Real Estate Rookie

By BiggerPockets

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Jb
 Dec 21, 2020
Good to know info for newbies.

Description

Ready to build your real estate empire… but not sure where to begin?

Think of us as your personal trainer.

From detailed breakdowns of real-world deals… to one-on-one coaching sessions and a warm, welcoming community… hosts Ashley Kehr and Tony J Robinson bring on a wide range of guests to tackle the “newbie” questions you've wondered about but might be afraid to ask.

Looking to 10X your real estate investing business this year? This show isn’t for you.

Looking for your first, second, or third deal -- or envisioning a more modest portfolio? Step right up. 

Every Wednesday, we’ll arm you with the tips, tools, and roadmaps you'll need as you embark on your journey toward financial freedom.


Episode Date
Rookie Reply: Should You Rent to a Bankrupt Tenant?
00:13:09

This week’s question comes from Andrew on the Real Estate Rookie Facebook Group. Andrew is asking: How would you handle a prospective tenant that has a bankruptcy on their record? 

Tenant screening is almost as important as rental property screening. A bad tenant can not only cost you potential rent but cause thousands or tens of thousands in damages if not handled correctly. This is why landlords are so strict when evaluating tenants, as a good tenant can mean next-to-nothing maintenance and a bad tenant can mean habitual headaches. It’s up to you whether or not a potential tenant meets your criteria. When evaluating, remember to stay within your legal limits!

Got a tenant with some questionable financial history? Here’s how to proceed:

Speak with the applicant and get their side of the story while trusting your gut

Verify the applicant is truthful by running a credit check and background check

Use a property management software that allows you to report a tenant’s monthly payments to credit bureaus

Look at the applicant’s job history, debt-to-income ratio, and if they have any repossessions

Know that people who have filed bankruptcy may only have the option to rent (for a while)

And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Links from the Show

Real Estate Rookie Podcast

Real Estate Rookie Youtube Channel

Real Estate Rookie Facebook Group

Alpha Geek Capital

Belmont Housing Authority

RentRedi


Check the full show notes here: https://www.biggerpockets.com/blog/rookie-184

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

May 21, 2022
Ditching the "American Dream" & Finding Ways to Live a Wealthier Life
01:00:34

In today’s episode, you’ll get to see the third major reason why Alpha Geek Capital, Tony’s fast-scaling real estate company, is so successful. Omid Tehranirad is the third partner in the group, acting as the first layer of protection, or as he puts it, the “chastity belt”, of the partnership. Omid is the head of investor relations and splits operational duties with Sara, Tony’s wife.  

He discovered real estate after being unfulfilled by the typical “American Dream'' job. His parents encouraged him to pursue the tried and true traditional path that leads to retirement at sixty-five, but after sixteen years at a corporate job, he needed something to change. Omid was looking for something new when he stumbled upon BiggerPockets and discovered the power of real estate investing. He already knew Tony since he was Sara's cousin, but it wasn’t until they found out they both followed David Greene that they realized they could be making money together. From there, they did their first deal and as the saying goes, the rest is history.

Omid and Tony work well together because they complement each other’s skillsets. Where Tony is idealistic, Omid is realistic and together they reach each goal they set. Omid has been able to leave his corporate nine to five of eighteen years and increase his wealth overall—his financial wealth, social wealth, time wealth, and physical wealth. For the first time in years, he’s able to drop his kids off at school, prioritize his physical health, and travel while still making money. Omid serves as proof that we all need to stop classifying wealth as just financial and realize true wealth is about finding your freedom.

In This Episode We Cover

Breaking away from the traditional “American Dream” (and finding something even better)

The BRRRR method and how to a find low-risk rehab

How to prepare to transition from a fixed income to a variable income 

How to structure a partnership and prioritize partner alignment 

Understanding cash flow and making the numbers work for you

Identifying a client’s need and how to create a mutually beneficial relationship and partnership

And So Much More!

Links from the Show

Ashley's Instagram

Tony's Instagram

BiggerPockets

Real Estate Rookie Youtube Channel

Real Estate Rookie Podcast

Real Estate Rookie Facebook Group

Real Estate Rookie Bootcamp

Airbnb

BiggerPockets Forums

Alpha Geek Capital

David Greene's BiggerPockets Profile

Monday.com

Wrike

Rookie Reply: How Much Cash Flow Do You Need to Quit Your W2? w/Daryl Clinch

Daryl Clinch's Instagram

Find Money, Partners, & Deals Using The “D.A.D System” w/ Mike Michalowicz

Mike Michalowicz's Website

Hospitable

Rod Khleif's Website


Connect with Omid:

Omid's Instagram


Check out the full show notes here: https://biggerpocket.com/blog/rookie-183

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

May 18, 2022
Rookie Reply: Rent Out Your Primary Residence or Sell and Buy Rentals?
00:08:54

This week’s question comes from Brandi through Ashley’s Instagram direct messages. Brandi is asking: Our current home could give us about $260,000 in net proceeds if sold. We plan to purchase rentals with those proceeds. But, our home is in a good location with good appreciation. Should we sell our primary to buy properties or refi and make it a rental?

The sell vs. refi argument is back once again! In this hot housing market, it’s no surprise that homeowners want to take advantage of their growing equity by selling their properties. But, doing so could cause you to lose one property only to have to go out and find another. Although the sell vs. refi answer is specific to each investors’ situation, there are a few quick ways you can establish which is a good move for you.

Here are some suggestions:

Ask “what’s going to give me a higher ROI?” and look at metrics like cash-on-cash return and return on equity (ROE)

Take out a home equity line of credit (HELOC) instead of refinancing and BRRRR your next rental to pay back the loan

Don’t forget to factor in future appreciation that you could miss out on by selling

Double-check your interest rate on your primary residence (it may be too good to give up!)

And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Links from the Show

Real Estate Rookie Podcast

Real Estate Rookie Youtube Channel

Real Estate Rookie Facebook Group

Alpha Geek Capital

Tyler Madden's BiggerPockets Profile


Check the full show notes here: https://www.biggerpockets.com/blog/rookie-182

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

May 14, 2022
9 Doors While Deployed and Investing from Afghanistan, Iraq, and Africa
00:52:44

When you think about long-distance investing, what comes to mind? People usually have reservations about investing out-of-state, but today’s guests took it a step further and invested from halfway across the world. Today’s guest, Caleb Drake, has closed on nine doors with one flip underway.

Caleb was active duty military for fourteen years, and once he joined special ops he was deployed for six months at a time. During those six months, his house would sit, unused, and that’s when he saw an opportunity. Caleb decided to rent out his house through Airbnb. As a new landlord and Airbnb host, Caleb had to learn by doing, a task that was increasingly more difficult since he was self-managing from Iraq, Afghanistan, and Africa. Caleb was able to combat this challenge by building a team that could handle what he couldn’t.

After a few years of investing solo, Caleb joined a partnership to expand his portfolio and increase his profit. His partner was also out of the country, so they switched off who was “on-call” and figured out how to automate their check-in and check-out processes. As the business grew, the partnership adjusted to ensure its longevity. Caleb now hopes to continue to scale his business, add to his personal portfolio, and build wealth in the background.

In This Episode We Cover

The importance of building a self-sufficient team and how to do so

Vetting your guests/tenants and how to target your ideal tenants 

How to invest out-of-state or overseas and automating your check-in processes

Residential loans vs. commercial loans and how to figure out which one to use

How to balance and adjust your partnership(s) as your business grows

The importance of having a real estate agent with an investor mindset, plus how to find one

And So Much More!

Links from the Show

Ashley's Instagram

Tony's Instagram

BiggerPockets

Real Estate Rookie Youtube Channel

Real Estate Rookie Podcast

Real Estate Rookie Facebook Group

Real Estate Rookie Bootcamp

Airbnb

BiggerPockets Forums

The BiggerPockets Conference 2022

IGMS

Alpha Geek Capital

Rentometer 

BiggerPockets Calculators 

BiggerPockets Insights 

Connect with Caleb:

Caleb's Email

Caleb's Instagram


Check out the full show notes here: https://biggerpockets.com/blog/rookie-181

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

May 11, 2022
Rookie Reply: How to Buy Your First Rental With No (or Low) Money Down
00:09:25

This week’s question comes from Rodney through Tony’s Instagram direct messages. Rodney, like many investors, has been told that you need twenty percent down to buy a rental property. Rodney wants to know the best way to fund a property without breaking the bank. He's asking: Should I save for a down payment or is there a way to get a rental without the twenty percent down?

It’s not uncommon for real estate investors to get into deals with far less than 20% down. But, for a beginner, this type of task can seem a bit intimidating, especially if you’re looking at your first investment property. Thankfully, the world of real estate presents investors like us with many ways to creatively fund deals!

Here are some suggestions:

Purchase a vacation rental using a second home loan that only requires ten percent down

Pitch seller financing to the seller and walk them through the tax benefits of financing the property to you

Partner up with an investor who can provide the down payment on the deal

Sign a joint venture agreement with another investor who can split the down payment with you

Remember: if you find a deal you can (probably) find the money for it!

And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Links from the Show

Real Estate Rookie Podcast

Real Estate Rookie Youtube Channel

BiggerPockets Forums

Real Estate Rookie Facebook Group 


Check the full show notes here: https://www.biggerpockets.com/blog/rookie-180

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

May 07, 2022
From Freak to Financially Independent & Beating the Average Joe to $1M
00:51:15

Financial literacy is the first step to becoming a millionaire. Unfortunately, the US is a (relatively) financially illiterate country, so to become financially independent and add more zeros to your net worth, you have to self-educate. Fortunately, today’s guest has published a book and workbook that lays out exactly how to become a millionaire, even at a young age. 

Dan Sheeks lives and breathes all things personal finance. He has been a high school teacher for twenty years and teaches young people everything he wishes he would have known about financial literacy. He teaches a variety of different business classes, ranging from entrepreneurship to personal finance to marketing. His passion for working with young people is what inspired him to write his book, First to a Million. In this book, Dan details nineteen “freakish” phrases to get you to your first million. Throughout the book, Dan emphasizes the need to be “freakish” and be willing to do the work everyone else won’t.

Besides his role as a teacher and an author, Dan is also an investor. He house hacked his first property in 2004 but he didn’t truly get into investing until he met his wife seven years ago. Together they have expanded their real estate operation and have closed on seventeen units. Dan has dedicated his life to personal finance and financial literacy so if there’s a man to learn from— it’s him.

In This Episode We Cover

Achieving early financial independence and the steps you need to take to get there

Good debt vs bad debt and how to use good debt to reach financial freedom 

How to use First to a Million and the First to a Million Workbook to reach your financial goals

The four mechanisms of financial independence and how to implement them in your life

Navigating all nineteen phases of First to a Million and their timelines (it’s easier than you think!)

How to introduce and entice your child about the world of personal finance & financial independence

And So Much More!

Links from the Show

Ashley's Instagram

Tony's Instagram

BiggerPockets

Real Estate Rookie Youtube Channel

Real Estate Rookie Podcast

Real Estate Rookie Facebook Group

The Real Estate Robinsons Youtube Channel

The BiggerPockets Podcast

BiggerPockets Bookstore

AJ Osbourne's Instagram

Ally

Real Estate Rookie Bootcamp

Airbnb

TurnoverBnB

BiggerPockets Forums

 Connect with Dan:

Dan's Email

Dan's BiggerPockets Profile

Dan's Linkedin 

Dan's Instagram

Dan's Website


Check out the full show notes here: https://biggerpockets.com/blog/rookie-179

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

May 04, 2022
Rookie Reply: Why Real Estate Debt Isn’t So Scary
00:09:41

This week’s question comes from Jessica through Tony’s Instagram direct messages. Jessica has seen what Tony and his wife Sara have been doing while building their short-term rental empire. But, Jessica is having some doubts. She’s asking: How do you invest in real estate when the idea of debt scares you? 

Many new investors have this fear. If you’re buying your first property, the thought of five or six-figure debt may seem like a massive weight on your shoulders. After all, isn’t the goal to be debt-free? Fortunately for real estate investors, the answer is no. Using leverage to buy properties makes your investing far more profitable and can help you get comfortable when taking on good debt.

Here are some suggestions:

Scared of debt? Pay off your personal debt before you invest in rental properties 

Think of debt as a tool that can help you build wealth with real estate 

Know the difference between good debt and bad debt and how to use both

Define your “worst-case scenario” if you’re unable to pay your rental mortgage 

Use the BiggerPockets Calculators to calculate your rental property profits (especially when taking on debt!) 

And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Links from the Show

Real Estate Rookie Podcast

Real Estate Rookie Youtube Channel

BiggerPockets Forums

Real Estate Rookie Facebook Group 

Real Estate Rookie Podcast in Apple Podcast

Irvine Company

Sam Zell's Website


Check the full show notes here: https://www.biggerpockets.com/blog/rookie-178

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apr 30, 2022
Gang Houses, Animals, and 17 Units by Capitalizing on Properties People Avoid
00:58:32

Someone has to step up to the plate when a challenge presents itself, and today’s guest always does. Tammy Skeath began her real estate journey in 2018, and despite being faced with several unique obstacles, she has found immense success. She currently has seventeen units and plans on expanding exponentially within the next few years.

Tammy was inspired to get started after watching her cousin continue to build wealth through real estate. Her first deal was a carbon copy of one of his deals. By doing this, she learned the ins and outs while having a step-by-step real estate guide she could reference. Despite replicating his deal, she encountered various problems that made the process more difficult. The city she invested in has strict rules to protect endangered animals, and instead of investing elsewhere she decided to do more research on the issue. From her research she was able to find a unique solution and complete the project.

She did this again when she bought a gang house with twenty-seven code violations. Most people would say this type of property isn’t worth the hassle, but it was for her. She was able to double her initial investment, and pull out $600,000 from this one deal. Now real estate allows her to bring in a large amount of income, reach her goals faster and still have the time to spend with her kids.

In This Episode We Cover

Goal setting—how to define your goal, pursue it, and pivot once you achieve it

How to become good at and capitalize on something everyone’s scared of (it’s not as hard as you think)

Spec buildshow to find a contractor & ask the right questions

1031 exchanges, how to perform one, and why they’re an underrated investment tool

How to use cash for keys as a tool to help you and your tenant part ways peacefully

And So Much More!

Links from the Show

Ashley's Instagram

Tony's Instagram

BiggerPockets

Real Estate Rookie Youtube Channel

Real Estate Rookie Podcast

Real Estate Rookie Facebook Group

Alpha Geek Capital

MLS

Yelp

Apartments.com

Stride: Mileage & Tax Tracker

Wave Financial

Connect with Tammy:

Tammy's Instagram

Tammy's Email

Tammy's BiggerPockets Profile


Check out the full show notes here: https://biggerpockets.com/blog/rookie-177

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apr 27, 2022
Rookie Reply: Tony’s Troublesome Shreveport Deal ($29k LOSS)
00:14:59

Every week, Ashley and Tony reply to a frequently asked question from the BiggerPockets community. But, this week, they’ve decided to finally answer the most asked question yet: what happened with Tony’s Shreveport deal? If you’re an avid Rookie Reply listener, you’ve probably heard Tony talk about one property that he has been trying to sell for over a year. Well, it’s finally sold, and Tony’s here to share all the details, mistakes, and numbers so you can do better on your next deal.

While this wasn’t Tony’s first deal, it did provide him with a strong foundation of knowledge to pursue bigger and better real estate investments. So, if you find yourself looking for deals, or stuck with a bad deal, take some of Tony’s suggestions to heart:

Avoid buying properties in flood zones unless you’ve fully calculated the cost of flood insurance 

Be highly selective of your property’s location and get to know the neighborhood you’re buying in

Have multiple exit strategies for every property (rental, flip, BRRRR, etc.)

See money spent on a deal as “real estate education” that will make you richer!

Know that as an investor, you’re not going to get everything right all the time

And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Links from the Show

Real Estate Rookie Podcast

Real Estate Rookie Youtube Channel

Omid's Instagram


 Check the full show notes here: https://www.biggerpockets.com/blog/rookie-176

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apr 23, 2022
Changing Their Family's Fate by Building a 600+ Unit Portfolio (At Age 20!)
01:00:04

There are those who accept their circumstances and then there are those like today’s guests —the Donis Brothers (Jeffrey, Kenneth, and Kerwin). These three brothers have created immense success for themselves at only twenty & twenty-three years old through self-education, network building, and hard work. They’ve done seventeen wholesale deals and co-sponsored three multifamily syndications with a total of 636 units between them in a mere two years.

They got their start in college when the oldest brother, Kenneth, heard about wholesaling while watching The Breakfast Club. After taking a humbling trip to Guatemala and realizing how many opportunities they had access to, they knew they had to pursue real estate. Once they decided to pursue real estate, each brother separately came to the same conclusion—college wasn’t for them. They collectively decided to focus on building their business so they could reach their ultimate goal of financial freedom and retiring their mom. 

They started their real estate journey with single-family homes but quickly realized multifamily properties aligned more with their goals. During their transition, it took six months of straight cold calling before they got their first deal. While working to get their first deal they also joined a mastermind and spent time expanding their network. They actively sought out people in spaces they were trying to penetrate which led them to their current mentorship program. Their ability to scale their business and network simply proves they are a force to be reckoned with. Make sure to listen closely because the Donis Brothers could be the next big thing.

In This Episode We Cover

How to invest at a young age and turn being young into an advantage 

Networking events and how to extract true value from each one you attend

Cold calling, its importance, and how to effectively nurture leads

How to make the transition from single-family to multifamily properties

Building a powerful real estate network of mentors, investors, deal finders, and friends

Syndications and how to use them to broaden your investing opportunities

Building a social media platform to expand your network and reach

And So Much More!

Links from the Show

Ashley's Instagram

Tony's Instagram

BiggerPockets

Real Estate Rookie Youtube Channel

Real Estate Rookie Podcast

BiggerPockets Bootcamp

The BiggerPockets Conference 2022

Max Maxwell's Website

Meetup

Eventbrite

Podio

Subto Real Estate

PropStream

ListSource

BatchLeads

Mojo Dialer

Grant Cardone's Website

BiggerPockets Forums

Your First Real Estate Investment Podcast

Is This Deal Worth My Time? The 6 Crucial Steps to Vet a Multifamily Deal

The 8 Steps That Will Stop You From Getting Burnt on Multifamily Deals w/Andrew Cushman

Pitchstack

Bar Down Investments

Tyler Combs

Rare Bird Real Estate

BiggerPockets Real Estate Podcast

Real Estate Rookie Facebook Group

Books Mentioned in this Show:

Rich Dad Poor Dad by Robert T. Kiyosaki

Best Ever Apartment Syndication Book by Joe Fairless and Theo Hicks

Connect with The Donis Brothers:

The Donis Brothers's Website

The Donis Brothers's Instagram

The Donis Brothers's Facebook Page

The Donis Brothers's Twitter

The Donis Brothers's Tiktok 

The Donis Brothers's Youtube Channel

The Donis Brothers's Podcast


Check out the full show notes here: https://biggerpockets.com/blog/rookie-175

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apr 20, 2022
Rookie Reply: How to Structure a Real Estate Partnership
00:16:35

This week’s question comes from Kurt through Ashley’s Instagram direct messages. Kurt is asking: We’d like to buy a vacation property with my brother and sister-in-law. My wife and I would handle the management while my brother would bring the down payment to the table. How do we quantify each party’s contribution when dividing profit and equity in the property? 

Real estate partnerships can be a huge help to rookie investors, especially for those who have the experience but lack the cash to invest by themselves. It’s important to note that real estate partnerships can be set up in any way you prefer⁠—as long as both parties agree that the split is fair⁠—you have full reign of your partnership structure.

Ready to partner up on a deal? Here are some suggestions:

Clearly define responsibilities so that both parties are happy with the agreement

Have a predetermined exit strategy for the partnership and property

Provide interest to whoever is putting down the money and pay fees to whoever manages the property

Set limits to when partners can use the property for their personal use (if it’s a short-term rental)

And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Links from the Show

Real Estate Rookie Podcast

Real Estate Rookie Youtube Channel

Rookie Podcast 170: Rookie Reply: ARM vs. Fixed-Rate Mortgages (Which Is Better For Cash Flow?)


 Check the full show notes here: https://www.biggerpockets.com/blog/rookie-174

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apr 16, 2022
$1M in Real Estate in Just 1 Year (and How You Can Do It Too!)
00:52:15

Investing in rental properties can be challenging at first, which is why so many investors tend to take it slow. Tyler Madden had the luxury of NOT being able to do this, and it’s worked out well in his favor. Just over a year ago, we interviewed Tyler on episode fifty-five of the Real Estate Rookie Podcast. At the time, Tyler was an “accidental landlord”, but a lot has changed since then.

Tyler found himself in the position to purchase seven units, a mere $1,000,000 or so in real estate, right as his wife was due to deliver their first-born child. While he didn’t necessarily want to handle a full rehab of so many units, he took a “why not?” approach and found a way to make both properties work. Through a lot of sweat equity, Tyler was able to rehab, rent, and refinance these units and come out with a crazy amount of monthly cash flow!

If you want to expand your real estate portfolio as Tyler did, listen to this episode intently. Tyler dives deep into the numbers, work, and lessons he learned along the way as he turned seven underperforming rental units into a portfolio any investor would dream of!

In This Episode We Cover

Relying on data vs. emotions when buying your first rental property

Whether or not now is the right time to buy real estate 

What’s impacting today’s housing market and using uncertainty to your advantage

The best investing moves to make if a recession (or crash) is on the horizon

What rookies should look for in a real estate investing market 

Buying real estate with a long-term outlook (so you can handle the dips!)

And So Much More!

Links from the Show

Ashley's Instagram

Tony's Instagram

BiggerPockets

Real Estate Rookie Youtube Channel

Real Estate Rookie Podcast

Rookie Podcast 55: Combining House Hacking and Live in Flips with Tyler Madden

Airbnb

Asana

Monday.com

BiggerPockets Bootcamp

Zoom

Connect with Tyler

Tyler's Instagram

Tyler's Website


Check out the full show notes here: https://biggerpockets.com/blog/rookie-173

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apr 13, 2022
Understand ANYONE Around You (Including Yourself!) Using One Simple Tool w/Nick Baumgart
00:44:05

Today’s episode is all about understanding yourself. Nick Baumgart, an Enneagram expert, explains how to use the information from the Enneagram in your everyday life. The Enneagram test is used as a way to understand your emotional habits. Unlike other popular personality tests, the Enneagram focuses less on what you do and more on who you are.

The test breaks down your motivations into three parts: fear, body, and mind. When you truly understand what motivates you, you're able to see why you act the way you do and can start taking steps to fix any destructive behaviors. This knowledge also goes a long way when interacting with other people. This test is ideal for teams because instead of putting yourself in their shoes and still looking at problems from your perspective you can “understand them in their shoes." Nick talks about how powerful of a tool this test is and how it could have changed his life if he had found it earlier, so do yourself a favor and let this test change your life today!

Links from the Show

Ashley's Instagram

Tony's Instagram

Tyler Madden's BiggerPockets Profile

The Myers Briggs Company

The Narrative Enneagram

Tony Robbins' Profile DISC Assessment


 Check the full show notes here: https://www.biggerpockets.com/blog/rookie-172

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apr 09, 2022
The 2022 Housing Market Explained: Is Now a Good Time to Buy? w/Dave Meyer
00:54:54

The 2022 housing market is off to a wild start. We’ve seen home inventory at decade lows, interest rates have finally started to rise, and more homebuyers are looking at fewer houses. As a real estate investor, it can be tough to navigate a market like this, especially when you’ve never bought a rental property before. What you need is data behind the decision making, and today, we’ve got just that!

Joining us today is Dave Meyer (@thedatadeli), VP of Data and Analytics at BiggerPockets, and host of the brand new podcast, On The Market. Dave has spent the last decade analyzing real estate data so he and the BiggerPockets community as a whole can invest smarter. Today, Dave dives deep into the most pressing matters of the real estate market, ranging from topics like interest rates, to housing crash indicators, determining the best rental market, and more.

If you want to hear a high-level update on everything happening within the world of real estate investing, plus some predictions for this year’s housing market, stick around! Dave will give you all the analytics-based insight you need!

In This Episode We Cover

Relying on data vs. emotions when buying your first rental property

Whether or not now is the right time to buy real estate 

What’s impacting today’s housing market and using uncertainty to your advantage

The best investing moves to make if a recession (or crash) is on the horizon

What rookies should look for in a real estate investing market 

Buying real estate with a long-term outlook (so you can handle the dips!)

And So Much More!

Links from the Show

Ashley's Instagram

Tony's Instagram

Scott Trench's BiggerPockets Profile 

Josh Dorkin's BiggerPockets Profile

James Dainard's BiggerPockets Profile

Brandon Turner's BiggerPockets Profile

Henry Washington's BiggerPockets Profile

Kathy Fettke's BiggerPockets Profile

David Greene's BiggerPockets Profile

Jamil Damji's LinkedIn Profile

Daryl's instagram

Real Estate Rookie Facebook Group

BiggerPockets

BiggerPockets Forums

Real Estate Rookie Youtube Channel

The Rookie Investor

Real Estate Rookie Podcast

BiggerPockets Blog

AJ Osborne Podcast

Redfin

FRED

BiggerPockets Rent Estimator

FundRise

Stop Waiting for a Housing Crash (Do This Instead)

Connect with Dave

On The Market

Dave's Instagram


Check out the full show notes here: https://biggerpockets.com/blog/rookie-171

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apr 06, 2022
Rookie Reply: ARM vs. Fixed-Rate Mortgages (Which Is Better For Cash Flow?)
00:10:47

This week’s question comes from Channa through Ashley’s Instagram direct messages. Channa is asking: I have three rental properties and am looking to refinance them all. Should I do an adjustable-rate portfolio loan on all three or do separate fixed-rate loans on each property? 

As real estate investors, we tend to have many different options when financing rental properties. Some, like adjustable-rate mortgages (ARMs), may come with lower closing costs and slightly lower interest rates, while fixed-rate mortgages have slightly higher interest rates but boast the added security of long-term financing for a property or properties. While both have definitive pros and cons, the implications of both types of loans must be understood before you reach the closing table.

Here are some suggestions when making the choice:

Understand your long-term strategy for the property and which loan works for which exit strategy

Run an amortization schedule on both loans to see the difference in your monthly payment

If you decide to go with an ARM, make sure you know what you’ll do once your low-interest rate ends

Calculate total closing costs to see if you have the reserves ready to go through with each loan

And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

 Links from the Show

Real Estate Rookie Podcast

The BiggerPockets Money Podcast


 Check the full show notes here: https://www.biggerpockets.com/blog/rookie-170

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apr 02, 2022
From Flight Nurse to Financially Fruitful Landlord with 7 Units (in 2 Years!) w/Stacey Stegenga
00:50:07

Stacey Stegenga wasn’t always a landlord, she was a nurse. But not just any nurse, Stacey was a flight nurse, helping transport military patients across the US. When she stepped away from flight-nursing, she picked up travel nursing, moving around the US for months at a time to provide medical care wherever needed. She finally ended up in Denver, where her pay was cut in half and her expenses saw a drastic boost.

This was a massive change for Stacey. She wasn’t the best at budgeting and knew she needed more income. After stumbling upon the book Set for Life, by our own Scott Trench, she knew that the most logical conclusion to fix her financial troubles was saving, house hacking, and real estate investing. But at the age of thirty-three, Stacey questioned whether or not she was too late to get in on the cash-flowing action.

After educating herself intensely, she took the risk and jumped into real estate. Stacey was able to build a seven-unit portfolio in just two years! She’s tried her hand at out-of-state investing, raising private capital, partnering on deals, and mid-term rentals, all of which have worked out generously in her favor. She shares the exact steps she took to build her portfolio as fast as she did, so you can do the same!

 In This Episode We Cover

Fixing your personal finances before trying to invest in real estate 

Building a “financial runway” that allows you to buy properties, stress-free 

In-state investing vs. out-of-state investing and the best choice for those in pricey markets

Scaling your real estate portfolio using cash offers (even if you don’t have the money)

Using mid-term rentals as a way to keep rent stability while boosting your profit 

The risk vs. reward of buying properties sight unseen when investing out of state

And So Much More!

Links from the Show

Ashley's Instagram

Tony's Instagram

Scott Trench's BiggerPockets Profile 

Tyler Madden's BiggerPockets Profile

Real Estate Rookie Facebook Group

BiggerPockets

BiggerPockets Forums

BiggerPockets Bootcamp

Real Estate Rookie Youtube Channel

MLS

The War Room

PropStream

DirectSkip

BatchLeads

Appfolio

Connect with Stacey

Stacey's Instagram


Check out the full show notes here: https://biggerpockets.com/blog/rookie-169

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Mar 30, 2022
Rookie Reply: How Much Cash Flow Do You Need to Quit Your W2? w/Daryl Clinch
00:23:00

How much cash flow do you need to quit your day job and go full-time into real estate investing? You may have a big number in your head when we ask that. Maybe you’re thinking of replacing a six-figure salary with six-figure cash flow, but that's probably far from what you truly need to quit. In fact, you can quit with a lot less cash flow than what you’re being paid today!

Joining us again is Daryl Clinch, who recently went full-time into real estate investing with his mentor and partner, Ashley Kehr. Daryl transitioned from seasonal employment to full-time investor after working at his job for sixteen years and deciding he needed a change. In today’s show, Daryl breaks down exactly how he prepared to quit, the cash savings he had, and the surprising amount of cash flow that allowed him to achieve occupation-independence!

Looking to do the same as Daryl? Here are some suggestions:

Find a mentor who can fast-track your knowledge and learn from them

Partner up on deals with other investors and provide value whenever possible

Calculate your true cost of living to find your minimum cash flow to quit 

Keep a strong safety reserve so you can focus on getting deals (not paying bills!)

And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Links from the Show

Rookie Podcast 164: Rookie Reply: How Do I Escape My 9-5 with Real Estate Investing?Real Estate Rookie Facebook Grou

Rookie Podcast 147: 13 Flips as a Full-Time Flight Mechanic and Part-Time Lender w/ Anthony Michael

Real Estate Rookie Podcast

Daryl's Instagram

 Check the full show notes here: https://www.biggerpockets.com/blog/rookie-168

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Mar 26, 2022
7 Doors in 11 Months While Investing Out-of-State w/ Hashim Ismail
00:50:49

As a dreamer and life-long learner, Hashim Ismail makes it a goal to push himself. Hashim officially started his real estate investing journey eleven months ago but began learning about real estate just two years ago. He dealt with analysis paralysis, but after making a goal to start in 2021, he decided to jump in with both feet. Through hard work, dedication, and optimism, Hashim has closed on seven properties in eleven months.

Since Hashim invests out-of-state he dealt with a whole new set of obstacles apart from the usual challenges new investors face. He combatted this by using the BiggerPockets forums to learn and network as much as possible. Hashim used keyword research on the site to find and connect with key players in the Memphis market. Through the new connections he made, Hashim educated himself on the area, without having to physically visit! Investing out-of-state can be risky within itself, so Hashim has created a series of processes to mitigate risk as much as possible. While redundancy is a large part of his process to reduce and catch errors, Hashim has found immense success simply by stepping out of his comfort zone.

In This Episode We Cover

Analysis paralysis and how to use goal-setting to overcome it

How to use the BiggerPockets Forums to build your investor network

Out-of-state investing and how to penetrate a market you know nothing about

Using processes to mitigate risk and how to make a repeatable investing system

Desk appraisals and why they’re worth every penny

How to approach networking and get the most out of every interaction

And So Much More!

Links from the Show

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

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Mar 23, 2022
Finding Contractors, Renovation Red Flags, and Estimating Rehab Costs (Part 2) w/ James Dainard
00:38:53

Welcome to part two of a rehab estimation masterclass with real estate mogul James Dainard! As mentioned in part one, James has created a multi-level brokerage where he has been involved in 3,000 transactions. His excess experience has allowed him to create an almost scientific process for his flips. In today’s podcast, James builds off part one and gives you a step-by-step guide on how to emulate the process that has given him his success.

James goes over what and who to bring when visiting a property, closing on a property, writing a contractor contract, and finalizing a project to perfection. Each process includes tedious details that may seem daunting at first, but as the saying goes, the devil is in the details. While the initial steps may seem meticulous, once you begin making the process repeatable and do it continuously, it's second nature. James perfected his flipping and renovation processes through trial and error, and if you listen closely you can avoid commonly made mistakes and have an advantage over most new investors. To be the best you have to learn from the best—so listen closely!

Links from the Show

Ashley's Instagram

Tony's Instagram

BiggerPockets

Real Estate Rookie Podcast

Rookie Podcast 165: A Step-by-Step Guide to Estimating Rehab Costs w/ Master Flipper & Investor James Dainard (Part 1)

Biggest Red Flags When Buying a House (Flips and Rentals)

Apple

BiggerPockets Youtube Channel

BiggerPockets

Luxury Farmhouse Flip | Breakdown Walkthrough - w/ Ashley Kehr

 Check out the full show notes here: https://biggerpockets.com/blog/rookie-166

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Mar 19, 2022
A Step-by-Step Guide to Estimating Rehab Costs w/ Master Flipper & Investor James Dainard (Part 1)
00:49:18

Welcome to part one of a rehab-estimation masterclass with real estate mogul James Dainard! James has earned his title by being involved in 3,000 transactions over the past fifteen years and creating a multi-level real estate brokerage. He has mastered the art of estimating rehab costs which has allowed him to invest on a seriously large scale. Currently, he is working on thirty flips and has 400 apartment doors under construction, so not only has he had past successes, but he is consistently learning and adjusting to the rapid changes of the market. James is an investor to not only learn from but to emulate, and today he gives a step-by-step guide to do just that. 

James breaks down renovation steps like building a team, getting a budget sheet together, and vetting workers, contractors, and properties in vast detail. The underlying theme behind each of his steps is meticulous preparation. As an investor, one of the best things you can do for yourself is to prepare and get rid of any variation in your processes. By perfecting his preparation processes, James has been able to minimize variation and save himself in the long run. Do yourself a favor and listen to these next couple of podcasts intently— it could save you serious time, headache, and money in the future!

In This Episode We Cover

How to find a contractor that aligns with your project’s budget and goals

How to vet contractors so your time (and theirs) is respected on a job

The “plug and play” method and how to break down your scope of work 

How to organize your budget sheet and estimate rehab costs efficiently

What it takes to master flipping, BRRRRing, or any home renovation

And So Much More!

Links from the Show

Ashley's Instagram

Tony's Instagram

BiggerPockets Podcast 338: From Red Robin Waiter to 250 Units (Using the MLS) with James Dainard

BiggerPockets

Real Estate Rookie Podcast

Connect with James

James's Instagram

James's Youtube Channel 


Check out the full show notes here: https://biggerpockets.com/blog/rookie-165

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Mar 16, 2022
Rookie Reply: How Do I Escape My 9-5 with Real Estate Investing?
00:11:50

This week’s question comes from Nash through Ashley’s Instagram direct messages. Nash is asking: How do I quit my job and become a full-time real estate investor?

Nash isn’t alone in asking this question. Almost every Real Estate Rookie Podcast listener has pondered this as well. Even our hosts, Ashley and Tony, asked themselves this before leaving their jobs to pursue real estate investing full-time. What makes today's episode even more special is that Ashley’s partner, Daryl Clinch, just left his nine-to-five as well! Daryl is here to help answer Nash’s question on exactly what it took to leave his back-breaking work and pursue financial independence.

Here are some suggestions:

  • 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

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-164


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Mar 12, 2022
Using Short-Term Rentals & House Hacks to Become Financially Free in 2 Years w/ Andrew Bresee
00:54:54

Despite what most people would like to think, success has no timeline. There will be some "perfect" opportunities that don’t work out, which is why you must persist. You can either become stuck in one failure or use that failure to propel you forward. Our guest, Andrew Bresee, has learned to use missed opportunities to propel him forward.

Andrew was infected with the “real estate bug” in his teenage years after reading Rich Dad Poor Dad. While he didn't start his real estate journey that young, he began developing the skills that have made him a successful entrepreneur early on. Being persistent has helped Andrew in more ways than one. In school, he had the opportunity to study abroad in Italy and like many others, he loved it so much he didn’t want to leave. For weeks he continued to ask to stay and for weeks he continued to get rejected, but he refused to take no for an answer. After a while, the administration finally relented and let him stay as long as he agreed to work as a handyman. Had he accepted his fate, Andrew would have missed out on another year in a beautiful country with the love of his life who is now his wife.

When he came back, he lived with his parents, and instead of rushing to get to the next chapter of his life, he took a step back and found an opportunity right where he was. He decided to convert his parent's basement into an apartment that they could eventually rent out. While it took six years to complete, it currently cash flows and gave him experience with the rehab process. After that, he found the fourplex that he lives in now which cash flows about $1,200 a month! He found his current fourplex after he didn't qualify for a fourplex he thought was "perfect". Opportunities can be found in any failure or redirection—you just need to look hard enough.

In This Episode We Cover

The power of persistence and how to make life work for you

Understanding a seller and how catering to their needs can ultimately benefit you

Optimizing your Airbnb descriptions to attract your ideal tenant

Establishing your short-term rental vs your long-term rental and why it’s important to approach them differently

The importance of finding the right real estate agent who understands your goals and intentions

And So Much More!

Links from the Show

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

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Mar 09, 2022
Rookie Reply: Permitting Problems and Finding Hard Money Lenders
00:13:29

This week’s question comes from Carlos, who directly messaged Ashley on the BiggerPockets Real Estate Rookie Bootcamp! Carlos is asking: Do you recommend, or is it even possible, to use a hard money lender from a different state?

Hard money lenders and hard money loans are a crucial part of real estate investing for many real estate investors. If you’re a rehabber, flipper, or BRRRR-er, there’s most likely a chance you’ll need hard money in the future. But how do you find a hard money lender without past experience with one?

Here are some suggestions:

Use investor referrals and sites like BiggerPockets to find hard money lenders

Be specific when you ask a hard money lender questions to make sure they can lend in your area

Inquire about the criteria that your hard money lender looks at when lending

Relay your strategy to your hard money lender, to ensure they can lend on the property type you’re looking at

And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Links from the Show

Real Estate Rookie Facebook Group

BiggerPockets 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

 

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Mar 05, 2022
Using Calculated Risk to Acquire 17 Doors In Under a Year (at Age 24!) w/ Grace Gudenkauf
00:40:31

Real estate favors those who value risk. An investor’s willingness to take a calculated risk separates the good from the great. And today’s guest, Grace Gudenkauf, is definitely on her way to greatness. This ambitious 24-year-old has managed to get seventeen doors between eight properties under her belt in less than a year, and she shows no signs of slowing down.

She was first introduced to real estate when her boyfriend decided to flip a house. It didn’t pique her interest until she reviewed the numbers and saw the potential. Since then, hard work and calculated risk have allowed her to have the accelerated success any new investor dreams of. A substantial amount of this success is due to her and her boyfriend making it a point to “never let the money stop them”, they “get the deal first and then find the money.” Most would be reluctant to take this approach, but it has worked phenomenally for Grace.

From talking directly to a VP at a local bank to deciding to leave her W-2, Grace keeps taking risks in the name of real estate, and it keeps paying off. When it came to deciding if she would leave her W-2 or not, Grace looked at the worst-case scenario to weigh her options. After it was all laid out—her worst-case financially, emotionally, and sociallyshe 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


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Mar 02, 2022
Rookie Reply: How to Borrow Money for Down Payments (and Pay it Back!)
00:08:30

This week’s question comes from AJ through Ashley’s Instagram direct messages. AJ is asking a question many new investors have: If I borrow down payment money from friends or family, what’s the best way to pay back the down payment while cash flowing on the property?

For many rookie investors who don’t have large cash sums sitting around, much of their initial investment has to be done through borrowed money. This means not only getting a conventional loan from a bank but privately financing their down payment as well. But, before you start asking your grandma for some “seed funds”, make sure that your bank will allow you to borrow down payment money.

Here are some suggestions:

Double-check that your bank allows borrowed down payments, if not, try and receive a “gift” from a family member 

Work out a payment plan with your private lender before closing on the deal

Pay back the down payment personally and count it as an initial investment in your CoC calculations

Offer equity or a delayed payout as a way for you to maximize cash flow in the deal

And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

 Links from the Show

Real Estate Rookie Facebook Group

BiggerPockets Website

BiggerPockets Rental Property Calculator

Check the full show notes here: https://www.biggerpockets.com/rookie160

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Feb 26, 2022
Building an Out-of-State Empire by Using the Right Type of Real Estate Agent w/ Sarah Weaver
00:43:17

Knowing how to find a real estate agent is one thing. Knowing how to find a truly investor-friendly agent is another. While most real estate agents and realtors can show you homes on the market, send you MLS listings, and do the needed paperwork, investor-friendly agents do much, much more. These types of agents are so important to a real estate investor, that they can be thought of as a more permanent part of your team. They’ll find deals, leads, help you run numbers, and give you what you need to grow your real estate portfolio. But how do you find them?

This was a question that real estate investor, agent, and coach, Sarah Weaver asked when first getting into out-of-state investing. In fact, Sarah was doing more out-of-country investing than most other investors. As a digital nomad, Sarah was traveling throughout the US, Canada, and New Zealand buying rental properties without ever laying an eye on them. She was able to do this thanks to her rockstar real estate agents.

Now, after almost perfecting the long-distance real estate investing strategy, Sarah is back to share with rookie investors how they too can find an investor-friendly agent to help them scale. If you haven’t already, check out the BiggerPockets Real Estate Agent Finder Tool, you’ll instantly have access to dozens of investor-friendly agents in your area that can help you close on your next deal!

In This Episode We Cover

Investing in real estate while out of state, out of the country, and far from home

The best questions to ask a real estate agent to see whether or not they’re truly “investor-friendly”

Defining your crystal clear criteria so top agents take you more seriously

What a great agent should (and should not) know about an investing area

Building the investor-agent relationship so you both benefit for years to come

Qualifications an investor must meet before reaching out to real estate agents

And So Much More!

Links from the Show

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

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Feb 23, 2022
Rookie Reply: The Best Career Moves for an Aspiring Real Estate Investor
00:15:44

This week’s question comes from Ryan through Ashley’s Instagram direct messages. Ryan is asking: What job would be best for real estate investors? I’m currently doing maintenance for a contractor, but am having minimal takeaway. What’s the best move for financial freedom?

Real estate side hustles and full-time jobs come in all different shapes and sizes. What one job path may lack in salary, it may make up for in experience and connections. What’s more important than immediately jumping ship at your current job is to see what you can do within your role to grow your skillset. So how do you get paid, gain experience, and buy more rental properties?

Here are some suggestions:

Look for opportunity within your current role and ask to take on more of what interests you

Ask an investor if you can work with them directly, you’ll learn a ton!

If you’re having trouble getting deals, look for a partner to invest with

Fully understand your expectations within your current and future roles

And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Links from the Show

Real Estate Rookie Rookie Facebook Group

Real Estate Rookie Youtube Channel

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

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Feb 19, 2022
The 4 Keys to Perfect Property Management & Live in Flipping as an Army Man w/ Adam Widder
00:46:07

Property management is a difficult yet crucial part of real estate investing. In today’s episode, our guest, Adam Widder, who was a former property manager, shares his four guiding principles that make property management more manageable.

Adam got his start after college while stationed in Kansas. A fellow ROTC member advised him to start investing, and following his advice, Adam tried to find a property near Kansas State. Unfortunately, he couldn’t find anything that cash flowed, so he did a live in flip instead. He made a solid profit from his first flip and continued to do live in flips with two other properties.  

Before he got into real estate investing, Adam was a commercial property manager, which gave him the experience he needed to handle any property management issues in his own buildings. Based on his experience, Adam has generated four keys vital to your property management success. These four keys can simplify a considerably complicated part of your real estate journey and give you a definite advantage over your competition. 

In This Episode We Cover

Live in flips and why they’re a great option for new investors

Conventional real estate loans vs FHA Loans and why conventional loans can sometimes be the better option

Self-management vs property management and how to figure out which one is better for you

How to find the right property manager (& red flags you should look out for)

The 4 crucial keys to headache-free property management

How to set up the right working relationship with your property manager 

And So Much More!

Links from the Show

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

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Feb 16, 2022
Rookie Reply: What’s The BEST Vacation Rental Loan?
00:12:18

This week’s question comes from Xavier through Ashley’s Instagram direct messages. Xavier is asking: Can I use an FHA loan for a vacation rental? What’s the best way to scale without paying high down payments?

Xavier brings up a great question that many rookies have been asking. We all know we can get a conventional loan with very low down payment requirements for an owner-occupied investment like a house hack, but what about a vacation rental? Before you bombard your mortgage lender with questions, listen to what Tony (short-term rental expert) has been using for his vacation rental financing.

Here are some suggestions:

Look into vacation home loans, you can secure a property with only ten percent down 

Find a lender who’s familiar with funding vacation rentals, this will save you a lot of time

Understand the geographical limitations that come with vacation home loans

Make sure you’re able to use your vacation rental property for personal use at some point in the year

And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Links from the Show

Real Estate Rookie Rookie Facebook Group

Real Estate Rookie Youtube Channel

Real Estate Robinsons Youtube Channel

How to Buy a Short Term Rental with Only 10% Down

BiggerPockets

Check the full show notes here: https://www.biggerpockets.com/rookie156

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Feb 12, 2022
Progress Over Perfection: Building Wealth w/o Any "Home Run" Properties w/ Ali Garced
00:52:23

Every investor wants all their properties to be loaded with high cash flow, but that’s usually not the case. Realistic expectations are essential to the longevity of your career and the maximization of your investments. Progress over perfection should always be the goal. As today’s guest, Ali Garced, stated, “progress is progress, and it will eventually add up”.

Given that her dad is an investor, Ali has always been exposed to real estate, but it wasn’t until she was in the military that she decided to pursue it for herself. Once she realized how great of a resource VA loans are, Ali was determined to buy a house for herself. She purchased a house through the MLS but had to deploy before moving in, so that gave her another opportunity—renting it out. While it had seemed like a great idea, Ali later learned about the 1% rule and realized she was merely evening out after expenses and had no cash flow. This left her questioning if real estate was for her until she checked the appreciation of the house last year. From 2016 to 2021, Ali was shocked to find that the house appreciated double the price.

Her unintentional buy and hold profited more than what she wanted to get from renting—a very pleasant surprise. Since then, Ali has invested in four other properties, including an out-of-state turnkey and a duplex. While none of these properties have been a “home run”, Ali is more than thankful for her “base hits” because they helped her build wealth faster than she imagined. Turns out that it’s hard to not make money when buying the right real estate!

In This Episode We Cover

The VA loan and how it’s an incredible resource for military families 

The 1% rule and why it’s an important calculation to make when deciding on future or current investments

Property management vs self-management and how to decide between the two

The importance of having the right permits and how to check them

The classic buy and hold method and how to make a profit with minimal work

And So Much More!

Links from the Show

Real Estate Rookie Youtube Channel

Ashley's Instagram

Tony's Instagram

Real Estate Rookie Facebook Group

BiggerPockets Instagram

Sara's Instagram

BiggerPockets Calculator

MLS

Airbnb

BiggerPockets Bootcamp

Check out the full show notes here: https://www.biggerpockets.com/rookie155

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Feb 09, 2022
Rookie Reply: Is Investing with Family Members a Mistake?
00:14:10

We’re continuing the Rookie Reply Direct Message trend! This week’s question comes from Minnie through Tony’s Instagram DMs. Minnie is asking: Should you partner with family members when investing in real estate

While this may not be the most fun question that Tony has received in his DMs, it’s a very necessary one to answer, as many real estate investors start their journey partnering with family. While at times it can be stressful, working with family can also be rewarding in more ways than just financial. But, if you want to work with someone close to you, be prepared to treat your investment like a business.

Here are some suggestions:

Treat it like a partnership by signing an operating agreement or joint venture agreement 

Make sure your family member knows the risk of investing 

Don’t do anyone favors, present great investing opportunities instead of asking for money

If you feel like you need to update your partnership agreement, do so quickly and with the consent of your partners

And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Links from the Show

Real Estate Rookie Rookie Facebook Group

Real Estate Rookie Youtube Channel

Real Estate Robinsons Youtube Channel

Mini_vannnn's Instagram

Omid Tehranirad's Instagram

Alpha Geek Capital

Scott Trench's BiggerPockets Account

Check the full show notes here: https://www.biggerpockets.com/rookie154

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Feb 05, 2022
20 Deals in a Year as a Professional Basketball Player w/ Terry Harris
00:52:45

Real estate requires a lot of self-motivation and discipline to succeed. Successful investors know that nothing happens overnight and nothing comes to you easily. Today’s guest, Terry Harris, had the perfect amount of drive and persistence when he began his real estate journey. He now owns five properties and has closed twenty wholesale deals.  

Terry started getting into real estate when he came to terms with his G League contract only lasting about six months. He wasn’t sure what to do with his free time until he picked up The Book on Rental Property Investing and started listening to BiggerPockets. He started bringing books with him on the road and while his teammates teased him for always having his nose in a book, it was during those rides that he decided he was going to buy a house. He bought his first house and while it didn’t go as planned at all, the house appraised for double the price and he was beyond proud of himself for seeing it through. One of the hardest things for him during his first deal was the lack of community he felt, but he filled that gap by relying on the BiggerPockets community.

Unfortunately, COVID quickly put a pause on him investing in any other properties, but Terry didn’t let that stop him. He moved to LA for basketball and began looking into another aspect of investing—wholesaling. After practice, he began dedicating an hour to driving around looking for vacant properties and listening to podcasts. He started cold calling and while he missed out on a big potential first deal, he did twenty successful deals after that. While he has found success in wholesaling and enjoyed it, he wants to now transition into investing in more properties himself and gain a more passive income.

 In This Episode We Cover

How to use FHA loans and seller credits to help you purchase properties

Succeeding in real estate without a strong support system and building your investor community

The importance of cold calling and how to add it into your busy schedule

Saving vs splurging and how to encourage yourself to funnel more money into investments

Wholesaling land and the three indicators of a successful land deal

And So Much More!

Links from the Show

Real Estate Rookie Youtube Channel

Ashley's Instagram

Tony's Instagram

Real Estate Rookie Facebook Group

Rookie Podcast 91: 8 Units, 10 Wholesale Deals, and $0 Spent on Marketing w/ @Liliinvests

BiggerPockets Podcast

BiggerPockets Forums

BiggerPockets Facebook Group

Thach Nguyen's Instagram

Brent Daniels's Instagram

Airbnb

Ryan Dossey's Instagram

Propstream

Google Maps

LandGlide App

OnXHunt App

MojoDialer

Roor App

Check the full show notes here: https://www.biggerpockets.com/rookie153

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Feb 02, 2022
Rookie Reply: How to Fund Real Estate Deals (and Scale Bigger!)
00:17:02

Ashley and Tony’s DMs are open for real estate Q&A business! Just like last week, this week’s question comes from Tony’s Instagram DMs. The question? How are you scaling your real estate portfolio so quickly? How do you finance your deals?

For most rookie investors, real estate financing seems like a big hurdle to get over. With deals flying off the MLS so quickly nowadays, having your funding locked and loaded is as important as ever. Thankfully, even if you don’t qualify for bank financing (or you’ve maxed out your personal loan limit), you can still find some phenomenal financing options.

Here are some suggestions:

You don’t need the money, use a partner as a source of funding

Using a cash-out refinance or HELOC from a current property to fund your deals

Walk into your bank and ask what they can do for you (you may be surprised by your options)

Ask the seller about owner financing to close on deals without the hassle of a bank

And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Links from the Show

Real Estate Rookie Rookie Facebook Group

Real Estate Rookie Youtube Channel

Real Estate Robinsons Youtube Channel

A General Contractor (Almost) Ruined Our Rehab

Yelp

James Dainard's Instagram

Sara's Instagram

Swaterzzz's Instagram

Rookie Podcast 102: $10M Profit On Her First Deal?! It’s Possible with Campground Investing

BiggerPockets Podcast

Ryan Pineda's Instagram

Check the full show notes here: https://www.biggerpockets.com/rookie152

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jan 29, 2022
28 Units as a Full-Time Surgeon and Escaping the “Golden Handcuffs” w/ Daniel Shin
00:51:24

Most people assume they’ll achieve financial freedom after they make their dream salary, but what they don’t realize is you can’t out-earn your toxic money habits. Today’s guest, Daniel Shin, learned this quickly when he started making his full-time surgeon salary.

As a child, Daniel was fortunate enough to live the ideal suburban lifestyle, but when his dad got laid off during a recession, things quickly changed for the worse. After seeing his parents struggle to put food on the table, young Daniel decided he would do everything he could to prevent himself from being in a similar situation financially. Once Daniel started making his surgeon salary he assumed he’d be financially stable, but he began to expand his lifestyle to his salary and started drowning financially. It was at this point he decided to turn to real estate investing.

He started by listening to BiggerPockets and decided investing was for him once he realized he could reach financial freedom faster through real estate. The first couple properties he invested in were turnkey properties. With less risk, Daniel felt it was a comfortable start to his investing journey, but after a while he wanted more of the action. Over the last three years, he has acquired about twenty-eight units including four duplexes and two small apartment buildings. Daniel is now focused on building his “real estate empire” while becoming financially free.

In This Episode We Cover

How to balance your salary and spending habits (and live below your means)

The benefits of investing in turnkey properties and how to find a turnkey operator 

How to deal with a “bad” property and how to prevent investing in any more future headache rentals

How to show possible investors, mentors, or partners that you’re committed

The importance of getting thorough inspections and the consequences of skipping them

And So Much More!

Links from the Show

Real Estate Rookie Youtube Channel

Ashley's Instagram

Tony's Instagram

Real Estate Rookie Facebook Group

Rookie Podcast 55: Combining House Hacking and Live in Flips with Tyler Madden

Tyler Madden's Instagram

Sara's Instagram

Brandon Turner's BiggerPockets Account

BiggerPockets Podcast

Dave Ramsey's Podcast

Grant Cardone's Podcast

BiggerPockets Money Podcast

Scott Trench's BiggerPockets Account

Mindy Jensen's BiggerPockets Account

BiggerPockets

BiggerPockets Forums

Rookie Podcast 29: Growing Your Portfolio with Turnkey Investing with Whitney Hutten and Lance Robinson

Tiktok

The Real Estate Robinson's Tiktok Account

Check the full show notes here: https://www.biggerpockets.com/rookie151

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jan 26, 2022
Rookie Reply: Which Rent Numbers Can You Trust When Analyzing a Deal?
00:15:08

Ashley and Tony’s Instagram DMs have been blowing up! This week’s question comes from Collette through Tony’s Instagram direct messages. Collette is asking: Do you make offers based on pro forma or actual rent numbers?

If you’re a real estate rookie or a residential-only investor, this may be the first time you’ve heard the term “pro forma” before. A real estate pro forma is simply a spreadsheet or document that projects the estimated financials on a property once capital expenditures, rent increases, or other improvements have been put in. So, should you trust those numbers?

Here are some suggestions:

Remember to “trust, but verify” and always run your own numbers on projected income

Use multiple different investor scenarios: pro forma, current numbers, worst case, etc.

Take into account the holding cost of performing a large rehab on a commercial property

Calculate your working capital and CapEx budget needed to acquire the property successfully

And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Links from the Show

Real Estate Rookie Rookie Facebook Group

Real Estate Rookie Youtube Channel

Rookie Podcast 103: From Restaurant Waiter to 100+ Deals in Only 4 Years w/ Derrick Acuff

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

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jan 22, 2022
55-Unit "Mobile Home Queen" and The Nightmare 17-Month Rehab w/Emily Fackler
00:55:18

While leaving your W-2 to pursue real estate can be intimidating at first, it’s important to realize the skills you learned at your W-2 don’t all go to waste. Most of what you learned is transferable when it comes to the wonderful world of real estate investing. Instead of looking at your W-2 as a means to an end, think of it as an experience-based asset. This is exactly what today’s guest, Emily Fackler, did.

As a former salesperson, Emily was no stranger to the word “no”. In fact, she had heard it so many times she has created a thorough follow-up system to combat it. This follow-up system led her to her first flip, purchasing a home that multiple people told her “was already sold”. Her first flip took her 17 months and while she did two other flips besides that, she soon realized flipping wasn’t for her. This took her to her next real estate venture: mobile home investing

Emily partnered with her best friend and bought a 39 lot mobile home park for a mere $139,000. Compared to flipping homes, Emily loves it! Investing in mobile homes makes more sense for her financially and allows her to have a sense of relationship with all her tenants. She has been able to hire a property manager to handle all the logistics and hopes to bring more homes into the park. After finding her niche with mobile homes, Emily is ready to hit the ground running and eventually be known as the “Mobile Home Park Queen”.

 In This Episode We Cover

The importance of follow up and how much of a difference it can make in your business

How to finance your flips, rental properties, and mobile home parks

Structuring family partnerships and the benefits of working with those you trust

How to pitch investors on a potential deal so they feel confident in your value

The “stair-stepping method” and how to increase rent in a gradual, less intrusive way

And So Much More!

Links from the Show

Real Estate Rookie Youtube Channel

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

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jan 19, 2022
Rookie Reply: Should You Buy a Rental Before Buying Your Primary?
00:09:35

This week’s question comes from Brandon through Ashley’s Instagram direct messages (follow her @wealthfromrentals). Brandon is asking: I live in a great neighborhood where my rent is less than a potential mortgage. I’m looking to invest in a different town experiencing great growth, but I would live there myself. Is it a bad idea to purchase a rental property before purchasing my primary residence? 

Both Ashley and Tony had to ask themselves this same question as they started their real estate investing careers. While they took different approaches, in the end, they both agree that this decision is far more subjective than many people think, and it will entirely depend on your family plans, cash flow, and net worth calculations.

Here are some suggestions:

Ask “will this home purchase contribute faster to my cash flow or net worth goals?”

Decide on the importance of having a “home base” in your name

Understand how your financing options may change after buying the property

Calculate how long it will take you to invest/buy your primary after your purchase

Make the decision through a five-year lens

And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Links from the Show

Real Estate Rookie Rookie Facebook Group

Real Estate Rookie Youtube Channel

Check the full show notes here: https://www.biggerpockets.com/rookie148

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jan 15, 2022
13 Flips as a Full-Time Flight Mechanic and Part-Time Lender w/ Anthony Michael
00:56:11

To be a successful entrepreneur and investor, you need to learn how to turn a no into a yes. Today’s guest, Anthony Michael, has earned his title as a successful entrepreneur from doing just that. Through determination, calculated risk, and finding ways to create value, Anthony has done thirteen flips while also becoming a trusted lender.  

Anthony’s real estate investing journey started when he realized he needed to gain control of his money. After his first flip, a live in flip on the house he and his wife had just bought, he knew flipping was something he could do for profit. From there he found his first partner, one of his co-workers, and began to flip even more houses. The second partner he found rejected him at first, even though his online profile (with no profile picture) was pretty much anonymous. Despite this, Anthony was drawn to this mystery partner and his alleged “400 flips” so he flew out to meet this so-called legend and was pleasantly surprised when he was exactly who he said he was.

Anthony could have stopped there but he decided to tap into a new source of income; lending. It started with him asking his neighbor what he did for a living and now he’s the top-rated lender on BiggerPockets. The ability to create value and persist has allowed Anthony to become not only a great real estate investor but an amazing entrepreneur.

 In This Episode We Cover

VA loans and why they’re powerful home buying tools

How to navigate partnerships and find the right partnership structure for both parties

Promissory notes and the importance of having legitimate legal documents in place

How to establish a strong partnership foundation in the beginning

How to bounce back from losing money and prevent it from happening again

Hard money loans and why you shouldn’t automatically write them off

And So Much More!

Links from the Show

Real Estate Rookie Youtube Channel

Ashley's Instagram

Tony's Instagram

Real Estate Rookie Facebook Group

BiggerPockets Podcast

Ashley Wilson's Instagram

BiggerPockets Radio Podcast 001: Building a Successful House Flipping Business and Losing Millions with Marty Boardman

David Greene's Instagram

Lowes

The Home Depot

Grant Cardone's Website

BiggerPockets

Check the full show notes here: https://www.biggerpockets.com/rookie147

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jan 12, 2022
Rookie Reply: How Tony Robinson Lost His Job (and Found His Freedom)
00:16:43

Getting fired usually isn’t a good thing. But in retrospect, it was arguably one of the best things to ever happen to Tony Robinson. Before being the internet’s poster boy for short-term rental investing, Tony Robinson spent his days working for someone else while climbing up the corporate ladder. When he unexpectedly got fired (2 days before Christmas), he had to reimagine what his life would and could look like.

Tony took a chance on himself and his real estate business, a chance that has paid off massive dividends to this day. He now lives life on the schedule he wants, spending time with his wife and son, without having to worry about a boss one day letting him go.

Maybe getting fired (while owning real estate) isn’t such a bad thing!

Thinking of leaving your job? If so, prepare like Tony did:

Have a healthy safety reserve before you decide to leave

Understand the job market for your specific position and whether or not you could be rehired

Use your W2 income to invest in cash-flowing assets like real estate

Understand the difference between “job security” and “wealth building security”

And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

 Links from the Show

Real Estate Rookie Rookie Facebook Group

Real Estate Rookie Youtube Channel

BiggerPockets Real Estate Investing Bootcamp

BiggerPockets Podcast

Check the full show notes here: https://www.biggerpockets.com/rookie146

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jan 08, 2022
Leaving the 9-5 Office Life to Start a Mother-Daughter Flipping Business
01:06:08

Most people describe their start in real estate investing as a thought-through process. It usually includes a tedious plan with an incredible amount of time spent gaining background knowledge—but that’s not always the case. Today’s guest, Jan Trisler, stumbled into real estate investing by accident but hasn’t been able to look back after having four successful flips, while currently working on her fifth. Now, she has hopes of getting into rental properties in the upcoming year.

Jan was already in a transition period in her life as she was moving from Nebraska to Arizona as a divorcee but she decided to take it one step further and trade her 9-5 for real estate. It started with purchasing her primary residence from an auction, then later rehabbing it to realize she could do this for a profit. From there, she made the transition from rehabbing to flipping and bought two more properties from an auction.

Once Jan realized that flipping was not only a sustainable source of income but something she genuinely enjoyed, she formed an LLC with her daughter and made things official. While some are hesitant to work with family, Jan and her daughter have created a great system where work is allocated fairly, their wages are paid hourly and the financial investment works perfectly for them. By taking the investing “plunge”, Jan has been able to live and finance her ideal life while doing it with the people she cares about most.

In This Episode We Cover

House hacking and how to get your start in real estate investing

Wholesaling and whole-tailing and what that means

How to make sure the job you work at matches your ideal life

How to set long-term and short-term goals and how to approach them

Building processes and incorporating systems that help your business prosper

Outsourcing and how to train employees (even if you’ve never been a boss)

And So Much More!

Links from the Show

Real Estate Rookie Youtube Channel

Ashley's Instagram

Tony's Instagram

Real Estate Rookie Facebook Group

Auction.com

MLS

Hours Tracker App

Time Clock App

Quickbooks

Quickbooks Time Tracking

Rookie Podcast 109: From Sleeping in His Car to Multi-Unit Landlord & The “Nomad” Strategy

Sara's Instagram

Zillow

Realtor

Check the full show notes here: https://www.biggerpockets.com/rookie145

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jan 05, 2022
Rookie Reply: 6 Short-Term Rental Tips from Tony J. Robinson
00:23:47

From time to time, Ashley and Tony both have questions they need answering. And thankfully, they both host a show with a real estate investor in complementary niches. This week, Ashley is prepping to scale her short-term rental empire, so she wants to know from Tony what his six top tips for vacation rentals would be.

Although Tony has only been hosting for a few years now, he has a sizable portfolio that was built fast and efficiently. He’s able to charge top dollar on his vacation rentals due to his management, rehabs, and pricing strategies. If you want to max out your vacation rental income, Tony is the guy to listen to!

Here are some suggestions for Ashley:

Utilize comparable data to match region-standard checkout policies, nightly pricing, and minimum stays on bookings

Find the niche that you can fill and will allow your rental to stand out

Do whatever you can to ensure the guest leaves a positive review on your property

Communicate with guests in a systematized, timely manner

And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Links from the Show

Real Estate Rookie Rookie Facebook Group

Real Estate Rookie Youtube Channel

BiggerPockets Real Estate Investing Bootcamp

Airbnb

Vrbo

Robuilt Youtube Channel

Hospitable

iGMS

YourPorter

Check the full show notes here: https://www.biggerpockets.com/rookie144

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jan 01, 2022
High Salary? No Thanks, I'd Rather Be Wholesaling w/Aaron Latal
00:49:39

When you think about your ideal life in 5,10 or even 15 years, what do you see? When you think about your finances, what is it that you want your money to do for you? As today’s guest, Aaron Latal, so elegantly put it, when setting goals it is best to start backwards.

After graduation, Aaron landed a high-paying job as an engineer and genuinely enjoyed the work he was doing, yet he felt like something was missing. Besides his job, he had nothing to fill his free time, so he turned to real estate investing. He began to read, listen to BiggerPockets and do anything he could to educate himself. Once he felt like he had a good understanding, he started his real estate journey by rehabbing the property he lived in and eventually house hacking a duplex he purchased.

Shortly after that, he realized this is what he was meant to be doing. He then quit his job despite enjoying it because he knew that engineering didn’t fit the life he envisioned for himself. From there on he poured everything into real estate and wholesaling. He soon noticed that he had more of an interest in the business and process side of things so that’s what he focused on. As business picked up, he was able to outsource certain aspects of his job and focus on his strengths and what he enjoys. By working backward and understanding what he wants his life to look like in the future, Aaron is not only building his ideal life but living it.

 In This Episode We Cover

House hacking and how to get your start in real estate investing

Wholesaling and whole-tailing and what that means

How to make sure the job you work at matches your ideal life

How to set long-term and short-term goals and how to approach them

Building processes and incorporating systems that help your business prosper

Outsourcing and how to train employees (even if you’ve never been a boss)

And So Much More!

Links from the Show

Real Estate Rookie Youtube Channel

Ashley's Instagram

Tony's Instagram

Real Estate Rookie Facebook Group

Alpha Geek Capital

The One Thing

Podio

Forefront

BiggerPockets Podcast 494: The Five F-Words Every Real Estate Investor Needs to Master

BiggerPockets Podcast

BiggerPockets Podcast 480: Making $200k a Month After Being on the Verge of Bankruptcy

Scott Trench

Loom

Readymode

CallRail

Check the full show notes here: https://www.biggerpockets.com/rookie143

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Dec 29, 2021
Rookie Reply: Do You Have to Put 20% Down on an Investment Property?
00:09:03

This week’s question comes from Mack through Ashley's Slack channel in the Real Estate Rookie Bootcamp. Mack is asking: How can I buy an investment property without putting 20% down?

Mack has the question that many real estate investors do: how to buy with low or no money down? Thankfully, the world of real estate has a plethora of financing options from low down payment conventional and FHA loans to zero percent down loans from certain providers. Granted, you do need to check a few boxes before you can get these.

Here are some suggestions:

Understand the main differences between FHA loans and conventional loans

Use house hacking as a way to qualify for owner-occupied financing

Calculate out your PMI beforehand so you know the true cost of a sub-20% percent down loan

Use a HELOC on your current properties as the down payment for new ones

And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Links from the Show

Real Estate Rookie Rookie Facebook Group

Real Estate Rookie Youtube Channel

Real Estate Rookie Bootcamp

BiggerPockets Forums

NACA

Check the full show notes here: https://www.biggerpockets.com/rookie142

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Dec 25, 2021
3 Biggest Real Estate Lessons We Learned in 2021 w/Ashley Kehr and Tony Robinson
00:45:54

We usually get to hear from our amazing guest speakers, but as the year comes to an end, it’s time to hear directly from our dynamic show hosts. Besides hosting rookie podcasts, Tony and Ashley are living proof of how lucrative real estate can be when done right. In this end of the year special we explore Tony and Ashley’s business goals, challenges, and motivations.

While it might be hard to imagine, Tony and Ashley started exactly where everyone else did, at the beginning. Before they each had their own successful businesses, they had to develop a plan, make connections, build a strong reputation, and find the confidence and motivation to keep going even through failure. In fact, despite their current success they still have to do all these things and more. Real estate investing isn’t stagnant and in order to get to or stay on top you have to be willing to evolve, change and take risks.

Tony and Ashley break today’s episode into three categories: business development, partnerships and motivation/inspiration. In each category they talk about their current and past business ventures and their big takeaways. We usually get to hear small snippets about what they’re doing and how they’re doing it, but today it’s just them and it’s something you don’t want to miss!

In This Episode We Cover

The BRRRR strategy and how lucrative it can be for investors

The importance of constantly challenging yourself and finding something you’re passionate about 

The benefits of finding your niche market and becoming “known” for something

Why goal setting and vision planning is essential (even if you don’t know your end goal)

Building your internal team and the difference between your internal and external partners

The different types of partnerships and finding the right partnership structure for you

And So Much More!

Links from the Show

Real Estate Rookie Youtube Channel

Real Estate Rookie Facebook Group

Brandon Turner's Instagram

The Real Estate Robinsons Youtube Channel

AJ Osborne's Self Storage Conference

AJ Osborne's Instagram

James Dainard's Instagram

Check the full show notes here: https://www.biggerpockets.com/rookie141

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Dec 22, 2021
Rookie Reply: Seller Financing 101
00:13:41

Once again, Ashley’s DMs are open for questions! This week, Brendan direct messaged Ashley asking: I’m looking at a 10-unit property at $1.9M. The current owner only has 4/10 units rented, but banks require 75% occupancy to finance. The seller would be interested in owner financing. Where do I start?

It’s good to note that no two seller financing deals are the same. Different sellers want different things out of a sale and it’s up to you, as the buyer, to find the things they really need to get the deal done. If you’re able to do that, you could get a great property under contract with little-to-no money down!

Here are some suggestions for owner financing:

Use PropStream or county records to see whether or not the seller has a mortgage/lien on the property

Calculate how much you’d be comfortable putting down and relay that in your offer

Run the numbers with current/Pro forma occupancy to see what the property could cash flow

Know that (almost) everything is negotiable, don’t be scared to ask for flexible options

And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Links from the Show

Real Estate Rookie Rookie Facebook Group

Real Estate Rookie Youtube Channel

BPCON2021

Propstream

Check the full show notes here: https://www.biggerpockets.com/rookie140

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Dec 18, 2021
The Best Tax Benefits of Rental Property Ownership w/ CPA Ana Klein
00:48:43

What 2022 real estate tax strategies do you have prepared? Or maybe the better question is: have you even started to plan for taxes in 2022? If you’re a real estate rookie, you probably are just dipping your toe into the wonderful world of real estate tax deductions. But, without a good bookkeeper, accountant or CPA, you could be missing thousands (if not more) in tax savings.

Joining us today for our end of year tax roundup is investor, lender, and CPA Ana Klein. Ana started her real estate journey working as a public accountant, then a private accountant, and finally starting her own business. She saw the massive tax advantages her clients benefited from simply by owning rental property, so she decided to do the same.

Now, Ana has a growing portfolio, complete with cash flow and depreciation to offset her income. Ana spends some time today walking through how you, a rookie or experienced investor, can benefit when investing in real estate. She also lays out the ways you can set yourself up for success with a CPA and maximize your deductible income.

In This Episode We Cover

How to shift from a nine-to-five mindset to an entrepreneurial spirit

Converting a duplex into a triplex for only a thousand bucks

What should rookies do right now to take advantage of real estate tax benefits

Is it ever tax-advantaged to buy a rental property that is losing money?

The good (and bad) 2022 tax code changes for real estate investors

When you should contact a CPA to help with tax filing 

And So Much More!

Links from the Show

Real Estate Rookie Youtube Channel

Ashley's Instagram

Tony's Instagram

Real Estate Rookie Facebook Group

Brandon Turner's Instagram

Grant Cardone Seminars

BiggerPockets

MLS

InvestorGirlBritt's Instagram

Stessa

Quickbooks

Check the full show notes here: https://www.biggerpockets.com/rookie139

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Dec 15, 2021
Rookie Reply: How Do I Find Rental Comps for My Property?
00:10:18

This week’s question comes from Daniel, who reached out directly to Ashley through her Instagram (@wealthfromrentals). Aside from giving Ashley some more movie quotes to use, Daniel is also asking: How do I gather local rent numbers for my rental property? 

Landlords can struggle when trying to price a rental appropriately, that’s why rental comparable (comps) research can be so important when looking into a new area or when shopping for properties. Both Ashley and Tony use rental comps daily, so they can calculate the right rent price in their sleep!

Here are some suggestions:

Look at comparable homes in your area and see what they’re renting for on top rental sites

Focus on a zip code and property type, as these will be two important factors when comparing rents

Use the BiggerPockets Rent Estimator to automatically find a comparable rent price

Call a local property manager and ask them what your property would rent for

Start an excel spreadsheet where you can easily track days-on-market and price for rentals

And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Links from the Show

Real Estate Rookie Rookie Facebook Group

Real Estate Rookie Youtube Channel

Zillow

Redfin

Craigslist

Facebook Market Place

BiggerPockets Rental Estimator

Check the full show notes here: https://www.biggerpockets.com/rookie138

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Dec 11, 2021
Turning $3,000 into 10 Doors (As a Former Parolee)
00:50:45

Do you ever feel out of place as an employee? The W2 route isn’t for everyone and maybe you’ve started to feel the entrepreneurial itch. So what steps do you take when it’s time to transition into working for yourself all while building wealth through real estate?

After years of being in and out of the prison system, Sterling Shrout needed a change. His whole life he considered himself a “bad employee” until he finally realized he wasn’t meant to be an employee, so he turned to real estate.

He began by listening to The BiggerPockets Podcast and any other educational material he could find. From there, he became hooked on the idea of creating opportunity and building capital through self-employment. Besides owning his own home, something he never thought he would do, Sterling has now closed on ten doors in less than two years!  

We touch on topics like overcoming self-doubt, finding a business partner, going from an employee to an entrepreneur, triple net leases, and operating agreements. If you want to begin the journey to self-employment regardless of your past, this episode is perfect for you!

In This Episode We Cover

Overcoming self-doubt and not letting it keep you from pursuing your dreams

The importance of having the right business partner (and how to find one)

Transitioning from being an employee to an entrepreneur and why you should take the leap

Triple net leases and the massive advantages that come with it as a landlord

How to set up an operating agreement and why they’re essential for partnerships

How to build, find and maintain business relationships (even if you don’t have any yet)

And So Much More!

Links from the Show

Real Estate Rookie Youtube Channel

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

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Dec 08, 2021
The 6-Step Process for Buying Your First Rental Property
01:22:07

If you’re wondering how to buy your first rental property, there is arguably no better place on the internet to learn than BiggerPockets. Ashley Kehr should know, she tripled her portfolio after she found the BiggerPockets forums. But, in order for Ashley to triple her portfolio, she had to make the leap and buy her first deal. Today, she’ll teach you how to do the same, so you can reach financial freedom.

Ashley wasn’t born into a real estate family. She worked a nine-to-five job as an accountant, only to realize she hated it and later quit. She began working for a local investor and started learning the real estate management game. Ashley then partnered with the son of her boss, who provided her the capital to begin investing.

In less than a decade, Ashley was able to reach financial freedom, retire from any possibility of a regular workweek, and spend more time with her children. Now, it’s time for you to do the same!

 In This Episode We Cover

The six-step process to go from real estate onlooker to real estate investor 

How real estate can help you build long-lasting, generational wealth

Why doesn’t everyone invest in real estate if it’s so great?

The five mistakes that almost every real estate investor makes

Running through the numbers on a live real estate deal analysis 

Real estate strategies for every type of rookie investor

And So Much More!

Links from the Show

Real Estate Rookie Youtube Channel

Ashley's Instagram

Tony's Instagram

Real Estate Rookie FaceBook Group

BiggerPockets Bootcamp

BiggerPockets Forums

BiggerPockets Webinars

Joshua Dorkin's Website

BiggerPockets

BiggerPockets MarketPlace

MLS

BiggerPockets Calculator

BiggerPockets Podcast 348: Full-Time Job, Full-Time Mom, and Full-Time Wealth From Rentals with Ashley Kehr

BiggerPockets AlreadyPro

BiggerPockets Newbie Worksheet

BiggerPockets Newbie Slides

BiggerPockets 7 Years

Realtor Sold Listings

BiggerPockets Conference

Check the full show notes here: https://www.biggerpockets.com/rookie136

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Dec 04, 2021
2 Houses Flipped as a Part-Time Real Estate Agent & Full-Time Father
00:51:28

Real estate is a relationship-based business. As you establish more relationships within the industry, your job continues to get easier and today’s guest, Jay Simpson, is a prime example of that. With the help of his mentor, he has successfully flipped two houses and already turned one into a rental property.

The primary reason he got into real estate was because he wanted the time to be actively part of his daughter’s life — a freedom his W-2 didn’t allow. His ability to cultivate meaningful relationships is the reason he has been able to find so much success as a real estate agent and investor. Jay heavily emphasizes the role his mentor plays in his real estate career, especially given that when he was new to the industry, he needed someone to show him what the classroom couldn’t. His genuine nature got him his first sale, his first flip, and a continued relationship with his lenders.

Real estate has allowed him to not only free up his time but enjoy the time he has freed up, which to a family man like himself, is the dream. Investing is about more than building wealth, it’s about learning the value of time, especially because you can never get it back.

In This Episode We Cover

Getting your real estate license and how it can be the first step to investing

Working for a broker and what that means for your career as an agent

House flipping and the signs that indicate a great potential flip

How to estimate rehab costs as a first timer 

The importance of a detailed scope of work and its benefits

The importance of being genuine and authentic with everyone you encounter

And So Much More!

Links from the Show

Real Estate Rookie Youtube Channel

Ashley's Instagram

Tony's Instagram

Real Estate Rookie FaceBook Group

Rookie Podcast 55: Combining House Hacking and Live in Flips with Tyler Madden

BiggerPockets Podcast

Zillow

Lowe's

16Personalities

Tony Robbins Website

BiggerPockets Bookstore

MLS

Apartments.com

Cozy

Buildium

rentredi

appfolio

BiggerPockets Forums

BiggerPockets Conference

Check the full show notes here: https://www.biggerpockets.com/rookie135

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Dec 01, 2021
Rookie Reply: Loan Amortization and Balloon Payments Explained
00:07:39

This week’s question comes from Neil on the Real Estate Rookie Facebook Group. Neil is asking: I’m reading a book on financing strategies — if a loan is amortized over thirty years, how is there a balloon payment at fifteen years? What’s the difference between the two?

Most real estate investors don’t run into things like balloon payments until they’ve started taking loans from private lenders or use seller financing. Balloon payments allow investors the chance to refinance earlier or pay off a loan in its entirety while also giving a seller or lender the cash they want.

Considering a balloon loan? Here’s what to know:

A loan is amortized over a set amount of years and interest is usually paid before principal

Balloon payments force the lendee/investor to pay back the unpaid loan amount at a certain year mark

Refinancing, paying off a property, or selling a property are ways to fund a balloon payment

Balloon payments force investors to think further in the future for better exit strategies 

And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Links from the Show

Real Estate Rookie Rookie Facebook Group

Real Estate Rookie Youtube Channel

Check the full show notes here: https://www.biggerpockets.com/rookie134

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 27, 2021
From Server to Landlord with 10+ Units at 24 Years Old
00:47:22

What if you knew you could be fresh out of college and already owning property? Why wait for a “stable career” to start building wealth when you can dive into real estate investing, whether that be in or out-of-state? Would you start looking into investing earlier if you knew it was without age limitation?

Today’s guest Karina Mejia, a 24-year-old investor, goes over her house hacking journey that helped her go from a server to a landlord. From managing tenants to investing in out-of-state properties, Karina walks through the mindset of investing from a very early age, without the emotional support of those around her.

We touch on topics like house hacking, the BRRRR strategy, investing with a romantic partner, out-of-state investing, and financing your first deal. If you’re a first-time investor or college student, this episode is perfect for you.

In This Episode We Cover

What to do with an unruly tenant while house hacking 

How to invest with a romantic partner to ensure asset protection for the both of you

Investing fresh out of college even if you have no experience in real estate 

Successfully investing without the support of those around you

How to build a lease for your house hacks so tenants have a positive experience

Finding the best out-of-state market for your investing strategy

How to passively invest and outsource work to maximize time value

And So Much More!

Links from the Show

Real Estate Rookie Youtube Channel

Ashley's Instagram

Tony's Instagram

Real Estate Rookie FaceBook Group

Rookie Podcast 125: Using OnlyFans to Fund Ownership in Her First BRRRR w/ Brin Amberlee

BiggerPockets Podcast

BiggerPockets Forums

Experian

Microsoft Excel

MLS

Check the full show notes here: https://www.biggerpockets.com/rookie133

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 24, 2021
Find Money, Partners, & Deals Using The “D.A.D System” w/ Mike Michalowicz
00:45:30

We often hear entrepreneurs talk about how they want to “be the best” in their field. It’s the same with many real estate investors. They want to be the best wholesaler, flipper, short-term rental host, or landlord. But, does “being the best” really matter much to your customer if they can’t tell the difference between you and your competition? Probably not.

Mike Michalowicz, author of Profit First, is on the show today to discuss his new book, Get Different, and why so many entrepreneurs and real estate investors have marketing all wrong. If you’ve ever tried direct mail, cold calling, or door knocking, you know the sting of quick rejection from a potential seller. Why do they reject so quickly? Because you sound just like every other real estate marketer trying to get to them.

If you’re looking to entice new partners, private lenders, tenants, employees, or sellers, you need to start marketing differently. This is possible through Mike’s “D.A.D Framework” that highlights the three most important factors of marketing successfully to a prospect.

In This Episode We Cover

Why real estate investors need marketing more than they think

Finding your competitive advantage and using it to outsmart other investors

Why having a high-referral rate doesn’t mean you're succeeding at marketing

Who, what, and ‘win’ to target and market to partners, private lenders, and sellers

The “D.A.D Framework” and how you can capitalize on it to score leads

Asking customers “what am I doing right” and making it a crucial part of your brand

And So Much More!

Links from the Show

Real Estate Rookie Youtube Channel

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

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 20, 2021
4 Units At 20 Years Old & Ditching Med School for Multifamily
00:57:05

The more “traditional path” encourages a lot of waiting: waiting to get into the right school, waiting to get the right degree, the right internship, and the right job, but what about the right now? As every current and aspiring entrepreneur knows, time is money so capitalizing on the right now is essential. How do you do that? Real estate investing!

Today’s guest, Rachel Morrow, knew the importance of capitalizing on the right now. At merely 20 years old she was on her way to med school when she realized she wanted to start building wealth. During her warehouse shifts, she began listening to real estate podcasts and recognized real estate was not only something she wanted to do but something she could do. This led to a big transition period in her life from the path she had always known to the path less traveled, but once she made that mindset shift, that was it.

The change didn’t happen instantaneously. She had to completely start anew and work towards her goals which at one point meant working 60 hours a week for a year to get pre-approved for a loan. Her drive and persistence allowed her to close on 4 units with hopes of closing on more single-family homes in the future. We touch on topics like creating value, breaking from the “traditional” path, self-managing a house hack, finding a mentor, and being a young investor.

In This Episode We Cover

Breaking from the “traditional” path and finding what best suits you

Building wealth without prior experience in real estate

How to successfully self-manage a house hack 

Using your youth as an advantage when investing in real estate

Getting pre-approved for a loan without high income or long work experience

How to find the right mentor (especially as a newbie)

And So Much More!

Links from the Show

Real Estate Rookie Youtube Channel

Ashley's Instagram

Tony's Instagram

Real Estate Rookie FaceBook Group

Steve Rozenberg Events

The Real Estate Guys

Real Estate Rookie Podcast

Graham Stephan's Youtube Channel

MLS

Zillow

Brandon Turner

Rentredi

Rookie Podcast 102: $10M Profit On Her First Deal?! It’s Possible with Campground Investing

Apartments

BiggerPockets Forums

Check the full show notes here: https://www.biggerpockets.com/rookie131

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 17, 2021
Rookie Reply: How to Spot Scam Wholesale Deals
00:08:34

This week’s question comes from Rob on the Real Estate Rookie Facebook Group. Rob is asking: How do I make sure a wholesaler that is sending me deals is not a scam?

With wholesaling, as with any other sector of real estate, you’re always going to have your good and bad actors. Many wholesalers are running professional businesses, but some are simply inexperienced, while others have malicious intent.

Here are some suggestions on weeding out wholesalers:

Have your attorney look over the assignment contract to ensure it’s legal

If a wholesaler ever asks you to send funds directly to them, they’re probably not legit

Know your numbers, so any suspiciously good (or bad) deals can be written off

Contact wholesalers on your own so you can do due diligence upfront 

And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Check the full show notes here: http://www.biggerpockets.com/rookie130

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 13, 2021
5 Properties After Spending 8 Years in Prison (With ZERO Credit!)
00:55:26

What if you treated the lowest point in your life as a beginning instead of an end? What if you were told real estate investing could be the second chance you’re looking for? Why give up when you could level up?

Today’s guest, Jason Peterson, took back control of his life by doing exactly that. Instead of giving into adversity and strife, Jason found a way to turn his life around, through real estate investing. After eight years of incarceration, Jason went from a zero credit score to buying his first property a year and a half after his release. Now, he has acquired five properties and is on the path to becoming financially free. He did all this with the help of his mentor, support from his loved ones, and the education he received in a sandwich shop. So, what’s stopping you?

We touch on topics like overcoming adversity, finding a mentor, seller credits, building credit, and how to invest with little capital. If you’re at a breaking point or need the motivation to keep going in the real estate investing game, this episode is perfect for you!

 In This Episode We Cover

Overcoming adversity and not letting your past define your future

Investing and buying properties with little capital or credit

How the use of a mentor can help elevate your knowledge

The risk involved in house hacking or investing and why it’s ultimately worth it

The use of seller credits and how to get creative with your financing

How to build the credit you need to invest (even if you’re starting from zero!)

The time-tested buy and hold method and its advantages for rookie investors

And So Much More!

Links from the Show

Real Estate Rookie Youtube Channel

Ashley's Instagram

Tony's Instagram

Real Estate Rookie FaceBook Group

Rookie Podcast 109: From Sleeping in His Car to Multi-Unit Landlord & The “Nomad” Strategy

BiggerPockets Podcast

Real Estate Rookie Podcast

MLS

Craigslist

BiggerPockets

Rentredi

QuickBooks

Check the full show notes here: https://www.biggerpockets.com/rookie129

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 10, 2021
Rookie Reply: Finding & Financing Bigger Real Estate Deals
00:26:22

Ashley and Tony have been on a tear this year, buying up more homes than ever before. They’ve also been branching out into bigger commercial deals, like RV parks, campgrounds, hotels, motels, and more. While every real estate rookie knows the thrill of finding a new deal, many don’t understand the struggles that go with it.

Today, Ashley and Tony walk through the biggest hurdles they’ve been facing when trying to chase bigger, better deals. One of the biggest struggles when getting into a larger real estate class is financing. You’ll hear how the hosts individually dealt with difficult financing challenges, from subject to financing to raising money and syndicating.

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

 Links from the Show

Real Estate Rookie Rookie Facebook Group

Real Estate Rookie Youtube Channel

Vrbo

Airbnb

BiggerPockets

BiggerPockets Podcast 527: 300 Doors, 100% Creative Financing with Pace Morby

Check the full show notes here: https://www.biggerpockets.com/rookie128

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 06, 2021
Buying Property While Stationed Overseas (and a $40k Rookie Mistake!)
00:55:17

Military members in the real estate community love to preach about how great the VA loans are for financing primary residences. They also love the fact that these primary residences can be turned into rentals, quite easily, when the military decides to station you elsewhere. This is exactly how Angel Garcia got his start; accidentally investing in real estate, all while stationed overseas.

Angel bought his first house as a way to ensure financial security for his wife and daughter, but when he was re-stationed, he decided to give landlording a go. He bought another primary residence, but once again, was forced to move, leaving him with two rental properties. He started to notice the cash flow coming in, and with some help from David Green’s Book Long-Distance Real Estate Investing, he made the jump to invest out-of-state.

He made an offer on the perfect property, a $55,000 duplex, but when his inspector wouldn’t even enter the house, he knew he may have made a mistake. This home had $40,000 in foundation damage that needed to be repaired, turning his small investment into a cash-heavy burden. Through perseverance and the ability to learn from past mistakes, Angel was able to make this rental cash flow a respectable amount and it allowed him to get even further along the path to financial freedom.

In This Episode We Cover

Opening yourself up to investing, even if you were raised without an investor’s mentality

Using rental property investing as a way to secure generational wealth for your family

Utilizing VA loans to get 0% down financing on your primary residence

Why you need to be careful you don’t talk yourself out of a deal

Why you should always “do something” even if you can’t buy a property yet

Recovering from a $40,000 surprise when rehabbing a property 

How to help those around you even if they don’t seem interested in learning

And So Much More!

Links from the Show

Real Estate Rookie Youtube Channel

Ashley's Instagram

Tony's Instagram

Real Estate Rookie FaceBook Group

BiggerPockets Podcast

Brandon Turner

Joshua Dorkin

Youtube

David Greene

Zillow

Realtor

BiggerPockets Calculator

BiggerPockets Forums

Check the full show notes here: https://www.biggerpockets.com/rookie127

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 03, 2021
Rookie Reply: Want to Be a Full-Time Investor? Learn These Skills!
00:24:33

This week is less of a Rookie Reply, and more of a “Rookie Ramble” as Ashley likes to call it, as Tony and Ashley ask each other questions about their road to full-time investor status. They talk about first jobs, best degrees for real estate investing, the industries they chose to go into after college, and the skills they wish they had learned earlier.

Both Tony and Ashley didn’t have the end goal of investing in real estate upon graduation, but they made smart choices in their W2 careers that allowed them to go full-time when the opportunity presented itself. If you’re young or even just starting out on this real estate journey, ask yourself, “what skills do I need to develop to succeed at this?”

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Links from the Show

Real Estate Rookie Rookie Facebook Group

Real Estate Rookie Youtube Channel

BiggerPockets Podcast

Rookie Podcast 118: Stop Scrolling, Start Posting: Social Media for Real Estate Investors

BiggerPockets Podcast 500: Robert Kiyosaki: America’s ‘Rich Dad’ Sees a Real Estate Crash Coming

Check the full show notes here: https://www.biggerpockets.com/rookie126

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 30, 2021
Using OnlyFans to Fund Ownership in Her First BRRRR w/ Brin Amberlee
00:43:17

You could say that Brin Amberlee isn’t a traditional real estate investor. She doesn’t have tons of experience with property management, construction, or investing, but she does have the will to succeed. After buying her primary residence in Las Vegas, Brin was prompted by friends to start listening to The BiggerPockets Podcast, where she learned about the mind-blowing BRRRR strategy. Brin's funding source for the deal? Her OnlyFans business!

Hailing from Columbus, Ohio, she knew that investing in her hometown would be a perfect place to practice her first BRRRR, turning an old house into an instagramable short-term rental. With help from her father, she is personally taking the time to demo, rehab, and design this property, top to bottom.

Brin touches on everything from finding an investor-friendly agent, to viewing properties, analyzing deals, getting financing, growing your personal brand, and more. She has some big plans to buy even more short-term rentals after this first BRRRR, and we doubt we won’t see her back on The Real Estate Rookie podcast very soon, with a lot more units to her name!

 In This Episode We Cover

Resisting lifestyle creep so you can use extra money to invest

Why your first BRRRR doesn’t need to be perfect

Surrounding yourself with those who achieve greatness and distancing from those who don’t

Vacation home mortgages vs. conventional mortgages on short-term rentals

Building your brand on social media and beyond

The importance of keeping healthy reserves in case a rehab goes over budget

And So Much More!

Links from the Show

Real Estate Rookie Youtube Channel

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

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 27, 2021
Rookie Reply: Tony & Ashley Talk Challenges They Face Today
00:15:24

We’d all like to imagine that Ashley Kehr and Tony Robinson are perfect investors. They do perfect deals, have a perfect team, and everything runs smoothly in their lives. While they are two phenomenal investors, they still face the challenges that most entrepreneurs and real estate investors also face off-camera.

From shiny object syndrome to letting go of the entrepreneurial reigns, Tony and Ashley squeeze in a lot into this Rookie Reply. If you feel like you’ve been getting bored on your journey or simply are too anxious to take the next step, remember that Tony and Ashley have felt the same way.

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Links from the Show

Real Estate Rookie Rookie Facebook Group

Real Estate Rookie Youtube Channel

Airbnb

Alpha Geek Capital

BiggerPockets Rookie Bootcamp

BiggerPockets Rookie Episode 125

Check the full show notes here: https://www.biggerpockets.com/rookie124

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 23, 2021
‘Building’ Wealth as a 24-Year-Old with 12 New Construction Projects
00:44:59

New construction is an enigma to many real estate investors, and especially to rookies. When building a new house, you need to understand engineering, permitting, construction, and a more complicated funding structure. This didn’t stop Donovan Adesoro, house hacker turned home builder from keeping the investment train going.

Although Donovan had a background in engineering, he didn’t have much experience with building homes. He started off buying a duplex property to house hack, which turned out so well that he wanted to buy another. The problem? Not enough cash to make the down payment. So he wondered, “what would it cost if I built one of these?” Donovan discovered that he was able to use raw land as a down payment for a new construction loan. So if he had enough to buy the land, he had enough to build the whole house!

Now, at only twenty-four years old, Donovan has twelve lots either ready for a new build, partially through construction, or about to be sold. He’s taken advantage of the huge appreciation we’ve seen in the past two years and makes it clear that even if you don’t have money, you don’t have to give up on a deal.

In This Episode We Cover

The many costs that go into developing a new construction home

Engineering, permitting, contracting, and other key parts of home building 

Using partners to cover costs when you aren’t able to come up with enough cash

House hacking as a way to get your start in real estate investing 

Always having multiple different exit strategies so you come out profitable

Renting your car for extra cash and passive income

And So Much More!

Links from the Show

Real Estate Rookie Youtube Channel

Ashley's Instagram

Tony's Instagram

Real Estate Rookie FaceBook Group

BiggerPockets Podcast

Roomies

BiggerPockets Calculator

Law Depot

Turo

Outdoorsy

MLS

Airbnb

Zelle

Cash App

BiggerPockets Lease Agreements

Check the full show notes here: https://www.biggerpockets.com/rookie123

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 20, 2021
96 Units in 5 Years By Combining Long & Short-Term Rentals
00:42:28

Five short years ago, Avery Carl didn’t own ninety-six rental units. She didn’t have her real estate license, she hadn’t founded The Short Term Shop or The Mortgage Shop, and she did not have a book written on short-term rental investing. But now, Avery has all those things, and she did all of them in only half a decade.

Avery’s first venture into real estate started by her saving up every penny she could to buy a property in Nashville. After some success, she asked, “what’s the most bang for my buck in real estate?” The answer: short-term rentals. Seven of her units alone brought in over six figures in just July, proving her point that vacation rentals are a necessary part of any investor's asset collection.

Now, she manages her own short-term rentals and long-term rentals, she also helps teach others how they too can start investing in short-term rentals and even goes as far as to help them to get financing. All of this was done in a very short time period, and all of it proves that hard work can fuel financial freedom through real estate investing.

Click here to listen on Apple Podcasts.

In This Episode We Cover

What to look for in a short-term rental or vacation rental market 

Why short-term rentals are far more active investing than long-term rentals

Staying up to date on your city’s short-term rental laws and regulations

The software and systems Avery uses to analyze a deal

1031 exchanges and using them to massively grow your portfolio (tax-free!)

Getting out of the fear of overpaying for a property through detailed analysis

And So Much More!

Links from the Show

Real Estate Rookie Youtube Channel

Ashley's Instagram

Tony's Instagram

Real Estate Rookie FaceBook Group

BiggerPockets Podcast

BiggerPockets Forums

BiggerPockets Podcast 364: Snowballing 6-Figure Short-Term Rental Profits Into Passive Investments with Avery Carl

The Short Term Shop

The Mortgage Shop

Airbnb

VRBO

Alpha Geek Capital

Alpha Geek Capital Calculator

Your Porter

iGMS

Smartbnb

Airdna

PriceLabs

BiggerPockets Publishing

Check the full show notes here: https://www.biggerpockets.com/rookie122

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 16, 2021
The Biggest Takeaways from BPCon 2021 | Live Host Panel from NOLA
01:34:29

Marching along Bourbon Street last week was a parade with some of the best real estate investors in the world, celebrating another successful BPCon, ready to take on the world. Throughout the past week, attendees of the conference heard from world-class business leaders, investors, and authors, learning about everything from running a business to short-term rental markets, to self-storage, and more.

On this live episode, your hosts, Ashley Kehr and Tony Robinson, are joined by Brandon Turner and David Greene, hosts of the BiggerPockets Podcast, Scott Trench, host of the BiggerPockets Money Podcast, and Liz Faircloth and Andresa Guidelli, hosts of The Real Estate InvestHER Podcast, plus special guest Esther, who has a widely impressive portfolio herself.

You’ll hear the hosts talk about topics like how to connect with fellow investors, future trends influencing the real estate market, what’s working today (and what isn’t), plus a live version of the Famous Four and Fire Round. 

If you weren’t able to make it to this year's BPCon, plug into this episode and get on the waiting list for next year!

In This Episode We Cover

What’s ‘firing up’ the hosts of the BiggerPockets Podcast Network?

What investors can do in today’s market to ensure wealth tomorrow

Future trends that allow investors to profitably pivot 

How BPCon helps connect investors, reshape ideas, and build wealth

How to vet partners before you go in on a deal with them

The top characteristics that contribute to your success as an investor 

Why you should definitely be at BPCon 2022 

And So Much More!

Links from the Show

NPR (National Public Radio)

Kevin Leahy's BiggerPockets Profile

Mark Ferguson's InvestFourMore

Wendy Papasan's LinkedIn Profile

Noah Evans's LinkedIn Profile

Rickey Rodriguez's BiggerPockets Profile

Your First Real Estate Investment Podcast: How to Recover from the Great Recession and Leverage Creative Financing to Fund Your First Deal

Joe Asamoah's BiggerPockets Author Profile

AJ Osborne's Personal Website

Steve Rozenberg's BiggerPockets Profile

InvestHer's Partnership Question Guide

Meetup

Hal Elrod's Personal Website

Dave Ramsey's Personal Website

Cashflow The Board Game

Matt Faircloth's BiggerPockets Author Profile

BiggerPockets Calculators

The Real Estate InvestHER Community


Connect with the BiggerPockets Hosts:

BiggerPockets Real Estate Podcast

Listen to the BiggerPockets Podcast

Brandon's BiggerPockets Profile

David's BiggerPockets Profile

BiggerPockets Money Podcast

Listen to the BiggerPockets Money Podcast

Scott's BiggerPockets Profile

Mindy's BiggerPockets Profile

Real Estate Rookie Podcast

Listen to the Real Estate Rookie Podcast

Tony's BiggerPockets Profile

Ashley's BiggerPockets Profile

InvestHER Podcast

Listen to the Real Estate InvestHER Podcast

Andresa's BiggerPockets profile

Liz's BiggerPockets profile

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 14, 2021
10 Units in Multiple States, All in Just Under 2 Years!
00:56:52

Tony Robinson has some great ideas, like creating a short-term rental empire in both Joshua Tree, California, and the Smoky Mountains over in Tennessee. Tony talked so highly of the latter investing region, that today’s guest, Cale Delaney decided to pack his whole family into the minivan and make the 10+ hour drive to check out the area. Shortly after, Cale was under contract for not one, not two, but three cabins!

This wasn't Cale’s first experience with real estate investing. Back at the beginning of 2020, Cale had a mental shift where he realized that real estate could be the key to setting him financially free. He scoured homes all over his area of Florida until he came across a fourplex which rejected one offer from him but later accepted another. He made three of these units long-term rentals, and the other one a short-term rental.

Cale went from zero to ten units in only a year and a half or so, without a ton of management experience of extravagant funding. If he can do it, you can too!

In This Episode We Cover

How to get your first property under contract, even if you keep getting rejected

Managing locally before stepping into long-distance investing

How a quick closing can lead to more deals in your pipeline

Getting off-market properties under contract even in a competitive area

Financing real estate investments using conventional loans, HELOCs, and more

Scheduling time now to plan for freedom tomorrow

And So Much More!

Links from the Show

Real Estate Rookie Youtube Channel

Ashley's Instagram

Tony's Instagram

Real Estate Rookie FaceBook Group

Airbnb

Google Maps

Zillow

MLS

BiggerPockets Podcast

Hospitable

PriceLabs

Stessa

Quickbooks

RUBS

Host Financial

Visio Lending

LendSimpli

Rookie Podcast 51: 18 Deals in 2 Years AND a Full Time Job with Kevin Christensen

BiggerPockets Forums

Facebook Marketplace

Craigslist

Check the full show notes here: https://www.biggerpockets.com/rookie121

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 13, 2021
Rookie Reply: Can I Cash-Out Refi After a 1031 Exchange?
00:08:15

This week’s question comes from Vince on the Real Estate Rookie Facebook Group. Vince is asking: After a 1031 exchange, can I refi/cash-out most of the funds and use it to purchase other property? Will I still be liable for taxes?

While neither Tony or Ashley are tax specialists, they have had some experience in the past with 1031 exchanges. Firstly, make sure you understand the rules of a 1031 exchange and use an intermediary to perform one, after that you may be in the clear to refinance!

Here are some suggestions:

Use the entirety of your 1031 profits to purchase (or subsidize) a new property to limit taxes

Harness the power of appreciation to swap til you drop

Use the same entity to 1031 exchange your property and hold it for at least two years

Use a trusted intermediary to complete the exchange

And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Links from the Show

Real Estate Rookie Rookie Facebook Group

Real Estate Rookie Youtube Channel

Check the full show notes here: https://www.biggerpockets.com/rookie120

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 09, 2021
A Single-Mom’s Second Chance at Success with Real Estate Investing
00:43:08

Susan Reehill has defied the odds time and time again. She was a teenage mother, having her first son at the young age of sixteen. For most young and single mothers, the chance of becoming a homeowner, let alone an investor is slim, to say the least. At forty-two years old, Susan decided to make two big jumps in her life and career: graduate from college and buy her first home. She succeeded at accomplishing both.

As the years passed by, Susan wanted to be a closer distance to her local downtown area. So, she decided to look at buying a new home. When her old home was having a hard time selling, she decided to try and rent it out, which she did with very little property management knowledge or landlording skills. Her tenant brought in ten different individuals to live with her, half of which weren’t authorized on the lease. In only six months, her tenant did more damage to her house than Susan had done in the several years she lived there.

But, this didn’t stop Susan’s will to create long-lasting wealth. She began listening to more real estate podcasts, one of which was the Real Estate Rookie podcast. She ended up joining Ashley’s first round of the Real Estate Rookie Bootcamp, where after 90 days Susan was able to score a phenomenal deal, over $100k+ under the asking price!

In This Episode We Cover

Breaking through the societal norms of who you’re supposed to be at a certain age

Becoming an “accidental landlord” and what everyone should know before they rent their home

Making it known that you’re an investor who is actively looking for good deals

Why a deal is still a deal even if you have to pay PMI (private mortgage insurance) 

Finding contractors through meetups, fellow investors, and Facebook groups

Why you don’t need to be rich to start investing in real estate

And So Much More!

Links from the Show

Real Estate Rookie Youtube Channel

Ashley's Instagram

Tony's Instagram

Real Estate Rookie FaceBook Group

Real Estate Rookie Bootcamp

Rookie Podcast 109: From Sleeping in His Car to Multi-Unit Landlord & The “Nomad” Strategy

Investor Girl Britt's Instagram

BiggerPockets

Check the full show notes here: https://www.biggerpockets.com/rookie119

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 06, 2021
Stop Scrolling, Start Posting: Social Media for Real Estate Investors
00:42:27

Social media investors are becoming the new normal. Whether you’re on Instagram, Facebook, TikTok, Clubhouse, or Twitter you can find successful entrepreneurs giving tips on real estate, stock trading, or investing in general. So, as an aspiring real estate investor, it would only make sense for you to use these platforms to lock down more deals, find more partners, and maybe even entice some private investors.

Katie Brinkley from Next Step Social Communications is a master of optimizing social media posts for her clients. As a real estate investor herself, she understands why it’s so crucial to not only post consistently, but with the highest possible quality content. She also encourages investors on social media to start engaging with their customers, allowing relationships to grow organically.

Even if you’re just getting started in real estate investing or if you haven’t even got a deal under your belt, it can be a phenomenal future-proofing strategy to get your social media profile started now!

 In This Episode We Cover

The benefit of using social media as an investor

What platforms work best for real estate and which to avoid

Planning out a content strategy for maximum engagement with your followers

How to automate your posts, interactions, and more 

The rise of video-only platforms like TikTok and who should use them

Sharing your struggles, wins, and client stories with the world

And So Much More!

Links from the show

Real Estate Rookie Youtube Channel

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

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 02, 2021
From 0 to 12 Units Overnight and House Hacking a...Farm?
00:49:31

Amanda Bolan, like many of us, had a “pressure cooker” moment where she realized that becoming a real estate tycoon was part of her future. At the time, she was working in the oil and gas industry without real estate investing experience. She took a leap of faith and decided to flip her first house in 2018, then flip another in 2019, then buy a 12-unit apartment in 2020, and another in 2021. Did we mention she was buying a 61-acre land development deal in between these time periods?

While Amanda was searching for rentals she saw more and more expensive multifamily deals come up. At first, she had “sticker shock”, but ran the numbers and realized that a good deal in real estate is a good deal for her, no matter the price. She got to work underwriting, financing, and partnering to close on this seven-figure property. Even with some hiccups along the way (financing falling through, environmental flags going off), she was able to close on the deal and became a commercial real estate owner.

Part of her fearlessness in taking on these big, and often unconventional deals is looking at what could go right, not just what could go wrong. Instead of being stuck in analysis paralysis, Amanda made moves to secure properties that would scare rookie investors and made them her own.

In This Episode We Cover

Buying a large multifamily property as your first rental

What to do when financing falls through at the last moment

Running the numbers before you run away from a potential deal

Learning to self-manage at scale without any experience

Buying farmland and holding land for future development

Pushing past fear and making large deals work in your favor

And So Much More!

Links from the show

Real Estate Rookie Youtube Channel

Ashley's Instagram

Tony's Instagram

Real Estate Rookie Rookie Facebook Group

Buildium

Check the full show notes here: https://www.biggerpockets.com/rookie117

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 29, 2021
Rookie Reply: Can Agents Help You Find Off-Market Deals?
00:05:31

This week’s question comes from Mel on the Real Estate Rookie Facebook Group. Mel is asking: When working with agents, do your agents help in finding off-market deals, or do you mainly look for those as they send you on-market deals?

While it isn’t uncommon for agents to have “pocket listings” (pre-market listings), most agents deal solely with on-market deals, working with buyers and sellers based on MLS listings. If you’re looking to find more off-market deals, you may have to incorporate some deal hunting strategies like driving for dollars, sending out direct mail, cold-calling, and door-knocking.

Here are some suggestions:

Look for investor-friendly agents who can bring “pocket listings” to you

Even if you find your own deals, agents can help draft up purchasing documents 

Find agents who may have new construction contacts that can bring you pre-market offerings

Ask buyers to split commission payments or offer to pay in full to sweeten the deal

And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Links from the Show

Real Estate Rookie Rookie Facebook Group

Real Estate Rookie Youtube Channel

BPCON2021

MLS

Check the full show notes here: https://www.biggerpockets.com/rookie116

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 25, 2021
The BRRRRent-to-Own Strategy: A Win-Win for Tenants and Landlords
00:35:47

What if you could own rental properties without the responsibility of landlording? Not only that, what if you were paid a hefty, non-refundable deposit for your home, minimizing your risk? Would you start investing under these circumstances?

If you like the sound of that, you’ll love the rent-to-own strategy, or as Today’s guest Jessica likes to call her framework, the BRRTOR (Buy, Rehab, Rent-to-Own, Repeat). Most landlords won’t offer rent-to-own to their tenants, not because they don’t want to, but because they don’t know it’s a possibility. This type of seller financing is what Jessica’s entire portfolio is built off of, and it has some major benefits for not only the landlord but the tenant.

Jessica also gives some great advice in our mindset segment, specifically relaying that a big part of real estate is making mistakes. Jessica has had some great deals in her real estate investing career, but not every one of them has turned out to be a superstar. The big takeaway for investors should be to start, make mistakes, learn from them, and do better!

In This Episode We Cover

Combining the BRRRR strategy and the rent-to-own strategy

How to vet tenants to find the best candidates for seller financing

The importance of putting ownership in the hands of a tenant

Finding homes that will profit in this highly competitive market

What to look out for when interviewing hard money lenders

Understanding that the first deal probably won’t be a home run

And So Much More!

Links from the Show

Real Estate Rookie 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

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 22, 2021
Rookie Reply: Should I Get Preapproved From Multiple Lenders?
00:12:36

This week’s question comes from Roosevelt on the Real Estate Rookie Facebook Group. Roosevelt is asking: I’m currently preapproved with one lender but another lender has a loan option my current one isn't offering. Can you be preapproved with multiple lenders at once? And are there any issues I could run into with this?

It’s commonplace in the real estate investing world to be preapproved by multiple lenders, that way, you’re never stuck without an option to finance a deal. Many investors also opt to use a mortgage broker that can help shop for loans on your behalf. If you’re worried about your credit score dropping because of preapprovals, try to apply for your loan applications within thirty days so credit bureaus count the multiple hard credit pulls as a singular instance.

Here are some suggestions:

Get preapproval from multiple banks (small, local, national, etc.)

Apply within the same thirty day period to minimize effects on your credit

Use a mortgage broker to save time when applying for loans

Ask what the lender has to offer, they may have custom loans for investors

And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

 Links from the Show

Real Estate Rookie Rookie Facebook Group

Real Estate Rookie Youtube Channel

Airbnb

BiggerPockets Calculator 

Check the full show notes here: https://www.biggerpockets.com/rookie114

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 18, 2021
The 6 Traits Every New Real Estate Investor Needs to Succeed
00:46:12

When you get started in real estate investing, you often don’t know what you’re doing. Is this deal going to work out? Am I choosing the right materials for my flip or BRRRR? Will this appraise at what I need it to? All these types of questions can flow through a rookie investor’s mind in the first months or even years of investing. But, if you’re making the right progress and doing what needs to be done, you’re probably miles ahead of the competition.

Today we talk to Brian Davila, a real estate investor and coach who helps his students answer the same questions like the ones above. Brian has identified the six key traits of a successful real estate investor. You may have been born with some of these, but almost every real estate investor needs to make a conscious effort to become a master of all six.

If you’re able to capitalize on the advice from Brian, you’ll score more deals, connect with more investors, raise more money, and maybe make an extra few hundred thousand dollars a year!

In This Episode We Cover

Why every investor needs to take calculated risks frequently

Becoming a problem solver so you can get deals others will pass up

Using resources like BiggerPockets and Facebook Groups to find deals

Choosing the activities that will set you closer to your goal 

Having faith even when you’re low on energy (or money)

Building relationships and developing basic sales skills 

And So Much More!

Links from the Show

Real Estate Rookie 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

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 15, 2021
Rookie Reply: Should You Invest in an Expensive Real Estate Market?
00:09:11

This week’s question comes from Scott (@hotdads1) through Tony’s direct messages on Instagram! Scott is asking: How are expensive properties profitable? Is it a mindset shift to buy expensive properties, or should I look in cheaper areas? Should I purchase in a quickly appreciating market

This is a very 2021-type question. We’ve seen numerous markets around the United States (and the world) see massive appreciation over the past year and a half. Now, real estate investors wonder if it’s even worth pursuing deals on the market. Although prices may be higher than they were before, you still have numerous options when trying to purchase a profitable rental property.

Here are some suggestions:

Price becomes irrelevant when looking at cash on cash return and true cash flow

Look at creative financing solutions (like FHA loans) to close on a home with low money down

Calculate your numbers for the long term to get rid of any short-term price dropping fears

Stop looking at past prices and ask: “Is it a good deal today?

And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Links from the Show

Real Estate Rookie Rookie Facebook Group

Real Estate Rookie Youtube Channel

Scot Morris's Instagram

Rookie Podcast 109: From Sleeping in His Car to Multi-Unit Landlord & The “Nomad” Strategy

Check the full show notes here: https://biggerpockets.com/rookie112

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 11, 2021
26 Doors in 1 Year? Here’s How You Can Do It Too!
00:48:27

Purchasing one rental property is an accomplishment in itself, but what about purchasing 26 units in your first year of real estate investing? Not many do it, but someone who has is Amelia McGee. Amelia didn’t have any formal training on real estate investing. She wasn’t a broker, an agent, or a contractor; none of her family invested in real estate either. You could say that Amelia had to take a ‘’leap of faith” to begin her real estate investing career, a leap that has paid off quickly.

Amelia had exhausted much of her funds after investing in her first deals, but through leveraging her social media she was able to find partners who funded the down payment for an 11-unit apartment complex. She received equity for her hard work and her financers received equity for their risk, a true win-win!

Now, Amelia is helping others purchase their first deals by TA-ing for Ashley during BiggerPockets Rookie Boot Camp. If you weren’t able to get in on the Bootcamp this time, fill out this form to be notified when sessions open up next!

In This Episode We Cover

How to acquire deal #1 without any background in real estate investing

The best resources rookies can use to get a home-run deal on their first try

Partnering with family to flip or a BRRRR a property

Why local banks may be an underappreciated way to affordably finance your deals

Using social media as a way to generate property leads, partnerships, and more

The systems and software you need to scale FAST as a rookie

And So Much More!

Links from the Show

Real Estate Rookie 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

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 08, 2021
Rookie Reply: Informing Inherited Tenants of a Change in Ownership
00:09:40

This week’s question comes from Rhett on the Real Estate Rookie Facebook Group. Rhett is asking: How do you inform an inherited tenant of changes in ownership after you close on a property?

When you inherit a tenant, you often inherit a lease as well, so it’s important to know exactly what the tenant is paying for rent, their security deposit, and their lease terms during your due diligence period. If you want to notify your new tenants of an ownership change, make sure you do so professionally, so they reach out to you on your business phone, during the hours you’ve set availability at.

Here are some suggestions from Ashley:

Send an estoppel agreement to the tenants so you can verify the lease

Give your new tenants a welcome package with all the needed information

Check your local laws about rent increase timelines 

Prepare for the potential of vacancy in case a tenant disagrees with the rent change/ownership change

And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Links from the Show

Real Estate Rookie Rookie Facebook Group

Real Estate Rookie Youtube Channel

BPCON2021

Check the full show notes here: https://www.biggerpockets.com/rookie110

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 04, 2021
From Sleeping in His Car to Multi-Unit Landlord & The "Nomad" Strategy
00:49:27

Nick Cooley was driving through Texas as part of his medical device sales job. At the time, he didn’t have much money on him. He pulled over to fill up his company car with gas, scraped every nickel and dime from the seats and cup holders, and came up with just over one dollar in change. This was Nick’s meal budget for the night. He settled on an ice cream sandwich before getting ready to spend another night in his car.

This was a position Nick never wanted to be in again. He knew what it was like to be broke and borderline starving due to financial scarcity. Nick then decided it was time to jump into real estate investing and make a change for the better.

As Nick made more money, he saved up everything he could to start buying primary residences, only to rent them out a year later using his coined “nomad strategy”. He’s done this multiple times and has been lucky to buy all of them in the growing Denver market. That being said, this wasn’t a completely smooth transition. Nick had a property that put a $50,000 hole in his pocket right after closing. If you stick around for his story, you too will be able to avoid this type of mistake in the future!

In This Episode We Cover

Developing your “why” behind investing in real estate

The “Nomad” strategy for buying a new primary residence every year

Wholesaling a $2M, 8-unit property as his first wholesale deal 

How to get your partner on the real estate investing train

Finding deals in expensive, competitive markets like Denver, Colorado

Whether or not investors should become real estate agents

Losing $50k on a bad deal, but creatively making a profit from it

And So Much More!

Links from the Show

Real Estate Rookie Podcast

Real Estate Rookie Youtube Channel

Ashley's Instagram

Tony's Instagram

BPCON2021

Rookie Bootcamp

BiggerPockets Podcast

MLS

Real Estate Rookie Facebook Group

Rookie Podcast 81: David Greene on Where Rookies Go Wrong When Looking for an Agent

Facebook Marketplace

Airbnb

Brandon Turner's Instagram

BlackRock

Check the full show notes here: https://biggerpockets.com/rookie109

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 01, 2021
Rookie Reply: How to Make an Offer on a House (Even If It’s Off-Market)
00:11:54

This week’s question comes from Steven on the Real Estate Rookie Facebook Group. Steven is asking: I’m about to try to make an offer on a house but the property is on market, so I’m talking with the agent. When I make the offer, is there any official document I need to submit, or do I just give them the price I want to offer?

Many rookies have this question, especially when trying to purchase their first rental property. You have a few options when trying to make an offer, and they will differ based on whether the property is on market, off-market, commercial, or residential.

Here are some suggestions:

Call the listing agent and ask if they will represent you (this is called a dual agent)

If a listing agent can’t represent you, ask if anyone on their team can

You don’t need to submit any documents, just tell your agent your offer and they’ll take it from there

If you’re working on an off-market deal, you may be able to negotiate directly with the seller and sign a purchase agreement

For bigger properties and commercial properties, you can submit an LOI (letter of intent)

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Links from the Show

Real Estate Rookie Rookie Facebook Group

Real Estate Rookie Youtube Channel

BPCON2021

Rookie Podcast 98: Rookie Reply: Lessons Learned from Our First Real Estate Deals

MLS

Check the full show notes here: https://biggerpockets.com/rookie108

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 28, 2021
10 Income Streams on 1 Property by “Land Hacking” w/ Kai Andrew
00:59:42

We have lots of fun phrases in the real estate community, phrases like house hacking, live in flipping, and BRRRRing. Now, we may have one new phrase to add...land hacking. Kai Andrew describes land hacking as extracting as many income streams as possible from one piece of property. That means having the main house for long-term rentals, a small ADU for short-term rentals, a glamping tent in the back, and potentially some farmland being rented out as well.

Only someone as creative as Kai could come up with this sort of strategy. In fact, Kai started out house hacking for his first real estate investment at the age of 21. He rented out to family members and friends before he saved up enough cash to start buying short-term rental properties around his local area of Portland, Oregon.

As his short-term rental portfolio began to grow, Kai started investing in more “unique” opportunities, like shipping container homes, glamping, or A-frame builds. He also set up criteria that he terms “the golden triangle” for all his unique experiences. These unique homes have helped him grow his portfolio, his profits, and take home a sizable amount of equity between his 12 doors.

In This Episode We Cover

Why house hacking is still a relevant strategy in today’s market

How to convince your partner/parents/friends to invest with an investor presentation

Airbnb arbitrage (rental arbitrage) and building your business with no home purchase necessary

Land hacking and using a single property for many income streams

Creating a “golden triangle” for your unique short-term rentals

Setting up safety nets so you never have to realize your “worst-case scenario”

And So Much More!

Links from the Show

Real Estate Rookie Podcast

Real Estate Rookie Youtube Channel

Ashley's Instagram

Tony's Instagram

BPCON2021

Craigslist

Zillow

Airbnb

Vrbo

TONY ROBBINS

Check the full show notes here: https://www.biggerpockets.com/rookie107

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 25, 2021
Asset Protection for Rookies: 7 Wealth-Saving Answers from an Expert
00:23:48

Last episode, we had Brian T Bradley, Esq on to talk about all things related to wealth and asset protection. Now, he’s back to answer questions from the BiggerPockets Real Estate Rookie community. We’ll go over a handful of questions from different rookies in the community, questions like:

Can I create an LLC and sell my property to it?

Will converting a property from my personal name to an LLC trigger a taxable event?

Can I put two properties in two different states in the same LLC?

Will renting out a side of my duplex as an LLC protect me?

How do I stop the commingling of funds when using many LLCs?

Should short-term rentals be put under an LLC?

How will financing change if my properties are in LLCs?

And more in the episode…

If you’re finding yourself at the $1M net worth mark and you’d like to protect your assets, check out Bradley Legal Corp or shoot Brian an email at Brian@btblegal.com!

In This Episode We Cover

Which LLC structure makes the most sense for landlords

How to protect your assets during your different stages of wealth

How to set up limited partnerships when you have too many LLCs

Protecting yourself when you are house hacking a property

How your financing options may change when you buy properties in an LLC

Where to hold short-term rentals so they stay protected

And So Much More!

Links from the Show

Real Estate Rookie Youtube

Ashley's Instagram

Tony's Instagram

Real Estate Rookie Facebook Group

Rookie Podcast 73: Partnerships: What to Do Before You Jump in With Another Investor

BiggerPockets Calculator

BiggerPockets Conference

Click here to check the full show notes: https://www.biggerpockets.com/rookie106

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 21, 2021
Don't Lose Your Portfolio to Lawsuits! Here's How to Protect Yourself
00:54:04

As a rookie, you’re in the best position possible to start protecting your growing empire of rental properties, but what’s the best way to legally shield yourself from liability and litigation?

We talk to awarded asset protection attorney, Brian T Bradley, Esq, who answers questions ranging from when to buy umbrella insurancehow to set up LLCs, and whether or not S-Corps are worth forming. If you’ve ever worried about protecting your personal assets from business-related liability, this is THE episode to watch!

The most important point discussed throughout this episode is how you need to start planning for protection early. All too often, investors start building their rental property portfolios without the correct legal setup behind them, only to have one bad lawsuit wipe out decades worth of work. Even Ashley and Tony had some questions on whether or not they needed to shift their portfolio structures!

We’ll also have Brian back this Saturday to answer Q&As from listeners, so stick around for that show to minimize your risk when getting into this profitable industry of real estate investing!

In This Episode We Cover

Why everyone needs a “base layer” of protection when owning real estate

What asset protection is and how it benefits investors

When and how to set up your LLCs for different properties

How many properties should be housed under one LLC

Disregarded entities, charging orders, and anonymity

Designing a blueprint for your real estate portfolio 

How to find the best CPAs, attorneys, and legal professionals for your real estate business

And So Much More!

Links from the Show

Real Estate Rookie Youtube

Ashley's Instagram

Tony's Instagram

Real Estate Rookie Facebook Group

LLC or Umbrella Insurance: Which Is Better for Investors?

BiggerPockets Calculator

BiggerPockets Conference

Check the full show notes here: https://www.biggerpockets.com/rookie105

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 18, 2021
Rookie Reply: Do I Need a Lawyer to Evict Tenants?
00:08:49

This week’s question comes from Dan on the Real Estate Rookie Facebook Group. Dan is asking: For those of you that have gone through the eviction process, did you go it alone in small claims court or did you hire a lawyer? 

While Tony (thankfully) doesn’t have experience evicting any tenants, Ashley has had to evict multiple out of her personal investment properties as well as from properties she managed when she was a full-time property manager. She describes the multiple ways you can evict a tenant, all of which will rely on the situation the tenant presents you with.

Here are some suggestions:

Hire an attorney if you are inexperienced with tenant evictions

Use small claims court to get back rent or payment for damages

Offer cash for keys if you are unable to legally evict at this time

Understand that many tenants will pay or leave once they receive an eviction notice

And Much More!

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Links from the Show

BiggerPockets Podcast

Real Estate Rookie Rookie Facebook Group

Check the full show notes here: https://www.biggerpockets.com/rookie104

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 14, 2021
From Restaurant Waiter to 100+ Deals in Only 4 Years w/ Derrick Acuff
00:50:49

Derrick Acuff was hungry for success in real estate. So hungry for success, that he would be picking up calls from sellers in the middle of performing his job as a waiter. He was trying to do everything he could to get his first deal; sending out direct mail, texting probate listings, and meeting with potential sellers. Finally, he scored his first wholesale deal, netting him and his wife a combined assignment fee of $8,000.

Now, four years later, Derrick Acuff has built a business around wholesaling and flipping. He and his business partner Ben have done over 100 deals in the Houston, Texas area. He also has a team of VAs (virtual assistants) to help him scrub lists, call potential sellers, and follow up whenever possible. A lot of his success derives from him and his team members treating sellers like people, and not going for the quick and easy sale or selling white lies.

Derrick’s mindset has changed throughout this process and there were times when he felt like giving up. Through perseverance, business optimization, and the will to succeed, he’s built a business that produces not only large amounts of profit but a trail of happy customers ready to give him more deals.

In This Episode We Cover

Choosing to forego college when it may not be a good option for you

Knowing that rejection and failure is part of the process

Staying motivated even when deals become hard to close

Treating sellers with honesty, integrity, and sticking to your word

Finding the “traction” your business needs to grow and succeed

Building rapport with a seller and letting them talk 90% of the time

And So Much More!

Links from the Show

Real Estate Rookie Youtube

Ashley's Instagram

Tony's Instagram

Real Estate Rookie Facebook Group

BiggerPockets Podcast

Screencast-o-matic

Mojo

Google Voice

TTP

Loom

BiggerPockets Conference

Check the full show notes here: https://www.biggerpockets.com/rookie103

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 11, 2021
$10M Profit On Her First Deal?! It's Possible with Campground Investing
00:49:49

Heather Blankenship was on a road trip from Florida to California, stopping at RV parks and campsites in between driving. She saw how busy these parks were and thought it would be interesting to own one. On her way back to the east coast, she ended up buying a campground in Tennessee for over three million dollars. She had no experience, no team, and no money. Now, that campground is worth over thirteen million dollars!

Although Heather was just 26 at the time, she was able to quickly adapt to the learning curve that the campground presented her. She grew her knowledge and skill set and now oversees around thirty million dollars in RV parks and campgrounds.

We talk about the many different streams of income that a campground or RV park owner can cash in on, how to score financing when buying commercial properties, what to look for in your due diligence phase, and how to underwrite these massive deals. For beginner investors, this can seem like a huge task, but Heather proves that even with no experience, you can put in the work to make massive financial leaps like she did.

 In This Episode We Cover

The benefits of owning a campground or RV park

How commercial real estate differs from residential real estate

Financing big deals through bank loans and seller financing 

Looking for commercial BRRRRs and value-add opportunities

Long-term parks vs. short-term parks and the benefits of both

Developing systems that leave you less reliant on third-party businesses

And So Much More!

Links from the Show

Real Estate Rookie Youtube

Ashley's Instagram

Tony's Instagram

Real Estate Rookie Facebook Group

BiggerPockets Calculator

Rookie Podcast 100: Why Brandon Turner Encourages Rookies to “Start Small and Scale”

Rookie Podcast 101: Campgrounds: The Investment You’ve (Probably) Never Thought About

Google Ads

Biggerpockets

ARVC

Campspot Software

Airbnb

Vrbo

Slack

Check the full show notes here: https://www.biggerpockets.com/rookie102

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 07, 2021
Campgrounds: The Investment You've (Probably) Never Thought About
00:52:39

As a successful real estate investor, you may be looking for bigger and better deals to take on, but sometimes those deals may come in a different shape and size. Kier Vogt had mastered buy-and-hold rentals, house hacking, and flipping. She wanted to take on a bigger challenge, something that would give her more responsibility with even more upside. After taking a cross-country drive, she found the asset class she was looking for: RV parks and campgrounds.

If you’re a rookie investor, you may have never thought about investing in an RV park or campground, but there are some serious benefits to them. Since these are commercial properties, your ability to obtain seller financing is far more likely and you can build out multiple streams of income from one property, as opposed to solely collecting rent.

Now, Kier is in the stage of analysis. She already has a private-money lender, but has to find a deal that fits her purchasing power and her criteria. Kier shares the mindset behind going into this completely new asset class, and how you have to push through fear to cold call owners, send in offers, and finally get an RV park or campground under contract.

In This Episode We Cover

The difference between RV parks, campgrounds, and mobile home parks

Analyzing larger commercial deals and performing due diligence

The benefits of seller financing compared to bank financing

Submitting a letter of intent (even if you’re scared to do so)

Self-managing a property to learn about the business

The many different revenue streams an RV park or campground can offer

And So Much More!

Links from the Show

Ashley's Instagram

Tony's Instagram

Real Estate Rookie Facebook Group

Like Minded Investors

BiggerPockets Rookie Podcast 102: $10M Profit On Her First Deal?! It's Possible with Campground Investing

BiggerPockets Calculator

ARVC

Outdoorsy

BiggerPockets Podcast 157: A Simple Morning Ritual to Help You Dominate Every Area of Your Life with Hal Elrod

BiggerPockets Conference

Check the full show notes here: https://www.biggerpockets.com/rookie101

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 04, 2021
Why Brandon Turner Encourages Rookies to "Start Small and Scale"
00:55:04

Brandon Turner owns a lot of real estate. Some are single-family homes, but much of his portfolio is small and large multifamily properties. Why did he go into this niche and does he see value that many investors simply overlook?

Brandon hits on some key aspects of becoming a successful multifamily owner, diving deep into topics like why rookies should start in small multifamily, how to find a mentor and build partnerships, what to do before you jump into multifamily, and looking for value-add opportunities. One piece of advice he is very adamant about is that multifamily isn’t that much harder than single-family. If you already own a single-family rental property, buying a duplex, triplex, or quadplex won’t be that intense of a learning curve for you.

If you’re a rookie who has been successful in small multifamily, it may be time for you to start tackling those 10+ unit deals. Brandon also touches on this and shares stories from his fund, Open Door Capital, where they’re pursuing VERY large multifamily deals.

Ready to learn more about multifamily investing? Grab The Multifamily Millionaire Volume I and The Multifamily Millionaire Volume II today!

In This Episode We Cover

How Brandon got his start in real estate and Why multifamily investing

rookies should start in small multifamily before transitioning into large multifamily

Finding mentors, adding value, and creating partnerships to tackle bigger deals

What to do before you dive into multifamily investing

Deal analysis and underwriting, plus finding value-add opportunities

Where to find small and large multifamily deals (off-market, brokers, MLS, etc.)

And So Much More!

Links from the Show

Real Estate Rookie Youtube Channel

Ashley's Instagram

Tony's Instagram

Real Estate Rookie Facebook Group

BiggerPockets Podcast

BiggerPockets

BiggerPockets Forums

Craigslist

MLS

Zillow

Realtor

LoopNet

Open Door Capital

Deal Machine

Propstream

Check the full show notes here: https://www.biggerpockets.com/rookie100

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jul 31, 2021
Buying a 51-Unit Property with 0% Interest and No Money Down
00:50:27

It takes most real estate investors a while before they make the jump from single-family homes to commercial properties or large multifamily properties like mobile home parks. Edwin Byler isn't like most real estate investors.

After successfully flipping his first home, he decided to throw the profits into a rental property. For the first month, everything was going well, then the tenant stopped paying. After 6 months of no rent payments, Ed had to make the tough decision to evict the tenant.

Now with some experience under his belt, Ed was ready to take on bigger deals. Thankfully he was friends with an older gentleman who was looking to offload a 6-unit mobile home park, and Ed turned out to be the perfect buyer. He acquired the park with 20% down over a 15-year amortization schedule and ended up DOUBLING the park's revenue with some simple value-add.

Now, he’s taking on a 51-unit mobile park with his brother as a partner. Did we mention he’s acquiring this property with no money down and paying 0% interest? If you’re wondering how he did it, take a listen to Ed’s story!

In This Episode We Cover

Partnering on your first deal to mitigate risks and learn more about real estate

Getting tenants to move out (without having to formally evict them)

Purchasing mobile home parks without prior experience

Looking for “value-add opportunities” when viewing potential investments

Using owner financing to purchase investments like mobile home parks

How to find out the “why” behind a seller’s listing

And So Much More!

Links from the Show

Real Estate Rookie Youtube Channel

Ashley's Instagram

Tony's Instagram

Real Estate Rookie Facebook Group

MLS

BiggerPockets Podcast

BiggerPockets

Propstream

BiggerPockets Webinar

Zillow

Realtor

TenantCloud

Check the full show notes here: https://www.biggerpockets.com/rookie99

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jul 28, 2021
Rookie Reply: Lessons Learned from Our First Real Estate Deals
00:14:16

This week is a special Rookie Reply, Ashley and Tony are in the same physical location! They both stopped by Denver, Colorado to record some future episodes of the Real Estate Rookie Podcast!

Ashley and Tony are both talking about the first deal they acquired, the mistakes they made as rookies, the lessons they learned, and why you should never be afraid to fail. They walk through things like finding the deal, financing the deal, misconceptions they had before they jumped into investing, and how BiggerPockets was a huge help to both of them in their early investing journey.

If you’re still waiting to close on your first deal, here are some key points discussed.

How to finance a property and rehab costs with $0 down

What to do if your first property ends up losing you money

The importance of partnerships when getting started

Why you DON’T need to buy your first rental in cash

And Much More!

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Check the full show notes here: https://www.biggerpockets.com/rookie98

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jul 24, 2021
19 Units in 1 Year and Starting a “Luxury House Hack”
01:04:44

Greg Schwartz didn’t plan on getting into real estate, he was keen on becoming a private pilot. He figured he’d make $200k-$300k per year and that would be enough money to help him retire. That was until he talked to a real estate investor who told him about the potential to make 7-figures in a month. Greg knew that the investor was on to something and he took some time convincing his wife, Rachel, to start investing in real estate.

They both went in on a rental property in Alabama, but after some initial stumbles with long-distance investing, they switched their strategy to house hacking in College Station, Texas. Now, only a year into their investing journey, they have 19-units under their name, one of which is a “luxury house hack”.

Greg and Rachel have had to be diligent while building and systematizing their real estate. Rachel has already become an expert property manager and has learned through her job how to prioritize, systematize, and organize their business to the best of their abilities. This is a great interview with two rookies who chose to pivot and keep building better with every new property they got under contract.

In This Episode We Cover

What to know before you try your hand at long-distance investing 

How to convince your partner to make the jump into real estate

Investing in your local market and knowing the small nuances of your area

House hacking in a quadplex and dealing with vacancy/troublesome tenants

Financing your deals using partnerships, retirement savings, and more

Systematizing your business so it can run without you

And So Much More!

Links from the Show

Real Estate Rookie Youtube Channel

Ashley's Instagram

Tony's Instagram

Real Estate Rookie Facebook Group

MLS

BiggerPockets Podcast

BiggerPockets

Propstream

BiggerPockets Podcast 476: Using Partners to Scale & Killing it With Airbnbs w/ Tony J Robinson

Airbnb

KellerWilliams

Rookie Podcast 91: 8 Units, 10 Wholesale Deals, and $0 Spent on Marketing w/ @Liliinvests

Rookie Podcast 33: A Marine (and his Mentor) Buy a BRRRR: Step-by-Step with Joe Roberts and Steve Rozenberg

Grant Cardone Website

Check the full show notes here: https://www.biggerpockets.com/rookie97

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jul 21, 2021
Rookie Reply: How Much do Property Managers Charge?
00:16:25

This week’s question comes from Lisa on the Real Estate Rookie Facebook Group. Lisa is asking all about property management this week: I’ve never had a property manager, what are the responsibilities of one? I was recommended a manager and was told he charges 10%. What is the average pay for a manager? What questions should I ask when I speak with him? 

While there is no standard on fees or responsibilities across all property managers, they tend to follow certain averages. Both Tony and Ashley have hired property managers as well as self-managed, here’s what they’ve found through their experiences:

Use your property managers as a means to find out more about a market

Property managers not only are in contact with your tenants, but they’ll also issue repairs and contractor bids when needed 

If you’re new to real estate, it’s useful to have a property manager who can help educate you

Property management fees are around 10% (of rent) a month, but can be as low as 5%

Property managers will also charge fees for filling vacant units or performing maintenance

Ask about fees, thresholds for maintenance, and their experience with local investors

And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Check the full show notes here: https://biggerpockets.com/rookie96

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jul 17, 2021
Buying Your Next Home with This Often Overlooked 0% Down Loan
00:51:28

When most people think of USDA loans, they tend to think of farmland or some very, very rural house in the middle of nowhere. While this can be the case for many USDA loans, it isn’t the standard for all of them. As today’s guest Holly Barrett describes, USDA-applicable properties can be outside city centers and just a bit rural.

Not only that, these loans provide homeowners with the chance to get a 0% down loan! This is exactly what Holly did with her first home, later turning it into a rental and finally selling it to make room for some higher cash-flowing properties. She’s also used SBA loans to purchase a commercial property, which has helped her lower the upfront costs needed for acquisition.

Now, Holly has properties close to Chattanooga, centered around a “cool area” as she likes to call it. She’s making her transition from long-term rentals to short-term rentals and is excited to see what her new profit margins are like once her properties go live on Airbnb. 

In This Episode We Cover

Using USDA maps to see whether or not a potential home is eligible for a 0% down loan

Live in flips and using them to get tax-free flipping gains

When you should use a 1031 exchange intermediary 

Switching from long-term rentals to short-term rentals 

Funding a commercial property acquisition with SBA loans

What investors should look for in an agent and the top questions to ask

And So Much More!

Links from the Show

Real Estate Rookie Youtube Channel

Ashley's Instagram

Tony's Instagram

Real Estate Rookie Facebook Group

MLS

USDA Maps

USDA

BiggerPockets Podcast

BiggerPockets Real Estate Rookie Podcast

BiggerPockets Calculator

Airdna

Vrbo

Airbnb

Zillow

Loopnet

America's SBDC

SBA Loan

Realtor

Rookie Podcast 81: David Greene on Where Rookies Go Wrong When Looking for an Agent

Relay

Clubhouse

The US Chamber of Commerce

Check the full show notes here: https://www.biggerpockets.com/rookie95

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jul 14, 2021
Rookie Reply: Should I Invest in Real Estate or Pay Off Student Loans?
00:10:14

This week’s question comes from Ben, who actually direct messaged Ashley and asked her a pretty personal question. Ben is asking: As someone with student debt, should I start investing in rentals or wait until I’ve paid off my student loans?

It goes without saying that this is a very personal question, especially since it has to do with personal (not business related) debt. Everyone is different in their willingness to take on debt. While some people don’t mind having lots of low interest debt, others want to get rid of it as fast as possible. Both Tony and Ashley have had student loans while building a rental portfolio, so they’ve had to ask themselves this question as well.

Here are some suggestions:

Make sure you pay off all high-interest debt first before you start investing

Use methods like partnerships, BRRRR investing, and other low/no money down options

Ask yourself whether or not the future cash flow can help you pay off your debts

Never put yourself in a position where you’ll feel anxious while investing

And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Links from the Show

Real Estate Rookie Youtube Channel

Check the full show notes here: https://www.biggerpockets.com/rookie94

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jul 10, 2021
Stop Making Offers! Here’s What to Do Instead with Erik Wright
00:52:23

In this hot housing market, it seems like almost everyone is telling you to make offers on anything that could be a potential deal. But Erik Wright, founder of New Horizon Home Buyers, poses a different strategy. Erik has been getting more and more off market deals in Chattanooga, Tennessee without offering a single dollar to potential sellers. He has a specific way of negotiating that allows him to get tens of thousands of dollars off of properties, making the deals even sweeter for him.

Erik didn’t always have the gift of negotiation. He started his real estate journey at 23 years old, buying an accidental house hack property, then buying a HUD foreclosure, a couple of duplexes, and some more single-family homes. Over the past decade, he has amassed a 7 unit portfolio and is currently transitioning into having New Horizon Home Buyers become his full-time job.

Through the use of search engine optimization (SEO), Erik’s company has become the top-ranking result when searchers type in “Chattanooga cash home buyer”. This proves that even in a business like flipping, BRRRR-ing, or wholesaling, you can still find new ways to optimize and upgrade your lead generation efforts, even if you have ZERO experience in something like SEO!

In This Episode We Cover

Why house hacking is a rookie investor’s best friend

Buying a HUD foreclosure and how it differs from regular home sales

Financing a growing real estate portfolio without a W2

Using referrals of other investors to find the best contractors around

How to rank #1 on google so you can get more off market deals

Getting below-market prices without ever making an offer on a house

And So Much More!

Links from the Show

Real Estate Rookie Youtube Channel

Ashley's Instagram

Tony's Instagram

REI Reply

Real Estate Rookie Facebook Group

MLS

BaseCamp

BiggerPockets Podcast 470: The 7 Tips @investorgirlbritt Used to Go from Amateur to Pro Investor

BiggerPockets Podcast 423: Who Not How: Stop Doing the Things You Hate, Free Up Time, Be Happier and Richer with Dan Sullivan

InvestorGirlBritt's Instagram

Check the full show notes here: https://www.biggerpockets.com/rookie93

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jul 07, 2021
Rookie Reply: How to Fund Rehabs and Renovations
00:05:55

This week’s question comes from Shantay on the Real Estate Rookie Facebook Group. Shantay is asking: We are about to close on a duplex. It is going to need a $6k-$10k upgrade. What are some options for funding the rehab cost?

Different investors have different preferred methods of funding rehabs of this size/price point. Both Ashley and Tony have renovated numerous properties and used the below methods to raise the funds they needed without dipping into their own pockets!

Here are some suggestions:

Find a 0% interest credit card so you can buy material for the rehab

Partner up for equity with another investor so you can split the costs

Raise private capital from family and friends by delivering a solid investment presentation

Take out loans against your stock portfolio, 401(k), or other assets

And more in the episode...

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Check the full show notes here: https://www.biggerpockets.com/rookie92

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jul 03, 2021
8 Units, 10 Wholesale Deals, and $0 Spent on Marketing w/ @Liliinvests
00:50:44

Lili Thompson didn’t plan on getting into real estate investing, she was supposed to be a WNBA prospect. After tearing her ACL in college, she was brought onto the Harlem Globetrotters to showcase her skills across the country. One of her teammates started talking to her about real estate investing, specifically wholesaling. This happened at the perfect time since she was closing on her house hack around the time COVID-19 lockdowns began.

But now Lili was stuck with a house hack property and no income from her Globetrotter job, this is when she really began exploring wholesaling. She started driving for dollars with her mom, sent out some direct mail, did some cold calls, and received a few expletive-filled phone voicemails in the process. Lili knew she didn’t want to speak directly with the sellers, so she started chasing on-market wholesale deals.

Now she communicates with agents, promises them double their commissions, and assigns the contract for a fee to her flipping contacts. She’s done 10 deals so far this year, paying $0 out of pocket for marketing, AND securing 8 rental units for herself in the process!

In This Episode We Cover

How to wholesale when you have a $0 marketing budget

Driving for dollars, direct mail, and other wholesaling tactics 

House hacking with a duplex or a single-family home

Finding on-market deals with enough profit to wholesale 

A very colorful voicemail that Tony received recently

And So Much More!

Links from the Show

Real Estate Rookie Youtube Channel

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



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Jun 30, 2021
Rookie Reply: How to Find the Owner of a Property (Without Being Creepy)
00:11:08

This week’s question comes from Joey on the Real Estate Rookie Facebook Group. Joey is asking: Was driving in a new part of town and came across a house that had a yard that hasn’t been maintained in months and the house looks unkept.  Any suggestions on how I should go about finding the owner and asking if they would be interested in selling? 

We had a ton of great responses in the Facebook group, but Ashley and Tony will do their best to answer based on their own experience and their preferred style of skip tracing. You can do this both for free or for a fee, it all depends on which information you need!

Here are some suggestions:

Look up your city’s GIS mapping website and find the owners on the title 

You can also use Propstream to skip trace the owners for a small fee

Reach out to neighbors and ask them if they know anything about the owner

If the owner is an LLC, go to your Secretary of State’s website to look up the LLC owner 

And more in the episode

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Links from the Show

Propstream

Realtor

Airbnb

Real Estate Rookie FB Group

Real Estate Rookie Youtube 

Kyle and Lauren Instagram

 Check the full show notes here: https://biggerpockets.com/rookie90

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jun 26, 2021
Buying Non-Traditional Properties as a Rookie Real Estate Investor
00:47:54

Sometimes, new real estate investors tend to forget about the other types of real estate investing outside of single-family and multifamily homes. What about self-storage, or commercial, or in Matt Racker’s case, warehouses? All these options can make you passive income, sometimes with far less hassle than managing residential properties.

Matt caught the real estate bug doing his first live in flip. He saw a house being remodeled, took a look inside, and decided he could finish the job. Just like that, he called the contractors, found the flippers, and offered to take it off their hands. With some sweat equity, Matt was able to completely renovate his primary residence off of a construction loan, while leaving $0 in the property. I think it’s safe to say we’d all like a new house for free! Then, Matt started thinking about what else he could invest in.

Since he runs his own office furniture and cubicle system business and had a pretty good handle on warehouse leases, he decided to use his expertise to start buying commercial warehouses as rental properties. Matt walks through exactly what you need to analyze a warehouse, which metrics matter most, and how to structure your leases (triple net, single net, etc.).

In This Episode We Cover

Putting in sweat equity so you can 100% finance your home

How to analyze commercial warehouses depending on their square footage

Partnering with family and how to create an org chart

Bidding on duplexes at a virtual auction

Triple net leases and why they’re common in commercial real estate

And So Much More!

Links from the Show

Real Estate Rookie Podcast

Real Estate Rookie Youtube Channel

Ashley's Instagram

Tony's Instagram

Wrike

Monday

Sonar

The OG Podcast

BiggerPockets Podcast

BiggerPockets Podcast 388: The 7-Step “Playbook” for Scaling Your Real Estate Business With AJ Osborne

Check the full show notes here: https://www.biggerpockets.com/rookie89


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jun 23, 2021
Rookie Reply: Analyzing a Short-Term Rental Market
00:10:16

Today, we have a question from Ashley to Tony, on a subject he has a lot of experience in. Ashley wants to know: How do you analyze a market for short-term rentals? Which factors come into play and how can you stay away from the markets that won’t work for short-term rentals?

This is a perfect time to ask Tony, especially since he’s looking to find a third market to invest in (outside of Joshua Tree and the Smoky Mountains).

Here are some suggestions from Tony:

Make sure you aren’t buying in an area that heavily relies on seasonality

Focus on mature vacation rental markets that have the infrastructure for short-term rentals 

Double check regulations and zoning laws so you know you’re allowed to host a short-term rental 

Look at the availability in the current market (are there any houses to buy?)

And more in the episode...

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Links from the Show

Airbnb

Vrbo

Check the full show notes here: https://www.biggerpockets.com/rookie88

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jun 19, 2021
Couple Leaves Their W2s (During COVID!) To Go Full Time in Real Estate
00:53:18

Young love is beautiful, but what’s even more beautiful is young love that produces residual income together! That’s exactly what Sam and Nick of Eagle Hill Homes have done. Even though they have been together since their teenage years, Sam still had to be nudged by Nick to get into real estate investing. Once Sam started designing, planning, and executing on rehabs, she knew that this was the life for them.

Now, Sam is a certified general contractor and Nick is a loan officer. But these weren’t the couple’s original jobs, far from it actually. Nick was in corporate insurance sales while Sam was in marketing. Once they had 6 units under their name and they were making enough money to pay for their lifestyle, they quit their W2s and jumped into the real estate industry!

Now they’re rehabbing, renting out, and house hacking anything that has “value add” potential for them. They’ve taken very smart steps to renovate houses for far higher cash flow and ARV, gotten mortgages with 90%+ financing, and used their own specific skills to grow a flourishing rental portfolio!

In This Episode We Cover

Leaving a W2 job to pursue a career in real estate

Finding value add potential in deals

Finding off-market properties and negotiating with sellers

Understand the “why” behind a seller’s reason to offload their property

House hacking tips and how to keep your sanity when living close to tenants

And So Much More!

Links from the Show

Real Estate Rookie Facebook Group

Real Estate Rookie Youtube Channel

Ashley's Instagram

Tony's Instagram

Tony's Podcast

BiggerPockets Podcast

Cozy

MLS

Apartments

Rookie Podcast 02: Going All Out to Secure Deal No. 1 (For Sale By Owner!) with Tim Goutos

Check the full show notes here: https://www.biggerpockets.com/rookie87

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jun 16, 2021
Rookie Reply: What Should I Look Out for on Mobile Home Parks?
00:06:46

This week’s question comes from Adri on the Real Estate Rookie Facebook Group. Adri is asking: I came across a seller financed mobile home park, this would be my first out of state investment. What should I be looking out for on MHP (mobile home parks) and is this a huge jump to make while still being a rookie?

While we can’t answer how ready Adri is for investing in a mobile home park (we believe in you), we can answer questions about what to look for when evaluating a MHP deal. Before you consider investing, you’ll need to look at some mobile-home-park-specific factors.

Here are some suggestions:

  • 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

Check the full show notes here: https://www.biggerpockets.com/rookie86

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jun 12, 2021
Stop Creating Your Own Roadblocks to Investing with Justin Munk
01:00:09

Coming up with capital isn’t easy when you’re just starting out. How are you supposed to get 20% down for one property, let alone multiple when trying to grow your portfolio. This was the predicament Justin Munk was in until he found out about the BRRRR strategy. When implementing the BRRRR strategy, Justin was able to use a fraction of the money he would need as a down payment to get a renovated, highly desirable rental property. 

Justin invests over 1,000 miles away in Ohio and manages all his rehabs remotely. Most investors would stray away from remote rehabs, but Justin has so many “checks and balances” set up that he feels confident to do them. His rehabs have to go through an inspector, a contractor, and a leasing manager before they’re put on the market. This allows Justin to have extreme confidence that he’s rehabbing a property to get the highest rent, with the lowest headache to management. 

Justin gives some valuable advice to new investors that are struggling with analysis paralysis: don’t sabotage your own deals by finding problems in every property! 

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/rookie85

 

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jun 09, 2021
Rookie Reply: Pros & Cons of Inherited Tenants
00:09:36

This week’s question comes from Joaquin on the Real Estate Rookie Facebook Group. Joaquin is asking: When you purchase a property with a tenant already in the middle of their lease can you increase their rent or do you have to wait until their lease is up?

Inevitably, you’re going to come across some deals that have renters in place, but whether you want to keep them on as tenants is up to you. During this time of eviction moratoriums, you may be questioning whether or not an inherited tenant is worth the hassle. Here’s what Tony and Ashley think:

  • An inherited tenant can save you a lot of hassle, but you need to be sure they’re a tenant you want
  • If there isn’t a lease in place, make sure you get an estoppel agreement signed
  • Request rent rolls from the seller to make sure tenants are paying
  • You can raise the rent once a lease is up, but be sure to check with local laws on how quickly you can do so
  • If you’re inheriting problem tenants, make sure you get the property at a deep discount 
  • And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Check the full show notes here: https://www.biggerpockets.com/rookie84

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jun 05, 2021
College Coach with 10 "Doors" Renting By the Room to Students
01:02:52

Many landlords decide to switch from renting by the unit to renting by the room in order to maximize cash flow per unit. Renting by the room is usually best situated for students and for properties nearby sizable universities. This type of strategy is exactly what Hastings College track and field coach, Ryan Mahoney, has done with his 2 units that have a combined 10 rooms being rented out.

After a bit of over-leveraging in the early 2000s, Ryan found BiggerPockets and knew landlording was something that could help him reach financial freedom. When some of his athletes started complaining to him about the sub-par conditions they were living in, Ryan decided to start competing with the local student rentals, providing better living conditions at a more manageable price.

Now, Ryan is exclusively renting out his properties to students on 9 to 10-month leases. He’s had to pivot a bit since COVID-19 shutdowns took students off-campus, but has a solid amount of reserves and enough flexibility with students that he doesn’t have to worry. Ryan talks about how he found great contractors, used the BiggerPockets investment calculators to secure financing, and what you should (and shouldn’t) do when renting out to students.

In This Episode We Cover

  • 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

Check the full show notes here: https://www.biggerpockets.com/rookie83

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jun 02, 2021
Rookie Reply: How To Split Finances in a Partnership/Joint Venture
00:10:19

This week’s question comes from Jimmy on the Real Estate Rookie Facebook Group. Jimmy is asking a couple of great questions about those in partnerships going in on a property:

1. How do we split the cost of buying a property 50/50 and keep the funds in one place? 

2. How would it work right now as 50% of the money is with him and 50% of the money is with me? 

Many real estate investors will come across the same question that Jimmy has, especially since partnerships and joint ventures are common as you grow your portfolio. Both Ashley and Tony have partnerships and answers to these questions!

Here are some suggestions:

  • Lay out how the responsibilities, costs, and profits will be split
  • Use an attorney to draft up an operating agreement or joint venture agreement 
  • Set up a new joint bank account for each property you acquire
  • Make sure your assets are liquid before committing funds to a partnership
  • Follow “seasoning” regulations for any money put into the joint account
  • And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Check the full show notes here: https://www.biggerpockets.com/rookie82

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

May 29, 2021
David Greene on Where Rookies Go Wrong When Looking for an Agent
00:58:45

A familiar voice pops in for this episode of the Rookie Podcast, it’s David Greene! The real estate agent, investor, entrepreneur, and co-host of the BiggerPockets Real Estate podcast joins us to talk about making the transition to top real estate agent and what new investors can do to find better deals and a great agent.

Most newbie investors want to be hand-held, which makes sense when you’re just starting out. That being said, that may not be the best way to find a great agent who can help you find a profitable deal. David talks through why so many new investors never end up buying, why you aren’t “hiring” an agent, and how to work together to achieve a win-win scenario. As he puts it, you’re in a partnership together, meaning it’s a win-win or a lose-lose.

If you’re trying to become a great agent, make sure you jot down some notes on David’s “medicine and delivery system” analogy where he talks about how he had to change his perceptions to succeed as a real estate agent. Many new agents (and investors) want to wait until they get their first sale/deal to become confident, but you’ll need confidence before you can get the first one!

In This Episode We Cover

  • 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

Check the full show notes here: http://biggerpockets.com/rookie81

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

May 26, 2021
Rookie Reply: How Does Property Management Handle Maintenance?
00:11:36

This week’s question comes from Bryan on the Real Estate Rookie Facebook Group. Bryan is asking:  How do PM (property management) companies handle maintenance? Do they fix the issue and submit invoices to the owner or withhold the amount from monthly payments to the owner?  

This is a great question for those who want to transition from self-management to hiring property managers. Both Ashley and Tony have the same type of payment setup with their property managers, but it can vary company to company.

Here are some answers/suggestions:

  • Both Ashley and Tony have a maintenance threshold for small repairs
  • Anything over the threshold needs to be approved
  • One the job is done, the cost is deducted from the rent 
  • You can always go with a PM’s repair/remodel bid, but it may save you money to hire an outside contractor you know and trust
  • Try and get PM companies with software, so you can see the exact invoice online
  • And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Check the full show notes here: https://www.biggerpockets.com/rookie80

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

May 22, 2021
19 Year Old College Student Making $18,000 Per Deal
00:47:54

Wholesaling is a tough game. Most investors who try their hand at wholesaling quit after only a few months, while those who have the grit to stick it out can end up making a much-deserved profit. Even real estate veterans have a hard time getting into wholesaling, but what about a 19-year old college student without experience in real estate?

Isabelle Zukowski just happens to be that 19-year old college student wholesaler. Isabelle had been working at a local restaurant when the COVID shutdowns started, she was released from her job and had to go on unemployment. While she was getting her unemployment money, she started listening to stock market, real estate, and business podcasts. She was interested in real estate, and when her friend told her about real estate wholesaling, she decided to try it out.

Isabelle joined a bunch of Facebook groups, contacted well-known agents and wholesalers in her area, and started building out her network. After 3 months of hard work, calling 300+ people a day, she landed her first deal. The wholesale fee? $18,000!

In This Episode We Cover

  • 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

Check the full show notes here: http://biggerpockets.com/rookie79

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

May 19, 2021
Rookie Reply: How Do I Estimate Property Taxes?
00:14:55

This week’s question comes from Gre on the Real Estate Rookie Facebook Group. Gre is asking: How do you find accurate property tax info, including school taxes, when running numbers on a potential investment property?

Great question Gre! Running your numbers accurately is super important when making sure a deal will be profitable, thankfully, there are many online (and in person) resources where you can find accurate property taxes within minutes.

Here are some suggestions:

  • Find the county assessor’s online website and look up the property address/parcel number
  • Use third-party tools like Propstream to find property taxes
  • Ask other investors in your area what they are paying in property taxes
  • Call the county office and ask what they think property taxes will be when re-assessed
  • Make sure you’re including school, village, and county taxes (when they apply)
  • And More!

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Check the full show notes here: http://biggerpockets.com/rookie78

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

May 15, 2021
CPA Answers Depreciation, House-Hacking, and Rookie Tax Questions
00:54:33

Amanda Han is a familiar face to the BiggerPockets audience. She’s been featured on the BiggerPockets podcasts before and has written multiple books published by BiggerPockets (The Book on Tax Strategies for the Savvy Real Estate Investor & The Book on Advanced Tax Strategies). Amanda has worked with lots of real estate investors and invests in real estate herself, so she’s answering some common questions that rookie investors have about taxes.

We run through a mix of topics such as deductions, depreciations, home-office write-offs, expenses, legal entities, and when you should get a CPA. Amanda also talks about some of the most common deductions that rookie investors miss. She also talks through different software for tracking your business expenses, recording your mileage, and keeping your business finances up to date.

It may seem like a lot of information to keep track of, especially when you’re in the middle of a rehab/flip or even just managing your rental. Amanda stresses how important it is for you not only to find a high quality, real estate friendly CPA, but also that you keep them in the loop. If you’re thinking of buying, selling, or transferring property, it’s incredibly important to keep your CPA notified on all things related to your real estate business. That way, you keep more money in your pocket and are able to grow your portfolio even faster!

In This Episode We Cover

  • 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

Check the full show notes here: http://biggerpockets.com/rookie77

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

May 12, 2021
From No Experience to Multi-Million Dollar Business with Ellen Bennett
00:39:06

Before cooking at Michelin star restaurants, Ellen Bennett worked as a lottery announcer, an English tutor, and a “booth babe”. All of these jobs taught her to be comfortable in uncomfortable positions. When her head chef told her that he needed new aprons for all the cooks, Ellen took to the challenge, with no business plan, no connections, and no experience designing aprons. The deadline, uncomfortability, and challenge pushed her to deliver the aprons on time, and start Hedley & Bennett.

Now, Ellen runs this multi-million dollar business that delivers to Michelin star restaurants and at-home cooks alike. Ellen talks about the necessity of committing to something scary, even when you don’t know how to handle it. She used the same approach when buying 3 rental properties nearby her home in Los Angeles, all of which have appreciated dramatically.

The mantra used in creating a successful business, investment, or anything else is Dream First, Details Later, which also happens to be the name of Ellen's new book! An entrepreneur can get bogged down so easily with the details of any venture, so much sometimes that it could push them away from accomplishing something great.

In This Episode We Cover

  • 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

Check the full show notes here: http://biggerpockets.com/rookie76

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

May 08, 2021
From Working on Oil Fields to Passively Investing in Real Estate with Travis Watts
00:51:37

Travis Watts grew up with frugal parents. They taught him about coupons, buying the off-brand products, and basic financial 101, but never taught him about real estate investing. In 2009, as the market was hitting unprecedented lows, he decided to start investing in real estate. He purchased a single family home to start, then started house hacking, moved on to some fix and flips, bought some vacation rentals, and before he knew it, he was a very active real estate investor.

There was one problem though. Travis was working 90+ hour weeks in the oil industry, often working overseas for long periods of time. Travis was trying to run his active investing with his hectic schedule, but often found it hard to put a high level of effort into his rentals when so much of his energy was being exerted from his job. In 2015, Travis made the decision to become a passive investor.

Passive investing isn’t for everyone, especially for those who want to be making the big decisions. Luckily, Travis didn’t mind having general partners make decisions for the syndications he invested in, if anything, he preferred it. Travis walks through what you need to look at before putting money into a syndication, including the general partners, the market, and the deal. He also talks through how to identify whether or not a syndication is being run well, and other passive investing strategies like investing in REITs.

Many real estate investors will find themselves with lots of projects, lots of experience, lots of money, but little to no time. If you feel like this, it may be a good idea to start balancing some of your active investing with more passive cash flow opportunities!

In This Episode We Cover

  • 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

Check the full show notes here: http://biggerpockets.com/rookie75

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

May 05, 2021
Rookie Reply: Next Steps After Buying Your First Property
00:15:38

This week’s question comes from Jennsey on the Real Estate Rookie Facebook Group. Jennsey is asking: what’s the next step after your first property, as far as financing and steps to scale to a larger portfolio.

If you’ve gotten your first property, congratulations! Now you have the momentum and experience to go get more! The next steps that are most important are finding the money for your next deal, getting your systems and processes in place, and letting others know you’re a real estate investor looking for deals.

Here are some suggestions:

  • Save up for a conventional mortgage, link up with a partner, find a hard money lender, or find a private money lender
  • Understand the fees and structures in each of these types of financing
  • Put together a binder showing your past deal, your experience, and your goals
  • Know how many doors you want to acquire and lay the foundation for that goal
  • Every time you do something with financing, tenant management, or underwriting, make sure you document how you’re doing it
  • And More!

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Check the full show notes here: https://www.biggerpockets.com/rookie74

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

May 01, 2021
Partnerships: What to Do Before You Jump in With Another Investor
00:52:10

Believe it or not, Tony and Ashley haven’t met each other in real life...until now! They’re recording from the BiggerPockets headquarters in Denver, and they brought their partners! Tony’s wife Sarah and Ashley’s business partner Joe are here to answer the most common questions about partnerships and investing with someone else.

What makes a great partner? Tony, Sarah, Ashley, and Joe all agree that a good partner has to have complementary strengths to you. Do you know how to do financing but are terrible at design? You should find a partner who loves design but doesn’t want to touch financing. Although it may not be the easiest task, one of the best ways to find a partner is to look at your weaknesses, your strengths, and look within your circle to find someone who could be the yin to your yang.

Ashley also talks about the “partner presentation”. You may have heard this term before on the show. A partner presentation is essentially a binder including a bank statement, credit report, personal finance statement, and past deal history. This helps you show a potential partner that you’re coming from a position of strength and that you possess the competence to tag team a deal.

Ashley, Tony and their partners also go over things like goal setting, partnership structures, LLCs, life insurance policies, and more. While many rookies feel they don’t have the experience to bring to a partnership, it’s important to know that you running the numbers, listening to the podcast, and having interest in real estate already puts your skillset above many others!

In This Episode We Cover

  • What Ashley and Tony look for in their partners
  • What a good partner looks like and what you should avoid when partnering up
  • Preparing your “partner presentation” for a prospective partner
  • Setting goals and staying on the same page as a partner
  • How to structure your partnerships so everyone is on the same page
  • Umbrella policies, life insurance policies, and other partner protections
  • And So Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/rookie73

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apr 28, 2021
Rookie Reply: Cash Out Refinances vs HELOCs | Which Should You Use?
00:09:19

This week’s question comes from Ricky on the Real Estate Rookie Facebook Group. Ricky is asking about the pros and cons of using a cash out refinance vs. using a HELOC (home equity line of credit), especially since you can pay down a HELOC and use it over and over again.

Many real estate investors take advantage of HELOCs since you can get them for your primary residence or a rental property. That being said, HELOCs can come with variable interest rates and can be closed once up for renewal. 

Here are some points to consider:

  • First see if your primary home qualifies for a HELOC, if not, go the commercial route
  • Primary residences will get better interest rates compared to commercial HELOCs
  • Cash-out refinances are a great way to get equity that's been built over time with a low interest, long-term loan
  • HELOCs may require you to take out from them every year, or be penalized 
  • You may be able to get HELOC closing costs waived, unlike on a refinance 
  • And More!

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Check the full show notes here: http://biggerpockets.com/rookie72

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apr 24, 2021
Auctions, Section 8 Tenants, and 16 Doors in South Chicago with Martin Neal
01:00:07

Martin Neal started his career as a police officer during the great recession. His family convinced him to buy a condo since prices were near rock bottom, this is when Martin was bit by the real estate bug. When he was transferred to another police station, thus doubling his salary, he knew it was time to do something with the condo. He paid off the loan and set up a HELOC (home equity line of credit) so he could purchase cash flowing rentals!

Now Martin uses the BRRRR strategy to buy homes that need rehabbing, rehab them, rent them out, and get them into conventional loans. As of now he has 11 properties with 16 doors, most of which was picked up just in the last 3 years.

Martin has done what many investors advise against, worked with his family. He has his dad running management on some of his properties and helps when rehabbing them as well. How did Martin work with his dad without jeopardizing their relationship? He sat down with his father, laid out the roles and responsibilities of the project, and paid him for his time. It’s tough finding trustworthy workers and partners in real estate, so don’t disregard family just because they’re family!

Martin also gives some great advice on finding high-quality section 8 tenants, many of which helped his real estate portfolio through the COVID-19 shutdowns due to their government subsidized rent. He also talks about buying homes off of auction sites, but making sure you’re able to do your due diligence before putting in an offer.

In This Episode We Cover

  • Using HELOCs to fund your future BRRRRs
  • Having a defined plan so you can scale faster and with less headache 
  • Having the bravery to buy more units, even when it pushes you into new territory
  • Why townhouses may be an attractive asset in specific parts of town
  • Working with family (without destroying your relationships)
  • Buying homes at auctions 
  • And So Much More!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie71

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apr 21, 2021
Rookie Reply: Should I Sell or Rent Out My Primary Residence?
00:10:15

This week’s question comes from Dane through Ashley’s DMs on Instagram (you can find her @wealthfromrentals). Dane is asking: should I sell or rent out my primary residence?  

Whenever you’re moving from your current home to a new home, you have the option to sell or rent. While there isn’t one solid answer for everyone, you can find out whether selling or renting is the best option by looking at your market and your specific financial situation.

Here are some suggestions:

  • Get comps (comparables) on market rents from homes like yours
  • Search through recently sold homes that are comparable to yours and find the median sales prices
  • Pull out a home equity line of credit on your primary home to help buy your next primary home or more rentals
  • Run the numbers as a sale and a rental, does it cash flow?
  • Refinance for a lower mortgage payment and rent it out
  • Run the numbers for EVERY scenario and make long-term decisions
  • And more!

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Check the full show notes here: http://biggerpockets.com/rookie70

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apr 17, 2021
Putting Rentals on Autopilot While Living in the Dominican Republic with Becky Nova
01:05:32

Becky Nova didn’t have a linear path to real estate like many others. She’s had times in her life when she was poor and times in her life when she was rich. Becky knew that she didn’t want to go back to those poorer times in her life, so when she was about to marry her husband, she was pushed to get herself out of debt and into a much more stable position. She worked a consulting gig, got herself debt-free, and decided she wanted to start house hacking!

Now, Becky is off in the Dominican Republic, running her entire portfolio of 10 houses completely remote. Even more impressive, Becky used traditional financing for those rental properties! So how does she manage properties all the way in upstate New York while she’s thousands of miles away on the beach?

Well-tailored systems and procedures is what Becky relies on. She refers to her phone as one of the best tools for real estate, since she can call her agent, her tenant, or her contractor whenever she needs something. Becky proves that you can run a rental portfolio long distance, and do it successfully to boot!

This did take Becky some time, though. She designed the life she wanted and made her rental properties fit around that life, which is sometimes the opposite of what us busy real estate professionals do. Now, she can relax and enjoy her time travelling because she put the systems in place to automate her business!

In This Episode We Cover

  • Understanding what you really want and making your business fit your ideal life
  • Getting off thepaycheck to paycheck” hamster wheel
  • How Becky got 10 units in just over 2 years
  • Joining local networking groups and your chamber of commerce to find deals
  • How to find the best plumbers, contractors, electricians, and more through referrals
  • Having systems in place so your business can run itself
  • And So Much More!

Links from the Show

 Check the full show notes here: http://biggerpockets.com/rookie69

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apr 14, 2021
Rookie Reply: Stop Making Excuses in Business & How to Develop a “Scout Mindset”
00:29:39

It’s not uncommon that we make excuses for ourselves, especially when it comes to our businesses. A contractor may have let us down, or a tenant took advantage of a poorly-written lease, or our partner isn’t doing a job as well as we’d like. Are these problems fully forming because of the other person, or ourselves?

Today we talk to Julia Galef, author of The Scout Mindset and host of the “Rationally Speaking” podcast. Julia is trying to answer a big question: how do we improve our reasoning and our decision making? For her, there is a big difference in mindset. Sometimes we have a scout mindset, which allows us to be more exploratory and see what really is going on. Then we also have a soldier mindset, which is when we’re seeing only our pre-existing beliefs. How do you know if you’re using your scout or soldier mindset? Ask yourself if you’re rationalizing your situation or just making excuses.

This can be hard as business owners and investors because we often are the first to blame someone else for our problems. We even downplay our shortcomings, like when a novice flipper thinks he or she can do the electrical, plumbing, foundation, and flooring work without any prior experience. It’s important for us as people and investors to get honest feedback not only from our clients, tenants, contractors, and partners, but also from ourselves.

In This Episode We Cover

  • The difference between a scout mindset and a soldier mindset
  • How to get out of fooling yourself into believing something that isn't true
  • Jeff Bezos’s “30% Success” story 
  • Implementing feedback in a way that is beneficial for you and those around you
  • Leaning into confusion and finding the underlying causes
  • Being a better real estate investor
  • And So Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/rookie68

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apr 10, 2021
Moving From Single Family Homes to Self-Storage Units with Dee Brock
01:07:16

After moving from his home state of Georgia to Oklahoma, Dee Brock discovered a burning desire to buy rental properties. He had bought himself a primary residence and cosigned with his mother on her home, but knew he wanted to accrue units that could be cash flowing. He was then able to get a HELOC (home equity line of credit) on his primary and use it to buy a foreclosure

Everything was going well, but Dee wanted more structure, more advice, and more of a game plan. Someone at his church group suggested going onto a site called BiggerPockets, which later became a huge resource to Dee (and hopefully to you reading this now)! Now Dee knew how to vet tenants, get a cash out refinance, and run numbers like the pros. 

Dee developed a bit of a formula for how he sends in offers on houses. He finds a house he likes, sends it to his agent to get comps (comparables), averages those comps, multiples it by 80% (cash out refinance amount), then subtracts closing and maintenance. That’s the offer Dee puts in on the house and gives him the numbers he needs to feel confident about buying it. 

What if a house doesn’t appraise for the amount needed? Dee also has a workaround for that! Dee’s local credit union that lends to him allows him to use their ARV (after repair value) number OR an appraisal. This saves Dee tons of time and money if an appraisal isn’t needed!

Now Dee is setting his sights on a new venture, self-storage units. We’ve seen a lot of successful real estate investors transition from residential buildings to self-storage, and for good reason. Less management, less maintenance, and other benefits described by Dee makes self-storage a no brainer for where he’s at in his investing career. 

In This Episode We Cover

  • Using conventional primary residence loans to fund foreclosures 
  • Section 8 tenants and the pros/cons of having them in your rentals
  • Getting your spouse and family on board with real estate investing
  • Opting for a bank’s ARV number instead of getting an appraisal
  • The benefits of owning self-storage units
  • Giving your tenants a rent reduction if they pay on time
  • And So Much More!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie67

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apr 07, 2021
Rookie Reply: Buying Sight Unseen & Financing Off-Market Deals
00:15:17

This week’s question comes from Mitch on the Real Estate Rookie Facebook Group. Mitch is asking two questions: How do you close on a property sight unseen and how do you finance off-market deals?

Our two lovely hosts have expertise in both of these areas. Tony has bought a fair amount of property sight unseen and Ashley has used some very creative strategies for financing off-market deals.

Here are some suggestions for both of Mitch’s questions:

  • Get your agent, inspector, and general contractor to inspect a prospective sight unseen property
  • Don’t waive the inspection clause, especially if you’ve never been in the property
  • Look for lenders that aren’t traditional banks, especially those that work with investors
  • Ask local banks if they offer any products that could help with your funding
  • Use a line of credit or borrow against your stocks/other assets
  • Ask for seller financing whenever possible
  • And More!

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Check the full show notes here: http://biggerpockets.com/rookie66

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apr 03, 2021
Multifamily, Mobile Home Parks, and Commercial Deals: All in 2 Years! with Tommy Polise
01:05:01

Real estate investing works differently for different people. Some people like to gradually buy small properties, then start looking for larger deals, and then go into commercial financing for big deals. Tommy Polise always knew he wanted to buy real estate and had spent five years analyzing markets and educating himself, but never bought any properties. In 2019, that changed.

Tommy had been looking into single family homes but found that he’d only be walking away with a small amount of pure cash flow each month. While he now feels that single family homes are a great investment, at the time, he didn’t think the cash flow was worth the effort. So he and a partner went in on a multifamily deal together. It worked out well and he gained some experience and connections, so he decided to go bigger and better.

Now, two years later, Tommy and his partners are sitting on 30 units. This includes single family homes, multifamily properties, and a land deal that includes 10 mobile home lots, 8 storage units, 3 single family homes, and a 5 unit apartment complex. He even has a laundromat with a residential property attached to it as well!

So how does a real estate rookie like Tommy go from 0 units to 30 units in the span of 2 years? Tommy says you need to develop good relationships, get great partners, understand your financing, and continuously take risks!

In This Episode We Cover

  • How to get commercial financing if you’re just starting out in real estate
  • Finding a great partner that will work with you, even when you make mistakes
  • Why single family homes may work for some investors more than others
  • The appeal of doing large commercially financed deals 
  • How to do a thorough inspection when you’re closing on a large property
  • Calculating your “worst case scenario” and knowing your risks
  • Developing the confidence to pursue bigger and more complicated deals
  • And So Much More!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie65

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Mar 31, 2021
Rookie Reply: How Do I Place Properties Under a Newly Acquired LLC?
00:20:20

This week’s question comes from Mantas on the Real Estate Rookie Facebook Group. Mantas is asking: How do I place properties under a newly acquired LLC?

Before you place your properties in an LLC, you’ll need to ask yourself if you need an LLC in the first place. This really depends on your goals as an investor and whether you have a partner or not. Many investors skip the LLC route and put a rental property solely in their name, while other investors that work with partners choose to either start a new LLC or put the new investment property in their current LLC.

Here are some suggestions:

  • Make sure you know the financing options for LLCs vs. buying in your own name
  • Get an umbrella policy if you don’t have an LLC
  • Speak to a trusted attorney or submit LLC paperwork yourself (if not too burdensome)
  • Get commercial financing for your LLC and purchase the house in its name
  • And Much More!

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Check the full show notes here: http://biggerpockets.com/rookie64

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Mar 27, 2021
Diverging From Corporate Life to Flip Houses Full-Time with Sean and Ann Wayne
01:15:58

It’s hard to leave a comfortable job, especially when you’re working with family. What happens if you can’t make your entrepreneurial dreams work, what if you need health insurance, what about your bills? This is the predicament that Sean and Ann Wayne were in, only a couple short years ago. Thankfully, they made the jump, and now they’re flipping more than ever!

Sean and Ann left college with around $93,000 in debt, but were able to pay it off quickly due to their thrifty lifestyle and saver skills. After they had paid off their debt, they wondered where they could put their leftover money into. Sean stumbled upon BiggerPockets and knew that something within the realm of real estate was the best option.

Luck would have it that Sean and Ann’s landlord at the time was a flipper and a real estate agent. After some discussions, their landlord decided to mentor them through their first flip. If you’ve listened to this podcast long enough, you know what’s coming next. They were hooked! Sean knew he had to leave his corporate job to pursue flipping, even if it meant less stability.

Now this dynamic flipping duo has done 12 deals. Sean focuses on the rehab and Ann focuses on design. If you’ve wondered about what the best ways to paint and design your flip are, Ann drops some knowledge on what is worth risking, and what isn’t. Together, they’re an unstoppable team, and will definitely be on the Real Estate Podcast soon enough!

In This Episode We Cover

  • Why you should tell EVERYONE what you do and what you’re interested in
  • How to talk to a mentor to convince them that you can provide benefit to them
  • Tackling both the mental and financial barriers to leaving a corporate job
  • Funding deals with hard money and private money
  • Splitting up your roles as a team, whether you’re business partners or partners in life
  • Resources for finding the best designs for your flip
  • Keeping your partner “in the know” so your flips runs smoothly
  • Fighting imposter syndrome as an intermediate real estate investor
  • And So Much More!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie63

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Mar 24, 2021
Rookie Reply: What’s The Best Way to Find a Lender?
00:10:38

This week’s question comes from Kaylee on the Real Estate Rookie Facebook Group. Kaylee is asking: When looking for a lender (specifically 203k) what is the best most effective way to find them? Do I need to find someone local? Am I overcomplicating?

Whether it’s a 203k loan, or any other loan, having a consistent and quality lender is incredibly important when building up your real estate portfolio. Ashley and Tony have both used a handful of lenders to fund their different types of deals.

Here are some suggestions:

  • Start with local lenders, especially ones you have relationships with already
  • Call or email all the banks in your area or the area you’re looking to buy in
  • Tell loan officers your plan, they may have a loan that fits exactly what you need
  • Even if a loan officer doesn’t have the right type of loan for you, keep up the relationship!
  • Get referrals from other investors in your area
  • And More!

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie62

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Mar 20, 2021
Digital Nomad with 15 Units in 5 Different Areas with Michael Su
00:45:59

While traveling throughout southeast Asia, Michael Su asked what he could be doing to protect himself if he ever didn’t have stable income. As a digital nomad, travelling from country to country, all while working at a startup, Michael was used to risk. He realized that the best way to mitigate and reduce the risk of him ever being in a dire financial situation was to make his own income. The best way to do that? Buy rental properties!

Michael had already been following some popular real estate influencers, and decided to do what they were doing. He even contacted BiggerPockets’ very own Craig Curelop and asked him to be his agent in Denver and help him house hack. From then on, Michael reached out to more investors in other areas of the United States and began using their strategies.

Now, only one year into real estate investing, Michael has over 15 homes, with two under contract, in five regions in the US! This doesn’t just happen by luck. Michael had a strong grasp on financing strategies, investment strategies, and real estate economies of scale. He even read the SEC filings for major REITs to see how they scaled their businesses and dealt with problems.

Now Michael can continue building his real estate portfolio, while traveling, and working at a job he loves. All possible through smart investing!

In This Episode We Cover

  • Thinking long term on wealth accumulation and passive income strategies
  • How to create a portfolio that works with your life, not the other way around
  • Buying in different markets with different investing strategies
  • Reaching out and interviewing investors, agents, and real estate influencers
  • The multiple different ways to finance your real estate deals
  • Section 8 and the pros/cons that come with it
  • How to mitigate and manage the risk you face when real estate investing
  • And So Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/rookie61

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Mar 17, 2021
Rookie Reply: How Do I Analyze Short-Term Rentals?
00:16:07

We’re asked a lot on how to analyze short-term rentals. Since short-term rentals have different expenses, rent estimates, and occupancy rates, running a short-term rental analysis may seem tricky at times. Both Ashley and Tony own short-term rentals and know the often overlooked costs of running a profitable getaway.

If you’re still looking for the best way to analyze your short-term rental prospect, Ashley and Tony may offer some much needed guidance!

Here are some suggestions:

  • Understand your average nightly rate, occupancy rate, and annual expenses
  • Use tools like AirDNA and Mashvisor 
  • Use Tony’s short-term gross revenue formula 
  • Try out the BiggerPockets Airbnb Calculator
  • Know the permitting laws and fees of the area you’re looking into
  • Add regular business expenses to your calculations (accountants, insurance, taxes, etc.)
  • And more!

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/rookie60

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Mar 13, 2021
Rookie First-Time Home Buyer Questions Answered by Scott and Mindy
01:15:09

Starting out as a rookie investor means you most likely have a lot of questions that need to be answered before you dive in and buy your first home! Whether it’s a primary residence, a house hack, or an investment property, you’ll need to know about loans, agents, inspections, and more. With us today is Scott Trench and Mindy Jensen, co-hosts of the BiggerPockets Money Podcast and authors of the new book First-Time Home Buyer.

We’ve rounded up some of the most popular questions asked on the Real Estate Rookie Facebook group and asked the experts their opinions on them. Questions include:

  • Should I use an agent-referred lender or a mortgage broker?
  • Is more or less of a down payment better?
  • Does my agent need to find off-market deals?
  • How do I shop for loans?
  • Would you buy an as-is property as your first deal?
  • And more!

Scott and Mindy have definitive answers to each of the above questions and sprinkle in a bit of their own experience, so you don’t make the mistakes they did. If you’re about to purchase a house, getting into the planning phase, or just starting to learn about real estate investing, make sure you get a copy of First-Time Home Buyer!

In This Episode We Cover

  • How to find a lender and how to compare the ones you find
  • How loan applications affect your credit score
  • Getting inspections on your home and using them for price reductions
  • Buying an as-is property and what that means for your budget
  • Running your numbers 3 different ways
  • Keeping a healthy safety reserve, regardless of if your home is a primary residence or an investment
  • And So Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/rookie59

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Mar 10, 2021
Rookie Reply: Doing The Work Yourself vs. Hiring Out
00:11:21

This week’s question is a very common one that has frequently come from novice and experienced real estate investors alike. If you own rentals, you may be thinking about this as well. When do you do the work yourself vs. hire it out? The answer depends on different factors, such as where your rentals are located in relation to you, how solid of a team you have, whether or not you have experience doing the work, and more.

Tony and Ashley both have different experiences when it comes to swinging hammers and laying down floors. One thing they agree on: you want to be in a place where you can hand off the work if needed.

Here are some suggestions to make the decision easier:

  • Create systems that allow you to step away if possible
  • Have a great team in place so you always have work to outsource
  • Make a checklist whenever you do a new task
  • Look at your goals and hire out accordingly
  • Read Who Not How, The E-Myth, and Traction
  • And more in the episode...

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Mar 06, 2021
Virtual Assistants, Roach Infestations, and Turnkey Companies with Maria Acosta
00:57:38

Everybody knows someone who has attended some kind of course, workshop, or “guru” consulting. Maria Acosta attended one after watching HGTV, and ended up buying her first rental property from someone at the conference. What she thought she was getting was a turnkey duplex that had professional management and was rented out on both sides. What she actually got was a trashed duplex without tenants and a roach infestation

Bad luck right? Thankfully, Maria isn’t a quitter, and all that did was inspire her to be more diligent with her future deals. Now, that same property has healthy cash flow each month (and no roaches). Maria has gone on to do a few flips, a couple wholesale deals, and owns 8 units throughout the United States. She’s learned some impactful lessons along the way, like how to fire and hire a property manager, what to look for in a pre-foreclosure property, and how to get a subject to deal under contract.

Maria has been through some tough scenarios that many experienced real estate investors would have never dreamed of. Ever had to track down the brother of a partner of a seller who has no address? Maria has done it. Ever had to get a father who is in a correctional facility in another state to sign a power of attorney for a property? Maria has done it. 

She’s hired multiple VAs, set them up on a system and schedule to find off-market deals, and created a small real estate empire that is growing day by day. This is what hustle and grit looks like in a rookie! 

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Mar 03, 2021
Rookie Reply: Tips on Owner Financing Then Refinancing Out
00:12:05

This week’s question comes from Cory on the Real Estate Rookie Facebook Group. Cory is asking: Owner financing would buy me some time to get the property rented and cash flowing as well as build some equity before taking it to my bank for conventional financing. Any tips, suggestions, stories on doing this? 


Many real estate professionals have an opinion on owner financing (also called seller financing). Some love it, some hate it, and some just haven’t had any experience with it. Ashley has had some great experience not only owner financing a package of properties for sale, but also being the owner who has financed her property when selling it. 


Here are some of Ashley’s suggestions:

  • Show the seller that you’re financially stable with some key documents 
  • Work with the seller to find terms, interest rates, and payment options that work for you both
  • Ask the seller what they need to make this deal work for them
  • Draw up a letter of intent and attach an amortization schedule 
  • Get it structured and drawn up legally with your lawyer 


If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Feb 27, 2021
Combining House Hacking and Live in Flips with Tyler Madden
01:00:49

Talking to Tyler Madden for any more than a minute, you can tell that he’s a smart guy. But would you ever guess a general contractor and real estate investor has degrees in biology and chemistry? Probably not!

Tyler went to school to be a doctor, but after leaving school he found himself in the restaurant industry. He was serving tables, which later turned into bartending, and later managing the restaurants himself. He enjoyed the growth he found in the restaurant industry but realized that there was a cap to the success

At the same time, Tyler was fixing up his primary residence every so often, learning new tricks of the trade from online. He got so good at fixing up his own house, other people started asking him to take care of projects on their houses. Tyler loved fixing up houses, and decided to get his general contractor license and start up his own business. 

Tyler was even inadvertently house hacking and doing a live in flip/rehab on his first primary home without even realizing it. He rented out a room in his house while he was fixing up the property, which helped him cover a lot of costs. When Tyler and his wife decided to move into another house, they kept it as a rental property, and held on to a LOT of equity that he is now using to pursue future deals.

He’s had a fire in a home, a break-in, and at one point had 40 cop cars surrounding him with guns drawn (he shares in the episode). Tyler is an interesting guy, and has a lot of knowledge to share on rehabbing, contracting, cost estimating, and financing

In This Episode We Cover:

  • How doing a great remodel can boost up the price of your house significantly
  • Taking out HELOCs (home equity lines of credit) and keeping them around for future financing options
  • Starting an LLC so you can take advantage of financing later on
  • Using high-end finishes vs. using standard finishes for rentals
  • How to get your spouse on board when they are worried about real estate risk
  • Making offers on and off market so you can get a deal in an expensive area
  • And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie55

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Feb 24, 2021
Rookie Reply: The BEST Apps for Real Estate Investors
00:13:13

This week’s topic comes from our hosts, Ashley and Tony. They’ve heard many rookies ask the same question: what are the BEST real estate apps to have? Well, Ashley and Tony have rounded up their favorite apps and created a list so you and your partners can invest more successfully and with less headache!

Ashley and Tony break down some of the best apps that they use in their real estate investment careers. Here are some of their suggestions:

  • Stessa: Manage the accounting and documents of a property
  • Propstream: An easy way to get lists for off-market deals
  • Wrike: Project management made easy
  • Dealcheck: Run your numbers quicker 
  • Google Voice: Keep your tenants and vendors off your personal cell phone with a FREE business number
  • Everlance: Mileage tracking for business traveling
  • And More!

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE)

Links from the Show


Click here to check the full show notes: https://www.biggerpockets.com/rookie54


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Feb 20, 2021
Turning 9-to-5 Burnout into 24 Doors (in a Year and a Half!) with Kristie LeSage
00:52:05

Kristie LeSage didn’t mind her 9-5 much before she went on a hiking trip to Yosemite. When she turned her phone off for a few days, hung out with friends, and spent time in nature, she realized that she wanted more freedom in her life. After that hiking trip, she returned home to her husband and told him it was time for her to quit. The problem? She didn’t know how she was going to make money when she left her job.


After doing some options trading and making money off of it, she made the decision to leave her job by the end of summer 2019. While she was trading, her husband was getting into the BiggerPockets community, and through some of her husband’s suggestions, Kristie found another way to make money. In August of 2019, they closed on a 4-plex in San Diego. A year and a half later, Kristie and her husband have an impressive 24 doors!


Kristie walks through the benefits and struggles of owning multifamily properties both in and out of state. She also talks about the different types of funding she used in order to get them under contract, including conventional loans, HELOCs (home equity lines of credit), and commercial loans. Even without a W2 or 2 years of 1099 income, Kristie proves it’s possible to start your real estate journey regardless of where you’re at. 

In This Episode We Cover:

  • The advantages of buying rentals in your state or out of state
  • Why multifamily properties made the most sense for Kristie’s situation
  • How to leverage an array of financing options to get houses under contract
  • How to avoid mistakes when vetting tenants (plus what to look out for)
  • Calculating your DTI (Debt-to-income) ratio before applying for financing
  • Self-managing multifamily properties even when they’re out of state
  • How to show a house remotely (and safely)
  • And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie53

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Feb 17, 2021
Rookie Reply: My Debt-To-Income is Too High to Get Another Property, How Do I Keep Up the Momentum?
00:13:28

This week’s question comes from Meghan on the Real Estate Rookie Facebook Group. Meghan is asking: How do I keep up the momentum after closing on two deals, when my debt-to-income ratio is too high to get another loan? I’m too new to bring experience to the table, and without much cash or financing, what do I bring to the partnership?

We’ve heard this A LOT from rookies, and this is one of the main reasons that rookie investors get stuck and stop investing consistently. Ashley and Tony both have some great advice on keeping the ball rolling so your investment portfolio keeps growing!

Here are some suggestions:

  • You always have some amount of experience that is valuable to a partner
  • Find strengths in yourself that partners may lack
  • Share what you’re doing with other investors or in your social circles
  • Be confident on future deals: you’re bringing partners an opportunity
  • Look into other types of lending like commercial lending 

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

In This Episode We Cover

  • Debt-to-income (DTI) ratios and how they affect loans
  • Getting your personal finances together to show investors you’re responsible
  • What you should say to ANY investor who may be interested on partnering up
  • Finding a strategy that fits into your lifestyle
  • And More!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie52

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Feb 13, 2021
18 Deals in 2 Years AND a Full Time Job with Kevin Christensen
01:13:09

Real estate investors are very busy people, and often, rookie investors become busier than ever as they’re learning the tricks of the trade. Kevin Christensen is no different, he works a full-time job, runs a retail store with 5 locations, and self-manages his long and short-term properties, all while doing some handyman work himself!

As a United States Marine, Kevin was used to the “improvise, adapt, and overcome” mentality, which has served him well in his investing career. Kevin only started actively investing in real estate around 2 years ago, but has so far done 18 deals, won a lawsuit, and hired two full-time contractors for his properties. He runs a very tight ship, and doesn’t let much slip through the cracks.

Kevin’s secret to success is centered around just being himself: work hard, be kind to others, and focus on customer service. As you’ll hear in the episode, Kevin was able to get a $350,000 house reduced to $190,000 simply by listening to the seller’s needs and being courteous throughout the transaction, something that the other wholesalers in his area failed to do.

If you’re interested in subject-to properties, it will serve well to heed Kevin’s advice. He was sued in the middle of a subject-to deal while renting out a house as a short-term rental. Kevin walks through exactly why the sellers were suing, how he protected himself, and how he pulled in $14,000 of revenue in only around 2 months!

You’ll probably hear Kevin on the BiggerPockets Real Estate podcast soon, because even though he’s a rookie in years, he’s a pro in experience!

In This Episode We Cover:

  • How to be a better wholesaler and listen to what sellers need
  • Getting your spouse on board for real estate investing
  • What a subject-to property is and how to facilitate a subject-to transaction
  • The best property management software (that’s also free!)
  • The importance of having a W2 income if you’re going to BRRRR, flip, or buy long-term rentals
  • Why short-term rentals can be serious cash-flowing investments
  • When to BRRRR and when to flip (depending on your goals and finances)
  • And SO much more!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/rookie51

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Feb 10, 2021
Rookie Reply: I Have Analysis Paralysis, What Should I Do?
00:08:21

Welcome to the first Rookie Reply episode of the Rookie podcast! We’ll be taking questions from Facebook, Instagram, the BiggerPockets forums, and maybe even the Rookie Request Line (Call us at 1-888-5-ROOKIE).

This week’s question comes from Trevor on the Real Estate Rookie Facebook Group. Trevor is asking: What was the hardest part of getting started? What helped you overcome that obstacle, and how do you mitigate analysis paralysis? 

This is a question we often get, so it’s perfect for the first Rookie Reply show. Here are some suggestions:

  • See the first deal as a learning opportunity 
  • Don’t let it become emotional
  • Verify your data and numbers
  • Have another exit strategy
  • Get an accountability partner
  • And more in the episode...

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group!

In This Episode We Cover

  • How to overcome analysis paralysis 
  • Why you should know your “worst case scenario” and adjust accordingly to it
  • Having other exit strategies for your property 
  • Having reserves (or a partner with reserves)
  • Taking the emotion out of the deal
  • And More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/rookie50

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Feb 06, 2021
Targeting New Builds to Get Around the W-2 Requirements for House Hacking with Andres Bustamante
01:00:34

Not many college students get their real estate license while in college, let alone during freshman year. Andres Bustamante did just that, becoming a leasing agent so he could cover his housing and tuition costs. Andre didn’t know if he would go into real estate full-time after college, but when he found the BiggerPockets Podcast in the Summer of 2019, he decided to make the jump.

Andres reached out to a guest on the show, who later became his mentor and asked Andres to join his team! In his first year of full-time real estate Andres managed to sell 15 houses, with 15 more under contract as we speak. He lives in a house hack, has another house hack under contract, and bought an AirBnB as a short-term rental.

Since Andres had 1099 income he wasn’t able to take the traditional route to house hacking that W2 employees have available to them. Instead, Andres found new construction projects going up, put down earnest money for them, and locked in the deal. As Andres describes, he was able to get into these projects at “stage 1”, so as the builders were building, Andres was guaranteed a price for a house that was appreciating everyday in his growing market.

As Andres has been house hacking he's come up with some great ways to verify that tenants will work for you and for your profit margins. He talks about what he provides, what he puts in his leases, how he decides on tenants, and more helpful tips for any aspiring house-hacker!

In This Episode We Cover:

  • How to get a property for house hacking when you don’t have a W2
  • What you’ll need to get a new build under contract
  • How earnest money differs from a down payment
  • The criteria you should have in place for househack tenants
  • How to split utilities among tenants when house hacking
  • How to make equity profit from new builds
  • And SO much more!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/rookie49

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Feb 03, 2021
4 Ways Newbies Can Finance Deals with Richard Kelly
00:56:09

After Richard Kelly shadowed a veterinarian for the day, he realized that his passion wasn’t performing surgery on animals, it was actually money. This led him to become a banker and after he was given the book Rich Dad Poor Dad, his interest in real estate investing was sparked.

After deciding he wanted to become a landlord, Richard found BiggerPockets and started listening to every episode of the podcast he could. After feeling confident enough in the real estate investing education space, he made his first jump into flipping, buying a short-sale home with some creative financing via hard money loans.

After some very heavy hard money fees paired with long nights working to get his flip finished, he walked away with a solid profit, and knew that he wanted to park it in buy-and-hold investing. Currently, Richard has completed 2 flips and owns 2 rentals (a single family and a duplex), and knows exactly what (and what not) to look for when using hard money and creative financing. Now, he’s here to share the knowledge with all of us.

Richard has done 4 deals, with 4 completely different ways of financing. From private money, to 401(k) loans, and using a fan favorite, the 203(k) construction loan. He also talks through how to find deals, who to partner up with, and why you need a great real estate agent especially when you’re just starting out.

In This Episode We Cover:

  • Why short sale properties may be a great buy for new investors 
  • The importance of having reserves when going through hard money lending
  • How to get comfortable with making offers (before you see the place)
  • Financing through hard money, 401(k) loans, and 203(k) loans 
  • Finding quality partners that make deals easier
  • How to find off-market deals, wherever you are
  • Richard’s favorite tools for finding and managing properties
  • And SO much more!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/rookie48

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jan 27, 2021
0 to 7 Deals in a Year Using Other People's Money with Andres Bernal
00:51:39

Andres Bernal came to America to play tennis with only $500 in his pocket. He thought that professional tennis is what his life would end up revolving around. After playing for 2 years and being burnt out from work, Andres decided to take some advice from his family members: start buying real estate.

After buying his primary residence, he started looking into multi-family homes that could make him some cash flow each month. He later put down 3.5% with an FHA loan to purchase a triplex, and rented out the bottom 2 units while he lived in the upper 3rd unit. He sold his condo, had some cash, and was ready to start investing more.

Andres had some pretty creative ways of getting funding for his real estate deals. He started calling every contact in his phone, asking if they were interested in real estate, and if they were, he packaged up a deal for them. The trade? He does the work and the analysis, they do the financing.

These types of partnerships have worked well for Andres and they can work for other rookies as well. His advice is to test the partnership, build the trust, and use the BiggerPockets Rental Property Calculator! The rest will fall into place.

In This Episode We Cover:

  • Why FHA loans are a great first financing tool for rookie investors
  • Calculating out your “worst case scenarios” on houses
  • How to treat tenants so they want to stay (and will respect your home)
  • Why investors need to solve a problem for tenants (especially those that cause you the most trouble)
  • Finding local investors and investors within your existing circles
  • The profitability of student housing as an investment
  • Using social media to grow your existing network
  • How to set expectations for contractors
  • And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie47

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jan 20, 2021
How an “I Don’t Want to Invest” Couple Became Successful Long-Distance Landlords with Annie and Trey Johnson
00:45:17

Most rookie real estate investors want to hit a home run on their first deal, Annie and Trey Johnson did it completely on accident. Neither of them were interested in being landlords or real estate investors, but after they made six figures profits on their first home, they realized there was real money in the real estate game.

Annie and Trey were looking for a home to raise their family in. They found the perfect plot of land which had a new manufactured home and a scenic view. After living in the home for a few years they decided to move elsewhere to be closer to family, and instead of selling it, they decided to rent it out for a year.

Now they were landlords by accident, and as the money started to flow in every month they questioned “is this something people are normally doing to make money?”. Fast forward a year, they subdivided the land, sold the home, and walked away with profits exceeding $200,000. Not bad for a couple of rookies!

Annie and Trey now invest out of state, building up their real estate portfolio by rehabbing inexpensive homes. They’re so into real estate, that Annie even hosted her own socially-distant meetup during 2020!

This investor couple walks through their keys to success, the players on their team that make the biggest difference, and how they went from just homeowners to real estate investors!

In This Episode We Cover:

  • How to use your primary home to make more money
  • The ability to cash flow using ADUs and mother-in-law suites
  • How to parcel out lots of land to sell them separately (and make more money!)
  • Why writing a “love letter” may be a good move when submitting home offers
  • How a good or bad property manager can make or break your long-distance investing
  • What to do when there are no meetups in your area (or COVID has limited them)
  • The best advice for new rookies who are looking to find their first deal
  • How to find funding for your BRRRR
  • And SO much more!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/rookie46

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jan 13, 2021
On-Air 2021 Goal-Setting and Accountability Plans with Rookie Investors Beth Henson, Jackson Seedott, and Jordan Crockett
00:59:40

Not one, not two, but three real estate rookies join us on the first Real Estate Rookie episode of 2021! Beth Henson, Jackson Seedott, Jordan Crockett all started their real estate investing careers in 2020, but are in different stages of the game. They each have contrasting strategies, goals, and visions for 2021, making this interview even more interesting!

Beth acquired 6 units in 2020! She’s also got 3 more units under contract and is ready to close in early 2021. Beth is also flipping houses as well and has a BIG revenue goal to hit in 2021 for her flipping business.

Jackson is still looking to get his first deal under contract but made a very impressive personal finance transition in the 2020. He doubled down on his side business during COVID-19 and has seen revenue triple, which is going directly into his investing fund. He’s analyzing deals, calling agents, and ready to get his first deal in Q1 of 2021!

After joining the “How to Get Your First Rental in 90 Days” webinar, Jordan made it his mission to get his first rental property under contract. Jordan bought a duplex within that 90 day timespan and house hacks one side of it. He’s looking to add more rentals and start wholesaling in 2021. 

These 3 investors talk about their visions for 2021, how they accomplished success in 2020, and what new investors can do to maximize their efforts for the coming year.

In This Episode We Cover:

  • The importance of having a profitable side business
  • Why daily consistent action is the driving force behind goal accomplishment
  • The reason real estate investors vet contractors, agents, and partners so thoroughly
  • Why it’s okay to not know everything, especially if you’re just getting started
  • Defining your “worst case scenario” and making a plan to tackle it
  • How to follow up on your action items for your 2021 goals
  • And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie45

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jan 06, 2021
The Top 10 Real Estate Rookie Questions Answered by Tony and Ashley
00:51:01

You asked, we answered! This week we’re tackling the most common and most interesting questions asked on the rookie request line! If you’ve sent in a voicemail, you may be featured on this week’s episode!

Questions such as:

  • What is better, LLCs vs. Sole Proprietorships for buying properties?
  • How to find a great real estate agent
  • What do you do after you’ve bought your first rental?
  • The best investment types that AREN’T real estate
  • How to start buying rentals after bankruptcy
  • And many more great questions!

These will all be answered by our two experienced co-hosts, plus a special cameo from our senior producer, Kevin!

If you’ve been wondering about a certain aspect of real estate or just want to know what you can do to get started, this is the episode for you!

In This Episode We Cover:

  • How LLCs can limit or expand your financing for rental properties 
  • What factors make a great agent (and which one’s definitely don’t)
  • The importance of shopping around for many different financing options
  • What other asset classes real estate professionals invest in
  • Subletting and AirBnB arbitraging
  • How lenders look at income when two different partners are in on a deal
  • Whether you should pay off debt or add more investments
  • And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie44

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Dec 30, 2020
Defeating 5 Years of Analysis Paralysis to Do 4 Deals in 2020 with Jacqueline Smith
00:53:46

Jacqueline Smith knew that she didn’t want to have a big loan on her first house. The way she solved the problem: buy a foreclosed home and do a live in flip! It worked out so well, that she later decided to do it again, on her second home. Her and her husband then had the idea to go at it full time.

Even during COVID-19, Jacqueline and her husband have 4 flips in the making, and are looking to add more when deals pop up. She’s been through a lot in her short flipping career, from a tornado coming through a house she was working on, to builder tools being stolen while they were housed on site. This only made Jacqueline find better and more efficient ways to do her flipping.

Many of the deals Jacqueline has worked on have come from realtors and investors she’s met through organizations like BiggerPockets and her local REIA. She strongly urges any new investor to join their local real estate groups, talk to investors, and present deals to other experienced professionals when they have the ability to.

Jacqueline’s husband now is able to work on their flips as his primary business, plus get paid for the labor! Even in a crazy year like 2020, Jacqueline and her team have decided to go bigger, when many other investors were holding back.

In This Episode We Cover:

  • How to find foreclosed homes that are perfect for flips
  • The importance of building equity in order to fund your future deals
  • How to stop “analysis paralysis” from creeping in
  • Why you should attend meetups and networking events
  • How to introduce yourself to other real estate professionals, whether you’re at a meetup or just getting coffee
  • What to look for in a partner, especially if you’re new to flipping
  • Whether or not to put in an “escalation clause” when submitting an offer
  • Why you should always have security cameras on site
  • And SO much more!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/rookie43

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Dec 23, 2020
Bed and Breakfast House Hacking with Lauren Keen Aumond
00:53:06

Lauren Keen Aumond was only 22 years old when she got her primary residence under contract, and 23 when she purchased it. She realized that the rents in her area were higher than the mortgage payment of buying a house, so she bought a home, leased out a room, and incidentally discovered house hacking. At 23 she was only paying $200 a month to own a home that would appreciate for many years to come.

This is when Lauren decided that real estate would become a bigger part in her life than she had planned. She then spent the next decade buying a second home, selling it, and cashing it in for a duplex. Now she owns a cash-flowing duplex plus her latest purchase, a house hacking bed and breakfast!

This home was situated on a decent sized lot, with a primary home, 2 cottages, and a mobile home! As a resourceful investor, Lauren decided the best way to make this a cash flowing property was to turn the two cottages into short-term rentals and buy a camper as a 4th unit on the property.

Lauren now juggles school, a full time job, small businesses, and her rental portfolio all at once. She goes into some seriously messy situations she’s been in with tenants, from evictions, to break-ins, and even utility siphoning. With all that being said, she still feels confident as ever to be a landlord, and isn’t looking back!

In This Episode We Cover:

  • Why house hacking is great for young real estate investors
  • Why you need to focus on the numbers, not emotions in a deal
  • Different financing options for multi-family properties
  • Creative ways to house hack a property with different units on one lot
  • How to get multiple appraisals (if the first doesn't cut it)
  • Dealing with very troublesome tenants (especially during COVID)
  • Why you shouldn’t give up even if a property’s numbers fall short
  • And SO much more!

Links from the Show

Check full show notes here: http://biggerpockets.com/rookie42

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Dec 16, 2020
Using Hard Money & BRRRR to Go From 2 to 80 Units with Kyle Mack
00:56:31

Kyle Mack was only a senior in college when he bought his first duplex, house hacked it, and caught the real estate bug. Since graduating he’s held a handful of jobs, from retail, to becoming a leasing agent, and even a commercial real estate broker. But that wasn’t what Kyle’s degree was in, he was actually planning on becoming a doctor.

Kyle talks through how he gained the confidence to take on an 18 unit apartment building, not too long after closing on his first property. He also talks about the importance of financing, and how it can help you scale.

Using financing like hard money, credit cards, and cash to close on properties, Kyle has had to think on his feet to get deals done. He walks us through the best way to approach hard money loans, how to have lenders lined up for deals, and what to do when you can’t refinance at the end of a BRRRR deal.

Kyle brings up “imposter syndrome" and how it’s easy to psych yourself out of deals that you can handle. This is a great episode for any new investor who has never used hard money, creative financing, or wants to go from 1 unit, to many.

In This Episode We Cover:

  • How Kyle bought his first duplex before graduating college
  • How to pivot career paths, even if you’re just starting out
  • Why it’s important to do the “hard” parts of real estate, not just busy work
  • What a land contract is, and how it differs from seller financing
  • Using 0% credit cards to finance materials for deals
  • How to prepare your deals for hard money lenders
  • How to find great electricians, general contractors, and other professionals
  • Why you need to ignore the “imposter syndrome” that can creep up during deals
  • And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie41

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Dec 09, 2020
Using the “AREA” System to Buy 21 Houses in Just a Few Years with Anam and Aamir
00:50:36

Investor couple Anam and Aamir have been hard at work during COVID, locking down deals and BRRRR-ing more and more houses. Through years of system-building and deal mistakes/lessons, they were able to create a system that allows them to save time searching for deals and know immediately whether a property is worth the investment or not.

After pinpointing exactly what they wanted in a deal, Anam and Aamir took the time to develop systems and processes that would help them get properties rehabbed and rented faster.

So how did they finance these deals? HELOCs, credit cards, cash, hard money, and other creative financing

This is what allowed them to build a portfolio of 21 units within a few years, all while working full time jobs that take up much of their waking hours.

With their deal criteria system (A.R.E.A), they’ve been able to turn their dreams into reality. Now at only 28 and 30, Anam and Aamir are on track to close more and more deals, securing their financial independence all while building appreciating wealth.

In This Episode We Cover:

  • How you can grow your rental portfolio, even during a pandemic
  • How to get your processes and systems down so they work for you 
  • Using your partner’s strengths/weaknesses to inspire growth 
  • How to use different creative financing strategies to get deals faster
  • How to find a hard money lender that works with your time-frame and ARV
  • What the A.R.E.A system is, and how it can help you find high-quality deals
  • The importance of running accurate comps in a desired area
  • Using your mistakes to make yourself into an educated investor
  • And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie40

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Dec 02, 2020
$500 Per Door on Multifamily Properties (During COVID!) with Thomas Tsitouridis
00:49:51

Thomas Tsitouridis is truly a jack of all trades. As a kid, he was used to helping on the project-management side of his parent’s 64-unit apartment building (taking out the trash, helping with tenants, and so on). He later realized that real estate investing would hold a special place in his future.

Thomas later worked for a construction manager, then chose to start his own construction business, property management business, and long term buy-and-hold business. 

Using the experience and cash flow from his construction business, Thomas found that he could amplify his money by buying deals and using his own team to do the construction and rehab.

Now Thomas (and his partner) are buying multifamily deals, fixing them up, and getting sustainable cash flow, so they can retire early. Within his first year as a real estate investor, he has already learnt a lot. Thomas shares some great tips on tenant management, system automations, construction, and even financing so you can get better ROI earlier on! 

In This Episode We Cover:

  • What to look for when partnering up with other investors
  • The importance of having a great broker on your team
  • Why you need to take action and lock down your first deal 
  • How to facilitate a rent increase while having empathy for tenants
  • How to split responsibility between you and your partner
  • Why ARM loans are a great choice for the BRRRR strategy
  • Managing tenants while controlling your own emotions
  • Why you need to ask the stupid questions to be smarter later on
  • How to start automating everything in your real estate business
  • And SO much more!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/rookie39

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 25, 2020
Balancing a Career, Family, and Lots of Deals with Active Duty Service Member Adam Whitney
00:45:45

Feeling stretched for time in your investing career? Today we talk with Adam Whitney, an active duty military member, working full-time, with children, a wife, and an active investment portfolio!

With so much going on at once, Adam makes it look easy, juggling his hectic military life while accomplishing his long term goals.

Adam started learning about real estate over a decade ago, but didn’t dive in until 2017. Thanks to his “ruthless work ethic”, he’s been able to stack up his rental portfolio, make meaningful mentor connections, and join masterminds in only a few years!

Adam talks about getting 0% down loans, locking down long-distance real estate deals, doing thorough inspections when buying sight-unseen, and how to start relationships with mentors and real estate professionals you look up to.

With a healthy portfolio of rental properties spanning across the country, Adam is the perfect example of someone who found the time to accomplish his (and his family’s) dreams of financial independence!

In This Episode We Cover:

  • How to make time for investing with a career, family, and hectic schedule
  • The importance of goal-setting for you (and your partner)
  • Setting specific goals to silo your vision for a brighter future
  • Gaining the experience to get your 2nd, 3rd, or 4th deal (and beyond!)
  • Why you should start “aggressively networking” 
  • How to reach out to your real estate heroes (and get responses)
  • Reading and making sense of a pro forma analysis 
  • Optimizing your home inspection process (for less!)
  • How to tackle a joint venture (even if it’s your first)
  • How your “why” drives your deals forward
  • And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie38

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 18, 2020
New Co-host Tony J Robinson: Scaling with Short-Term Rentals
00:53:32

Big news: previous guest Tony J Robinson is back... he's now your new co-host alongside Ashley.

Today, you'll get reacquainted with Tony and learn how he rapidly expanded his portfolio this year. In fact, he went from owner of 2 houses when he appeared on the show in March... to closing on his 7th property (!) next month.

...How tho? Tony spells it out today: from finding new financing options in Louisiana (he lives in Southern California), to breaking into the short-term rental game in the Great Smoky Mountains of Tennessee and Joshua Tree, CA.

Plus: a next-level tip we haven't heard before: using a line of credit against your stock portfolio (rather than a property) to free up short-term cash.

We're excited to have Tony on board; get to know him in this episode, and we'll see you next week!

In This Episode We Cover:

  • Investing in short-term rentals in 2 locations 2,000 miles apart
  • Using 10% down vacation home loans to buy Airbnb's
  • Self-managing Airbnb's using automation and pricing software
  • Why short-term rentals fit Tony's personality and skill set
  • Getting his fiancé involved in his real estate investing business
  • Borrowing money against a stock portfolio
  • Taking the leap to buy a property "sight unseen"
  • His plan to buy a short-term rental every 3 months
  • And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie37

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 11, 2020
Programming Note: Show News
00:00:57

BiggerPockets Senior Producer Kevin Leahy shares some news about a change in the Real Estate Rookie host lineup.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 06, 2020
Gym Employee on the Path to $2k/Month and "Living for Free" with Gary Janica
00:45:19

Today's guest is Gary Janica, a Jacksonville, FL investor who loves his "stress-free job"... but realized he needed side hustle income to better support his family. Enter real estate investing!

Gary's portfolio is on the smaller side – he owns 2 duplexes – but he's been able to drastically change his financial picture by house hacking and extracting hidden value with "garage apartments."

If you share similar goals, check out this episode to get inspired and learn something new – and connect with Gary by leaving a comment on the show notes page.

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie36

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 04, 2020
Doubling Cashflow by Renting out Rooms with Pharmacist Ryan Chaw
00:52:37

From $25,000 purchase prices last week to $300,000+ group houses this week!

We head to the Bay Area today to meet pharmacist Ryan Chaw, who ventured about an hour away from his hometown and began buying 1 house per year and renting them by the room to college students.

Ryan collects nearly $11,000/month from 18 tenants, and is creating the kind of generational wealth his grandfather used to put both him and a sibling through college.

Does renting to college kids sound like a disaster waiting to happen? Well... Ryan has found several ways around this, and in this episode he outlines the checklists, systems, and "personal touches" he uses to self-manage without the headaches.

Ryan opens up about an early failure, too. He wasn't getting all his rooms filled, and he realized he wasn't doing a good enough job advertising. So he developed step-by-step, "P.R.I.M.E." marketing method to attract a steady stream of qualified applicants... and you'll learn each step today.

If you're struggling how to figure out just how to create cashflow in a spendy market, follow Ryan's lead! Get creative, consider rent-by-the-room and other outside-the-box strategies, and reap the rewards of greater appreciation and stability that come with high-priced areas.

In This Episode We Cover:

  • How Ryan is succeeding in one of the most expensive markets in the country, the Bay Area
  • Using his job as a pharmacist to get conventional financing
  • Creating generational wealth through real estate
  • How he saved up to buy 1 property per year, 4 years in a row
  • Why he rents his houses to college students
  • The systems he uses to manage 18 tenants and avoiding roommate drama
  • Unlocking hidden value and boosting rental income by adding bedrooms
  • Lessons learned from a difficult tenant who smoked weed and played loud music
  • Why "buy then wait" beats "wait then buy"
  • And SO much more!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/rookie35

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 28, 2020
School Teacher Making $72,000 a Year in Cashflow with Amy Barber
00:49:24

What do you get when you combine Dave Ramsey-style frugality with aggressive deal-finding tactics? You get teacher Amy Barber and her fiancé, Jay – and their $6,000 monthly cashflow in rural Iowa.

In this episode, Amy shares her strategies for buying foreclosed ranch houses in cash, cleaning them up, then refinancing so she can repeat the process again and again.

Think no one's doing deals during the pandemic? Well, she's bought 4 houses in the past 4 months, and plans to keep going until she's making enough to comfortably leave her W-2 job.

If you're looking for guidance on how to build the financial foundation so you can invest in real estate from a position of strength, Amy's story will fire you up and get you ready to take that most important next step toward "getting rich slowly" just like her.

By the way, Amy came to our attention through the Real Estate Rookie Facebook group. If you find other awesome investors who would make a great fit for the show, tag us or send them to biggerpockets.com/guest so they can apply.

In This Episode We Cover:

  • How Amy got started as an "accidental landlord" during the Great Recession
  • Buying 4 properties in the last 4 months
  • Finding deals through her fiancé's job in foreclosure preservation
  • How they bought a foreclosed house and created $50k in equity
  • Taking Dave Ramsey's course to get her finances under control
  • Delaying gratification and making sacrifices to create enough cashflow to quit her W-2 job
  • Working 2 jobs and doing real estate on the side
  • And SO much more!

Links from the Show