPockets. She couldn’t resist the real estate bug and got her sights locked on her first property.
Danielle spent months looking for the right layout, at the right price, with the cash flow potential she needed. Half a year or so later, she looks back on her first purchase as one of her best financial decisions ever. In this episode, you’ll hear how Danielle turned $30,000 into a half-a-million-dollar property in a pricey market, how she gets paid to live in her own house, and the one thing that helped her achieve investing success faster than the rest.
In This Episode We Cover
How Danielle makes a 36% return on her first rental (with ZERO experience)
The one strategy ANYONE can use to buy a cash-flowing rental property with low money down
Ditching burnout and how to know it’s time to leave your job for something better
Networking for newbies and how to find lenders, realtors, and tenants
Seller concessions and letting someone else “buy down” your mortgage rate
Screening tenants and the one software that systematizes your property
And So Much More!
Links from the Show
Find an Agent
Find a Lender
Ashley's BiggerPockets Profile
Ashley's Instagram
Tony's BiggerPockets Profile
Tony's Instagram
Real Estate Rookie Facebook Group
Join BiggerPockets for FREE
Meet Other Investors At a BiggerPockets Meetup
Get Easy Property Management with RentRedi
How to House Hack By Renting-By-The-Room
Connect with Danielle:
Danielle's BiggerPockets Profile
Danielle's Email
Danielle's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-287
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
May 17, 2023 |
286: Rookie Reply: Real Estate "Travel Hacks" We Use to Score FREE Vacations
2203
Using your real estate business to fund your DREAM vacation—with all or most expenses paid!? As a real estate investor, handling large amounts of money for materials, rehabs, and other expenses has its benefits. Today, we’re excited to talk about a simple but clever debt strategy that real estate rookies often overlook.
Welcome back to another Rookie Reply! If you’re looking to take advantage of the many benefits of real estate investing, tune in as Tony and Ashley share how they use credit cards to travel hack their way to luxurious, five-figure vacations each year! We also talk about when you should and shouldn’t use a HELOC to help fund an investment property. Ever wondered how you should use the money from cash-out refinancing? Our hosts cover some of the limitations you may encounter. Finally, Ashley and Tony discuss their top investing analysis strategies in 2023 and how to choose the best one for you!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
How to leverage real estate debt the right way (and fund your DREAM vacation!)
When you should and shouldn’t use a HELOC for an investment property
New investing analysis strategies we’re using in 2023
Why you should say “no” more often than “yes” when choosing an investing strategy
All about cash-out refinancing (and what you can use the money for!)
How to find the best investor-friendly real estate agents in your area
And So Much More!
Links from the Show
Find an Agent
Find a Lender
Ashley's BiggerPockets Profile
Ashley's Instagram
Tony's BiggerPockets Profile
Tony's Instagram
Real Estate Rookie Facebook Group
Join BiggerPockets for FREE
How to Earn Free Vacations With Travel Rewards Credit Cards
Find Top Rewards Credit Cards with The Points Guy
Learn More About Travel Hacking with Aunt Kara on TikTok
Book Mentioned in the Show:
Real Estate by the Numbers by J Scot and Dave Meyer
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-286
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
May 13, 2023 |
285: 3 Rentals (While in College!) and Turning a Horrific House into a Cash Cow
3354
Buying your first long-term rental property sight unseen? What could go wrong? While alarms might be going off in your head right now, they weren’t for today’s guest. What seemed like the “perfect” rental property turned into a major headache once he arrived to check it out four months after closing.
Welcome back to another episode of the Real Estate Rookie podcast! After completing multiple wholesale deals, Hudson Jump’s real estate investing journey was off to a blazing start. He figured it was time to try his hand at long-term rentals next, and it wasn’t long before he came across a potential cash cow! Unfortunately, when Hudson was finally able to check out the property he had bought, the door had been kicked in, there was trash up to the ceiling, the toilet and shower were missing, and there were squatters on the property!
While this nightmare scenario would have been enough to make any real estate rookie throw in the towel, Hudson instead found a partner who was able to help him salvage the property and transform it into a rental that generates $1,400 monthly cash flow! If a bad deal has ever caused you to question your future in real estate, tune in to hear Hudson speak on the advantages of partnerships. As always, our hosts Ashley and Tony are here to help as well—offering invaluable advice on buying properties sight unseen, leveraging direct mail, and the value of building lists!
In This Episode We Cover
The risks of buying a property sight unseen with existing tenants
How bringing an experienced partner on board can help salvage a bad deal
Why wholesaling is GREAT first step for new real estate investors
The differences between wholesaling and whole-tailing
Building lists to weed out bad leads and keep track of potential properties
Leveraging direct mail to find exclusive wholesale deals
And So Much More!
Links from the Show
Find an Agent
Find a Lender
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
Join BiggerPockets for FREE
Propstream
Making $71K on ONE Deal After 5 Failed House Flips and Six-Figure Debt
BiggerPockets Forums
Create Your Own Standard Operating Procedures (SOPs): Record Videos with Loom and Use Monday’s Free SOP Template
Alex Camacho's Instagram
Connect with Hudson:
Hudson's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-285
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
May 10, 2023 |
284: Rookie Reply: What You Need to Know Before Buying Your First Rental
2578
Still waiting to buy your first rental property? Everyone’s been there. It can be nerve-racking not knowing where to buy, what makes a “good deal,” and whether or not all your hard work will go to waste. Even investing experts like Ashley and Tony were nervous about taking their first step, which is exactly what they’ll walk through on today’s episode! If you’re a rookie sitting on the sidelines, waiting to get into real estate, this is the episode for you!
Welcome back to another Rookie Reply! In this episode, we share exactly how to close an off-market deal when there’s no real estate agent involved. Ever wondered how our hosts went from real estate rookies to real estate pros? Today, they share their first deal diaries. Learn how Ashley ended up buying the first property she EVER looked at and how Tony bought his first two properties with ZERO money down. Finally, we touch on the struggles of analyzing deals when you’re just starting out, as well as choosing the right insurance policies for short-term rentals!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
How to close an off-market deal with no real estate agent involved
Key takeaways from our hosts’ very first real estate deals
Landing your first real estate deal (with as little as NO money down!)
How to analyze a property and know when you’re getting a GREAT deal!
The differences between renters and homeowners insurance (and which one you need)
The best ways to insure a short-term rental (STR) property
And So Much More!
Links from the Show
Find an Agent
Find a Lender
Join the Real Estate Rookie Facebook Group
Join BiggerPockets for FREE
BiggerPockets Rental Calculator
2 Long-Distance Rentals with $0 Down with Tony Robinson
Don’t Lose Your Portfolio to Lawsuits! Here’s How to Protect Yourself
Asset Protection for Rookies: 7 Wealth-Saving Answers from an Expert
How to Buy a Rental Property with NO Money OR Credit
Get Competitive Insurance Options for Your Short-Term Rental: BiggerPockets, Steadily and Proper Insurance
Connect with Ashley and Tony:
Ashley's BiggerPockets Profile
Ashley's Instagram
Tony's BiggerPockets Profile
Tony's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-284
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
May 06, 2023 |
283: 19, Broke, and No Credit to 28 Units and Over $1 Million in Real Estate w/Caleb Hommel and Chuck Sotelo
2387
Over $1 million in real estate with $0 down—at 19 years old!? After reading the book Rich Dad Poor Dad and catching the real estate “bug,” today’s guests went from broke college dropouts to real estate investors with three multifamily properties to their names in a matter of months.
In this edition of the Real Estate Rookie podcast, we’re speaking with real estate duo Caleb Hommel and Chuck Sotelo. After his parents dealt him a six-month ultimatum to figure out real estate and move out, Caleb knew he needed to land a deal fast. The issue? These two friends had very little money, and at just 19 years of age, no credit history. Facing a seemingly impossible challenge, the pair went to work—calling roughly 1,000 different real estate brokers in pursuit of their big break. Finally, the right opportunity came knocking.
Today, Caleb and Chuck own properties in three different Texas markets for 28 total units. If you have yet to land your first real estate deal, whether it’s because you don’t have money to invest or you haven’t found the right market, you don’t want to miss today’s episode. Tune in as we talk about how to buy real estate with no money down, how to build your buy box, and how to find the best property management companies to take care of your out-of-state assets!
In This Episode We Cover
How to invest in real estate with no money down (and no credit!)
The benefits of forming a partnership (and why you need an operating agreement)
Dodging the traditional underwriting process through seller financing
How to find the right buy box for you and knowing what to invest in
Finding, vetting, and overseeing property management companies
Why you NEED a mentor (and how they can help you beat analysis paralysis)
And So Much More!
Links from the Show
Find an Agent
Find a Lender
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
Join BiggerPockets for FREE
Making $90K/Year with Just ONE Rental by Combining Compassion and Cash Flow
How to Buy a Rental Property with NO Money OR Credit
81 Units in 3 Years: All On-Market with NO Bank Loans w/Cody Davis
Book Mentioned in This Episode:
Rich Dad Poor Dad by Robert T. Kiyosaki
Connect with Caleb and Chuck:
Caleb's BiggerPockets Profile
Caleb's Instagram
Chuck's Instagram
Caleb and Chuck's Youtube Channel
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-283
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
May 03, 2023 |
282: Rookie Reply: Should I Switch Markets? (Why You're NOT Finding Deals)
2572
How important is the real estate market you’re investing in? You could be searching for deals for months, not finding anything worth buying, and may want to call it quits. But are you following the same steps that expert investors practice, or are you hoping a new housing market will magically give you the deals you need? If you’re struggling to find property with a profit in your housing market, today’s episode will help you out!
Welcome back to another Rookie Reply! In this episode, we tackle a handful of key topics—including when it makes sense to buy a property on your own and when to find a partner instead. Tony even shares about his own recent experience with partnerships and how he ended up pulling out of a deal that was headed towards a syndication! We also discuss the differences between real estate investing and REITs, as well as moving on from markets when you aren’t finding deals. Finally, we talk about inheriting tenants and when it’s better to buy a fully vacant property instead!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
When to go solo on a deal and when to form a partnership
LLC operating agreements, joint venture agreements, and terms you MUST include
Strategies behind buying vacant properties or inheriting tenants
The difference between active real estate investing and REITs
Leveraging relationships to find the best markets to invest in
And So Much More!
Links from the Show
Find an Agent
Find a Lender
Join the Real Estate Rookie Facebook Group
Join BiggerPockets for FREE
Become a BiggerPockets Pro Member for Premium Market Analysis
On The Market Podcast
Sign Up for a BiggerPockets Bootcamp
Rookie Reply: How to Structure a Real Estate Partnership
Rookie Reply: How to Split Finances in a Partnership/Joint Venture
Connect with Ashley and Tony:
Ashley's BiggerPockets Profile
Ashley's Instagram
Tony's BiggerPockets Profile
Tony's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-282
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Apr 29, 2023 |
281: Making $1,200/Month from ONE Rental After Bouncing Back from a BAD Deal w/Michael Yi
3405
How do you bounce back after waiving inspections, finding out your $100K rehab costs are actually $360K, losing your earnest money deposit, and ultimately having to walk away from your very FIRST real estate deal? Today’s guest had a rocky start to his real estate investing journey (to say the least!), yet was able to find the silver lining, learn from his mistakes, and turn his bad fortunes around.
In this episode of the Real Estate Rookie podcast, we’re speaking with Michael Yi, a “retired” pastor who turned to real estate after struggling to find work during the pandemic, dealing with minor health challenges, and reading the ever-popular Rich Dad Poor Dad. After his first deal fell through, however, his confidence took a hit. While any rookie would be tempted to give up, he got back on the horse and set out to find his next deal. Within a week, he received a call from a wholesaler that would thrust him right back into the world of real estate investing. This time, the deal was fruitful, allowing him to generate consistent cash flow on a three-unit rental property.
If you’re struggling to take the first step in your real estate investing journey for fear of failing or losing money, this is an episode tailored to you! Michael shares about the $10K “education” he received and the reward for his resiliency. With help from our hosts Ashley and Tony, we break down a handful of important topics—including HELOCs, cash-out refinances, and building your real estate network!
In This Episode We Cover
Having a deal fall through and losing money (and how to bounce back!)
How waiving inspections can get your offer accepted (and when it can hurt you!)
When walking away from a deal is actually the SMART choice
The pros and cons of HELOCs versus cash-out refinances in different markets
The power of networking to find contractors, realtors, wholesalers, and other connections
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
Join BiggerPockets for FREE
BiggerPockets Bootcamp
BiggerPockets Bookstore
Privy
BPCON2023
How to Buy a Rental Property with NO Money OR Credit
Pace Morby's Instagram
Book Mentioned in This Episode:
Real Estate Rookie: 90 Days to Your First Investment by Ashley Kehr
Rich Dad Poor Dad by Robert T. Kiyosaki
Connect with Michael:
Michael's BiggerPockets Profile
Michael's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-281
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Apr 26, 2023 |
280: How to Buy a Rental Property with NO Money OR Credit
3182
Everyone wants to know how to invest in real estate with no money. And surprisingly, it’s much more straightforward than people think. You don’t need to be a real estate investing expert or have dozens of units under your belt already to buy a rental without cash or credit. As Pace Morby puts it, all you need is the right tools in your tool belt. The rest will take care of itself! So stick around if you want to learn how Pace picks up properties with NO money down, NO credit checks, and NO cash at closing!
Pace is known in the industry as the king of creative finance. No matter what real estate deal he’s doing, Pace has found a way to get it for no money down, at a low interest rate, and with lots of cash flow in between. His latest book, Wealth Without Cash, gives new investors a start-to-finish guide on getting deals done with subject to, seller financing, and other lucrative creative finance methods. This is THE resource you need if you’re starting your real estate journey without much cash.
In this episode, Pace walks through the different methods you can use to invest without cash, the exact way to find motivated sellers and off-market deals, and how to start with NOTHING and get your first investment property under contract. He also shares how he does deals on the spot and why going the “conventional” route of finding an agent, getting a loan, and putting money down could be a HUGE mistake.
In This Episode We Cover
Creative finance explained and how to invest in real estate with NO money down
On-market vs. off-market deals and how to lock in a rock-bottom mortgage rate
The subject to and seller financing methods explained (and when to use them)
Living income-tax-free and how Pace avoids income tax by investing in real estate
Starting from ZERO and a step-by-step method to getting your first deal done
The problem with most real estate agents and why creative finance is often unheard of
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
Join BiggerPockets for FREE
BiggerPockets Bootcamp
Craigslist
Rookie Reply: Creative Financing 101 with No Cash, Credit, or Credentials
PropStream
Book Mentioned in This Episode:
Wealth Without Cash by Pace Morby
Connect with Pace:
Pace's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-280
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com
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|
Apr 22, 2023 |
279: Making $71K on ONE DEAL After 5 Failed House Flips and Six-Figure Debt
4015
Feel like you’ve already made a few blunders to kick off your real estate investing journey? Well, you’re in great company. Most real estate rookies make their fair share of investing mistakes right before they figure things out and go on to build successful investing careers. Today’s guests are living proof of this.
After a series of failed house flips (including one that involved his family home!) put him behind the eight ball, JP Desmet’s real estate career was almost over before it had even begun. As with all great success stories, however, his next step was his most important one—he asked for help! After reaching out to seasoned real estate pro Aaron Bihl about a potential investing opportunity, JP was able to make a serious profit off his very next deal and ultimately turn around his real estate fortunes.
JP’s story is one of pure grit and mental fortitude. Rather than throwing away his dreams of real estate investing, his willingness to not only fail but also learn from his mistakes allowed him to bounce back in no time. If you’re a fellow real estate rookie, you won’t want to miss JP and Aaron talk about their first house flip fails, how hiring a bad contractor can quickly derail a project, and how working with a mentor can turn your very next deal into a huge success!
In This Episode We Cover
How a mentor can help you avoid all types of investing headaches
The biggest red flags to watch out for when hiring a contractor
Where to find the best contractors for your home rehabs
Getting in and out of deals quickly in today’s market
Finding hard money and private money lenders
Ways to mitigate the effects of debt you take on during the buying process
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
Join BiggerPockets for FREE
Find a Hard Money Lender
Steve Rozenberg Instagram
Finding Off-Market Deals, Step by Step with Ryan Dossey (Mentor) and Drew Wiard (Mentee)—Part 1
How Drew Pulled 6 Deals From His First Direct Mail Campaign With Ryan Dossey (Mentor) and Drew Wiard (Mentee)—Part 2
Craigslist
Facebook Groups
Connect with JP and Aaron:
JP's BiggerPockets Profile
JP's Instagram
Aaron's BiggerPockets Profile
Aaron's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-279
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Apr 19, 2023 |
278: Rookie Reply: Finding Comps, Estimating Rehab Costs, and Filling Vacancies
2542
A FSBO (For Sale By Owner) seller wants to move forward with your offer—that’s great news! But first, they have asked you to pull comps (comparable sales). Believe it or not, this is something you can use to your advantage. Of course, you’ll need to know where to find comps and how to estimate rehab costs so that you can defend your offer. Thankfully, Ashley and Tony are back with some of their best tips yet.
Welcome back to another Rookie Reply! Negotiating a FSBO sale can be a little intimidating, but our hosts are here to help you navigate the entire process. In this episode, we also discuss and compare real estate financing options, from conventional mortgages to portfolio loans. We even weigh the pros and cons of personal debt versus commercial debt. Struggling to find a tenant for your rental? You’ll want to hear what we have to say about lowering rent prices, as well as other steps you can take to fill your vacancy and improve your cash flow immediately!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
What you need to get approved for a commercial real estate loan
How to structure your first real estate investing partnership
The pros and cons of taking on personal mortgage debt instead of commercial debt
The best ways to estimate rehab costs
When you should consider lowering rent prices to fill a vacancy
How to find sales comps for a FSBO property (or any property!) you’re buying
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Real Estate Rookie Facebook Group
Join BiggerPockets for FREE
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
Propstream
Zillow
BiggerPockets Bookstore
MLS
Realtor.com
Real Estate Rookie Youtube Channel
Book Mentioned in This Episode:
The Book on Estimating Rehab Costs by J Scott
Connect with Ashley and Tony:
Ashley's BiggerPockets Profile
Ashley's Instagram
Tony's BiggerPockets Profile
Tony's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-278
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Apr 15, 2023 |
277: Leaks, Surprise Rehabs, and the Reality of Buying Your First Rental Property
2972
You don’t need to look very far to find a real estate success story, but it’s not every day that you hear from someone who is currently in the trenches of their very first real estate investment. The truth is that there are all types of hurdles to overcome during an investing journey, and today, you’re going to hear from someone who is still in the thick of it.
For years, interior designer Sara Plaisted dreamed of investing in real estate. But like many real estate rookies, analysis paralysis prevented her from taking action. Having built up a network of people to lean on, however, Sara eventually drummed up the courage to dive in. It wasn’t long before she landed her very first property—a two-story cabin tucked away in four-seasons vacation spot Julian, California. Unfortunately, the story doesn’t end there. Rather than enjoying consistent cash flow and great tenants, Sara was dealt a steep learning curve that involved persistent water leaks, excessive rehab costs, and other issues.
If you’re struggling at any point in your real estate journey, you’ll want to tune in to this episode and hear Sara’s story. She shares about her initial fears surrounding real estate, how she was able to land her first deal, and how she is currently dealing with all of the unexpected hurdles that her new property has thrown her way!
In This Episode We Cover
How to get past analysis paralysis and finally buy your first property
The importance of building your own real estate investing network
Finding the right contractor to walk your new property with you
When you should ask the seller to make repairs rather than making them yourself
Three types of software you MUST have to manage your property
How using virtual assistants can help you scale your investing business much faster
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
Join BiggerPockets for FREE
BiggerPockets Forums
BiggerPockets Bootcamps
Property Management Software for Short-Term Rentals: Hospitable, Guesty, OwnerRez
Dynamic Pricing Tools for Short-Term Rentals: PriceLabs, AirDNA, Wheelhouse
Digital Guidebooks for Short-Term Rentals: Create on Canva, Hostfully, Breezeway, RemoteLock
Software for Long-Term Rentals: RentRedi, Avail, Apartments.com, Zillow
Software for Scaling Long-Term Rentals: AppFolio, Buildium, Propertyware
Find Virtual Assistants at: Fiverr, Upwork
Books Mentioned in This Episode:
Real Estate Rookie: 90 Days to Your First Investment by Ashley Kehr
Connect with Sara:
Sara's BiggerPockets Profile
Sara's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-277
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Apr 12, 2023 |
276: How to Get Into Commercial Real Estate Investing (For Beginners)
3348
Learning how to get into commercial real estate investing seems like a challenging task. With so much industry-specific verbiage and vocabulary like cap rates, pro formas, NOI, triple net, and more, a rookie real estate investor can seem put off by the seemingly tricky world of commercial real estate. But what if we told you that finding, buying, and making money from commercial real estate was much easier than residential real estate? What if you could build wealth quicker, buy more valuable properties, and reach financial freedom faster with just a few deals instead of dozens of single-family homes? Today, we’ll show you how to get started!
New investors often put commercial real estate on the back burner, but nothing stops you from buying a large property right now. To explain how to do it, we brought on Annie Larner, commercial real estate broker based in Northern Colorado. She’s seen everything from warehouse deals to self-storage, retail centers, and office spaces. She knows EXACTLY what a beginner can do to get in the game and why commercial may be a FAR better option than going down the residential route.
In this episode, Annie will explain exactly what commercial real estate is, how it’s valued, and the different types of properties you can buy. She also goes in-depth on why it’s MUCH easier to purchase commercial real estate than residential and how using a broker can help unlock hidden deals that other investors aren’t aware of. So, if you’re still chasing small deals and want to level up to where the real money is made, stick around!
In This Episode We Cover
Commercial vs. residential real estate and why buying bigger properties is easier
Using a commercial real estate broker to find deals that no one else knows about
How to analyze a commercial real estate deal and pro formas explained
Due diligence, inspections, and what to do once you have a property under contract
Cap rates, NOI, and how to value a commercial real estate property
The BEST property type for beginners with the most gradual learning curve
How to find commercial tenants, lease types, and zoning rules you MUST pay attention to
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
CatyList
CoStar
Crexi
MLS
Mojo Dialer
Real Estate Rookie Facebook Group
Loopnet
Realtor.com
Zillow
Connect with Annie:
Annie's Email
Annie's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-276
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Apr 08, 2023 |
275: From $40K Debt to 4 Doors and Six-Figure Net Worth (In 1 Year!)
3301
Owning multiple properties with no money? While it might sound ludicrous, there are several ways to do it. Money shouldn’t be the barrier preventing you from getting into the world of real estate investing. In fact, many people have been able to turn around their own fortunes by using other people’s money (OPM)—today’s special guest is one of them!
In this episode, we chat with Mike Larson, who found himself in this type of situation only a few years ago. Trapped in over $40,000 of consumer debt and living paycheck to paycheck with zero savings, Mike decided that real estate was going to be his escape rope. Over the next year, he eliminated as many bills as possible, tracked all of his expenses, and worked tirelessly to supplement his W-2 income. Today, Mike owns four long-term properties, has amassed a multiple six-figure net worth, and lives the real estate rookie’s dream by the beach.
Tune into this episode for a classic, feel-good, rags-to-riches story. Mike shares about his real estate investing journey and provides all kinds of helpful tips—including the steps you need to take to fast-track your real estate career, how to use other people’s money to secure your first investment property, and how to get private money lenders to come to you!
In This Episode We Cover
How to get your first investment property with ZERO capital
How identifying as a real estate investor can yield all types of opportunities
Wholesaling for a huge profit without spending any of your own money
Bringing value to private money lenders so that they come to you
Using the BRRRR strategy to generate cash flow from distressed properties
Two steps you MUST take today to fast-track your real estate career
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
Airbnb
BiggerPockets
MLS
Mojo Dialer
Real Estate Rookie Facebook Group
The Real Estate Podcast
$900K in Real Estate at Age 17 by Doing What 99% of Teenagers Won’t
Real Estate Rookie Podcast
Book Mentioned in This Episode:
Investing in Real Estate with No (and Low) Money Down by Brandon Turner
Connect with Mike:
Mike's Instagram
Valiant Acquisitions Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-275
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Apr 05, 2023 |
274: Rookie Reply: Inheriting Tenants, Getting Pre-Approved, and Raising Rent
2391
You’re buying a rental property and, in the process, inheriting tenants. What now? Can you go ahead and start raising rent? Not so fast. Before making any rash decisions, you might want to implement tenant estoppel agreements. These legally binding documents will help you and your tenants get on the same page. And Ashley and Tony are here to break them down!
In this edition of Rookie Reply, we talk about the best practices when inheriting tenants. We also touch on LLCs, umbrella insurance, high-limit liability policies, and other ways to protect yourself. For those who are looking to buy a new home, we discuss working with a realtor versus doing the legwork yourself. We also get into loans, how soon you should get pre-approved, and how to vet hard money lenders. Finally, we talk about property managers. What are their fees, what do they bring to the table, and when do you absolutely need one?
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
When it’s time to hire a property management company versus doing the work yourself
Inheriting tenants, raising rent, and why you MUST use estoppel agreements
How to close on an investment property without a realtor
Finding and vetting hard money lenders in your area
Why you should get pre-approved for a loan sooner rather than later in your investing journey
The costs and benefits of creating an LLC versus umbrella insurance
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Real Estate Rookie Facebook Group
Join BiggerPockets for FREE
BiggerPockets Forums
Find a Hard Money Lender in Your Area
Reduce Your Risk, Use An Estoppel Agreement (Free Form Included)
Connect with Ashley and Tony:
Ashley's BiggerPockets Profile
Ashley's Instagram
Tony's BiggerPockets Profile
Tony's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-274
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Apr 01, 2023 |
273: Making $100K in 18 Months with “Misfit” Medium-Term Rentals
3616
Over $100,000 from medium-term rentals…in just 18 months?! It’s a pipe dream to many, but it’s reality for today’s guest. After connecting with a few colleagues about real estate investing, David Rosenbeck left his established career as a nurse practitioner to dive headfirst into the investing world—carving out a niche that married his former job with his newfound passion: medium-term rentals for traveling nurses.
David and his wife bought their first rental property, and within 24 hours of going live, it had booked nine months out. The rest is history. David has since replaced his six-figure income with this flexible job that allows him to work fewer hours, stress less, and build the dream lifestyle for him and his family.
If you’re afraid that short-term rental properties are difficult to manage or that long-term properties don’t generate enough monthly income, this is the episode for you. David shares all of the secrets that helped him earn over $100,000 in only 18 months from medium-term rentals. He touches on pitching Airbnb arbitrage to landlords, moving every 12 months to build your real estate portfolio faster, and finding the “misfit” properties that make the PERFECT rentals!
In This Episode We Cover
The advantages of medium-term over short-term and long-term rentals
How to find the best areas to invest in medium-term rental properties
Profiting without owning a property and using Airbnb arbitrage when renting to traveling nurses
Moving every 12 months to get a lower down payment on new properties
Finding the “misfit” properties that make the BEST medium-term rentals
The best places to find medium-term tenants for your rental properties
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
Airbnb
AirDNA
BiggerPockets
BiggerPockets Calculators
Facebook Group
Furnished Finder
MLS
PriceLabs
Real Estate Rookie Facebook Group
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
The Real Estate Podcast
Vrbo
Will Your Area Work for Medium-Term Rentals?
Zillow
Connect with David:
David's BiggerPockets Profile
David's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-273
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Mar 29, 2023 |
272: Rookie Reply: How to Get a DEEP DISCOUNT on Properties with Back Taxes
2365
While driving for dollars, you stumble across a property with back taxes on it. What do you do? Contact the owner about your interest? Check with the courthouse first? Of course, you don’t want to make a real estate faux pas and miss out on a great deal! Fortunately, Ashley and Tony are here to help you navigate the situation.
Welcome back to another Rookie Reply! Today, we’re addressing properties with tax liens and how to potentially get them below market value. We also talk about buying property as a real estate agent and putting your commission towards a down payment. If home renovations are on your radar, you’ll want to tune in to our discussion on estimating rehab costs and pulling permits. Lastly, you’ll learn about tax strategies for flippers, and why hiring a tax planner is a must, even if you’ve yet to buy your first property!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
Buying a property with back taxes on it and where to find tax lien properties
How to get paid TWICE by wholesaling a property to yourself
Estimating material and labor costs before you commit to a renovation
The best tax strategies for flippers (and why you need a tax planner!)
Whether you can work closing costs into an FHA loan and low/no down payment loan options
Why pulling permits is a MUST if you plan on doing a rehab, renovation, or house flip
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Real Estate Rookie Facebook Group
Join BiggerPockets for FREE
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
BiggerPockets Forums
How to Legally Avoid Taxes by Investing in Real Estate
From Restaurant Waiter to 100+ Deals in Only 4 Years w/ Derrick Acuff
Making $90K/Year with Just ONE Rental by Combining Compassion and Cash Flow
Propstream
Zillow
Book Mentioned in This Episode:
The Book on Estimating Rehab Costs by J Scott
Connect with Ashley and Tony:
Ashley's BiggerPockets Profile
Ashley's Instagram
Tony's BiggerPockets Profile
Tony's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-272
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Mar 25, 2023 |
271: $900K in Real Estate at Age 17 by Doing What 99% of Teenagers Won't
3424
$900K in real estate at age 17!? That can’t be possible! If you’re feeling shocked, join the club because today’s episode is something that’ll leave you more fired up than ever before. We talk to Ava Yuergens, a high schooler who’s purchased more real estate than most full-grown adults. Without the ability to even get a credit card of her own, Ava has taken down almost a million dollars in real estate, all thanks to creative financing, hard work, and a determination to build wealth no matter what. Want to repeat her road to success? Stick around!
Like most young entrepreneurs, Ava caught the cash flow bug after reading Robert Kiyosaki’s Rich Dad Poor Dad. This classic book opened her eyes to the world of income-producing assets, catapulting her toward the topic of real estate investing. She was up early before school, reading how to invest, where to find off-market deals, and how to finance a property when you have no full-time income. With some thoughtful planning and serious due diligence, Ava was able to close on not one but two rental properties before graduating high school.
And whether you’re fifteen, twenty-five, or fifty, Ava’s advice is useful for ANY real estate investor in ANY stage of life. She walks through exactly how to find your first real estate deal, getting comfortable with an investing strategy, bringing in partners and funding (when you don’t have the cash), and turning your small side hustles into massive streams of income. With this type of mindset, we know we’ll be hearing back from Ava very soon.
In This Episode We Cover
How to invest in real estate at a young age with no job or credit
Ava’s step-by-step checklist for getting your first real estate deal
Serious side hustles and using part-time work to fund future real estate deals
Real estate partnerships and how to split responsibilities when buying a property
How to find off-market deals, cold-calling, direct mail, and getting properties at a discount
Short-term rental investing and why most rookies choose self-management over third-party property management
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
Airbnb
BiggerPockets
MLS
Real Estate Rookie Facebook Group
Alpha Geek Capital
BiggerPockets Calculators
Google Drive
Guesty
Robuilt Youtube Channel
The Real Estate Podcast
Vrbo
Check Out Tony’s Messaging Guide for Short-Term Rentals
18 Deals in 2 Years AND a Full Time Job with Kevin Christensen
Books Mentioned in This Episode:
Rich Dad Poor Dad by Robert T. Kiyosaki
Short-Term Rental, Long-Term Wealth by Avery Carl
Traction by Gino Wickman
Connect with Ava::
Ava's BiggerPockets Profile
Ava's Instagram
Ava's Tiktok
Ava's Youtube Channel
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-271
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Mar 22, 2023 |
270: Rookie Reply: Airbnb Arbitrage, Turnkey Rentals, and When to Use a HELOC
2566
Don’t have enough capital to own property? Enter Airbnb arbitrage, the popular investment strategy that allows you to rent out someone else’s property for a profit. Of course, there are a few challenges that come with this. Namely, you’ll need to convince your landlord that it’s a good idea! As always, Ashley and Tony are back with some important tips.
In today’s episode of Rookie Reply, we’re breaking down Airbnb arbitrage, and weighing the pros and cons on both sides of the arrangement. We also touch on the best liability protection strategies, using a HELOC for a down payment, and when it might be advantageous to buy a turnkey property versus a distressed property. Finally, we tackle the subject of tax planning and how hiring a CPA could help you save a fortune come tax season!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
How to get into real estate without owning property
Why a landlord would agree to Airbnb arbitrage (and how to convince them)
The MASSIVE tax savings of hiring a CPA for tax planning
Using a HELOC for a down payment on a long-term rental property
When it makes sense to purchase a turnkey property versus a distressed property
LLCs, umbrella insurance policies, and the best strategies to protect yourself from liability
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Real Estate Rookie Facebook Group
Real Estate Rookie Podcast
Airbnb
BiggerPockets Rental Property Calculator
How to (Legally) Avoid Taxes by Investing in Real Estate
Don’t Lose Your Portfolio to Lawsuits! Here’s How to Protect Yourself
Growing Your Portfolio with Turnkey Investing with Whitney Hutten and Lance Robinson
It’s Not All About Cash Flow: 4 Ways Real Estate Makes You Rich
Asset Protection for Rookies: 7 Wealth-Saving Answers from an Expert
MLS
The Real Estate Podcast
TurboTax
Connect with Ashley and Tony:
Ashley's BiggerPockets Profile
Ashley's Instagram
Tony's BiggerPockets Profile
Tony's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-270
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Mar 18, 2023 |
269: Rookie to Real Estate Investor: College Rentals, Airbnbs, & Plumbing Problems
2858
Don’t know what to do AFTER closing on a house? You’ve found your market, done your due diligence, passed your inspections, and now you’re asking, “what’s next?” Two of our three mentees are about to close on their first (and next) rental properties, but they don’t have to go in blind, thanks to the expert guidance of experienced investors Ashley and Tony. But we’re not just talking about a post-closing checklist. Instead, we’ll get into the nitty-gritty of getting a new short-term rental, how to handle inherited tenants, when to switch your investing strategy, and what happens when you discover a BIG plumbing problem in a property.
We’re back to conclude our final meeting with our ninety-day mentees. Brandon, Lawrence, and Melanie have made MASSIVE strides to become real estate investors. Brandon and Melanie come back with deals under contract and close to closing, while Lawrence is looking to switch up strategies and potentially re-enter the cash-flowing world of college rentals. All the mentees have taken significant steps to success in just three months, and you can do it too!
Stick around if you’re trying to get your next rental property under contract, as Brandon, Lawrence, and Melanie discuss why having community, accountability, and pressure for success took their investing to the NEXT LEVEL. If you want to break through your biggest goals, sign up for BiggerPockets Pro today and join our next Real Estate Rookie Bootcamp!
In This Episode We Cover
Investing in short-term rentals and how to set your house rules for new guests
Out-of-state investing and closing on a rental property remotely
Home inspections and why they’re almost ALWAYS worth the cost
Inherited tenants, estoppel agreements, and what to do as soon as you buy a rental with tenants
Delayed maintenance and what happens when you uncover pricey plumbing problems in a property
Student rentals and using them to make more cash flow than a regular rental property
Accountability, community, and why investing together can help you build wealth faster
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
Airbnb
Apartments.com
Avail
BiggerPockets
BiggerPockets Bootcam
The BiggerPockets Money Podcast
BiggerPockets Pro
Hostfully
MLS
On the Market Podcast
Real Estate Rookie Facebook Group
Real Estate Rookie Podcast
PriceLabs
RentRedi
Tony’s Short-Term Rental Shopping List
Rookie to Real Estate Investor in 90 Days: LIVE Mentorship Calls
Rookie to Real Estate Investor: Seller Financing, STR Markets, & Lowball Offers
Rookie to Real Estate Investor: House Offer Accepted! Now What?
Connect with Brandon, Lawrence and Melanie:
Brandon's BiggerPockets Profile
Brandon's Instagram
Lawrence's BiggerPockets Profile
Lawrence's Instagram
Melanie's BiggerPockets Profile
Melanie's LinkedIn
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-269
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com
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|
Mar 15, 2023 |
268: Rookie Reply: Seller Financing, Squatters, and Is Becoming an Agent Worth It?
2364
Does seller financing apply to down payments? What happens when you buy a rental with squatters who refuse to leave? And is getting your real estate license even worth it? The world of real estate investing isn’t always as cut and dried as it seems, but running a profitable portfolio doesn’t need to be a massive headache. In this Rookie Reply episode, we’ll go through the common pain points that rookie landlords are dealing with and shed light on some frequently asked questions only experienced investors (like Ashley and Tony) have the knowledge to answer.
If you’ve ever wondered what a property survey is or if you should charge a cleaning fee to your tenants, stick around! This time, Ashley and Tony will answer when you do (and don’t) need a property survey on your latest rental property purchase. From there, they debate the pros and cons of getting your real estate license (becoming an agent) as a rookie investor. We also touch on the ever-fun topic of what to do when non-leased tenants won’t leave your property, how to seller finance a down payment, and whether or not charging a “cleaning fee” at move-in is a wise idea.
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
Is getting your real estate license worth it, and the ongoing cost of becoming an agent
Property surveys explained and why knowing your rental’s boundaries can be crucial
Inherited tenants, squatters, and how to evict tenants who don’t have a lease
Seller financing a down payment and how to close on your property with $0 out of pocket
Cleaning fees, inspection checklists, and everything your tenants need to keep your property in perfect shape
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Real Estate Rookie Facebook Group
Real Estate Rookie Podcast
Airstream
Real Estate Rookie Youtube Channel
LandGlide
OnX Hunt
MLS
Connect with Ashley and Tony:
Ashley's BiggerPockets Profile
Ashley's Instagram
Tony's BiggerPockets Profile
Tony's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-268
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Mar 11, 2023 |
267: 24 Units in 2 Years by Making Your Rentals Match the Market
3846
Twenty-four rental units in two years! It’s possible, but only if you’re using the same principles that today’s guest has employed. With house hacking, HELOCs, the 80/20 rule, and a few more strategic investing moves, you too could fast-track your path to financial freedom. If you want to build your dream real estate portfolio without sacrificing decades in the process, these strategies will help you do it!
For Andrew Freed, a full-time project manager, real estate agent, and investor, these strategies have been life-changing. And even if you’re still a real estate rookie, you can do exactly what Andrew did to reach the same results. Thankfully, Andrew’s investing methods, tips, and tricks are well-rounded, well-developed, and easy to follow.
In this episode, Andrew walks us through how he managed to buy twenty-four units in two years, the moment the gears started turning in his mind, his personal development process, and the key principle that keeps him focused on his goals. Andrew also gives us his best advice for predicting and preventing problems in your rental properties, stabilizing, and raising the rent. From gaining the confidence to get started to finding investment partners, he offers valuable, step-by-step guidance we can all learn from.
In This Episode We Cover
The 80/20 principle and using it to cut out the unnecessary when investing
How focusing on personal development first can make you a better investor
Staying focused and getting to your goals faster
How to manage your rentals while working a full-time job
The key to gaining confidence and going after your dreams
The fastest ways to grow and scale your investment portfolio
Tips for predicting and preventing problems and stabilizing rental properties
Employing the "binder method" to set rent with inherited tenants
Using real estate meetups to find mentors and investment partners
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
Airbnb
Real Estate Rookie Facebook Group
Real Estate Rookie Podcast
The Real Estate Podcast
MLS
BiggerPockets
apartments.com
BiggerPockets Forums
Real Estate Rookie Youtube Channel
Simple Steps to Start, Scale, and Grow a Real Estate Business in 2023
The Rookie’s Guide to 2023 Goal Setting: How to Achieve HUGE Goals This Year
Books Mentioned in This Episode:
Rich Dad Poor Dad by Robert T. Kiyosaki
The Miracle Morning by Hal Elrod
The Compound Effect by Darren Hardy
Connect with Andrew:
Andrew's BiggerPockets Profile
Andrew's LinkedIn
Andrew's Instagram
Andrew's Facebook
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-267
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Mar 08, 2023 |
266: Rookie Reply: Unpermitted Renovations, House Hack Profits, and Frozen Pipes
2924
If you live in a high-cost-of-living area, a house hack could solve many of your money-related problems. Sharing your living space isn’t always easy, but with a few simple tricks, you can make it more than worth your while. From subsidizing your cost of living to generating cash flow while you’re still staying at the property, house hacking has some almost unbelievable benefits that ANY investor can capitalize on. And Ashley and Tony have some great tips to share!
Welcome back to this week’s Rookie Reply! Whether you’re a homeowner, landlord, or both, you’ll want to hear our hosts’ tips for preventing frozen pipes and what to do when it happens anyway. We also explore unpermitted rental property renovations, the nuances of buying properties that are for sale by owner (FSBO properties), and when and why to use electronic keypad door locks. You’ll even learn how to find the lender on ANY property in the nation the next time you plan a creative real estate deal!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
Living for free, generating cash flow, and the HUGE benefit of house hacking
Why unpermitted renovations aren’t always deal breakers
Winterizing your rental or primary residence (and keeping your pipes safe!)
How a for sale by owner (FSBO) purchase differs from a regular realtor deal
The benefits and limitations of smart-home technology
How to find the lender of ANY property in your area
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Real Estate Rookie Facebook Group
Real Estate Rookie Podcast
Making $90K/Year with Just ONE Rental by Combining Compassion and Cash Flow
BiggerPockets instagram
BiggerPockets
BiggerPockets Bootcamps
Airbnb
RemoteLock
PropStream
Books Mentioned in this Show:
Real Estate Rookie: 90 Days to Your First Investment by Ashley Kehr
The House Hacking Strategy by Craig Curelop
Connect with Ashley and Tony:
Ashley's BiggerPockets Profile
Ashley's Instagram
Tony's BiggerPockets Profile
Tony's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-266
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Mar 04, 2023 |
265: Making $90K/Year with Just ONE Rental by Combining Compassion and Cash Flow
4008
Investing in sober living facilities may not be the first thing that comes to mind when we talk about building a real estate portfolio. But if you knew how much they made, you might take a second look. We often focus on short-term rentals, long-term rentals, or fix-and-flip properties. But one of the best things about choosing real estate as an investment medium is its wide range and opportunities for creativity. People out there are house hacking, wholesaling, investing in mobile homes, and buying up parking lots. The options are truly endless.
So, where do we start? Sometimes, the best real estate investments are the ones that mean something more to us than cash flow. Devana Came and Reid Stadelman saw a gap in their community, and they filled it. They turned their real estate investment into a sober living facility to help people in recovery, and gave them a safe, structured place to stay while earning (mostly) passive income and building their investment portfolio.
In this episode, this husband and wife dynamic duo tells us all about their creative real estate investments that cash flow like nothing else. We talk about what a sober living facility is (hint: it’s not a rehab center), how and why they built theirs, how to find and screen tenants, and tips for reducing tenant turnover rates. These things don’t just apply to sober living facilities. Devana and Reid offer advice that applies to any real estate investment journey.
In This Episode We Cover
How to turn an investment property into a sober living facility
Finding and screening tenants
Easy ways to keep your turnover rate low
Managing an investment property with a waiting list
Choosing a property that fits your needs and investment goals
Investing for cash flow and your community
Resources for starting a sober living facility or domestic violence shelter
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
Airbnb
AirDNA
Real Estate Rookie Facebook Group
Real Estate Rookie Podcast
The Real Estate Podcast
The National Alliance of Recovery Residences
House of Ruth
MLS
Connect with Devana and Reid:
Devana's Email: devana@thehappyhost.net or devana@thehouseofcourage.com
Devana's Instagram: devana@thehouseofcourage.com or @beeorganicmama
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-265
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Mar 01, 2023 |
264: Rookie Reply: Building vs. Buying and Avoiding Capital Gains on a Sale
2865
Weighing the costs and benefits of building versus buying rental properties? You’re not alone! When property prices go up, it makes sense that most of us start looking for loopholes. But the cost is only one thing to consider when it comes to real estate investing. Thankfully, Ashley and Tony have some tips for deciding which way to go.
Welcome back to this week’s Rookie Reply! If you’ve ever considered building an investment property or buying a new construction, you’ll want to hear what our hosts have to say. We also touch on whether or not your attorney’s location matters when you’re investing out of state, and how to qualify for capital gains exemptions. Last but not least, we dig into the differences between W2 income and rental income when it comes to taxes, and why one is so much better than the other!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
When your attorney’s location might matter and investing from afar
Protecting yourself with partnership agreements in joint venture investing
The pros and cons of building an investment property instead of rehabbing one
How new construction properties can affect the refi seasoning period
Maximizing your taxes with passive income
Why moving every two years may be the smartest way to avoid taxes
Using a 1031 exchange to defer paying capital gains taxes
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Real Estate Rookie Facebook Group
Real Estate Rookie Podcast
How to (Legally) Avoid Taxes by Investing in Real Estate
10 Income Streams on 1 Property by “Land Hacking” w/ Kai Andrew
Rookie Reply: Can You Put Offers on Multiple Houses?
How an “I Don’t Want to Invest” Couple Became Successful Long-Distance Landlords with Annie and Trey Johnson
Connect with Ashley and Tony:
Ashley's BiggerPockets Profile
Ashley's Instagram
Tony's BiggerPockets Profile
Tony's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-264
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Feb 25, 2023 |
263: Rookie to Real Estate Investor: House Offer Accepted! Now What?
3711
Offer accepted! Now what? As a rookie real estate investor, it can be anxiety-inducing to hear that a seller accepts your house offer. You’ve been working so hard to get up to this point, and now, you’re one step closer to closing on your first rental property. But what happens next? Are there steps that you should be following? And what should you be doing in the meantime as your closing date starts to creep closer and closer? If you’re in this situation (or are about to be), stick around!
We’re back with our “Rookie to Real Estate Investor in 90 Days” series, as our mentees join us for some exciting news. Last time around, much of the advice from Ashley and Tony was “make more offers!” Well, the mentees have delivered, so much so that one of our rookies already has a house under contract just a month or so after starting this series! We first talk to Melanie, who began submitting short-term rental offers in Savannah, Georgia. She’s got some solid takeaways but is having trouble finding someone who will accept seller financing.
Next, Brandon hops on as the first rookie to get a property under contract! With only a few offers sent out, Brandon has already agreed with a seller on terms but has questions about when to get a home inspection and whether title insurance is worth it. Finally, Lawrence joins us with a copy of Ashley’s newest book, Real Estate Rookie: 90 Days to Your First Investment. Lawrence has been making aggressive offers but couldn’t match a seller’s counteroffer with high-interest rate financing terms. All our rookies are inches away from getting their first (or next) rental property, and this could be the most pivotal point!
In This Episode We Cover
How to make an aggressive offer on a house and negotiating with a seller
Short-term rental data and how to use tools like AirDNA to find occupancy rates
What to do once you’re under contract for a new rental property
Home inspections and when it’s worth waiving one (plus when you DEFINITELY should get one done)
Title insurance vs. an attorney's opinion and which one is a better bet
Seller financing and how to find the perfect terms a seller will accept
How to target motivated sellers to find better real estate deals at lower prices
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
Airbnb
AirDNA
BiggerPockets Rental Property Calculator
Data.rabbu
PriceLabs
Real Estate Rookie Facebook Group
Real Estate Rookie Podcast
Connect with Brandon, Lawrence and Melanie:
Brandon's BiggerPockets Profile
Brandon's Instagram
Lawrence's BiggerPockets Profile
Lawrence's Instagram
Melanie's BiggerPockets Profile
Melanie's LinkedIn
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-263
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Feb 22, 2023 |
262: How to SCALE Your Real Estate Portfolio in 2023
3611
You want to build a real estate portfolio, but you might not even own a single rental property yet! So how do you go from onlooker to investor and finally become financially free through real estate investing? Start with the end in mind! So many rookie real estate investors envision a dream life with cash-flowing rentals and little to no stress, only to realize the landlord life is a LOT different than social media makes it seem. To grow a passive real estate portfolio, you need to do something different. David Greene, host of the BiggerPockets Real Estate Podcast, knows exactly what that is.
David went from cop to top-producing real estate agent, investor, broker, and host of the world’s most recognized real estate investing podcast. He knows what it feels like to have a big portfolio and all the pain points that come with it. For the rookie investors, David wants to make sure you don’t make the same mistakes he did. Scaling your portfolio incorrectly could force you into yet another job, NOT the financial independence you’re looking for.
In his new book, SCALE: A Successful Agent’s Guide to Leveling Up Their Real Estate Business, David outlines EXACTLY what you must do to build a business, NOT a landlord nightmare. In this episode, he’ll give you everything you need to know about picking the right area and property, why appreciation often beats cash flow, knowing “the number” to offer, and how you can outsource your work to live the life you love!
Pre-Order SCALE now, and use code “SCALE262” for 10% off at checkout!
In This Episode We Cover
How David Greene went from stressed-out cop to financially-free investor
How to build a business, NOT a job that will take time out of your day
What to look for when researching an investing area and whether cash flow markets are worth it
Knowing the “efficiency” of a deal and how it can make you MUCH wealthier
The “long-term outlook” David uses when analyzing ANY real estate deal
How to use “leverage” to work less, earn more, and build a better business
Why buying the most real estate possible IS NOT a good option for investors
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
Bankrate
BiggerPockets
BiggerPockets Bookstore
Bluehost
Dave Meyer's Instagram
GoBundance
GoDaddy
Monday.com
On the Market Podcast
The Real Estate Rookie Podcast
The 2023 State of Real Estate Investing Report
Zillow
Connect with David:
David's BiggerPockets Profile
David's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-262
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Feb 18, 2023 |
261: How Nancy Rodriguez from 'Love is Blind' Hit Financial Freedom BEFORE Fame
4145
Most people would assume ‘Love is Blind’ star Nancy Rodriguez built most of her wealth after appearing on the show. But most people would be wrong. For the past seven years, Nancy has been quietly building a cash-flowing rental property portfolio, allowing her to become debt-free, go full-time into real estate, and build generational wealth for her family. She started her journey with 0% down loans, worked her way up to short-term rentals, and is now buying properties in cash across the great state of Texas.
Nancy grew up with limited financial education. Money wasn’t a topic that was often discussed but witnessing her parents work hard to obtain it taught her that wealth was worth attaining. After graduating from college, she was strapped with six figures in student debt, prompting her to become a debt-free Dave Ramsey disciple. But, as she paid off her debt, the fear of leverage fell away, allowing her to pick up property number one with a 0% down payment.
From there, she piled her money into properties, buying as many “ugly” homes as possible and turning them into worthwhile stays. She’s dealt with burnt interiors, squatters, and bad contractors, but nothing has stopped her from achieving the financial freedom she sought. Now in the limelight, Nancy is trying to help others do the same. So if you want to repeat Nancy’s system without going on reality TV, tune into this episode!
In This Episode We Cover
Paying off six figures of student debt and buying your first property with 0% down
The first-time homeowner program that requires no cash, no credit, and offers the BEST interest rates around
How to deal with squatters and a win-win solution that every landlord should try
Building your financial education and using side hustles to fund your property purchases
Short-term rental investing and using it to get high cash flow in today’s tough market
Buying rentals in cash and when it makes sense to decline debt
Generational wealth and using a small rental property portfolio to boost your family’s opportunities
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
Airbnb
BiggerPockets
Expensify
Finance Friday: How to Start Investing After Becoming Debt-Free
Furnished Finder
NACA
Pace Morby's Instagram
Real Estate Rookie Facebook Group
The Real Estate Podcast
Vrbo
Connect with Nancy:
Nancy's Instagram
Nancy's Tiktok
Nancy's Youtube Channel
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-261
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Feb 15, 2023 |
260: Rookie Reply: When Can You Refinance and How to AVOID Taxes on a Home Sale
2614
When can you refinance your home? How do you avoid taxes when selling a property? And is there a legal limit on when you can raise rent? Unfortunately, for most new investors, many of these questions don’t come with a straight answer. And when talking about taxes, even experienced investors like Ashley and Tony can’t give advice. So, we brought back Amanda Han, CPA and real estate investor, to provide us with the facts about tax benefits, trusts, and how to pay less when you sell a property.
But before that, Ashley and Tony will share their experiences on raising rent, seasoning periods when refinancing, and why you should always talk to a lender before you buy. Many of these topics, such as taxes, refinances, and raising rents, come with pitfalls that a beginner property investor WON’T know about. So stick around because this episode could save you a TON of trouble on your next purchase, refinance, or sale!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
When you can refinance your home and “seasoning periods” explained
When you’re legally allowed to raise rents and how to make adjustments to your lease
Passing down rental properties and how to do so without triggering significant tax events
Rent-to-own vs. seller financing and using these strategies to avoid taxes on a sale
The “lazy” 1031 exchange and how to offset your capital gains tax with paper losses
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
How to (Legally) Avoid Taxes by Investing in Real Estate
The Real Estate Podcast
Airbnb
Connect with Amanda:
Amanda's BiggerPockets Profile
Amanda's Instagram
Amanda's Website
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-260
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Feb 11, 2023 |
259: No Down Payment? No Problem! Three Creative Financing Options to Consider
3363
When you’re ready to invest in real estate but don’t have the money readily available, that can feel like a full-stop roadblock. But there are ways around your down payment doubt. With thoughtful market research and a bit of creativity when it comes to your financing, you can gain confidence and get started.
These are two of the key components of Pooja Jindal’s investing method. After her primary residence became a long-term rental property, she caught the bug and bought another property, and then another, and several more after that. Over the years, Pooja developed a system that helps her choose, evaluate, and invest with confidence and clarity.
In this episode, Pooja covers everything you need to know to stop stalling and start investing. She highlights the importance of building a community, different ways to do the money math, managing rental properties from a distance, staying motivated and setting investing goals, and getting creative when traditional financing isn’t enough. Whether you’re searching for your primary residence, a second home, or an investment property for short or long-term rentals, Pooja’s advice will help kick-start your real estate journey.
In This Episode We Cover
How data analysis can help you gain confidence and get started
The importance of building a community and learning about the process
When you may want to consider expenses before cash flow
How to get creative and come up with a down payment
Why Pooja prioritizes long-term, generational wealth over current passive income
Using property management software for tenant screenings, applications, and more
An app that can help with short-term rental data analysis
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
AirDNA
Avail
BiggerPockets
MLS
On The Market Podcast
Real Estate Rookie Facebook Group
Redfin
Seeing Greene: How to Get Around High Down Payment Requirements
The Real Estate Rookie Podcast
The Real Estate Podcast
Trulia
Zillow
Connect with Pooja:
Pooja's BiggerPockets Profile
Pooja's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-259
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Feb 08, 2023 |
258: Rookie Reply: How to Find Out Who Owns a Property and Direct Mail 101
2051
You stumble across the perfect rental property, but you don’t know who owns it. So what do you do? Walk up the door and present an offer? Ask the neighbors? Or, is there a better way to do some sneaky searching that could land you the perfect off-market real estate deal? The rookies want to know, and on this Rookie Reply, we’ll get into EXACTLY how to do this, even if you’re starting without much money!
We’re back for one of our last live Rookie Reply episodes! This time, we’re touching on questions about finding off-market property information, what to include in your direct mail letters, and why a home wouldn’t qualify for a mortgage. We’ll also hit on commonly asked title questions and whether or not you can buy real estate while underwater on another mortgage. So, if you’re trying to get your next deal off-market, this is the perfect episode to listen to a few times through!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
How to find property owner information for free and skip tracing services to try
Why you should NEVER put your offer on a direct mail letter
Why a home won’t qualify for a mortgage and what to do if you can’t get funding
Title insurance and whether or not it’s really necessary when buying a rental property
Why you ALWAYS need a property inspection when purchasing a new home
Underwater mortgages and whether or not you can buy property if you have one
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
BiggerPockets
BiggerPockets Pro
Real Estate Rookie Facebook Group
BiggerPockets Forums
BiggerPockets Events
Invelo
PropStream
Whitepages
Bret Daniels' Youtube Channel
Max Maxwell's Youtube Channel
Nate Robbins' Instagram
Connect with Ashley and Tony:
Ashley's BiggerPockets Profile
Ashley's Instagram
Tony's BiggerPockets Profile
Tony's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-258
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Feb 04, 2023 |
257: Rookie to Real Estate Investor: Seller Financing, STR Markets, & Lowball Offers
3169
The “Rookie to Real Estate Investor in 90 Days” series is back, and we’re checking in with three mentees as they go from newbies to high-net-worth through real estate! Our mentees have been busy over the past couple of weeks, so Ashley and Tony dropped in on them to see how their rental property progress was going. They touch on how to make a lowball offer, pushing past the fear of getting an offer accepted, where to find motivated sellers, short-term rental markets, and seller financing Q&As.
First up, Brandon joins us as the newest real estate rookie on the show. He’s yet to get his first deal done and is still looking to buy a property, but he’s finding that the price isn’t matching his profits. Ashley and Tony walk Brandon through how to make a lowball offer and why you should always submit a price that works for your numbers. Next, Lawrence shares how he’s been on the hunt for a seller-financed deal and is looking into new ways to find motivated sellers more likely to sell at a discount or with flexible terms.
Finally, we hear from Melanie, who had a bit of property panic as she searched for more short-term rental markets to add to her list. After some research, she’s settled on a solid one and is currently looking for properties to make offers on. Her only question is how and why she should go for seller financing. Ashley and Tony give her all the details you’d need before going into a direct deal with the seller.
In This Episode We Cover
How to make a lowball offer and why your price point should always reflect your profits
What to do when two offers get accepted (and how to fund both deals)
Seller financing 101 and why (and why not) it’s worth pursuing for an investor
How to find motivated sellers in your market by looking through the MLS
Why you should ALWAYS send in offers (even if they seem unrealistic)
Short-term rental markets and how to measure lead time when looking for deals
Promissory notes, how they work, and risks/benefits of signing one with a seller
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
Airbnb
AirDNA
BiggerPockets Calculator
BiggerPockets Forums
Google Drive
LandWatch
MLS
PropStream
PriceLabs
Rabbu
Real Estate Rookie Facebook Group
Rookie to Real Estate Investor in 90 Days: LIVE Mentorship Calls
Zillow
Connect with Brandon, Lawrence and Melanie:
Brandon's BiggerPockets Profile
Brandon's Instagram
Lawrence's BiggerPockets Profile
Lawrence's Instagram
Melanie's BiggerPockets Profile
Melanie's LinkedIn
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-257
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Feb 01, 2023 |
256: Rookie Reply: Escaping the Corporate Rat Race and Property Management Q&As
2115
Escaping the rat race at 26 isn’t easy, but Isaac Lane, Arizona-based investor and rookie landlord, is doing it through out-of-state investing! Isaac started investing only a couple of years ago, but he’s been scaling quickly as he purchased five rentals in his first year of investing alone. Now, he balances his time between working his day job as an engineer for a commercial real estate firm and managing his properties that are multiple states away!
Welcome back to another Rookie Reply, where Isaac is helping us answer some common property management questions. He gives advice on how to start investing out of state and where to begin building your real estate team. And for those who still haven’t done their first deal yet, Isaac talks about property management, maintenance requests, inherited tenants, smart devices, landlord insurance, and why you ALWAYS change your locks during a tenant turnover.
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
How to start escaping the rat race through real estate investing (even at a young age)
Long-distance real estate investing and the team you need to succeed from afar
How property managers handle maintenance and why you should ask for pictures on every repair
What to do when you inherit tenants and whether or not they should re-apply for your rental
Landlord vs. homeowners insurance and why tenants should always have a renter’s policy
When to change locks on a unit and the big key-code mistake Tony made on his short-term rental
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
BiggerPockets Pro
Real Estate Rookie Facebook Group
BiggerPockets Bootcamps
BiggerPockets Forums
RentRedi
Builduim
Appfolio
LandlordLocks
Connect with Isaac:
Isaac's BiggerPockets Profile
Isaac's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-256
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
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|
Jan 28, 2023 |
255: How to (Legally) Avoid Taxes by Investing in Real Estate
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Everyone wants to know how the rich avoid taxes. You hear about it on the news, “billionaire pays zero dollars in taxes this year,” or “this real estate tycoon made millions but gets a tax refund!” This can seem like blatant tax abuse for those not in the investing game. Why do some people get to pay no taxes while others are stuck with a sky-high return just for working their W2 job? The answer lies in the assets you invest in.
Real estate investing is one of the most tax-advantaged assets around. As a real estate investor, you can almost automatically count on lower income taxes while making more money. Don’t believe us? We brought Amanda Han, CPA to top investors, on the show to explain how investors avoid taxes while still striking it rich in real estate. Amanda understands the ins and outs of the tax code, and as a real estate investor, she benefits from knowing real estate write-offs and deductions better than the rest!
On today’s show, Amanda will walk through the top real estate tax deductions and how rookie real estate investors can start paying less in taxes. She’ll also explain real estate professional status (REPS) and using it to lower your taxable income and how to find the perfect tax advisor for you and your properties. If you want to start using the same strategies that the wealthy use to avoid taxes, this is the episode to tune into!
In This Episode We Cover
The biggest real estate tax deductions and some that many investors often miss
Depreciation explained and how this paper loss can help you keep your passive income
The best tax strategies for investors trying to minimize their taxable W2 income
How to find the right tax advisor and what they MUST know about real estate
Tracking expenses and making it easy on yourself during tax time
LLCs for rental properties and whether you even need one in the first place
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
BiggerPockets Pro
Real Estate Rookie Facebook Group
Stessa
Quickbooks
BiggerPockets Bookstore
REPStracker
Google Sheets
MileIQ
Zapier
Connect with Amanda:
Amanda's BiggerPockets Profile
Amanda's Instagram
Amanda's Website
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-255
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
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Jan 25, 2023 |
254: Rookie Reply: Can You Put Offers on Multiple Houses?
1755
Need to know whether flipping vs. renting makes more sense for your market? Don’t know if you can put offers on multiple houses simultaneously? Itching to hear how your flipping profits will affect your financeability on your next property? We’ve got time-tested real estate experts here to help you out! As always, Ashley and Tony are here to host this week’s Rookie Reply, but we’re also joined by Jake Kain, Arizona investor and agent who left the W2 life to start building a rental property and live in flip empire!
Jake lends a helping hand in answering this week’s questions but also shares his own story about following your fire, starting a community, and how to become the “quarterback” of any real estate meetup. He’s expanded his network at lightning speed, allowing him to grow his portfolio to five units, all while flipping his own primary residences along the way. Jake helps answer questions about making offers on multiple houses, flipping vs. renting, how your DTI (debt-to-income ratio) could be impacted when house flipping, and where to find general contractors who will show up on time!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
Starting your own real estate meetup and how it makes you the most popular person in the room
Leaving your nine-to-five to invest in real estate and becoming a real estate agent
Debt-to-income ratios and whether or not selling a fixer-upper could help or hurt yours
The art of making offers on multiple houses and what to do if they all accept
Flipping vs. renting and why different real estate markets require different strategies
How to find contractors for home renovations and why the quickest workers are rarely the best
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Facebook Group
BiggerPockets Forums
BiggerPockets Bootcamp
Alpha Geek Capital
Facebook Groups
Connect with Jake:
Jake's BiggerPockets Profile
Jake's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-254
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
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|
Jan 21, 2023 |
253: How to Build Your Financial Foundation BEFORE Investing in Real Estate
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Personal finance is what most twenty-something-year-olds overlook. Why invest, save, or cut back spending when you finally have the money that a college degree or diploma promised you? For those who have just started working, spending all your hard-earned money on a bigger apartment, a nicer car, or a luxurious trip can be enticing. But, you could also be using your paychecks to multiply your wealth, set yourself up for financial freedom, and lock in early retirement while most are focused on barely paying their bills.
This personal finance-first attitude is what Malia Gudenkauf adopted early on. After attending basic personal finance classes, she realized the disservice many young people did to themselves. So, Malia started developing financial literacy skills, from focusing on becoming debt-free to later investing in passive income streams like real estate. Thankfully, her sister, Grace (you can hear her episode here), was just starting as a landlord and needed a partner she later found in Malia.
In this episode, Malia details everything you want to know to get your finances in order, how to avoid getting caught in analysis paralysis, reverse engineering your income goals when buying a rental property, and advice on how and who to form partnerships with. Whether in high school, college, the working world, or close to traditional retirement age, the advice Malia gives is crucial if you want to start your real estate investing journey.
In This Episode We Cover
Building a solid financial foundation and the basic personal finance steps anyone can follow
How to “reverse engineer” your goals and buy the properties that fit them best
Small multifamily investing and how to purchase multiple doors at once
Real estate partnerships and tips for finding a partner who will help you grow without causing your headaches
Real estate vs. stocks and why the passivity of rental properties is often overstated
Defeating analysis paralysis and how leveraging partnerships gets you past rental property roadblocks
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
BiggerPockets Calculator
BiggerPockets Pro
Real Estate Rookie Facebook Group
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
The BiggerPockets Money Podcast
BiggerPockets Forums
Using Calculated Risk to Acquire 17 Doors In Under a Year (at Age 24!) w/ Grace Gudenkauf
Semi-Retired at 30 Thanks to One Year’s Worth of Real Estate Investing
Connect with Malia:
Malia's BiggerPockets Profile
Malia's Instagram
Malia's Tiktok
Malia's Website
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-253
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|
Jan 18, 2023 |
252.5: How to Buy Your First Rental Property in 11 Steps
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Buying your first rental property doesn’t need to be complicated. With some simple steps, you can go from onlooker to real estate investor, collecting passive cash flow every month! But you’ll never get going if you don’t know where to start. So to make 2023 your best year yet, David Greene, investor, agent, and host of the BiggerPockets Real Estate Podcast, sat down to walk through the eleven steps it takes to go from rookie to real estate investor.
Real estate is NOT a “get rich quick” type of investment, but it can help you build wealth in a surprisingly short amount of time. Just ask David, who spent years working overtime as a cop, slowly building up a real estate portfolio that eventually led him to financial freedom before most people buy their first house! In this episode, David will walk step-by-step through everything a real estate rookie must do to get their first rental property, how to analyze real estate deals once you find them, and how to repeat the system so your passive income stack grows bigger every year!
Ready to become a real estate investing expert in 2023? Sign up for BiggerPockets Pro, where you can access real estate tools and calculators, rookie bootcamps, lease agreement packages for all fifty states, unlimited webinar replays, and exclusive videos. Start 2023 off right, and use code “NEWYEAR” at checkout for a special discount!
In This Episode We Cover
How to buy your first rental property in 2023!
How David went from almost giving up to financial freedom in only a few years
How to analyze a real estate deal in minutes
The eleven steps to success when starting in real estate investing
How to find real estate deals in ANY market using the LAPS funnel
Why so many people fall short of their new year’s resolutions and how you can succeed in 2023
Using BiggerPockets Pro to get your first real estate deal even faster!
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
BiggerPockets
BiggerPockets Forums
BPCon 2023
BiggerPockets Bookstore
BiggerPockets Bootcamps
BiggerPockets Instagram
BiggerPockets Rent Estimator
BiggerPockets Rental Property Calculator
BiggerPockets Podcast Shop
BiggerPockets Pro
BiggerPockets Pro-Exclusive Videos
Real Estate Rookie Facebook Group
Real Estate Rookie Youtube Channel
Connect with David:
David's BiggerPockets Profile
David's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-bonus
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
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|
Jan 17, 2023 |
252: Rookie Reply: Tenant Not Paying Rent? Here’s What to Do
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Tenant not paying rent? Debating whether a year-long, six-month, or month-to-month lease is best? Don’t know how to estimate rent for a new unit? On this week’s Rookie Reply, we’re tackling some of the most troublesome yet common questions that rookie real estate investors have. We’ll be going deep into property management, tenant screening, and what to do when a tenant stops paying. So fret not when investing; there’s always a way to make a win-win!
This time around, we’re joined by Alexandra Burnham, live for Phoenix! Alexandra is like many real estate investors, except for one big difference. Alexandra and her partner share over $750,000 of student debt! Talk about a hole in your pocket! But, instead of letting the naysayers convince her that she can’t invest with her debt, Alexandra has flipped the situation on its head, buying five rental properties and tackling her debt faster thanks to multiple income streams. Stick around for her full story and the phenomenal advice she gives to get your property locked up and leased!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
Paying off massive student loans thanks to real estate investing
What to do when a tenant stops paying rent (and the options you have)
Whether or not to lower your rent price when a unit is sitting vacant
Why even high-earners MUST have a side-income stream to stop constant burnout
Six-month vs. month-to-month leases and why flexibility can be favorable for landlords
What is a healthy ROI (return on investment) for a short-term rental property?
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Facebook Group
The Real Estate Podcast
BiggerPockets Forums
BiggerPockets Rent Estimator
BiggerPockets Lease Agreement Packages
Connect with Alexandra:
Alexandra's Instagram
Alexandra's Facebook
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-252
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Jan 14, 2023 |
251: Rookie to Real Estate Investor in 90 Days: LIVE Mentorship Calls
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Becoming a real estate investor isn’t complex. Find a property, buy the property, and rent it out. While this formula may be easy to write down, putting it into practice is much more complicated. This is why many wannabe investors never make the jump to buy their first investment property. But, with the right advice, mentorship, and mindset, anyone can become a passive-income generating real estate investor, with a path laid for financial freedom and early retirement.
Today, Ashley and Tony combine their real estate knowledge to help three investors buy their first or next rental property. First, we talk to Brandon, a future house hacker who struggled to buy a home last year and is now looking for his first primary residence that can help subsidize his mortgage. Next, we speak with Lawrence, an investor who bought two rental properties within six months but wants to expand quicker with the help of creative financing. Finally, Melanie joins us to discuss her plans for a short-term rental property, but she still doesn’t know the best place to buy.
If you’re finding the 2023 housing market a tough nut to crack but know that you want to invest in real estate, this is the episode for you. We’ll follow along with our three mentees over the next ninety days as Ashley and Tony give strategic advice on what they should do next to get a profitable rental property under contract. So follow along, and you too could get your next property in ninety days (or less!).
In This Episode We Cover
High interest rates and how more expensive mortgages have caused many investors to pause
Building your “buy box” and how to come up with your exact rental property criteria
Creative financing and how to buy a bigger rental property even if you don’t have the money for it
Generational wealth and using real estate investing to put your family in a better position
Short-term rental markets and how to analyze a vacation rental from afar
What to do when inflated rental property data isn’t adding up to today’s rates
Finding financial freedom and leaving your W2 desk job behind
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
Airbnb
AirDNA
BiggerPockets Calculator
BiggerPockets Forums
BiggerPockets Pro
Invelo
MLS
Real Estate Rookie Facebook Group
Rookie Reply: Creative Financing 101 with No Cash, Credit, or Credentials
Creative Financing: 2022’s Antidote to High Interest Rates
300 Doors, 100% Creative Financing with Pace Morby
Connect with Brandon, Lawrence and Melanie:
Brandon's BiggerPockets Profile
Brandon's Instagram
Lawrence's BiggerPockets Profile
Lawrence's Instagram
Melanie's BiggerPockets Profile
Melanie's LinkedIn
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-251
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Jan 11, 2023 |
250: Rookie Reply: 2023 Risks, The True Cost of Owning Rentals, and Live Q&A
2757
The real estate market is changing, especially in high-appreciation cities like Phoenix, Arizona. This week, Ashley and Tony made the journey to the Valley of the Sun to visit real estate rookies for a live podcast recording. But it wasn’t just the rookies coming out; expert investors like Jamil Damji and Pace Morby also swung around to answer questions about creative financing, the 2023 housing market, multifamily investing, and more. They give some killer insight that only off-market masters know, and their input could help you score better deals over the next year.
As always with a Rookie Reply, we also take questions from the Real Estate Rookie Facebook group, the Rookie Request Line, and Instagram to see what’s on investors’ minds. This time, we’ve got questions on how real estate wholesaling works, the best way to reject an agent or lender (without burning bridges), the true cost of owning a rental property, and the risks and rewards of using a dual real estate agent. This episode comes packed with rental property gold, so stick around!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
Creative financing strategies in 2023 and how investors are starting to take advantage
How to find a real estate investing partner that will grow your business faster
The safest way to invest in multifamily real estate (without using your own money)
The best place to find real estate and housing market data (check out On the Market)
Costs that go into owning a rental property and what many rookies overlook
The dangers and benefits of using a dual agent on your next real estate deal
How real estate wholesaling works and the two ways to close a wholesale deal
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Facebook Group
Airbnb
Dave Meyer's Instagram
BiggerPockets Rental Property Calculator
On The Market Podcast
5 Tools To Unlock Your “Ideal Life” w/ “Traction” Author Gino Wickman
LandWatch
Privy
Zillow
Crexi
Connect with Pace & Jamil:
Jamil's BiggerPockets Profile
Pace's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-250
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
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Jan 07, 2023 |
249: Simple Steps to Start, Scale, and Grow a Real Estate Business in 2023
3336
You want to start a real estate business. The cash flow is calling, and whether you’re looking to build passive income, escape the nine-to-five grind, or set yourself up for early retirement, rental property investing is a smart move to make. But, most real estate investors get it all wrong when building their rental property portfolios. They focus on scaling as fast as possible without building the systems to support a thriving business, leaving them burnt out and tired of the real estate game within only a few years.
Successful real estate investors like Ashley and Tony know that the key to building an unstoppable, profitable, and enjoyable real estate business is simple. To scale, you need to track, budget, outsource, and minimize the time it takes you to bring home the same amount of bacon every day. Of course, this is easier said than done, and many investors go through a lengthy process of trial and error to get there. But you don’t have to. On today’s show, Ashley will walk through the exact things you need to start, scale, and grow a real estate business.
You’ll learn how to track time so you can spend less of your day working, the two most important financial statements you need, budgeting for a business, outsourcing tasks, taking advantage of software, and the apps Ashley and Tony use every day. Want to know more about building a passive-income-generating real estate portfolio? Check out Ashley’s new book Real Estate Rookie: 90 Days To Your First Investment!
In This Episode We Cover
The step-by-step process to start investing in real estate (even if you have NO experience)
Why tracking your time is crucial if you want to grow and scale your real estate business
The two most important financial statements every investor MUST know
Budgeting for a rental property and how much to keep in emergency reserves for your properties
Separating finances and why every investor needs different bank accounts, credit cards, and more
Outsourcing repeatable tasks and the tradeoff when hiring virtual workers
The best real estate software and apps you should try today
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Airbnb
AppFolio
Asana
Avail
BiggerPockets
BiggerPockets Bookstore
BiggerPockets Bootcamps
BiggerPockets Calculator
BiggerPockets Pro
Buildium
Google Voice
Google Tasks
Guesty
Hospitable
Hostfully
Invelo
Jamil Damji's Instagram
Loom
MileIq
Monday.com
OwnerRez
On The Market Podcast
Personal Capital
Propstream
Punch Lists App
Quickbooks
Real Estate Rookie Facebook Group
RentRedi
Stessa
Time by Quickbooks
Connect with Ashley and Tony:
Ashley's Instagram
Ashley's BiggerPockets Profile
Tony's Instagram
Tony's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-249
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
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Jan 04, 2023 |
248: Rookie Reply: Do You NEED an LLC for Rental Property?
1752
Do you need an LLC for rental property investing? Ask some investors, and they’ll hit back with a resounding “of course!” But ask another group of investors, and they’ll tell you “not at all!” This duality causes many rookie investors to become confused, not knowing when to protect their property with the limits that come with an LLC. So how are millionaire investors setting up their properties and partnerships? Or, more specifically, what are Ashley and Tony doing to protect themselves?
Welcome back to this week’s Rookie Reply! We’ve got some great questions queued up for our cabin and campground co-hosts, Ashley and Tony, to answer! First, we take a question about what to ask a seller during a final walkthrough, and how talking to tenants may be worth the extra time. Then, we hint at when to ask a listing agent for financials on a commercial property, the great LLC vs. umbrella insurance debate, and finally how to buy an investment property when you’re strapped for cash!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
What to do during a final property walkthrough and top questions to ask a seller before you close
Estoppel agreements and using them to verify leases on tricky properties
Rental property LLCs and when buying umbrella insurance makes more sense
When to ask for financials on a commercial property and using them to vet a deal
Stock portfolio loans and how to borrow against your assets to buy real estate
Partnering up to purchase more property even when you have no cash
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
BiggerPockets
Real Estate Rookie Facebook Group
Real Estate Rookie YouTube channel
Real Estate Rookie Podcast
Connect with Ashley And Tony:
Ashley's Instagram
Ashley's BiggerPockets Profile
Tony's Instagram
Tony's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-248
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Dec 31, 2022 |
247: From $40K in Debt to 4 Properties and How to Snag a Low Mortgage Rate in 2023
3450
Low mortgage rates, sneaky homebuying strategies, and getting into (and out of) debt, Lindsey Iskierka's story has it all. As the lead real estate agent on the SoCal David Greene team, Lindsey is in the thick of real estate day in and day out. But she’s not just helping others buy and sell homes, she also boasts a respectable rental property portfolio, with four units sprawled out across the states in three completely different markets. And even though Lindsey is in the real estate game now, it wasn’t always this way.
Back in 2015, Lindsey wasn’t making much after getting her grad degree. With her husband interested in real estate, they decided to go to a seminar, which later turned into a $40K debt they had to climb their way out of. Lindsey decided to get her real estate license to not only help pay off this debt but save enough to buy their first home—a house hack in Long Beach. It didn’t take long for the home to appreciate, leaving Lindsey and her husband with a hard choice—sell or refi the property.
We won’t spoil the story, but her choice allowed her to buy multiple other units across the country, which has now become a portfolio of short-term and medium-term rentals. Lindsey also gives some killer advice on how first-time homebuyers and investors can snag rock-bottom mortgage rates in 2023. We’re talking two percent lower than today’s rate! If you want to hear how you can lock in a rate below five percent, we suggest you stick around!
In This Episode We Cover
Are real estate courses ever worth it, and how much they actually cost
The new 2-1 buydown mortgage that'll get you a much lower interest rate
Getting past your “worst-case scenario” and how doing so can help you build much bigger
The 1031 exchange explained and using it to multiply your rental property portfolio
Long-distance real estate investing and why turnkey rentals may be a better choice
The VASH program investors can use to help veterans who need housing
Why buying at today’s rates and prices can “only get better” as you hold
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Real Estate Rookie Facebook Group
BiggerPockets
The Real Estate Podcast
BiggerPockets Events
BiggerPockets Instagram
The Real Estate Rookie Podcast
GoBundance Women
PriceLabs
Guesty
Airbnb
The One Brokerage
David Greene's Website
Connect with Lindsey:
Lindsey's BiggerPockets Profile
Lindsey's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-247
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Dec 28, 2022 |
246: Rookie Reply: The 3 Signs of a Perfect Rental Property Market
2507
What makes a great real estate market? If you’re a new investor, you might think that high rents and cheap home prices are all that matter, but you couldn’t be more wrong. Experienced investors search for more than just surface-level pricing when looking into where is worth investing. This is doubly true when you’re investing in short-term rentals and medium-term rentals—both of which require a specific area to succeed. So what would Ashley and Tony look for when scouting a new real estate market?
Happy Holidays and welcome back to another Rookie Reply! We hope you’ve got your presents wrapped and are ready for the greatest gift of all—Ashley Kehr’s singing voice…and some advice on real estate. This time around we’ve got a few technical questions that rookies may have trouble answering. These topics range from how to find the zoning on a rental property, whether to furnish your rental when renting by the room, when to hire an attorney for a real estate deal, and what makes the best real estate investing area!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
Whether or not furnishing a room when house hacking is worth the cost
Where to locate your property’s zoning and how to see what counts as “allowable use”
How to find out what your town is planning on developing/building so you know where to buy
The three signs of a fantastic rental property investing market
When it makes sense to hire a buyer’s attorney, and which deals require it
What it means when a home is owned by the Chamber of Commissioners
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Real Estate Rookie Facebook Group
Real Estate Rookie YouTube channel
Kara Beckmann’s New Christmas Album
Tony’s Short-Term Rental Shopping List
Facebook Groups
BiggerPockets
Connect with Ashley And Tony:
Ashley's Instagram
Ashley's BiggerPockets Profile
Tony's Instagram
Tony's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-246
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Dec 24, 2022 |
245: Escaping the “Grind" through Van Life and Cross-Country Investing
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How far can you go? What are your “limits” in life? For most people, it’s easy to get discouraged by everyday barriers, but for today’s guest, not letting limits define him is what led to a brighter future. Tony Clark, today’s guest, identified and assessed his limits to determine his starting point. And now, he has three rental units, including a duplex in Nashville and a house in California.
Tony’s real estate investing journey started when he realized how expensive life is. After college, he worked at a church making decent money, but after dating his now wife, he realized that wasn’t enough to support a family. He turned to real estate to escape the grind and ensure he wouldn’t have to work crazy hours to live the life of his dreams. Once he recognized that he needed to buy an asset someone would want, he bought a transit van to rent out. From this purchase alone, he started his journey to pursue passive income.
From his experience with the transit van, he transitioned to real estate seamlessly. After identifying his limiting factors, he settled on Nashville—where he could enjoy living and where the numbers made sense. He’s also been able to build a team and even start a property management company. Tony is now much closer to his ultimate goal of buying better properties with great tenants, spending less time working and more time building his empire!
In This Episode We Cover
Why owning appreciating, cash-flowing assets is the true path to wealth
How to cut your expenses, live for cheap, and invest the rest
Utilizing the assets you own to save money, work less, and make money simultaneously
Limiting factors and how understanding your limits can make you a better investor
How to set your buying criteria, and how to find investments that fit your goals
Self-managing and what you need to run your own property management business
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Real Estate Rookie Facebook Group
BiggerPockets
MLS
RentRedi
Zillow
BiggerPockets Pro
The Real Estate Podcast
DoorDash
Turo
Outdoorsy
Hemlane
Showami
Connect with Tony:
Tony's Instagram
Tony's BiggerPockets Profile
Tony's Tiktok
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-245
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
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|
Dec 21, 2022 |
244: Rookie Reply: How to Estimate Rehab Costs and Where to Find the Right CPA
2419
Need to know how to estimate rehab costs, even if you’re investing out of state? For most investors, it seems almost impossible to do a full-scale renovation while living hundreds, or thousands, of miles away. But, many time-tested investors have done it (including Tony), and you can too, but you’ll need to know who to go to and what to ask before you start. Or, you could bite off way more than you can chew, and risk losing your rental as a result.
Happy Saturday, rookies! We’re back with another Rookie Reply, where your snowed-in on her birthday host, Ashley Kehr, and Tony J. Robinson are here to answer questions directly from the Real Estate Rookie Facebook Group and the Rookie Request Line. In this episode, Ashley and Tony share their best tips on estimating rehab costs, how to structure a partnership when someone brings money and the other brings effort, separating your rental property finances, and how to find a rock-solid CPA before tax time!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
The easiest way to estimate rehab costs even if you’re investing from out of state
How to split expenses on a rental property and which different bank accounts to have
Business credit cards and how to make bookkeeping much easier for yourself
Why expert investors ALWAYS buffer in more money for unexpected rehab costs
How to split roles, responsibilities, and profits in a real estate partnership
What to look for in a real estate CPA and questions they MUST be able to answer
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Real Estate Rookie Facebook Group
QuickBooks
Stessa
MLS
Lowe's Home Improvement
The Home Depot
From Line Cook to Long-Term Investor with 32 Wholesale Deals
BiggerPockets Bootcamps
BiggerPockets Forums
Real Estate Rookie YouTube channel
Connect with Ashley And Tony:
Ashley's Instagram
Ashley's BiggerPockets Profile
Tony's Instagram
Tony's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-244
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Dec 17, 2022 |
243: The Short-Term Rental Cheat Code for More Bookings and Fewer Fees in 2023
3591
Building a short-term rental business is surprisingly simple. You buy a property, furnish it, then throw up some pictures of it onto booking sites like Airbnb and VRBO. After a few weeks, a booking comes in, and from there you’re in the game! This is all great until a poor review comes in, sending your listing to the bottom of the pile and your profit with it. Through no fault of your own, your income stream just got cut off, and now you have a mortgage to pay without a calendar full of bookings.
For many hosts, this type of scenario seems like game over for investing. But for Mark Simpson, it’s the start of something even better. Mark grew up in hospitality, marketing his family’s bed and breakfast nestled in the British countryside. His family was frantically cleaning, cooking, and booking with spreadsheets and no system to streamline their business. This ongoing problem led Mark to build Boostly, the software allowing hosts to take their bookings into their own hands.
Mark has helped numerous short-term rentals bring in millions in direct bookings, helping hosts and guests minimize the amount spent on fees while maximizing their experience. So how do vacation rental hosts start doing direct bookings? What benefits come from leaving the big booking sites behind? And how can hosts regain autonomy so their business is never forced to stop? Mark answers these questions and more in today’s episode!
In This Episode We Cover
Direct booking sites explained and why they’re starting to rival online travel agencies
How bad reviews and unfair algorithm updates can destroy your listing overnight
Converting guests from the big sites into direct bookings effortlessly
Building a direct booking brand so your short-term rentals become more than just another vacation property
Why online travel agencies may start charging hosts to get higher rankings
Pricing tools, online accreditation, and other things direct booking hosts need to survive
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Real Estate Rookie Facebook Group
Boostly’s Property Management Software List
Airbnb
Vrbo
Booking.com
Expedia Group
Tripadvisor
Hospitable
Hostaway
Hostfully
Guesty For Host
Uplisting
YourPorter
OwnerRez
Stripe
I-PRAC
AirCover
Superhog
AutoCamp
Why Hosts Are Backing Away from Travel Sites and Building Direct Bookings
Double Your Cash Flow Overnight (In ANY Market) with Medium-Term Rentals
How Airbnb designs for trust | Joe Gebbia
PriceLabs
AirDNA
Wheelhouse Pricing
Beyond Pricing
Stayfi
MailChimp
Korona POS
Connect with Mark:
Mark's Instagram
Mark's Website
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-243
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Dec 14, 2022 |
242: Rookie Reply: How to Get a Better Price on That Off-Market Property
2724
Foreclosures have slowly been creeping up as real estate values get hit hard. With home prices dropping and a tough economic forecast ahead, could a wave of foreclosures be on the horizon? If so, who will this affect the most—residential real estate investors like Ashley and Tony or commercial real estate investors with their million-dollar multifamilies? We’ll get into what exactly could happen in this week’s Rookie Reply!
Ashley and Tony have taken four very different questions this week, directly from real estate rookies like you! They touch on how an upcoming foreclosure crisis brings an opportunity to real estate investors, who covers closing costs and where to find a purchase and sale agreement, home appraisals explained, and how to get funding for your home renovation or rehab! These answers are crucial if you’re looking to invest in 2023, so make sure you tune in!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
Could flipping be in danger as interest rates rise and foreclosures start to increase?
Where to find a purchase and sale agreement when buying an off-market deal
Who pays closing costs and how to negotiate for better terms with a seller
Home appraisals explained and how to ensure the appraiser gives your home the highest value possible
Funding renovations for BRRRRs and flips, and creative ways to finance your deals
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Real Estate Rookie Facebook Group
Real Estate Rookie Podcast
BiggerPockets Forums
On The Market Podcast
Legaltemplates.net
BiggerNews March: How a Surge of Foreclosures Will Impact the Housing Market w/Auction.com’s Daren Blomquist
Connect with Ashley and Tony:
Ashley's Instagram
Ashley's BiggerPockets Profile
Tony's Instagram
Tony's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-242
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Dec 10, 2022 |
241: From Line Cook to Long-Term Investor with 32 Wholesale Deals
3844
Hard work comes with everything, and real estate is no exception. To achieve success, you must be willing to work hard and continue to work hard even when things get rough. That means viewing mistakes as lessons and being resilient enough to power through whatever life throws at you. Today’s guest, Sahleem Lee, started his real estate journey and almost gave it up, but after a three-year hiatus, he has come back even stronger. Now he has thirty-two wholesale deals under his belt.
Sahleem's real estate journey started with flipping cars and fast food. Sahleem worked as a line cook, but he always planned on moving up. His eye was on the general manager position until he got into car auctions. He began flipping cars, and his coworker saw his real estate potential. After a lot of convincing, they became business partners and split a deal fifty-fifty. Unfortunately, the deal went south, and after such a terrible experience, Sahleem decided to step away from real estate.
He got bit by the real estate bug again three years later after stumbling on a YouTube channel about wholesaling and reading Rich Dad Poor Dad. From there, he decided to use real estate to pursue freedom and started to become a student all over again. Now, along with his wholesale deals, he has three long-term rentals and two and a half acres, where he plans to build twenty-two units with his business partner and mutual mentor.
In This Episode We Cover
The importance of mindset and how to use it to overcome the roadblock of fear and analysis paralysis
Mutual mentorship and how to add and extract value at the same time
Learning how to rehab with no experience and how to self-educate
Wholesaling and how to prepare for your first real estate wholesale deal
Skip tracing and why it can be a helpful tool when trying to close on an off-market property
Sahleem’s marketing tactics and how to use them to improve your lead generation
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Real Estate Rookie Facebook Group
Real Estate Rookie Youtube Channel
BiggerPockets
On The Market
OfferUp
Craigslist
Google Voice
Connect with Sahleem:
Sahleem’s Instagram
Sahleem’s Facebook
Sahleem's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-241
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
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|
Dec 07, 2022 |
240: Rookie Reply: How to Get a Better Price on That Off-Market Property
2601
Off-market real estate deals can give investors like you HUGE discounts on what would be expensive investment properties. Either due to the property condition or the state of the seller, these real estate deals sell for sometimes hundreds of thousands less than their on-market equivalents. But finding them can be a challenge. As a result, most new investors rely on real estate wholesalers to bring them a deal. But what if the price point still doesn’t make sense?
Welcome back to another Rookie Reply, where we’re joined by real estate wholesaling master, Jamil Damji, and newly self-employed investor, Ethan Wilson. Jamil and Ethan both have a taste for off-market, underpriced deals and are here to share their wisdom with you. In this episode, you’ll hear how to negotiate with a wholesaler who’s firm on price, how to find off-market deals WITHOUT cold-calling sellers, and Jamil’s killer deal-finding strategy that costs far less than the competition!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
How to negotiate with a real estate wholesaler even if they have a set purchase price
Investing in your early twenties and why partnering up can help you scale faster
Cold calling tips and why most investors are too scared to talk to sellers
The EASIEST, cheapest way to find off-market real estate deals
Meth house and mold remediation and why you should ALWAYS google a potential property’s address
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Real Estate Rookie Facebook Group
Real Estate Rookie Podcast
BiggerPockets Forums
On The Market Podcast
KeyGlee
AstroFlipping
BiggerPockets
On The Market Youtube Channel
Connect with Ethan and Jamil:
Ethan's Instagram
Ethan's BiggerPockets Profile
Jamil's Instagram
Jamil's BiggerPockets Profile
Jamil's Youtube Channel
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-240
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Dec 03, 2022 |
239: The Rookie's Guide to 2023 Goal Setting: How to Achieve HUGE Goals This Year
3863
Before the most well-known real estate moguls were moguls, they were rookie investors with a dream. While it took vision to get them to where they are today, they wouldn’t be successful without goals and a plan to achieve their goals. Tony and Ashley, two investing tycoons in their rights, use today’s episode to reflect on their goals from 2022 and start thinking about goals for 2023.
One of the most important parts of goal setting is the plan to get your goals accomplished. A goal without a plan is just an unattainable dream, but with a plan, your dreams can become your reality. So how do you intentionally set a goal? You turn your goal into a SMART goal. SMART goals are more achievable since you measure them, and when you start seeing results, it encourages you to keep going and accomplish them.
Goals give you something to work towards, but sometimes you don’t meet them, and that’s okay. The beautiful thing is that they can roll over. Missed your goal this year? Try again next year! Tony and Ashely both fell short on a few of their goals for 2022, but that didn’t discourage them. Develop a growth mindset, and a missed goal can turn into an opportunity. So join Tony and Ashely, pull out a notepad, write down your goals and make 2023 the year that everything changes.
Links from the Show
Find an Investor-Friendly Real Estate Agent
Real Estate Rookie Facebook Group
Real Estate Rookie Podcast
BiggerPockets Bookstore
Airbnb
Upwork
PropStream
Alpha Geek Capital
Monday.com
Find Money, Partners, & Deals Using The “D.A.D System” w/ Mike Michalowicz
Real Estate Rookie Youtube Channel
The Science Behind Setting and Achieving Big Goals
Connect with Ashley and Tony:
Ashley's Instagram
Ashley's BiggerPockets Profile
Tony's Instagram
Tony's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-239
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Nov 30, 2022 |
238: Rookie Reply: Section 8 Investing and Which Cash Flow Markets Make Sense
2054
Section 8 investing isn’t as scary as it seems. Most landlords will opt to not rent to section 8 tenants, fearing non-payment or just getting stuck with a bad renter. But, this means that the tens of thousands of potential tenants, waiting with guaranteed rent, have nowhere to stay, while you struggle to fill an empty unit. Ashley Hamilton, Detroit-based investor, thinks that not renting to section 8 tenants could be a huge mistake.
Welcome back to this week’s Rookie Reply! This time, we’ve got Cullen asking: Is it a bad idea to invest in properties out of state where the housing market is cheaper and more affordable for us? Or would it be better to save more money and invest in the market we are currently living in?
Good news for Cullen, we’ve got a cash flow market expert here to help answer his question!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
Cash flow vs. appreciation and when to start investing out-of-state
Buying in affordable real estate markets and what to look for before you invest
Section 8 investing and how “guaranteed rent” can help boost your property profits
Action steps to take when identifying a rental market or potential investment property
Tenant screening tips that’ll keep your portfolio at 100% occupancy
The one thing you’ll need if you want to be financially free through real estate
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
BiggerPockets
MLS
The BiggerPockets Real Estate Podcast
Real Estate Rookie Podcast
10 Deals on a $20K Waitress Salary With Ashley Hamilton
Investor Update: The “10 Deals on $20K/Year” Investor’s Explosive Growth
BiggerPockets Forums
BiggerPockets Calculators
Connect with Ashley:
Ashley's Instagram
Ashley's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-238
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Nov 26, 2022 |
237: The Cash-Flowing Car Wash and Early Retirement Through Creative Real Estate
3179
The beautiful thing about building wealth is there’s not just one way to reach your financial goals. This is where your creativity and ambition come into play. Today’s guest, Daniel Schiermeyer, built his residential portfolio and then leveraged that to buy businesses, with more ways to cash flow than we can count!
Daniel started getting into real estate after college when he read The Automatic Millionaire. He prioritized living cheaper, and in Charlotte, it was cheaper to buy a house than to rent, so he bought his first house at twenty-nine. With a thirty-year mortgage on his first house, Daniel realized if he bought a house every year or two, by the time he was sixty, he could pay off all the houses and have a strong retirement plan. His real estate portfolio consists of two townhomes, a duplex, a self-storage facility, and businesses to boot!
Sticking to residential real estate was the plan until Daniel drove by a car wash for sale with his brother. His brother encouraged him to pursue it, so they called the number on the “For Sale” sign. Once they talked to the broker, ran the numbers, and walked the property, they realized the numbers made sense. Now, he’s got a cash-flowing car wash and residential and commercial real estate all while chasing financial freedom!
In This Episode We Cover
Using real estate to build a retirement plan and why real estate is the ultimate payday
Analyzing commercial real estate deals and how to determine potential growth
Purchasing land vs. purchasing a business and why it’s beneficial to buy both
How to run a business and why self-education is essential
Self-storage investing 101 and how to create value in the self-storage space
Building a real estate investing business plan and the key things you need to succeed
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
Airbnb
Real Estate Rookie Facebook Group
Monday.com
BiggerPockets
LoopNet
BizBuySell
MLS
$13M in Equity from One Deal & Cash Flowing Despite Being Comatose with AJ Osborne
AJ Osborne’s Instagram
The BiggerPockets Real Estate Podcast
Self Storage: The Misunderstood Money Maker Most Investors Overlook
4 Key Ways to Build Wealth in Real Estate
Connect with Daniel:
Daniel's Instagram
Daniel's Facebook Profile
Daniels BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-237
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Nov 23, 2022 |
236: Rookie Reply: Creative Financing 101 with No Cash, Credit, or Credentials
2632
Pace Morby’s name is synonymous with creative financing. In fact, you could say that he’s brought back a revival of strategies like subject to and seller financing. He’s been so successful with these strategies that Pace has been able to buy over six hundred rental units this year without using a single bank loan! He believes that now, even with rising interest rates and high inflation, rookie investors have a chance to get better deals than ever before!
Welcome to this week’s episode, where we’re live from BPCon2022! We’ve brought in Pace Morby, friend of BiggerPockets, to talk about everything related to creative finance. If you’re brand new to this topic, don’t be alarmed. While some of Pace’s methods may sound complicated, they aren’t actually so difficult in practice. And in just one episode with Pace, you could be convinced to try them out on your next deal!
Pace shares how he’s finding deals, where he’s buying, the negotiation tactics he uses, and why now may be one of the best times to buy. He also discusses why sellers are so open to trying alternative financing options, how you can pick up real estate deals for zero dollars down, and why creative finance options offer far better returns than bank financing in 2022, 2023, and beyond!
In This Episode We Cover
Creative finance explained and why now is a great time to try it
Seller financing vs. subject to, and when to go after pain vs. gain
How creative financing builds a win-win scenario for buyers and sellers
Whether or not rising interest rates and a shaky housing market affect these strategies
Negotiating with a seller and how to sweeten your offers so you get deals on your terms
Where to find the deals best-suited for seller financing and subject to
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
Zillow
MLS
Airbnb
Craigslist
Kelly Blue Book
OfferUp
Facebook Marketplace
Leasetrader
Opendoor
LandWatch
ListSource
PropStream
Weststar Loan Servicing
AirDNA
300 Doors, 100% Creative Financing with Pace Morby
The Essential Elements of the Creative Financing Toolbox
Connect with Pace:
Pace's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-236
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Nov 19, 2022 |
235: Investing in 100-Year-Old Homes Straight Out of College and the "PRR" Method
3572
To have something you’ve never had, you have to be willing to do something you’ve never done before. Today’s guests, Amy Wright and Mitch Mathern are doing something most people haven’t seen before, a twist on the BRRRR method. They’ve closed on three properties in three years, and all their properties are over 100 years old!
Amy and Mitch started their real estate journey right before COVID and went into contract on their first property in February 2020. They started investing when Amy was fresh out of college, and with no money to buy an investment property, they bought a primary residence instead. Since they purchased the home as a primary residence, they used an FHA loan and came to the closing table with only $7,000! Their first property marked the beginning of their strategy: purchase as a primary, rehab, and rent—the PRR.
But buying older homes isn’t a drawback to this strategy, it’s a benefit! Amy and Mitch refer to themselves as restorers instead of flippers. While they rehab their homes, they do their best to keep the character and history alive. Their unique strategies have helped them differentiate themselves in their market and succeed. They hope to keep up their current pace of one property a year and eventually increase the number of properties per year as they continue to scale.
In This Episode We Cover
The benefits of a live in flip and how to pace yourself when doing the rehab
FHA lending and how to take advantage of all its benefits when you first get into real estate
How to spot renovation red flags when walking a potential property and how to DIY your rehab
Investing in older homes and how to rehab an outdated property while keeping its history alive
How to attract a top-tier tenant and screening tips that will save you a LOT of time
How to structure your “buy box” and shift it as needed so you can grow your real estate portfolio faster
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
Real Estate Rookie Podcast
RentRedi
Zillow
BiggerPockets Pro
MLS
6 Ways to Invest in Real Estate with Little Money or Experience
Connect with Amy & Mitch:
Amy & Mitch's Instagram
Amy's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-235
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Nov 16, 2022 |
234: Rookie Reply: You DON'T Need Experience to Invest in Real Estate
2409
Before you invest in real estate, everything can seem new and confusing. Bidding on houses, renovation budgets, finding tenants—these are all skill sets you must acquire to become a financially independent real estate investor. But that doesn’t mean you need to be a pro before buying your first property. Just ask Brittany Arnason, AKA InvestorGirlBritt, the Canadian real estate superstar who started BRRRR-ing her way to wealth at just eighteen.
We brought Britt onto the show to help us dive deeper into a question we received on the Real Estate Rookie Facebook Group. This question came from JP, asking: How do you network and partner with more experienced investors when you feel you have nothing to add value?
Most investors never feel like they know enough, and this is especially true if you’ve never done a deal before. But, Britt may serve as the perfect person to share her experience with JP, as she went from knowing nothing about real estate to becoming a multi-million dollar commercial investor all before the age of thirty!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
Why ability often trumps experience and understanding that you don’t need to know everything all at once
How food poisoning turned into a rental property portfolio for InvestorGirlBritt
Outsourcing, delegating, and hiring the people that can help you grow
Surrounding yourself with better investors that push you higher so you can build your own portfolio
Imposter syndrome and why almost every investor does NOT feel like an expert
Content creation, digital detoxes, and why you should always be building an online brand
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
Real Estate Rookie Podcast
The 7 Tips @investorgirlbritt Used to Go from Amateur to Pro Investor
How to Become a Real Estate Millionaire (NO Experience Necessary)
Connect with Brittany:
Britanny's BiggerPockets Profile
Britanny's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-234
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Nov 12, 2022 |
233: $1.1M in Real Estate at 21 WITHOUT a W2, Tax Return, or Degree!
2997
The path to financial freedom is a marathon, not a sprint. It requires patience, discipline, sacrifice, and a long-term mindset. Today’s guest, Logan Kohn, is on his way to financial freedom with over one million dollars of real estate with three properties at only twenty-one years old!
Logan planned to invest in real estate later in life, but COVID forced him to rethink his timeline. Since interest rates were at an all-time low during the pandemic and his income took a hit, Logan decided to expedite his investing journey. For his first investment property, he looked at his county, but it wasn’t affordable, so he looked at the next county over. It wasn’t the best area, but he saw the opportunity for growth, and now his first property has already appreciated over thirty percent!
Logan bought his first property and his other two properties in the span of one year, which required extreme financial discipline and frugality. Logan has been interested in growing his money since he was a child. From the age of ten to the end of his teenage years, he started various side hustles to make money. He’s done magic on the street, dropshipping, affiliate marketing, and email marketing. At seventeen, he discovered stocks and started stacking his money and letting it grow. Now he invests his money while having few expenses to be as frugal as possible so he can multiply his wealth through real estate!
In This Episode We Cover
How to spot a growing market through real estate market analysis
The importance of a long-term mindset and how to use it to find financial freedom
Living frugally and how to cut back on your expenses (it’s easier than you think!)
The process of self-managing your rental properties and building good rapport with your tenants
Flood Insurance and insurance options for those affected by Hurricane Ian
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
Real Estate Rookie Podcast Channel
Biggerpockets
Facebook Groups
BiggerPockets Forums
Designing a Frugal But Luxurious FI Life by Age 32
Should You Self-Manage Your Properties or Hire a Pro? Here’s How to Tell
Connect with Logan:
Logan's BiggerPockets Profile
Logan's Instagram
Logan's Youtube Channel
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-233
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
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|
Nov 09, 2022 |
232: Double Your Cash Flow Overnight (In ANY Market) with Medium-Term Rentals
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Medium-term rentals are not new to real estate investing, but most investors have hardly heard of them. For years, corporate travelers would rent a room, apartment, or small property for a year or less. These travelers would pay a premium to avoid long-term leases and stay close to their work. But, with the rise of traveling nurses and digital nomads, the medium-term rental strategy is in a revival when investors need it most.
Joining us on today’s show are investors, coaches, and authors, Sarah Weaver and Zeona McIntyre. Their new book, 30-Day Stay, is a masterclass in the wonderful world of medium-term rentals, walking new investors through everything they need to double their cash flow almost overnight. This strategy sounds too good to be true, but even a short-term rental king like Tony Robinson says that he’s intrigued. So is there a catch to this no vacancy, high cash flow, and often headache-free type of housing?
In this episode, you’ll learn the pros (and very limited cons) of investing in medium-term rentals. You’ll also hear which markets this strategy works best in, what type of software you’ll need to run one, and how medium-term rentals are starting to rival vacation rentals! If you’re looking for an investment with a high ROI, that doesn't need to be minutes from a beach, this strategy is for you!
In This Episode We Cover
The medium-term rental strategy explained and why it’s become so popular in 2023
Short-term rental regulations and whether or not they affect medium-term rentals
How to analyze a medium-term rental and what to look for in an investing area
Tenant screening tips and building your lease agreements for medium-term tenants
Which real estate markets work best for medium-term rentals (and which to avoid)
Running your medium-term rental hands-free and the best software picks to choose
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
Airbnb
Real Estate Rookie Facebook Group
Real Estate Rookie Podcast
Semi-Retired at 30 Thanks to One Year’s Worth of Real Estate Investing
Early Retirement Through Short-Term Rental Properties with Zeona McIntyre
W2 Retired and Traveling the World with Just 15 Units w/Sarah Weaver
PriceLabs
AirDNA
Furnished Finder
Vrbo
Hospitable
Google voice
Facebook Groups
Monday.com
Trello
Asana
Avail
Connect with Sarah & Zeona:
Sarah's Instagram
Sarah's BiggerPockets Profile
Zeona's Instagram
Zeona's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-232
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Nov 05, 2022 |
231: Semi-Retired at 30 Thanks to One Year’s Worth of Real Estate Investing
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If early retirement seems out of reach right now, try semi-retirement. Once you get there, you’ll only be halfway to early retirement, just like today’s guest, Jessie Dillion. At only thirty years old, she is semi-retired and has scaled her real estate portfolio to almost two million dollars in nine months, with five properties total!
When people think about high returns, they often think about a high unit count—but why have a lot when you can do the same with a few? Jessie is strategic about each property purchase she makes and has made a goal to make one smart investment each quarter. She currently has a single-family home and two duplexes. One of her duplexes is a house hack, and her portfolio sports a mix of long-term, short-term, and mid-term tenants.
Jessie’s success is due to how responsible she is with her finances. To finance her first property, she built up her savings to ensure she had enough to cover any surprises. As Jessie continues to scale, she has gotten more creative with her financing. She has formed great relationships with her lenders because of her ability to ask questions and carefully choose where and how she gets her funding. Now she is semi-retired at thirty years old and pays a measly fifty dollars a month towards her mortgage!
In This Episode We Cover
The FIRE movement and how to start your early retirement journey today
How to use transferable skills from other jobs to make investing easier
Building trust with your spouse and getting them on board with your investing journey
Getting the funding for your first rental property and how to use creative financing for the rest
Brilliant savings tips and how to rapidly increase your savings
The loan process and how to build a strong relationship with lenders
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
On the Market Podcast
Jamil Damji's BiggerPockets Profile
Pace Morby's Instagram
Brittany Arnason's Instagram
Ashley Hamilton's Biggerpockets Profile
10 Deals on a $20K Waitress Salary With Ashley Hamilton
Rachel Richard's Instagram
Henry Washington's Instagram
Zillow
Furnished Finder
Craigslist
Facebook Groups
AirDNA
PriceLabs
Data.rabbu
Monday.com
Connect with Jessie:
Jessie's BiggerPockets Profile
Jessie's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-231
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Nov 02, 2022 |
230: Rookie Reply: The 1% Rule, Turnkey Rentals, and Escrow Accounts Explained
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Is the 1% rule in real estate still relevant? Who shouldn’t be buying turnkey rentals? And why is an escrow account favorable for scaling real estate investors? All these questions and more are coming up in this Rookie Reply.
We’re back at BPCon 2022, and joining us is fellow investor and turnkey operator, Zach Lemaster. You may have heard Zach’s episode on the BiggerPockets Real Estate Podcast or maybe you’ve used his turnkey company, Rent to Retirement, before!
Zach helps us answer an array of questions, some from semi-passive turnkey investors and some from active investors. We touch on investor lines of credit and how to secure them, the 1% rule’s relevance in 2022, whether or not to get preapproved before finding a deal, buying off-market, and much more! Zach also poses three questions every investor should ask BEFORE investing in turnkey rentals.
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
Where to find investor lines of credit and which banks are your best bet
Should you get an appraisal on an off-market property?
The 1% rule explained and how it’s holding up in 2022 (and beyond)
Escrow accounts and which types of investors should optionally enroll in them
Who should (and shouldn’t) invest in turnkey rentals and the questions you should ask your turnkey provider
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Facebook Group
Real Estate Rookie Podcast
How “Turnkey” Rentals Can Help You Build Real Estate Riches Faster
The One Mistake That Almost Put My House in Foreclosure
Rent to Retirement
BiggerPockets Calculator
Connect with Zach:
Zach's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-230
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Oct 29, 2022 |
229: Cashing In On Overlooked Off-Market Deals & Overcoming Analysis Paralysis
3993
Your network can be your most powerful tool inside and outside of real estate. Today’s guest, Ryan John, started his real estate investing journey after seeing his friends succeed in the investing space—including his childhood friend, Ashley Kehr. Ryan has been in the real estate game for a year and a half and has closed on two off-market deals—a house hack and a duplex.
As all rookies know, trying to find and close on your first deal can be a mix of emotions. From excitement to fear to anxiousness and fulfillment, you go through various emotions when trying something you’ve never done before. While Ryan wanted to get started right away, he experienced a lot of nervousness regarding his first deal—waking up at three in the morning, scared he was missing something. But, unlike many other investors, he didn’t allow this to deter him from accomplishing his goals.
Ryan prefers off-market deals because he doesn’t have to go through a realtor. An off-market deal requires more legwork but often comes with significantly better numbers. Becoming an investor has also given Ryan the freedom to make big life changes. Ryan went to his first real estate investor meetup and met investors with a wide range of experience. After attending, an incident at work prompted him to quit. Since he lives below his means and has cash-flowing rentals, he has the time and ability to breathe and explore his options before deciding his next steps.
In This Episode We Cover
How to overcome analysis paralysis and the fear of your first deal
The pros and cons of off-market deals and how to find them in today’s market
How to buy a small multi-family property and why they’re worth investing in
House hacking 101 and how to make money using unused space on your property or in your home
Time value vs. opportunity cost and how to know when it’s time to outsource
The power of real estate meetups and being surrounded by motivated investors
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
Airbnb
Real Estate Rookie Facebook Group
The Real Estate Podcast
Real Estate Rookie Podcast
RentRedi
Connect with Ryan:
Ryan's BiggerPockets Profile
Ryan's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-229
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Oct 26, 2022 |
228: Rookie Reply: How to Beat Cash Buyers, Tenant Brawls, and Appraisal Tips
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A cash offer almost always gets a seller's attention. Whether someone comes in low or high, the prospect of a smooth closing without any loan contingencies is often more than enough to get a deal done. But what if you don’t have stacks of cash lying around? Maybe you’re trying to get your first rental property or house hack with a conventional, FHA, or VA loan. How do you set yourself apart from the hotshot who roles in and offers all cash without any appraisal necessary? Worry not because Ashley and Tony have done it dozens of times before.
Welcome back to this week’s Rookie Reply, where we take questions directly from Instagram, Facebook, the BiggerPockets Forums, and our Rookie Request Line. This week, we talk about how to beat cash offers, what to do when tenants in the same property start disputing, and appraisal tips to get your home valued higher. We also touch on how to network, make better connections, and build genuine relationships with other investors in your area!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
What to do when an appraisal comes back lower than you expected
Using comps (comparable properties) to boost your home’s value in an appraiser’s eye
Handling tenant disputes, and whether or not you’re liable if the argument gets physical
The three things that motivate a seller when listing a property (and how to use them to get better deals)
Beating cash buyers and using speed and price to your advantage
Networking tips for new investors (even if you’ve never been to a real estate meetup)
And So Much More!
Links from the Show
Airbnb
BiggerPockets
Real Estate Rookie Facebook Group
Real Estate Rookie Podcast
On the Market Podcast
Thanks for Visiting Podcast
Vrbo
MLS
Connect with Ashley and Tony:
Ashley's Instagram
Tony's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-228
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Oct 22, 2022 |
227: The Vice-Principal Who Built a 9-Unit Rental Portfolio on The Weekends
3509
Who says you can’t have it all? The career, the love, the wealth—it can all be yours if you want it and work for it. Today’s guest, Mackenzie Grate, works hard so she can have it all. Working full-time as an assistant middle school principal, Mackenzie spends her nights and weekends as a real estate investor and agent. She owns two single-family homes, a fourplex, a duplex, a short-term rental, and her primary residence.
Mackenzie’s real estate investing journey started in 2017. While living in her apartment, she rented out her extra room and decided to buy a home once rent prices became a little too high to handle. From there, she started looking for her first deal by googling the three fastest-growing job markets in New York. She then chose the market she wanted to invest in, asked a friend to go upstate with her, and started driving for dollars. She put in an offer on the first house she saw and closed on the home. But was she doing it alone?
There is a common misconception that when you invest with a significant other, they have to be involved to be on board. Mackenzie’s relationship with her husband proves that involvement doesn’t equate to support. He supports what she’s doing, but he isn’t an active part of her investing journey, and for them, that works. He shows support by doing other everyday tasks at home, giving Mackenzie more time to work and pursue real estate. This freed-up time is essential for Mackenzie as she juggles all her endeavors and earns her nickname, the "Mack of All Trades."
In This Episode We Cover
The pros and cons of getting your real estate license and how to determine whether becoming an agent is for you
The benefits of owning a co-op and what it means to “own a share” of a building
How to find and capitalize on emerging markets that have strong rental demand
Investing with a spouse and how to find the right balance for your relationship
Property management vs. self-management and how to weigh the pros and cons for both
Managing a short-term rental and automating your processes to become the ultimate host
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
Airbnb
BiggerPockets
Real Estate Rookie Facebook Group
The Real Estate Podcast
BiggerPockets Forums
Real Estate Rookie Podcast
Zoom
RentRedi
Digital Nomad-ing and Answering All Your FIRE Healthcare Questions w/ Amy & Tim from GoWithLess
Connect with Mackenzie:
Mackenzie's Instagram
Mackenzies BiggerPockets Profile
Mackenzie's Website
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-227
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Oct 19, 2022 |
226: Rookie Reply: Financing Your First Rental, Leases, and High Interest Rates
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As a new investor, financing can come with a lot of questions. Financing your first property itself seems like a steep learning curve, but once you find a method that works for you, it makes investing a lot easier. Welcome back to this week’s Rookie Reply. But, instead of just answering one question, we’ll be going over multiple to get you on the fastest path to investing in real estate. Today, we’re touching on topics like how much money you'll need to invest in your first property, how to build a lease, recommendations for financing without a W2, and how rising interest rates affect investors.
Before you invest, understanding the market you want to invest in is essential. You also have to understand the expenses that come with your property. Once you know these two things, you’ll have a more accurate estimate of your costs. A perk that comes with investing is that the money doesn’t have to be yours. Whether you decide to take out a conventional mortgage loan or partner with another investor, you can creatively finance your deal to have less money come out of your pocket!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
How to understand the market you’re investing in, the average cost of a property, and the range of expenses you can expect
Safety reserves and how much to have on hand before you buy a property
Creative financing methods that will lessen the amount of capital you’ll need to close
Financing without a traditional W2 and how small banks, mortgage brokers, and co-signers can be your best friends
Easily building your perfect lease using the BiggerPockets lease agreements!
And So Much More!
Links from the Show
Airbnb
BiggerPockets
BiggerPockets Calculator
Real Estate Rookie Facebook Group
Real Estate Rookie Podcast
What Makes Rookies Into Millionaires? Quitting What You Hate!
BiggerPockets Forums
Policygenius
BiggerPockets Pro
RentRedi
Biggerpockets Bootcamps
Connect with Ashley and Tony:
Ashley's Instagram
Tony's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-226
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Oct 15, 2022 |
225: Tiny Homes, Huge Profits: $6,000 a Month from 1 Property!
2856
Life is unpredictable, and there's no way to get around that. Instead, you have to learn to pivot and accept where you are, so you can get to where you're going. Today’s guest, Josiah Hein, was hit with life’s unpredictability when he was in a car accident with a drunk driver, resulting in damage to his neck and back. Josiah could have easily used the accident as a reason to give up, but instead, he took it as an opportunity to pivot and build another business. Josiah has closed on three deals, including a tiny home that alone cash flows $6,000 a month!
Josiah's first business required strenuous physical labor, so after his accident, he couldn't work as much. He used his newfound time to start learning about real estate. He had always considered real estate as a long-term retirement plan, but his plan suddenly got expedited. He started investing right before COVID by converting his old house into a rental property.
His portfolio also includes an out-of-state property and a tiny home. He was inspired to invest out-of-state after reading David Greene’s Long-Distance Real Estate Investing. After five months of researching to find an out-of-state market, he settled on Tulsa, Oklahoma. He also has a lucrative tiny home bringing in some serious cash flow every month!
In This Episode We Cover
Using a setback as a setup and how to pivot when life gets unpredictable
Finding “hot” markets and what criteria to look for
Doing a profitable cash-out refinance and the BRRRR strategy
Self-managing short-term rental properties and using listing sites like Airbnb to rent out your property
Tiny homes 101 and the benefits that go beyond having a mini-mortgage
Buying out-of-state investment properties and how to manage your rental remotely
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
Airbnb
BiggerPockets
BiggerPockets Calculator
Real Estate Rookie Facebook Group
The Real Estate Podcast
BiggerPockets Forums
Real Estate Rookie Podcast
Play the Game or Get Played: Using Paternal Instincts to Close on 17 Units
Zillow
The Real Estate Robinsons Youtube Channel
Vrbo
CDS Rental Calculator
Robuilt’s Tiny Houses That are Cashing in MASSIVE Profits Every Month
Connect with Josiah:
Josiah's Instagram
Josiah's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-225
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Oct 12, 2022 |
224: It’s Not All About Cash Flow: 4 Ways Real Estate Makes You Rich
4228
Real estate investing is known for one thing: cash flow. No matter who you talk to, investors always seem to be hypnotized by this single metric. Rookie investors love to chase after cash flow and cash flow only—often completely disregarding the much more lucrative benefits of real estate investing for the shiny object of monthly profits getting deposited into your account. But, if you’re buying, analyzing, and negotiating deals based on cash flow only, you could be making a huge mistake.
In the new book Real Estate by the Numbers, Dave Meyer and J Scott, both veteran investors in their own regards, give you the numbers behind the NOI and show how real estate will make you rich in much more ways than one. They give you the exact calculations, framework, and mindset to use when analyzing real estate deals, and will show you how you can build wealth faster, smarter, and with less effort than the cash-flow-crazed investor down the street.
On today’s show, Dave and J walk through the four ways that investors can build wealth through real estate, which questions real estate rookies should start asking, and debate whether or not the 2022 housing market is one worth buying in. Real estate rookie or not, this show will give you everything you need to start chasing better deals with hidden profits others are too blind to find.
In This Episode We Cover
Why real estate rookies should grab the new book, Real Estate by the Numbers
Recessions, interest rates, and whether or not 2022 is a good year to buy real estate
The four ways to generate wealth through real estate investing (it’s more than cash flow)
Questions real estate rookies should ask when analyzing their first real estate deals
Real estate tax deductions and how investors can pay almost no income tax
How to “force” appreciation so you can increase equity faster and walk away with a big payday
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
Airbnb
BiggerPockets
BiggerPockets Calculator
Real Estate Rookie Facebook Group
The Real Estate Podcast
Real Estate Rookie Podcast
On the Market Podcast
BiggerPockets Business Podcast
BiggerPockets Bookstore
How to Become a Real Estate Millionaire (NO Experience Necessary)
What Works (and Doesn’t) in a Recession & the Untold Story of J Scott’s Messy First Flip
Connect with Dave and J:
Dave's Instagram
Dave's BiggerPockets Profile
J's Instagram
J's BiggerPockets Profile
J's Website
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-224
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Oct 08, 2022 |
223: Play the Game or Get Played: Using Paternal Instincts to Close on 17 Units
4301
If you pay attention, you’ll notice there is a game being played. The sooner you realize this, the sooner you can play to win. The game of life has various components, but the top one percent has mastered the game of money and finance. Once you start playing, your financial fear becomes irrelevant. After all, it is a game—and you’re supposed to have fun.
Today’s guest, Nick Troutman, started playing the game after his second child was born. His fatherly instinct kicked in, and he had a deep desire to provide. He started researching investing, money, and finance—his friend recommended BiggerPockets, and the rest was history. Now, Nick has four rental properties with seventeen units, including a nine-unit apartment.
As a professional athlete, Nick is on the road for six to ten months, which exposes him to various housing markets. This exposure helped him narrow down his scope of locations to invest in. Ultimately he decided to invest in Tennessee and Georgia. Nick’s open and optimistic approach to life has helped him create his dream life as a father, husband, professional athlete, and investor.
In This Episode We Cover
The “game” of money and finance and how to play to win
Overcoming provider syndrome and how to use it to your advantage
The BRRRR Method and why it’s one of the best ways to get into real estate
What to consider before investing in a new market and why you should invest in familiar markets
Price-to-rent ratio and making sure you’re charging the right amount for rent
Fear vs. danger analysis and how to use it to start eliminating fear in your life
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
MLS
Airbnb
BiggerPockets
BiggerPockets Calculator
Real Estate Rookie Facebook Group
16 Units in 3 States as a BiggerPockets Power Couple Working Full-Time
BiggerPockets Instagram
The Real Estate Podcast
BiggerPockets Forums
Zillow App
Real Estate Rookie Podcast
Connect with Nick:
Nick's Instagram
Nick's Podcast
Nick's BiggerPockets Profile
Great Family Adventure's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-223
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Oct 05, 2022 |
222: Rookie Reply: The One Mistake That Almost Got My House Foreclosed
984
A rental property falling into foreclosure is a sad sign. “What happened to that landlord?” you might ask. Did a tenant do extensive damage, leaving them with a too burdensome repair bill? Did the landlord forget to pay their mortgage? What could have caused this? Well, if you’re like Ashley Kehr, someone else may have caused your home to (almost) slide into foreclosure, without you knowing.
Welcome back to this week’s Rookie Reply. Wait, scratch that. This week’s Rookie Confession, featuring our own Ashley Kehr! Many listeners know Ashley as a fast-moving, quick-thinking, real-life monopoly player, but in this episode, she opens up about a mistake that almost lost her multiple properties. It was an easy real estate mistake to make, but even veterans in the game get caught now and again. Want to avoid what happened to Ashley? Tune into this episode!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
BiggerPockets
Real Estate Rookie Youtube Channel
Airbnb
BiggerNews March: How a Surge of Foreclosures Will Impact the Housing Market w/Auction.com’s Daren Blomquist
Rookie Reply: How Do I Estimate Property Taxes?
Connect with Ashley and Tony:
Ashley's Instagram
Tony's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-222
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Oct 01, 2022 |
221: From Corporate Cog to 10-Unit Landlord in Just 2 Years!
3181
If you’re hesitant to start your real estate investing journey, ask yourself this—where would you be now if you started ten years ago, and where could you be in ten years if you started today? As today’s guest, Brandon Rush, said, “everything you enjoy today, is the result of something you did five to ten years ago.” Brandon currently has three multi-family homes with a total of ten units.
Brandon started his investing journey when he couldn’t see the light at the end of the tunnel with his W-2. He couldn’t imagine himself working a nine-to-five until sixty-five, so he decided to take his future into his own hands and started house hacking. After two years of hard work and planning, he was able to quit his W-2 a month ago to be a full-time real estate agent.
Brandon’s success is not without sacrifice. He moved out of his single-family home and moved an hour away from work for his first house hack. And, of course, after his first house hack, he moved to his second house hack! Moving required Brandon and his wife to get rid of most of their things and travel lightly. Although moving and getting rid of material things can be difficult, for Brandon, getting rid of clutter helped clear his mind and reinforced the idea that he was on the right path. Brandon is confident in his investing choices because he surrounds himself with like-minded people, has built an investor-friendly network, and knows that all his decisions now will benefit his future self.
In This Episode We Cover
House hacking 101—how to get started and why it’s a great way to start investing
How to build an investor-friendly network and the importance of surrounding yourself with like-minded people
Self-managing your tenants—how to set boundaries and expectations from the start
Creating your lease agreement and how to properly screen tenants
Why cash flow is the most overrated metric of success and how to accurately measure your property's performance
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
MLS
Airbnb
BiggerPockets
Facebook Marketplace
Realtor.com
BiggerPockets Calculator
TenantCloud
Real Estate Rookie Facebook Group
Connect with Brandon:
Brandon's Facebook
Brandon's Instagram
Brandon's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-221
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Sep 28, 2022 |
220: Rookie Reply: How to Buy Rentals Once You’ve Run Out of Cash
536
This week’s question comes from Jerry through Ashley’s Instagram direct messages. Jerry is asking: I’ve finally made the plunge and bought three investment properties. After I rehab, rent, and refinance them, where can I get more money to invest? Is there a type of loan for investors or do I need to look into a hard money lender?
Rental property loans are aplenty if you’ve found the right deal. Most veteran investors already know that once you have a good deal, it isn’t hard to find the money to fund it. But, before you build your rental property portfolio, you’ll need to know which options are out there. Don’t worry, you won’t need to spend months or years saving up for another large down payment. There are quicker ways to build a cash-flowing portfolio.
Here are some suggestions:
Go the commercial lending route and look into DSCR (debt service coverage ratio) loans
Partner with another investor or a private money lender to finance your next down payment
Cash-out refinance from your previous properties and recycle that money into your next deal
Once you have some investing experience, reach out to hard money lenders and ask for their terms and rates
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
BiggerPockets
BiggerPockets Hard Money Lenders
Connect with Ashley and Tony:
Ashley's Instagram
Tony's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-220
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
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Sep 24, 2022 |
219: 3 Rentals Right Out of College as a Young Dad and First-Time Landlord
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A successful investor finds their “why” where other people find excuses. Real estate investing isn’t without its challenges, but as you overcome more challenges, you become a better investor. Today’s guest’s strong “why” led him to real estate, and it’s what pushes him to break through barriers, overcome obstacles, and build the life he’s dreamed of.
Hunter Lewis’ "why" came two weeks before his senior year of college when he found out his girlfriend was pregnant. Knowing he was to become a father forced him to get serious about his future. He found a college mentor that was successful in the commercial real estate space and began working for his company. Hunter then saved up enough to buy his first property in July 2020. Since then, he’s closed on two other doors and is working on his fourth!
Hunter became a first-time landlord with his second property, and while it was a challenge initially, he learned more about property management and how to compromise. Becoming a father at a young age also taught him how to take advantage of opportunities and reframe obstacles. As a real estate investor, he’s learned how to structure partnerships with family and the benefits of patience. Hunter is now working towards his five-year goal—$10,000 of passive income per month.
In This Episode We Cover
Taking advantage of opportunity and finding ways to advance your career
Finding your “why” and reframing your obstacles
How to structure partnerships with family and significant others
Becoming a first-time landlord and how to self-manage your rentals
The importance of understanding and watching the market
Investing while working full-time and how to use your job to help you invest
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
MLS
Airbnb
The GaryVee Podcast
RentRedi
Monday.com
Asana
On the Market Podcast
The Ultimate Property Management Masterclass
Connect with Hunter:
Hunter's Instagram
Hunter's Youtube Channel
Hunter's Email
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-219
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
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|
Sep 21, 2022 |
218: The One Move That Helped Me 2x My Rental Property Portfolio
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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
Ashley's Instagram
Tony's Instagram
BiggerPockets
BPCON2022
Real Estate Rookie Facebook Group
The Real Estate Podcast
BiggerPockets Forums
BiggerPockets Bootcamps
On The Market Podcast
Connect with Henry:
Henry's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-218
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
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Sep 17, 2022 |
217: 16 Units in 3 States as a BiggerPockets Power Couple Working Full-Time
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Successful real estate investors don't find success alone. Real estate is a relationship business, so eventually, you need someone— an agent, contractor, cleaning lady, or handyman. At times, your success depends on these people, so you need to build a relationship with them. Once you cultivate a relationship, maintenance becomes the next step, but how do you do that? How do you find the balance between too friendly and impersonal? How do you turn a transactional relationship into a transformational one?
Today’s guests, Evan and Katie Miller, have prioritized relationship building in their business and have seen tremendous success. The advantage of investing as a couple is they balance each other out. Evan enjoys numbers, while Katie enjoys working with people—creating the balance they need to be a well-oiled real estate machine. They have sixteen units amongst seven properties in Florida, Denver, and Nebraska.
While growing their real estate business, they both work full-time jobs with a baby at home. Katie is the general manager at the BiggerPockets publishing division, which motivated her to invest because she sees the power of real estate every day. Since they still work full-time, they prioritize time management, relationship building, and organization. Evan and Katie hope to hit fifty properties in five years while keeping their full-time jobs.
In This Episode We Cover
Investing with a spouse or a significant other and how to find balance and set boundaries
Appraisal issues and finding creative solutions vs. knowing when it’s time to step away
Self-management vs. property management and whether outsourcing is worth it
Vetting and finding the right property manager in a new market
How to cultivate and maintain relationships both professionally and personally
Out-of-state investing, learning how to invest in new markets, and the criteria you should have
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
BPCON2022
BiggerPockets Bookstore
Real Estate Rookie Facebook Group
The Money Podcast
The Real Estate Podcast
AirDNA
The Official BiggerPockets Facebook Group
MLS
LoopNet
BiggerPockets Forums
BiggerPockets Free Membership
Real Estate Rookie Youtube Channel
Connect with Evan and Katie:
Evan's Instagram
Katie's Instagram
Evan's BiggerPockets Profile
Katie's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-217
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
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|
Sep 14, 2022 |
216: What Makes Rookies Into Millionaires? Quitting What You Hate!
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Real estate investors are a hard-working bunch. They put in long hours every day to create passive income and find financial freedom. Many investors resort to doing what they hate, day in and day out, simply to escape the clutches of a nine-to-five job. If you’re a rookie real estate investor, you’re probably the property manager, head of acquisitions, tenant contact, and accountant all rolled into one. But this “all or nothing” way of working could slow you down faster than you know.
If you want to take your wealth to the next level, try quitting—it’s what Pat Hiban and Tim Rhode have been doing for decades. As two successful real estate agents, they enjoyed the negotiation games that eventually led to large commission checks. But as the years went by, this non-stop grind took its toll—so much that they both gave up very profitable professions to do what they love. Surprisingly, the “do what you love” lifestyle made them even more money than before!
This is all well and good for a couple of veteran investors, but what about our real estate rookies? What about you, listening to this with one, two, or ten deals? How do you take a step back and become a quitter like Pat and Tim? Can you really make more money by doing less, and even if you could, how do you take the first step? In their new book, The Quitter’s Manifesto, Pat and Tim lay out the exact team and strategy you need to go from burnout to big checks with far less effort.
In This Episode We Cover
How two formal education failures became multimillionaires
Going from 100% “obligation” work to 100% “interest” work by doing what you love
Finding the “quiet” that brings your best ideas to light
Building your team of quitters who will hold you accountable to do less and make more
How to find a world-class real estate mentor who will speed up your growth substantially
The financial position you should be in before you contemplate quitting
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
GoBundance
Upwork
BPCON2022
BiggerPockets Bookstore
Building 61 Different Passive Streams of Income with Pat Hiban
Turning $5K Into $5K/Month and Retiring at 40 with Tim Rhode
9 Simple Steps to Finding the Best Real Estate Mentor for You
Book Mentioned in this Show
The Quitter's Manifesto by Tim Rhode and Pat Hiban
Connect with Pat and Tim:
Pat's LinkedIn
Pat's BiggerPockets Profile
Tim's Website
Tim's LinkedIn
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-216
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
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|
Sep 10, 2022 |
215: How to Become a Real Estate Millionaire (NO Experience Necessary)
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Want to become a millionaire? After this episode, you’ll have everything you need to start your journey to a seven-figure net worth through real estate investing. Most people think that to become a millionaire you need to have a high-paying job, a large inheritance, or hundreds of rental properties. This couldn’t be further from the truth, as regular real estate investing allows almost anyone to build wealth, attain financial freedom, and live the life they dream of in only a matter of years.
For those who haven’t bought their first investment property, or only have a few, this webinar with Dave Meyer will provide the step-by-step system that’ll take you from onlooker to investor. Dave takes you through the math behind making millions, how to find investment properties worth buying, analyzing real estate in just minutes, and finally, how to repeat the system so you can continuously build wealth no matter what life position you’re in.
Stick around until the end as Dave throws in a special gift for our viewers that will help take you from rookie to veteran investor in no time at all. The tools, information, and data found in this episode could help slingshot your wealth to levels you’ve never imagined. So, are you ready to start?
In This Episode We Cover
How to become a real estate millionaire no matter where you’re starting from
Defining your “why” and knowing how much money you want to make
How an economic recession could affect real estate investors in 2022
The “crystal clear criteria” every investor must know before buying a rental property
Building your real estate “stack” that can make you rich in only a few years
How to analyze rental properties for complete confidence in the deal
Finding, funding, and financing investment property purchases
The fastest way to level up your real estate investing skills so you can reach financial freedom
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Zillow
BiggerPockets Calculators
On the Market Podcast
BiggerPockets Pro
MLS
BiggerPockets Agent Finder
BiggerPockets Rental Property Calculator
Craigslist
BiggerPockets Bootcamps
Mashvisor
Roofstock
AirDNA
Connect with Dave:
Dave's Instagram
Dave's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-215
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Sep 07, 2022 |
214: Rookie Reply: How to Build Your Dream Short-Term Rental Team
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This week’s question comes from Ricky through Ashley’s direct messages on Instagram. Ricky is asking: I’m about to start my investing journey with short-term rentals. How do I build a real estate team, and which positions should I look for first?
On your way to building a short-term rental empire, you’ll need to build out your real estate investment team. These are the people who will help you scale, manage your properties, and handle host headaches that come up, so you can focus on finding better vacation rental properties. If you want to scale like Tony, who’s already at sixteen short-term rental units, you’ll need to invest in the four “buckets." Doing this will free up time for you to run a better business and source bigger deals.
Here are some suggestions:
Start making checklists, notes, and training videos as soon as you buy your first property
Find the things you hate doing and offload them sooner, rather than later
Build out your short-term rental core four who can help manage the property while you source deals
Start small with a cleaner or maintenance worker and slowly hire out from there
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
BiggerPockets
BPCON22
Investor Girl Britt
BadAsh Investor
Airbnb
Loom
BiggerPockets Agent Finder
Find Money, Partners, & Deals Using The “D.A.D System” w/ Mike Michalowicz
21 Real Estate Professionals You Need on Your Team (Updated 2021)
Connect with Ashley and Tony:
Ashley's Instagram
Tony's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-214
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
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|
Sep 03, 2022 |
213: Living for “Free” with 63 Self-Storage Units
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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
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Podcast
Zillow
$13M in Equity from One Deal & Cash Flowing Despite Being Comatose with AJ Osborne
Real Estate Rookie Facebook Group
How to Cut Expenses for a Faster Route to Financial Freedom
BiggerPockets Calculators
Easy Storage Solutions
Stessa
Roomies.com
Yelp
SquareFoot
QuickBooks
On the Market Podcast
BiggerPockets Forums
Airbnb
Connect with Nate:
Nate's Instagram
Nate's Email
Nate's Website
Check out the full show notes here: https://biggerpockets.com/blog/rookie-213
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Aug 31, 2022 |
212: Rookie Reply: Why "First-Time Home Buyer Loans" Aren’t What You Think
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This week’s question comes from Carolyn through Ashley’s direct messages on Instagram. Carolyn is asking: I just bought my first investment property in cash. Am I still considered a first-time homebuyer? What happens if I take out a mortgage on that property?
First-time homebuyer loans tend to confuse many real estate rookies. When it comes to first-time homebuyer loans and programs, what options do you have? Some investors think that they can only use loans like the FHA loan for their first home, while others may be enticed by first-time homebuyer programs that boast a lot of benefits, but with a ton of red tape. Which loans work for which investors, and what happens when you want to refinance?
Here are some suggestions:
Remember that loans like the FHA loan are not reserved for first-time homebuyers
Special loan programs designed for first-time buyers could help you fund your down payment, but you’ll want to read the fine print
Look for state-specific grants when buying your first home (you could come across some free funds!)
If you are going to refinance after a cash purchase, be sure to double-check the “seasoning” period with your lender
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
BiggerPockets
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-212
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Aug 27, 2022 |
211: Turning Their Basement Into a $4,500/Month Money Making Machine
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While constantly hearing success stories can be encouraging, it can also start to seem unattainable when you don’t know where to start. How did all these successful investors get to where they wanted to be? And if they can do it, why can’t you? Today’s guests, Simon Murillo and Kristina Vaio adjusted their mindset from “why them?” to “why not us?,” which resulted in some serious short-term rental success.
It took a while for Simon and Kristina to become cohesive in their real estate partnership. Simon has been interested in house hacking since 2018, but Kristina couldn’t envision sharing her home with strangers. For his first investment, Simon wanted to invest long-distance in his hometown, but Kristina had reservations about investing in a property she couldn’t physically manage. Despite their opposing views on what their first investment would look like, through a lot of communication, education, trust, and compromise, they found an investment they agreed on—their basement.
With the help of a rockstar real estate agent, they were able to close on a house in December of 2021. It took a few months of blood, sweat, and tears to set up their basement rental, but within just thirty minutes of posting their short-term rental listing, they got their first booking! Now, they’re averaging about $4,500 each month and are looking for their next home to house hack. They plan on doing this at least two or three times until they’re financially free in their forever home—and you can do it too!
In This Episode We Cover
Convincing a skeptical partner and how to find compromise through mutual goals
How to ease into investing through small steps and self-education
Building a team that can help you with your vision—from investor-friendly real estate agents to reliable contractors
The benefits of going to investor meetups and being surrounded by similar people with similar goals
Managing your short-term rental while balancing your full-time W-2
Increasing the value of your property through unique upgrades and renovations
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Podcast
BiggerPockets Forums
Alpha Geek Capital
Real Estate Rookie Bootcamp
Airbnb
Sarah Robinson's Instagram
Redfin
Zillow
Facebook Groups
Nextdoor
MLS
BiggerPockets Agents Finder
Hospitable
Real Estate Rookie Facebook Group
Connect with Simon and Kristina:
Simon's Instagram
Simon's BiggerPockets Profile
Kristina's Instagram
Check out the full show notes here: https://biggerpockets.com/blog/rookie-211
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
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|
Aug 24, 2022 |
210: The Rookie’s Guide to Finding Private Money for Your Next Property
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The term “other people’s money” is common in the rental property industry. You may hear successful investors use it all the time—but what does it mean? Who are these “other people,” and why are they giving out money so freely? Don’t worry—rich relatives are not necessary for this episode of the Real Estate Rookie Podcast. We’re not talking about taking money from your Grandma. We’re talking about private money lending.
Who better to bring on to the show than Alex Breshears and Beth Johnson, authors of the new BiggerPockets book, Lend to Live: Earn Hassle-Free Passive Income in Real Estate with Private Money Lending? Although tailored towards would-be passive private money lenders, Lend to Live drops some serious knowledge that the everyday investor can use. If you’ve ever wanted to know where to find private money, how it works, and how you can use it to grow your real estate portfolio, this episode is a great place to start.
Alex and Beth break down the fundamentals behind private money lending, what makes a great private money lender, and how to vet yours when accepting money. Private money can create phenomenal opportunities for active investors, but it comes with legal landmines that are easily activated if you don’t know what to look for. So, before you start accepting money from a local lender, be sure you read Lend to Live first!
In This Episode We Cover
What makes a great private money lender and the qualifications they should possess
Why become a private money lender and who private lending is best suited for
How to find private money even if you’re just starting to grow your network
Structuring a private money loan and keeping yourself legally protected
Private money red flags and what investors and lenders should look out for
Points, rates, and other lending lingo you need to know before taking a loan
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Podcast
BiggerPockets Forums
BiggerPockets Bookstore
The BiggerPockets Podcast
Private Money: What the Experts Warn Against Before You Lend (Or Borrow!)
Connect with Alex and Beth:
Alex and Beth's Email
Alex's BiggerPockets Profile
Alex's LinkedIn Profile
Beth's BiggerPockets Profile
Beth's Website
Check out the full show notes here: https://biggerpockets.com/blog/rookie-210
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
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|
Aug 20, 2022 |
209: A Beginner's Guide to Analyzing Big Deals & Building a “Bulletproof”
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As an investor, finding and closing on a deal is only the beginning, and it sets the tone for how the rest of the deal will go. So what criteria should you have to make finding a profitable deal easier? Once you find a deal that's promising, how do you do your due diligence before submitting an offer? In today’s episode, Kenneth Donis shares his bulletproof process for finding and underwriting profitable deals.
Kenneth is the Head of Marketing and Acquisitions in the Donis Brothers’ operation. The Donis Brothers have a little more than 1,000 units under their belt and show no signs of slowing down. Kenneth is responsible for finding those deals, underwriting them, and meeting with brokers. With a growing portfolio, Kenneth’s process has become more efficient, and the proof is in their success.
Kenneth breaks down his process into three parts—creating criteria, analyzing the deal before submitting the offer, and submitting a letter of intent. He explains how to create a buy box based on your budget and the importance of ensuring your overhead is covered. Taking to heart just a few of the tips that Kenneth shares today could put you on the fast track to closing on your next big investment property!
In This Episode We Cover
Creating criteria to find great deals based on your goals and budget
Defining your ”buy box” and what you should include in yours
Multifamily deal analysis and the quotes you’ll need before submitting an offer
Drafting the letter of intent and the key elements to a perfect offer
How to build lasting and beneficial relationships with mortgage brokers
Raising capital from outside sources and using creative financing to fund your deals
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Podcast
MLS
Apartments.com
BPCON22
Real Estate Rookie Podcast
Changing Their Family’s Fate by Building a 600+ Unit Portfolio (At Age 20!)
How a College Dropout Got a Seat at the Millionaire Investor Table
Post, Invest, Profit: A Step-by-Step Guide to Content Creating for Investors
BiggerPockets Calculators
Connect with Kenneth:
The Donis Brothers’s Website
The Donis Brothers’s Instagram
The Donis Brothers’s Facebook Page
The Donis Brothers’s Twitter
The Donis Brothers’s Tiktok
The Donis Brothers’s Youtube Channel
The Donis Brothers’s Podcast
Check out the full show notes here: https://biggerpockets.com/blog/rookie-209
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Aug 17, 2022 |
208: Rookie Reply: Time-Saving Real Estate Accounting Tips for New Investors
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This week’s question comes from Aaron on the Real Estate Rookie Facebook Group. Aaron is asking: How do you set up your rental income for tax season? Do you just show your accountant, for example, a Stessa report? Do you give receipts to your tenant when they pay so you have one for tax season?
Navigating the world of real estate accounting can be tricky. Do you write everything down by hand or update your numbers in tax software? Ask two real estate experts like Ashley and Tony and you’ll see that there’s usually one clear way to gather up your rental income so your CPA doesn’t have a mountain of paperwork and an avalanche of questions to ask you.
Here are some suggestions:
Use software like Stessa or QuickBooks to easily track your income/expenses for tax time
Send tenants rent receipts (if they ask for them) using software like Apartments.com and RentRedi
Keep clear records of how much you received in rent, spent on maintenance, and any amount of vacancy
Get your bookkeeping in place from the first property onwards (your future self will thank you)
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
Stessa
QuickBooks
Apartments.com
RentRedi
Google Drive
OneDrive
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-208
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Aug 13, 2022 |
207: Working Towards Time Freedom "In the Trees" with 3 Treehouse Rentals
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As an entrepreneur trying to build wealth, how do you find work-life balance? How do you prioritize your family and life when you work long hours for a better future? Is the time freedom you’re ultimately working towards worth the time you have to give up presently? Amanda Salovitch, today’s guest, shares the balance she’s been able to maintain as a full-time working mom, building a short-term rental business while going from zero to six units in a year and a half.
Amanda has been passionate about real estate for a while. She became a licensed real estate agent fresh out of college in 2008. Amanda worked at a brokerage with another recent high school graduate, and when she decided to pursue a career at the bank, she watched him grow his investment career. The bank required a very fast-paced lifestyle, and it wasn’t until the pandemic that she began to slow down and reassess certain aspects of her future. She started listening to the Real Estate Rookie podcast and became inspired.
She purchased three long-term rentals shortly after she began listening to the podcast. She then closed on a property with three short-term treehouse rentals with various income-generating activities. While living a hectic investor life, Amanda always includes her kids as much as possible. Her ultimate goal is to have the time and freedom to live the life of her choosing with her family, and with the path she’s on, she’ll be able to achieve it soon!
In This Episode We Cover
Getting your real estate license and the benefits of being a licensed investor
Finding your personalized work-life balance and the importance of having a strong “why”
The process of qualifying for a loan and how to qualify for the financing of your choosing
The 1031 exchange explained, its benefits, and its shortcomings
How to get your spouse on board with investing while communicating your goals
Investing while still working your day job and how to manage your time for optimum efficiency
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
Airbnb
Real Estate Rookie Podcast
MLS
QuickBooks
Apartments.com
Lodgify
Booking.com
MileIQ
The Real Estate Podcast
Vrbo
Connect with Amanda:
Amanda's Website
Amanda's BiggerPockets Profile
Amanda's Instagram
Check out the full show notes here: https://biggerpockets.com/blog/rookie-207
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Aug 10, 2022 |
206: Rookie Reply: Biggest Red Flags of a Bad Contractor (and How to Fire Them)
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Not knowing how to deal with a bad contractor can cost you thousands, if not tens of thousands, on a single deal. The wrong contractor can cause months more of holding time, thousands in materials wasted, and drain your energy when trying to get the project done. But, once you know the common contractor red flags, you’ll be able to spot which workers won’t work out in the future so you can hire the right ones faster.
Ashley and Tony both have horror stories when hiring general contractors. They have some crucial tips when hiring a contractor for your next home renovation. Their most important one? Hire slow and fire fast. The wrong crewmember could sabotage your entire real estate deal.
Here are some suggestions:
Don’t pay contractors per hour and stick to your contractor criteria
Stand your ground and don’t second guess yourself if you know how something should be done
Never hire the same contractor for another job until they’ve finished the first one
Set milestones and benchmarks for the contractor to hit so they stay on-schedule
Don’t hire the first contractors available for a job, take your time vetting the crew and general contractor
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
BiggerPockets
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
Real Estate Rookie Bootcamp
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-205
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
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|
Aug 06, 2022 |
205: Puerto Rican Paradise, Arctic Abodes, and Building "Dream" Vacation Rentals
4160
Sometimes in real estate, less is more, and as the saying goes—quality over quantity. You don’t need a portfolio with 100+ properties if you have a strong cash flow from five. This approach allows less to fall through the cracks and a more personalized experience for the tenant while still building wealth like never before. Today’s guest, Kelly Cronin, explains how she has created Cronin Castles, a variety of unique experiences in various locations, and is now profiting off people’s desire to experience more life.
Her current portfolio includes a sea house in Puerto Rico, an off-the-grid dome in Alaska, a tiny home in Utah, and eighty acres in Wisconsin. While Kelly was merely setting her price on listing sites and looking for interesting places, she stumbled on the next big thing. Currently, short-term rental sites are looking for more properties with unique experiences, like Kelly’s, to feature and further differentiate themselves from the competition.
Kelly was able to start investing because she saved half of her income. She was able to save an astonishing $110,000 not because of a high salary—in fact, she never hit the six-figure mark—but because she gamified her life. Kelly did this by finding ways to lower her mortgage, save on childcare expenses and use credit card points to cover her travel expenses. Now Kelly can give people the traveling experiences she would want while simultaneously building wealth and changing her financial future.
In This Episode We Cover
How to research and invest in different markets
Cultivating unique experiences and how to market your rentals
Managing your rental property remotely and the importance of building a network in the market you choose to invest in
Saving fifty percent of your income and how to gamify your life and stretch your money
Self-managing your properties and how to stay on top of your rental portfolio
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
BiggerPockets Forums
Brandon Turner's Instagram
Nate Robbins' Instagram
Brian Murray's Instagram
Airbnb
Vrbo
Realtor.com
AirDNA
Zillow
Derek Diedricksen's Instagram
Boostly
Godaddy
Hostfully
Meta Business Suite
96 Units in 5 Years By Combining Long & Short-Term Rentals
Connect with Kelly:
Kelly's Website
Kelly's Facebook Page
Kelly's Instagram
Check out the full show notes here: https://biggerpockets.com/blog/rookie-205
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Aug 03, 2022 |
204: Rookie Reply: Do New Short-Term Rental Regulations Make Investing Risky?
491
New short-term rental regulations are sprouting up around densely-populated states like California and New York. These regulations can stop new investors from setting up shop while making established hosts much wealthier. With stricter short-term rental laws, what should real estate investors do to hedge their risk against being stuck with a property that can’t be rented out?
Both Ashley and Tony own short-term rentals. Ashley’s is situated in a town with no regulations, while Tony has vacation rentals scattered across multiple markets, each with its own specific ordinances. Tony knows that even with these new laws, there are still steps you can take to ensure that your short-term rental investment isn’t ever at risk of being left empty.
Looking into short-term rental markets? Here are some suggestions:
Look for established, mature vacation rental markets when starting your search
Economic dependency on tourism will most likely make an area more open to short-term rentals
Always research the number of short-term rentals an owner can legally own in an area as well as how the permitting process works
Stay up-to-date on an area’s short-term rental laws as they are subject to change
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-204
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Jul 30, 2022 |
203: The Ultimate Property Management Masterclass
3851
Property management can be one of the more complex decisions when it comes to investing. Do you save money and ensure the job is done exactly how you want it by self-managing, or do you invest in someone with experience and save yourself time, energy, and headspace? Today’s guest, Karen Lane, breaks down property management in bite-size chunks, so whether you’re deciding between property management vs. self-management or hoping to pursue property management already, this episode is perfect for you.
Karen has been in property management for commercial real estate for most of her career, so she’s seen it all—including a dead deer carcass in the middle of a shopping center parking lot. She’s worked with private investors on both coasts and internationally. Karen’s abundant experience has made her a wealth of knowledge and the perfect person to learn from. While she has thrived in the property management space, she now hopes to beat analysis paralysis and find her first investment.
Karen goes over what it means to be a property manager and how to become one. She also talks about the nuances of juggling the different relationships you need to maintain as a property manager. Today’s episode is the free property management masterclass you don’t want to miss.
In This Episode We Cover
What it means to be a property manager and how to know if you have what it takes
Finding and vetting a property manager to make sure your goals and expectations align
How to keep the landlord and the tenant happy and find a middle ground
Management agreements and how to understand the property management fees that come along with it
How to check for hidden fees as a landlord
The most significant things to look for in a property manager to make sure your relationship is successful
The ideal reporting structure, the cadence, and what you should include
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
BPCON2022
BiggerPockets Forums
Rookie Landlord Bootcamp
BiggerPockets Calculators
Buildium
AppFolio
Quickbooks
A Step-by-Step Guide to Estimating Rehab Costs w/ Master Flipper & Investor James Dainard (Part 1)
Finding Contractors, Renovation Red Flags, and Estimating Rehab Costs (Part 2) w/ James Dainard
18 Deals in 2 Years AND a Full Time Job with Kevin Christensen
Connect with Karen:
Karen's Property Management Company
Karen's Company Email
Karen's Website
Karen's Email
Check out the full show notes here: https://biggerpockets.com/blog/rookie-203
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Jul 27, 2022 |
202: Rookie Reply: Is a Cash-Out Refinance Taxable?
271
This week’s question comes from Brandon on the Real Estate Rookie Facebook Group. Brandon is asking: On a cash-out refinance, is this considered income? If so, will I have to report it on my taxes?
Real estate investing provides a lot of tax benefits, some that new investors or everyday homeowners simply don’t know about. One of the greatest tax benefits? No taxes on loans and liabilities! That means that the cash-out refinance can be done without paying any taxes on the cash given to you from the bank. But, there are a couple of ways that you could get snagged during tax season if you don’t follow the right steps.
Here are some suggestions:
Cash-out refinances are considered debt, not income, from a taxation point of view
If you are planning to have your business pay you back for acquisition/renovation costs, be sure you make a record of that so you don’t get taxed on your repayment
You may pay taxes on a cash-out refinance if you plan on taking profits from your business
As always, consult a tax professional if you have any specific tax questions
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
Rookie Reply: Cash Out Refinances vs HELOCs | Which Should You Use?
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-202
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
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|
Jul 23, 2022 |
201: Quitting Corporate to Build a 23-Unit Post-Pandemic Rental Portfolio
4136
The beautiful thing about real estate is that there is endless room for growth. While some jobs have a capped amount of opportunity, real estate encourages constant advancement. Today’s guest, Gus Ofili, began his investing journey after the pandemic and now has nine properties with twenty-three units.
Gus turned to real estate after deciding to leave his nine-to-five at a bank. He didn’t hate his job, in fact, he was doing very well, but there wasn't adequate room to grow. Gus started realizing he was getting passed up on opportunities by people who dedicated at least a decade of their life to the bank. He couldn't see himself taking ten years of his life for a career milestone—so he quit.
Initially, real estate intrigued Gus because of the thrill he got from negotiating. He started taking classes to become a realtor while working his nine-to-five. As an agent, he sold fifty homes in his first year, seventy-one in his second, and 108 in his third year. While he did exceptionally well as a realtor, he wanted a backup plan and knew investing would be a fundamental part of his real estate career. He had the opportunity to sell a five-unit house, but when the first appraisal fell through, he began to see potential in the home, decided to buy it, and as the saying goes—the rest is history.
In This Episode We Cover
Quitting your nine-to-five and how to prepare to do so
How to use social media to gain free exposure and grow your brand
Finding a profitable side hustle in real estate and the benefits of becoming a leasing agent
Clubhouse and how to use it to learn more, expand your network, and gain motivation
Overcoming the fear of buying your first investment property and how to make the transition as smooth as possible
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
BPCON2022
Airbnb
STR Summit
Clubhouse
Discord
BiggerPockets Forums
Facebook Marketplace
Connect with Gus:
Gus' Facebook
Gus' Instagram
Check out the full show notes here: https://biggerpockets.com/blog/rookie-201
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Jul 20, 2022 |
200: Scott Trench’s 10-Step Checklist to Buy Your First Rental Property
4337
You’re here to buy your first rental property. This is the Real Estate Rookie Podcast, and as a rookie, where should you start? Most new real estate investors think that the steps to buying a rental property are simple—find an agent, find a property, buy the property. And although that could buy you a rental property, the chances of you becoming successful are very low. Real estate investing requires much more than just purchasing a property if you’re trying to build generational wealth, financial freedom, and a life that operates on your schedule.
It shouldn’t be surprising that the CEO of a company like BiggerPockets is someone who took the slow, yet highly successful route. No raising money on his first deal, no buying multimillion-dollar apartment complexes, no giant yacht, and no private planes. Scott Trench is the epitome of the “grind until you shine” real estate investor. Starting with little-to-no savings, he was able to work his way up to his first rental, his second, and now his thirteenth.
To celebrate the release of the updated version of his wildly popular book, Set for Life, Scott has created a ten-step checklist that any new investor should use to get their first real estate investment. These steps were specifically designed for you to not just get one rental, but many more following your first purchase. These are the exact steps Scott took to reach financial freedom in under ten years, and if you follow them as well, you might be able to do it faster.
In This Episode We Cover
The ten steps to becoming a successful real estate investor (even if you have no experience)
Frugality and its impact on how you invest and grow your wealth over time
Calculating your dollar per hour cost and choosing whether or not to outsource work
The four levers of wealth creation and how to pull them all for fast-paced wealth building
How Scott went from entry-level worker to CEO of BiggerPockets in under ten years
Building your “investor ability” so you can make smarter decisions faster
And So Much More!
Links from the Show
Rookie Readiness Checklist
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
BiggerPockets Forums
Podcast Guest Onboarding Form
BiggerPockets Bookstore
The BiggerPockets Money Podcast
Dish Network
The Real Estate Podcast
Joshua Dorkin's Website
Brandon Turner's Instagram
Dave Visaya's Podcast Editing Services
Mr. Money Mustache
Airbnb
Vrbo
Mindy Jensen's Instagram
From 400 Credit Score to Making $17,000/Month in Passive Income
BiggerPockets Bootcamps
FRED
BiggerPockets Calculators
Buildium
Connect with Scott:
Scott's BiggerPockets Profile
Scott's Rookie Readiness Checklist
Check out the full show notes here: https://biggerpockets.com/blog/rookie-200
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Jul 16, 2022 |
199: Post, Invest, Profit: A Step-by-Step Guide to Content Creating for Investors
2948
We are in the age of social media, so how do you use that to your advantage? How do you create a platform that helps you reach your career goals? What content should you create to target your desired audience? Today’s guest, Kerwin Donis, shares how he and his brothers have built the platforms that have helped them partner in over 600 units of apartment syndication deals.
The Donis Brothers have a wide range of platforms, from YouTube to TikTok, where they document their journey and share their wealth of knowledge. They have about 12,000 followers on Instagram and 63,000 on TikTok, but their main focus is their podcast. Kerwin, the head of their social media, says their initial goal was to document their journey and build credibility as young investors. While that is still their goal, they have become more strategic about what they post and the audience they post for to grow their platform and their online community.
So how do you begin? You begin now—stop waiting! Kerwin emphasizes that when you start, it won't be perfect, and that's okay. Create the content you’d want to consume, aim to entertain and educate, and the rest will come. The benefits of building your platform are endless because you never know who you’re reaching—whether that be a future mentor, partner, or client. There is no better time to start your social media journey and no better place to start than this episode!
In This Episode We Cover
Building a platform with little knowledge (it’s not as hard as you think)
How to manage different social media platforms and decide which one should be your primary focus
The various benefits of building a platform and how to get the most out of your platforms
Content marketing and how to target your ideal audience
Creating content without a big team and how to keep yourself accountable
Lead magnets and how to use them to increase your marketing efforts
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Youtube Channel
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
$1M in Real Estate in Just 1 Year (and How You Can Do It Too!)
How a College Dropout Got a Seat at the Millionaire Investor Table
Lili Thompson's Youtube Channel
On the Market Podcast
BiggerPockets Forums
Pat Flynn's Website
Smart Passive Income
Your First Real Estate Investment Podcast
Derrick Acuff's Instagram
From Restaurant Waiter to 100+ Deals in Only 4 Years w/ Derrick Acuff
Grant Cardone's Website
Venmo
How to NOT Go Bankrupt: 5 Mistakes New Investors Make
Connect with Kerwin:
Kerwin's Instagram
The Donis Brothers Website
The Donis Brothers Instagram
The Real Estate Monopoly Podcast
The Donis Brothers Youtube Channel
Check out the full show notes here: https://biggerpockets.com/blog/rookie-199
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Jul 13, 2022 |
198: Rookie Reply: What To Do When an Appraisal Comes Back Low?
400
This week’s question comes from Mantas on the Real Estate Rookie Facebook Group. Mantas is asking: My buddy placed an offer substantially above asking price and the seller, before accepting the offer, asked my friend if he would pay the difference if the appraisal came in lower than the offer. Anyone encountered this situation and what would be the best response if any?
Ah, the classic appraisal gap/appraisal contingency. During hot housing markets (like we’ve been experiencing over the past two years), these types of offers have become more and more common. A seller wants to be sure that they can get the sales price they want and the buyer often has to pay the price to cover the appraisal difference. But what are some ways to get around this if your appraisal comes back low?
Here are some suggestions:
Do as much research beforehand so you know an appropriate appraisal value before the appraisal
Run comps using real estate data tools (like PropStream) or look up comparable home sales in your area using a listing service
Challenge the appraisal buy checking for discrepancies and running comps
Get a different appraisal ordered or switch to a more flexible lender if all else fails
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
Propstream
MLS
Realtor.com
Zillow
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-198
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Jul 09, 2022 |
197: From the Screen to Short-Term Rentals and How "Stargirl" Started Investing
3345
If you’re unsure about real estate, run the numbers. It’s that simple. Once you run the numbers, you’ll have clarity on which decisions to make and tangible reassurance that you made the right ones. Today’s guest, actress Brec Bassinger, shares how focusing on the numbers has given her the confidence to become the successful investor she is today.
Brec’s name may sound familiar to some of you. She’s been the star of Bella and the Bulldogs and the new hit show, DC’s Stargirl. Brec’s interest in real estate began after a trip to Big Bear with her boyfriend when she realized the earning potential of short-term rentals. She decided to buy a condo and had her first short-term rental within six months. The speed at which she got her first deal may seem intimidating, but Brec’s confidence came from the numbers she calculated and the profits she knew she could make.
During her first season of Stargirl, Brec had to share a small apartment with her coworker because that’s all she could afford with her fluctuating income. Now she makes more money by living in an expensive high-rise apartment while renting out her old space. Real estate has allowed Brec to supplement her fluctuating income without a W-2 and the freedom to live the life she wants. And even though she plays a superhero, her story proves that you don’t have to be one to invest in real estate.
In This Episode We Cover
How to confidently close on your first investment property and move past fear
Becoming more financially stable by supplementing your income with a passive income stream
The importance of running the numbers and how to use the simple rental calculations to make profitable decisions
Building a relationship with your property manager and eye-opening questions to ask them
How to qualify for loans without a “steady” income
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Youtube Channel
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
Airbnb
BPCON2022
20 Deals in a Year as a Professional Basketball Player w/ Terry Harris
Terry Harris' Instagram
Zillow
AirDNA
BiggerPockets Calculator
MLS
From Sleeping in His Car to Multi-Unit Landlord & The “Nomad” Strategy
Nick Cooley's Instagram
Connect with Brec:
Brec's Instagram
Check out the full show notes here: https://biggerpockets.com/blog/rookie-197
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Jul 06, 2022 |
196: Rookie Reply: How to Use Home Equity to Buy Rentals
679
This week’s question comes from Tony’s Instagram direct messages! This rookie real estate investor is asking: I have a good chunk of equity in my home, should I pull out cash to purchase a rental property? If not, what should I do with the equity?
If you want to know how to use home equity to buy real estate, you need to know your options first. As many homeowners are sitting on massive equity gains, thanks to the past two years worth of price run-ups, they’re asking how they can use this equity to their advantage. For most investors, you’ll have two options in how you take this equity out of your home’s value. But, both of them need to be intelligently evaluated before you make a decision.
Here are some suggestions:
Look at your current mortgage rate and see if it’s higher or lower than today’s average interest rate to refinance
Ask your lender about a HELOC (home equity line of credit) as well as the terms, interest rates, and duration offered
Interest rates are likely to rise, so locking down a great rate now may help you in the future
Know your exit strategy (flip vs. BRRRR vs. buy and hold) for each different kind of financing option
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
BiggerPockets Forums
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-196
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Jul 02, 2022 |
195: Financially Free in 2.5 Years by Buying “Low Risk” Rental Properties
3080
You often hear about house hacking as a means to an end, a simple way to start your real estate journey, but what if it could be more? What if house hacking could be your ticket to financial freedom? Today’s guest, Craig Curelop, author of The House Hacking Strategy, shares how he reached financial freedom through house hacking and how to follow along in his footsteps.
Craig started where most do, hating his W-2 and working too much. He began researching how to earn a passive income and came across BiggerPockets. Within six months, Craig started working at BiggerPockets, moved to Denver, and decided to start living his life the way he wanted. Using his house hacking strategy, he went from being $30,000 in debt to financial freedom in two and a half years.
Before you get into house hacking, you need to understand the basics, and today Craig breaks them down. He goes over the different ways to house hack and its advantages and disadvantages. Craig also talks about how to live with your tenants and the boundaries needed for your ideal house hacking situation. Craig paints the whole picture so you can make an informed decision and decide if house hacking is the way for you to become financially free too (or at least build more passive income)!
In This Episode We Cover
Why house hacking is ideal for new and young investors and how to get started
The different ways to house hack and how to turn an unused space into an income-generating area
The noteworthy advantages and disadvantages of house hacking and how to decide if house hacking is for you
Living with tenants and how to set landlord boundaries for you and your tenant’s comfort
How to vet tenants and red flags to look out for before offering them a lease
Collecting rent and the processes to have in place to help you stay in “landlord mode”
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Youtube Channel
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
Airbnb
AJ Osborne's Website
The CRE Circle
RentRedi
The Real Estate Podcast
Costco
10 Income Streams on 1 Property by “Land Hacking” w/ Kai Andrew
Kai Andrew's Website
Apartments.com
Connect with Craig:
Craig's Instagram
The FI Team
Invest2FI Podcast
Check out the full show notes here: https://biggerpockets.com/blog/rookie-195
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
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|
Jun 29, 2022 |
194: Rookie Reply: 19 Best Real Estate Investing Apps We Couldn’t Live Without
890
The best real estate investing apps are ones you could not live without. Whether you’re a full-time real estate investor, managing a few properties, or still trying to get your first deal done, these apps can help you find, manage, and cash flow your rentals quicker. Ashley and Tony both use these apps daily and probably couldn’t run their real estate investment portfolios without them.
To help you scale up your real estate investing, Ashley and Tony have written down their most-used real estate investing apps. Now, anytime you see a potential deal, need to chat with a team member, or simply want to time how long you’ve been working at a rental property, you can. Most of these apps are free, so you can download them today, try them out, and buy your first (or next) deal faster!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
Building an Out-of-State Empire by Using the Right Type of Real Estate Agent w/ Sarah Weaver
Zillow
Realtor.com
LandGlide
PopStream
OnX
DealCheck
MLS
Homesnap
Personal Capital
Easy Calculator
Google task
Google Calendar
Google Docs
Splice
Quickbooks Time
MileIQ
Schlage
Ring
Loom Mobile
Loom
Monday.com
Wrike
Miro
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-194
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Jun 25, 2022 |
193: How a College Dropout Got a Seat at the Millionaire Investor Table
3672
Your connections and relationships are invaluable in real estate, so how do you get to know the right people? How do you build a lasting, mutually beneficial relationship? The answer is simple—you show up, get your name and face out there, and listen. Building a network can seem intimidating, especially starting from scratch, but today’s guest, Jeffrey Donis, breaks it down step-by-step.
Jeffrey Donis of the Donis Brothers is in charge of nurturing investor relations, so networking is his bread and butter. At twenty-three, he has helped his brothers raise enough money to co-sponsor 600 units worth of deals in the last two years. This would have been nearly impossible to achieve in such a short time without the network they built and the relationships they nurtured. Their network didn’t come automatically, and similar to everyone else, they started from scratch and were able to find a way to get themselves out there.
The first step is to build your credibility. While there are many ways to do so, Jeffrey explains how to use social media to document your journey and build trust. He also goes into how to navigate networking events and bring value no matter your experience level. The Donis Brothers have become widely successful in a record amount of time, and the way they built their network and brand is a large part of that.
In This Episode We Cover
Building credibility and how to use social media to do so
The 80/20 rule and why it’s an effective way to network and build relationships
How to bring value to others (without money!) and maintain a good reputation
Overcoming imposter syndrome and how to be more confident in your abilities
How to vet potential investors and red flags you should look out for
The importance of constant self-education through real estate courses and classes
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Youtube Channel
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
Changing Their Family’s Fate by Building a 600+ Unit Portfolio (At Age 20!)
How to Find Free Money to Finance Your Education & Avoid Extensive Student Debt
Student Loans Update: Repayment, Refinancing, and Potential Forgiveness w/ Robert Farrington
Robert Farrington's Website
Your First Real Estate Investment Podcast
Tyler Madden's BiggerPockets Profile
SyndicationPro
Joe Polish's Website
InvestNext
Subto
Meetup
Eventbrite
Citrix Podio
Connect with Jeffrey:
The Donis Brothers' Website
Jeffrey Donis' Instagram
Jeffrey Donis' Twitter
The Real Estate Monopoly Podcast
Check out the full show notes here: https://biggerpockets.com/blog/rookie-193
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Jun 22, 2022 |
192: Rookie Reply: How to Choose Your Real Estate Investment Strategy
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This week’s question comes from Natalie on the Real Estate Rookie Facebook Group. Natalie is asking: How did you narrow your focus to determine your strategy? And how do you get good at analyzing real estate deals?
This is one of the most-asked questions we receive. When you’re starting as a rookie real estate investor, every strategy seems like a good one. You may hear a guest on the Real Estate Rookie show talk about wholesaling or flipping or short-term rentals. Before long, you’re already planning your next exciting purchase even if you had another one already in the works. This “shiny object syndrome” is common when getting started, and while it’s good to know about many different investing strategies, changing yours too often can lead you well off the path to financial freedom.
Here are some suggestions if you’re torn between strategies and need to up your analysis game:
Look at your resources and base your investing strategy upon what makes sense for you specifically
Pledge to become an expert in a certain strategy and don’t try building too many bridges
Set up a strong foundation in your current investing strategy, then you can pivot wherever you want
Practice your deal analysis daily and send your calculations to other investors as a pulse check
Get to know your investing area as much as you can (even if you’re remote investing!)
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
BPCON2022
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-192
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
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|
Jun 18, 2022 |
191: Expedite Retirement & Learn the Secret to Becoming a Top Producer (Quickly)
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What differentiates a top producer from everyone else? The most common answer is hard work, ambition, and charisma, but what does that even mean? Hard work, while a universal concept, changes depending on the context, so what does hard work entail in real estate? Today’s familiar guest, David Greene, answers all these questions and more in today’s episode and his new book, SKILL.
SKILL is only part two in his three-part book series where David teaches you how to excel as an agent or investor. It follows SOLD, which is all about gaining confidence by learning and understanding the fundamentals of real estate. SKILL then teaches you how to become a top producer and make more money through intelligent negotiation, building trust with clients, and becoming an expert in your field. Ideally, this book is for those with a little experience who want to take their career to the next level.
In today’s episode, David shares some of the characteristics of a top producer. He goes over the importance of generating leads and how to do so, building your marketing funnel, and the metrics you should be tracking to find and convert more leads. Instead of telling you how to get better through abstract concepts, David provides concrete step-by-step examples on how to differentiate yourself, so you can beat out the other agents in your area.
In This Episode We Cover
How to decide if getting your real estate license would be beneficial for you (it’s not the answer you think)
Lead generation and how to get your name known
How to improve investor and agent communications and find deals that align with your criteria
The most important metrics to track if you want to scale your business
Lead vs. lag measures and why tracking lead measures get you results sooner
Listing presentations, how to hold one, and why they make you stand out as an agent
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Youtube Channel
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
MLS
On The Market Podcast
BiggerPockets Calculator
BiggerPockets Agent Finder
AJ Osborne's Website
The CRE Circle
BiggerPockets Real Estate Podcast
BiggerPockets Bookstore
FTX
Zillow
Robert Abasolo's Instagram
Connect with David:
David's Instagram
David Greene Real Estate Youtube Channel
Check out the full show notes here: https://biggerpockets.com/blog/rookie-191
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
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|
Jun 15, 2022 |
190: Rookie Reply: What is Due Diligence in Real Estate?
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What is due diligence in real estate? If you ask most new investors, they’ll have some sense of what due diligence is, but may be confused about what it really means. Is due diligence when you analyze your deal? Who should you be in contact with during due diligence? How long does a due diligence period usually last? And what happens if your deal turns out to be a dud in due diligence?
In reality, due diligence isn’t all that confusing. It’s simply the time that you, and your partners (if you have them), spend inspecting, double-checking, and re-analyzing the deal. The due diligence period is there for the protection of the investor, so you can use everything in your power to confirm that you truly are getting a great deal. But, before you start calling inspectors, make sure you follow some of these more granular steps that could save you a fortune in the future.
Never done due diligence before? Here are some suggestions:
Work with a seasoned real estate broker, agent, or attorney who can catch things you won't
Double-check that your financing options still stand if you find anything wrong with the property
Talk to the local city government or code enforcer to ensure prior work on the property was done correctly
Calculate out what the cost of repairs will be for the property once you’ve gotten an inspection
Don’t fall in love with a deal and be prepared to walk away if you find something that’ll kill your exit strategies
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
Ryan Dossey's Instagram
Ballpoint Marketing
Airbnb
AlphaGeekCapital
MLS
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-190
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|
Jun 11, 2022 |
189: House Hacking: How to Live for Free and Build Wealth in The Background
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House hacking is one of the easiest ways to get into real estate investing. Thanks to its flexible financing options, low down payment loans, and ability to cut your rent in half (or eliminate it), house hacking is truly a phenomenal investing strategy. In short, house hacking is when a homeowner or investor buys a house or multifamily and rents out the other rooms or units while they live in one of them.
The house hacking strategy can be mixed and matched in any way you like. Want to live with a bunch of friends? Buy a three or four-bedroom house and rent out the rooms. Want to have a private space for you and your family? Buy a small multifamily and rent out the other units. No matter what you choose to do, house hacking can help speed up your journey to financial freedom. This is done by reducing the amount of money you spend on rent/a mortgage while also giving you serious tax benefits, instant cash flow, and appreciation so you can build wealth in the background.
In this how-to episode, Ashley and Tony give you everything you need to find, analyze, finance, and buy a house hack. They go over in-depth real estate analysis so you can confidently bring a deal to your lender, partner, or just have peace of mind that you’re making a smart investment. This single home purchase could change your financial future forever, so what are you waiting for?
In This Episode We Cover
What is house hacking and the major benefits of hacking your house
The four ways to build wealth in real estate and three common rookie mistakes
The best ways to fund your real estate deals or house hack property
How to analyze your next property using the BiggerPockets real estate calculators
Property management 101 and how to manage a rental property
How to get your first real estate deal faster with BiggerPockets tools and expert guidance
And So Much More!
Links from the Show
BiggerPockets
Real Estate Rookie Youtube Channel
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
The Real Estate Robinsons Youtube Channel
BiggerPockets Forums
James Dainard's Instagram
On The Market Podcast
ProjectRE Youtube Channel
BiggerPockets Calculator
Dan Sullivan's LinkedIn
Who Not How: Stop Doing the Things You Hate, Free Up Time, Be Happier and Richer with Dan Sullivan
BiggerPockets Agent Finder
Craigslist
Facebook Marketplace
MLS
BiggerPockets Rent Estimator
BiggerPockets Marketplace
Brandon Turner's BiggerPocket's Profile
BiggerPockets Pro Membership
David Greene's BiggerPocket's Profile
Craig Curelop's Instagram
Connect with Ashley and Tony:
Ashley's Instagram
Tony's Instagram
Check out the full show notes here: https://biggerpockets.com/blog/rookie-189
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|
Jun 08, 2022 |
188: Rookie Reply: Networking Tips That’ll Increase Your Net Worth
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Networking tips only matter as long as they work. Everyone knows the classic ones—bring a business card, wear a nametag, and look people in the eye. But, when you’re meeting with investors who have big portfolios, it can be easy to get flustered all of a sudden. Maybe you run into your dream mentor at your next real estate meetup—what do you do?
Both Ashley and Tony were able to buy their first rentals and grow their portfolios thanks to networking. At first, they didn’t know what to do or say, and didn’t have many deals to speak of. But, over time, their net worth grew with their networking skills, allowing them to connect with more investors, find more deals, and build lifelong friendships. They’re testaments that even if you don’t have any deals yet, networking could be what brings you your first!
Not used to networking? Here are some suggestions for your next meetup:
Sign up for a BiggerPockets meetup in your city and get your tickets to BPCon2022!
Don’t stick with your clique, remember that networking is there for you to meet new people
Rehearse the question you want to ask if a mentor, speaker, or inspiring investor is at the event
Take a break from networking to write down names, lessons learned, and takeaways from conversations
Don’t know anyone at the meetup? Join a group (they’ll almost always welcome you openly)
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
BiggerPockets
BiggerPockets Bootcamps
BiggerPockets Forums
BPCON2022
Alex Sabio's Instagram
Daryl Clinch's Instagram
Brandon Turner's LinkedIn
Tyler Madden's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-188
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Jun 04, 2022 |
187: Making Twice as Much with Half as Many Doors and 100+ Flips
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Cash flow and revenue should always be your main focus, but that’s not always the case. Often, the focus tends to be on the number of doors, with many investors not realizing you can make more with less. Today’s guest, Welby Accely, has mastered the art of maximizing revenue per unit and automating his flips. Despite his primary focus being quality over quantity, Welby has done over 100 flips in just four years!
Welby’s success didn’t come overnight, in fact, most of it has come from trial and error. Welby started investing in 2004 without knowing anything about ROI or cash flow, but that didn’t stop him. Unfortunately, this lack of knowledge cost him a fortune in time and money. Fast forward thirteen years, Welby has realized all the detrimental mistakes he was making. The price of his lessons may have been high, but now he knows people with twice as many doors as him that don’t make half as much net income.
As Welby says, everything is about the numbers. When you realize this, it’s easier to focus on the properties that generate income and ditch the properties that don’t. Before you focus on the numbers, you need to understand cash flow and depreciation while also figuring out your financial goals and what aligns with them. These two metrics are Welby’s bread and butter. After he understood them, he created a simple formula for his flips and automated everything in his business, allowing him to make more while doing much less.
In This Episode We Cover
Generating capital through your flips and how to invest that capital to make even more
Understanding capital, ROI, and depreciation and the importance of setting your financial goals first
How to maximize revenue per unit and focus on the numbers to reach your financial goals
How to simplify your scope of work, control your capital, and make your money work for you
Building a business model that focuses on maximizing your revenue and simplifying your flips
Welby’s flip formula and how to automate your flipping process to get the most out of it
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Youtube Channel
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
Scammed, Cheated, But Still Coming Out with 50 units with Welby Accely
MLS
Zillow
Redfin
Realtor.com
Lowe’s Home Improvement
Flipper Force
Connect with Welby:
Welby's Instagram
Welby's Website
Check out the full show notes here: https://biggerpocket.com/blog/rookie-187
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|
Jun 01, 2022 |
186: Rookie Reply: How to Close on Off-Market Properties
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This week’s question comes from Aaron on the Real Estate Rookie Facebook Group. Aaron is asking: What paperwork do I need to close an off-market deal? If presenting a cash offer, can it all be done between me and the seller? Do you typically ask for an inspection period?
Off-market real estate deals can seem tricky when you’ve never done one before. For the most part, investors only deal with on-market deals where their real estate agent walks them through the closing process. When you’re pursuing off-market deals, you’re on your own (for the most part), but that doesn’t mean that closing on a new deal has to be complicated.
Here are some suggestions:
Contact local real estate attorneys and escrow offices before closing on a property
Remember to include purchase contingencies (like inspections) so you’re not stuck with a bad deal
Send in a letter of intent to the seller before presenting a formal offer to see where they stand
Consult a real estate attorney to draft up a legal, enforceable purchase and sale agreement
When in doubt, lean on your escrow, title company, or attorney for the next steps
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
InvestNext
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-186
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|
May 28, 2022 |
185: 11 Doors and Returning to Real Estate After an 8-Year Hiatus
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Today’s guest, Alicia Marks, started real estate investing unintentionally in 2011 when she became an accidental landlord. It wasn’t until eight years later, in late 2019, that she decided to intentionally invest in hopes of reaching her financial goals faster. Since then she has closed on five doors, has done one live in flip, and has six more under contract.
Besides being a part-time investor, Alicia is also the BiggerPockets Community Manager. This direct connection to the BiggerPockets community has allowed Alicia to get more exposure to the world of real estate investing while also knowing first-hand how useful all the BiggerPockets tools can be. Alicia even found her partner through BiggerPockets! They started with only one deal to test the waters and had a very clear exit strategy in case it didn’t work out. Thankfully they discovered the partnership worked well for both of them, but if it hadn’t, Alicia would have been perfectly fine because of the exit strategy she put in place.
After some major life changes, Alicia thought she’d pursue a dental career until she realized the people in the dental field were trying to get out and pursue real estate. It was then that she decided instead of accruing massive debt in hopes of reaching financial freedom, she’d return to real estate after an eight-year hiatus and begin her financial freedom journey right away!
In This Episode We Cover
The importance of finding a solution-based property manager and how to maintain long-distance communication with them
How to find, manage, and build a lasting, beneficial relationship with contractors
Exit strategies and why it’s important to have them in place
How to plan your exit strategies and how to know when it’s time to implement them
The importance of structuring your partnership in a way that aligns with the strengths of you and your partner
How to use private lender meetups to your full advantage and finding the perfect private money lender for you
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Youtube Channel
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
Real Estate Rookie Bootcamp
BiggerPockets Forums
On The Market Podcast
James Deinard's Instagram
Dave Meyers' Instagram
On The Market YouTube Channel
Is College Worth the Cost? This 30,000 Variable Study Says “Sometimes…”
How to Retire Early With Real Estate & Do What Matters More with Chad Carson
Ouch! Brandon & David’s 10 Biggest Investing Mistakes (& How to Avoid Them)
Asana
Connect with Alicia:
Alicia's BiggerPockets Profile
Alicia's Instagram
Check out the full show notes here: https://biggerpocket.com/blog/rookie-185
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|
May 25, 2022 |
184: Rookie Reply: Should You Rent to a Bankrupt Tenant?
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This week’s question comes from Andrew on the Real Estate Rookie Facebook Group. Andrew is asking: How would you handle a prospective tenant that has a bankruptcy on their record?
Tenant screening is almost as important as rental property screening. A bad tenant can not only cost you potential rent but cause thousands or tens of thousands in damages if not handled correctly. This is why landlords are so strict when evaluating tenants, as a good tenant can mean next-to-nothing maintenance and a bad tenant can mean habitual headaches. It’s up to you whether or not a potential tenant meets your criteria. When evaluating, remember to stay within your legal limits!
Got a tenant with some questionable financial history? Here’s how to proceed:
Speak with the applicant and get their side of the story while trusting your gut
Verify the applicant is truthful by running a credit check and background check
Use a property management software that allows you to report a tenant’s monthly payments to credit bureaus
Look at the applicant’s job history, debt-to-income ratio, and if they have any repossessions
Know that people who have filed bankruptcy may only have the option to rent (for a while)
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
Alpha Geek Capital
Belmont Housing Authority
RentRedi
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-184
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|
May 21, 2022 |
183: Ditching the "American Dream" & Finding Ways to Live a Wealthier Life
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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
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Youtube Channel
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
Real Estate Rookie Bootcamp
Airbnb
BiggerPockets Forums
Alpha Geek Capital
David Greene's BiggerPockets Profile
Monday.com
Wrike
Rookie Reply: How Much Cash Flow Do You Need to Quit Your W2? w/Daryl Clinch
Daryl Clinch's Instagram
Find Money, Partners, & Deals Using The “D.A.D System” w/ Mike Michalowicz
Mike Michalowicz's Website
Hospitable
Rod Khleif's Website
Connect with Omid:
Omid's Instagram
Check out the full show notes here: https://biggerpocket.com/blog/rookie-183
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|
May 18, 2022 |
182: Rookie Reply: Rent Out Your Primary Residence or Sell and Buy Rentals?
534
This week’s question comes from Brandi through Ashley’s Instagram direct messages. Brandi is asking: Our current home could give us about $260,000 in net proceeds if sold. We plan to purchase rentals with those proceeds. But, our home is in a good location with good appreciation. Should we sell our primary to buy properties or refi and make it a rental?
The sell vs. refi argument is back once again! In this hot housing market, it’s no surprise that homeowners want to take advantage of their growing equity by selling their properties. But, doing so could cause you to lose one property only to have to go out and find another. Although the sell vs. refi answer is specific to each investors’ situation, there are a few quick ways you can establish which is a good move for you.
Here are some suggestions:
Ask “what’s going to give me a higher ROI?” and look at metrics like cash-on-cash return and return on equity (ROE)
Take out a home equity line of credit (HELOC) instead of refinancing and BRRRR your next rental to pay back the loan
Don’t forget to factor in future appreciation that you could miss out on by selling
Double-check your interest rate on your primary residence (it may be too good to give up!)
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
Alpha Geek Capital
Tyler Madden's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-182
Learn more about your ad choices. Visit megaphone.fm/adchoices
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May 14, 2022 |
181: 9 Doors While Deployed and Investing from Afghanistan, Iraq, and Africa
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When you think about long-distance investing, what comes to mind? People usually have reservations about investing out-of-state, but today’s guests took it a step further and invested from halfway across the world. Today’s guest, Caleb Drake, has closed on nine doors with one flip underway.
Caleb was active duty military for fourteen years, and once he joined special ops he was deployed for six months at a time. During those six months, his house would sit, unused, and that’s when he saw an opportunity. Caleb decided to rent out his house through Airbnb. As a new landlord and Airbnb host, Caleb had to learn by doing, a task that was increasingly more difficult since he was self-managing from Iraq, Afghanistan, and Africa. Caleb was able to combat this challenge by building a team that could handle what he couldn’t.
After a few years of investing solo, Caleb joined a partnership to expand his portfolio and increase his profit. His partner was also out of the country, so they switched off who was “on-call” and figured out how to automate their check-in and check-out processes. As the business grew, the partnership adjusted to ensure its longevity. Caleb now hopes to continue to scale his business, add to his personal portfolio, and build wealth in the background.
In This Episode We Cover
The importance of building a self-sufficient team and how to do so
Vetting your guests/tenants and how to target your ideal tenants
How to invest out-of-state or overseas and automating your check-in processes
Residential loans vs. commercial loans and how to figure out which one to use
How to balance and adjust your partnership(s) as your business grows
The importance of having a real estate agent with an investor mindset, plus how to find one
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Youtube Channel
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
Real Estate Rookie Bootcamp
Airbnb
BiggerPockets Forums
The BiggerPockets Conference 2022
IGMS
Alpha Geek Capital
Rentometer
BiggerPockets Calculators
BiggerPockets Insights
Connect with Caleb:
Caleb's Email
Caleb's Instagram
Check out the full show notes here: https://biggerpockets.com/blog/rookie-181
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|
May 11, 2022 |
180: Rookie Reply: How to Buy Your First Rental With No (or Low) Money Down
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This week’s question comes from Rodney through Tony’s Instagram direct messages. Rodney, like many investors, has been told that you need twenty percent down to buy a rental property. Rodney wants to know the best way to fund a property without breaking the bank. He's asking: Should I save for a down payment or is there a way to get a rental without the twenty percent down?
It’s not uncommon for real estate investors to get into deals with far less than 20% down. But, for a beginner, this type of task can seem a bit intimidating, especially if you’re looking at your first investment property. Thankfully, the world of real estate presents investors like us with many ways to creatively fund deals!
Here are some suggestions:
Purchase a vacation rental using a second home loan that only requires ten percent down
Pitch seller financing to the seller and walk them through the tax benefits of financing the property to you
Partner up with an investor who can provide the down payment on the deal
Sign a joint venture agreement with another investor who can split the down payment with you
Remember: if you find a deal you can (probably) find the money for it!
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
BiggerPockets Forums
Real Estate Rookie Facebook Group
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-180
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May 07, 2022 |
179: From Freak to Financially Independent & Beating the Average Joe to $1M
3315
Financial literacy is the first step to becoming a millionaire. Unfortunately, the US is a (relatively) financially illiterate country, so to become financially independent and add more zeros to your net worth, you have to self-educate. Fortunately, today’s guest has published a book and workbook that lays out exactly how to become a millionaire, even at a young age.
Dan Sheeks lives and breathes all things personal finance. He has been a high school teacher for twenty years and teaches young people everything he wishes he would have known about financial literacy. He teaches a variety of different business classes, ranging from entrepreneurship to personal finance to marketing. His passion for working with young people is what inspired him to write his book, First to a Million. In this book, Dan details nineteen “freakish” phrases to get you to your first million. Throughout the book, Dan emphasizes the need to be “freakish” and be willing to do the work everyone else won’t.
Besides his role as a teacher and an author, Dan is also an investor. He house hacked his first property in 2004 but he didn’t truly get into investing until he met his wife seven years ago. Together they have expanded their real estate operation and have closed on seventeen units. Dan has dedicated his life to personal finance and financial literacy so if there’s a man to learn from— it’s him.
In This Episode We Cover
Achieving early financial independence and the steps you need to take to get there
Good debt vs bad debt and how to use good debt to reach financial freedom
How to use First to a Million and the First to a Million Workbook to reach your financial goals
The four mechanisms of financial independence and how to implement them in your life
Navigating all nineteen phases of First to a Million and their timelines (it’s easier than you think!)
How to introduce and entice your child about the world of personal finance & financial independence
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Youtube Channel
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
The Real Estate Robinsons Youtube Channel
The BiggerPockets Podcast
BiggerPockets Bookstore
AJ Osbourne's Instagram
Ally
Real Estate Rookie Bootcamp
Airbnb
TurnoverBnB
BiggerPockets Forums
Connect with Dan:
Dan's Email
Dan's BiggerPockets Profile
Dan's Linkedin
Dan's Instagram
Dan's Website
Check out the full show notes here: https://biggerpockets.com/blog/rookie-179
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|
May 04, 2022 |
178: Rookie Reply: Why Real Estate Debt Isn’t So Scary
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This week’s question comes from Jessica through Tony’s Instagram direct messages. Jessica has seen what Tony and his wife Sara have been doing while building their short-term rental empire. But, Jessica is having some doubts. She’s asking: How do you invest in real estate when the idea of debt scares you?
Many new investors have this fear. If you’re buying your first property, the thought of five or six-figure debt may seem like a massive weight on your shoulders. After all, isn’t the goal to be debt-free? Fortunately for real estate investors, the answer is no. Using leverage to buy properties makes your investing far more profitable and can help you get comfortable when taking on good debt.
Here are some suggestions:
Scared of debt? Pay off your personal debt before you invest in rental properties
Think of debt as a tool that can help you build wealth with real estate
Know the difference between good debt and bad debt and how to use both
Define your “worst-case scenario” if you’re unable to pay your rental mortgage
Use the BiggerPockets Calculators to calculate your rental property profits (especially when taking on debt!)
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
BiggerPockets Forums
Real Estate Rookie Facebook Group
Real Estate Rookie Podcast in Apple Podcast
Irvine Company
Sam Zell's Website
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-178
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|
Apr 30, 2022 |
177: Gang Houses, Animals, and 17 Units by Capitalizing on Properties People Avoid
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Someone has to step up to the plate when a challenge presents itself, and today’s guest always does. Tammy Skeath began her real estate journey in 2018, and despite being faced with several unique obstacles, she has found immense success. She currently has seventeen units and plans on expanding exponentially within the next few years.
Tammy was inspired to get started after watching her cousin continue to build wealth through real estate. Her first deal was a carbon copy of one of his deals. By doing this, she learned the ins and outs while having a step-by-step real estate guide she could reference. Despite replicating his deal, she encountered various problems that made the process more difficult. The city she invested in has strict rules to protect endangered animals, and instead of investing elsewhere she decided to do more research on the issue. From her research she was able to find a unique solution and complete the project.
She did this again when she bought a gang house with twenty-seven code violations. Most people would say this type of property isn’t worth the hassle, but it was for her. She was able to double her initial investment, and pull out $600,000 from this one deal. Now real estate allows her to bring in a large amount of income, reach her goals faster and still have the time to spend with her kids.
In This Episode We Cover
Goal setting—how to define your goal, pursue it, and pivot once you achieve it
How to become good at and capitalize on something everyone’s scared of (it’s not as hard as you think)
Spec builds—how to find a contractor & ask the right questions
1031 exchanges, how to perform one, and why they’re an underrated investment tool
How to use cash for keys as a tool to help you and your tenant part ways peacefully
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Youtube Channel
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
Alpha Geek Capital
MLS
Yelp
Apartments.com
Stride: Mileage & Tax Tracker
Wave Financial
Connect with Tammy:
Tammy's Instagram
Tammy's Email
Tammy's BiggerPockets Profile
Check out the full show notes here: https://biggerpockets.com/blog/rookie-177
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|
Apr 27, 2022 |
176: Rookie Reply: Tony’s Troublesome Shreveport Deal ($29k LOSS)
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Every week, Ashley and Tony reply to a frequently asked question from the BiggerPockets community. But, this week, they’ve decided to finally answer the most asked question yet: what happened with Tony’s Shreveport deal? If you’re an avid Rookie Reply listener, you’ve probably heard Tony talk about one property that he has been trying to sell for over a year. Well, it’s finally sold, and Tony’s here to share all the details, mistakes, and numbers so you can do better on your next deal.
While this wasn’t Tony’s first deal, it did provide him with a strong foundation of knowledge to pursue bigger and better real estate investments. So, if you find yourself looking for deals, or stuck with a bad deal, take some of Tony’s suggestions to heart:
Avoid buying properties in flood zones unless you’ve fully calculated the cost of flood insurance
Be highly selective of your property’s location and get to know the neighborhood you’re buying in
Have multiple exit strategies for every property (rental, flip, BRRRR, etc.)
See money spent on a deal as “real estate education” that will make you richer!
Know that as an investor, you’re not going to get everything right all the time
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Omid's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-176
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|
Apr 23, 2022 |
175: Changing Their Family's Fate by Building a 600+ Unit Portfolio (At Age 20!)
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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
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Youtube Channel
Real Estate Rookie Podcast
BiggerPockets Bootcamp
The BiggerPockets Conference 2022
Max Maxwell's Website
Meetup
Eventbrite
Podio
Subto Real Estate
PropStream
ListSource
BatchLeads
Mojo Dialer
Grant Cardone's Website
BiggerPockets Forums
Your First Real Estate Investment Podcast
Is This Deal Worth My Time? The 6 Crucial Steps to Vet a Multifamily Deal
The 8 Steps That Will Stop You From Getting Burnt on Multifamily Deals w/Andrew Cushman
Pitchstack
Bar Down Investments
Tyler Combs
Rare Bird Real Estate
BiggerPockets Real Estate Podcast
Real Estate Rookie Facebook Group
Books Mentioned in this Show:
Rich Dad Poor Dad by Robert T. Kiyosaki
Best Ever Apartment Syndication Book by Joe Fairless and Theo Hicks
Connect with The Donis Brothers:
The Donis Brothers's Website
The Donis Brothers's Instagram
The Donis Brothers's Facebook Page
The Donis Brothers's Twitter
The Donis Brothers's Tiktok
The Donis Brothers's Youtube Channel
The Donis Brothers's Podcast
Check out the full show notes here: https://biggerpockets.com/blog/rookie-175
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|
Apr 20, 2022 |
174: Rookie Reply: How to Structure a Real Estate Partnership
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This week’s question comes from Kurt through Ashley’s Instagram direct messages. Kurt is asking: We’d like to buy a vacation property with my brother and sister-in-law. My wife and I would handle the management while my brother would bring the down payment to the table. How do we quantify each party’s contribution when dividing profit and equity in the property?
Real estate partnerships can be a huge help to rookie investors, especially for those who have the experience but lack the cash to invest by themselves. It’s important to note that real estate partnerships can be set up in any way you prefer—as long as both parties agree that the split is fair—you have full reign of your partnership structure.
Ready to partner up on a deal? Here are some suggestions:
Clearly define responsibilities so that both parties are happy with the agreement
Have a predetermined exit strategy for the partnership and property
Provide interest to whoever is putting down the money and pay fees to whoever manages the property
Set limits to when partners can use the property for their personal use (if it’s a short-term rental)
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Rookie Podcast 170: Rookie Reply: ARM vs. Fixed-Rate Mortgages (Which Is Better For Cash Flow?)
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-174
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Apr 16, 2022 |
173: $1M in Real Estate in Just 1 Year (and How You Can Do It Too!)
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Investing in rental properties can be challenging at first, which is why so many investors tend to take it slow. Tyler Madden had the luxury of NOT being able to do this, and it’s worked out well in his favor. Just over a year ago, we interviewed Tyler on episode fifty-five of the Real Estate Rookie Podcast. At the time, Tyler was an “accidental landlord”, but a lot has changed since then.
Tyler found himself in the position to purchase seven units, a mere $1,000,000 or so in real estate, right as his wife was due to deliver their first-born child. While he didn’t necessarily want to handle a full rehab of so many units, he took a “why not?” approach and found a way to make both properties work. Through a lot of sweat equity, Tyler was able to rehab, rent, and refinance these units and come out with a crazy amount of monthly cash flow!
If you want to expand your real estate portfolio as Tyler did, listen to this episode intently. Tyler dives deep into the numbers, work, and lessons he learned along the way as he turned seven underperforming rental units into a portfolio any investor would dream of!
In This Episode We Cover
Relying on data vs. emotions when buying your first rental property
Whether or not now is the right time to buy real estate
What’s impacting today’s housing market and using uncertainty to your advantage
The best investing moves to make if a recession (or crash) is on the horizon
What rookies should look for in a real estate investing market
Buying real estate with a long-term outlook (so you can handle the dips!)
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Youtube Channel
Real Estate Rookie Podcast
Rookie Podcast 55: Combining House Hacking and Live in Flips with Tyler Madden
Airbnb
Asana
Monday.com
BiggerPockets Bootcamp
Zoom
Connect with Tyler
Tyler's Instagram
Tyler's Website
Check out the full show notes here: https://biggerpockets.com/blog/rookie-173
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|
Apr 13, 2022 |
172: Understand ANYONE Around You (Including Yourself!) Using One Simple Tool w/Nick Baumgart
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Today’s episode is all about understanding yourself. Nick Baumgart, an Enneagram expert, explains how to use the information from the Enneagram in your everyday life. The Enneagram test is used as a way to understand your emotional habits. Unlike other popular personality tests, the Enneagram focuses less on what you do and more on who you are.
The test breaks down your motivations into three parts: fear, body, and mind. When you truly understand what motivates you, you're able to see why you act the way you do and can start taking steps to fix any destructive behaviors. This knowledge also goes a long way when interacting with other people. This test is ideal for teams because instead of putting yourself in their shoes and still looking at problems from your perspective you can “understand them in their shoes." Nick talks about how powerful of a tool this test is and how it could have changed his life if he had found it earlier, so do yourself a favor and let this test change your life today!
Links from the Show
Ashley's Instagram
Tony's Instagram
Tyler Madden's BiggerPockets Profile
The Myers Briggs Company
The Narrative Enneagram
Tony Robbins' Profile DISC Assessment
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-172
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Apr 09, 2022 |
171: The 2022 Housing Market Explained: Is Now a Good Time to Buy? w/Dave Meyer
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The 2022 housing market is off to a wild start. We’ve seen home inventory at decade lows, interest rates have finally started to rise, and more homebuyers are looking at fewer houses. As a real estate investor, it can be tough to navigate a market like this, especially when you’ve never bought a rental property before. What you need is data behind the decision making, and today, we’ve got just that!
Joining us today is Dave Meyer (@thedatadeli), VP of Data and Analytics at BiggerPockets, and host of the brand new podcast, On The Market. Dave has spent the last decade analyzing real estate data so he and the BiggerPockets community as a whole can invest smarter. Today, Dave dives deep into the most pressing matters of the real estate market, ranging from topics like interest rates, to housing crash indicators, determining the best rental market, and more.
If you want to hear a high-level update on everything happening within the world of real estate investing, plus some predictions for this year’s housing market, stick around! Dave will give you all the analytics-based insight you need!
In This Episode We Cover
Relying on data vs. emotions when buying your first rental property
Whether or not now is the right time to buy real estate
What’s impacting today’s housing market and using uncertainty to your advantage
The best investing moves to make if a recession (or crash) is on the horizon
What rookies should look for in a real estate investing market
Buying real estate with a long-term outlook (so you can handle the dips!)
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
Scott Trench's BiggerPockets Profile
Josh Dorkin's BiggerPockets Profile
James Dainard's BiggerPockets Profile
Brandon Turner's BiggerPockets Profile
Henry Washington's BiggerPockets Profile
Kathy Fettke's BiggerPockets Profile
David Greene's BiggerPockets Profile
Jamil Damji's LinkedIn Profile
Daryl's instagram
Real Estate Rookie Facebook Group
BiggerPockets
BiggerPockets Forums
Real Estate Rookie Youtube Channel
The Rookie Investor
Real Estate Rookie Podcast
BiggerPockets Blog
AJ Osborne Podcast
Redfin
FRED
BiggerPockets Rent Estimator
FundRise
Stop Waiting for a Housing Crash (Do This Instead)
Connect with Dave
On The Market
Dave's Instagram
Check out the full show notes here: https://biggerpockets.com/blog/rookie-171
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|
Apr 06, 2022 |
170: Rookie Reply: ARM vs. Fixed-Rate Mortgages (Which Is Better For Cash Flow?)
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This week’s question comes from Channa through Ashley’s Instagram direct messages. Channa is asking: I have three rental properties and am looking to refinance them all. Should I do an adjustable-rate portfolio loan on all three or do separate fixed-rate loans on each property?
As real estate investors, we tend to have many different options when financing rental properties. Some, like adjustable-rate mortgages (ARMs), may come with lower closing costs and slightly lower interest rates, while fixed-rate mortgages have slightly higher interest rates but boast the added security of long-term financing for a property or properties. While both have definitive pros and cons, the implications of both types of loans must be understood before you reach the closing table.
Here are some suggestions when making the choice:
Understand your long-term strategy for the property and which loan works for which exit strategy
Run an amortization schedule on both loans to see the difference in your monthly payment
If you decide to go with an ARM, make sure you know what you’ll do once your low-interest rate ends
Calculate total closing costs to see if you have the reserves ready to go through with each loan
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
The BiggerPockets Money Podcast
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-170
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|
Apr 02, 2022 |
169: From Flight Nurse to Financially Fruitful Landlord with 7 Units (in 2 Years!) w/Stacey Stegenga
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Stacey Stegenga wasn’t always a landlord, she was a nurse. But not just any nurse, Stacey was a flight nurse, helping transport military patients across the US. When she stepped away from flight-nursing, she picked up travel nursing, moving around the US for months at a time to provide medical care wherever needed. She finally ended up in Denver, where her pay was cut in half and her expenses saw a drastic boost.
This was a massive change for Stacey. She wasn’t the best at budgeting and knew she needed more income. After stumbling upon the book Set for Life, by our own Scott Trench, she knew that the most logical conclusion to fix her financial troubles was saving, house hacking, and real estate investing. But at the age of thirty-three, Stacey questioned whether or not she was too late to get in on the cash-flowing action.
After educating herself intensely, she took the risk and jumped into real estate. Stacey was able to build a seven-unit portfolio in just two years! She’s tried her hand at out-of-state investing, raising private capital, partnering on deals, and mid-term rentals, all of which have worked out generously in her favor. She shares the exact steps she took to build her portfolio as fast as she did, so you can do the same!
In This Episode We Cover
Fixing your personal finances before trying to invest in real estate
Building a “financial runway” that allows you to buy properties, stress-free
In-state investing vs. out-of-state investing and the best choice for those in pricey markets
Scaling your real estate portfolio using cash offers (even if you don’t have the money)
Using mid-term rentals as a way to keep rent stability while boosting your profit
The risk vs. reward of buying properties sight unseen when investing out of state
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
Scott Trench's BiggerPockets Profile
Tyler Madden's BiggerPockets Profile
Real Estate Rookie Facebook Group
BiggerPockets
BiggerPockets Forums
BiggerPockets Bootcamp
Real Estate Rookie Youtube Channel
MLS
The War Room
PropStream
DirectSkip
BatchLeads
Appfolio
Connect with Stacey
Stacey's Instagram
Check out the full show notes here: https://biggerpockets.com/blog/rookie-169
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|
Mar 30, 2022 |
168: Rookie Reply: How Much Cash Flow Do You Need to Quit Your W2? w/Daryl Clinch
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How much cash flow do you need to quit your day job and go full-time into real estate investing? You may have a big number in your head when we ask that. Maybe you’re thinking of replacing a six-figure salary with six-figure cash flow, but that's probably far from what you truly need to quit. In fact, you can quit with a lot less cash flow than what you’re being paid today!
Joining us again is Daryl Clinch, who recently went full-time into real estate investing with his mentor and partner, Ashley Kehr. Daryl transitioned from seasonal employment to full-time investor after working at his job for sixteen years and deciding he needed a change. In today’s show, Daryl breaks down exactly how he prepared to quit, the cash savings he had, and the surprising amount of cash flow that allowed him to achieve occupation-independence!
Looking to do the same as Daryl? Here are some suggestions:
Find a mentor who can fast-track your knowledge and learn from them
Partner up on deals with other investors and provide value whenever possible
Calculate your true cost of living to find your minimum cash flow to quit
Keep a strong safety reserve so you can focus on getting deals (not paying bills!)
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Rookie Podcast 164: Rookie Reply: How Do I Escape My 9-5 with Real Estate Investing?Real Estate Rookie Facebook Grou
Rookie Podcast 147: 13 Flips as a Full-Time Flight Mechanic and Part-Time Lender w/ Anthony Michael
Real Estate Rookie Podcast
Daryl's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-168
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|
Mar 26, 2022 |
167: 7 Doors in 11 Months While Investing Out-of-State w/ Hashim Ismail
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As a dreamer and life-long learner, Hashim Ismail makes it a goal to push himself. Hashim officially started his real estate investing journey eleven months ago but began learning about real estate just two years ago. He dealt with analysis paralysis, but after making a goal to start in 2021, he decided to jump in with both feet. Through hard work, dedication, and optimism, Hashim has closed on seven properties in eleven months.
Since Hashim invests out-of-state he dealt with a whole new set of obstacles apart from the usual challenges new investors face. He combatted this by using the BiggerPockets forums to learn and network as much as possible. Hashim used keyword research on the site to find and connect with key players in the Memphis market. Through the new connections he made, Hashim educated himself on the area, without having to physically visit! Investing out-of-state can be risky within itself, so Hashim has created a series of processes to mitigate risk as much as possible. While redundancy is a large part of his process to reduce and catch errors, Hashim has found immense success simply by stepping out of his comfort zone.
In This Episode We Cover
Analysis paralysis and how to use goal-setting to overcome it
How to use the BiggerPockets Forums to build your investor network
Out-of-state investing and how to penetrate a market you know nothing about
Using processes to mitigate risk and how to make a repeatable investing system
Desk appraisals and why they’re worth every penny
How to approach networking and get the most out of every interaction
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
Tyler Madden BiggerPockets Profile
Real Estate Rookie Facebook Group
BiggerPockets
BiggerPockets Conference
BiggerPockets Forums
Facebook Business Ads
Real Estate Rookie Podcast
BiggerPockets Investment Calculators
BiggerPockets Bootcamp
Fixated On Real Estate
Cardone Capital
Grant Cardone
Google Maps
Zillow
Redfin
Starbucks
Walmart
James' Instagram
James' Youtube Channel
Rookie Podcast 165: A Step-by-Step Guide to Estimating Rehab Costs w/ Master Flipper & Investor James Dainard (Part 1)
Rookie Podcast 166: Finding Contractors, Renovation Red Flags, and Estimating Rehab Costs (Part 2) w/ James Dainard
Stessa
Instagram
Rentometer
Connect with Hashim
Hashim's Linkedin Profile
Check out the full show notes here: https://biggerpockets.com/blog/rookie-167
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|
Mar 23, 2022 |
166: Finding Contractors, Renovation Red Flags, and Estimating Rehab Costs (Part 2) w/ James Dainard
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Welcome to part two of a rehab estimation masterclass with real estate mogul James Dainard! As mentioned in part one, James has created a multi-level brokerage where he has been involved in 3,000 transactions. His excess experience has allowed him to create an almost scientific process for his flips. In today’s podcast, James builds off part one and gives you a step-by-step guide on how to emulate the process that has given him his success.
James goes over what and who to bring when visiting a property, closing on a property, writing a contractor contract, and finalizing a project to perfection. Each process includes tedious details that may seem daunting at first, but as the saying goes, the devil is in the details. While the initial steps may seem meticulous, once you begin making the process repeatable and do it continuously, it's second nature. James perfected his flipping and renovation processes through trial and error, and if you listen closely you can avoid commonly made mistakes and have an advantage over most new investors. To be the best you have to learn from the best—so listen closely!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Podcast
Rookie Podcast 165: A Step-by-Step Guide to Estimating Rehab Costs w/ Master Flipper & Investor James Dainard (Part 1)
Biggest Red Flags When Buying a House (Flips and Rentals)
Apple
BiggerPockets Youtube Channel
BiggerPockets
Luxury Farmhouse Flip | Breakdown Walkthrough - w/ Ashley Kehr
Check out the full show notes here: https://biggerpockets.com/blog/rookie-166
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|
Mar 19, 2022 |
165: A Step-by-Step Guide to Estimating Rehab Costs w/ Master Flipper & Investor James Dainard (Part 1)
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Welcome to part one of a rehab-estimation masterclass with real estate mogul James Dainard! James has earned his title by being involved in 3,000 transactions over the past fifteen years and creating a multi-level real estate brokerage. He has mastered the art of estimating rehab costs which has allowed him to invest on a seriously large scale. Currently, he is working on thirty flips and has 400 apartment doors under construction, so not only has he had past successes, but he is consistently learning and adjusting to the rapid changes of the market. James is an investor to not only learn from but to emulate, and today he gives a step-by-step guide to do just that.
James breaks down renovation steps like building a team, getting a budget sheet together, and vetting workers, contractors, and properties in vast detail. The underlying theme behind each of his steps is meticulous preparation. As an investor, one of the best things you can do for yourself is to prepare and get rid of any variation in your processes. By perfecting his preparation processes, James has been able to minimize variation and save himself in the long run. Do yourself a favor and listen to these next couple of podcasts intently— it could save you serious time, headache, and money in the future!
In This Episode We Cover
How to find a contractor that aligns with your project’s budget and goals
How to vet contractors so your time (and theirs) is respected on a job
The “plug and play” method and how to break down your scope of work
How to organize your budget sheet and estimate rehab costs efficiently
What it takes to master flipping, BRRRRing, or any home renovation
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets Podcast 338: From Red Robin Waiter to 250 Units (Using the MLS) with James Dainard
BiggerPockets
Real Estate Rookie Podcast
Connect with James
James's Instagram
James's Youtube Channel
Check out the full show notes here: https://biggerpockets.com/blog/rookie-165
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Mar 16, 2022 |
164: Rookie Reply: How Do I Escape My 9-5 with Real Estate Investing?
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This week’s question comes from Nash through Ashley’s Instagram direct messages. Nash is asking: How do I quit my job and become a full-time real estate investor?
Nash isn’t alone in asking this question. Almost every Real Estate Rookie Podcast listener has pondered this as well. Even our hosts, Ashley and Tony, asked themselves this before leaving their jobs to pursue real estate investing full-time. What makes today's episode even more special is that Ashley’s partner, Daryl Clinch, just left his nine-to-five as well! Daryl is here to help answer Nash’s question on exactly what it took to leave his back-breaking work and pursue financial independence.
Here are some suggestions:
Live below your means—it’s much easier to replace your income when your expenses are low
If you have no investing experience, find an investor that could benefit from your knowledge
Calculate your “worst-case scenario” (it’s probably not as scary as you think)
Quit professionally so you can return to work (if needed)
Stay educated by listening to the Real Estate Rookie Podcast!
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Facebook Group
Real Estate Rookie Youtube Videos
Daryl's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-164
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Mar 12, 2022 |
163: Using Short-Term Rentals & House Hacks to Become Financially Free in 2 Years w/ Andrew Bresee
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Despite what most people would like to think, success has no timeline. There will be some "perfect" opportunities that don’t work out, which is why you must persist. You can either become stuck in one failure or use that failure to propel you forward. Our guest, Andrew Bresee, has learned to use missed opportunities to propel him forward.
Andrew was infected with the “real estate bug” in his teenage years after reading Rich Dad Poor Dad. While he didn't start his real estate journey that young, he began developing the skills that have made him a successful entrepreneur early on. Being persistent has helped Andrew in more ways than one. In school, he had the opportunity to study abroad in Italy and like many others, he loved it so much he didn’t want to leave. For weeks he continued to ask to stay and for weeks he continued to get rejected, but he refused to take no for an answer. After a while, the administration finally relented and let him stay as long as he agreed to work as a handyman. Had he accepted his fate, Andrew would have missed out on another year in a beautiful country with the love of his life who is now his wife.
When he came back, he lived with his parents, and instead of rushing to get to the next chapter of his life, he took a step back and found an opportunity right where he was. He decided to convert his parent's basement into an apartment that they could eventually rent out. While it took six years to complete, it currently cash flows and gave him experience with the rehab process. After that, he found the fourplex that he lives in now which cash flows about $1,200 a month! He found his current fourplex after he didn't qualify for a fourplex he thought was "perfect". Opportunities can be found in any failure or redirection—you just need to look hard enough.
In This Episode We Cover
The power of persistence and how to make life work for you
Understanding a seller and how catering to their needs can ultimately benefit you
Optimizing your Airbnb descriptions to attract your ideal tenant
Establishing your short-term rental vs your long-term rental and why it’s important to approach them differently
The importance of finding the right real estate agent who understands your goals and intentions
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
Brandon's BiggerPockets Account
Real Estate Rookie Facebook Group
BiggerPockets
BiggerPockets Real Estate Rookie Youtube Channel
BiggerPockets Podcast 448: The Lazy Person’s Guide to Financial Freedom in Less Than 10 Years with Dion Mcneeley
The BiggerPockets Podcast
BiggerPockets Forums
Google
Google Voice
Facebook
Airbnb
Yahoo
Furnished Finder
Lowe's Credit Cards
Real Estate Rookie Podcast
BiggerPockets Investment Calculators
BiggerPockets Blog
BiggerPockets Pro Membership
The Section 109 Podcast
Check out the full show notes here: https://biggerpockets.com/blog/rookie-163
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|
Mar 09, 2022 |
162: Rookie Reply: Permitting Problems and Finding Hard Money Lenders
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This week’s question comes from Carlos, who directly messaged Ashley on the BiggerPockets Real Estate Rookie Bootcamp! Carlos is asking: Do you recommend, or is it even possible, to use a hard money lender from a different state?
Hard money lenders and hard money loans are a crucial part of real estate investing for many real estate investors. If you’re a rehabber, flipper, or BRRRR-er, there’s most likely a chance you’ll need hard money in the future. But how do you find a hard money lender without past experience with one?
Here are some suggestions:
Use investor referrals and sites like BiggerPockets to find hard money lenders
Be specific when you ask a hard money lender questions to make sure they can lend in your area
Inquire about the criteria that your hard money lender looks at when lending
Relay your strategy to your hard money lender, to ensure they can lend on the property type you’re looking at
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Facebook Group
BiggerPockets Website
BiggerPockets Rental Property Calculator
Instagram
ARVC
Google
BiggerPockets Real Estate Investing Bootcamp
BiggerPockets Forums
BiggerPockets Rookie Waitlist
Check the full show notes here: https://www.biggerpockets.com/rookie162
Learn more about your ad choices. Visit megaphone.fm/adchoices
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Mar 05, 2022 |
161: Using Calculated Risk to Acquire 17 Doors In Under a Year (at Age 24!) w/ Grace Gudenkauf
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Real estate favors those who value risk. An investor’s willingness to take a calculated risk separates the good from the great. And today’s guest, Grace Gudenkauf, is definitely on her way to greatness. This ambitious 24-year-old has managed to get seventeen doors between eight properties under her belt in less than a year, and she shows no signs of slowing down.
She was first introduced to real estate when her boyfriend decided to flip a house. It didn’t pique her interest until she reviewed the numbers and saw the potential. Since then, hard work and calculated risk have allowed her to have the accelerated success any new investor dreams of. A substantial amount of this success is due to her and her boyfriend making it a point to “never let the money stop them”, they “get the deal first and then find the money.” Most would be reluctant to take this approach, but it has worked phenomenally for Grace.
From talking directly to a VP at a local bank to deciding to leave her W-2, Grace keeps taking risks in the name of real estate, and it keeps paying off. When it came to deciding if she would leave her W-2 or not, Grace looked at the worst-case scenario to weigh her options. After it was all laid out—her worst-case financially, emotionally, and socially—she decided the risk was well worth it. This is an episode you don’t want to miss.
In This Episode We Cover
Taking on big rehabs as a rookie and how to DIY to save money
How to find creative ways to finance your property
Creating an LLC and structuring it so you can have fewer headaches and more properties
Residential vs commercial loans and why commercial loans can be a helpful resource to any investor
Commercial loan qualifiers and how to improve your chances of getting approved
How to look at the worst-case scenarios so you can feel confident in your risk tasking
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
James' Instagram
Real Estate Rookie Facebook Group
BiggerPockets Website
BiggerPockets Real Estate Rookie Youtube Channel
BiggerPockets Podcast 109: From Sleeping in His Car to Multi-Unit Landlord & The "Nomad" Strategy
The BiggerPockets Podcast
BiggerPockets Forums
Alpha Geek Capital Website
Google
Google Voice
Google Suite
Check out the full show notes here: https://biggerpockets.com/rookie161
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|
Mar 02, 2022 |
160: Rookie Reply: How to Borrow Money for Down Payments (and Pay it Back!)
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This week’s question comes from AJ through Ashley’s Instagram direct messages. AJ is asking a question many new investors have: If I borrow down payment money from friends or family, what’s the best way to pay back the down payment while cash flowing on the property?
For many rookie investors who don’t have large cash sums sitting around, much of their initial investment has to be done through borrowed money. This means not only getting a conventional loan from a bank but privately financing their down payment as well. But, before you start asking your grandma for some “seed funds”, make sure that your bank will allow you to borrow down payment money.
Here are some suggestions:
Double-check that your bank allows borrowed down payments, if not, try and receive a “gift” from a family member
Work out a payment plan with your private lender before closing on the deal
Pay back the down payment personally and count it as an initial investment in your CoC calculations
Offer equity or a delayed payout as a way for you to maximize cash flow in the deal
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Facebook Group
BiggerPockets Website
BiggerPockets Rental Property Calculator
Check the full show notes here: https://www.biggerpockets.com/rookie160
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Feb 26, 2022 |
159: Building an Out-of-State Empire by Using the Right Type of Real Estate Agent w/ Sarah Weaver
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Knowing how to find a real estate agent is one thing. Knowing how to find a truly investor-friendly agent is another. While most real estate agents and realtors can show you homes on the market, send you MLS listings, and do the needed paperwork, investor-friendly agents do much, much more. These types of agents are so important to a real estate investor, that they can be thought of as a more permanent part of your team. They’ll find deals, leads, help you run numbers, and give you what you need to grow your real estate portfolio. But how do you find them?
This was a question that real estate investor, agent, and coach, Sarah Weaver asked when first getting into out-of-state investing. In fact, Sarah was doing more out-of-country investing than most other investors. As a digital nomad, Sarah was traveling throughout the US, Canada, and New Zealand buying rental properties without ever laying an eye on them. She was able to do this thanks to her rockstar real estate agents.
Now, after almost perfecting the long-distance real estate investing strategy, Sarah is back to share with rookie investors how they too can find an investor-friendly agent to help them scale. If you haven’t already, check out the BiggerPockets Real Estate Agent Finder Tool, you’ll instantly have access to dozens of investor-friendly agents in your area that can help you close on your next deal!
In This Episode We Cover
Investing in real estate while out of state, out of the country, and far from home
The best questions to ask a real estate agent to see whether or not they’re truly “investor-friendly”
Defining your crystal clear criteria so top agents take you more seriously
What a great agent should (and should not) know about an investing area
Building the investor-agent relationship so you both benefit for years to come
Qualifications an investor must meet before reaching out to real estate agents
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
BiggerPockets Website
Facebook
BiggerPockets Real Estate Rookie Youtube Channel
MLS
BiggerPockets Agent Connect
BiggerPockets Podcast 563: W2 retired and Traveling the World with Just 15 Units w/ Sarah Weaver
BiggerPockets Investment Calculators
The BiggerPockets Podcast
BiggerPockets Forums
BiggerPockets Rent Estimator
Check out the full show notes here: https://biggerpockets.com/rookie159
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Feb 23, 2022 |
158: Rookie Reply: The Best Career Moves for an Aspiring Real Estate Investor
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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
Google
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
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Feb 19, 2022 |
157: The 4 Keys to Perfect Property Management & Live in Flipping as an Army Man w/ Adam Widder
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Property management is a difficult yet crucial part of real estate investing. In today’s episode, our guest, Adam Widder, who was a former property manager, shares his four guiding principles that make property management more manageable.
Adam got his start after college while stationed in Kansas. A fellow ROTC member advised him to start investing, and following his advice, Adam tried to find a property near Kansas State. Unfortunately, he couldn’t find anything that cash flowed, so he did a live in flip instead. He made a solid profit from his first flip and continued to do live in flips with two other properties.
Before he got into real estate investing, Adam was a commercial property manager, which gave him the experience he needed to handle any property management issues in his own buildings. Based on his experience, Adam has generated four keys vital to your property management success. These four keys can simplify a considerably complicated part of your real estate journey and give you a definite advantage over your competition.
In This Episode We Cover
Live in flips and why they’re a great option for new investors
Conventional real estate loans vs FHA Loans and why conventional loans can sometimes be the better option
Self-management vs property management and how to figure out which one is better for you
How to find the right property manager (& red flags you should look out for)
The 4 crucial keys to headache-free property management
How to set up the right working relationship with your property manager
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
BiggerPockets Website
Brandon's BiggerPockets Account
Zillow
Apartments Website
Facebook
National Apartments Association
Mindy's BiggerPockets Account
BiggerPockets Pro
BiggerPockets Business Podcast 105: The MOST Profitable Skill to Learn (From a $200M+ VC Investor) with Codie Sanchez
BiggerPockets Rookie Youtube Channel
MLS
Airbnb
Check out the full show notes here: https://biggerpockets.com/rookie157
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Feb 16, 2022 |
156: Rookie Reply: What’s The BEST Vacation Rental Loan?
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This week’s question comes from Xavier through Ashley’s Instagram direct messages. Xavier is asking: Can I use an FHA loan for a vacation rental? What’s the best way to scale without paying high down payments?
Xavier brings up a great question that many rookies have been asking. We all know we can get a conventional loan with very low down payment requirements for an owner-occupied investment like a house hack, but what about a vacation rental? Before you bombard your mortgage lender with questions, listen to what Tony (short-term rental expert) has been using for his vacation rental financing.
Here are some suggestions:
Look into vacation home loans, you can secure a property with only ten percent down
Find a lender who’s familiar with funding vacation rentals, this will save you a lot of time
Understand the geographical limitations that come with vacation home loans
Make sure you’re able to use your vacation rental property for personal use at some point in the year
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
Real Estate Robinsons Youtube Channel
How to Buy a Short Term Rental with Only 10% Down
BiggerPockets
Check the full show notes here: https://www.biggerpockets.com/rookie156
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|
Feb 12, 2022 |
155: Progress Over Perfection: Building Wealth w/o Any "Home Run" Properties w/ Ali Garced
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Every investor wants all their properties to be loaded with high cash flow, but that’s usually not the case. Realistic expectations are essential to the longevity of your career and the maximization of your investments. Progress over perfection should always be the goal. As today’s guest, Ali Garced, stated, “progress is progress, and it will eventually add up”.
Given that her dad is an investor, Ali has always been exposed to real estate, but it wasn’t until she was in the military that she decided to pursue it for herself. Once she realized how great of a resource VA loans are, Ali was determined to buy a house for herself. She purchased a house through the MLS but had to deploy before moving in, so that gave her another opportunity—renting it out. While it had seemed like a great idea, Ali later learned about the 1% rule and realized she was merely evening out after expenses and had no cash flow. This left her questioning if real estate was for her until she checked the appreciation of the house last year. From 2016 to 2021, Ali was shocked to find that the house appreciated double the price.
Her unintentional buy and hold profited more than what she wanted to get from renting—a very pleasant surprise. Since then, Ali has invested in four other properties, including an out-of-state turnkey and a duplex. While none of these properties have been a “home run”, Ali is more than thankful for her “base hits” because they helped her build wealth faster than she imagined. Turns out that it’s hard to not make money when buying the right real estate!
In This Episode We Cover
The VA loan and how it’s an incredible resource for military families
The 1% rule and why it’s an important calculation to make when deciding on future or current investments
Property management vs self-management and how to decide between the two
The importance of having the right permits and how to check them
The classic buy and hold method and how to make a profit with minimal work
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
BiggerPockets Instagram
Sara's Instagram
BiggerPockets Calculator
MLS
Airbnb
BiggerPockets Bootcamp
Check out the full show notes here: https://www.biggerpockets.com/rookie155
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Feb 09, 2022 |
154: Rookie Reply: Is Investing with Family Members a Mistake?
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We’re continuing the Rookie Reply Direct Message trend! This week’s question comes from Minnie through Tony’s Instagram DMs. Minnie is asking: Should you partner with family members when investing in real estate?
While this may not be the most fun question that Tony has received in his DMs, it’s a very necessary one to answer, as many real estate investors start their journey partnering with family. While at times it can be stressful, working with family can also be rewarding in more ways than just financial. But, if you want to work with someone close to you, be prepared to treat your investment like a business.
Here are some suggestions:
Treat it like a partnership by signing an operating agreement or joint venture agreement
Make sure your family member knows the risk of investing
Don’t do anyone favors, present great investing opportunities instead of asking for money
If you feel like you need to update your partnership agreement, do so quickly and with the consent of your partners
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
Real Estate Robinsons Youtube Channel
Mini_vannnn's Instagram
Omid Tehranirad's Instagram
Alpha Geek Capital
Scott Trench's BiggerPockets Account
Check the full show notes here: https://www.biggerpockets.com/rookie154
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Feb 05, 2022 |
153: 20 Deals in a Year as a Professional Basketball Player w/ Terry Harris
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Real estate requires a lot of self-motivation and discipline to succeed. Successful investors know that nothing happens overnight and nothing comes to you easily. Today’s guest, Terry Harris, had the perfect amount of drive and persistence when he began his real estate journey. He now owns five properties and has closed twenty wholesale deals.
Terry started getting into real estate when he came to terms with his G League contract only lasting about six months. He wasn’t sure what to do with his free time until he picked up The Book on Rental Property Investing and started listening to BiggerPockets. He started bringing books with him on the road and while his teammates teased him for always having his nose in a book, it was during those rides that he decided he was going to buy a house. He bought his first house and while it didn’t go as planned at all, the house appraised for double the price and he was beyond proud of himself for seeing it through. One of the hardest things for him during his first deal was the lack of community he felt, but he filled that gap by relying on the BiggerPockets community.
Unfortunately, COVID quickly put a pause on him investing in any other properties, but Terry didn’t let that stop him. He moved to LA for basketball and began looking into another aspect of investing—wholesaling. After practice, he began dedicating an hour to driving around looking for vacant properties and listening to podcasts. He started cold calling and while he missed out on a big potential first deal, he did twenty successful deals after that. While he has found success in wholesaling and enjoyed it, he wants to now transition into investing in more properties himself and gain a more passive income.
In This Episode We Cover
How to use FHA loans and seller credits to help you purchase properties
Succeeding in real estate without a strong support system and building your investor community
The importance of cold calling and how to add it into your busy schedule
Saving vs splurging and how to encourage yourself to funnel more money into investments
Wholesaling land and the three indicators of a successful land deal
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
Rookie Podcast 91: 8 Units, 10 Wholesale Deals, and $0 Spent on Marketing w/ @Liliinvests
BiggerPockets Podcast
BiggerPockets Forums
BiggerPockets Facebook Group
Thach Nguyen's Instagram
Brent Daniels's Instagram
Airbnb
Ryan Dossey's Instagram
Propstream
Google Maps
LandGlide App
OnXHunt App
MojoDialer
Roor App
Check the full show notes here: https://www.biggerpockets.com/rookie153
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|
Feb 02, 2022 |
152: Rookie Reply: How to Fund Real Estate Deals (and Scale Bigger!)
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Ashley and Tony’s DMs are open for real estate Q&A business! Just like last week, this week’s question comes from Tony’s Instagram DMs. The question? How are you scaling your real estate portfolio so quickly? How do you finance your deals?
For most rookie investors, real estate financing seems like a big hurdle to get over. With deals flying off the MLS so quickly nowadays, having your funding locked and loaded is as important as ever. Thankfully, even if you don’t qualify for bank financing (or you’ve maxed out your personal loan limit), you can still find some phenomenal financing options.
Here are some suggestions:
You don’t need the money, use a partner as a source of funding
Using a cash-out refinance or HELOC from a current property to fund your deals
Walk into your bank and ask what they can do for you (you may be surprised by your options)
Ask the seller about owner financing to close on deals without the hassle of a bank
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
Real Estate Robinsons Youtube Channel
A General Contractor (Almost) Ruined Our Rehab
Yelp
James Dainard's Instagram
Sara's Instagram
Swaterzzz's Instagram
Rookie Podcast 102: $10M Profit On Her First Deal?! It’s Possible with Campground Investing
BiggerPockets Podcast
Ryan Pineda's Instagram
Check the full show notes here: https://www.biggerpockets.com/rookie152
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Jan 29, 2022 |
151: 28 Units as a Full-Time Surgeon and Escaping the “Golden Handcuffs” w/ Daniel Shin
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Most people assume they’ll achieve financial freedom after they make their dream salary, but what they don’t realize is you can’t out-earn your toxic money habits. Today’s guest, Daniel Shin, learned this quickly when he started making his full-time surgeon salary.
As a child, Daniel was fortunate enough to live the ideal suburban lifestyle, but when his dad got laid off during a recession, things quickly changed for the worse. After seeing his parents struggle to put food on the table, young Daniel decided he would do everything he could to prevent himself from being in a similar situation financially. Once Daniel started making his surgeon salary he assumed he’d be financially stable, but he began to expand his lifestyle to his salary and started drowning financially. It was at this point he decided to turn to real estate investing.
He started by listening to BiggerPockets and decided investing was for him once he realized he could reach financial freedom faster through real estate. The first couple properties he invested in were turnkey properties. With less risk, Daniel felt it was a comfortable start to his investing journey, but after a while he wanted more of the action. Over the last three years, he has acquired about twenty-eight units including four duplexes and two small apartment buildings. Daniel is now focused on building his “real estate empire” while becoming financially free.
In This Episode We Cover
How to balance your salary and spending habits (and live below your means)
The benefits of investing in turnkey properties and how to find a turnkey operator
How to deal with a “bad” property and how to prevent investing in any more future headache rentals
How to show possible investors, mentors, or partners that you’re committed
The importance of getting thorough inspections and the consequences of skipping them
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
Rookie Podcast 55: Combining House Hacking and Live in Flips with Tyler Madden
Tyler Madden's Instagram
Sara's Instagram
Brandon Turner's BiggerPockets Account
BiggerPockets Podcast
Dave Ramsey's Podcast
Grant Cardone's Podcast
BiggerPockets Money Podcast
Scott Trench's BiggerPockets Account
Mindy Jensen's BiggerPockets Account
BiggerPockets
BiggerPockets Forums
Rookie Podcast 29: Growing Your Portfolio with Turnkey Investing with Whitney Hutten and Lance Robinson
Tiktok
The Real Estate Robinson's Tiktok Account
Check the full show notes here: https://www.biggerpockets.com/rookie151
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Jan 26, 2022 |
150: Rookie Reply: Which Rent Numbers Can You Trust When Analyzing a Deal?
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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
Instagram
BiggerPockets
BiggerPockets Rent Estimator
BiggerPockets Pro Membership
Zillow
Craigslist
Facebook Marketplace
BiggerPockets Calculator Reports
Check the full show notes here: https://www.biggerpockets.com/rookie150
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Jan 22, 2022 |
149: 55-Unit "Mobile Home Queen" and The Nightmare 17-Month Rehab w/Emily Fackler
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While leaving your W-2 to pursue real estate can be intimidating at first, it’s important to realize the skills you learned at your W-2 don’t all go to waste. Most of what you learned is transferable when it comes to the wonderful world of real estate investing. Instead of looking at your W-2 as a means to an end, think of it as an experience-based asset. This is exactly what today’s guest, Emily Fackler, did.
As a former salesperson, Emily was no stranger to the word “no”. In fact, she had heard it so many times she has created a thorough follow-up system to combat it. This follow-up system led her to her first flip, purchasing a home that multiple people told her “was already sold”. Her first flip took her 17 months and while she did two other flips besides that, she soon realized flipping wasn’t for her. This took her to her next real estate venture: mobile home investing.
Emily partnered with her best friend and bought a 39 lot mobile home park for a mere $139,000. Compared to flipping homes, Emily loves it! Investing in mobile homes makes more sense for her financially and allows her to have a sense of relationship with all her tenants. She has been able to hire a property manager to handle all the logistics and hopes to bring more homes into the park. After finding her niche with mobile homes, Emily is ready to hit the ground running and eventually be known as the “Mobile Home Park Queen”.
In This Episode We Cover
The importance of follow up and how much of a difference it can make in your business
How to finance your flips, rental properties, and mobile home parks
Structuring family partnerships and the benefits of working with those you trust
How to pitch investors on a potential deal so they feel confident in your value
The “stair-stepping method” and how to increase rent in a gradual, less intrusive way
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
BiggerPockets Podcast
Ed Mylett's Website
The MFCEO Project Podcast
BiggerPockets Conference
BiggerPockets
Clayton Homes
Open Door Capital
Instagram
Facebook
Rookie Podcast 91: 8 Units, 10 Wholesale Deals, and $0 Spent on Marketing w/ @Liliinvests
Propstream
Tony Robinson’s Podcast
Netflix
Hulu
Realtor
Zillow
BiggerPockets Forums
BiggerPockets Bootcamp
The 7 Income Streams of Millionaires
Check the full show notes here: https://www.biggerpockets.com/rookie149
Learn more about your ad choices. Visit megaphone.fm/adchoices
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Jan 19, 2022 |
148: Rookie Reply: Should You Buy a Rental Before Buying Your Primary?
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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
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Jan 15, 2022 |
147: 13 Flips as a Full-Time Flight Mechanic and Part-Time Lender w/ Anthony Michael
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To be a successful entrepreneur and investor, you need to learn how to turn a no into a yes. Today’s guest, Anthony Michael, has earned his title as a successful entrepreneur from doing just that. Through determination, calculated risk, and finding ways to create value, Anthony has done thirteen flips while also becoming a trusted lender.
Anthony’s real estate investing journey started when he realized he needed to gain control of his money. After his first flip, a live in flip on the house he and his wife had just bought, he knew flipping was something he could do for profit. From there he found his first partner, one of his co-workers, and began to flip even more houses. The second partner he found rejected him at first, even though his online profile (with no profile picture) was pretty much anonymous. Despite this, Anthony was drawn to this mystery partner and his alleged “400 flips” so he flew out to meet this so-called legend and was pleasantly surprised when he was exactly who he said he was.
Anthony could have stopped there but he decided to tap into a new source of income; lending. It started with him asking his neighbor what he did for a living and now he’s the top-rated lender on BiggerPockets. The ability to create value and persist has allowed Anthony to become not only a great real estate investor but an amazing entrepreneur.
In This Episode We Cover
VA loans and why they’re powerful home buying tools
How to navigate partnerships and find the right partnership structure for both parties
Promissory notes and the importance of having legitimate legal documents in place
How to establish a strong partnership foundation in the beginning
How to bounce back from losing money and prevent it from happening again
Hard money loans and why you shouldn’t automatically write them off
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
BiggerPockets Podcast
Ashley Wilson's Instagram
BiggerPockets Radio Podcast 001: Building a Successful House Flipping Business and Losing Millions with Marty Boardman
David Greene's Instagram
Lowes
The Home Depot
Grant Cardone's Website
BiggerPockets
Check the full show notes here: https://www.biggerpockets.com/rookie147
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|
Jan 12, 2022 |
146: Rookie Reply: How Tony Robinson Lost His Job (and Found His Freedom)
1003
Getting fired usually isn’t a good thing. But in retrospect, it was arguably one of the best things to ever happen to Tony Robinson. Before being the internet’s poster boy for short-term rental investing, Tony Robinson spent his days working for someone else while climbing up the corporate ladder. When he unexpectedly got fired (2 days before Christmas), he had to reimagine what his life would and could look like.
Tony took a chance on himself and his real estate business, a chance that has paid off massive dividends to this day. He now lives life on the schedule he wants, spending time with his wife and son, without having to worry about a boss one day letting him go.
Maybe getting fired (while owning real estate) isn’t such a bad thing!
Thinking of leaving your job? If so, prepare like Tony did:
Have a healthy safety reserve before you decide to leave
Understand the job market for your specific position and whether or not you could be rehired
Use your W2 income to invest in cash-flowing assets like real estate
Understand the difference between “job security” and “wealth building security”
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
BiggerPockets Real Estate Investing Bootcamp
BiggerPockets Podcast
Check the full show notes here: https://www.biggerpockets.com/rookie146
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Jan 08, 2022 |
145: Leaving the 9-5 Office Life to Start a Mother-Daughter Flipping Business
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Most people describe their start in real estate investing as a thought-through process. It usually includes a tedious plan with an incredible amount of time spent gaining background knowledge—but that’s not always the case. Today’s guest, Jan Trisler, stumbled into real estate investing by accident but hasn’t been able to look back after having four successful flips, while currently working on her fifth. Now, she has hopes of getting into rental properties in the upcoming year.
Jan was already in a transition period in her life as she was moving from Nebraska to Arizona as a divorcee but she decided to take it one step further and trade her 9-5 for real estate. It started with purchasing her primary residence from an auction, then later rehabbing it to realize she could do this for a profit. From there, she made the transition from rehabbing to flipping and bought two more properties from an auction.
Once Jan realized that flipping was not only a sustainable source of income but something she genuinely enjoyed, she formed an LLC with her daughter and made things official. While some are hesitant to work with family, Jan and her daughter have created a great system where work is allocated fairly, their wages are paid hourly and the financial investment works perfectly for them. By taking the investing “plunge”, Jan has been able to live and finance her ideal life while doing it with the people she cares about most.
In This Episode We Cover
House hacking and how to get your start in real estate investing
Wholesaling and whole-tailing and what that means
How to make sure the job you work at matches your ideal life
How to set long-term and short-term goals and how to approach them
Building processes and incorporating systems that help your business prosper
Outsourcing and how to train employees (even if you’ve never been a boss)
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
Auction.com
MLS
Hours Tracker App
Time Clock App
Quickbooks
Quickbooks Time Tracking
Rookie Podcast 109: From Sleeping in His Car to Multi-Unit Landlord & The “Nomad” Strategy
Sara's Instagram
Zillow
Realtor
Check the full show notes here: https://www.biggerpockets.com/rookie145
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|
Jan 05, 2022 |
144: Rookie Reply: 6 Short-Term Rental Tips from Tony J. Robinson
1427
From time to time, Ashley and Tony both have questions they need answering. And thankfully, they both host a show with a real estate investor in complementary niches. This week, Ashley is prepping to scale her short-term rental empire, so she wants to know from Tony what his six top tips for vacation rentals would be.
Although Tony has only been hosting for a few years now, he has a sizable portfolio that was built fast and efficiently. He’s able to charge top dollar on his vacation rentals due to his management, rehabs, and pricing strategies. If you want to max out your vacation rental income, Tony is the guy to listen to!
Here are some suggestions for Ashley:
Utilize comparable data to match region-standard checkout policies, nightly pricing, and minimum stays on bookings
Find the niche that you can fill and will allow your rental to stand out
Do whatever you can to ensure the guest leaves a positive review on your property
Communicate with guests in a systematized, timely manner
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
BiggerPockets Real Estate Investing Bootcamp
Airbnb
Vrbo
Robuilt Youtube Channel
Hospitable
iGMS
YourPorter
Check the full show notes here: https://www.biggerpockets.com/rookie144
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Jan 01, 2022 |
143: High Salary? No Thanks, I'd Rather Be Wholesaling w/Aaron Latal
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When you think about your ideal life in 5,10 or even 15 years, what do you see? When you think about your finances, what is it that you want your money to do for you? As today’s guest, Aaron Latal, so elegantly put it, when setting goals it is best to start backwards.
After graduation, Aaron landed a high-paying job as an engineer and genuinely enjoyed the work he was doing, yet he felt like something was missing. Besides his job, he had nothing to fill his free time, so he turned to real estate investing. He began to read, listen to BiggerPockets and do anything he could to educate himself. Once he felt like he had a good understanding, he started his real estate journey by rehabbing the property he lived in and eventually house hacking a duplex he purchased.
Shortly after that, he realized this is what he was meant to be doing. He then quit his job despite enjoying it because he knew that engineering didn’t fit the life he envisioned for himself. From there on he poured everything into real estate and wholesaling. He soon noticed that he had more of an interest in the business and process side of things so that’s what he focused on. As business picked up, he was able to outsource certain aspects of his job and focus on his strengths and what he enjoys. By working backward and understanding what he wants his life to look like in the future, Aaron is not only building his ideal life but living it.
In This Episode We Cover
House hacking and how to get your start in real estate investing
Wholesaling and whole-tailing and what that means
How to make sure the job you work at matches your ideal life
How to set long-term and short-term goals and how to approach them
Building processes and incorporating systems that help your business prosper
Outsourcing and how to train employees (even if you’ve never been a boss)
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
Alpha Geek Capital
The One Thing
Podio
Forefront
BiggerPockets Podcast 494: The Five F-Words Every Real Estate Investor Needs to Master
BiggerPockets Podcast
BiggerPockets Podcast 480: Making $200k a Month After Being on the Verge of Bankruptcy
Scott Trench
Loom
Readymode
CallRail
Check the full show notes here: https://www.biggerpockets.com/rookie143
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Dec 29, 2021 |
142: Rookie Reply: Do You Have to Put 20% Down on an Investment Property?
543
This week’s question comes from Mack through Ashley's Slack channel in the Real Estate Rookie Bootcamp. Mack is asking: How can I buy an investment property without putting 20% down?
Mack has the question that many real estate investors do: how to buy with low or no money down? Thankfully, the world of real estate has a plethora of financing options from low down payment conventional and FHA loans to zero percent down loans from certain providers. Granted, you do need to check a few boxes before you can get these.
Here are some suggestions:
Understand the main differences between FHA loans and conventional loans
Use house hacking as a way to qualify for owner-occupied financing
Calculate out your PMI beforehand so you know the true cost of a sub-20% percent down loan
Use a HELOC on your current properties as the down payment for new ones
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
Real Estate Rookie Bootcamp
BiggerPockets Forums
NACA
Check the full show notes here: https://www.biggerpockets.com/rookie142
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Dec 25, 2021 |
141: 3 Biggest Real Estate Lessons We Learned in 2021 w/Ashley Kehr and Tony Robinson
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We usually get to hear from our amazing guest speakers, but as the year comes to an end, it’s time to hear directly from our dynamic show hosts. Besides hosting rookie podcasts, Tony and Ashley are living proof of how lucrative real estate can be when done right. In this end of the year special we explore Tony and Ashley’s business goals, challenges, and motivations.
While it might be hard to imagine, Tony and Ashley started exactly where everyone else did, at the beginning. Before they each had their own successful businesses, they had to develop a plan, make connections, build a strong reputation, and find the confidence and motivation to keep going even through failure. In fact, despite their current success they still have to do all these things and more. Real estate investing isn’t stagnant and in order to get to or stay on top you have to be willing to evolve, change and take risks.
Tony and Ashley break today’s episode into three categories: business development, partnerships and motivation/inspiration. In each category they talk about their current and past business ventures and their big takeaways. We usually get to hear small snippets about what they’re doing and how they’re doing it, but today it’s just them and it’s something you don’t want to miss!
In This Episode We Cover
The BRRRR strategy and how lucrative it can be for investors
The importance of constantly challenging yourself and finding something you’re passionate about
The benefits of finding your niche market and becoming “known” for something
Why goal setting and vision planning is essential (even if you don’t know your end goal)
Building your internal team and the difference between your internal and external partners
The different types of partnerships and finding the right partnership structure for you
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
Brandon Turner's Instagram
The Real Estate Robinsons Youtube Channel
AJ Osborne's Self Storage Conference
AJ Osborne's Instagram
James Dainard's Instagram
Check the full show notes here: https://www.biggerpockets.com/rookie141
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Dec 22, 2021 |
140: Rookie Reply: Seller Financing 101
822
Once again, Ashley’s DMs are open for questions! This week, Brendan direct messaged Ashley asking: I’m looking at a 10-unit property at $1.9M. The current owner only has 4/10 units rented, but banks require 75% occupancy to finance. The seller would be interested in owner financing. Where do I start?
It’s good to note that no two seller financing deals are the same. Different sellers want different things out of a sale and it’s up to you, as the buyer, to find the things they really need to get the deal done. If you’re able to do that, you could get a great property under contract with little-to-no money down!
Here are some suggestions for owner financing:
Use PropStream or county records to see whether or not the seller has a mortgage/lien on the property
Calculate how much you’d be comfortable putting down and relay that in your offer
Run the numbers with current/Pro forma occupancy to see what the property could cash flow
Know that (almost) everything is negotiable, don’t be scared to ask for flexible options
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
BPCON2021
Propstream
Check the full show notes here: https://www.biggerpockets.com/rookie140
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Dec 18, 2021 |
139: The Best Tax Benefits of Rental Property Ownership w/ CPA Ana Klein
3163
What 2022 real estate tax strategies do you have prepared? Or maybe the better question is: have you even started to plan for taxes in 2022? If you’re a real estate rookie, you probably are just dipping your toe into the wonderful world of real estate tax deductions. But, without a good bookkeeper, accountant or CPA, you could be missing thousands (if not more) in tax savings.
Joining us today for our end of year tax roundup is investor, lender, and CPA Ana Klein. Ana started her real estate journey working as a public accountant, then a private accountant, and finally starting her own business. She saw the massive tax advantages her clients benefited from simply by owning rental property, so she decided to do the same.
Now, Ana has a growing portfolio, complete with cash flow and depreciation to offset her income. Ana spends some time today walking through how you, a rookie or experienced investor, can benefit when investing in real estate. She also lays out the ways you can set yourself up for success with a CPA and maximize your deductible income.
In This Episode We Cover
How to shift from a nine-to-five mindset to an entrepreneurial spirit
Converting a duplex into a triplex for only a thousand bucks
What should rookies do right now to take advantage of real estate tax benefits
Is it ever tax-advantaged to buy a rental property that is losing money?
The good (and bad) 2022 tax code changes for real estate investors
When you should contact a CPA to help with tax filing
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
Brandon Turner's Instagram
Grant Cardone Seminars
BiggerPockets
MLS
InvestorGirlBritt's Instagram
Stessa
Quickbooks
Check the full show notes here: https://www.biggerpockets.com/rookie139
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Dec 15, 2021 |
138: Rookie Reply: How Do I Find Rental Comps for My Property?
618
This week’s question comes from Daniel, who reached out directly to Ashley through her Instagram (@wealthfromrentals). Aside from giving Ashley some more movie quotes to use, Daniel is also asking: How do I gather local rent numbers for my rental property?
Landlords can struggle when trying to price a rental appropriately, that’s why rental comparable (comps) research can be so important when looking into a new area or when shopping for properties. Both Ashley and Tony use rental comps daily, so they can calculate the right rent price in their sleep!
Here are some suggestions:
Look at comparable homes in your area and see what they’re renting for on top rental sites
Focus on a zip code and property type, as these will be two important factors when comparing rents
Use the BiggerPockets Rent Estimator to automatically find a comparable rent price
Call a local property manager and ask them what your property would rent for
Start an excel spreadsheet where you can easily track days-on-market and price for rentals
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
Zillow
Redfin
Craigslist
Facebook Market Place
BiggerPockets Rental Estimator
Check the full show notes here: https://www.biggerpockets.com/rookie138
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Dec 11, 2021 |
137: Turning $3,000 into 10 Doors (As a Former Parolee)
3285
Do you ever feel out of place as an employee? The W2 route isn’t for everyone and maybe you’ve started to feel the entrepreneurial itch. So what steps do you take when it’s time to transition into working for yourself all while building wealth through real estate?
After years of being in and out of the prison system, Sterling Shrout needed a change. His whole life he considered himself a “bad employee” until he finally realized he wasn’t meant to be an employee, so he turned to real estate.
He began by listening to The BiggerPockets Podcast and any other educational material he could find. From there, he became hooked on the idea of creating opportunity and building capital through self-employment. Besides owning his own home, something he never thought he would do, Sterling has now closed on ten doors in less than two years!
We touch on topics like overcoming self-doubt, finding a business partner, going from an employee to an entrepreneur, triple net leases, and operating agreements. If you want to begin the journey to self-employment regardless of your past, this episode is perfect for you!
In This Episode We Cover
Overcoming self-doubt and not letting it keep you from pursuing your dreams
The importance of having the right business partner (and how to find one)
Transitioning from being an employee to an entrepreneur and why you should take the leap
Triple net leases and the massive advantages that come with it as a landlord
How to set up an operating agreement and why they’re essential for partnerships
How to build, find and maintain business relationships (even if you don’t have any yet)
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie FaceBook Group
Rookie Podcast 129: 5 Properties After Spending 8 Years in Prison (With ZERO Credit!)
BiggerPockets Podcast
Craigslist
Brandon Turner's Instagram
Dayton Real Estate Estate Investors Network Facebook Group
Linkedin
Check the full show notes here: https://www.biggerpockets.com/rookie137
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Dec 08, 2021 |
136: The 6-Step Process for Buying Your First Rental Property
4927
If you’re wondering how to buy your first rental property, there is arguably no better place on the internet to learn than BiggerPockets. Ashley Kehr should know, she tripled her portfolio after she found the BiggerPockets forums. But, in order for Ashley to triple her portfolio, she had to make the leap and buy her first deal. Today, she’ll teach you how to do the same, so you can reach financial freedom.
Ashley wasn’t born into a real estate family. She worked a nine-to-five job as an accountant, only to realize she hated it and later quit. She began working for a local investor and started learning the real estate management game. Ashley then partnered with the son of her boss, who provided her the capital to begin investing.
In less than a decade, Ashley was able to reach financial freedom, retire from any possibility of a regular workweek, and spend more time with her children. Now, it’s time for you to do the same!
In This Episode We Cover
The six-step process to go from real estate onlooker to real estate investor
How real estate can help you build long-lasting, generational wealth
Why doesn’t everyone invest in real estate if it’s so great?
The five mistakes that almost every real estate investor makes
Running through the numbers on a live real estate deal analysis
Real estate strategies for every type of rookie investor
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie FaceBook Group
BiggerPockets Bootcamp
BiggerPockets Forums
BiggerPockets Webinars
Joshua Dorkin's Website
BiggerPockets
BiggerPockets MarketPlace
MLS
BiggerPockets Calculator
BiggerPockets Podcast 348: Full-Time Job, Full-Time Mom, and Full-Time Wealth From Rentals with Ashley Kehr
BiggerPockets AlreadyPro
BiggerPockets Newbie Worksheet
BiggerPockets Newbie Slides
BiggerPockets 7 Years
Realtor Sold Listings
BiggerPockets Conference
Check the full show notes here: https://www.biggerpockets.com/rookie136
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Dec 04, 2021 |
135: 2 Houses Flipped as a Part-Time Real Estate Agent & Full-Time Father
3328
Real estate is a relationship-based business. As you establish more relationships within the industry, your job continues to get easier and today’s guest, Jay Simpson, is a prime example of that. With the help of his mentor, he has successfully flipped two houses and already turned one into a rental property.
The primary reason he got into real estate was because he wanted the time to be actively part of his daughter’s life — a freedom his W-2 didn’t allow. His ability to cultivate meaningful relationships is the reason he has been able to find so much success as a real estate agent and investor. Jay heavily emphasizes the role his mentor plays in his real estate career, especially given that when he was new to the industry, he needed someone to show him what the classroom couldn’t. His genuine nature got him his first sale, his first flip, and a continued relationship with his lenders.
Real estate has allowed him to not only free up his time but enjoy the time he has freed up, which to a family man like himself, is the dream. Investing is about more than building wealth, it’s about learning the value of time, especially because you can never get it back.
In This Episode We Cover
Getting your real estate license and how it can be the first step to investing
Working for a broker and what that means for your career as an agent
House flipping and the signs that indicate a great potential flip
How to estimate rehab costs as a first timer
The importance of a detailed scope of work and its benefits
The importance of being genuine and authentic with everyone you encounter
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie FaceBook Group
Rookie Podcast 55: Combining House Hacking and Live in Flips with Tyler Madden
BiggerPockets Podcast
Zillow
Lowe's
16Personalities
Tony Robbins Website
BiggerPockets Bookstore
MLS
Apartments.com
Cozy
Buildium
rentredi
appfolio
BiggerPockets Forums
BiggerPockets Conference
Check the full show notes here: https://www.biggerpockets.com/rookie135
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Dec 01, 2021 |
134: Rookie Reply: Loan Amortization and Balloon Payments Explained
459
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
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Nov 27, 2021 |
133: From Server to Landlord with 10+ Units at 24 Years Old
3082
What if you knew you could be fresh out of college and already owning property? Why wait for a “stable career” to start building wealth when you can dive into real estate investing, whether that be in or out-of-state? Would you start looking into investing earlier if you knew it was without age limitation?
Today’s guest Karina Mejia, a 24-year-old investor, goes over her house hacking journey that helped her go from a server to a landlord. From managing tenants to investing in out-of-state properties, Karina walks through the mindset of investing from a very early age, without the emotional support of those around her.
We touch on topics like house hacking, the BRRRR strategy, investing with a romantic partner, out-of-state investing, and financing your first deal. If you’re a first-time investor or college student, this episode is perfect for you.
In This Episode We Cover
What to do with an unruly tenant while house hacking
How to invest with a romantic partner to ensure asset protection for the both of you
Investing fresh out of college even if you have no experience in real estate
Successfully investing without the support of those around you
How to build a lease for your house hacks so tenants have a positive experience
Finding the best out-of-state market for your investing strategy
How to passively invest and outsource work to maximize time value
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie FaceBook Group
Rookie Podcast 125: Using OnlyFans to Fund Ownership in Her First BRRRR w/ Brin Amberlee
BiggerPockets Podcast
BiggerPockets Forums
Experian
Microsoft Excel
MLS
Check the full show notes here: https://www.biggerpockets.com/rookie133
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Nov 24, 2021 |
132: Find Money, Partners, & Deals Using The “D.A.D System” w/ Mike Michalowicz
2970
We often hear entrepreneurs talk about how they want to “be the best” in their field. It’s the same with many real estate investors. They want to be the best wholesaler, flipper, short-term rental host, or landlord. But, does “being the best” really matter much to your customer if they can’t tell the difference between you and your competition? Probably not.
Mike Michalowicz, author of Profit First, is on the show today to discuss his new book, Get Different, and why so many entrepreneurs and real estate investors have marketing all wrong. If you’ve ever tried direct mail, cold calling, or door knocking, you know the sting of quick rejection from a potential seller. Why do they reject so quickly? Because you sound just like every other real estate marketer trying to get to them.
If you’re looking to entice new partners, private lenders, tenants, employees, or sellers, you need to start marketing differently. This is possible through Mike’s “D.A.D Framework” that highlights the three most important factors of marketing successfully to a prospect.
In This Episode We Cover
Why real estate investors need marketing more than they think
Finding your competitive advantage and using it to outsmart other investors
Why having a high-referral rate doesn’t mean you're succeeding at marketing
Who, what, and ‘win’ to target and market to partners, private lenders, and sellers
The “D.A.D Framework” and how you can capitalize on it to score leads
Asking customers “what am I doing right” and making it a crucial part of your brand
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie FaceBook Group
Zillow
Facebook
Geek Squad
Check the full show notes here: https://www.biggerpockets.com/rookie132
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|
Nov 20, 2021 |
131: 4 Units At 20 Years Old & Ditching Med School for Multifamily
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The more “traditional path” encourages a lot of waiting: waiting to get into the right school, waiting to get the right degree, the right internship, and the right job, but what about the right now? As every current and aspiring entrepreneur knows, time is money so capitalizing on the right now is essential. How do you do that? Real estate investing!
Today’s guest, Rachel Morrow, knew the importance of capitalizing on the right now. At merely 20 years old she was on her way to med school when she realized she wanted to start building wealth. During her warehouse shifts, she began listening to real estate podcasts and recognized real estate was not only something she wanted to do but something she could do. This led to a big transition period in her life from the path she had always known to the path less traveled, but once she made that mindset shift, that was it.
The change didn’t happen instantaneously. She had to completely start anew and work towards her goals which at one point meant working 60 hours a week for a year to get pre-approved for a loan. Her drive and persistence allowed her to close on 4 units with hopes of closing on more single-family homes in the future. We touch on topics like creating value, breaking from the “traditional” path, self-managing a house hack, finding a mentor, and being a young investor.
In This Episode We Cover
Breaking from the “traditional” path and finding what best suits you
Building wealth without prior experience in real estate
How to successfully self-manage a house hack
Using your youth as an advantage when investing in real estate
Getting pre-approved for a loan without high income or long work experience
How to find the right mentor (especially as a newbie)
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie FaceBook Group
Steve Rozenberg Events
The Real Estate Guys
Real Estate Rookie Podcast
Graham Stephan's Youtube Channel
MLS
Zillow
Brandon Turner
Rentredi
Rookie Podcast 102: $10M Profit On Her First Deal?! It’s Possible with Campground Investing
Apartments
BiggerPockets Forums
Check the full show notes here: https://www.biggerpockets.com/rookie131
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Nov 17, 2021 |
130: Rookie Reply: How to Spot Scam Wholesale Deals
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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
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Nov 13, 2021 |
129: 5 Properties After Spending 8 Years in Prison (With ZERO Credit!)
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What if you treated the lowest point in your life as a beginning instead of an end? What if you were told real estate investing could be the second chance you’re looking for? Why give up when you could level up?
Today’s guest, Jason Peterson, took back control of his life by doing exactly that. Instead of giving into adversity and strife, Jason found a way to turn his life around, through real estate investing. After eight years of incarceration, Jason went from a zero credit score to buying his first property a year and a half after his release. Now, he has acquired five properties and is on the path to becoming financially free. He did all this with the help of his mentor, support from his loved ones, and the education he received in a sandwich shop. So, what’s stopping you?
We touch on topics like overcoming adversity, finding a mentor, seller credits, building credit, and how to invest with little capital. If you’re at a breaking point or need the motivation to keep going in the real estate investing game, this episode is perfect for you!
In This Episode We Cover
Overcoming adversity and not letting your past define your future
Investing and buying properties with little capital or credit
How the use of a mentor can help elevate your knowledge
The risk involved in house hacking or investing and why it’s ultimately worth it
The use of seller credits and how to get creative with your financing
How to build the credit you need to invest (even if you’re starting from zero!)
The time-tested buy and hold method and its advantages for rookie investors
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie FaceBook Group
Rookie Podcast 109: From Sleeping in His Car to Multi-Unit Landlord & The “Nomad” Strategy
BiggerPockets Podcast
Real Estate Rookie Podcast
MLS
Craigslist
BiggerPockets
Rentredi
QuickBooks
Check the full show notes here: https://www.biggerpockets.com/rookie129
Learn more about your ad choices. Visit megaphone.fm/adchoices
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Nov 10, 2021 |
128: Rookie Reply: Finding & Financing Bigger Real Estate Deals
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Ashley and Tony have been on a tear this year, buying up more homes than ever before. They’ve also been branching out into bigger commercial deals, like RV parks, campgrounds, hotels, motels, and more. While every real estate rookie knows the thrill of finding a new deal, many don’t understand the struggles that go with it.
Today, Ashley and Tony walk through the biggest hurdles they’ve been facing when trying to chase bigger, better deals. One of the biggest struggles when getting into a larger real estate class is financing. You’ll hear how the hosts individually dealt with difficult financing challenges, from subject to financing to raising money and syndicating.
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
Vrbo
Airbnb
BiggerPockets
BiggerPockets Podcast 527: 300 Doors, 100% Creative Financing with Pace Morby
Check the full show notes here: https://www.biggerpockets.com/rookie128
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Nov 06, 2021 |
127: Buying Property While Stationed Overseas (and a $40k Rookie Mistake!)
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Military members in the real estate community love to preach about how great the VA loans are for financing primary residences. They also love the fact that these primary residences can be turned into rentals, quite easily, when the military decides to station you elsewhere. This is exactly how Angel Garcia got his start; accidentally investing in real estate, all while stationed overseas.
Angel bought his first house as a way to ensure financial security for his wife and daughter, but when he was re-stationed, he decided to give landlording a go. He bought another primary residence, but once again, was forced to move, leaving him with two rental properties. He started to notice the cash flow coming in, and with some help from David Green’s Book Long-Distance Real Estate Investing, he made the jump to invest out-of-state.
He made an offer on the perfect property, a $55,000 duplex, but when his inspector wouldn’t even enter the house, he knew he may have made a mistake. This home had $40,000 in foundation damage that needed to be repaired, turning his small investment into a cash-heavy burden. Through perseverance and the ability to learn from past mistakes, Angel was able to make this rental cash flow a respectable amount and it allowed him to get even further along the path to financial freedom.
In This Episode We Cover
Opening yourself up to investing, even if you were raised without an investor’s mentality
Using rental property investing as a way to secure generational wealth for your family
Utilizing VA loans to get 0% down financing on your primary residence
Why you need to be careful you don’t talk yourself out of a deal
Why you should always “do something” even if you can’t buy a property yet
Recovering from a $40,000 surprise when rehabbing a property
How to help those around you even if they don’t seem interested in learning
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie FaceBook Group
BiggerPockets Podcast
Brandon Turner
Joshua Dorkin
Youtube
David Greene
Zillow
Realtor
BiggerPockets Calculator
BiggerPockets Forums
Check the full show notes here: https://www.biggerpockets.com/rookie127
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Nov 03, 2021 |
126: Rookie Reply: Want to Be a Full-Time Investor? Learn These Skills!
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This week is less of a Rookie Reply, and more of a “Rookie Ramble” as Ashley likes to call it, as Tony and Ashley ask each other questions about their road to full-time investor status. They talk about first jobs, best degrees for real estate investing, the industries they chose to go into after college, and the skills they wish they had learned earlier.
Both Tony and Ashley didn’t have the end goal of investing in real estate upon graduation, but they made smart choices in their W2 careers that allowed them to go full-time when the opportunity presented itself. If you’re young or even just starting out on this real estate journey, ask yourself, “what skills do I need to develop to succeed at this?”
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
BiggerPockets Podcast
Rookie Podcast 118: Stop Scrolling, Start Posting: Social Media for Real Estate Investors
BiggerPockets Podcast 500: Robert Kiyosaki: America’s ‘Rich Dad’ Sees a Real Estate Crash Coming
Check the full show notes here: https://www.biggerpockets.com/rookie126
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|
Oct 30, 2021 |
125: Using OnlyFans to Fund Ownership in Her First BRRRR w/ Brin Amberlee
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You could say that Brin Amberlee isn’t a traditional real estate investor. She doesn’t have tons of experience with property management, construction, or investing, but she does have the will to succeed. After buying her primary residence in Las Vegas, Brin was prompted by friends to start listening to The BiggerPockets Podcast, where she learned about the mind-blowing BRRRR strategy. Brin's funding source for the deal? Her OnlyFans business!
Hailing from Columbus, Ohio, she knew that investing in her hometown would be a perfect place to practice her first BRRRR, turning an old house into an instagramable short-term rental. With help from her father, she is personally taking the time to demo, rehab, and design this property, top to bottom.
Brin touches on everything from finding an investor-friendly agent, to viewing properties, analyzing deals, getting financing, growing your personal brand, and more. She has some big plans to buy even more short-term rentals after this first BRRRR, and we doubt we won’t see her back on The Real Estate Rookie podcast very soon, with a lot more units to her name!
In This Episode We Cover
Resisting lifestyle creep so you can use extra money to invest
Why your first BRRRR doesn’t need to be perfect
Surrounding yourself with those who achieve greatness and distancing from those who don’t
Vacation home mortgages vs. conventional mortgages on short-term rentals
Building your brand on social media and beyond
The importance of keeping healthy reserves in case a rehab goes over budget
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie FaceBook Group
MLS
Airbnb
BiggerPockets
Rookie Podcast 123: ‘Building’ Wealth as a 24-Year-Old with 12 New Construction Projects
OnlyFans
Grant Cardone
BiggerPockets Forums
Zillow
BiggerPockets Calculator
Instagram
Tiktok
BiggerPockets Rent Estimator
Investor Girl Britt
Check the full show notes here: https://www.biggerpockets.com/rookie125
Learn more about your ad choices. Visit megaphone.fm/adchoices
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Oct 27, 2021 |
124: Rookie Reply: Tony & Ashley Talk Challenges They Face Today
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We’d all like to imagine that Ashley Kehr and Tony Robinson are perfect investors. They do perfect deals, have a perfect team, and everything runs smoothly in their lives. While they are two phenomenal investors, they still face the challenges that most entrepreneurs and real estate investors also face off-camera.
From shiny object syndrome to letting go of the entrepreneurial reigns, Tony and Ashley squeeze in a lot into this Rookie Reply. If you feel like you’ve been getting bored on your journey or simply are too anxious to take the next step, remember that Tony and Ashley have felt the same way.
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
Airbnb
Alpha Geek Capital
BiggerPockets Rookie Bootcamp
BiggerPockets Rookie Episode 125
Check the full show notes here: https://www.biggerpockets.com/rookie124
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Oct 23, 2021 |
123: ‘Building’ Wealth as a 24-Year-Old with 12 New Construction Projects
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New construction is an enigma to many real estate investors, and especially to rookies. When building a new house, you need to understand engineering, permitting, construction, and a more complicated funding structure. This didn’t stop Donovan Adesoro, house hacker turned home builder from keeping the investment train going.
Although Donovan had a background in engineering, he didn’t have much experience with building homes. He started off buying a duplex property to house hack, which turned out so well that he wanted to buy another. The problem? Not enough cash to make the down payment. So he wondered, “what would it cost if I built one of these?” Donovan discovered that he was able to use raw land as a down payment for a new construction loan. So if he had enough to buy the land, he had enough to build the whole house!
Now, at only twenty-four years old, Donovan has twelve lots either ready for a new build, partially through construction, or about to be sold. He’s taken advantage of the huge appreciation we’ve seen in the past two years and makes it clear that even if you don’t have money, you don’t have to give up on a deal.
In This Episode We Cover
The many costs that go into developing a new construction home
Engineering, permitting, contracting, and other key parts of home building
Using partners to cover costs when you aren’t able to come up with enough cash
House hacking as a way to get your start in real estate investing
Always having multiple different exit strategies so you come out profitable
Renting your car for extra cash and passive income
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie FaceBook Group
BiggerPockets Podcast
Roomies
BiggerPockets Calculator
Law Depot
Turo
Outdoorsy
MLS
Airbnb
Zelle
Cash App
BiggerPockets Lease Agreements
Check the full show notes here: https://www.biggerpockets.com/rookie123
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Oct 20, 2021 |
122: 96 Units in 5 Years By Combining Long & Short-Term Rentals
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Five short years ago, Avery Carl didn’t own ninety-six rental units. She didn’t have her real estate license, she hadn’t founded The Short Term Shop or The Mortgage Shop, and she did not have a book written on short-term rental investing. But now, Avery has all those things, and she did all of them in only half a decade.
Avery’s first venture into real estate started by her saving up every penny she could to buy a property in Nashville. After some success, she asked, “what’s the most bang for my buck in real estate?” The answer: short-term rentals. Seven of her units alone brought in over six figures in just July, proving her point that vacation rentals are a necessary part of any investor's asset collection.
Now, she manages her own short-term rentals and long-term rentals, she also helps teach others how they too can start investing in short-term rentals and even goes as far as to help them to get financing. All of this was done in a very short time period, and all of it proves that hard work can fuel financial freedom through real estate investing.
Click here to listen on Apple Podcasts.
In This Episode We Cover
What to look for in a short-term rental or vacation rental market
Why short-term rentals are far more active investing than long-term rentals
Staying up to date on your city’s short-term rental laws and regulations
The software and systems Avery uses to analyze a deal
1031 exchanges and using them to massively grow your portfolio (tax-free!)
Getting out of the fear of overpaying for a property through detailed analysis
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie FaceBook Group
BiggerPockets Podcast
BiggerPockets Forums
BiggerPockets Podcast 364: Snowballing 6-Figure Short-Term Rental Profits Into Passive Investments with Avery Carl
The Short Term Shop
The Mortgage Shop
Airbnb
VRBO
Alpha Geek Capital
Alpha Geek Capital Calculator
Your Porter
iGMS
Smartbnb
Airdna
PriceLabs
BiggerPockets Publishing
Check the full show notes here: https://www.biggerpockets.com/rookie122
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Oct 16, 2021 |
121.5: The Biggest Takeaways from BPCon 2021 | Live Host Panel from NOLA
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Marching along Bourbon Street last week was a parade with some of the best real estate investors in the world, celebrating another successful BPCon, ready to take on the world. Throughout the past week, attendees of the conference heard from world-class business leaders, investors, and authors, learning about everything from running a business to short-term rental markets, to self-storage, and more.
On this live episode, your hosts, Ashley Kehr and Tony Robinson, are joined by Brandon Turner and David Greene, hosts of the BiggerPockets Podcast, Scott Trench, host of the BiggerPockets Money Podcast, and Liz Faircloth and Andresa Guidelli, hosts of The Real Estate InvestHER Podcast, plus special guest Esther, who has a widely impressive portfolio herself.
You’ll hear the hosts talk about topics like how to connect with fellow investors, future trends influencing the real estate market, what’s working today (and what isn’t), plus a live version of the Famous Four and Fire Round.
If you weren’t able to make it to this year's BPCon, plug into this episode and get on the waiting list for next year!
In This Episode We Cover
What’s ‘firing up’ the hosts of the BiggerPockets Podcast Network?
What investors can do in today’s market to ensure wealth tomorrow
Future trends that allow investors to profitably pivot
How BPCon helps connect investors, reshape ideas, and build wealth
How to vet partners before you go in on a deal with them
The top characteristics that contribute to your success as an investor
Why you should definitely be at BPCon 2022
And So Much More!
Links from the Show
NPR (National Public Radio)
Kevin Leahy's BiggerPockets Profile
Mark Ferguson's InvestFourMore
Wendy Papasan's LinkedIn Profile
Noah Evans's LinkedIn Profile
Rickey Rodriguez's BiggerPockets Profile
Your First Real Estate Investment Podcast: How to Recover from the Great Recession and Leverage Creative Financing to Fund Your First Deal
Joe Asamoah's BiggerPockets Author Profile
AJ Osborne's Personal Website
Steve Rozenberg's BiggerPockets Profile
InvestHer's Partnership Question Guide
Meetup
Hal Elrod's Personal Website
Dave Ramsey's Personal Website
Cashflow The Board Game
Matt Faircloth's BiggerPockets Author Profile
BiggerPockets Calculators
The Real Estate InvestHER Community
Connect with the BiggerPockets Hosts:
BiggerPockets Real Estate Podcast
Listen to the BiggerPockets Podcast
Brandon's BiggerPockets Profile
David's BiggerPockets Profile
BiggerPockets Money Podcast
Listen to the BiggerPockets Money Podcast
Scott's BiggerPockets Profile
Mindy's BiggerPockets Profile
Real Estate Rookie Podcast
Listen to the Real Estate Rookie Podcast
Tony's BiggerPockets Profile
Ashley's BiggerPockets Profile
InvestHER Podcast
Listen to the Real Estate InvestHER Podcast
Andresa's BiggerPockets profile
Liz's BiggerPockets profile
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Oct 14, 2021 |
121: 10 Units in Multiple States, All in Just Under 2 Years!
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Tony Robinson has some great ideas, like creating a short-term rental empire in both Joshua Tree, California, and the Smoky Mountains over in Tennessee. Tony talked so highly of the latter investing region, that today’s guest, Cale Delaney decided to pack his whole family into the minivan and make the 10+ hour drive to check out the area. Shortly after, Cale was under contract for not one, not two, but three cabins!
This wasn't Cale’s first experience with real estate investing. Back at the beginning of 2020, Cale had a mental shift where he realized that real estate could be the key to setting him financially free. He scoured homes all over his area of Florida until he came across a fourplex which rejected one offer from him but later accepted another. He made three of these units long-term rentals, and the other one a short-term rental.
Cale went from zero to ten units in only a year and a half or so, without a ton of management experience of extravagant funding. If he can do it, you can too!
In This Episode We Cover
How to get your first property under contract, even if you keep getting rejected
Managing locally before stepping into long-distance investing
How a quick closing can lead to more deals in your pipeline
Getting off-market properties under contract even in a competitive area
Financing real estate investments using conventional loans, HELOCs, and more
Scheduling time now to plan for freedom tomorrow
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie FaceBook Group
Airbnb
Google Maps
Zillow
MLS
BiggerPockets Podcast
Hospitable
PriceLabs
Stessa
Quickbooks
RUBS
Host Financial
Visio Lending
LendSimpli
Rookie Podcast 51: 18 Deals in 2 Years AND a Full Time Job with Kevin Christensen
BiggerPockets Forums
Facebook Marketplace
Craigslist
Check the full show notes here: https://www.biggerpockets.com/rookie121
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Oct 13, 2021 |
120: Rookie Reply: Can I Cash-Out Refi After a 1031 Exchange?
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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
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Oct 09, 2021 |
119: A Single-Mom’s Second Chance at Success with Real Estate Investing
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Susan Reehill has defied the odds time and time again. She was a teenage mother, having her first son at the young age of sixteen. For most young and single mothers, the chance of becoming a homeowner, let alone an investor is slim, to say the least. At forty-two years old, Susan decided to make two big jumps in her life and career: graduate from college and buy her first home. She succeeded at accomplishing both.
As the years passed by, Susan wanted to be a closer distance to her local downtown area. So, she decided to look at buying a new home. When her old home was having a hard time selling, she decided to try and rent it out, which she did with very little property management knowledge or landlording skills. Her tenant brought in ten different individuals to live with her, half of which weren’t authorized on the lease. In only six months, her tenant did more damage to her house than Susan had done in the several years she lived there.
But, this didn’t stop Susan’s will to create long-lasting wealth. She began listening to more real estate podcasts, one of which was the Real Estate Rookie podcast. She ended up joining Ashley’s first round of the Real Estate Rookie Bootcamp, where after 90 days Susan was able to score a phenomenal deal, over $100k+ under the asking price!
In This Episode We Cover
Breaking through the societal norms of who you’re supposed to be at a certain age
Becoming an “accidental landlord” and what everyone should know before they rent their home
Making it known that you’re an investor who is actively looking for good deals
Why a deal is still a deal even if you have to pay PMI (private mortgage insurance)
Finding contractors through meetups, fellow investors, and Facebook groups
Why you don’t need to be rich to start investing in real estate
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie FaceBook Group
Real Estate Rookie Bootcamp
Rookie Podcast 109: From Sleeping in His Car to Multi-Unit Landlord & The “Nomad” Strategy
Investor Girl Britt's Instagram
BiggerPockets
Check the full show notes here: https://www.biggerpockets.com/rookie119
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Oct 06, 2021 |
118: Stop Scrolling, Start Posting: Social Media for Real Estate Investors
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Social media investors are becoming the new normal. Whether you’re on Instagram, Facebook, TikTok, Clubhouse, or Twitter you can find successful entrepreneurs giving tips on real estate, stock trading, or investing in general. So, as an aspiring real estate investor, it would only make sense for you to use these platforms to lock down more deals, find more partners, and maybe even entice some private investors.
Katie Brinkley from Next Step Social Communications is a master of optimizing social media posts for her clients. As a real estate investor herself, she understands why it’s so crucial to not only post consistently, but with the highest possible quality content. She also encourages investors on social media to start engaging with their customers, allowing relationships to grow organically.
Even if you’re just getting started in real estate investing or if you haven’t even got a deal under your belt, it can be a phenomenal future-proofing strategy to get your social media profile started now!
In This Episode We Cover
The benefit of using social media as an investor
What platforms work best for real estate and which to avoid
Planning out a content strategy for maximum engagement with your followers
How to automate your posts, interactions, and more
The rise of video-only platforms like TikTok and who should use them
Sharing your struggles, wins, and client stories with the world
And So Much More!
Links from the show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie FaceBook Group
Myspace
Linkedin
Facebook
Twitter
Clubhouse
Instagram
Loomly
Tiktok
Gary Vaynerchuk's Website
InShOt
Check the full show notes here: https://www.biggerpockets.com/rookie118
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Oct 02, 2021 |
117: From 0 to 12 Units Overnight and House Hacking a...Farm?
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Amanda Bolan, like many of us, had a “pressure cooker” moment where she realized that becoming a real estate tycoon was part of her future. At the time, she was working in the oil and gas industry without real estate investing experience. She took a leap of faith and decided to flip her first house in 2018, then flip another in 2019, then buy a 12-unit apartment in 2020, and another in 2021. Did we mention she was buying a 61-acre land development deal in between these time periods?
While Amanda was searching for rentals she saw more and more expensive multifamily deals come up. At first, she had “sticker shock”, but ran the numbers and realized that a good deal in real estate is a good deal for her, no matter the price. She got to work underwriting, financing, and partnering to close on this seven-figure property. Even with some hiccups along the way (financing falling through, environmental flags going off), she was able to close on the deal and became a commercial real estate owner.
Part of her fearlessness in taking on these big, and often unconventional deals is looking at what could go right, not just what could go wrong. Instead of being stuck in analysis paralysis, Amanda made moves to secure properties that would scare rookie investors and made them her own.
In This Episode We Cover
Buying a large multifamily property as your first rental
What to do when financing falls through at the last moment
Running the numbers before you run away from a potential deal
Learning to self-manage at scale without any experience
Buying farmland and holding land for future development
Pushing past fear and making large deals work in your favor
And So Much More!
Links from the show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Rookie Facebook Group
Buildium
Check the full show notes here: https://www.biggerpockets.com/rookie117
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Sep 29, 2021 |
116: Rookie Reply: Can Agents Help You Find Off-Market Deals?
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This week’s question comes from Mel on the Real Estate Rookie Facebook Group. Mel is asking: When working with agents, do your agents help in finding off-market deals, or do you mainly look for those as they send you on-market deals?
While it isn’t uncommon for agents to have “pocket listings” (pre-market listings), most agents deal solely with on-market deals, working with buyers and sellers based on MLS listings. If you’re looking to find more off-market deals, you may have to incorporate some deal hunting strategies like driving for dollars, sending out direct mail, cold-calling, and door-knocking.
Here are some suggestions:
Look for investor-friendly agents who can bring “pocket listings” to you
Even if you find your own deals, agents can help draft up purchasing documents
Find agents who may have new construction contacts that can bring you pre-market offerings
Ask buyers to split commission payments or offer to pay in full to sweeten the deal
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
BPCON2021
MLS
Check the full show notes here: https://www.biggerpockets.com/rookie116
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Sep 25, 2021 |
115: The BRRRRent-to-Own Strategy: A Win-Win for Tenants and Landlords
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What if you could own rental properties without the responsibility of landlording? Not only that, what if you were paid a hefty, non-refundable deposit for your home, minimizing your risk? Would you start investing under these circumstances?
If you like the sound of that, you’ll love the rent-to-own strategy, or as Today’s guest Jessica likes to call her framework, the BRRTOR (Buy, Rehab, Rent-to-Own, Repeat). Most landlords won’t offer rent-to-own to their tenants, not because they don’t want to, but because they don’t know it’s a possibility. This type of seller financing is what Jessica’s entire portfolio is built off of, and it has some major benefits for not only the landlord but the tenant.
Jessica also gives some great advice in our mindset segment, specifically relaying that a big part of real estate is making mistakes. Jessica has had some great deals in her real estate investing career, but not every one of them has turned out to be a superstar. The big takeaway for investors should be to start, make mistakes, learn from them, and do better!
In This Episode We Cover
Combining the BRRRR strategy and the rent-to-own strategy
How to vet tenants to find the best candidates for seller financing
The importance of putting ownership in the hands of a tenant
Finding homes that will profit in this highly competitive market
What to look out for when interviewing hard money lenders
Understanding that the first deal probably won’t be a home run
And So Much More!
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie FaceBook Group
BPCON2021
Facebook
Craigslist
MLS
Zillow
Check the full show notes here: https://www.biggerpockets.com/rookie115
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Sep 22, 2021 |
114: Rookie Reply: Should I Get Preapproved From Multiple Lenders?
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This week’s question comes from Roosevelt on the Real Estate Rookie Facebook Group. Roosevelt is asking: I’m currently preapproved with one lender but another lender has a loan option my current one isn't offering. Can you be preapproved with multiple lenders at once? And are there any issues I could run into with this?
It’s commonplace in the real estate investing world to be preapproved by multiple lenders, that way, you’re never stuck without an option to finance a deal. Many investors also opt to use a mortgage broker that can help shop for loans on your behalf. If you’re worried about your credit score dropping because of preapprovals, try to apply for your loan applications within thirty days so credit bureaus count the multiple hard credit pulls as a singular instance.
Here are some suggestions:
Get preapproval from multiple banks (small, local, national, etc.)
Apply within the same thirty day period to minimize effects on your credit
Use a mortgage broker to save time when applying for loans
Ask what the lender has to offer, they may have custom loans for investors
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
Airbnb
BiggerPockets Calculator
Check the full show notes here: https://www.biggerpockets.com/rookie114
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Sep 18, 2021 |
113: The 6 Traits Every New Real Estate Investor Needs to Succeed
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When you get started in real estate investing, you often don’t know what you’re doing. Is this deal going to work out? Am I choosing the right materials for my flip or BRRRR? Will this appraise at what I need it to? All these types of questions can flow through a rookie investor’s mind in the first months or even years of investing. But, if you’re making the right progress and doing what needs to be done, you’re probably miles ahead of the competition.
Today we talk to Brian Davila, a real estate investor and coach who helps his students answer the same questions like the ones above. Brian has identified the six key traits of a successful real estate investor. You may have been born with some of these, but almost every real estate investor needs to make a conscious effort to become a master of all six.
If you’re able to capitalize on the advice from Brian, you’ll score more deals, connect with more investors, raise more money, and maybe make an extra few hundred thousand dollars a year!
In This Episode We Cover
Why every investor needs to take calculated risks frequently
Becoming a problem solver so you can get deals others will pass up
Using resources like BiggerPockets and Facebook Groups to find deals
Choosing the activities that will set you closer to your goal
Having faith even when you’re low on energy (or money)
Building relationships and developing basic sales skills
And So Much More!
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie FaceBook Group
BPCON2021
BiggerPockets Podcast 407: Buying 100+ Houses/Year in 4 Hours/Week Using Teams, Traction, and (Get this…) TikTok with Ryan Pineda
BiggerPockets
Google
Yelp
BiggerPockets Forums
BiggerPockets Calculator
Podio
Rookie Podcast 91: 8 Units, 10 Wholesale Deals, and $0 Spent on Marketing w/ @Liliinvests
MLS
Check the full show notes here: https://biggerpockets.com/rookie113
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|
Sep 15, 2021 |
112: Rookie Reply: Should You Invest in an Expensive Real Estate Market?
551
This week’s question comes from Scott (@hotdads1) through Tony’s direct messages on Instagram! Scott is asking: How are expensive properties profitable? Is it a mindset shift to buy expensive properties, or should I look in cheaper areas? Should I purchase in a quickly appreciating market?
This is a very 2021-type question. We’ve seen numerous markets around the United States (and the world) see massive appreciation over the past year and a half. Now, real estate investors wonder if it’s even worth pursuing deals on the market. Although prices may be higher than they were before, you still have numerous options when trying to purchase a profitable rental property.
Here are some suggestions:
Price becomes irrelevant when looking at cash on cash return and true cash flow
Look at creative financing solutions (like FHA loans) to close on a home with low money down
Calculate your numbers for the long term to get rid of any short-term price dropping fears
Stop looking at past prices and ask: “Is it a good deal today?”
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
Scot Morris's Instagram
Rookie Podcast 109: From Sleeping in His Car to Multi-Unit Landlord & The “Nomad” Strategy
Check the full show notes here: https://biggerpockets.com/rookie112
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|
Sep 11, 2021 |
111: 26 Doors in 1 Year? Here’s How You Can Do It Too!
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Purchasing one rental property is an accomplishment in itself, but what about purchasing 26 units in your first year of real estate investing? Not many do it, but someone who has is Amelia McGee. Amelia didn’t have any formal training on real estate investing. She wasn’t a broker, an agent, or a contractor; none of her family invested in real estate either. You could say that Amelia had to take a ‘’leap of faith” to begin her real estate investing career, a leap that has paid off quickly.
Amelia had exhausted much of her funds after investing in her first deals, but through leveraging her social media she was able to find partners who funded the down payment for an 11-unit apartment complex. She received equity for her hard work and her financers received equity for their risk, a true win-win!
Now, Amelia is helping others purchase their first deals by TA-ing for Ashley during BiggerPockets Rookie Boot Camp. If you weren’t able to get in on the Bootcamp this time, fill out this form to be notified when sessions open up next!
In This Episode We Cover
How to acquire deal #1 without any background in real estate investing
The best resources rookies can use to get a home-run deal on their first try
Partnering with family to flip or a BRRRR a property
Why local banks may be an underappreciated way to affordably finance your deals
Using social media as a way to generate property leads, partnerships, and more
The systems and software you need to scale FAST as a rookie
And So Much More!
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie FaceBook Group
Rookie Bootcamp
David Greene
BiggerPockets Podcast
BiggerPockets Podcast 476: Using Partners to Scale & Killing it With Airbnbs w/ Tony J Robinson
Apartments.com
Stessa
Monday.com
Instagram
Iowa Courts
biggerpockets.com/forums
Check the full show notes here: https://biggerpockets.com/rookie111
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Sep 08, 2021 |
110: Rookie Reply: Informing Inherited Tenants of a Change in Ownership
580
This week’s question comes from Rhett on the Real Estate Rookie Facebook Group. Rhett is asking: How do you inform an inherited tenant of changes in ownership after you close on a property?
When you inherit a tenant, you often inherit a lease as well, so it’s important to know exactly what the tenant is paying for rent, their security deposit, and their lease terms during your due diligence period. If you want to notify your new tenants of an ownership change, make sure you do so professionally, so they reach out to you on your business phone, during the hours you’ve set availability at.
Here are some suggestions from Ashley:
Send an estoppel agreement to the tenants so you can verify the lease
Give your new tenants a welcome package with all the needed information
Check your local laws about rent increase timelines
Prepare for the potential of vacancy in case a tenant disagrees with the rent change/ownership change
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
BPCON2021
Check the full show notes here: https://www.biggerpockets.com/rookie110
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Sep 04, 2021 |
109: From Sleeping in His Car to Multi-Unit Landlord & The "Nomad" Strategy
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Nick Cooley was driving through Texas as part of his medical device sales job. At the time, he didn’t have much money on him. He pulled over to fill up his company car with gas, scraped every nickel and dime from the seats and cup holders, and came up with just over one dollar in change. This was Nick’s meal budget for the night. He settled on an ice cream sandwich before getting ready to spend another night in his car.
This was a position Nick never wanted to be in again. He knew what it was like to be broke and borderline starving due to financial scarcity. Nick then decided it was time to jump into real estate investing and make a change for the better.
As Nick made more money, he saved up everything he could to start buying primary residences, only to rent them out a year later using his coined “nomad strategy”. He’s done this multiple times and has been lucky to buy all of them in the growing Denver market. That being said, this wasn’t a completely smooth transition. Nick had a property that put a $50,000 hole in his pocket right after closing. If you stick around for his story, you too will be able to avoid this type of mistake in the future!
In This Episode We Cover
Developing your “why” behind investing in real estate
The “Nomad” strategy for buying a new primary residence every year
Wholesaling a $2M, 8-unit property as his first wholesale deal
How to get your partner on the real estate investing train
Finding deals in expensive, competitive markets like Denver, Colorado
Whether or not investors should become real estate agents
Losing $50k on a bad deal, but creatively making a profit from it
And So Much More!
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
BPCON2021
Rookie Bootcamp
BiggerPockets Podcast
MLS
Real Estate Rookie Facebook Group
Rookie Podcast 81: David Greene on Where Rookies Go Wrong When Looking for an Agent
Facebook Marketplace
Airbnb
Brandon Turner's Instagram
BlackRock
Check the full show notes here: https://biggerpockets.com/rookie109
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Sep 01, 2021 |
108: Rookie Reply: How to Make an Offer on a House (Even If It’s Off-Market)
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This week’s question comes from Steven on the Real Estate Rookie Facebook Group. Steven is asking: I’m about to try to make an offer on a house but the property is on market, so I’m talking with the agent. When I make the offer, is there any official document I need to submit, or do I just give them the price I want to offer?
Many rookies have this question, especially when trying to purchase their first rental property. You have a few options when trying to make an offer, and they will differ based on whether the property is on market, off-market, commercial, or residential.
Here are some suggestions:
Call the listing agent and ask if they will represent you (this is called a dual agent)
If a listing agent can’t represent you, ask if anyone on their team can
You don’t need to submit any documents, just tell your agent your offer and they’ll take it from there
If you’re working on an off-market deal, you may be able to negotiate directly with the seller and sign a purchase agreement
For bigger properties and commercial properties, you can submit an LOI (letter of intent)
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
BPCON2021
Rookie Podcast 98: Rookie Reply: Lessons Learned from Our First Real Estate Deals
MLS
Check the full show notes here: https://biggerpockets.com/rookie108
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Aug 28, 2021 |
107: 10 Income Streams on 1 Property by “Land Hacking” w/ Kai Andrew
3822
We have lots of fun phrases in the real estate community, phrases like house hacking, live in flipping, and BRRRRing. Now, we may have one new phrase to add...land hacking. Kai Andrew describes land hacking as extracting as many income streams as possible from one piece of property. That means having the main house for long-term rentals, a small ADU for short-term rentals, a glamping tent in the back, and potentially some farmland being rented out as well.
Only someone as creative as Kai could come up with this sort of strategy. In fact, Kai started out house hacking for his first real estate investment at the age of 21. He rented out to family members and friends before he saved up enough cash to start buying short-term rental properties around his local area of Portland, Oregon.
As his short-term rental portfolio began to grow, Kai started investing in more “unique” opportunities, like shipping container homes, glamping, or A-frame builds. He also set up criteria that he terms “the golden triangle” for all his unique experiences. These unique homes have helped him grow his portfolio, his profits, and take home a sizable amount of equity between his 12 doors.
In This Episode We Cover
Why house hacking is still a relevant strategy in today’s market
How to convince your partner/parents/friends to invest with an investor presentation
Airbnb arbitrage (rental arbitrage) and building your business with no home purchase necessary
Land hacking and using a single property for many income streams
Creating a “golden triangle” for your unique short-term rentals
Setting up safety nets so you never have to realize your “worst-case scenario”
And So Much More!
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
BPCON2021
Craigslist
Zillow
Airbnb
Vrbo
TONY ROBBINS
Check the full show notes here: https://www.biggerpockets.com/rookie107
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Aug 25, 2021 |
106: Asset Protection for Rookies: 7 Wealth-Saving Answers from an Expert
1668
Last episode, we had Brian T Bradley, Esq on to talk about all things related to wealth and asset protection. Now, he’s back to answer questions from the BiggerPockets Real Estate Rookie community. We’ll go over a handful of questions from different rookies in the community, questions like:
Can I create an LLC and sell my property to it?
Will converting a property from my personal name to an LLC trigger a taxable event?
Can I put two properties in two different states in the same LLC?
Will renting out a side of my duplex as an LLC protect me?
How do I stop the commingling of funds when using many LLCs?
Should short-term rentals be put under an LLC?
How will financing change if my properties are in LLCs?
And more in the episode…
If you’re finding yourself at the $1M net worth mark and you’d like to protect your assets, check out Bradley Legal Corp or shoot Brian an email at Brian@btblegal.com!
In This Episode We Cover
Which LLC structure makes the most sense for landlords
How to protect your assets during your different stages of wealth
How to set up limited partnerships when you have too many LLCs
Protecting yourself when you are house hacking a property
How your financing options may change when you buy properties in an LLC
Where to hold short-term rentals so they stay protected
And So Much More!
Links from the Show
Real Estate Rookie Youtube
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
Rookie Podcast 73: Partnerships: What to Do Before You Jump in With Another Investor
BiggerPockets Calculator
BiggerPockets Conference
Click here to check the full show notes: https://www.biggerpockets.com/rookie106
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Aug 21, 2021 |
105: Don't Lose Your Portfolio to Lawsuits! Here's How to Protect Yourself
3484
As a rookie, you’re in the best position possible to start protecting your growing empire of rental properties, but what’s the best way to legally shield yourself from liability and litigation?
We talk to awarded asset protection attorney, Brian T Bradley, Esq, who answers questions ranging from when to buy umbrella insurance, how to set up LLCs, and whether or not S-Corps are worth forming. If you’ve ever worried about protecting your personal assets from business-related liability, this is THE episode to watch!
The most important point discussed throughout this episode is how you need to start planning for protection early. All too often, investors start building their rental property portfolios without the correct legal setup behind them, only to have one bad lawsuit wipe out decades worth of work. Even Ashley and Tony had some questions on whether or not they needed to shift their portfolio structures!
We’ll also have Brian back this Saturday to answer Q&As from listeners, so stick around for that show to minimize your risk when getting into this profitable industry of real estate investing!
In This Episode We Cover
Why everyone needs a “base layer” of protection when owning real estate
What asset protection is and how it benefits investors
When and how to set up your LLCs for different properties
How many properties should be housed under one LLC
Disregarded entities, charging orders, and anonymity
Designing a blueprint for your real estate portfolio
How to find the best CPAs, attorneys, and legal professionals for your real estate business
And So Much More!
Links from the Show
Real Estate Rookie Youtube
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
LLC or Umbrella Insurance: Which Is Better for Investors?
BiggerPockets Calculator
BiggerPockets Conference
Check the full show notes here: https://www.biggerpockets.com/rookie105
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Aug 18, 2021 |
104: Rookie Reply: Do I Need a Lawyer to Evict Tenants?
530
This week’s question comes from Dan on the Real Estate Rookie Facebook Group. Dan is asking: For those of you that have gone through the eviction process, did you go it alone in small claims court or did you hire a lawyer?
While Tony (thankfully) doesn’t have experience evicting any tenants, Ashley has had to evict multiple out of her personal investment properties as well as from properties she managed when she was a full-time property manager. She describes the multiple ways you can evict a tenant, all of which will rely on the situation the tenant presents you with.
Here are some suggestions:
Hire an attorney if you are inexperienced with tenant evictions
Use small claims court to get back rent or payment for damages
Offer cash for keys if you are unable to legally evict at this time
Understand that many tenants will pay or leave once they receive an eviction notice
And Much More!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
BiggerPockets Podcast
Real Estate Rookie Rookie Facebook Group
Check the full show notes here: https://www.biggerpockets.com/rookie104
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Aug 14, 2021 |
103: From Restaurant Waiter to 100+ Deals in Only 4 Years w/ Derrick Acuff
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Derrick Acuff was hungry for success in real estate. So hungry for success, that he would be picking up calls from sellers in the middle of performing his job as a waiter. He was trying to do everything he could to get his first deal; sending out direct mail, texting probate listings, and meeting with potential sellers. Finally, he scored his first wholesale deal, netting him and his wife a combined assignment fee of $8,000.
Now, four years later, Derrick Acuff has built a business around wholesaling and flipping. He and his business partner Ben have done over 100 deals in the Houston, Texas area. He also has a team of VAs (virtual assistants) to help him scrub lists, call potential sellers, and follow up whenever possible. A lot of his success derives from him and his team members treating sellers like people, and not going for the quick and easy sale or selling white lies.
Derrick’s mindset has changed throughout this process and there were times when he felt like giving up. Through perseverance, business optimization, and the will to succeed, he’s built a business that produces not only large amounts of profit but a trail of happy customers ready to give him more deals.
In This Episode We Cover
Choosing to forego college when it may not be a good option for you
Knowing that rejection and failure is part of the process
Staying motivated even when deals become hard to close
Treating sellers with honesty, integrity, and sticking to your word
Finding the “traction” your business needs to grow and succeed
Building rapport with a seller and letting them talk 90% of the time
And So Much More!
Links from the Show
Real Estate Rookie Youtube
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
BiggerPockets Podcast
Screencast-o-matic
Mojo
Google Voice
TTP
Loom
BiggerPockets Conference
Check the full show notes here: https://www.biggerpockets.com/rookie103
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Aug 11, 2021 |
102: $10M Profit On Her First Deal?! It's Possible with Campground Investing
3230
Heather Blankenship was on a road trip from Florida to California, stopping at RV parks and campsites in between driving. She saw how busy these parks were and thought it would be interesting to own one. On her way back to the east coast, she ended up buying a campground in Tennessee for over three million dollars. She had no experience, no team, and no money. Now, that campground is worth over thirteen million dollars!
Although Heather was just 26 at the time, she was able to quickly adapt to the learning curve that the campground presented her. She grew her knowledge and skill set and now oversees around thirty million dollars in RV parks and campgrounds.
We talk about the many different streams of income that a campground or RV park owner can cash in on, how to score financing when buying commercial properties, what to look for in your due diligence phase, and how to underwrite these massive deals. For beginner investors, this can seem like a huge task, but Heather proves that even with no experience, you can put in the work to make massive financial leaps like she did.
In This Episode We Cover
The benefits of owning a campground or RV park
How commercial real estate differs from residential real estate
Financing big deals through bank loans and seller financing
Looking for commercial BRRRRs and value-add opportunities
Long-term parks vs. short-term parks and the benefits of both
Developing systems that leave you less reliant on third-party businesses
And So Much More!
Links from the Show
Real Estate Rookie Youtube
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
BiggerPockets Calculator
Rookie Podcast 100: Why Brandon Turner Encourages Rookies to “Start Small and Scale”
Rookie Podcast 101: Campgrounds: The Investment You’ve (Probably) Never Thought About
Google Ads
Biggerpockets
ARVC
Campspot Software
Airbnb
Vrbo
Slack
Check the full show notes here: https://www.biggerpockets.com/rookie102
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Aug 07, 2021 |
101: Campgrounds: The Investment You've (Probably) Never Thought About
3399
As a successful real estate investor, you may be looking for bigger and better deals to take on, but sometimes those deals may come in a different shape and size. Kier Vogt had mastered buy-and-hold rentals, house hacking, and flipping. She wanted to take on a bigger challenge, something that would give her more responsibility with even more upside. After taking a cross-country drive, she found the asset class she was looking for: RV parks and campgrounds.
If you’re a rookie investor, you may have never thought about investing in an RV park or campground, but there are some serious benefits to them. Since these are commercial properties, your ability to obtain seller financing is far more likely and you can build out multiple streams of income from one property, as opposed to solely collecting rent.
Now, Kier is in the stage of analysis. She already has a private-money lender, but has to find a deal that fits her purchasing power and her criteria. Kier shares the mindset behind going into this completely new asset class, and how you have to push through fear to cold call owners, send in offers, and finally get an RV park or campground under contract.
In This Episode We Cover
The difference between RV parks, campgrounds, and mobile home parks
Analyzing larger commercial deals and performing due diligence
The benefits of seller financing compared to bank financing
Submitting a letter of intent (even if you’re scared to do so)
Self-managing a property to learn about the business
The many different revenue streams an RV park or campground can offer
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
Like Minded Investors
BiggerPockets Rookie Podcast 102: $10M Profit On Her First Deal?! It's Possible with Campground Investing
BiggerPockets Calculator
ARVC
Outdoorsy
BiggerPockets Podcast 157: A Simple Morning Ritual to Help You Dominate Every Area of Your Life with Hal Elrod
BiggerPockets Conference
Check the full show notes here: https://www.biggerpockets.com/rookie101
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Aug 04, 2021 |
100: Why Brandon Turner Encourages Rookies to "Start Small and Scale"
3544
Brandon Turner owns a lot of real estate. Some are single-family homes, but much of his portfolio is small and large multifamily properties. Why did he go into this niche and does he see value that many investors simply overlook?
Brandon hits on some key aspects of becoming a successful multifamily owner, diving deep into topics like why rookies should start in small multifamily, how to find a mentor and build partnerships, what to do before you jump into multifamily, and looking for value-add opportunities. One piece of advice he is very adamant about is that multifamily isn’t that much harder than single-family. If you already own a single-family rental property, buying a duplex, triplex, or quadplex won’t be that intense of a learning curve for you.
If you’re a rookie who has been successful in small multifamily, it may be time for you to start tackling those 10+ unit deals. Brandon also touches on this and shares stories from his fund, Open Door Capital, where they’re pursuing VERY large multifamily deals.
Ready to learn more about multifamily investing? Grab The Multifamily Millionaire Volume I and The Multifamily Millionaire Volume II today!
In This Episode We Cover
How Brandon got his start in real estate and Why multifamily investing
rookies should start in small multifamily before transitioning into large multifamily
Finding mentors, adding value, and creating partnerships to tackle bigger deals
What to do before you dive into multifamily investing
Deal analysis and underwriting, plus finding value-add opportunities
Where to find small and large multifamily deals (off-market, brokers, MLS, etc.)
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
BiggerPockets Podcast
BiggerPockets
BiggerPockets Forums
Craigslist
MLS
Zillow
Realtor
LoopNet
Open Door Capital
Deal Machine
Propstream
Check the full show notes here: https://www.biggerpockets.com/rookie100
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Jul 31, 2021 |
99: Buying a 51-Unit Property with 0% Interest and No Money Down
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It takes most real estate investors a while before they make the jump from single-family homes to commercial properties or large multifamily properties like mobile home parks. Edwin Byler isn't like most real estate investors.
After successfully flipping his first home, he decided to throw the profits into a rental property. For the first month, everything was going well, then the tenant stopped paying. After 6 months of no rent payments, Ed had to make the tough decision to evict the tenant.
Now with some experience under his belt, Ed was ready to take on bigger deals. Thankfully he was friends with an older gentleman who was looking to offload a 6-unit mobile home park, and Ed turned out to be the perfect buyer. He acquired the park with 20% down over a 15-year amortization schedule and ended up DOUBLING the park's revenue with some simple value-add.
Now, he’s taking on a 51-unit mobile park with his brother as a partner. Did we mention he’s acquiring this property with no money down and paying 0% interest? If you’re wondering how he did it, take a listen to Ed’s story!
In This Episode We Cover
Partnering on your first deal to mitigate risks and learn more about real estate
Getting tenants to move out (without having to formally evict them)
Purchasing mobile home parks without prior experience
Looking for “value-add opportunities” when viewing potential investments
Using owner financing to purchase investments like mobile home parks
How to find out the “why” behind a seller’s listing
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
MLS
BiggerPockets Podcast
BiggerPockets
Propstream
BiggerPockets Webinar
Zillow
Realtor
TenantCloud
Check the full show notes here: https://www.biggerpockets.com/rookie99
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|
Jul 28, 2021 |
98: Rookie Reply: Lessons Learned from Our First Real Estate Deals
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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
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|
Jul 24, 2021 |
97: 19 Units in 1 Year and Starting a “Luxury House Hack”
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Greg Schwartz didn’t plan on getting into real estate, he was keen on becoming a private pilot. He figured he’d make $200k-$300k per year and that would be enough money to help him retire. That was until he talked to a real estate investor who told him about the potential to make 7-figures in a month. Greg knew that the investor was on to something and he took some time convincing his wife, Rachel, to start investing in real estate.
They both went in on a rental property in Alabama, but after some initial stumbles with long-distance investing, they switched their strategy to house hacking in College Station, Texas. Now, only a year into their investing journey, they have 19-units under their name, one of which is a “luxury house hack”.
Greg and Rachel have had to be diligent while building and systematizing their real estate. Rachel has already become an expert property manager and has learned through her job how to prioritize, systematize, and organize their business to the best of their abilities. This is a great interview with two rookies who chose to pivot and keep building better with every new property they got under contract.
In This Episode We Cover
What to know before you try your hand at long-distance investing
How to convince your partner to make the jump into real estate
Investing in your local market and knowing the small nuances of your area
House hacking in a quadplex and dealing with vacancy/troublesome tenants
Financing your deals using partnerships, retirement savings, and more
Systematizing your business so it can run without you
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
MLS
BiggerPockets Podcast
BiggerPockets
Propstream
BiggerPockets Podcast 476: Using Partners to Scale & Killing it With Airbnbs w/ Tony J Robinson
Airbnb
KellerWilliams
Rookie Podcast 91: 8 Units, 10 Wholesale Deals, and $0 Spent on Marketing w/ @Liliinvests
Rookie Podcast 33: A Marine (and his Mentor) Buy a BRRRR: Step-by-Step with Joe Roberts and Steve Rozenberg
Grant Cardone Website
Check the full show notes here: https://www.biggerpockets.com/rookie97
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|
Jul 21, 2021 |
96: Rookie Reply: How Much do Property Managers Charge?
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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
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|
Jul 17, 2021 |
95: Buying Your Next Home with This Often Overlooked 0% Down Loan
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When most people think of USDA loans, they tend to think of farmland or some very, very rural house in the middle of nowhere. While this can be the case for many USDA loans, it isn’t the standard for all of them. As today’s guest Holly Barrett describes, USDA-applicable properties can be outside city centers and just a bit rural.
Not only that, these loans provide homeowners with the chance to get a 0% down loan! This is exactly what Holly did with her first home, later turning it into a rental and finally selling it to make room for some higher cash-flowing properties. She’s also used SBA loans to purchase a commercial property, which has helped her lower the upfront costs needed for acquisition.
Now, Holly has properties close to Chattanooga, centered around a “cool area” as she likes to call it. She’s making her transition from long-term rentals to short-term rentals and is excited to see what her new profit margins are like once her properties go live on Airbnb.
In This Episode We Cover
Using USDA maps to see whether or not a potential home is eligible for a 0% down loan
Live in flips and using them to get tax-free flipping gains
When you should use a 1031 exchange intermediary
Switching from long-term rentals to short-term rentals
Funding a commercial property acquisition with SBA loans
What investors should look for in an agent and the top questions to ask
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
MLS
USDA Maps
USDA
BiggerPockets Podcast
BiggerPockets Real Estate Rookie Podcast
BiggerPockets Calculator
Airdna
Vrbo
Airbnb
Zillow
Loopnet
America's SBDC
SBA Loan
Realtor
Rookie Podcast 81: David Greene on Where Rookies Go Wrong When Looking for an Agent
Relay
Clubhouse
The US Chamber of Commerce
Check the full show notes here: https://www.biggerpockets.com/rookie95
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|
Jul 14, 2021 |
94: Rookie Reply: Should I Invest in Real Estate or Pay Off Student Loans?
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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
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|
Jul 10, 2021 |
93: Stop Making Offers! Here’s What to Do Instead with Erik Wright
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In this hot housing market, it seems like almost everyone is telling you to make offers on anything that could be a potential deal. But Erik Wright, founder of New Horizon Home Buyers, poses a different strategy. Erik has been getting more and more off market deals in Chattanooga, Tennessee without offering a single dollar to potential sellers. He has a specific way of negotiating that allows him to get tens of thousands of dollars off of properties, making the deals even sweeter for him.
Erik didn’t always have the gift of negotiation. He started his real estate journey at 23 years old, buying an accidental house hack property, then buying a HUD foreclosure, a couple of duplexes, and some more single-family homes. Over the past decade, he has amassed a 7 unit portfolio and is currently transitioning into having New Horizon Home Buyers become his full-time job.
Through the use of search engine optimization (SEO), Erik’s company has become the top-ranking result when searchers type in “Chattanooga cash home buyer”. This proves that even in a business like flipping, BRRRR-ing, or wholesaling, you can still find new ways to optimize and upgrade your lead generation efforts, even if you have ZERO experience in something like SEO!
In This Episode We Cover
Why house hacking is a rookie investor’s best friend
Buying a HUD foreclosure and how it differs from regular home sales
Financing a growing real estate portfolio without a W2
Using referrals of other investors to find the best contractors around
How to rank #1 on google so you can get more off market deals
Getting below-market prices without ever making an offer on a house
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
REI Reply
Real Estate Rookie Facebook Group
MLS
BaseCamp
BiggerPockets Podcast 470: The 7 Tips @investorgirlbritt Used to Go from Amateur to Pro Investor
BiggerPockets Podcast 423: Who Not How: Stop Doing the Things You Hate, Free Up Time, Be Happier and Richer with Dan Sullivan
InvestorGirlBritt's Instagram
Check the full show notes here: https://www.biggerpockets.com/rookie93
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|
Jul 07, 2021 |
92: Rookie Reply: How to Fund Rehabs and Renovations
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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
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Jul 03, 2021 |
91: 8 Units, 10 Wholesale Deals, and $0 Spent on Marketing w/ @Liliinvests
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Lili Thompson didn’t plan on getting into real estate investing, she was supposed to be a WNBA prospect. After tearing her ACL in college, she was brought onto the Harlem Globetrotters to showcase her skills across the country. One of her teammates started talking to her about real estate investing, specifically wholesaling. This happened at the perfect time since she was closing on her house hack around the time COVID-19 lockdowns began.
But now Lili was stuck with a house hack property and no income from her Globetrotter job, this is when she really began exploring wholesaling. She started driving for dollars with her mom, sent out some direct mail, did some cold calls, and received a few expletive-filled phone voicemails in the process. Lili knew she didn’t want to speak directly with the sellers, so she started chasing on-market wholesale deals.
Now she communicates with agents, promises them double their commissions, and assigns the contract for a fee to her flipping contacts. She’s done 10 deals so far this year, paying $0 out of pocket for marketing, AND securing 8 rental units for herself in the process!
In This Episode We Cover
How to wholesale when you have a $0 marketing budget
Driving for dollars, direct mail, and other wholesaling tactics
House hacking with a duplex or a single-family home
Finding on-market deals with enough profit to wholesale
A very colorful voicemail that Tony received recently
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Propstream
Zillow
Rentredi
The Real Estate Robinsons Youtube Channel
Redfin
MLS
City-Data
BiggerPockets Insights
Check the full show notes here: https://www.biggerpockets.com/rookie91
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Jun 30, 2021 |
90: Rookie Reply: How to Find the Owner of a Property (Without Being Creepy)
669
This week’s question comes from Joey on the Real Estate Rookie Facebook Group. Joey is asking: Was driving in a new part of town and came across a house that had a yard that hasn’t been maintained in months and the house looks unkept. Any suggestions on how I should go about finding the owner and asking if they would be interested in selling?
We had a ton of great responses in the Facebook group, but Ashley and Tony will do their best to answer based on their own experience and their preferred style of skip tracing. You can do this both for free or for a fee, it all depends on which information you need!
Here are some suggestions:
Look up your city’s GIS mapping website and find the owners on the title
You can also use Propstream to skip trace the owners for a small fee
Reach out to neighbors and ask them if they know anything about the owner
If the owner is an LLC, go to your Secretary of State’s website to look up the LLC owner
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Propstream
Realtor
Airbnb
Real Estate Rookie FB Group
Real Estate Rookie Youtube
Kyle and Lauren Instagram
Check the full show notes here: https://biggerpockets.com/rookie90
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
Jun 26, 2021 |
89: Buying Non-Traditional Properties as a Rookie Real Estate Investor
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Sometimes, new real estate investors tend to forget about the other types of real estate investing outside of single-family and multifamily homes. What about self-storage, or commercial, or in Matt Racker’s case, warehouses? All these options can make you passive income, sometimes with far less hassle than managing residential properties.
Matt caught the real estate bug doing his first live in flip. He saw a house being remodeled, took a look inside, and decided he could finish the job. Just like that, he called the contractors, found the flippers, and offered to take it off their hands. With some sweat equity, Matt was able to completely renovate his primary residence off of a construction loan, while leaving $0 in the property. I think it’s safe to say we’d all like a new house for free! Then, Matt started thinking about what else he could invest in.
Since he runs his own office furniture and cubicle system business and had a pretty good handle on warehouse leases, he decided to use his expertise to start buying commercial warehouses as rental properties. Matt walks through exactly what you need to analyze a warehouse, which metrics matter most, and how to structure your leases (triple net, single net, etc.).
In This Episode We Cover
Putting in sweat equity so you can 100% finance your home
How to analyze commercial warehouses depending on their square footage
Partnering with family and how to create an org chart
Bidding on duplexes at a virtual auction
Triple net leases and why they’re common in commercial real estate
And So Much More!
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Wrike
Monday
Sonar
The OG Podcast
BiggerPockets Podcast
BiggerPockets Podcast 388: The 7-Step “Playbook” for Scaling Your Real Estate Business With AJ Osborne
Check the full show notes here: https://www.biggerpockets.com/rookie89
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Jun 23, 2021 |
88: Rookie Reply: Analyzing a Short-Term Rental Market
616
Today, we have a question from Ashley to Tony, on a subject he has a lot of experience in. Ashley wants to know: How do you analyze a market for short-term rentals? Which factors come into play and how can you stay away from the markets that won’t work for short-term rentals?
This is a perfect time to ask Tony, especially since he’s looking to find a third market to invest in (outside of Joshua Tree and the Smoky Mountains).
Here are some suggestions from Tony:
Make sure you aren’t buying in an area that heavily relies on seasonality
Focus on mature vacation rental markets that have the infrastructure for short-term rentals
Double check regulations and zoning laws so you know you’re allowed to host a short-term rental
Look at the availability in the current market (are there any houses to buy?)
And more in the episode...
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Airbnb
Vrbo
Check the full show notes here: https://www.biggerpockets.com/rookie88
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|
Jun 19, 2021 |
87: Couple Leaves Their W2s (During COVID!) To Go Full Time in Real Estate
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Young love is beautiful, but what’s even more beautiful is young love that produces residual income together! That’s exactly what Sam and Nick of Eagle Hill Homes have done. Even though they have been together since their teenage years, Sam still had to be nudged by Nick to get into real estate investing. Once Sam started designing, planning, and executing on rehabs, she knew that this was the life for them.
Now, Sam is a certified general contractor and Nick is a loan officer. But these weren’t the couple’s original jobs, far from it actually. Nick was in corporate insurance sales while Sam was in marketing. Once they had 6 units under their name and they were making enough money to pay for their lifestyle, they quit their W2s and jumped into the real estate industry!
Now they’re rehabbing, renting out, and house hacking anything that has “value add” potential for them. They’ve taken very smart steps to renovate houses for far higher cash flow and ARV, gotten mortgages with 90%+ financing, and used their own specific skills to grow a flourishing rental portfolio!
In This Episode We Cover
Leaving a W2 job to pursue a career in real estate
Finding “value add” potential in deals
Finding off-market properties and negotiating with sellers
Understand the “why” behind a seller’s reason to offload their property
House hacking tips and how to keep your sanity when living close to tenants
And So Much More!
Links from the Show
Real Estate Rookie Facebook Group
Real Estate Rookie Youtube Channel
Ashley's Instagram
Tony's Instagram
Tony's Podcast
BiggerPockets Podcast
Cozy
MLS
Apartments
Rookie Podcast 02: Going All Out to Secure Deal No. 1 (For Sale By Owner!) with Tim Goutos
Check the full show notes here: https://www.biggerpockets.com/rookie87
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Jun 16, 2021 |
86: Rookie Reply: What Should I Look Out for on Mobile Home Parks?
407
This week’s question comes from Adri on the Real Estate Rookie Facebook Group. Adri is asking: I came across a seller financed mobile home park, this would be my first out of state investment. What should I be looking out for on MHP (mobile home parks) and is this a huge jump to make while still being a rookie?
While we can’t answer how ready Adri is for investing in a mobile home park (we believe in you), we can answer questions about what to look for when evaluating a MHP deal. Before you consider investing, you’ll need to look at some mobile-home-park-specific factors.
Here are some suggestions:
Make sure you get accurate financials, especially a T12 rent roll
Look at the utilities and see whether they’re public or private (wells and septics)
Look at the capital expenditures (capex) of the entire park
Find out who owns the trailers/mobile homes and evaluate whether the current ownership is advantageous to you
If you’re still nervous, partner up with someone more experienced!
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Facebook Group
Rookie Podcast 65: Multifamily, Mobile Home Parks, and Commercial Deals: All in 2 Years! with Tommy Polise
Check the full show notes here: https://www.biggerpockets.com/rookie86
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|
Jun 12, 2021 |
85: Stop Creating Your Own Roadblocks to Investing with Justin Munk
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Coming up with capital isn’t easy when you’re just starting out. How are you supposed to get 20% down for one property, let alone multiple when trying to grow your portfolio. This was the predicament Justin Munk was in until he found out about the BRRRR strategy. When implementing the BRRRR strategy, Justin was able to use a fraction of the money he would need as a down payment to get a renovated, highly desirable rental property.
Justin invests over 1,000 miles away in Ohio and manages all his rehabs remotely. Most investors would stray away from remote rehabs, but Justin has so many “checks and balances” set up that he feels confident to do them. His rehabs have to go through an inspector, a contractor, and a leasing manager before they’re put on the market. This allows Justin to have extreme confidence that he’s rehabbing a property to get the highest rent, with the lowest headache to management.
Justin gives some valuable advice to new investors that are struggling with analysis paralysis: don’t sabotage your own deals by finding problems in every property!
Links from the Show
Real Estate Rookie Facebook Group
Ashley's Instagram
Tony's Instagram
BiggerPockets Podcast
Brandon Turner Instagram
BiggerPockets Agents
BiggerPockets Podcast 212: Buying a 115-Unit Apartment Complex for No Cash Out of Pocket with Brian Murray
BiggerPockets Podcast 126: From 0 to 400+ Units Through Value-Add Investing with Brian Murray
Biggerpockets Forums
Check the full show notes here: https://www.biggerpockets.com/rookie85
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|
Jun 09, 2021 |
84: Rookie Reply: Pros & Cons of Inherited Tenants
576
This week’s question comes from Joaquin on the Real Estate Rookie Facebook Group. Joaquin is asking: When you purchase a property with a tenant already in the middle of their lease can you increase their rent or do you have to wait until their lease is up?
Inevitably, you’re going to come across some deals that have renters in place, but whether you want to keep them on as tenants is up to you. During this time of eviction moratoriums, you may be questioning whether or not an inherited tenant is worth the hassle. Here’s what Tony and Ashley think:
An inherited tenant can save you a lot of hassle, but you need to be sure they’re a tenant you want
If there isn’t a lease in place, make sure you get an estoppel agreement signed
Request rent rolls from the seller to make sure tenants are paying
You can raise the rent once a lease is up, but be sure to check with local laws on how quickly you can do so
If you’re inheriting problem tenants, make sure you get the property at a deep discount
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Check the full show notes here: https://www.biggerpockets.com/rookie84
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|
Jun 05, 2021 |
83: College Coach with 10 "Doors" Renting By the Room to Students
4012
Many landlords decide to switch from renting by the unit to renting by the room in order to maximize cash flow per unit. Renting by the room is usually best situated for students and for properties nearby sizable universities. This type of strategy is exactly what Hastings College track and field coach, Ryan Mahoney, has done with his 2 units that have a combined 10 rooms being rented out.
After a bit of over-leveraging in the early 2000s, Ryan found BiggerPockets and knew landlording was something that could help him reach financial freedom. When some of his athletes started complaining to him about the sub-par conditions they were living in, Ryan decided to start competing with the local student rentals, providing better living conditions at a more manageable price.
Now, Ryan is exclusively renting out his properties to students on 9 to 10-month leases. He’s had to pivot a bit since COVID-19 shutdowns took students off-campus, but has a solid amount of reserves and enough flexibility with students that he doesn’t have to worry. Ryan talks about how he found great contractors, used the BiggerPockets investment calculators to secure financing, and what you should (and shouldn’t) do when renting out to students.
In This Episode We Cover
How to manage, rehab, and rent out student rentals
Using the BiggerPockets calculator reports to secure financing
Never buying as much house as you can afford
Why inspections are almost always worth the price
The screening process for students when renting by the room
And So Much More!
Links from the Show
Real Estate Rookie Facebook Group
Ashley's Instagram
Tony's Instagram
BiggerPockets Business
BiggerPockets Podcast
BiggerPockets Money
Cozy
James Dainard's Instagram
BiggerPockets Instagram
BiggerPockets Facebook
Realtor
Buildium
RentRedi
Stessa
Turbo Tenant
Biggerpockets.com/pro
Biggerpockets.com/calc
Real Estate Rookie Youtube
Check the full show notes here: https://www.biggerpockets.com/rookie83
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|
Jun 02, 2021 |
82: Rookie Reply: How To Split Finances in a Partnership/Joint Venture
619
This week’s question comes from Jimmy on the Real Estate Rookie Facebook Group. Jimmy is asking a couple of great questions about those in partnerships going in on a property:
1. How do we split the cost of buying a property 50/50 and keep the funds in one place?
2. How would it work right now as 50% of the money is with him and 50% of the money is with me?
Many real estate investors will come across the same question that Jimmy has, especially since partnerships and joint ventures are common as you grow your portfolio. Both Ashley and Tony have partnerships and answers to these questions!
Here are some suggestions:
Lay out how the responsibilities, costs, and profits will be split
Use an attorney to draft up an operating agreement or joint venture agreement
Set up a new joint bank account for each property you acquire
Make sure your assets are liquid before committing funds to a partnership
Follow “seasoning” regulations for any money put into the joint account
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Check the full show notes here: https://www.biggerpockets.com/rookie82
Learn more about your ad choices. Visit megaphone.fm/adchoices
|
May 29, 2021 |
81: David Greene on Where Rookies Go Wrong When Looking for an Agent
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A familiar voice pops in for this episode of the Rookie Podcast, it’s David Greene! The real estate agent, investor, entrepreneur, and co-host of the BiggerPockets Real Estate podcast joins us to talk about making the transition to top real estate agent and what new investors can do to find better deals and a great agent.
Most newbie investors want to be hand-held, which makes sense when you’re just starting out. That being said, that may not be the best way to find a great agent who can help you find a profitable deal. David talks through why so many new investors never end up buying, why you aren’t “hiring” an agent, and how to work together to achieve a win-win scenario. As he puts it, you’re in a partnership together, meaning it’s a win-win or a lose-lose.
If you’re trying to become a great agent, make sure you jot down some notes on David’s “medicine and delivery system” analogy where he talks about how he had to change his perceptions to succeed as a real estate agent. Many new agents (and investors) want to wait until they get their first sale/deal to become confident, but you’ll need confidence before you can get the first one!
In This Episode We Cover
What exactly an “investor-friendly” agent is
How David Greene built one of the top real estate teams in America
How new investors should look at their investor/agent relationships
Making sure you manage client expectations as an agent especially when working with investors
Who should (and shouldn’t) become a real estate agent
Using social media to boost your credibility and industry presence
And So Much More!
Links from the Show
Real Estate Rookie Facebook Group
Ashley's Instagram
Tony's Instagram
Rookie Youtube Channel
BiggerPockets Podcast
KellerWilliams
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BiggerPockets Store
Check the full show notes here: http://biggerpockets.com/rookie81
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May 26, 2021 |
80: Rookie Reply: How Does Property Management Handle Maintenance?
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This week’s question comes from Bryan on the Real Estate Rookie Facebook Group. Bryan is asking: How do PM (property management) companies handle maintenance? Do they fix the issue and submit invoices to the owner or withhold the amount from monthly payments to the owner?
This is a great question for those who want to transition from self-management to hiring property managers. Both Ashley and Tony have the same type of payment setup with their property managers, but it can vary company to company.
Here are some answers/suggestions:
Both Ashley and Tony have a maintenance threshold for small repairs
Anything over the threshold needs to be approved
One the job is done, the cost is deducted from the rent
You can always go with a PM’s repair/remodel bid, but it may save you money to hire an outside contractor you know and trust
Try and get PM companies with software, so you can see the exact invoice online
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Check the full show notes here: https://www.biggerpockets.com/rookie80
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May 22, 2021 |
79: 19 Year Old College Student Making $18,000 Per Deal
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Wholesaling is a tough game. Most investors who try their hand at wholesaling quit after only a few months, while those who have the grit to stick it out can end up making a much-deserved profit. Even real estate veterans have a hard time getting into wholesaling, but what about a 19-year old college student without experience in real estate?
Isabelle Zukowski just happens to be that 19-year old college student wholesaler. Isabelle had been working at a local restaurant when the COVID shutdowns started, she was released from her job and had to go on unemployment. While she was getting her unemployment money, she started listening to stock market, real estate, and business podcasts. She was interested in real estate, and when her friend told her about real estate wholesaling, she decided to try it out.
Isabelle joined a bunch of Facebook groups, contacted well-known agents and wholesalers in her area, and started building out her network. After 3 months of hard work, calling 300+ people a day, she landed her first deal. The wholesale fee? $18,000!
In This Episode We Cover
Real estate wholesaling with no experience or money
3 tips for getting your first wholesale deal
Skiptracing and the best lists to pull for cold calling
Building relationships with everyone in your specific niche/space
The best way to estimate rehab costs and ARV
And So Much More!
Links from the Show
Real Estate Rookie Facebook Group
BiggerPockets Forums
Ashley's Instagram
Tony's Instagram
Call Magic Leads
BiggerPockets Podcast 255: Six-Figure Real Estate Investing in Just 20 Hours a Week with Elliot Smith
BatchLeads
BiggerPockets Bookstore
Platinum Home Buyers
Real Estate Rookie Youtube Channel
Realtor.com
Craigslist.org
Check the full show notes here: http://biggerpockets.com/rookie79
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May 19, 2021 |
78: Rookie Reply: How Do I Estimate Property Taxes?
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This week’s question comes from Gre on the Real Estate Rookie Facebook Group. Gre is asking: How do you find accurate property tax info, including school taxes, when running numbers on a potential investment property?
Great question Gre! Running your numbers accurately is super important when making sure a deal will be profitable, thankfully, there are many online (and in person) resources where you can find accurate property taxes within minutes.
Here are some suggestions:
Find the county assessor’s online website and look up the property address/parcel number
Use third-party tools like Propstream to find property taxes
Ask other investors in your area what they are paying in property taxes
Call the county office and ask what they think property taxes will be when re-assessed
Make sure you’re including school, village, and county taxes (when they apply)
And More!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Check the full show notes here: http://biggerpockets.com/rookie78
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May 15, 2021 |
77: CPA Answers Depreciation, House-Hacking, and Rookie Tax Questions
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Amanda Han is a familiar face to the BiggerPockets audience. She’s been featured on the BiggerPockets podcasts before and has written multiple books published by BiggerPockets (The Book on Tax Strategies for the Savvy Real Estate Investor & The Book on Advanced Tax Strategies). Amanda has worked with lots of real estate investors and invests in real estate herself, so she’s answering some common questions that rookie investors have about taxes.
We run through a mix of topics such as deductions, depreciations, home-office write-offs, expenses, legal entities, and when you should get a CPA. Amanda also talks about some of the most common deductions that rookie investors miss. She also talks through different software for tracking your business expenses, recording your mileage, and keeping your business finances up to date.
It may seem like a lot of information to keep track of, especially when you’re in the middle of a rehab/flip or even just managing your rental. Amanda stresses how important it is for you not only to find a high quality, real estate friendly CPA, but also that you keep them in the loop. If you’re thinking of buying, selling, or transferring property, it’s incredibly important to keep your CPA notified on all things related to your real estate business. That way, you keep more money in your pocket and are able to grow your portfolio even faster!
In This Episode We Cover
The most common tax mistakes that rookie investors make
The best way to track your expenses (and your different options)
When you should consider, interview, and hire a CPA
The best questions to ask a CPA if you’re interviewing them
Home office deductions, mileage deductions, and more
When the best time to form a legal entity is (if needed)
What to write off when you’re house hacking
And So Much More!
Links from the Show
Real Estate Rookie Facebook Group
BiggerPockets Forums
Ashley's Instagram
Tony's Instagram
Quickbooks
Excel
Appfolio
Buildium
Rookie Podcast 75: From Working on Oil Fields to Passively Investing in Real Estate with Travis Watts
BiggerPockets Pro and Premium Membership
BiggerPockets Pro Perks (Exclusive deals like Amanda's Course)
Jumpstart Your Tax Savings as a Real Estate Investor
Check the full show notes here: http://biggerpockets.com/rookie77
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May 12, 2021 |
76: From No Experience to Multi-Million Dollar Business with Ellen Bennett
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Before cooking at Michelin star restaurants, Ellen Bennett worked as a lottery announcer, an English tutor, and a “booth babe”. All of these jobs taught her to be comfortable in uncomfortable positions. When her head chef told her that he needed new aprons for all the cooks, Ellen took to the challenge, with no business plan, no connections, and no experience designing aprons. The deadline, uncomfortability, and challenge pushed her to deliver the aprons on time, and start Hedley & Bennett.
Now, Ellen runs this multi-million dollar business that delivers to Michelin star restaurants and at-home cooks alike. Ellen talks about the necessity of committing to something scary, even when you don’t know how to handle it. She used the same approach when buying 3 rental properties nearby her home in Los Angeles, all of which have appreciated dramatically.
The mantra used in creating a successful business, investment, or anything else is Dream First, Details Later, which also happens to be the name of Ellen's new book! An entrepreneur can get bogged down so easily with the details of any venture, so much sometimes that it could push them away from accomplishing something great.
In This Episode We Cover
How Ellen accidentally started an incredibly successful apron business
Using the pandemic to think differently about products and needs
Looking at challenges as a gift and an excuse to grow
How to plan when you know that things won’t go as planned
Setting your employees up for a failure-first mindset (so they succeed!)
And So Much More!
Links from the Show
Real Estate Rookie Facebook Group
BiggerPockets Forums
MySpace
Walmart
Ford
Ashley's Instagram
Tony's Instagram
Check the full show notes here: http://biggerpockets.com/rookie76
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May 08, 2021 |
75: From Working on Oil Fields to Passively Investing in Real Estate with Travis Watts
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Travis Watts grew up with frugal parents. They taught him about coupons, buying the off-brand products, and basic financial 101, but never taught him about real estate investing. In 2009, as the market was hitting unprecedented lows, he decided to start investing in real estate. He purchased a single family home to start, then started house hacking, moved on to some fix and flips, bought some vacation rentals, and before he knew it, he was a very active real estate investor.
There was one problem though. Travis was working 90+ hour weeks in the oil industry, often working overseas for long periods of time. Travis was trying to run his active investing with his hectic schedule, but often found it hard to put a high level of effort into his rentals when so much of his energy was being exerted from his job. In 2015, Travis made the decision to become a passive investor.
Passive investing isn’t for everyone, especially for those who want to be making the big decisions. Luckily, Travis didn’t mind having general partners make decisions for the syndications he invested in, if anything, he preferred it. Travis walks through what you need to look at before putting money into a syndication, including the general partners, the market, and the deal. He also talks through how to identify whether or not a syndication is being run well, and other passive investing strategies like investing in REITs.
Many real estate investors will find themselves with lots of projects, lots of experience, lots of money, but little to no time. If you feel like this, it may be a good idea to start balancing some of your active investing with more passive cash flow opportunities!
In This Episode We Cover
The benefits of passive and active real estate investing
Syndications and who they’re meant for
506(b) and 506(c) syndications and the differences between the two
How to identify good general partners running syndications
Becoming an accredited investor
REITs (real estate investment trusts) and other passive income strategies
How much money passive investors can make
And So Much More!
Links from the Show
Real Estate Rookie Facebook Group
BiggerPockets Forums
Charles Schwab
Janus Henderson
BiggerPockets Podcast 227: From Single Family Houses to $130,000,000 in Multifamily with Joe Fairless
Ashley's Instagram
Tony's Instagram
Check the full show notes here: http://biggerpockets.com/rookie75
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May 05, 2021 |
74: Rookie Reply: Next Steps After Buying Your First Property
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