Real Estate Rookie
By BiggerPockets
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Subscribers: 583
Reviews: 1
Jb
Dec 21, 2020
Good to know info for newbies.
Description
Ready to build your real estate empire… but not sure where to begin?
Think of us as your personal trainer.
From detailed breakdowns of real-world deals… to one-on-one coaching sessions and a warm, welcoming community… hosts Ashley Kehr and Tony J Robinson bring on a wide range of guests to tackle the “newbie” questions you've wondered about but might be afraid to ask.
Looking to 10X your real estate investing business this year? This show isn’t for you.
Looking for your first, second, or third deal -- or envisioning a more modest portfolio? Step right up.
Every Wednesday, we’ll arm you with the tips, tools, and roadmaps you'll need as you embark on your journey toward financial freedom.
| Episode | Date |
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Rookie Reply: How to Find Out Who Owns a Property and Direct Mail 101
00:30:11
You stumble across the perfect rental property, but you don’t know who owns it. So what do you do? Walk up the door and present an offer? Ask the neighbors? Or, is there a better way to do some sneaky searching that could land you the perfect off-market real estate deal? The rookies want to know, and on this Rookie Reply, we’ll get into EXACTLY how to do this, even if you’re starting without much money! We’re back for one of our last live Rookie Reply episodes! This time, we’re touching on questions about finding off-market property information, what to include in your direct mail letters, and why a home wouldn’t qualify for a mortgage. We’ll also hit on commonly asked title questions and whether or not you can buy real estate while underwater on another mortgage. So, if you’re trying to get your next deal off-market, this is the perfect episode to listen to a few times through! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover How to find property owner information for free and skip tracing services to try Why you should NEVER put your offer on a direct mail letter Why a home won’t qualify for a mortgage and what to do if you can’t get funding Title insurance and whether or not it’s really necessary when buying a rental property Why you ALWAYS need a property inspection when purchasing a new home Underwater mortgages and whether or not you can buy property if you have one And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Connect with Ashley and Tony: Ashley's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-258 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Feb 04, 2023 |
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Rookie to Real Estate Investor: Seller Financing, STR Markets, & Lowball Offers
00:48:49
The “Rookie to Real Estate Investor in 90 Days” series is back, and we’re checking in with three mentees as they go from newbies to high-net-worth through real estate! Our mentees have been busy over the past couple of weeks, so Ashley and Tony dropped in on them to see how their rental property progress was going. They touch on how to make a lowball offer, pushing past the fear of getting an offer accepted, where to find motivated sellers, short-term rental markets, and seller financing Q&As. First up, Brandon joins us as the newest real estate rookie on the show. He’s yet to get his first deal done and is still looking to buy a property, but he’s finding that the price isn’t matching his profits. Ashley and Tony walk Brandon through how to make a lowball offer and why you should always submit a price that works for your numbers. Next, Lawrence shares how he’s been on the hunt for a seller-financed deal and is looking into new ways to find motivated sellers more likely to sell at a discount or with flexible terms. Finally, we hear from Melanie, who had a bit of property panic as she searched for more short-term rental markets to add to her list. After some research, she’s settled on a solid one and is currently looking for properties to make offers on. Her only question is how and why she should go for seller financing. Ashley and Tony give her all the details you’d need before going into a direct deal with the seller. In This Episode We Cover How to make a lowball offer and why your price point should always reflect your profits What to do when two offers get accepted (and how to fund both deals) Seller financing 101 and why (and why not) it’s worth pursuing for an investor How to find motivated sellers in your market by looking through the MLS Why you should ALWAYS send in offers (even if they seem unrealistic) Short-term rental markets and how to measure lead time when looking for deals Promissory notes, how they work, and risks/benefits of signing one with a seller And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Rookie to Real Estate Investor in 90 Days: LIVE Mentorship Calls
Connect with Brandon, Lawrence and Melanie: Brandon's BiggerPockets Profile Lawrence's BiggerPockets Profile Melanie's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-257 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Feb 01, 2023 |
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Rookie Reply: Escaping the Corporate Rat Race and Property Management Q&As
00:31:15
Escaping the rat race at 26 isn’t easy, but Isaac Lane, Arizona-based investor and rookie landlord, is doing it through out-of-state investing! Isaac started investing only a couple of years ago, but he’s been scaling quickly as he purchased five rentals in his first year of investing alone. Now, he balances his time between working his day job as an engineer for a commercial real estate firm and managing his properties that are multiple states away! Welcome back to another Rookie Reply, where Isaac is helping us answer some common property management questions. He gives advice on how to start investing out of state and where to begin building your real estate team. And for those who still haven’t done their first deal yet, Isaac talks about property management, maintenance requests, inherited tenants, smart devices, landlord insurance, and why you ALWAYS change your locks during a tenant turnover. If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover How to start escaping the rat race through real estate investing (even at a young age) Long-distance real estate investing and the team you need to succeed from afar How property managers handle maintenance and why you should ask for pictures on every repair What to do when you inherit tenants and whether or not they should re-apply for your rental Landlord vs. homeowners insurance and why tenants should always have a renter’s policy When to change locks on a unit and the big key-code mistake Tony made on his short-term rental And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Connect with Isaac: Check the full show notes here: https://www.biggerpockets.com/blog/rookie-256 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jan 28, 2023 |
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How to (Legally) Avoid Taxes by Investing in Real Estate
01:03:14
Everyone wants to know how the rich avoid taxes. You hear about it on the news, “billionaire pays zero dollars in taxes this year,” or “this real estate tycoon made millions but gets a tax refund!” This can seem like blatant tax abuse for those not in the investing game. Why do some people get to pay no taxes while others are stuck with a sky-high return just for working their W2 job? The answer lies in the assets you invest in. Real estate investing is one of the most tax-advantaged assets around. As a real estate investor, you can almost automatically count on lower income taxes while making more money. Don’t believe us? We brought Amanda Han, CPA to top investors, on the show to explain how investors avoid taxes while still striking it rich in real estate. Amanda understands the ins and outs of the tax code, and as a real estate investor, she benefits from knowing real estate write-offs and deductions better than the rest! On today’s show, Amanda will walk through the top real estate tax deductions and how rookie real estate investors can start paying less in taxes. She’ll also explain real estate professional status (REPS) and using it to lower your taxable income and how to find the perfect tax advisor for you and your properties. If you want to start using the same strategies that the wealthy use to avoid taxes, this is the episode to tune into! In This Episode We Cover The biggest real estate tax deductions and some that many investors often miss Depreciation explained and how this paper loss can help you keep your passive income The best tax strategies for investors trying to minimize their taxable W2 income How to find the right tax advisor and what they MUST know about real estate Tracking expenses and making it easy on yourself during tax time LLCs for rental properties and whether you even need one in the first place And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Connect with Amanda: Amanda's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-255 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jan 25, 2023 |
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Rookie Reply: Can You Put Offers on Multiple Houses?
00:25:15
Need to know whether flipping vs. renting makes more sense for your market? Don’t know if you can put offers on multiple houses simultaneously? Itching to hear how your flipping profits will affect your financeability on your next property? We’ve got time-tested real estate experts here to help you out! As always, Ashley and Tony are here to host this week’s Rookie Reply, but we’re also joined by Jake Kain, Arizona investor and agent who left the W2 life to start building a rental property and live in flip empire! Jake lends a helping hand in answering this week’s questions but also shares his own story about following your fire, starting a community, and how to become the “quarterback” of any real estate meetup. He’s expanded his network at lightning speed, allowing him to grow his portfolio to five units, all while flipping his own primary residences along the way. Jake helps answer questions about making offers on multiple houses, flipping vs. renting, how your DTI (debt-to-income ratio) could be impacted when house flipping, and where to find general contractors who will show up on time! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover Starting your own real estate meetup and how it makes you the most popular person in the room Leaving your nine-to-five to invest in real estate and becoming a real estate agent Debt-to-income ratios and whether or not selling a fixer-upper could help or hurt yours The art of making offers on multiple houses and what to do if they all accept Flipping vs. renting and why different real estate markets require different strategies How to find contractors for home renovations and why the quickest workers are rarely the best And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Connect with Jake: Check the full show notes here: https://www.biggerpockets.com/blog/rookie-254 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jan 21, 2023 |
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How to Build Your Financial Foundation BEFORE Investing in Real Estate
00:45:46
Personal finance is what most twenty-something-year-olds overlook. Why invest, save, or cut back spending when you finally have the money that a college degree or diploma promised you? For those who have just started working, spending all your hard-earned money on a bigger apartment, a nicer car, or a luxurious trip can be enticing. But, you could also be using your paychecks to multiply your wealth, set yourself up for financial freedom, and lock in early retirement while most are focused on barely paying their bills. This personal finance-first attitude is what Malia Gudenkauf adopted early on. After attending basic personal finance classes, she realized the disservice many young people did to themselves. So, Malia started developing financial literacy skills, from focusing on becoming debt-free to later investing in passive income streams like real estate. Thankfully, her sister, Grace (you can hear her episode here), was just starting as a landlord and needed a partner she later found in Malia. In this episode, Malia details everything you want to know to get your finances in order, how to avoid getting caught in analysis paralysis, reverse engineering your income goals when buying a rental property, and advice on how and who to form partnerships with. Whether in high school, college, the working world, or close to traditional retirement age, the advice Malia gives is crucial if you want to start your real estate investing journey. In This Episode We Cover Building a solid financial foundation and the basic personal finance steps anyone can follow How to “reverse engineer” your goals and buy the properties that fit them best Small multifamily investing and how to purchase multiple doors at once Real estate partnerships and tips for finding a partner who will help you grow without causing your headaches Real estate vs. stocks and why the passivity of rental properties is often overstated Defeating analysis paralysis and how leveraging partnerships gets you past rental property roadblocks And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Real Estate Rookie Youtube Channel The BiggerPockets Money Podcast Using Calculated Risk to Acquire 17 Doors In Under a Year (at Age 24!) w/ Grace Gudenkauf Semi-Retired at 30 Thanks to One Year’s Worth of Real Estate Investing Connect with Malia: Check the full show notes here: https://www.biggerpockets.com/blog/rookie-253 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jan 18, 2023 |
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How to Buy Your First Rental Property in 11 Steps
00:53:41
Buying your first rental property doesn’t need to be complicated. With some simple steps, you can go from onlooker to real estate investor, collecting passive cash flow every month! But you’ll never get going if you don’t know where to start. So to make 2023 your best year yet, David Greene, investor, agent, and host of the BiggerPockets Real Estate Podcast, sat down to walk through the eleven steps it takes to go from rookie to real estate investor. Real estate is NOT a “get rich quick” type of investment, but it can help you build wealth in a surprisingly short amount of time. Just ask David, who spent years working overtime as a cop, slowly building up a real estate portfolio that eventually led him to financial freedom before most people buy their first house! In this episode, David will walk step-by-step through everything a real estate rookie must do to get their first rental property, how to analyze real estate deals once you find them, and how to repeat the system so your passive income stack grows bigger every year! Ready to become a real estate investing expert in 2023? Sign up for BiggerPockets Pro, where you can access real estate tools and calculators, rookie bootcamps, lease agreement packages for all fifty states, unlimited webinar replays, and exclusive videos. Start 2023 off right, and use code “NEWYEAR” at checkout for a special discount! In This Episode We Cover How to buy your first rental property in 2023! How David went from almost giving up to financial freedom in only a few years How to analyze a real estate deal in minutes The eleven steps to success when starting in real estate investing How to find real estate deals in ANY market using the LAPS funnel Why so many people fall short of their new year’s resolutions and how you can succeed in 2023 Using BiggerPockets Pro to get your first real estate deal even faster! And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Rental Property Calculator BiggerPockets Pro-Exclusive Videos Real Estate Rookie Facebook Group Real Estate Rookie Youtube Channel Connect with David: Check the full show notes here: https://www.biggerpockets.com/blog/rookie-bonus Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jan 17, 2023 |
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Rookie Reply: Tenant Not Paying Rent? Here’s What to Do
00:23:11
Tenant not paying rent? Debating whether a year-long, six-month, or month-to-month lease is best? Don’t know how to estimate rent for a new unit? On this week’s Rookie Reply, we’re tackling some of the most troublesome yet common questions that rookie real estate investors have. We’ll be going deep into property management, tenant screening, and what to do when a tenant stops paying. So fret not when investing; there’s always a way to make a win-win! This time around, we’re joined by Alexandra Burnham, live for Phoenix! Alexandra is like many real estate investors, except for one big difference. Alexandra and her partner share over $750,000 of student debt! Talk about a hole in your pocket! But, instead of letting the naysayers convince her that she can’t invest with her debt, Alexandra has flipped the situation on its head, buying five rental properties and tackling her debt faster thanks to multiple income streams. Stick around for her full story and the phenomenal advice she gives to get your property locked up and leased! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover Paying off massive student loans thanks to real estate investing What to do when a tenant stops paying rent (and the options you have) Whether or not to lower your rent price when a unit is sitting vacant Why even high-earners MUST have a side-income stream to stop constant burnout Six-month vs. month-to-month leases and why flexibility can be favorable for landlords What is a healthy ROI (return on investment) for a short-term rental property? And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group BiggerPockets Lease Agreement Packages Connect with Alexandra: Check the full show notes here: https://www.biggerpockets.com/blog/rookie-252 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jan 14, 2023 |
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Rookie to Real Estate Investor in 90 Days: LIVE Mentorship Calls
00:54:10
Becoming a real estate investor isn’t complex. Find a property, buy the property, and rent it out. While this formula may be easy to write down, putting it into practice is much more complicated. This is why many wannabe investors never make the jump to buy their first investment property. But, with the right advice, mentorship, and mindset, anyone can become a passive-income generating real estate investor, with a path laid for financial freedom and early retirement. Today, Ashley and Tony combine their real estate knowledge to help three investors buy their first or next rental property. First, we talk to Brandon, a future house hacker who struggled to buy a home last year and is now looking for his first primary residence that can help subsidize his mortgage. Next, we speak with Lawrence, an investor who bought two rental properties within six months but wants to expand quicker with the help of creative financing. Finally, Melanie joins us to discuss her plans for a short-term rental property, but she still doesn’t know the best place to buy. If you’re finding the 2023 housing market a tough nut to crack but know that you want to invest in real estate, this is the episode for you. We’ll follow along with our three mentees over the next ninety days as Ashley and Tony give strategic advice on what they should do next to get a profitable rental property under contract. So follow along, and you too could get your next property in ninety days (or less!). In This Episode We Cover High interest rates and how more expensive mortgages have caused many investors to pause Building your “buy box” and how to come up with your exact rental property criteria Creative financing and how to buy a bigger rental property even if you don’t have the money for it Generational wealth and using real estate investing to put your family in a better position Short-term rental markets and how to analyze a vacation rental from afar What to do when inflated rental property data isn’t adding up to today’s rates Finding financial freedom and leaving your W2 desk job behind And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Rookie Reply: Creative Financing 101 with No Cash, Credit, or Credentials Creative Financing: 2022’s Antidote to High Interest Rates 300 Doors, 100% Creative Financing with Pace Morby Connect with Brandon, Lawrence and Melanie: Brandon's BiggerPockets Profile Lawrence's BiggerPockets Profile Melanie's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-251 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jan 11, 2023 |
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Rookie Reply: 2023 Risks, The True Cost of Owning Rentals, and Live Q&A
00:41:57
The real estate market is changing, especially in high-appreciation cities like Phoenix, Arizona. This week, Ashley and Tony made the journey to the Valley of the Sun to visit real estate rookies for a live podcast recording. But it wasn’t just the rookies coming out; expert investors like Jamil Damji and Pace Morby also swung around to answer questions about creative financing, the 2023 housing market, multifamily investing, and more. They give some killer insight that only off-market masters know, and their input could help you score better deals over the next year. As always with a Rookie Reply, we also take questions from the Real Estate Rookie Facebook group, the Rookie Request Line, and Instagram to see what’s on investors’ minds. This time, we’ve got questions on how real estate wholesaling works, the best way to reject an agent or lender (without burning bridges), the true cost of owning a rental property, and the risks and rewards of using a dual real estate agent. This episode comes packed with rental property gold, so stick around! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover Creative financing strategies in 2023 and how investors are starting to take advantage How to find a real estate investing partner that will grow your business faster The safest way to invest in multifamily real estate (without using your own money) The best place to find real estate and housing market data (check out On the Market) Costs that go into owning a rental property and what many rookies overlook The dangers and benefits of using a dual agent on your next real estate deal How real estate wholesaling works and the two ways to close a wholesale deal And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group BiggerPockets Rental Property Calculator 5 Tools To Unlock Your “Ideal Life” w/ “Traction” Author Gino Wickman Connect with Pace & Jamil: Check the full show notes here: https://www.biggerpockets.com/blog/rookie-250 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jan 07, 2023 |
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Simple Steps to Start, Scale, and Grow a Real Estate Business in 2023
00:51:35
You want to start a real estate business. The cash flow is calling, and whether you’re looking to build passive income, escape the nine-to-five grind, or set yourself up for early retirement, rental property investing is a smart move to make. But, most real estate investors get it all wrong when building their rental property portfolios. They focus on scaling as fast as possible without building the systems to support a thriving business, leaving them burnt out and tired of the real estate game within only a few years. Successful real estate investors like Ashley and Tony know that the key to building an unstoppable, profitable, and enjoyable real estate business is simple. To scale, you need to track, budget, outsource, and minimize the time it takes you to bring home the same amount of bacon every day. Of course, this is easier said than done, and many investors go through a lengthy process of trial and error to get there. But you don’t have to. On today’s show, Ashley will walk through the exact things you need to start, scale, and grow a real estate business. You’ll learn how to track time so you can spend less of your day working, the two most important financial statements you need, budgeting for a business, outsourcing tasks, taking advantage of software, and the apps Ashley and Tony use every day. Want to know more about building a passive-income-generating real estate portfolio? Check out Ashley’s new book Real Estate Rookie: 90 Days To Your First Investment! In This Episode We Cover The step-by-step process to start investing in real estate (even if you have NO experience) Why tracking your time is crucial if you want to grow and scale your real estate business The two most important financial statements every investor MUST know Budgeting for a rental property and how much to keep in emergency reserves for your properties Separating finances and why every investor needs different bank accounts, credit cards, and more Outsourcing repeatable tasks and the tradeoff when hiring virtual workers The best real estate software and apps you should try today And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Connect with Ashley and Tony: Ashley's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-249 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jan 04, 2023 |
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Rookie Reply: Do You NEED an LLC for Rental Property?
00:25:12
Do you need an LLC for rental property investing? Ask some investors, and they’ll hit back with a resounding “of course!” But ask another group of investors, and they’ll tell you “not at all!” This duality causes many rookie investors to become confused, not knowing when to protect their property with the limits that come with an LLC. So how are millionaire investors setting up their properties and partnerships? Or, more specifically, what are Ashley and Tony doing to protect themselves? Welcome back to this week’s Rookie Reply! We’ve got some great questions queued up for our cabin and campground co-hosts, Ashley and Tony, to answer! First, we take a question about what to ask a seller during a final walkthrough, and how talking to tenants may be worth the extra time. Then, we hint at when to ask a listing agent for financials on a commercial property, the great LLC vs. umbrella insurance debate, and finally how to buy an investment property when you’re strapped for cash! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover What to do during a final property walkthrough and top questions to ask a seller before you close Estoppel agreements and using them to verify leases on tricky properties Rental property LLCs and when buying umbrella insurance makes more sense When to ask for financials on a commercial property and using them to vet a deal Stock portfolio loans and how to borrow against your assets to buy real estate Partnering up to purchase more property even when you have no cash And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Real Estate Rookie YouTube channel Connect with Ashley And Tony: Ashley's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-248 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Dec 31, 2022 |
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From $40K in Debt to 4 Properties and How to Snag a Low Mortgage Rate in 2023
00:53:30
Low mortgage rates, sneaky homebuying strategies, and getting into (and out of) debt, Lindsey Iskierka's story has it all. As the lead real estate agent on the SoCal David Greene team, Lindsey is in the thick of real estate day in and day out. But she’s not just helping others buy and sell homes, she also boasts a respectable rental property portfolio, with four units sprawled out across the states in three completely different markets. And even though Lindsey is in the real estate game now, it wasn’t always this way. Back in 2015, Lindsey wasn’t making much after getting her grad degree. With her husband interested in real estate, they decided to go to a seminar, which later turned into a $40K debt they had to climb their way out of. Lindsey decided to get her real estate license to not only help pay off this debt but save enough to buy their first home—a house hack in Long Beach. It didn’t take long for the home to appreciate, leaving Lindsey and her husband with a hard choice—sell or refi the property. We won’t spoil the story, but her choice allowed her to buy multiple other units across the country, which has now become a portfolio of short-term and medium-term rentals. Lindsey also gives some killer advice on how first-time homebuyers and investors can snag rock-bottom mortgage rates in 2023. We’re talking two percent lower than today’s rate! If you want to hear how you can lock in a rate below five percent, we suggest you stick around! In This Episode We Cover Are real estate courses ever worth it, and how much they actually cost The new 2-1 buydown mortgage that'll get you a much lower interest rate Getting past your “worst-case scenario” and how doing so can help you build much bigger The 1031 exchange explained and using it to multiply your rental property portfolio Long-distance real estate investing and why turnkey rentals may be a better choice The VASH program investors can use to help veterans who need housing Why buying at today’s rates and prices can “only get better” as you hold And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group The Real Estate Rookie Podcast Connect with Lindsey: Lindsey's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-247 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Dec 28, 2022 |
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Rookie Reply: The 3 Signs of a Perfect Rental Property Market
00:37:47
What makes a great real estate market? If you’re a new investor, you might think that high rents and cheap home prices are all that matter, but you couldn’t be more wrong. Experienced investors search for more than just surface-level pricing when looking into where is worth investing. This is doubly true when you’re investing in short-term rentals and medium-term rentals—both of which require a specific area to succeed. So what would Ashley and Tony look for when scouting a new real estate market? Happy Holidays and welcome back to another Rookie Reply! We hope you’ve got your presents wrapped and are ready for the greatest gift of all—Ashley Kehr’s singing voice…and some advice on real estate. This time around we’ve got a few technical questions that rookies may have trouble answering. These topics range from how to find the zoning on a rental property, whether to furnish your rental when renting by the room, when to hire an attorney for a real estate deal, and what makes the best real estate investing area! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover Whether or not furnishing a room when house hacking is worth the cost Where to locate your property’s zoning and how to see what counts as “allowable use” How to find out what your town is planning on developing/building so you know where to buy The three signs of a fantastic rental property investing market When it makes sense to hire a buyer’s attorney, and which deals require it What it means when a home is owned by the Chamber of Commissioners And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Real Estate Rookie YouTube channel Kara Beckmann’s New Christmas Album Tony’s Short-Term Rental Shopping List Connect with Ashley And Tony: Ashley's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-246 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Dec 24, 2022 |
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Escaping the “Grind" through Van Life and Cross-Country Investing
00:55:51
How far can you go? What are your “limits” in life? For most people, it’s easy to get discouraged by everyday barriers, but for today’s guest, not letting limits define him is what led to a brighter future. Tony Clark, today’s guest, identified and assessed his limits to determine his starting point. And now, he has three rental units, including a duplex in Nashville and a house in California. Tony’s real estate investing journey started when he realized how expensive life is. After college, he worked at a church making decent money, but after dating his now wife, he realized that wasn’t enough to support a family. He turned to real estate to escape the grind and ensure he wouldn’t have to work crazy hours to live the life of his dreams. Once he recognized that he needed to buy an asset someone would want, he bought a transit van to rent out. From this purchase alone, he started his journey to pursue passive income. From his experience with the transit van, he transitioned to real estate seamlessly. After identifying his limiting factors, he settled on Nashville—where he could enjoy living and where the numbers made sense. He’s also been able to build a team and even start a property management company. Tony is now much closer to his ultimate goal of buying better properties with great tenants, spending less time working and more time building his empire! In This Episode We Cover Why owning appreciating, cash-flowing assets is the true path to wealth How to cut your expenses, live for cheap, and invest the rest Utilizing the assets you own to save money, work less, and make money simultaneously Limiting factors and how understanding your limits can make you a better investor How to set your buying criteria, and how to find investments that fit your goals Self-managing and what you need to run your own property management business And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Connect with Tony: Check the full show notes here: https://www.biggerpockets.com/blog/rookie-245 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Dec 21, 2022 |
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Rookie Reply: How to Estimate Rehab Costs and Where to Find the Right CPA
00:36:19
Need to know how to estimate rehab costs, even if you’re investing out of state? For most investors, it seems almost impossible to do a full-scale renovation while living hundreds, or thousands, of miles away. But, many time-tested investors have done it (including Tony), and you can too, but you’ll need to know who to go to and what to ask before you start. Or, you could bite off way more than you can chew, and risk losing your rental as a result. Happy Saturday, rookies! We’re back with another Rookie Reply, where your snowed-in on her birthday host, Ashley Kehr, and Tony J. Robinson are here to answer questions directly from the Real Estate Rookie Facebook Group and the Rookie Request Line. In this episode, Ashley and Tony share their best tips on estimating rehab costs, how to structure a partnership when someone brings money and the other brings effort, separating your rental property finances, and how to find a rock-solid CPA before tax time! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover The easiest way to estimate rehab costs even if you’re investing from out of state How to split expenses on a rental property and which different bank accounts to have Business credit cards and how to make bookkeeping much easier for yourself Why expert investors ALWAYS buffer in more money for unexpected rehab costs How to split roles, responsibilities, and profits in a real estate partnership What to look for in a real estate CPA and questions they MUST be able to answer And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group From Line Cook to Long-Term Investor with 32 Wholesale Deals Real Estate Rookie YouTube channel Connect with Ashley And Tony: Ashley's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-244 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Dec 17, 2022 |
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The Short-Term Rental Cheat Code for More Bookings and Fewer Fees in 2023
00:55:51
Building a short-term rental business is surprisingly simple. You buy a property, furnish it, then throw up some pictures of it onto booking sites like Airbnb and VRBO. After a few weeks, a booking comes in, and from there you’re in the game! This is all great until a poor review comes in, sending your listing to the bottom of the pile and your profit with it. Through no fault of your own, your income stream just got cut off, and now you have a mortgage to pay without a calendar full of bookings. For many hosts, this type of scenario seems like game over for investing. But for Mark Simpson, it’s the start of something even better. Mark grew up in hospitality, marketing his family’s bed and breakfast nestled in the British countryside. His family was frantically cleaning, cooking, and booking with spreadsheets and no system to streamline their business. This ongoing problem led Mark to build Boostly, the software allowing hosts to take their bookings into their own hands. Mark has helped numerous short-term rentals bring in millions in direct bookings, helping hosts and guests minimize the amount spent on fees while maximizing their experience. So how do vacation rental hosts start doing direct bookings? What benefits come from leaving the big booking sites behind? And how can hosts regain autonomy so their business is never forced to stop? Mark answers these questions and more in today’s episode! In This Episode We Cover Direct booking sites explained and why they’re starting to rival online travel agencies How bad reviews and unfair algorithm updates can destroy your listing overnight Converting guests from the big sites into direct bookings effortlessly Building a direct booking brand so your short-term rentals become more than just another vacation property Why online travel agencies may start charging hosts to get higher rankings Pricing tools, online accreditation, and other things direct booking hosts need to survive And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Boostly’s Property Management Software List Why Hosts Are Backing Away from Travel Sites and Building Direct Bookings Double Your Cash Flow Overnight (In ANY Market) with Medium-Term Rentals How Airbnb designs for trust | Joe Gebbia Connect with Mark: Check the full show notes here: https://www.biggerpockets.com/blog/rookie-243 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Dec 14, 2022 |
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Rookie Reply: How to Get a Better Price on That Off-Market Property
00:44:24
Foreclosures have slowly been creeping up as real estate values get hit hard. With home prices dropping and a tough economic forecast ahead, could a wave of foreclosures be on the horizon? If so, who will this affect the most—residential real estate investors like Ashley and Tony or commercial real estate investors with their million-dollar multifamilies? We’ll get into what exactly could happen in this week’s Rookie Reply! Ashley and Tony have taken four very different questions this week, directly from real estate rookies like you! They touch on how an upcoming foreclosure crisis brings an opportunity to real estate investors, who covers closing costs and where to find a purchase and sale agreement, home appraisals explained, and how to get funding for your home renovation or rehab! These answers are crucial if you’re looking to invest in 2023, so make sure you tune in! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover Could flipping be in danger as interest rates rise and foreclosures start to increase? Where to find a purchase and sale agreement when buying an off-market deal Who pays closing costs and how to negotiate for better terms with a seller Home appraisals explained and how to ensure the appraiser gives your home the highest value possible Funding renovations for BRRRRs and flips, and creative ways to finance your deals And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Connect with Ashley and Tony: Ashley's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-242 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Dec 10, 2022 |
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From Line Cook to Long-Term Investor with 32 Wholesale Deals
01:00:04
Hard work comes with everything, and real estate is no exception. To achieve success, you must be willing to work hard and continue to work hard even when things get rough. That means viewing mistakes as lessons and being resilient enough to power through whatever life throws at you. Today’s guest, Sahleem Lee, started his real estate journey and almost gave it up, but after a three-year hiatus, he has come back even stronger. Now he has thirty-two wholesale deals under his belt. Sahleem's real estate journey started with flipping cars and fast food. Sahleem worked as a line cook, but he always planned on moving up. His eye was on the general manager position until he got into car auctions. He began flipping cars, and his coworker saw his real estate potential. After a lot of convincing, they became business partners and split a deal fifty-fifty. Unfortunately, the deal went south, and after such a terrible experience, Sahleem decided to step away from real estate. He got bit by the real estate bug again three years later after stumbling on a YouTube channel about wholesaling and reading Rich Dad Poor Dad. From there, he decided to use real estate to pursue freedom and started to become a student all over again. Now, along with his wholesale deals, he has three long-term rentals and two and a half acres, where he plans to build twenty-two units with his business partner and mutual mentor. In This Episode We Cover The importance of mindset and how to use it to overcome the roadblock of fear and analysis paralysis Mutual mentorship and how to add and extract value at the same time Learning how to rehab with no experience and how to self-educate Wholesaling and how to prepare for your first real estate wholesale deal Skip tracing and why it can be a helpful tool when trying to close on an off-market property Sahleem’s marketing tactics and how to use them to improve your lead generation And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Real Estate Rookie Youtube Channel Connect with Sahleem: Sahleem's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-241 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Dec 07, 2022 |
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Rookie Reply: How to Get a Better Price on That Off-Market Property
00:39:21
Off-market real estate deals can give investors like you HUGE discounts on what would be expensive investment properties. Either due to the property condition or the state of the seller, these real estate deals sell for sometimes hundreds of thousands less than their on-market equivalents. But finding them can be a challenge. As a result, most new investors rely on real estate wholesalers to bring them a deal. But what if the price point still doesn’t make sense? Welcome back to another Rookie Reply, where we’re joined by real estate wholesaling master, Jamil Damji, and newly self-employed investor, Ethan Wilson. Jamil and Ethan both have a taste for off-market, underpriced deals and are here to share their wisdom with you. In this episode, you’ll hear how to negotiate with a wholesaler who’s firm on price, how to find off-market deals WITHOUT cold-calling sellers, and Jamil’s killer deal-finding strategy that costs far less than the competition! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover How to negotiate with a real estate wholesaler even if they have a set purchase price Investing in your early twenties and why partnering up can help you scale faster Cold calling tips and why most investors are too scared to talk to sellers The EASIEST, cheapest way to find off-market real estate deals Meth house and mold remediation and why you should ALWAYS google a potential property’s address And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Connect with Ethan and Jamil: Check the full show notes here: https://www.biggerpockets.com/blog/rookie-240 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Dec 03, 2022 |
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The Rookie's Guide to 2023 Goal Setting: How to Achieve HUGE Goals This Year
01:00:23
Before the most well-known real estate moguls were moguls, they were rookie investors with a dream. While it took vision to get them to where they are today, they wouldn’t be successful without goals and a plan to achieve their goals. Tony and Ashley, two investing tycoons in their rights, use today’s episode to reflect on their goals from 2022 and start thinking about goals for 2023. One of the most important parts of goal setting is the plan to get your goals accomplished. A goal without a plan is just an unattainable dream, but with a plan, your dreams can become your reality. So how do you intentionally set a goal? You turn your goal into a SMART goal. SMART goals are more achievable since you measure them, and when you start seeing results, it encourages you to keep going and accomplish them. Goals give you something to work towards, but sometimes you don’t meet them, and that’s okay. The beautiful thing is that they can roll over. Missed your goal this year? Try again next year! Tony and Ashely both fell short on a few of their goals for 2022, but that didn’t discourage them. Develop a growth mindset, and a missed goal can turn into an opportunity. So join Tony and Ashely, pull out a notepad, write down your goals and make 2023 the year that everything changes. Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Find Money, Partners, & Deals Using The “D.A.D System” w/ Mike Michalowicz Real Estate Rookie Youtube Channel The Science Behind Setting and Achieving Big Goals Connect with Ashley and Tony: Ashley's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-239 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Nov 30, 2022 |
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Rookie Reply: Section 8 Investing and Which Cash Flow Markets Make Sense
00:30:14
Section 8 investing isn’t as scary as it seems. Most landlords will opt to not rent to section 8 tenants, fearing non-payment or just getting stuck with a bad renter. But, this means that the tens of thousands of potential tenants, waiting with guaranteed rent, have nowhere to stay, while you struggle to fill an empty unit. Ashley Hamilton, Detroit-based investor, thinks that not renting to section 8 tenants could be a huge mistake. Welcome back to this week’s Rookie Reply! This time, we’ve got Cullen asking: Is it a bad idea to invest in properties out of state where the housing market is cheaper and more affordable for us? Or would it be better to save more money and invest in the market we are currently living in? Good news for Cullen, we’ve got a cash flow market expert here to help answer his question! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover Cash flow vs. appreciation and when to start investing out-of-state Buying in affordable real estate markets and what to look for before you invest Section 8 investing and how “guaranteed rent” can help boost your property profits Action steps to take when identifying a rental market or potential investment property Tenant screening tips that’ll keep your portfolio at 100% occupancy The one thing you’ll need if you want to be financially free through real estate And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group The BiggerPockets Real Estate Podcast 10 Deals on a $20K Waitress Salary With Ashley Hamilton Investor Update: The “10 Deals on $20K/Year” Investor’s Explosive Growth Connect with Ashley: Ashley's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-238 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Nov 26, 2022 |
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The Cash-Flowing Car Wash and Early Retirement Through Creative Real Estate
00:48:59
The beautiful thing about building wealth is there’s not just one way to reach your financial goals. This is where your creativity and ambition come into play. Today’s guest, Daniel Schiermeyer, built his residential portfolio and then leveraged that to buy businesses, with more ways to cash flow than we can count! Daniel started getting into real estate after college when he read The Automatic Millionaire. He prioritized living cheaper, and in Charlotte, it was cheaper to buy a house than to rent, so he bought his first house at twenty-nine. With a thirty-year mortgage on his first house, Daniel realized if he bought a house every year or two, by the time he was sixty, he could pay off all the houses and have a strong retirement plan. His real estate portfolio consists of two townhomes, a duplex, a self-storage facility, and businesses to boot! Sticking to residential real estate was the plan until Daniel drove by a car wash for sale with his brother. His brother encouraged him to pursue it, so they called the number on the “For Sale” sign. Once they talked to the broker, ran the numbers, and walked the property, they realized the numbers made sense. Now, he’s got a cash-flowing car wash and residential and commercial real estate all while chasing financial freedom! In This Episode We Cover Using real estate to build a retirement plan and why real estate is the ultimate payday Analyzing commercial real estate deals and how to determine potential growth Purchasing land vs. purchasing a business and why it’s beneficial to buy both How to run a business and why self-education is essential Self-storage investing 101 and how to create value in the self-storage space Building a real estate investing business plan and the key things you need to succeed And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group $13M in Equity from One Deal & Cash Flowing Despite Being Comatose with AJ Osborne The BiggerPockets Real Estate Podcast Self Storage: The Misunderstood Money Maker Most Investors Overlook 4 Key Ways to Build Wealth in Real Estate Connect with Daniel: Check the full show notes here: https://www.biggerpockets.com/blog/rookie-237 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Nov 23, 2022 |
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Rookie Reply: Creative Financing 101 with No Cash, Credit, or Credentials
00:39:52
Pace Morby’s name is synonymous with creative financing. In fact, you could say that he’s brought back a revival of strategies like subject to and seller financing. He’s been so successful with these strategies that Pace has been able to buy over six hundred rental units this year without using a single bank loan! He believes that now, even with rising interest rates and high inflation, rookie investors have a chance to get better deals than ever before! Welcome to this week’s episode, where we’re live from BPCon2022! We’ve brought in Pace Morby, friend of BiggerPockets, to talk about everything related to creative finance. If you’re brand new to this topic, don’t be alarmed. While some of Pace’s methods may sound complicated, they aren’t actually so difficult in practice. And in just one episode with Pace, you could be convinced to try them out on your next deal! Pace shares how he’s finding deals, where he’s buying, the negotiation tactics he uses, and why now may be one of the best times to buy. He also discusses why sellers are so open to trying alternative financing options, how you can pick up real estate deals for zero dollars down, and why creative finance options offer far better returns than bank financing in 2022, 2023, and beyond! In This Episode We Cover Creative finance explained and why now is a great time to try it Seller financing vs. subject to, and when to go after pain vs. gain How creative financing builds a win-win scenario for buyers and sellers Whether or not rising interest rates and a shaky housing market affect these strategies Negotiating with a seller and how to sweeten your offers so you get deals on your terms Where to find the deals best-suited for seller financing and subject to And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group 300 Doors, 100% Creative Financing with Pace Morby The Essential Elements of the Creative Financing Toolbox Connect with Pace: Check the full show notes here: https://www.biggerpockets.com/blog/rookie-236 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Nov 19, 2022 |
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Investing in 100-Year-Old Homes Straight Out of College and the "PRR" Method
00:55:32
To have something you’ve never had, you have to be willing to do something you’ve never done before. Today’s guests, Amy Wright and Mitch Mathern are doing something most people haven’t seen before, a twist on the BRRRR method. They’ve closed on three properties in three years, and all their properties are over 100 years old! Amy and Mitch started their real estate journey right before COVID and went into contract on their first property in February 2020. They started investing when Amy was fresh out of college, and with no money to buy an investment property, they bought a primary residence instead. Since they purchased the home as a primary residence, they used an FHA loan and came to the closing table with only $7,000! Their first property marked the beginning of their strategy: purchase as a primary, rehab, and rent—the PRR. But buying older homes isn’t a drawback to this strategy, it’s a benefit! Amy and Mitch refer to themselves as restorers instead of flippers. While they rehab their homes, they do their best to keep the character and history alive. Their unique strategies have helped them differentiate themselves in their market and succeed. They hope to keep up their current pace of one property a year and eventually increase the number of properties per year as they continue to scale. In This Episode We Cover The benefits of a live in flip and how to pace yourself when doing the rehab FHA lending and how to take advantage of all its benefits when you first get into real estate How to spot renovation red flags when walking a potential property and how to DIY your rehab Investing in older homes and how to rehab an outdated property while keeping its history alive How to attract a top-tier tenant and screening tips that will save you a LOT of time How to structure your “buy box” and shift it as needed so you can grow your real estate portfolio faster And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group 6 Ways to Invest in Real Estate with Little Money or Experience Connect with Amy & Mitch:
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-235 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Nov 16, 2022 |
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Rookie Reply: You DON'T Need Experience to Invest in Real Estate
00:36:09
Before you invest in real estate, everything can seem new and confusing. Bidding on houses, renovation budgets, finding tenants—these are all skill sets you must acquire to become a financially independent real estate investor. But that doesn’t mean you need to be a pro before buying your first property. Just ask Brittany Arnason, AKA InvestorGirlBritt, the Canadian real estate superstar who started BRRRR-ing her way to wealth at just eighteen. We brought Britt onto the show to help us dive deeper into a question we received on the Real Estate Rookie Facebook Group. This question came from JP, asking: How do you network and partner with more experienced investors when you feel you have nothing to add value? Most investors never feel like they know enough, and this is especially true if you’ve never done a deal before. But, Britt may serve as the perfect person to share her experience with JP, as she went from knowing nothing about real estate to becoming a multi-million dollar commercial investor all before the age of thirty! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover Why ability often trumps experience and understanding that you don’t need to know everything all at once How food poisoning turned into a rental property portfolio for InvestorGirlBritt Outsourcing, delegating, and hiring the people that can help you grow Surrounding yourself with better investors that push you higher so you can build your own portfolio Imposter syndrome and why almost every investor does NOT feel like an expert Content creation, digital detoxes, and why you should always be building an online brand And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group The 7 Tips @investorgirlbritt Used to Go from Amateur to Pro Investor How to Become a Real Estate Millionaire (NO Experience Necessary) Connect with Brittany: Britanny's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-234 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Nov 12, 2022 |
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$1.1M in Real Estate at 21 WITHOUT a W2, Tax Return, or Degree!
00:45:56
The path to financial freedom is a marathon, not a sprint. It requires patience, discipline, sacrifice, and a long-term mindset. Today’s guest, Logan Kohn, is on his way to financial freedom with over one million dollars of real estate with three properties at only twenty-one years old! Logan planned to invest in real estate later in life, but COVID forced him to rethink his timeline. Since interest rates were at an all-time low during the pandemic and his income took a hit, Logan decided to expedite his investing journey. For his first investment property, he looked at his county, but it wasn’t affordable, so he looked at the next county over. It wasn’t the best area, but he saw the opportunity for growth, and now his first property has already appreciated over thirty percent! Logan bought his first property and his other two properties in the span of one year, which required extreme financial discipline and frugality. Logan has been interested in growing his money since he was a child. From the age of ten to the end of his teenage years, he started various side hustles to make money. He’s done magic on the street, dropshipping, affiliate marketing, and email marketing. At seventeen, he discovered stocks and started stacking his money and letting it grow. Now he invests his money while having few expenses to be as frugal as possible so he can multiply his wealth through real estate! In This Episode We Cover How to spot a growing market through real estate market analysis The importance of a long-term mindset and how to use it to find financial freedom Living frugally and how to cut back on your expenses (it’s easier than you think!) The process of self-managing your rental properties and building good rapport with your tenants Flood Insurance and insurance options for those affected by Hurricane Ian And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Real Estate Rookie Podcast Channel Designing a Frugal But Luxurious FI Life by Age 32 Should You Self-Manage Your Properties or Hire a Pro? Here’s How to Tell Connect with Logan: Check the full show notes here: https://www.biggerpockets.com/blog/rookie-233 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Nov 09, 2022 |
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Double Your Cash Flow Overnight (In ANY Market) with Medium-Term Rentals
00:40:02
Medium-term rentals are not new to real estate investing, but most investors have hardly heard of them. For years, corporate travelers would rent a room, apartment, or small property for a year or less. These travelers would pay a premium to avoid long-term leases and stay close to their work. But, with the rise of traveling nurses and digital nomads, the medium-term rental strategy is in a revival when investors need it most. Joining us on today’s show are investors, coaches, and authors, Sarah Weaver and Zeona McIntyre. Their new book, 30-Day Stay, is a masterclass in the wonderful world of medium-term rentals, walking new investors through everything they need to double their cash flow almost overnight. This strategy sounds too good to be true, but even a short-term rental king like Tony Robinson says that he’s intrigued. So is there a catch to this no vacancy, high cash flow, and often headache-free type of housing? In this episode, you’ll learn the pros (and very limited cons) of investing in medium-term rentals. You’ll also hear which markets this strategy works best in, what type of software you’ll need to run one, and how medium-term rentals are starting to rival vacation rentals! If you’re looking for an investment with a high ROI, that doesn't need to be minutes from a beach, this strategy is for you! In This Episode We Cover The medium-term rental strategy explained and why it’s become so popular in 2023 Short-term rental regulations and whether or not they affect medium-term rentals How to analyze a medium-term rental and what to look for in an investing area Tenant screening tips and building your lease agreements for medium-term tenants Which real estate markets work best for medium-term rentals (and which to avoid) Running your medium-term rental hands-free and the best software picks to choose And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Semi-Retired at 30 Thanks to One Year’s Worth of Real Estate Investing Early Retirement Through Short-Term Rental Properties with Zeona McIntyre W2 Retired and Traveling the World with Just 15 Units w/Sarah Weaver Connect with Sarah & Zeona: Check the full show notes here: https://www.biggerpockets.com/blog/rookie-232 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Nov 05, 2022 |
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Semi-Retired at 30 Thanks to One Year’s Worth of Real Estate Investing
00:55:40
If early retirement seems out of reach right now, try semi-retirement. Once you get there, you’ll only be halfway to early retirement, just like today’s guest, Jessie Dillion. At only thirty years old, she is semi-retired and has scaled her real estate portfolio to almost two million dollars in nine months, with five properties total! When people think about high returns, they often think about a high unit count—but why have a lot when you can do the same with a few? Jessie is strategic about each property purchase she makes and has made a goal to make one smart investment each quarter. She currently has a single-family home and two duplexes. One of her duplexes is a house hack, and her portfolio sports a mix of long-term, short-term, and mid-term tenants. Jessie’s success is due to how responsible she is with her finances. To finance her first property, she built up her savings to ensure she had enough to cover any surprises. As Jessie continues to scale, she has gotten more creative with her financing. She has formed great relationships with her lenders because of her ability to ask questions and carefully choose where and how she gets her funding. Now she is semi-retired at thirty years old and pays a measly fifty dollars a month towards her mortgage! In This Episode We Cover The FIRE movement and how to start your early retirement journey today How to use transferable skills from other jobs to make investing easier Building trust with your spouse and getting them on board with your investing journey Getting the funding for your first rental property and how to use creative financing for the rest Brilliant savings tips and how to rapidly increase your savings The loan process and how to build a strong relationship with lenders And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Jamil Damji's BiggerPockets Profile Ashley Hamilton's Biggerpockets Profile 10 Deals on a $20K Waitress Salary With Ashley Hamilton Connect with Jessie: Jessie's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-231 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Nov 02, 2022 |
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Rookie Reply: The 1% Rule, Turnkey Rentals, and Escrow Accounts Explained
00:35:19
Is the 1% rule in real estate still relevant? Who shouldn’t be buying turnkey rentals? And why is an escrow account favorable for scaling real estate investors? All these questions and more are coming up in this Rookie Reply. We’re back at BPCon 2022, and joining us is fellow investor and turnkey operator, Zach Lemaster. You may have heard Zach’s episode on the BiggerPockets Real Estate Podcast or maybe you’ve used his turnkey company, Rent to Retirement, before! Zach helps us answer an array of questions, some from semi-passive turnkey investors and some from active investors. We touch on investor lines of credit and how to secure them, the 1% rule’s relevance in 2022, whether or not to get preapproved before finding a deal, buying off-market, and much more! Zach also poses three questions every investor should ask BEFORE investing in turnkey rentals. If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover Where to find investor lines of credit and which banks are your best bet Should you get an appraisal on an off-market property? The 1% rule explained and how it’s holding up in 2022 (and beyond) Escrow accounts and which types of investors should optionally enroll in them Who should (and shouldn’t) invest in turnkey rentals and the questions you should ask your turnkey provider And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group How “Turnkey” Rentals Can Help You Build Real Estate Riches Faster The One Mistake That Almost Put My House in Foreclosure Connect with Zach: Check the full show notes here: https://www.biggerpockets.com/blog/rookie-230 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Oct 29, 2022 |
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Cashing In On Overlooked Off-Market Deals & Overcoming Analysis Paralysis
01:02:32
Your network can be your most powerful tool inside and outside of real estate. Today’s guest, Ryan John, started his real estate investing journey after seeing his friends succeed in the investing space—including his childhood friend, Ashley Kehr. Ryan has been in the real estate game for a year and a half and has closed on two off-market deals—a house hack and a duplex. As all rookies know, trying to find and close on your first deal can be a mix of emotions. From excitement to fear to anxiousness and fulfillment, you go through various emotions when trying something you’ve never done before. While Ryan wanted to get started right away, he experienced a lot of nervousness regarding his first deal—waking up at three in the morning, scared he was missing something. But, unlike many other investors, he didn’t allow this to deter him from accomplishing his goals. Ryan prefers off-market deals because he doesn’t have to go through a realtor. An off-market deal requires more legwork but often comes with significantly better numbers. Becoming an investor has also given Ryan the freedom to make big life changes. Ryan went to his first real estate investor meetup and met investors with a wide range of experience. After attending, an incident at work prompted him to quit. Since he lives below his means and has cash-flowing rentals, he has the time and ability to breathe and explore his options before deciding his next steps. In This Episode We Cover How to overcome analysis paralysis and the fear of your first deal The pros and cons of off-market deals and how to find them in today’s market How to buy a small multi-family property and why they’re worth investing in House hacking 101 and how to make money using unused space on your property or in your home Time value vs. opportunity cost and how to know when it’s time to outsource The power of real estate meetups and being surrounded by motivated investors And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Connect with Ryan: Check the full show notes here: https://www.biggerpockets.com/blog/rookie-229 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Oct 26, 2022 |
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Rookie Reply: How to Beat Cash Buyers, Tenant Brawls, and Appraisal Tips
00:47:33
A cash offer almost always gets a seller's attention. Whether someone comes in low or high, the prospect of a smooth closing without any loan contingencies is often more than enough to get a deal done. But what if you don’t have stacks of cash lying around? Maybe you’re trying to get your first rental property or house hack with a conventional, FHA, or VA loan. How do you set yourself apart from the hotshot who roles in and offers all cash without any appraisal necessary? Worry not because Ashley and Tony have done it dozens of times before. Welcome back to this week’s Rookie Reply, where we take questions directly from Instagram, Facebook, the BiggerPockets Forums, and our Rookie Request Line. This week, we talk about how to beat cash offers, what to do when tenants in the same property start disputing, and appraisal tips to get your home valued higher. We also touch on how to network, make better connections, and build genuine relationships with other investors in your area! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover What to do when an appraisal comes back lower than you expected Using comps (comparable properties) to boost your home’s value in an appraiser’s eye Handling tenant disputes, and whether or not you’re liable if the argument gets physical The three things that motivate a seller when listing a property (and how to use them to get better deals) Beating cash buyers and using speed and price to your advantage Networking tips for new investors (even if you’ve never been to a real estate meetup) And So Much More! Links from the Show Real Estate Rookie Facebook Group Connect with Ashley and Tony: Check the full show notes here: https://www.biggerpockets.com/blog/rookie-228 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Oct 22, 2022 |
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The Vice-Principal Who Built a 9-Unit Rental Portfolio on The Weekends
00:54:29
Who says you can’t have it all? The career, the love, the wealth—it can all be yours if you want it and work for it. Today’s guest, Mackenzie Grate, works hard so she can have it all. Working full-time as an assistant middle school principal, Mackenzie spends her nights and weekends as a real estate investor and agent. She owns two single-family homes, a fourplex, a duplex, a short-term rental, and her primary residence. Mackenzie’s real estate investing journey started in 2017. While living in her apartment, she rented out her extra room and decided to buy a home once rent prices became a little too high to handle. From there, she started looking for her first deal by googling the three fastest-growing job markets in New York. She then chose the market she wanted to invest in, asked a friend to go upstate with her, and started driving for dollars. She put in an offer on the first house she saw and closed on the home. But was she doing it alone? There is a common misconception that when you invest with a significant other, they have to be involved to be on board. Mackenzie’s relationship with her husband proves that involvement doesn’t equate to support. He supports what she’s doing, but he isn’t an active part of her investing journey, and for them, that works. He shows support by doing other everyday tasks at home, giving Mackenzie more time to work and pursue real estate. This freed-up time is essential for Mackenzie as she juggles all her endeavors and earns her nickname, the "Mack of All Trades." In This Episode We Cover The pros and cons of getting your real estate license and how to determine whether becoming an agent is for you The benefits of owning a co-op and what it means to “own a share” of a building How to find and capitalize on emerging markets that have strong rental demand Investing with a spouse and how to find the right balance for your relationship Property management vs. self-management and how to weigh the pros and cons for both Managing a short-term rental and automating your processes to become the ultimate host And So Much More! Links from the Show Real Estate Rookie Facebook Group Digital Nomad-ing and Answering All Your FIRE Healthcare Questions w/ Amy & Tim from GoWithLess Connect with Mackenzie: Mackenzies BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-227 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Oct 19, 2022 |
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Rookie Reply: Financing Your First Rental, Leases, and High Interest Rates
00:41:19
As a new investor, financing can come with a lot of questions. Financing your first property itself seems like a steep learning curve, but once you find a method that works for you, it makes investing a lot easier. Welcome back to this week’s Rookie Reply. But, instead of just answering one question, we’ll be going over multiple to get you on the fastest path to investing in real estate. Today, we’re touching on topics like how much money you'll need to invest in your first property, how to build a lease, recommendations for financing without a W2, and how rising interest rates affect investors. Before you invest, understanding the market you want to invest in is essential. You also have to understand the expenses that come with your property. Once you know these two things, you’ll have a more accurate estimate of your costs. A perk that comes with investing is that the money doesn’t have to be yours. Whether you decide to take out a conventional mortgage loan or partner with another investor, you can creatively finance your deal to have less money come out of your pocket! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover How to understand the market you’re investing in, the average cost of a property, and the range of expenses you can expect Safety reserves and how much to have on hand before you buy a property Creative financing methods that will lessen the amount of capital you’ll need to close Financing without a traditional W2 and how small banks, mortgage brokers, and co-signers can be your best friends Easily building your perfect lease using the BiggerPockets lease agreements! And So Much More! Links from the Show Real Estate Rookie Facebook Group What Makes Rookies Into Millionaires? Quitting What You Hate! Connect with Ashley and Tony: Check the full show notes here: https://www.biggerpockets.com/blog/rookie-226 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Oct 15, 2022 |
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Tiny Homes, Huge Profits: $6,000 a Month from 1 Property!
00:43:36
Life is unpredictable, and there's no way to get around that. Instead, you have to learn to pivot and accept where you are, so you can get to where you're going. Today’s guest, Josiah Hein, was hit with life’s unpredictability when he was in a car accident with a drunk driver, resulting in damage to his neck and back. Josiah could have easily used the accident as a reason to give up, but instead, he took it as an opportunity to pivot and build another business. Josiah has closed on three deals, including a tiny home that alone cash flows $6,000 a month! Josiah's first business required strenuous physical labor, so after his accident, he couldn't work as much. He used his newfound time to start learning about real estate. He had always considered real estate as a long-term retirement plan, but his plan suddenly got expedited. He started investing right before COVID by converting his old house into a rental property. His portfolio also includes an out-of-state property and a tiny home. He was inspired to invest out-of-state after reading David Greene’s Long-Distance Real Estate Investing. After five months of researching to find an out-of-state market, he settled on Tulsa, Oklahoma. He also has a lucrative tiny home bringing in some serious cash flow every month! In This Episode We Cover Using a setback as a setup and how to pivot when life gets unpredictable Finding “hot” markets and what criteria to look for Doing a profitable cash-out refinance and the BRRRR strategy Self-managing short-term rental properties and using listing sites like Airbnb to rent out your property Tiny homes 101 and the benefits that go beyond having a mini-mortgage Buying out-of-state investment properties and how to manage your rental remotely And So Much More! Links from the Show Real Estate Rookie Facebook Group Play the Game or Get Played: Using Paternal Instincts to Close on 17 Units The Real Estate Robinsons Youtube Channel Robuilt’s Tiny Houses That are Cashing in MASSIVE Profits Every Month Connect with Josiah: Josiah's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-225 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Oct 12, 2022 |
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It’s Not All About Cash Flow: 4 Ways Real Estate Makes You Rich
01:06:28
Real estate investing is known for one thing: cash flow. No matter who you talk to, investors always seem to be hypnotized by this single metric. Rookie investors love to chase after cash flow and cash flow only—often completely disregarding the much more lucrative benefits of real estate investing for the shiny object of monthly profits getting deposited into your account. But, if you’re buying, analyzing, and negotiating deals based on cash flow only, you could be making a huge mistake. In the new book Real Estate by the Numbers, Dave Meyer and J Scott, both veteran investors in their own regards, give you the numbers behind the NOI and show how real estate will make you rich in much more ways than one. They give you the exact calculations, framework, and mindset to use when analyzing real estate deals, and will show you how you can build wealth faster, smarter, and with less effort than the cash-flow-crazed investor down the street. On today’s show, Dave and J walk through the four ways that investors can build wealth through real estate, which questions real estate rookies should start asking, and debate whether or not the 2022 housing market is one worth buying in. Real estate rookie or not, this show will give you everything you need to start chasing better deals with hidden profits others are too blind to find. In This Episode We Cover Why real estate rookies should grab the new book, Real Estate by the Numbers Recessions, interest rates, and whether or not 2022 is a good year to buy real estate The four ways to generate wealth through real estate investing (it’s more than cash flow) Questions real estate rookies should ask when analyzing their first real estate deals Real estate tax deductions and how investors can pay almost no income tax How to “force” appreciation so you can increase equity faster and walk away with a big payday And So Much More! Links from the Show Real Estate Rookie Facebook Group BiggerPockets Business Podcast How to Become a Real Estate Millionaire (NO Experience Necessary) What Works (and Doesn’t) in a Recession & the Untold Story of J Scott’s Messy First Flip Connect with Dave and J: Check the full show notes here: https://www.biggerpockets.com/blog/rookie-224 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Oct 08, 2022 |
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Play the Game or Get Played: Using Paternal Instincts to Close on 17 Units
01:07:40
If you pay attention, you’ll notice there is a game being played. The sooner you realize this, the sooner you can play to win. The game of life has various components, but the top one percent has mastered the game of money and finance. Once you start playing, your financial fear becomes irrelevant. After all, it is a game—and you’re supposed to have fun. Today’s guest, Nick Troutman, started playing the game after his second child was born. His fatherly instinct kicked in, and he had a deep desire to provide. He started researching investing, money, and finance—his friend recommended BiggerPockets, and the rest was history. Now, Nick has four rental properties with seventeen units, including a nine-unit apartment. As a professional athlete, Nick is on the road for six to ten months, which exposes him to various housing markets. This exposure helped him narrow down his scope of locations to invest in. Ultimately he decided to invest in Tennessee and Georgia. Nick’s open and optimistic approach to life has helped him create his dream life as a father, husband, professional athlete, and investor. In This Episode We Cover The “game” of money and finance and how to play to win Overcoming provider syndrome and how to use it to your advantage The BRRRR Method and why it’s one of the best ways to get into real estate What to consider before investing in a new market and why you should invest in familiar markets Price-to-rent ratio and making sure you’re charging the right amount for rent Fear vs. danger analysis and how to use it to start eliminating fear in your life And So Much More! Links from the Show Real Estate Rookie Facebook Group 16 Units in 3 States as a BiggerPockets Power Couple Working Full-Time Connect with Nick: Great Family Adventure's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-223 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Oct 05, 2022 |
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Rookie Reply: The One Mistake That Almost Got My House Foreclosed
00:16:23
A rental property falling into foreclosure is a sad sign. “What happened to that landlord?” you might ask. Did a tenant do extensive damage, leaving them with a too burdensome repair bill? Did the landlord forget to pay their mortgage? What could have caused this? Well, if you’re like Ashley Kehr, someone else may have caused your home to (almost) slide into foreclosure, without you knowing. Welcome back to this week’s Rookie Reply. Wait, scratch that. This week’s Rookie Confession, featuring our own Ashley Kehr! Many listeners know Ashley as a fast-moving, quick-thinking, real-life monopoly player, but in this episode, she opens up about a mistake that almost lost her multiple properties. It was an easy real estate mistake to make, but even veterans in the game get caught now and again. Want to avoid what happened to Ashley? Tune into this episode! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Facebook Group Real Estate Rookie Youtube Channel Rookie Reply: How Do I Estimate Property Taxes? Connect with Ashley and Tony: Check the full show notes here: https://www.biggerpockets.com/blog/rookie-222 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Oct 01, 2022 |
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From Corporate Cog to 10-Unit Landlord in Just 2 Years!
00:49:00
If you’re hesitant to start your real estate investing journey, ask yourself this—where would you be now if you started ten years ago, and where could you be in ten years if you started today? As today’s guest, Brandon Rush, said, “everything you enjoy today, is the result of something you did five to ten years ago.” Brandon currently has three multi-family homes with a total of ten units. Brandon started his investing journey when he couldn’t see the light at the end of the tunnel with his W-2. He couldn’t imagine himself working a nine-to-five until sixty-five, so he decided to take his future into his own hands and started house hacking. After two years of hard work and planning, he was able to quit his W-2 a month ago to be a full-time real estate agent. Brandon’s success is not without sacrifice. He moved out of his single-family home and moved an hour away from work for his first house hack. And, of course, after his first house hack, he moved to his second house hack! Moving required Brandon and his wife to get rid of most of their things and travel lightly. Although moving and getting rid of material things can be difficult, for Brandon, getting rid of clutter helped clear his mind and reinforced the idea that he was on the right path. Brandon is confident in his investing choices because he surrounds himself with like-minded people, has built an investor-friendly network, and knows that all his decisions now will benefit his future self. In This Episode We Cover House hacking 101—how to get started and why it’s a great way to start investing How to build an investor-friendly network and the importance of surrounding yourself with like-minded people Self-managing your tenants—how to set boundaries and expectations from the start Creating your lease agreement and how to properly screen tenants Why cash flow is the most overrated metric of success and how to accurately measure your property's performance And So Much More! Links from the Show Real Estate Rookie Facebook Group Connect with Brandon: Brandon's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-221 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Sep 28, 2022 |
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Rookie Reply: How to Buy Rentals Once You’ve Run Out of Cash
00:08:56
This week’s question comes from Jerry through Ashley’s Instagram direct messages. Jerry is asking: I’ve finally made the plunge and bought three investment properties. After I rehab, rent, and refinance them, where can I get more money to invest? Is there a type of loan for investors or do I need to look into a hard money lender? Rental property loans are aplenty if you’ve found the right deal. Most veteran investors already know that once you have a good deal, it isn’t hard to find the money to fund it. But, before you build your rental property portfolio, you’ll need to know which options are out there. Don’t worry, you won’t need to spend months or years saving up for another large down payment. There are quicker ways to build a cash-flowing portfolio. Here are some suggestions:
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Facebook Group BiggerPockets Hard Money Lenders Connect with Ashley and Tony: Check the full show notes here: https://www.biggerpockets.com/blog/rookie-220 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Sep 24, 2022 |
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3 Rentals Right Out of College as a Young Dad and First-Time Landlord
00:52:08
A successful investor finds their “why” where other people find excuses. Real estate investing isn’t without its challenges, but as you overcome more challenges, you become a better investor. Today’s guest’s strong “why” led him to real estate, and it’s what pushes him to break through barriers, overcome obstacles, and build the life he’s dreamed of. Hunter Lewis’ "why" came two weeks before his senior year of college when he found out his girlfriend was pregnant. Knowing he was to become a father forced him to get serious about his future. He found a college mentor that was successful in the commercial real estate space and began working for his company. Hunter then saved up enough to buy his first property in July 2020. Since then, he’s closed on two other doors and is working on his fourth! Hunter became a first-time landlord with his second property, and while it was a challenge initially, he learned more about property management and how to compromise. Becoming a father at a young age also taught him how to take advantage of opportunities and reframe obstacles. As a real estate investor, he’s learned how to structure partnerships with family and the benefits of patience. Hunter is now working towards his five-year goal—$10,000 of passive income per month. In This Episode We Cover Taking advantage of opportunity and finding ways to advance your career Finding your “why” and reframing your obstacles How to structure partnerships with family and significant others Becoming a first-time landlord and how to self-manage your rentals The importance of understanding and watching the market Investing while working full-time and how to use your job to help you invest And So Much More! Links from the Show The Ultimate Property Management Masterclass Connect with Hunter: Check the full show notes here: https://www.biggerpockets.com/blog/rookie-219 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Sep 21, 2022 |
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The One Move That Helped Me 2x My Rental Property Portfolio
00:31:41
Building a rental property portfolio isn’t complicated. You find deals, finance them, buy them, manage them, and repeat. What could be easier? For most real estate investors, it’s not the big steps that stop them from scaling. It’s the little ones. Finding deals means looking through the MLS, cold calling, driving for dollars, or door knocking almost daily. Financing means talking to mortgage brokers, local banks, or investment property lenders. These day-to-day tasks are what make or break your portfolio, so how do you get on top of them? Welcome back to this week’s Rookie Reply, where we’re joined by On The Market co-host, Henry Washington. In only a few short years, Henry has grown his portfolio to over seventy-five doors. With kids at home, a family to take care of, and businesses to manage, how did he scale so fast? He gives his secrets in this episode. And as a bonus for our BPCon2022 attendees, we have some tips for you on how to make the most out of the upcoming convention! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Facebook Group Connect with Henry: Check the full show notes here: https://www.biggerpockets.com/blog/rookie-218 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Sep 17, 2022 |
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16 Units in 3 States as a BiggerPockets Power Couple Working Full-Time
01:04:19
Successful real estate investors don't find success alone. Real estate is a relationship business, so eventually, you need someone— an agent, contractor, cleaning lady, or handyman. At times, your success depends on these people, so you need to build a relationship with them. Once you cultivate a relationship, maintenance becomes the next step, but how do you do that? How do you find the balance between too friendly and impersonal? How do you turn a transactional relationship into a transformational one? Today’s guests, Evan and Katie Miller, have prioritized relationship building in their business and have seen tremendous success. The advantage of investing as a couple is they balance each other out. Evan enjoys numbers, while Katie enjoys working with people—creating the balance they need to be a well-oiled real estate machine. They have sixteen units amongst seven properties in Florida, Denver, and Nebraska. While growing their real estate business, they both work full-time jobs with a baby at home. Katie is the general manager at the BiggerPockets publishing division, which motivated her to invest because she sees the power of real estate every day. Since they still work full-time, they prioritize time management, relationship building, and organization. Evan and Katie hope to hit fifty properties in five years while keeping their full-time jobs. In This Episode We Cover Investing with a spouse or a significant other and how to find balance and set boundaries Appraisal issues and finding creative solutions vs. knowing when it’s time to step away Self-management vs. property management and whether outsourcing is worth it Vetting and finding the right property manager in a new market How to cultivate and maintain relationships both professionally and personally Out-of-state investing, learning how to invest in new markets, and the criteria you should have And So Much More! Links from the Show Real Estate Rookie Facebook Group The Official BiggerPockets Facebook Group Real Estate Rookie Youtube Channel Connect with Evan and Katie: Check the full show notes here: https://www.biggerpockets.com/blog/rookie-217 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Sep 14, 2022 |
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What Makes Rookies Into Millionaires? Quitting What You Hate!
00:43:24
Real estate investors are a hard-working bunch. They put in long hours every day to create passive income and find financial freedom. Many investors resort to doing what they hate, day in and day out, simply to escape the clutches of a nine-to-five job. If you’re a rookie real estate investor, you’re probably the property manager, head of acquisitions, tenant contact, and accountant all rolled into one. But this “all or nothing” way of working could slow you down faster than you know. If you want to take your wealth to the next level, try quitting—it’s what Pat Hiban and Tim Rhode have been doing for decades. As two successful real estate agents, they enjoyed the negotiation games that eventually led to large commission checks. But as the years went by, this non-stop grind took its toll—so much that they both gave up very profitable professions to do what they love. Surprisingly, the “do what you love” lifestyle made them even more money than before! This is all well and good for a couple of veteran investors, but what about our real estate rookies? What about you, listening to this with one, two, or ten deals? How do you take a step back and become a quitter like Pat and Tim? Can you really make more money by doing less, and even if you could, how do you take the first step? In their new book, The Quitter’s Manifesto, Pat and Tim lay out the exact team and strategy you need to go from burnout to big checks with far less effort. In This Episode We Cover How two formal education failures became multimillionaires Going from 100% “obligation” work to 100% “interest” work by doing what you love Finding the “quiet” that brings your best ideas to light Building your team of quitters who will hold you accountable to do less and make more How to find a world-class real estate mentor who will speed up your growth substantially The financial position you should be in before you contemplate quitting And So Much More! Links from the Show Building 61 Different Passive Streams of Income with Pat Hiban Turning $5K Into $5K/Month and Retiring at 40 with Tim Rhode 9 Simple Steps to Finding the Best Real Estate Mentor for You Book Mentioned in this Show The Quitter's Manifesto by Tim Rhode and Pat Hiban Connect with Pat and Tim: Check the full show notes here: https://www.biggerpockets.com/blog/rookie-216 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Sep 10, 2022 |
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How to Become a Real Estate Millionaire (NO Experience Necessary)
01:15:32
Want to become a millionaire? After this episode, you’ll have everything you need to start your journey to a seven-figure net worth through real estate investing. Most people think that to become a millionaire you need to have a high-paying job, a large inheritance, or hundreds of rental properties. This couldn’t be further from the truth, as regular real estate investing allows almost anyone to build wealth, attain financial freedom, and live the life they dream of in only a matter of years. For those who haven’t bought their first investment property, or only have a few, this webinar with Dave Meyer will provide the step-by-step system that’ll take you from onlooker to investor. Dave takes you through the math behind making millions, how to find investment properties worth buying, analyzing real estate in just minutes, and finally, how to repeat the system so you can continuously build wealth no matter what life position you’re in. Stick around until the end as Dave throws in a special gift for our viewers that will help take you from rookie to veteran investor in no time at all. The tools, information, and data found in this episode could help slingshot your wealth to levels you’ve never imagined. So, are you ready to start? In This Episode We Cover How to become a real estate millionaire no matter where you’re starting from Defining your “why” and knowing how much money you want to make How an economic recession could affect real estate investors in 2022 The “crystal clear criteria” every investor must know before buying a rental property Building your real estate “stack” that can make you rich in only a few years How to analyze rental properties for complete confidence in the deal Finding, funding, and financing investment property purchases The fastest way to level up your real estate investing skills so you can reach financial freedom And So Much More! Links from the Show BiggerPockets Rental Property Calculator Connect with Dave: Check the full show notes here: https://www.biggerpockets.com/blog/rookie-215 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Sep 07, 2022 |
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Rookie Reply: How to Build Your Dream Short-Term Rental Team
00:10:55
This week’s question comes from Ricky through Ashley’s direct messages on Instagram. Ricky is asking: I’m about to start my investing journey with short-term rentals. How do I build a real estate team, and which positions should I look for first? On your way to building a short-term rental empire, you’ll need to build out your real estate investment team. These are the people who will help you scale, manage your properties, and handle host headaches that come up, so you can focus on finding better vacation rental properties. If you want to scale like Tony, who’s already at sixteen short-term rental units, you’ll need to invest in the four “buckets." Doing this will free up time for you to run a better business and source bigger deals. Here are some suggestions: Start making checklists, notes, and training videos as soon as you buy your first property Find the things you hate doing and offload them sooner, rather than later Build out your short-term rental core four who can help manage the property while you source deals Start small with a cleaner or maintenance worker and slowly hire out from there And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Facebook Group Find Money, Partners, & Deals Using The “D.A.D System” w/ Mike Michalowicz 21 Real Estate Professionals You Need on Your Team (Updated 2021) Connect with Ashley and Tony: Check the full show notes here: https://www.biggerpockets.com/blog/rookie-214 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Sep 03, 2022 |
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Living for “Free” with 63 Self-Storage Units
01:05:28
The older you get, the more you realize how much life costs. As a kid, it's easy to take for granted the free rent and free meals, but what if you could get back to that? What if you could live mortgage or rent-free as an adult? What if you could have your meals paid for on someone else’s dime? In today’s episode, our guest, Nate Weintraub, shares how he lives for “free” with his three properties that total sixty-five units. With a real estate investor as a father, Nate has always been around rental property investing. He never saw himself getting into real estate until he worked his first W-2. After seeing the realities of a nine-to-five, Nate decided to buy a property after college and pursue real estate. In March of 2020, he put a house under contract in Rochester, New York. Since then, he has purchased a sixty-three-unit storage facility in Alabama and is currently house hacking in Florida. As Nate works toward financial freedom, he has made steps toward reducing his cost of living while still living a life he loves. In addition to being an investor, he does what he loves as a self-employed copywriter—BiggerPockets’ copywriter in fact. At only twenty-four, Nate lives rent-free in his house hack, his rental property covers most of his food, and his real estate investment trusts pay for his car. In This Episode We Cover Analyzing and choosing an out-of-state market to invest in (w/o visiting them) Self-managing and how to build a trusting relationship with your tenants House hacking and how to use it to live rent-free while building wealth Self-storage investing and how to break into a newer, bigger asset class Finding reliable and trustworthy partners and how to manage your partnerships The importance of talking about your real estate aspirations and how to generate more business through conversation And So Much More! Links from the Show $13M in Equity from One Deal & Cash Flowing Despite Being Comatose with AJ Osborne Real Estate Rookie Facebook Group How to Cut Expenses for a Faster Route to Financial Freedom Connect with Nate: Check out the full show notes here: https://biggerpockets.com/blog/rookie-213 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Aug 31, 2022 |
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Rookie Reply: Why "First-Time Home Buyer Loans" Aren’t What You Think
00:08:54
This week’s question comes from Carolyn through Ashley’s direct messages on Instagram. Carolyn is asking: I just bought my first investment property in cash. Am I still considered a first-time homebuyer? What happens if I take out a mortgage on that property? First-time homebuyer loans tend to confuse many real estate rookies. When it comes to first-time homebuyer loans and programs, what options do you have? Some investors think that they can only use loans like the FHA loan for their first home, while others may be enticed by first-time homebuyer programs that boast a lot of benefits, but with a ton of red tape. Which loans work for which investors, and what happens when you want to refinance? Here are some suggestions: Remember that loans like the FHA loan are not reserved for first-time homebuyers Special loan programs designed for first-time buyers could help you fund your down payment, but you’ll want to read the fine print Look for state-specific grants when buying your first home (you could come across some free funds!) If you are going to refinance after a cash purchase, be sure to double-check the “seasoning” period with your lender And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Facebook Group Check the full show notes here: https://www.biggerpockets.com/blog/rookie-212 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Aug 27, 2022 |
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Turning Their Basement Into a $4,500/Month Money Making Machine
01:04:02
While constantly hearing success stories can be encouraging, it can also start to seem unattainable when you don’t know where to start. How did all these successful investors get to where they wanted to be? And if they can do it, why can’t you? Today’s guests, Simon Murillo and Kristina Vaio adjusted their mindset from “why them?” to “why not us?,” which resulted in some serious short-term rental success. It took a while for Simon and Kristina to become cohesive in their real estate partnership. Simon has been interested in house hacking since 2018, but Kristina couldn’t envision sharing her home with strangers. For his first investment, Simon wanted to invest long-distance in his hometown, but Kristina had reservations about investing in a property she couldn’t physically manage. Despite their opposing views on what their first investment would look like, through a lot of communication, education, trust, and compromise, they found an investment they agreed on—their basement. With the help of a rockstar real estate agent, they were able to close on a house in December of 2021. It took a few months of blood, sweat, and tears to set up their basement rental, but within just thirty minutes of posting their short-term rental listing, they got their first booking! Now, they’re averaging about $4,500 each month and are looking for their next home to house hack. They plan on doing this at least two or three times until they’re financially free in their forever home—and you can do it too! In This Episode We Cover Convincing a skeptical partner and how to find compromise through mutual goals How to ease into investing through small steps and self-education Building a team that can help you with your vision—from investor-friendly real estate agents to reliable contractors The benefits of going to investor meetups and being surrounded by similar people with similar goals Managing your short-term rental while balancing your full-time W-2 Increasing the value of your property through unique upgrades and renovations And So Much More! Links from the Show Real Estate Rookie Facebook Group Connect with Simon and Kristina: Check out the full show notes here: https://biggerpockets.com/blog/rookie-211 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Aug 24, 2022 |
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The Rookie’s Guide to Finding Private Money for Your Next Property
00:48:17
The term “other people’s money” is common in the rental property industry. You may hear successful investors use it all the time—but what does it mean? Who are these “other people,” and why are they giving out money so freely? Don’t worry—rich relatives are not necessary for this episode of the Real Estate Rookie Podcast. We’re not talking about taking money from your Grandma. We’re talking about private money lending. Who better to bring on to the show than Alex Breshears and Beth Johnson, authors of the new BiggerPockets book, Lend to Live: Earn Hassle-Free Passive Income in Real Estate with Private Money Lending? Although tailored towards would-be passive private money lenders, Lend to Live drops some serious knowledge that the everyday investor can use. If you’ve ever wanted to know where to find private money, how it works, and how you can use it to grow your real estate portfolio, this episode is a great place to start. Alex and Beth break down the fundamentals behind private money lending, what makes a great private money lender, and how to vet yours when accepting money. Private money can create phenomenal opportunities for active investors, but it comes with legal landmines that are easily activated if you don’t know what to look for. So, before you start accepting money from a local lender, be sure you read Lend to Live first! In This Episode We Cover What makes a great private money lender and the qualifications they should possess Why become a private money lender and who private lending is best suited for How to find private money even if you’re just starting to grow your network Structuring a private money loan and keeping yourself legally protected Private money red flags and what investors and lenders should look out for Points, rates, and other lending lingo you need to know before taking a loan And So Much More! Links from the Show Private Money: What the Experts Warn Against Before You Lend (Or Borrow!) Connect with Alex and Beth: Check out the full show notes here: https://biggerpockets.com/blog/rookie-210 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Aug 20, 2022 |
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A Beginner's Guide to Analyzing Big Deals & Building a “Bulletproof”
00:55:40
As an investor, finding and closing on a deal is only the beginning, and it sets the tone for how the rest of the deal will go. So what criteria should you have to make finding a profitable deal easier? Once you find a deal that's promising, how do you do your due diligence before submitting an offer? In today’s episode, Kenneth Donis shares his bulletproof process for finding and underwriting profitable deals. Kenneth is the Head of Marketing and Acquisitions in the Donis Brothers’ operation. The Donis Brothers have a little more than 1,000 units under their belt and show no signs of slowing down. Kenneth is responsible for finding those deals, underwriting them, and meeting with brokers. With a growing portfolio, Kenneth’s process has become more efficient, and the proof is in their success. Kenneth breaks down his process into three parts—creating criteria, analyzing the deal before submitting the offer, and submitting a letter of intent. He explains how to create a buy box based on your budget and the importance of ensuring your overhead is covered. Taking to heart just a few of the tips that Kenneth shares today could put you on the fast track to closing on your next big investment property! In This Episode We Cover Creating criteria to find great deals based on your goals and budget Defining your ”buy box” and what you should include in yours Multifamily deal analysis and the quotes you’ll need before submitting an offer Drafting the letter of intent and the key elements to a perfect offer How to build lasting and beneficial relationships with mortgage brokers Raising capital from outside sources and using creative financing to fund your deals And So Much More! Links from the Show Changing Their Family’s Fate by Building a 600+ Unit Portfolio (At Age 20!) How a College Dropout Got a Seat at the Millionaire Investor Table Post, Invest, Profit: A Step-by-Step Guide to Content Creating for Investors Connect with Kenneth: The Donis Brothers’s Instagram The Donis Brothers’s Facebook Page The Donis Brothers’s Youtube Channel Check out the full show notes here: https://biggerpockets.com/blog/rookie-209 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Aug 17, 2022 |
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Rookie Reply: Time-Saving Real Estate Accounting Tips for New Investors
00:07:53
This week’s question comes from Aaron on the Real Estate Rookie Facebook Group. Aaron is asking: How do you set up your rental income for tax season? Do you just show your accountant, for example, a Stessa report? Do you give receipts to your tenant when they pay so you have one for tax season? Navigating the world of real estate accounting can be tricky. Do you write everything down by hand or update your numbers in tax software? Ask two real estate experts like Ashley and Tony and you’ll see that there’s usually one clear way to gather up your rental income so your CPA doesn’t have a mountain of paperwork and an avalanche of questions to ask you. Here are some suggestions: Use software like Stessa or QuickBooks to easily track your income/expenses for tax time Send tenants rent receipts (if they ask for them) using software like Apartments.com and RentRedi Keep clear records of how much you received in rent, spent on maintenance, and any amount of vacancy Get your bookkeeping in place from the first property onwards (your future self will thank you) And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Facebook Group
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-208 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Aug 13, 2022 |
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Working Towards Time Freedom "In the Trees" with 3 Treehouse Rentals
01:02:15
As an entrepreneur trying to build wealth, how do you find work-life balance? How do you prioritize your family and life when you work long hours for a better future? Is the time freedom you’re ultimately working towards worth the time you have to give up presently? Amanda Salovitch, today’s guest, shares the balance she’s been able to maintain as a full-time working mom, building a short-term rental business while going from zero to six units in a year and a half. Amanda has been passionate about real estate for a while. She became a licensed real estate agent fresh out of college in 2008. Amanda worked at a brokerage with another recent high school graduate, and when she decided to pursue a career at the bank, she watched him grow his investment career. The bank required a very fast-paced lifestyle, and it wasn’t until the pandemic that she began to slow down and reassess certain aspects of her future. She started listening to the Real Estate Rookie podcast and became inspired. She purchased three long-term rentals shortly after she began listening to the podcast. She then closed on a property with three short-term treehouse rentals with various income-generating activities. While living a hectic investor life, Amanda always includes her kids as much as possible. Her ultimate goal is to have the time and freedom to live the life of her choosing with her family, and with the path she’s on, she’ll be able to achieve it soon! In This Episode We Cover Getting your real estate license and the benefits of being a licensed investor Finding your personalized work-life balance and the importance of having a strong “why” The process of qualifying for a loan and how to qualify for the financing of your choosing The 1031 exchange explained, its benefits, and its shortcomings How to get your spouse on board with investing while communicating your goals Investing while still working your day job and how to manage your time for optimum efficiency And So Much More! Links from the Show Real Estate Rookie Facebook Group Connect with Amanda: Amanda's BiggerPockets Profile Check out the full show notes here: https://biggerpockets.com/blog/rookie-207 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Aug 10, 2022 |
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Rookie Reply: Biggest Red Flags of a Bad Contractor (and How to Fire Them)
00:14:58
Not knowing how to deal with a bad contractor can cost you thousands, if not tens of thousands, on a single deal. The wrong contractor can cause months more of holding time, thousands in materials wasted, and drain your energy when trying to get the project done. But, once you know the common contractor red flags, you’ll be able to spot which workers won’t work out in the future so you can hire the right ones faster. Ashley and Tony both have horror stories when hiring general contractors. They have some crucial tips when hiring a contractor for your next home renovation. Their most important one? Hire slow and fire fast. The wrong crewmember could sabotage your entire real estate deal. Here are some suggestions: Don’t pay contractors per hour and stick to your contractor criteria Stand your ground and don’t second guess yourself if you know how something should be done Never hire the same contractor for another job until they’ve finished the first one Set milestones and benchmarks for the contractor to hit so they stay on-schedule Don’t hire the first contractors available for a job, take your time vetting the crew and general contractor And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Check the full show notes here: https://www.biggerpockets.com/blog/rookie-205 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Aug 06, 2022 |
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Puerto Rican Paradise, Arctic Abodes, and Building "Dream" Vacation Rentals
01:05:20
Sometimes in real estate, less is more, and as the saying goes—quality over quantity. You don’t need a portfolio with 100+ properties if you have a strong cash flow from five. This approach allows less to fall through the cracks and a more personalized experience for the tenant while still building wealth like never before. Today’s guest, Kelly Cronin, explains how she has created Cronin Castles, a variety of unique experiences in various locations, and is now profiting off people’s desire to experience more life. Her current portfolio includes a sea house in Puerto Rico, an off-the-grid dome in Alaska, a tiny home in Utah, and eighty acres in Wisconsin. While Kelly was merely setting her price on listing sites and looking for interesting places, she stumbled on the next big thing. Currently, short-term rental sites are looking for more properties with unique experiences, like Kelly’s, to feature and further differentiate themselves from the competition. Kelly was able to start investing because she saved half of her income. She was able to save an astonishing $110,000 not because of a high salary—in fact, she never hit the six-figure mark—but because she gamified her life. Kelly did this by finding ways to lower her mortgage, save on childcare expenses and use credit card points to cover her travel expenses. Now Kelly can give people the traveling experiences she would want while simultaneously building wealth and changing her financial future. In This Episode We Cover How to research and invest in different markets Cultivating unique experiences and how to market your rentals Managing your rental property remotely and the importance of building a network in the market you choose to invest in Saving fifty percent of your income and how to gamify your life and stretch your money Self-managing your properties and how to stay on top of your rental portfolio And So Much More! Links from the Show Real Estate Rookie Facebook Group 96 Units in 5 Years By Combining Long & Short-Term Rentals Connect with Kelly: Check out the full show notes here: https://biggerpockets.com/blog/rookie-205 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Aug 03, 2022 |
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Rookie Reply: Do New Short-Term Rental Regulations Make Investing Risky?
00:08:11
New short-term rental regulations are sprouting up around densely-populated states like California and New York. These regulations can stop new investors from setting up shop while making established hosts much wealthier. With stricter short-term rental laws, what should real estate investors do to hedge their risk against being stuck with a property that can’t be rented out? Both Ashley and Tony own short-term rentals. Ashley’s is situated in a town with no regulations, while Tony has vacation rentals scattered across multiple markets, each with its own specific ordinances. Tony knows that even with these new laws, there are still steps you can take to ensure that your short-term rental investment isn’t ever at risk of being left empty. Looking into short-term rental markets? Here are some suggestions: Look for established, mature vacation rental markets when starting your search Economic dependency on tourism will most likely make an area more open to short-term rentals Always research the number of short-term rentals an owner can legally own in an area as well as how the permitting process works Stay up-to-date on an area’s short-term rental laws as they are subject to change And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Check the full show notes here: https://www.biggerpockets.com/blog/rookie-204 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jul 30, 2022 |
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The Ultimate Property Management Masterclass
01:00:11
Property management can be one of the more complex decisions when it comes to investing. Do you save money and ensure the job is done exactly how you want it by self-managing, or do you invest in someone with experience and save yourself time, energy, and headspace? Today’s guest, Karen Lane, breaks down property management in bite-size chunks, so whether you’re deciding between property management vs. self-management or hoping to pursue property management already, this episode is perfect for you. Karen has been in property management for commercial real estate for most of her career, so she’s seen it all—including a dead deer carcass in the middle of a shopping center parking lot. She’s worked with private investors on both coasts and internationally. Karen’s abundant experience has made her a wealth of knowledge and the perfect person to learn from. While she has thrived in the property management space, she now hopes to beat analysis paralysis and find her first investment. Karen goes over what it means to be a property manager and how to become one. She also talks about the nuances of juggling the different relationships you need to maintain as a property manager. Today’s episode is the free property management masterclass you don’t want to miss. In This Episode We Cover What it means to be a property manager and how to know if you have what it takes Finding and vetting a property manager to make sure your goals and expectations align How to keep the landlord and the tenant happy and find a middle ground Management agreements and how to understand the property management fees that come along with it How to check for hidden fees as a landlord The most significant things to look for in a property manager to make sure your relationship is successful The ideal reporting structure, the cadence, and what you should include And So Much More! Links from the Show Real Estate Rookie Facebook Group A Step-by-Step Guide to Estimating Rehab Costs w/ Master Flipper & Investor James Dainard (Part 1) Finding Contractors, Renovation Red Flags, and Estimating Rehab Costs (Part 2) w/ James Dainard 18 Deals in 2 Years AND a Full Time Job with Kevin Christensen Connect with Karen: Karen's Property Management Company Check out the full show notes here: https://biggerpockets.com/blog/rookie-203 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jul 27, 2022 |
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Rookie Reply: Is a Cash-Out Refinance Taxable?
00:04:31
This week’s question comes from Brandon on the Real Estate Rookie Facebook Group. Brandon is asking: On a cash-out refinance, is this considered income? If so, will I have to report it on my taxes? Real estate investing provides a lot of tax benefits, some that new investors or everyday homeowners simply don’t know about. One of the greatest tax benefits? No taxes on loans and liabilities! That means that the cash-out refinance can be done without paying any taxes on the cash given to you from the bank. But, there are a couple of ways that you could get snagged during tax season if you don’t follow the right steps. Here are some suggestions: Cash-out refinances are considered debt, not income, from a taxation point of view If you are planning to have your business pay you back for acquisition/renovation costs, be sure you make a record of that so you don’t get taxed on your repayment You may pay taxes on a cash-out refinance if you plan on taking profits from your business As always, consult a tax professional if you have any specific tax questions And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Rookie Reply: Cash Out Refinances vs HELOCs | Which Should You Use? Check the full show notes here: https://www.biggerpockets.com/blog/rookie-202 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jul 23, 2022 |
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Quitting Corporate to Build a 23-Unit Post-Pandemic Rental Portfolio
01:04:55
The beautiful thing about real estate is that there is endless room for growth. While some jobs have a capped amount of opportunity, real estate encourages constant advancement. Today’s guest, Gus Ofili, began his investing journey after the pandemic and now has nine properties with twenty-three units. Gus turned to real estate after deciding to leave his nine-to-five at a bank. He didn’t hate his job, in fact, he was doing very well, but there wasn't adequate room to grow. Gus started realizing he was getting passed up on opportunities by people who dedicated at least a decade of their life to the bank. He couldn't see himself taking ten years of his life for a career milestone—so he quit. Initially, real estate intrigued Gus because of the thrill he got from negotiating. He started taking classes to become a realtor while working his nine-to-five. As an agent, he sold fifty homes in his first year, seventy-one in his second, and 108 in his third year. While he did exceptionally well as a realtor, he wanted a backup plan and knew investing would be a fundamental part of his real estate career. He had the opportunity to sell a five-unit house, but when the first appraisal fell through, he began to see potential in the home, decided to buy it, and as the saying goes—the rest is history. In This Episode We Cover Quitting your nine-to-five and how to prepare to do so How to use social media to gain free exposure and grow your brand Finding a profitable side hustle in real estate and the benefits of becoming a leasing agent Clubhouse and how to use it to learn more, expand your network, and gain motivation Overcoming the fear of buying your first investment property and how to make the transition as smooth as possible And So Much More! Links from the Show Real Estate Rookie Facebook Group Connect with Gus: Check out the full show notes here: https://biggerpockets.com/blog/rookie-201 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jul 20, 2022 |
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Scott Trench’s 10-Step Checklist to Buy Your First Rental Property
01:08:17
You’re here to buy your first rental property. This is the Real Estate Rookie Podcast, and as a rookie, where should you start? Most new real estate investors think that the steps to buying a rental property are simple—find an agent, find a property, buy the property. And although that could buy you a rental property, the chances of you becoming successful are very low. Real estate investing requires much more than just purchasing a property if you’re trying to build generational wealth, financial freedom, and a life that operates on your schedule. It shouldn’t be surprising that the CEO of a company like BiggerPockets is someone who took the slow, yet highly successful route. No raising money on his first deal, no buying multimillion-dollar apartment complexes, no giant yacht, and no private planes. Scott Trench is the epitome of the “grind until you shine” real estate investor. Starting with little-to-no savings, he was able to work his way up to his first rental, his second, and now his thirteenth. To celebrate the release of the updated version of his wildly popular book, Set for Life, Scott has created a ten-step checklist that any new investor should use to get their first real estate investment. These steps were specifically designed for you to not just get one rental, but many more following your first purchase. These are the exact steps Scott took to reach financial freedom in under ten years, and if you follow them as well, you might be able to do it faster. In This Episode We Cover The ten steps to becoming a successful real estate investor (even if you have no experience) Frugality and its impact on how you invest and grow your wealth over time Calculating your dollar per hour cost and choosing whether or not to outsource work The four levers of wealth creation and how to pull them all for fast-paced wealth building How Scott went from entry-level worker to CEO of BiggerPockets in under ten years Building your “investor ability” so you can make smarter decisions faster And So Much More! Links from the Show Real Estate Rookie Facebook Group The BiggerPockets Money Podcast Dave Visaya's Podcast Editing Services From 400 Credit Score to Making $17,000/Month in Passive Income Connect with Scott: Scott's Rookie Readiness Checklist Check out the full show notes here: https://biggerpockets.com/blog/rookie-200 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jul 16, 2022 |
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Post, Invest, Profit: A Step-by-Step Guide to Content Creating for Investors
00:45:08
We are in the age of social media, so how do you use that to your advantage? How do you create a platform that helps you reach your career goals? What content should you create to target your desired audience? Today’s guest, Kerwin Donis, shares how he and his brothers have built the platforms that have helped them partner in over 600 units of apartment syndication deals. The Donis Brothers have a wide range of platforms, from YouTube to TikTok, where they document their journey and share their wealth of knowledge. They have about 12,000 followers on Instagram and 63,000 on TikTok, but their main focus is their podcast. Kerwin, the head of their social media, says their initial goal was to document their journey and build credibility as young investors. While that is still their goal, they have become more strategic about what they post and the audience they post for to grow their platform and their online community. So how do you begin? You begin now—stop waiting! Kerwin emphasizes that when you start, it won't be perfect, and that's okay. Create the content you’d want to consume, aim to entertain and educate, and the rest will come. The benefits of building your platform are endless because you never know who you’re reaching—whether that be a future mentor, partner, or client. There is no better time to start your social media journey and no better place to start than this episode! In This Episode We Cover Building a platform with little knowledge (it’s not as hard as you think) How to manage different social media platforms and decide which one should be your primary focus The various benefits of building a platform and how to get the most out of your platforms Content marketing and how to target your ideal audience Creating content without a big team and how to keep yourself accountable Lead magnets and how to use them to increase your marketing efforts And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group $1M in Real Estate in Just 1 Year (and How You Can Do It Too!) How a College Dropout Got a Seat at the Millionaire Investor Table Lili Thompson's Youtube Channel Your First Real Estate Investment Podcast From Restaurant Waiter to 100+ Deals in Only 4 Years w/ Derrick Acuff How to NOT Go Bankrupt: 5 Mistakes New Investors Make Connect with Kerwin: The Real Estate Monopoly Podcast The Donis Brothers Youtube Channel Check out the full show notes here: https://biggerpockets.com/blog/rookie-199 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jul 13, 2022 |
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Rookie Reply: What To Do When an Appraisal Comes Back Low?
00:06:40
This week’s question comes from Mantas on the Real Estate Rookie Facebook Group. Mantas is asking: My buddy placed an offer substantially above asking price and the seller, before accepting the offer, asked my friend if he would pay the difference if the appraisal came in lower than the offer. Anyone encountered this situation and what would be the best response if any? Ah, the classic appraisal gap/appraisal contingency. During hot housing markets (like we’ve been experiencing over the past two years), these types of offers have become more and more common. A seller wants to be sure that they can get the sales price they want and the buyer often has to pay the price to cover the appraisal difference. But what are some ways to get around this if your appraisal comes back low? Here are some suggestions: Do as much research beforehand so you know an appropriate appraisal value before the appraisal Run comps using real estate data tools (like PropStream) or look up comparable home sales in your area using a listing service Challenge the appraisal buy checking for discrepancies and running comps Get a different appraisal ordered or switch to a more flexible lender if all else fails And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-198 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jul 09, 2022 |
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From the Screen to Short-Term Rentals and How "Stargirl" Started Investing
00:51:45
If you’re unsure about real estate, run the numbers. It’s that simple. Once you run the numbers, you’ll have clarity on which decisions to make and tangible reassurance that you made the right ones. Today’s guest, actress Brec Bassinger, shares how focusing on the numbers has given her the confidence to become the successful investor she is today. Brec’s name may sound familiar to some of you. She’s been the star of Bella and the Bulldogs and the new hit show, DC’s Stargirl. Brec’s interest in real estate began after a trip to Big Bear with her boyfriend when she realized the earning potential of short-term rentals. She decided to buy a condo and had her first short-term rental within six months. The speed at which she got her first deal may seem intimidating, but Brec’s confidence came from the numbers she calculated and the profits she knew she could make. During her first season of Stargirl, Brec had to share a small apartment with her coworker because that’s all she could afford with her fluctuating income. Now she makes more money by living in an expensive high-rise apartment while renting out her old space. Real estate has allowed Brec to supplement her fluctuating income without a W-2 and the freedom to live the life she wants. And even though she plays a superhero, her story proves that you don’t have to be one to invest in real estate. In This Episode We Cover How to confidently close on your first investment property and move past fear Becoming more financially stable by supplementing your income with a passive income stream The importance of running the numbers and how to use the simple rental calculations to make profitable decisions Building a relationship with your property manager and eye-opening questions to ask them How to qualify for loans without a “steady” income And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group 20 Deals in a Year as a Professional Basketball Player w/ Terry Harris From Sleeping in His Car to Multi-Unit Landlord & The “Nomad” Strategy Connect with Brec: Check out the full show notes here: https://biggerpockets.com/blog/rookie-197 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jul 06, 2022 |
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Rookie Reply: How to Use Home Equity to Buy Rentals
00:11:19
This week’s question comes from Tony’s Instagram direct messages! This rookie real estate investor is asking: I have a good chunk of equity in my home, should I pull out cash to purchase a rental property? If not, what should I do with the equity? If you want to know how to use home equity to buy real estate, you need to know your options first. As many homeowners are sitting on massive equity gains, thanks to the past two years worth of price run-ups, they’re asking how they can use this equity to their advantage. For most investors, you’ll have two options in how you take this equity out of your home’s value. But, both of them need to be intelligently evaluated before you make a decision. Here are some suggestions: Look at your current mortgage rate and see if it’s higher or lower than today’s average interest rate to refinance Ask your lender about a HELOC (home equity line of credit) as well as the terms, interest rates, and duration offered Interest rates are likely to rise, so locking down a great rate now may help you in the future Know your exit strategy (flip vs. BRRRR vs. buy and hold) for each different kind of financing option And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Check the full show notes here: https://www.biggerpockets.com/blog/rookie-196 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jul 02, 2022 |
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Financially Free in 2.5 Years by Buying “Low Risk” Rental Properties
00:47:20
You often hear about house hacking as a means to an end, a simple way to start your real estate journey, but what if it could be more? What if house hacking could be your ticket to financial freedom? Today’s guest, Craig Curelop, author of The House Hacking Strategy, shares how he reached financial freedom through house hacking and how to follow along in his footsteps. Craig started where most do, hating his W-2 and working too much. He began researching how to earn a passive income and came across BiggerPockets. Within six months, Craig started working at BiggerPockets, moved to Denver, and decided to start living his life the way he wanted. Using his house hacking strategy, he went from being $30,000 in debt to financial freedom in two and a half years. Before you get into house hacking, you need to understand the basics, and today Craig breaks them down. He goes over the different ways to house hack and its advantages and disadvantages. Craig also talks about how to live with your tenants and the boundaries needed for your ideal house hacking situation. Craig paints the whole picture so you can make an informed decision and decide if house hacking is the way for you to become financially free too (or at least build more passive income)! In This Episode We Cover Why house hacking is ideal for new and young investors and how to get started The different ways to house hack and how to turn an unused space into an income-generating area The noteworthy advantages and disadvantages of house hacking and how to decide if house hacking is for you Living with tenants and how to set landlord boundaries for you and your tenant’s comfort How to vet tenants and red flags to look out for before offering them a lease Collecting rent and the processes to have in place to help you stay in “landlord mode” And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group 10 Income Streams on 1 Property by “Land Hacking” w/ Kai Andrew Connect with Craig: Check out the full show notes here: https://biggerpockets.com/blog/rookie-195 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jun 29, 2022 |
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Rookie Reply: 19 Best Real Estate Investing Apps We Couldn’t Live Without
00:14:50
The best real estate investing apps are ones you could not live without. Whether you’re a full-time real estate investor, managing a few properties, or still trying to get your first deal done, these apps can help you find, manage, and cash flow your rentals quicker. Ashley and Tony both use these apps daily and probably couldn’t run their real estate investment portfolios without them. To help you scale up your real estate investing, Ashley and Tony have written down their most-used real estate investing apps. Now, anytime you see a potential deal, need to chat with a team member, or simply want to time how long you’ve been working at a rental property, you can. Most of these apps are free, so you can download them today, try them out, and buy your first (or next) deal faster! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Building an Out-of-State Empire by Using the Right Type of Real Estate Agent w/ Sarah Weaver Check the full show notes here: https://www.biggerpockets.com/blog/rookie-194 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jun 25, 2022 |
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How a College Dropout Got a Seat at the Millionaire Investor Table
00:57:12
Your connections and relationships are invaluable in real estate, so how do you get to know the right people? How do you build a lasting, mutually beneficial relationship? The answer is simple—you show up, get your name and face out there, and listen. Building a network can seem intimidating, especially starting from scratch, but today’s guest, Jeffrey Donis, breaks it down step-by-step. Jeffrey Donis of the Donis Brothers is in charge of nurturing investor relations, so networking is his bread and butter. At twenty-three, he has helped his brothers raise enough money to co-sponsor 600 units worth of deals in the last two years. This would have been nearly impossible to achieve in such a short time without the network they built and the relationships they nurtured. Their network didn’t come automatically, and similar to everyone else, they started from scratch and were able to find a way to get themselves out there. The first step is to build your credibility. While there are many ways to do so, Jeffrey explains how to use social media to document your journey and build trust. He also goes into how to navigate networking events and bring value no matter your experience level. The Donis Brothers have become widely successful in a record amount of time, and the way they built their network and brand is a large part of that. In This Episode We Cover Building credibility and how to use social media to do so The 80/20 rule and why it’s an effective way to network and build relationships How to bring value to others (without money!) and maintain a good reputation Overcoming imposter syndrome and how to be more confident in your abilities How to vet potential investors and red flags you should look out for The importance of constant self-education through real estate courses and classes And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Changing Their Family’s Fate by Building a 600+ Unit Portfolio (At Age 20!) How to Find Free Money to Finance Your Education & Avoid Extensive Student Debt Student Loans Update: Repayment, Refinancing, and Potential Forgiveness w/ Robert Farrington Your First Real Estate Investment Podcast Tyler Madden's BiggerPockets Profile Connect with Jeffrey: The Real Estate Monopoly Podcast Check out the full show notes here: https://biggerpockets.com/blog/rookie-193 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jun 22, 2022 |
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Rookie Reply: How to Choose Your Real Estate Investment Strategy
00:13:17
This week’s question comes from Natalie on the Real Estate Rookie Facebook Group. Natalie is asking: How did you narrow your focus to determine your strategy? And how do you get good at analyzing real estate deals? This is one of the most-asked questions we receive. When you’re starting as a rookie real estate investor, every strategy seems like a good one. You may hear a guest on the Real Estate Rookie show talk about wholesaling or flipping or short-term rentals. Before long, you’re already planning your next exciting purchase even if you had another one already in the works. This “shiny object syndrome” is common when getting started, and while it’s good to know about many different investing strategies, changing yours too often can lead you well off the path to financial freedom. Here are some suggestions if you’re torn between strategies and need to up your analysis game: Look at your resources and base your investing strategy upon what makes sense for you specifically Pledge to become an expert in a certain strategy and don’t try building too many bridges Set up a strong foundation in your current investing strategy, then you can pivot wherever you want Practice your deal analysis daily and send your calculations to other investors as a pulse check Get to know your investing area as much as you can (even if you’re remote investing!) And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Check the full show notes here: https://www.biggerpockets.com/blog/rookie-192 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jun 18, 2022 |
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Expedite Retirement & Learn the Secret to Becoming a Top Producer (Quickly)
01:06:16
What differentiates a top producer from everyone else? The most common answer is hard work, ambition, and charisma, but what does that even mean? Hard work, while a universal concept, changes depending on the context, so what does hard work entail in real estate? Today’s familiar guest, David Greene, answers all these questions and more in today’s episode and his new book, SKILL. SKILL is only part two in his three-part book series where David teaches you how to excel as an agent or investor. It follows SOLD, which is all about gaining confidence by learning and understanding the fundamentals of real estate. SKILL then teaches you how to become a top producer and make more money through intelligent negotiation, building trust with clients, and becoming an expert in your field. Ideally, this book is for those with a little experience who want to take their career to the next level. In today’s episode, David shares some of the characteristics of a top producer. He goes over the importance of generating leads and how to do so, building your marketing funnel, and the metrics you should be tracking to find and convert more leads. Instead of telling you how to get better through abstract concepts, David provides concrete step-by-step examples on how to differentiate yourself, so you can beat out the other agents in your area. In This Episode We Cover How to decide if getting your real estate license would be beneficial for you (it’s not the answer you think) Lead generation and how to get your name known How to improve investor and agent communications and find deals that align with your criteria The most important metrics to track if you want to scale your business Lead vs. lag measures and why tracking lead measures get you results sooner Listing presentations, how to hold one, and why they make you stand out as an agent And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group BiggerPockets Real Estate Podcast Connect with David: David Greene Real Estate Youtube Channel Check out the full show notes here: https://biggerpockets.com/blog/rookie-191 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jun 15, 2022 |
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Rookie Reply: What is Due Diligence in Real Estate?
00:25:13
What is due diligence in real estate? If you ask most new investors, they’ll have some sense of what due diligence is, but may be confused about what it really means. Is due diligence when you analyze your deal? Who should you be in contact with during due diligence? How long does a due diligence period usually last? And what happens if your deal turns out to be a dud in due diligence? In reality, due diligence isn’t all that confusing. It’s simply the time that you, and your partners (if you have them), spend inspecting, double-checking, and re-analyzing the deal. The due diligence period is there for the protection of the investor, so you can use everything in your power to confirm that you truly are getting a great deal. But, before you start calling inspectors, make sure you follow some of these more granular steps that could save you a fortune in the future. Never done due diligence before? Here are some suggestions: Work with a seasoned real estate broker, agent, or attorney who can catch things you won't Double-check that your financing options still stand if you find anything wrong with the property Talk to the local city government or code enforcer to ensure prior work on the property was done correctly Calculate out what the cost of repairs will be for the property once you’ve gotten an inspection Don’t fall in love with a deal and be prepared to walk away if you find something that’ll kill your exit strategies And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Check the full show notes here: https://www.biggerpockets.com/blog/rookie-190 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jun 11, 2022 |
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House Hacking: How to Live for Free and Build Wealth in The Background
01:00:15
House hacking is one of the easiest ways to get into real estate investing. Thanks to its flexible financing options, low down payment loans, and ability to cut your rent in half (or eliminate it), house hacking is truly a phenomenal investing strategy. In short, house hacking is when a homeowner or investor buys a house or multifamily and rents out the other rooms or units while they live in one of them. The house hacking strategy can be mixed and matched in any way you like. Want to live with a bunch of friends? Buy a three or four-bedroom house and rent out the rooms. Want to have a private space for you and your family? Buy a small multifamily and rent out the other units. No matter what you choose to do, house hacking can help speed up your journey to financial freedom. This is done by reducing the amount of money you spend on rent/a mortgage while also giving you serious tax benefits, instant cash flow, and appreciation so you can build wealth in the background. In this how-to episode, Ashley and Tony give you everything you need to find, analyze, finance, and buy a house hack. They go over in-depth real estate analysis so you can confidently bring a deal to your lender, partner, or just have peace of mind that you’re making a smart investment. This single home purchase could change your financial future forever, so what are you waiting for? In This Episode We Cover What is house hacking and the major benefits of hacking your house The four ways to build wealth in real estate and three common rookie mistakes The best ways to fund your real estate deals or house hack property How to analyze your next property using the BiggerPockets real estate calculators Property management 101 and how to manage a rental property How to get your first real estate deal faster with BiggerPockets tools and expert guidance And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group The Real Estate Robinsons Youtube Channel Who Not How: Stop Doing the Things You Hate, Free Up Time, Be Happier and Richer with Dan Sullivan Brandon Turner's BiggerPocket's Profile David Greene's BiggerPocket's Profile Connect with Ashley and Tony: Check out the full show notes here: https://biggerpockets.com/blog/rookie-189 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jun 08, 2022 |
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Rookie Reply: Networking Tips That’ll Increase Your Net Worth
00:16:35
Networking tips only matter as long as they work. Everyone knows the classic ones—bring a business card, wear a nametag, and look people in the eye. But, when you’re meeting with investors who have big portfolios, it can be easy to get flustered all of a sudden. Maybe you run into your dream mentor at your next real estate meetup—what do you do? Both Ashley and Tony were able to buy their first rentals and grow their portfolios thanks to networking. At first, they didn’t know what to do or say, and didn’t have many deals to speak of. But, over time, their net worth grew with their networking skills, allowing them to connect with more investors, find more deals, and build lifelong friendships. They’re testaments that even if you don’t have any deals yet, networking could be what brings you your first! Not used to networking? Here are some suggestions for your next meetup: Sign up for a BiggerPockets meetup in your city and get your tickets to BPCon2022! Don’t stick with your clique, remember that networking is there for you to meet new people Rehearse the question you want to ask if a mentor, speaker, or inspiring investor is at the event Take a break from networking to write down names, lessons learned, and takeaways from conversations Don’t know anyone at the meetup? Join a group (they’ll almost always welcome you openly) And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Tyler Madden's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-188 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jun 04, 2022 |
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Making Twice as Much with Half as Many Doors and 100+ Flips
01:03:05
Cash flow and revenue should always be your main focus, but that’s not always the case. Often, the focus tends to be on the number of doors, with many investors not realizing you can make more with less. Today’s guest, Welby Accely, has mastered the art of maximizing revenue per unit and automating his flips. Despite his primary focus being quality over quantity, Welby has done over 100 flips in just four years! Welby’s success didn’t come overnight, in fact, most of it has come from trial and error. Welby started investing in 2004 without knowing anything about ROI or cash flow, but that didn’t stop him. Unfortunately, this lack of knowledge cost him a fortune in time and money. Fast forward thirteen years, Welby has realized all the detrimental mistakes he was making. The price of his lessons may have been high, but now he knows people with twice as many doors as him that don’t make half as much net income. As Welby says, everything is about the numbers. When you realize this, it’s easier to focus on the properties that generate income and ditch the properties that don’t. Before you focus on the numbers, you need to understand cash flow and depreciation while also figuring out your financial goals and what aligns with them. These two metrics are Welby’s bread and butter. After he understood them, he created a simple formula for his flips and automated everything in his business, allowing him to make more while doing much less. In This Episode We Cover Generating capital through your flips and how to invest that capital to make even more Understanding capital, ROI, and depreciation and the importance of setting your financial goals first How to maximize revenue per unit and focus on the numbers to reach your financial goals How to simplify your scope of work, control your capital, and make your money work for you Building a business model that focuses on maximizing your revenue and simplifying your flips Welby’s flip formula and how to automate your flipping process to get the most out of it And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Scammed, Cheated, But Still Coming Out with 50 units with Welby Accely Connect with Welby: Check out the full show notes here: https://biggerpocket.com/blog/rookie-187 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jun 01, 2022 |
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Rookie Reply: How to Close on Off-Market Properties
00:09:13
This week’s question comes from Aaron on the Real Estate Rookie Facebook Group. Aaron is asking: What paperwork do I need to close an off-market deal? If presenting a cash offer, can it all be done between me and the seller? Do you typically ask for an inspection period? Off-market real estate deals can seem tricky when you’ve never done one before. For the most part, investors only deal with on-market deals where their real estate agent walks them through the closing process. When you’re pursuing off-market deals, you’re on your own (for the most part), but that doesn’t mean that closing on a new deal has to be complicated. Here are some suggestions: Contact local real estate attorneys and escrow offices before closing on a property Remember to include purchase contingencies (like inspections) so you’re not stuck with a bad deal Send in a letter of intent to the seller before presenting a formal offer to see where they stand Consult a real estate attorney to draft up a legal, enforceable purchase and sale agreement When in doubt, lean on your escrow, title company, or attorney for the next steps And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Check the full show notes here: https://www.biggerpockets.com/blog/rookie-186 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
May 28, 2022 |
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11 Doors and Returning to Real Estate After an 8-Year Hiatus
00:44:58
Today’s guest, Alicia Marks, started real estate investing unintentionally in 2011 when she became an accidental landlord. It wasn’t until eight years later, in late 2019, that she decided to intentionally invest in hopes of reaching her financial goals faster. Since then she has closed on five doors, has done one live in flip, and has six more under contract. Besides being a part-time investor, Alicia is also the BiggerPockets Community Manager. This direct connection to the BiggerPockets community has allowed Alicia to get more exposure to the world of real estate investing while also knowing first-hand how useful all the BiggerPockets tools can be. Alicia even found her partner through BiggerPockets! They started with only one deal to test the waters and had a very clear exit strategy in case it didn’t work out. Thankfully they discovered the partnership worked well for both of them, but if it hadn’t, Alicia would have been perfectly fine because of the exit strategy she put in place. After some major life changes, Alicia thought she’d pursue a dental career until she realized the people in the dental field were trying to get out and pursue real estate. It was then that she decided instead of accruing massive debt in hopes of reaching financial freedom, she’d return to real estate after an eight-year hiatus and begin her financial freedom journey right away! In This Episode We Cover The importance of finding a solution-based property manager and how to maintain long-distance communication with them How to find, manage, and build a lasting, beneficial relationship with contractors Exit strategies and why it’s important to have them in place How to plan your exit strategies and how to know when it’s time to implement them The importance of structuring your partnership in a way that aligns with the strengths of you and your partner How to use private lender meetups to your full advantage and finding the perfect private money lender for you And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Is College Worth the Cost? This 30,000 Variable Study Says “Sometimes…” How to Retire Early With Real Estate & Do What Matters More with Chad Carson Ouch! Brandon & David’s 10 Biggest Investing Mistakes (& How to Avoid Them) Connect with Alicia: Alicia's BiggerPockets Profile Check out the full show notes here: https://biggerpocket.com/blog/rookie-185 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
May 25, 2022 |
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Rookie Reply: Should You Rent to a Bankrupt Tenant?
00:13:09
This week’s question comes from Andrew on the Real Estate Rookie Facebook Group. Andrew is asking: How would you handle a prospective tenant that has a bankruptcy on their record? Tenant screening is almost as important as rental property screening. A bad tenant can not only cost you potential rent but cause thousands or tens of thousands in damages if not handled correctly. This is why landlords are so strict when evaluating tenants, as a good tenant can mean next-to-nothing maintenance and a bad tenant can mean habitual headaches. It’s up to you whether or not a potential tenant meets your criteria. When evaluating, remember to stay within your legal limits! Got a tenant with some questionable financial history? Here’s how to proceed: Speak with the applicant and get their side of the story while trusting your gut Verify the applicant is truthful by running a credit check and background check Use a property management software that allows you to report a tenant’s monthly payments to credit bureaus Look at the applicant’s job history, debt-to-income ratio, and if they have any repossessions Know that people who have filed bankruptcy may only have the option to rent (for a while) And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Check the full show notes here: https://www.biggerpockets.com/blog/rookie-184 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
May 21, 2022 |
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Ditching the "American Dream" & Finding Ways to Live a Wealthier Life
01:00:34
In today’s episode, you’ll get to see the third major reason why Alpha Geek Capital, Tony’s fast-scaling real estate company, is so successful. Omid Tehranirad is the third partner in the group, acting as the first layer of protection, or as he puts it, the “chastity belt”, of the partnership. Omid is the head of investor relations and splits operational duties with Sara, Tony’s wife. He discovered real estate after being unfulfilled by the typical “American Dream'' job. His parents encouraged him to pursue the tried and true traditional path that leads to retirement at sixty-five, but after sixteen years at a corporate job, he needed something to change. Omid was looking for something new when he stumbled upon BiggerPockets and discovered the power of real estate investing. He already knew Tony since he was Sara's cousin, but it wasn’t until they found out they both followed David Greene that they realized they could be making money together. From there, they did their first deal and as the saying goes, the rest is history. Omid and Tony work well together because they complement each other’s skillsets. Where Tony is idealistic, Omid is realistic and together they reach each goal they set. Omid has been able to leave his corporate nine to five of eighteen years and increase his wealth overall—his financial wealth, social wealth, time wealth, and physical wealth. For the first time in years, he’s able to drop his kids off at school, prioritize his physical health, and travel while still making money. Omid serves as proof that we all need to stop classifying wealth as just financial and realize true wealth is about finding your freedom. In This Episode We Cover Breaking away from the traditional “American Dream” (and finding something even better) The BRRRR method and how to a find low-risk rehab How to prepare to transition from a fixed income to a variable income How to structure a partnership and prioritize partner alignment Understanding cash flow and making the numbers work for you Identifying a client’s need and how to create a mutually beneficial relationship and partnership And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group David Greene's BiggerPockets Profile Rookie Reply: How Much Cash Flow Do You Need to Quit Your W2? w/Daryl Clinch Find Money, Partners, & Deals Using The “D.A.D System” w/ Mike Michalowicz Connect with Omid: Check out the full show notes here: https://biggerpocket.com/blog/rookie-183 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
May 18, 2022 |
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Rookie Reply: Rent Out Your Primary Residence or Sell and Buy Rentals?
00:08:54
This week’s question comes from Brandi through Ashley’s Instagram direct messages. Brandi is asking: Our current home could give us about $260,000 in net proceeds if sold. We plan to purchase rentals with those proceeds. But, our home is in a good location with good appreciation. Should we sell our primary to buy properties or refi and make it a rental? The sell vs. refi argument is back once again! In this hot housing market, it’s no surprise that homeowners want to take advantage of their growing equity by selling their properties. But, doing so could cause you to lose one property only to have to go out and find another. Although the sell vs. refi answer is specific to each investors’ situation, there are a few quick ways you can establish which is a good move for you. Here are some suggestions: Ask “what’s going to give me a higher ROI?” and look at metrics like cash-on-cash return and return on equity (ROE) Take out a home equity line of credit (HELOC) instead of refinancing and BRRRR your next rental to pay back the loan Don’t forget to factor in future appreciation that you could miss out on by selling Double-check your interest rate on your primary residence (it may be too good to give up!) And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Tyler Madden's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-182 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
May 14, 2022 |
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9 Doors While Deployed and Investing from Afghanistan, Iraq, and Africa
00:52:44
When you think about long-distance investing, what comes to mind? People usually have reservations about investing out-of-state, but today’s guests took it a step further and invested from halfway across the world. Today’s guest, Caleb Drake, has closed on nine doors with one flip underway. Caleb was active duty military for fourteen years, and once he joined special ops he was deployed for six months at a time. During those six months, his house would sit, unused, and that’s when he saw an opportunity. Caleb decided to rent out his house through Airbnb. As a new landlord and Airbnb host, Caleb had to learn by doing, a task that was increasingly more difficult since he was self-managing from Iraq, Afghanistan, and Africa. Caleb was able to combat this challenge by building a team that could handle what he couldn’t. After a few years of investing solo, Caleb joined a partnership to expand his portfolio and increase his profit. His partner was also out of the country, so they switched off who was “on-call” and figured out how to automate their check-in and check-out processes. As the business grew, the partnership adjusted to ensure its longevity. Caleb now hopes to continue to scale his business, add to his personal portfolio, and build wealth in the background. In This Episode We Cover The importance of building a self-sufficient team and how to do so Vetting your guests/tenants and how to target your ideal tenants How to invest out-of-state or overseas and automating your check-in processes Residential loans vs. commercial loans and how to figure out which one to use How to balance and adjust your partnership(s) as your business grows The importance of having a real estate agent with an investor mindset, plus how to find one And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group The BiggerPockets Conference 2022 Connect with Caleb: Check out the full show notes here: https://biggerpockets.com/blog/rookie-181 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
May 11, 2022 |
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Rookie Reply: How to Buy Your First Rental With No (or Low) Money Down
00:09:25
This week’s question comes from Rodney through Tony’s Instagram direct messages. Rodney, like many investors, has been told that you need twenty percent down to buy a rental property. Rodney wants to know the best way to fund a property without breaking the bank. He's asking: Should I save for a down payment or is there a way to get a rental without the twenty percent down? It’s not uncommon for real estate investors to get into deals with far less than 20% down. But, for a beginner, this type of task can seem a bit intimidating, especially if you’re looking at your first investment property. Thankfully, the world of real estate presents investors like us with many ways to creatively fund deals! Here are some suggestions: Purchase a vacation rental using a second home loan that only requires ten percent down Pitch seller financing to the seller and walk them through the tax benefits of financing the property to you Partner up with an investor who can provide the down payment on the deal Sign a joint venture agreement with another investor who can split the down payment with you Remember: if you find a deal you can (probably) find the money for it! And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Check the full show notes here: https://www.biggerpockets.com/blog/rookie-180 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
May 07, 2022 |
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From Freak to Financially Independent & Beating the Average Joe to $1M
00:51:15
Financial literacy is the first step to becoming a millionaire. Unfortunately, the US is a (relatively) financially illiterate country, so to become financially independent and add more zeros to your net worth, you have to self-educate. Fortunately, today’s guest has published a book and workbook that lays out exactly how to become a millionaire, even at a young age. Dan Sheeks lives and breathes all things personal finance. He has been a high school teacher for twenty years and teaches young people everything he wishes he would have known about financial literacy. He teaches a variety of different business classes, ranging from entrepreneurship to personal finance to marketing. His passion for working with young people is what inspired him to write his book, First to a Million. In this book, Dan details nineteen “freakish” phrases to get you to your first million. Throughout the book, Dan emphasizes the need to be “freakish” and be willing to do the work everyone else won’t. Besides his role as a teacher and an author, Dan is also an investor. He house hacked his first property in 2004 but he didn’t truly get into investing until he met his wife seven years ago. Together they have expanded their real estate operation and have closed on seventeen units. Dan has dedicated his life to personal finance and financial literacy so if there’s a man to learn from— it’s him. In This Episode We Cover Achieving early financial independence and the steps you need to take to get there Good debt vs bad debt and how to use good debt to reach financial freedom How to use First to a Million and the First to a Million Workbook to reach your financial goals The four mechanisms of financial independence and how to implement them in your life Navigating all nineteen phases of First to a Million and their timelines (it’s easier than you think!) How to introduce and entice your child about the world of personal finance & financial independence And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group The Real Estate Robinsons Youtube Channel Connect with Dan: Check out the full show notes here: https://biggerpockets.com/blog/rookie-179 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
May 04, 2022 |
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Rookie Reply: Why Real Estate Debt Isn’t So Scary
00:09:41
This week’s question comes from Jessica through Tony’s Instagram direct messages. Jessica has seen what Tony and his wife Sara have been doing while building their short-term rental empire. But, Jessica is having some doubts. She’s asking: How do you invest in real estate when the idea of debt scares you? Many new investors have this fear. If you’re buying your first property, the thought of five or six-figure debt may seem like a massive weight on your shoulders. After all, isn’t the goal to be debt-free? Fortunately for real estate investors, the answer is no. Using leverage to buy properties makes your investing far more profitable and can help you get comfortable when taking on good debt. Here are some suggestions: Scared of debt? Pay off your personal debt before you invest in rental properties Think of debt as a tool that can help you build wealth with real estate Know the difference between good debt and bad debt and how to use both Define your “worst-case scenario” if you’re unable to pay your rental mortgage Use the BiggerPockets Calculators to calculate your rental property profits (especially when taking on debt!) And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Real Estate Rookie Podcast in Apple Podcast Check the full show notes here: https://www.biggerpockets.com/blog/rookie-178 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Apr 30, 2022 |
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Gang Houses, Animals, and 17 Units by Capitalizing on Properties People Avoid
00:58:32
Someone has to step up to the plate when a challenge presents itself, and today’s guest always does. Tammy Skeath began her real estate journey in 2018, and despite being faced with several unique obstacles, she has found immense success. She currently has seventeen units and plans on expanding exponentially within the next few years. Tammy was inspired to get started after watching her cousin continue to build wealth through real estate. Her first deal was a carbon copy of one of his deals. By doing this, she learned the ins and outs while having a step-by-step real estate guide she could reference. Despite replicating his deal, she encountered various problems that made the process more difficult. The city she invested in has strict rules to protect endangered animals, and instead of investing elsewhere she decided to do more research on the issue. From her research she was able to find a unique solution and complete the project. She did this again when she bought a gang house with twenty-seven code violations. Most people would say this type of property isn’t worth the hassle, but it was for her. She was able to double her initial investment, and pull out $600,000 from this one deal. Now real estate allows her to bring in a large amount of income, reach her goals faster and still have the time to spend with her kids. In This Episode We Cover Goal setting—how to define your goal, pursue it, and pivot once you achieve it How to become good at and capitalize on something everyone’s scared of (it’s not as hard as you think) Spec builds—how to find a contractor & ask the right questions 1031 exchanges, how to perform one, and why they’re an underrated investment tool How to use cash for keys as a tool to help you and your tenant part ways peacefully And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Connect with Tammy: Check out the full show notes here: https://biggerpockets.com/blog/rookie-177 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Apr 27, 2022 |
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Rookie Reply: Tony’s Troublesome Shreveport Deal ($29k LOSS)
00:14:59
Every week, Ashley and Tony reply to a frequently asked question from the BiggerPockets community. But, this week, they’ve decided to finally answer the most asked question yet: what happened with Tony’s Shreveport deal? If you’re an avid Rookie Reply listener, you’ve probably heard Tony talk about one property that he has been trying to sell for over a year. Well, it’s finally sold, and Tony’s here to share all the details, mistakes, and numbers so you can do better on your next deal. While this wasn’t Tony’s first deal, it did provide him with a strong foundation of knowledge to pursue bigger and better real estate investments. So, if you find yourself looking for deals, or stuck with a bad deal, take some of Tony’s suggestions to heart: Avoid buying properties in flood zones unless you’ve fully calculated the cost of flood insurance Be highly selective of your property’s location and get to know the neighborhood you’re buying in Have multiple exit strategies for every property (rental, flip, BRRRR, etc.) See money spent on a deal as “real estate education” that will make you richer! Know that as an investor, you’re not going to get everything right all the time And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Youtube Channel Check the full show notes here: https://www.biggerpockets.com/blog/rookie-176 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Apr 23, 2022 |
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Changing Their Family's Fate by Building a 600+ Unit Portfolio (At Age 20!)
01:00:04
There are those who accept their circumstances and then there are those like today’s guests —the Donis Brothers (Jeffrey, Kenneth, and Kerwin). These three brothers have created immense success for themselves at only twenty & twenty-three years old through self-education, network building, and hard work. They’ve done seventeen wholesale deals and co-sponsored three multifamily syndications with a total of 636 units between them in a mere two years. They got their start in college when the oldest brother, Kenneth, heard about wholesaling while watching The Breakfast Club. After taking a humbling trip to Guatemala and realizing how many opportunities they had access to, they knew they had to pursue real estate. Once they decided to pursue real estate, each brother separately came to the same conclusion—college wasn’t for them. They collectively decided to focus on building their business so they could reach their ultimate goal of financial freedom and retiring their mom. They started their real estate journey with single-family homes but quickly realized multifamily properties aligned more with their goals. During their transition, it took six months of straight cold calling before they got their first deal. While working to get their first deal they also joined a mastermind and spent time expanding their network. They actively sought out people in spaces they were trying to penetrate which led them to their current mentorship program. Their ability to scale their business and network simply proves they are a force to be reckoned with. Make sure to listen closely because the Donis Brothers could be the next big thing. In This Episode We Cover How to invest at a young age and turn being young into an advantage Networking events and how to extract true value from each one you attend Cold calling, its importance, and how to effectively nurture leads How to make the transition from single-family to multifamily properties Building a powerful real estate network of mentors, investors, deal finders, and friends Syndications and how to use them to broaden your investing opportunities Building a social media platform to expand your network and reach And So Much More! Links from the Show Real Estate Rookie Youtube Channel The BiggerPockets Conference 2022 Your First Real Estate Investment Podcast Is This Deal Worth My Time? The 6 Crucial Steps to Vet a Multifamily Deal The 8 Steps That Will Stop You From Getting Burnt on Multifamily Deals w/Andrew Cushman BiggerPockets Real Estate Podcast Real Estate Rookie Facebook Group Books Mentioned in this Show: Rich Dad Poor Dad by Robert T. Kiyosaki Best Ever Apartment Syndication Book by Joe Fairless and Theo Hicks Connect with The Donis Brothers: The Donis Brothers's Instagram The Donis Brothers's Facebook Page The Donis Brothers's Youtube Channel Check out the full show notes here: https://biggerpockets.com/blog/rookie-175 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Apr 20, 2022 |
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Rookie Reply: How to Structure a Real Estate Partnership
00:16:35
This week’s question comes from Kurt through Ashley’s Instagram direct messages. Kurt is asking: We’d like to buy a vacation property with my brother and sister-in-law. My wife and I would handle the management while my brother would bring the down payment to the table. How do we quantify each party’s contribution when dividing profit and equity in the property? Real estate partnerships can be a huge help to rookie investors, especially for those who have the experience but lack the cash to invest by themselves. It’s important to note that real estate partnerships can be set up in any way you prefer—as long as both parties agree that the split is fair—you have full reign of your partnership structure. Ready to partner up on a deal? Here are some suggestions: Clearly define responsibilities so that both parties are happy with the agreement Have a predetermined exit strategy for the partnership and property Provide interest to whoever is putting down the money and pay fees to whoever manages the property Set limits to when partners can use the property for their personal use (if it’s a short-term rental) And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Youtube Channel Rookie Podcast 170: Rookie Reply: ARM vs. Fixed-Rate Mortgages (Which Is Better For Cash Flow?) Check the full show notes here: https://www.biggerpockets.com/blog/rookie-174 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Apr 16, 2022 |
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$1M in Real Estate in Just 1 Year (and How You Can Do It Too!)
00:52:15
Investing in rental properties can be challenging at first, which is why so many investors tend to take it slow. Tyler Madden had the luxury of NOT being able to do this, and it’s worked out well in his favor. Just over a year ago, we interviewed Tyler on episode fifty-five of the Real Estate Rookie Podcast. At the time, Tyler was an “accidental landlord”, but a lot has changed since then. Tyler found himself in the position to purchase seven units, a mere $1,000,000 or so in real estate, right as his wife was due to deliver their first-born child. While he didn’t necessarily want to handle a full rehab of so many units, he took a “why not?” approach and found a way to make both properties work. Through a lot of sweat equity, Tyler was able to rehab, rent, and refinance these units and come out with a crazy amount of monthly cash flow! If you want to expand your real estate portfolio as Tyler did, listen to this episode intently. Tyler dives deep into the numbers, work, and lessons he learned along the way as he turned seven underperforming rental units into a portfolio any investor would dream of! In This Episode We Cover Relying on data vs. emotions when buying your first rental property Whether or not now is the right time to buy real estate What’s impacting today’s housing market and using uncertainty to your advantage The best investing moves to make if a recession (or crash) is on the horizon What rookies should look for in a real estate investing market Buying real estate with a long-term outlook (so you can handle the dips!) And So Much More! Links from the Show Real Estate Rookie Youtube Channel Rookie Podcast 55: Combining House Hacking and Live in Flips with Tyler Madden Connect with Tyler Check out the full show notes here: https://biggerpockets.com/blog/rookie-173 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Apr 13, 2022 |
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Understand ANYONE Around You (Including Yourself!) Using One Simple Tool w/Nick Baumgart
00:44:05
Today’s episode is all about understanding yourself. Nick Baumgart, an Enneagram expert, explains how to use the information from the Enneagram in your everyday life. The Enneagram test is used as a way to understand your emotional habits. Unlike other popular personality tests, the Enneagram focuses less on what you do and more on who you are. The test breaks down your motivations into three parts: fear, body, and mind. When you truly understand what motivates you, you're able to see why you act the way you do and can start taking steps to fix any destructive behaviors. This knowledge also goes a long way when interacting with other people. This test is ideal for teams because instead of putting yourself in their shoes and still looking at problems from your perspective you can “understand them in their shoes." Nick talks about how powerful of a tool this test is and how it could have changed his life if he had found it earlier, so do yourself a favor and let this test change your life today! Links from the Show Tyler Madden's BiggerPockets Profile Tony Robbins' Profile DISC Assessment Check the full show notes here: https://www.biggerpockets.com/blog/rookie-172 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Apr 09, 2022 |
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The 2022 Housing Market Explained: Is Now a Good Time to Buy? w/Dave Meyer
00:54:54
The 2022 housing market is off to a wild start. We’ve seen home inventory at decade lows, interest rates have finally started to rise, and more homebuyers are looking at fewer houses. As a real estate investor, it can be tough to navigate a market like this, especially when you’ve never bought a rental property before. What you need is data behind the decision making, and today, we’ve got just that! Joining us today is Dave Meyer (@thedatadeli), VP of Data and Analytics at BiggerPockets, and host of the brand new podcast, On The Market. Dave has spent the last decade analyzing real estate data so he and the BiggerPockets community as a whole can invest smarter. Today, Dave dives deep into the most pressing matters of the real estate market, ranging from topics like interest rates, to housing crash indicators, determining the best rental market, and more. If you want to hear a high-level update on everything happening within the world of real estate investing, plus some predictions for this year’s housing market, stick around! Dave will give you all the analytics-based insight you need! In This Episode We Cover Relying on data vs. emotions when buying your first rental property Whether or not now is the right time to buy real estate What’s impacting today’s housing market and using uncertainty to your advantage The best investing moves to make if a recession (or crash) is on the horizon What rookies should look for in a real estate investing market Buying real estate with a long-term outlook (so you can handle the dips!) And So Much More! Links from the Show Scott Trench's BiggerPockets Profile Josh Dorkin's BiggerPockets Profile James Dainard's BiggerPockets Profile Brandon Turner's BiggerPockets Profile Henry Washington's BiggerPockets Profile Kathy Fettke's BiggerPockets Profile David Greene's BiggerPockets Profile Jamil Damji's LinkedIn Profile Real Estate Rookie Facebook Group Real Estate Rookie Youtube Channel Stop Waiting for a Housing Crash (Do This Instead) Connect with Dave Check out the full show notes here: https://biggerpockets.com/blog/rookie-171 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Apr 06, 2022 |
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Rookie Reply: ARM vs. Fixed-Rate Mortgages (Which Is Better For Cash Flow?)
00:10:47
This week’s question comes from Channa through Ashley’s Instagram direct messages. Channa is asking: I have three rental properties and am looking to refinance them all. Should I do an adjustable-rate portfolio loan on all three or do separate fixed-rate loans on each property? As real estate investors, we tend to have many different options when financing rental properties. Some, like adjustable-rate mortgages (ARMs), may come with lower closing costs and slightly lower interest rates, while fixed-rate mortgages have slightly higher interest rates but boast the added security of long-term financing for a property or properties. While both have definitive pros and cons, the implications of both types of loans must be understood before you reach the closing table. Here are some suggestions when making the choice: Understand your long-term strategy for the property and which loan works for which exit strategy Run an amortization schedule on both loans to see the difference in your monthly payment If you decide to go with an ARM, make sure you know what you’ll do once your low-interest rate ends Calculate total closing costs to see if you have the reserves ready to go through with each loan And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show The BiggerPockets Money Podcast Check the full show notes here: https://www.biggerpockets.com/blog/rookie-170 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Apr 02, 2022 |
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From Flight Nurse to Financially Fruitful Landlord with 7 Units (in 2 Years!) w/Stacey Stegenga
00:50:07
Stacey Stegenga wasn’t always a landlord, she was a nurse. But not just any nurse, Stacey was a flight nurse, helping transport military patients across the US. When she stepped away from flight-nursing, she picked up travel nursing, moving around the US for months at a time to provide medical care wherever needed. She finally ended up in Denver, where her pay was cut in half and her expenses saw a drastic boost. This was a massive change for Stacey. She wasn’t the best at budgeting and knew she needed more income. After stumbling upon the book Set for Life, by our own Scott Trench, she knew that the most logical conclusion to fix her financial troubles was saving, house hacking, and real estate investing. But at the age of thirty-three, Stacey questioned whether or not she was too late to get in on the cash-flowing action. After educating herself intensely, she took the risk and jumped into real estate. Stacey was able to build a seven-unit portfolio in just two years! She’s tried her hand at out-of-state investing, raising private capital, partnering on deals, and mid-term rentals, all of which have worked out generously in her favor. She shares the exact steps she took to build her portfolio as fast as she did, so you can do the same! In This Episode We Cover Fixing your personal finances before trying to invest in real estate Building a “financial runway” that allows you to buy properties, stress-free In-state investing vs. out-of-state investing and the best choice for those in pricey markets Scaling your real estate portfolio using cash offers (even if you don’t have the money) Using mid-term rentals as a way to keep rent stability while boosting your profit The risk vs. reward of buying properties sight unseen when investing out of state And So Much More! Links from the Show Scott Trench's BiggerPockets Profile Tyler Madden's BiggerPockets Profile Real Estate Rookie Facebook Group Real Estate Rookie Youtube Channel Connect with Stacey Check out the full show notes here: https://biggerpockets.com/blog/rookie-169 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Mar 30, 2022 |
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Rookie Reply: How Much Cash Flow Do You Need to Quit Your W2? w/Daryl Clinch
00:23:00
How much cash flow do you need to quit your day job and go full-time into real estate investing? You may have a big number in your head when we ask that. Maybe you’re thinking of replacing a six-figure salary with six-figure cash flow, but that's probably far from what you truly need to quit. In fact, you can quit with a lot less cash flow than what you’re being paid today! Joining us again is Daryl Clinch, who recently went full-time into real estate investing with his mentor and partner, Ashley Kehr. Daryl transitioned from seasonal employment to full-time investor after working at his job for sixteen years and deciding he needed a change. In today’s show, Daryl breaks down exactly how he prepared to quit, the cash savings he had, and the surprising amount of cash flow that allowed him to achieve occupation-independence! Looking to do the same as Daryl? Here are some suggestions: Find a mentor who can fast-track your knowledge and learn from them Partner up on deals with other investors and provide value whenever possible Calculate your true cost of living to find your minimum cash flow to quit Keep a strong safety reserve so you can focus on getting deals (not paying bills!) And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Rookie Podcast 147: 13 Flips as a Full-Time Flight Mechanic and Part-Time Lender w/ Anthony Michael Check the full show notes here: https://www.biggerpockets.com/blog/rookie-168 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Mar 26, 2022 |
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7 Doors in 11 Months While Investing Out-of-State w/ Hashim Ismail
00:50:49
As a dreamer and life-long learner, Hashim Ismail makes it a goal to push himself. Hashim officially started his real estate investing journey eleven months ago but began learning about real estate just two years ago. He dealt with analysis paralysis, but after making a goal to start in 2021, he decided to jump in with both feet. Through hard work, dedication, and optimism, Hashim has closed on seven properties in eleven months. Since Hashim invests out-of-state he dealt with a whole new set of obstacles apart from the usual challenges new investors face. He combatted this by using the BiggerPockets forums to learn and network as much as possible. Hashim used keyword research on the site to find and connect with key players in the Memphis market. Through the new connections he made, Hashim educated himself on the area, without having to physically visit! Investing out-of-state can be risky within itself, so Hashim has created a series of processes to mitigate risk as much as possible. While redundancy is a large part of his process to reduce and catch errors, Hashim has found immense success simply by stepping out of his comfort zone. In This Episode We Cover Analysis paralysis and how to use goal-setting to overcome it How to use the BiggerPockets Forums to build your investor network Out-of-state investing and how to penetrate a market you know nothing about Using processes to mitigate risk and how to make a repeatable investing system Desk appraisals and why they’re worth every penny How to approach networking and get the most out of every interaction And So Much More! Links from the Show Tyler Madden BiggerPockets Profile Real Estate Rookie Facebook Group BiggerPockets Investment Calculators Connect with Hashim Check out the full show notes here: https://biggerpockets.com/blog/rookie-167 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Mar 23, 2022 |
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Finding Contractors, Renovation Red Flags, and Estimating Rehab Costs (Part 2) w/ James Dainard
00:38:53
Welcome to part two of a rehab estimation masterclass with real estate mogul James Dainard! As mentioned in part one, James has created a multi-level brokerage where he has been involved in 3,000 transactions. His excess experience has allowed him to create an almost scientific process for his flips. In today’s podcast, James builds off part one and gives you a step-by-step guide on how to emulate the process that has given him his success. James goes over what and who to bring when visiting a property, closing on a property, writing a contractor contract, and finalizing a project to perfection. Each process includes tedious details that may seem daunting at first, but as the saying goes, the devil is in the details. While the initial steps may seem meticulous, once you begin making the process repeatable and do it continuously, it's second nature. James perfected his flipping and renovation processes through trial and error, and if you listen closely you can avoid commonly made mistakes and have an advantage over most new investors. To be the best you have to learn from the best—so listen closely! Links from the Show Biggest Red Flags When Buying a House (Flips and Rentals) Luxury Farmhouse Flip | Breakdown Walkthrough - w/ Ashley Kehr Check out the full show notes here: https://biggerpockets.com/blog/rookie-166 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Mar 19, 2022 |
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A Step-by-Step Guide to Estimating Rehab Costs w/ Master Flipper & Investor James Dainard (Part 1)
00:49:18
Welcome to part one of a rehab-estimation masterclass with real estate mogul James Dainard! James has earned his title by being involved in 3,000 transactions over the past fifteen years and creating a multi-level real estate brokerage. He has mastered the art of estimating rehab costs which has allowed him to invest on a seriously large scale. Currently, he is working on thirty flips and has 400 apartment doors under construction, so not only has he had past successes, but he is consistently learning and adjusting to the rapid changes of the market. James is an investor to not only learn from but to emulate, and today he gives a step-by-step guide to do just that. James breaks down renovation steps like building a team, getting a budget sheet together, and vetting workers, contractors, and properties in vast detail. The underlying theme behind each of his steps is meticulous preparation. As an investor, one of the best things you can do for yourself is to prepare and get rid of any variation in your processes. By perfecting his preparation processes, James has been able to minimize variation and save himself in the long run. Do yourself a favor and listen to these next couple of podcasts intently— it could save you serious time, headache, and money in the future! In This Episode We Cover How to find a contractor that aligns with your project’s budget and goals How to vet contractors so your time (and theirs) is respected on a job The “plug and play” method and how to break down your scope of work How to organize your budget sheet and estimate rehab costs efficiently What it takes to master flipping, BRRRRing, or any home renovation And So Much More! Links from the Show BiggerPockets Podcast 338: From Red Robin Waiter to 250 Units (Using the MLS) with James Dainard Connect with James Check out the full show notes here: https://biggerpockets.com/blog/rookie-165 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Mar 16, 2022 |
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Rookie Reply: How Do I Escape My 9-5 with Real Estate Investing?
00:11:50
This week’s question comes from Nash through Ashley’s Instagram direct messages. Nash is asking: How do I quit my job and become a full-time real estate investor? Nash isn’t alone in asking this question. Almost every Real Estate Rookie Podcast listener has pondered this as well. Even our hosts, Ashley and Tony, asked themselves this before leaving their jobs to pursue real estate investing full-time. What makes today's episode even more special is that Ashley’s partner, Daryl Clinch, just left his nine-to-five as well! Daryl is here to help answer Nash’s question on exactly what it took to leave his back-breaking work and pursue financial independence. Here are some suggestions:
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Check the full show notes here: https://www.biggerpockets.com/blog/rookie-164 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Mar 12, 2022 |
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Using Short-Term Rentals & House Hacks to Become Financially Free in 2 Years w/ Andrew Bresee
00:54:54
Despite what most people would like to think, success has no timeline. There will be some "perfect" opportunities that don’t work out, which is why you must persist. You can either become stuck in one failure or use that failure to propel you forward. Our guest, Andrew Bresee, has learned to use missed opportunities to propel him forward. Andrew was infected with the “real estate bug” in his teenage years after reading Rich Dad Poor Dad. While he didn't start his real estate journey that young, he began developing the skills that have made him a successful entrepreneur early on. Being persistent has helped Andrew in more ways than one. In school, he had the opportunity to study abroad in Italy and like many others, he loved it so much he didn’t want to leave. For weeks he continued to ask to stay and for weeks he continued to get rejected, but he refused to take no for an answer. After a while, the administration finally relented and let him stay as long as he agreed to work as a handyman. Had he accepted his fate, Andrew would have missed out on another year in a beautiful country with the love of his life who is now his wife. When he came back, he lived with his parents, and instead of rushing to get to the next chapter of his life, he took a step back and found an opportunity right where he was. He decided to convert his parent's basement into an apartment that they could eventually rent out. While it took six years to complete, it currently cash flows and gave him experience with the rehab process. After that, he found the fourplex that he lives in now which cash flows about $1,200 a month! He found his current fourplex after he didn't qualify for a fourplex he thought was "perfect". Opportunities can be found in any failure or redirection—you just need to look hard enough. In This Episode We Cover The power of persistence and how to make life work for you Understanding a seller and how catering to their needs can ultimately benefit you Optimizing your Airbnb descriptions to attract your ideal tenant Establishing your short-term rental vs your long-term rental and why it’s important to approach them differently The importance of finding the right real estate agent who understands your goals and intentions And So Much More! Links from the Show Brandon's BiggerPockets Account Real Estate Rookie Facebook Group BiggerPockets Real Estate Rookie Youtube Channel BiggerPockets Investment Calculators Check out the full show notes here: https://biggerpockets.com/blog/rookie-163 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Mar 09, 2022 |
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Rookie Reply: Permitting Problems and Finding Hard Money Lenders
00:13:29
This week’s question comes from Carlos, who directly messaged Ashley on the BiggerPockets Real Estate Rookie Bootcamp! Carlos is asking: Do you recommend, or is it even possible, to use a hard money lender from a different state? Hard money lenders and hard money loans are a crucial part of real estate investing for many real estate investors. If you’re a rehabber, flipper, or BRRRR-er, there’s most likely a chance you’ll need hard money in the future. But how do you find a hard money lender without past experience with one? Here are some suggestions: Use investor referrals and sites like BiggerPockets to find hard money lenders Be specific when you ask a hard money lender questions to make sure they can lend in your area Inquire about the criteria that your hard money lender looks at when lending Relay your strategy to your hard money lender, to ensure they can lend on the property type you’re looking at And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Facebook Group BiggerPockets Rental Property Calculator BiggerPockets Real Estate Investing Bootcamp Check the full show notes here: https://www.biggerpockets.com/rookie162
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Mar 05, 2022 |
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Using Calculated Risk to Acquire 17 Doors In Under a Year (at Age 24!) w/ Grace Gudenkauf
00:40:31
Real estate favors those who value risk. An investor’s willingness to take a calculated risk separates the good from the great. And today’s guest, Grace Gudenkauf, is definitely on her way to greatness. This ambitious 24-year-old has managed to get seventeen doors between eight properties under her belt in less than a year, and she shows no signs of slowing down. She was first introduced to real estate when her boyfriend decided to flip a house. It didn’t pique her interest until she reviewed the numbers and saw the potential. Since then, hard work and calculated risk have allowed her to have the accelerated success any new investor dreams of. A substantial amount of this success is due to her and her boyfriend making it a point to “never let the money stop them”, they “get the deal first and then find the money.” Most would be reluctant to take this approach, but it has worked phenomenally for Grace. From talking directly to a VP at a local bank to deciding to leave her W-2, Grace keeps taking risks in the name of real estate, and it keeps paying off. When it came to deciding if she would leave her W-2 or not, Grace looked at the worst-case scenario to weigh her options. After it was all laid out—her worst-case financially, emotionally, and socially—she decided the risk was well worth it. This is an episode you don’t want to miss. In This Episode We Cover Taking on big rehabs as a rookie and how to DIY to save money How to find creative ways to finance your property Creating an LLC and structuring it so you can have fewer headaches and more properties Residential vs commercial loans and why commercial loans can be a helpful resource to any investor Commercial loan qualifiers and how to improve your chances of getting approved How to look at the worst-case scenarios so you can feel confident in your risk tasking And So Much More! Links from the Show Real Estate Rookie Facebook Group BiggerPockets Real Estate Rookie Youtube Channel BiggerPockets Podcast 109: From Sleeping in His Car to Multi-Unit Landlord & The "Nomad" Strategy Check out the full show notes here: https://biggerpockets.com/rookie161 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Mar 02, 2022 |
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Rookie Reply: How to Borrow Money for Down Payments (and Pay it Back!)
00:08:30
This week’s question comes from AJ through Ashley’s Instagram direct messages. AJ is asking a question many new investors have: If I borrow down payment money from friends or family, what’s the best way to pay back the down payment while cash flowing on the property? For many rookie investors who don’t have large cash sums sitting around, much of their initial investment has to be done through borrowed money. This means not only getting a conventional loan from a bank but privately financing their down payment as well. But, before you start asking your grandma for some “seed funds”, make sure that your bank will allow you to borrow down payment money. Here are some suggestions: Double-check that your bank allows borrowed down payments, if not, try and receive a “gift” from a family member Work out a payment plan with your private lender before closing on the deal Pay back the down payment personally and count it as an initial investment in your CoC calculations Offer equity or a delayed payout as a way for you to maximize cash flow in the deal And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Facebook Group BiggerPockets Rental Property Calculator Check the full show notes here: https://www.biggerpockets.com/rookie160 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Feb 26, 2022 |
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Building an Out-of-State Empire by Using the Right Type of Real Estate Agent w/ Sarah Weaver
00:43:17
Knowing how to find a real estate agent is one thing. Knowing how to find a truly investor-friendly agent is another. While most real estate agents and realtors can show you homes on the market, send you MLS listings, and do the needed paperwork, investor-friendly agents do much, much more. These types of agents are so important to a real estate investor, that they can be thought of as a more permanent part of your team. They’ll find deals, leads, help you run numbers, and give you what you need to grow your real estate portfolio. But how do you find them? This was a question that real estate investor, agent, and coach, Sarah Weaver asked when first getting into out-of-state investing. In fact, Sarah was doing more out-of-country investing than most other investors. As a digital nomad, Sarah was traveling throughout the US, Canada, and New Zealand buying rental properties without ever laying an eye on them. She was able to do this thanks to her rockstar real estate agents. Now, after almost perfecting the long-distance real estate investing strategy, Sarah is back to share with rookie investors how they too can find an investor-friendly agent to help them scale. If you haven’t already, check out the BiggerPockets Real Estate Agent Finder Tool, you’ll instantly have access to dozens of investor-friendly agents in your area that can help you close on your next deal! In This Episode We Cover Investing in real estate while out of state, out of the country, and far from home The best questions to ask a real estate agent to see whether or not they’re truly “investor-friendly” Defining your crystal clear criteria so top agents take you more seriously What a great agent should (and should not) know about an investing area Building the investor-agent relationship so you both benefit for years to come Qualifications an investor must meet before reaching out to real estate agents And So Much More! Links from the Show Real Estate Rookie Facebook Group BiggerPockets Real Estate Rookie Youtube Channel BiggerPockets Podcast 563: W2 retired and Traveling the World with Just 15 Units w/ Sarah Weaver BiggerPockets Investment Calculators Check out the full show notes here: https://biggerpockets.com/rookie159 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Feb 23, 2022 |
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Rookie Reply: The Best Career Moves for an Aspiring Real Estate Investor
00:15:44
This week’s question comes from Ryan through Ashley’s Instagram direct messages. Ryan is asking: What job would be best for real estate investors? I’m currently doing maintenance for a contractor, but am having minimal takeaway. What’s the best move for financial freedom? Real estate side hustles and full-time jobs come in all different shapes and sizes. What one job path may lack in salary, it may make up for in experience and connections. What’s more important than immediately jumping ship at your current job is to see what you can do within your role to grow your skillset. So how do you get paid, gain experience, and buy more rental properties? Here are some suggestions: Look for opportunity within your current role and ask to take on more of what interests you Ask an investor if you can work with them directly, you’ll learn a ton! If you’re having trouble getting deals, look for a partner to invest with Fully understand your expectations within your current and future roles And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Rookie Facebook Group Real Estate Rookie Youtube Channel Rookie Podcast 147: 13 Flips as a Full-Time Flight Mechanic and Part-Time Lender w/ Anthony Michael Check the full show notes here: https://www.biggerpockets.com/rookie158 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Feb 19, 2022 |
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The 4 Keys to Perfect Property Management & Live in Flipping as an Army Man w/ Adam Widder
00:46:07
Property management is a difficult yet crucial part of real estate investing. In today’s episode, our guest, Adam Widder, who was a former property manager, shares his four guiding principles that make property management more manageable. Adam got his start after college while stationed in Kansas. A fellow ROTC member advised him to start investing, and following his advice, Adam tried to find a property near Kansas State. Unfortunately, he couldn’t find anything that cash flowed, so he did a live in flip instead. He made a solid profit from his first flip and continued to do live in flips with two other properties. Before he got into real estate investing, Adam was a commercial property manager, which gave him the experience he needed to handle any property management issues in his own buildings. Based on his experience, Adam has generated four keys vital to your property management success. These four keys can simplify a considerably complicated part of your real estate journey and give you a definite advantage over your competition. In This Episode We Cover Live in flips and why they’re a great option for new investors Conventional real estate loans vs FHA Loans and why conventional loans can sometimes be the better option Self-management vs property management and how to figure out which one is better for you How to find the right property manager (& red flags you should look out for) The 4 crucial keys to headache-free property management How to set up the right working relationship with your property manager And So Much More! Links from the Show Real Estate Rookie Facebook Group Brandon's BiggerPockets Account National Apartments Association BiggerPockets Rookie Youtube Channel Check out the full show notes here: https://biggerpockets.com/rookie157 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Feb 16, 2022 |
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Rookie Reply: What’s The BEST Vacation Rental Loan?
00:12:18
This week’s question comes from Xavier through Ashley’s Instagram direct messages. Xavier is asking: Can I use an FHA loan for a vacation rental? What’s the best way to scale without paying high down payments? Xavier brings up a great question that many rookies have been asking. We all know we can get a conventional loan with very low down payment requirements for an owner-occupied investment like a house hack, but what about a vacation rental? Before you bombard your mortgage lender with questions, listen to what Tony (short-term rental expert) has been using for his vacation rental financing. Here are some suggestions: Look into vacation home loans, you can secure a property with only ten percent down Find a lender who’s familiar with funding vacation rentals, this will save you a lot of time Understand the geographical limitations that come with vacation home loans Make sure you’re able to use your vacation rental property for personal use at some point in the year And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Rookie Facebook Group Real Estate Rookie Youtube Channel Real Estate Robinsons Youtube Channel How to Buy a Short Term Rental with Only 10% Down Check the full show notes here: https://www.biggerpockets.com/rookie156 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Feb 12, 2022 |
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Progress Over Perfection: Building Wealth w/o Any "Home Run" Properties w/ Ali Garced
00:52:23
Every investor wants all their properties to be loaded with high cash flow, but that’s usually not the case. Realistic expectations are essential to the longevity of your career and the maximization of your investments. Progress over perfection should always be the goal. As today’s guest, Ali Garced, stated, “progress is progress, and it will eventually add up”. Given that her dad is an investor, Ali has always been exposed to real estate, but it wasn’t until she was in the military that she decided to pursue it for herself. Once she realized how great of a resource VA loans are, Ali was determined to buy a house for herself. She purchased a house through the MLS but had to deploy before moving in, so that gave her another opportunity—renting it out. While it had seemed like a great idea, Ali later learned about the 1% rule and realized she was merely evening out after expenses and had no cash flow. This left her questioning if real estate was for her until she checked the appreciation of the house last year. From 2016 to 2021, Ali was shocked to find that the house appreciated double the price. Her unintentional buy and hold profited more than what she wanted to get from renting—a very pleasant surprise. Since then, Ali has invested in four other properties, including an out-of-state turnkey and a duplex. While none of these properties have been a “home run”, Ali is more than thankful for her “base hits” because they helped her build wealth faster than she imagined. Turns out that it’s hard to not make money when buying the right real estate! In This Episode We Cover The VA loan and how it’s an incredible resource for military families The 1% rule and why it’s an important calculation to make when deciding on future or current investments Property management vs self-management and how to decide between the two The importance of having the right permits and how to check them The classic buy and hold method and how to make a profit with minimal work And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Check out the full show notes here: https://www.biggerpockets.com/rookie155 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Feb 09, 2022 |
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Rookie Reply: Is Investing with Family Members a Mistake?
00:14:10
We’re continuing the Rookie Reply Direct Message trend! This week’s question comes from Minnie through Tony’s Instagram DMs. Minnie is asking: Should you partner with family members when investing in real estate? While this may not be the most fun question that Tony has received in his DMs, it’s a very necessary one to answer, as many real estate investors start their journey partnering with family. While at times it can be stressful, working with family can also be rewarding in more ways than just financial. But, if you want to work with someone close to you, be prepared to treat your investment like a business. Here are some suggestions: Treat it like a partnership by signing an operating agreement or joint venture agreement Make sure your family member knows the risk of investing Don’t do anyone favors, present great investing opportunities instead of asking for money If you feel like you need to update your partnership agreement, do so quickly and with the consent of your partners And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Rookie Facebook Group Real Estate Rookie Youtube Channel Real Estate Robinsons Youtube Channel Scott Trench's BiggerPockets Account Check the full show notes here: https://www.biggerpockets.com/rookie154 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Feb 05, 2022 |
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20 Deals in a Year as a Professional Basketball Player w/ Terry Harris
00:52:45
Real estate requires a lot of self-motivation and discipline to succeed. Successful investors know that nothing happens overnight and nothing comes to you easily. Today’s guest, Terry Harris, had the perfect amount of drive and persistence when he began his real estate journey. He now owns five properties and has closed twenty wholesale deals. Terry started getting into real estate when he came to terms with his G League contract only lasting about six months. He wasn’t sure what to do with his free time until he picked up The Book on Rental Property Investing and started listening to BiggerPockets. He started bringing books with him on the road and while his teammates teased him for always having his nose in a book, it was during those rides that he decided he was going to buy a house. He bought his first house and while it didn’t go as planned at all, the house appraised for double the price and he was beyond proud of himself for seeing it through. One of the hardest things for him during his first deal was the lack of community he felt, but he filled that gap by relying on the BiggerPockets community. Unfortunately, COVID quickly put a pause on him investing in any other properties, but Terry didn’t let that stop him. He moved to LA for basketball and began looking into another aspect of investing—wholesaling. After practice, he began dedicating an hour to driving around looking for vacant properties and listening to podcasts. He started cold calling and while he missed out on a big potential first deal, he did twenty successful deals after that. While he has found success in wholesaling and enjoyed it, he wants to now transition into investing in more properties himself and gain a more passive income. In This Episode We Cover How to use FHA loans and seller credits to help you purchase properties Succeeding in real estate without a strong support system and building your investor community The importance of cold calling and how to add it into your busy schedule Saving vs splurging and how to encourage yourself to funnel more money into investments Wholesaling land and the three indicators of a successful land deal And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Rookie Podcast 91: 8 Units, 10 Wholesale Deals, and $0 Spent on Marketing w/ @Liliinvests Check the full show notes here: https://www.biggerpockets.com/rookie153 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Feb 02, 2022 |
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Rookie Reply: How to Fund Real Estate Deals (and Scale Bigger!)
00:17:02
Ashley and Tony’s DMs are open for real estate Q&A business! Just like last week, this week’s question comes from Tony’s Instagram DMs. The question? How are you scaling your real estate portfolio so quickly? How do you finance your deals? For most rookie investors, real estate financing seems like a big hurdle to get over. With deals flying off the MLS so quickly nowadays, having your funding locked and loaded is as important as ever. Thankfully, even if you don’t qualify for bank financing (or you’ve maxed out your personal loan limit), you can still find some phenomenal financing options. Here are some suggestions: You don’t need the money, use a partner as a source of funding Using a cash-out refinance or HELOC from a current property to fund your deals Walk into your bank and ask what they can do for you (you may be surprised by your options) Ask the seller about owner financing to close on deals without the hassle of a bank And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Rookie Facebook Group Real Estate Rookie Youtube Channel Real Estate Robinsons Youtube Channel A General Contractor (Almost) Ruined Our Rehab Rookie Podcast 102: $10M Profit On Her First Deal?! It’s Possible with Campground Investing Check the full show notes here: https://www.biggerpockets.com/rookie152 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jan 29, 2022 |
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28 Units as a Full-Time Surgeon and Escaping the “Golden Handcuffs” w/ Daniel Shin
00:51:24
Most people assume they’ll achieve financial freedom after they make their dream salary, but what they don’t realize is you can’t out-earn your toxic money habits. Today’s guest, Daniel Shin, learned this quickly when he started making his full-time surgeon salary. As a child, Daniel was fortunate enough to live the ideal suburban lifestyle, but when his dad got laid off during a recession, things quickly changed for the worse. After seeing his parents struggle to put food on the table, young Daniel decided he would do everything he could to prevent himself from being in a similar situation financially. Once Daniel started making his surgeon salary he assumed he’d be financially stable, but he began to expand his lifestyle to his salary and started drowning financially. It was at this point he decided to turn to real estate investing. He started by listening to BiggerPockets and decided investing was for him once he realized he could reach financial freedom faster through real estate. The first couple properties he invested in were turnkey properties. With less risk, Daniel felt it was a comfortable start to his investing journey, but after a while he wanted more of the action. Over the last three years, he has acquired about twenty-eight units including four duplexes and two small apartment buildings. Daniel is now focused on building his “real estate empire” while becoming financially free. In This Episode We Cover How to balance your salary and spending habits (and live below your means) The benefits of investing in turnkey properties and how to find a turnkey operator How to deal with a “bad” property and how to prevent investing in any more future headache rentals How to show possible investors, mentors, or partners that you’re committed The importance of getting thorough inspections and the consequences of skipping them And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Rookie Podcast 55: Combining House Hacking and Live in Flips with Tyler Madden Brandon Turner's BiggerPockets Account Scott Trench's BiggerPockets Account Mindy Jensen's BiggerPockets Account The Real Estate Robinson's Tiktok Account Check the full show notes here: https://www.biggerpockets.com/rookie151 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jan 26, 2022 |
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Rookie Reply: Which Rent Numbers Can You Trust When Analyzing a Deal?
00:15:08
Ashley and Tony’s Instagram DMs have been blowing up! This week’s question comes from Collette through Tony’s Instagram direct messages. Collette is asking: Do you make offers based on pro forma or actual rent numbers? If you’re a real estate rookie or a residential-only investor, this may be the first time you’ve heard the term “pro forma” before. A real estate pro forma is simply a spreadsheet or document that projects the estimated financials on a property once capital expenditures, rent increases, or other improvements have been put in. So, should you trust those numbers? Here are some suggestions: Remember to “trust, but verify” and always run your own numbers on projected income Use multiple different investor scenarios: pro forma, current numbers, worst case, etc. Take into account the holding cost of performing a large rehab on a commercial property Calculate your working capital and CapEx budget needed to acquire the property successfully And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Rookie Facebook Group Real Estate Rookie Youtube Channel Rookie Podcast 103: From Restaurant Waiter to 100+ Deals in Only 4 Years w/ Derrick Acuff BiggerPockets Calculator Reports Check the full show notes here: https://www.biggerpockets.com/rookie150 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jan 22, 2022 |
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55-Unit "Mobile Home Queen" and The Nightmare 17-Month Rehab w/Emily Fackler
00:55:18
While leaving your W-2 to pursue real estate can be intimidating at first, it’s important to realize the skills you learned at your W-2 don’t all go to waste. Most of what you learned is transferable when it comes to the wonderful world of real estate investing. Instead of looking at your W-2 as a means to an end, think of it as an experience-based asset. This is exactly what today’s guest, Emily Fackler, did. As a former salesperson, Emily was no stranger to the word “no”. In fact, she had heard it so many times she has created a thorough follow-up system to combat it. This follow-up system led her to her first flip, purchasing a home that multiple people told her “was already sold”. Her first flip took her 17 months and while she did two other flips besides that, she soon realized flipping wasn’t for her. This took her to her next real estate venture: mobile home investing. Emily partnered with her best friend and bought a 39 lot mobile home park for a mere $139,000. Compared to flipping homes, Emily loves it! Investing in mobile homes makes more sense for her financially and allows her to have a sense of relationship with all her tenants. She has been able to hire a property manager to handle all the logistics and hopes to bring more homes into the park. After finding her niche with mobile homes, Emily is ready to hit the ground running and eventually be known as the “Mobile Home Park Queen”. In This Episode We Cover The importance of follow up and how much of a difference it can make in your business How to finance your flips, rental properties, and mobile home parks Structuring family partnerships and the benefits of working with those you trust How to pitch investors on a potential deal so they feel confident in your value The “stair-stepping method” and how to increase rent in a gradual, less intrusive way And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Rookie Podcast 91: 8 Units, 10 Wholesale Deals, and $0 Spent on Marketing w/ @Liliinvests The 7 Income Streams of Millionaires Check the full show notes here: https://www.biggerpockets.com/rookie149 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jan 19, 2022 |
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Rookie Reply: Should You Buy a Rental Before Buying Your Primary?
00:09:35
This week’s question comes from Brandon through Ashley’s Instagram direct messages (follow her @wealthfromrentals). Brandon is asking: I live in a great neighborhood where my rent is less than a potential mortgage. I’m looking to invest in a different town experiencing great growth, but I would live there myself. Is it a bad idea to purchase a rental property before purchasing my primary residence? Both Ashley and Tony had to ask themselves this same question as they started their real estate investing careers. While they took different approaches, in the end, they both agree that this decision is far more subjective than many people think, and it will entirely depend on your family plans, cash flow, and net worth calculations. Here are some suggestions: Ask “will this home purchase contribute faster to my cash flow or net worth goals?” Decide on the importance of having a “home base” in your name Understand how your financing options may change after buying the property Calculate how long it will take you to invest/buy your primary after your purchase Make the decision through a five-year lens And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Rookie Facebook Group Real Estate Rookie Youtube Channel Check the full show notes here: https://www.biggerpockets.com/rookie148 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jan 15, 2022 |
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13 Flips as a Full-Time Flight Mechanic and Part-Time Lender w/ Anthony Michael
00:56:11
To be a successful entrepreneur and investor, you need to learn how to turn a no into a yes. Today’s guest, Anthony Michael, has earned his title as a successful entrepreneur from doing just that. Through determination, calculated risk, and finding ways to create value, Anthony has done thirteen flips while also becoming a trusted lender. Anthony’s real estate investing journey started when he realized he needed to gain control of his money. After his first flip, a live in flip on the house he and his wife had just bought, he knew flipping was something he could do for profit. From there he found his first partner, one of his co-workers, and began to flip even more houses. The second partner he found rejected him at first, even though his online profile (with no profile picture) was pretty much anonymous. Despite this, Anthony was drawn to this mystery partner and his alleged “400 flips” so he flew out to meet this so-called legend and was pleasantly surprised when he was exactly who he said he was. Anthony could have stopped there but he decided to tap into a new source of income; lending. It started with him asking his neighbor what he did for a living and now he’s the top-rated lender on BiggerPockets. The ability to create value and persist has allowed Anthony to become not only a great real estate investor but an amazing entrepreneur. In This Episode We Cover VA loans and why they’re powerful home buying tools How to navigate partnerships and find the right partnership structure for both parties Promissory notes and the importance of having legitimate legal documents in place How to establish a strong partnership foundation in the beginning How to bounce back from losing money and prevent it from happening again Hard money loans and why you shouldn’t automatically write them off And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Check the full show notes here: https://www.biggerpockets.com/rookie147 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jan 12, 2022 |
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Rookie Reply: How Tony Robinson Lost His Job (and Found His Freedom)
00:16:43
Getting fired usually isn’t a good thing. But in retrospect, it was arguably one of the best things to ever happen to Tony Robinson. Before being the internet’s poster boy for short-term rental investing, Tony Robinson spent his days working for someone else while climbing up the corporate ladder. When he unexpectedly got fired (2 days before Christmas), he had to reimagine what his life would and could look like. Tony took a chance on himself and his real estate business, a chance that has paid off massive dividends to this day. He now lives life on the schedule he wants, spending time with his wife and son, without having to worry about a boss one day letting him go. Maybe getting fired (while owning real estate) isn’t such a bad thing! Thinking of leaving your job? If so, prepare like Tony did: Have a healthy safety reserve before you decide to leave Understand the job market for your specific position and whether or not you could be rehired Use your W2 income to invest in cash-flowing assets like real estate Understand the difference between “job security” and “wealth building security” And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Rookie Facebook Group Real Estate Rookie Youtube Channel BiggerPockets Real Estate Investing Bootcamp Check the full show notes here: https://www.biggerpockets.com/rookie146 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jan 08, 2022 |
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Leaving the 9-5 Office Life to Start a Mother-Daughter Flipping Business
01:06:08
Most people describe their start in real estate investing as a thought-through process. It usually includes a tedious plan with an incredible amount of time spent gaining background knowledge—but that’s not always the case. Today’s guest, Jan Trisler, stumbled into real estate investing by accident but hasn’t been able to look back after having four successful flips, while currently working on her fifth. Now, she has hopes of getting into rental properties in the upcoming year. Jan was already in a transition period in her life as she was moving from Nebraska to Arizona as a divorcee but she decided to take it one step further and trade her 9-5 for real estate. It started with purchasing her primary residence from an auction, then later rehabbing it to realize she could do this for a profit. From there, she made the transition from rehabbing to flipping and bought two more properties from an auction. Once Jan realized that flipping was not only a sustainable source of income but something she genuinely enjoyed, she formed an LLC with her daughter and made things official. While some are hesitant to work with family, Jan and her daughter have created a great system where work is allocated fairly, their wages are paid hourly and the financial investment works perfectly for them. By taking the investing “plunge”, Jan has been able to live and finance her ideal life while doing it with the people she cares about most. In This Episode We Cover House hacking and how to get your start in real estate investing Wholesaling and whole-tailing and what that means How to make sure the job you work at matches your ideal life How to set long-term and short-term goals and how to approach them Building processes and incorporating systems that help your business prosper Outsourcing and how to train employees (even if you’ve never been a boss) And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Rookie Podcast 109: From Sleeping in His Car to Multi-Unit Landlord & The “Nomad” Strategy Check the full show notes here: https://www.biggerpockets.com/rookie145 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jan 05, 2022 |
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Rookie Reply: 6 Short-Term Rental Tips from Tony J. Robinson
00:23:47
From time to time, Ashley and Tony both have questions they need answering. And thankfully, they both host a show with a real estate investor in complementary niches. This week, Ashley is prepping to scale her short-term rental empire, so she wants to know from Tony what his six top tips for vacation rentals would be. Although Tony has only been hosting for a few years now, he has a sizable portfolio that was built fast and efficiently. He’s able to charge top dollar on his vacation rentals due to his management, rehabs, and pricing strategies. If you want to max out your vacation rental income, Tony is the guy to listen to! Here are some suggestions for Ashley: Utilize comparable data to match region-standard checkout policies, nightly pricing, and minimum stays on bookings Find the niche that you can fill and will allow your rental to stand out Do whatever you can to ensure the guest leaves a positive review on your property Communicate with guests in a systematized, timely manner And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Rookie Facebook Group Real Estate Rookie Youtube Channel BiggerPockets Real Estate Investing Bootcamp Check the full show notes here: https://www.biggerpockets.com/rookie144 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Jan 01, 2022 |
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High Salary? No Thanks, I'd Rather Be Wholesaling w/Aaron Latal
00:49:39
When you think about your ideal life in 5,10 or even 15 years, what do you see? When you think about your finances, what is it that you want your money to do for you? As today’s guest, Aaron Latal, so elegantly put it, when setting goals it is best to start backwards. After graduation, Aaron landed a high-paying job as an engineer and genuinely enjoyed the work he was doing, yet he felt like something was missing. Besides his job, he had nothing to fill his free time, so he turned to real estate investing. He began to read, listen to BiggerPockets and do anything he could to educate himself. Once he felt like he had a good understanding, he started his real estate journey by rehabbing the property he lived in and eventually house hacking a duplex he purchased. Shortly after that, he realized this is what he was meant to be doing. He then quit his job despite enjoying it because he knew that engineering didn’t fit the life he envisioned for himself. From there on he poured everything into real estate and wholesaling. He soon noticed that he had more of an interest in the business and process side of things so that’s what he focused on. As business picked up, he was able to outsource certain aspects of his job and focus on his strengths and what he enjoys. By working backward and understanding what he wants his life to look like in the future, Aaron is not only building his ideal life but living it. In This Episode We Cover House hacking and how to get your start in real estate investing Wholesaling and whole-tailing and what that means How to make sure the job you work at matches your ideal life How to set long-term and short-term goals and how to approach them Building processes and incorporating systems that help your business prosper Outsourcing and how to train employees (even if you’ve never been a boss) And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group BiggerPockets Podcast 494: The Five F-Words Every Real Estate Investor Needs to Master BiggerPockets Podcast 480: Making $200k a Month After Being on the Verge of Bankruptcy Check the full show notes here: https://www.biggerpockets.com/rookie143 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Dec 29, 2021 |
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Rookie Reply: Do You Have to Put 20% Down on an Investment Property?
00:09:03
This week’s question comes from Mack through Ashley's Slack channel in the Real Estate Rookie Bootcamp. Mack is asking: How can I buy an investment property without putting 20% down? Mack has the question that many real estate investors do: how to buy with low or no money down? Thankfully, the world of real estate has a plethora of financing options from low down payment conventional and FHA loans to zero percent down loans from certain providers. Granted, you do need to check a few boxes before you can get these. Here are some suggestions: Understand the main differences between FHA loans and conventional loans Use house hacking as a way to qualify for owner-occupied financing Calculate out your PMI beforehand so you know the true cost of a sub-20% percent down loan Use a HELOC on your current properties as the down payment for new ones And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Rookie Facebook Group Real Estate Rookie Youtube Channel Check the full show notes here: https://www.biggerpockets.com/rookie142 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Dec 25, 2021 |
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3 Biggest Real Estate Lessons We Learned in 2021 w/Ashley Kehr and Tony Robinson
00:45:54
We usually get to hear from our amazing guest speakers, but as the year comes to an end, it’s time to hear directly from our dynamic show hosts. Besides hosting rookie podcasts, Tony and Ashley are living proof of how lucrative real estate can be when done right. In this end of the year special we explore Tony and Ashley’s business goals, challenges, and motivations. While it might be hard to imagine, Tony and Ashley started exactly where everyone else did, at the beginning. Before they each had their own successful businesses, they had to develop a plan, make connections, build a strong reputation, and find the confidence and motivation to keep going even through failure. In fact, despite their current success they still have to do all these things and more. Real estate investing isn’t stagnant and in order to get to or stay on top you have to be willing to evolve, change and take risks. Tony and Ashley break today’s episode into three categories: business development, partnerships and motivation/inspiration. In each category they talk about their current and past business ventures and their big takeaways. We usually get to hear small snippets about what they’re doing and how they’re doing it, but today it’s just them and it’s something you don’t want to miss! In This Episode We Cover The BRRRR strategy and how lucrative it can be for investors The importance of constantly challenging yourself and finding something you’re passionate about The benefits of finding your niche market and becoming “known” for something Why goal setting and vision planning is essential (even if you don’t know your end goal) Building your internal team and the difference between your internal and external partners The different types of partnerships and finding the right partnership structure for you And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group The Real Estate Robinsons Youtube Channel AJ Osborne's Self Storage Conference Check the full show notes here: https://www.biggerpockets.com/rookie141 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Dec 22, 2021 |
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Rookie Reply: Seller Financing 101
00:13:41
Once again, Ashley’s DMs are open for questions! This week, Brendan direct messaged Ashley asking: I’m looking at a 10-unit property at $1.9M. The current owner only has 4/10 units rented, but banks require 75% occupancy to finance. The seller would be interested in owner financing. Where do I start? It’s good to note that no two seller financing deals are the same. Different sellers want different things out of a sale and it’s up to you, as the buyer, to find the things they really need to get the deal done. If you’re able to do that, you could get a great property under contract with little-to-no money down! Here are some suggestions for owner financing: Use PropStream or county records to see whether or not the seller has a mortgage/lien on the property Calculate how much you’d be comfortable putting down and relay that in your offer Run the numbers with current/Pro forma occupancy to see what the property could cash flow Know that (almost) everything is negotiable, don’t be scared to ask for flexible options And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Rookie Facebook Group Real Estate Rookie Youtube Channel Check the full show notes here: https://www.biggerpockets.com/rookie140 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Dec 18, 2021 |
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The Best Tax Benefits of Rental Property Ownership w/ CPA Ana Klein
00:48:43
What 2022 real estate tax strategies do you have prepared? Or maybe the better question is: have you even started to plan for taxes in 2022? If you’re a real estate rookie, you probably are just dipping your toe into the wonderful world of real estate tax deductions. But, without a good bookkeeper, accountant or CPA, you could be missing thousands (if not more) in tax savings. Joining us today for our end of year tax roundup is investor, lender, and CPA Ana Klein. Ana started her real estate journey working as a public accountant, then a private accountant, and finally starting her own business. She saw the massive tax advantages her clients benefited from simply by owning rental property, so she decided to do the same. Now, Ana has a growing portfolio, complete with cash flow and depreciation to offset her income. Ana spends some time today walking through how you, a rookie or experienced investor, can benefit when investing in real estate. She also lays out the ways you can set yourself up for success with a CPA and maximize your deductible income. In This Episode We Cover How to shift from a nine-to-five mindset to an entrepreneurial spirit Converting a duplex into a triplex for only a thousand bucks What should rookies do right now to take advantage of real estate tax benefits Is it ever tax-advantaged to buy a rental property that is losing money? The good (and bad) 2022 tax code changes for real estate investors When you should contact a CPA to help with tax filing And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Check the full show notes here: https://www.biggerpockets.com/rookie139 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Dec 15, 2021 |
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Rookie Reply: How Do I Find Rental Comps for My Property?
00:10:18
This week’s question comes from Daniel, who reached out directly to Ashley through her Instagram (@wealthfromrentals). Aside from giving Ashley some more movie quotes to use, Daniel is also asking: How do I gather local rent numbers for my rental property? Landlords can struggle when trying to price a rental appropriately, that’s why rental comparable (comps) research can be so important when looking into a new area or when shopping for properties. Both Ashley and Tony use rental comps daily, so they can calculate the right rent price in their sleep! Here are some suggestions: Look at comparable homes in your area and see what they’re renting for on top rental sites Focus on a zip code and property type, as these will be two important factors when comparing rents Use the BiggerPockets Rent Estimator to automatically find a comparable rent price Call a local property manager and ask them what your property would rent for Start an excel spreadsheet where you can easily track days-on-market and price for rentals And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Rookie Facebook Group Real Estate Rookie Youtube Channel BiggerPockets Rental Estimator Check the full show notes here: https://www.biggerpockets.com/rookie138 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Dec 11, 2021 |
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Turning $3,000 into 10 Doors (As a Former Parolee)
00:50:45
Do you ever feel out of place as an employee? The W2 route isn’t for everyone and maybe you’ve started to feel the entrepreneurial itch. So what steps do you take when it’s time to transition into working for yourself all while building wealth through real estate? After years of being in and out of the prison system, Sterling Shrout needed a change. His whole life he considered himself a “bad employee” until he finally realized he wasn’t meant to be an employee, so he turned to real estate. He began by listening to The BiggerPockets Podcast and any other educational material he could find. From there, he became hooked on the idea of creating opportunity and building capital through self-employment. Besides owning his own home, something he never thought he would do, Sterling has now closed on ten doors in less than two years! We touch on topics like overcoming self-doubt, finding a business partner, going from an employee to an entrepreneur, triple net leases, and operating agreements. If you want to begin the journey to self-employment regardless of your past, this episode is perfect for you! In This Episode We Cover Overcoming self-doubt and not letting it keep you from pursuing your dreams The importance of having the right business partner (and how to find one) Transitioning from being an employee to an entrepreneur and why you should take the leap Triple net leases and the massive advantages that come with it as a landlord How to set up an operating agreement and why they’re essential for partnerships How to build, find and maintain business relationships (even if you don’t have any yet) And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie FaceBook Group Rookie Podcast 129: 5 Properties After Spending 8 Years in Prison (With ZERO Credit!) Dayton Real Estate Estate Investors Network Facebook Group Check the full show notes here: https://www.biggerpockets.com/rookie137 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Dec 08, 2021 |
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The 6-Step Process for Buying Your First Rental Property
01:22:07
If you’re wondering how to buy your first rental property, there is arguably no better place on the internet to learn than BiggerPockets. Ashley Kehr should know, she tripled her portfolio after she found the BiggerPockets forums. But, in order for Ashley to triple her portfolio, she had to make the leap and buy her first deal. Today, she’ll teach you how to do the same, so you can reach financial freedom. Ashley wasn’t born into a real estate family. She worked a nine-to-five job as an accountant, only to realize she hated it and later quit. She began working for a local investor and started learning the real estate management game. Ashley then partnered with the son of her boss, who provided her the capital to begin investing. In less than a decade, Ashley was able to reach financial freedom, retire from any possibility of a regular workweek, and spend more time with her children. Now, it’s time for you to do the same! In This Episode We Cover The six-step process to go from real estate onlooker to real estate investor How real estate can help you build long-lasting, generational wealth Why doesn’t everyone invest in real estate if it’s so great? The five mistakes that almost every real estate investor makes Running through the numbers on a live real estate deal analysis Real estate strategies for every type of rookie investor And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie FaceBook Group BiggerPockets Newbie Worksheet Check the full show notes here: https://www.biggerpockets.com/rookie136 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Dec 04, 2021 |
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2 Houses Flipped as a Part-Time Real Estate Agent & Full-Time Father
00:51:28
Real estate is a relationship-based business. As you establish more relationships within the industry, your job continues to get easier and today’s guest, Jay Simpson, is a prime example of that. With the help of his mentor, he has successfully flipped two houses and already turned one into a rental property. The primary reason he got into real estate was because he wanted the time to be actively part of his daughter’s life — a freedom his W-2 didn’t allow. His ability to cultivate meaningful relationships is the reason he has been able to find so much success as a real estate agent and investor. Jay heavily emphasizes the role his mentor plays in his real estate career, especially given that when he was new to the industry, he needed someone to show him what the classroom couldn’t. His genuine nature got him his first sale, his first flip, and a continued relationship with his lenders. Real estate has allowed him to not only free up his time but enjoy the time he has freed up, which to a family man like himself, is the dream. Investing is about more than building wealth, it’s about learning the value of time, especially because you can never get it back. In This Episode We Cover Getting your real estate license and how it can be the first step to investing Working for a broker and what that means for your career as an agent House flipping and the signs that indicate a great potential flip How to estimate rehab costs as a first timer The importance of a detailed scope of work and its benefits The importance of being genuine and authentic with everyone you encounter And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie FaceBook Group Rookie Podcast 55: Combining House Hacking and Live in Flips with Tyler Madden Check the full show notes here: https://www.biggerpockets.com/rookie135 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Dec 01, 2021 |
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Rookie Reply: Loan Amortization and Balloon Payments Explained
00:07:39
This week’s question comes from Neil on the Real Estate Rookie Facebook Group. Neil is asking: I’m reading a book on financing strategies — if a loan is amortized over thirty years, how is there a balloon payment at fifteen years? What’s the difference between the two? Most real estate investors don’t run into things like balloon payments until they’ve started taking loans from private lenders or use seller financing. Balloon payments allow investors the chance to refinance earlier or pay off a loan in its entirety while also giving a seller or lender the cash they want. Considering a balloon loan? Here’s what to know: A loan is amortized over a set amount of years and interest is usually paid before principal Balloon payments force the lendee/investor to pay back the unpaid loan amount at a certain year mark Refinancing, paying off a property, or selling a property are ways to fund a balloon payment Balloon payments force investors to think further in the future for better exit strategies And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Rookie Facebook Group Real Estate Rookie Youtube Channel Check the full show notes here: https://www.biggerpockets.com/rookie134 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Nov 27, 2021 |
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From Server to Landlord with 10+ Units at 24 Years Old
00:47:22
What if you knew you could be fresh out of college and already owning property? Why wait for a “stable career” to start building wealth when you can dive into real estate investing, whether that be in or out-of-state? Would you start looking into investing earlier if you knew it was without age limitation? Today’s guest Karina Mejia, a 24-year-old investor, goes over her house hacking journey that helped her go from a server to a landlord. From managing tenants to investing in out-of-state properties, Karina walks through the mindset of investing from a very early age, without the emotional support of those around her. We touch on topics like house hacking, the BRRRR strategy, investing with a romantic partner, out-of-state investing, and financing your first deal. If you’re a first-time investor or college student, this episode is perfect for you. In This Episode We Cover What to do with an unruly tenant while house hacking How to invest with a romantic partner to ensure asset protection for the both of you Investing fresh out of college even if you have no experience in real estate Successfully investing without the support of those around you How to build a lease for your house hacks so tenants have a positive experience Finding the best out-of-state market for your investing strategy How to passively invest and outsource work to maximize time value And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie FaceBook Group Rookie Podcast 125: Using OnlyFans to Fund Ownership in Her First BRRRR w/ Brin Amberlee Check the full show notes here: https://www.biggerpockets.com/rookie133 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Nov 24, 2021 |
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Find Money, Partners, & Deals Using The “D.A.D System” w/ Mike Michalowicz
00:45:30
We often hear entrepreneurs talk about how they want to “be the best” in their field. It’s the same with many real estate investors. They want to be the best wholesaler, flipper, short-term rental host, or landlord. But, does “being the best” really matter much to your customer if they can’t tell the difference between you and your competition? Probably not. Mike Michalowicz, author of Profit First, is on the show today to discuss his new book, Get Different, and why so many entrepreneurs and real estate investors have marketing all wrong. If you’ve ever tried direct mail, cold calling, or door knocking, you know the sting of quick rejection from a potential seller. Why do they reject so quickly? Because you sound just like every other real estate marketer trying to get to them. If you’re looking to entice new partners, private lenders, tenants, employees, or sellers, you need to start marketing differently. This is possible through Mike’s “D.A.D Framework” that highlights the three most important factors of marketing successfully to a prospect. In This Episode We Cover Why real estate investors need marketing more than they think Finding your competitive advantage and using it to outsmart other investors Why having a high-referral rate doesn’t mean you're succeeding at marketing Who, what, and ‘win’ to target and market to partners, private lenders, and sellers The “D.A.D Framework” and how you can capitalize on it to score leads Asking customers “what am I doing right” and making it a crucial part of your brand And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie FaceBook Group Check the full show notes here: https://www.biggerpockets.com/rookie132 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Nov 20, 2021 |
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4 Units At 20 Years Old & Ditching Med School for Multifamily
00:57:05
The more “traditional path” encourages a lot of waiting: waiting to get into the right school, waiting to get the right degree, the right internship, and the right job, but what about the right now? As every current and aspiring entrepreneur knows, time is money so capitalizing on the right now is essential. How do you do that? Real estate investing! Today’s guest, Rachel Morrow, knew the importance of capitalizing on the right now. At merely 20 years old she was on her way to med school when she realized she wanted to start building wealth. During her warehouse shifts, she began listening to real estate podcasts and recognized real estate was not only something she wanted to do but something she could do. This led to a big transition period in her life from the path she had always known to the path less traveled, but once she made that mindset shift, that was it. The change didn’t happen instantaneously. She had to completely start anew and work towards her goals which at one point meant working 60 hours a week for a year to get pre-approved for a loan. Her drive and persistence allowed her to close on 4 units with hopes of closing on more single-family homes in the future. We touch on topics like creating value, breaking from the “traditional” path, self-managing a house hack, finding a mentor, and being a young investor. In This Episode We Cover Breaking from the “traditional” path and finding what best suits you Building wealth without prior experience in real estate How to successfully self-manage a house hack Using your youth as an advantage when investing in real estate Getting pre-approved for a loan without high income or long work experience How to find the right mentor (especially as a newbie) And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie FaceBook Group Graham Stephan's Youtube Channel Rookie Podcast 102: $10M Profit On Her First Deal?! It’s Possible with Campground Investing Check the full show notes here: https://www.biggerpockets.com/rookie131 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Nov 17, 2021 |
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Rookie Reply: How to Spot Scam Wholesale Deals
00:08:34
This week’s question comes from Rob on the Real Estate Rookie Facebook Group. Rob is asking: How do I make sure a wholesaler that is sending me deals is not a scam? With wholesaling, as with any other sector of real estate, you’re always going to have your good and bad actors. Many wholesalers are running professional businesses, but some are simply inexperienced, while others have malicious intent. Here are some suggestions on weeding out wholesalers: Have your attorney look over the assignment contract to ensure it’s legal If a wholesaler ever asks you to send funds directly to them, they’re probably not legit Know your numbers, so any suspiciously good (or bad) deals can be written off Contact wholesalers on your own so you can do due diligence upfront And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Check the full show notes here: http://www.biggerpockets.com/rookie130 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Nov 13, 2021 |
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5 Properties After Spending 8 Years in Prison (With ZERO Credit!)
00:55:26
What if you treated the lowest point in your life as a beginning instead of an end? What if you were told real estate investing could be the second chance you’re looking for? Why give up when you could level up? Today’s guest, Jason Peterson, took back control of his life by doing exactly that. Instead of giving into adversity and strife, Jason found a way to turn his life around, through real estate investing. After eight years of incarceration, Jason went from a zero credit score to buying his first property a year and a half after his release. Now, he has acquired five properties and is on the path to becoming financially free. He did all this with the help of his mentor, support from his loved ones, and the education he received in a sandwich shop. So, what’s stopping you? We touch on topics like overcoming adversity, finding a mentor, seller credits, building credit, and how to invest with little capital. If you’re at a breaking point or need the motivation to keep going in the real estate investing game, this episode is perfect for you! In This Episode We Cover Overcoming adversity and not letting your past define your future Investing and buying properties with little capital or credit How the use of a mentor can help elevate your knowledge The risk involved in house hacking or investing and why it’s ultimately worth it The use of seller credits and how to get creative with your financing How to build the credit you need to invest (even if you’re starting from zero!) The time-tested buy and hold method and its advantages for rookie investors And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie FaceBook Group Rookie Podcast 109: From Sleeping in His Car to Multi-Unit Landlord & The “Nomad” Strategy Check the full show notes here: https://www.biggerpockets.com/rookie129 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Nov 10, 2021 |
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Rookie Reply: Finding & Financing Bigger Real Estate Deals
00:26:22
Ashley and Tony have been on a tear this year, buying up more homes than ever before. They’ve also been branching out into bigger commercial deals, like RV parks, campgrounds, hotels, motels, and more. While every real estate rookie knows the thrill of finding a new deal, many don’t understand the struggles that go with it. Today, Ashley and Tony walk through the biggest hurdles they’ve been facing when trying to chase bigger, better deals. One of the biggest struggles when getting into a larger real estate class is financing. You’ll hear how the hosts individually dealt with difficult financing challenges, from subject to financing to raising money and syndicating. If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Rookie Facebook Group Real Estate Rookie Youtube Channel BiggerPockets Podcast 527: 300 Doors, 100% Creative Financing with Pace Morby Check the full show notes here: https://www.biggerpockets.com/rookie128 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Nov 06, 2021 |
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Buying Property While Stationed Overseas (and a $40k Rookie Mistake!)
00:55:17
Military members in the real estate community love to preach about how great the VA loans are for financing primary residences. They also love the fact that these primary residences can be turned into rentals, quite easily, when the military decides to station you elsewhere. This is exactly how Angel Garcia got his start; accidentally investing in real estate, all while stationed overseas. Angel bought his first house as a way to ensure financial security for his wife and daughter, but when he was re-stationed, he decided to give landlording a go. He bought another primary residence, but once again, was forced to move, leaving him with two rental properties. He started to notice the cash flow coming in, and with some help from David Green’s Book Long-Distance Real Estate Investing, he made the jump to invest out-of-state. He made an offer on the perfect property, a $55,000 duplex, but when his inspector wouldn’t even enter the house, he knew he may have made a mistake. This home had $40,000 in foundation damage that needed to be repaired, turning his small investment into a cash-heavy burden. Through perseverance and the ability to learn from past mistakes, Angel was able to make this rental cash flow a respectable amount and it allowed him to get even further along the path to financial freedom. In This Episode We Cover Opening yourself up to investing, even if you were raised without an investor’s mentality Using rental property investing as a way to secure generational wealth for your family Utilizing VA loans to get 0% down financing on your primary residence Why you need to be careful you don’t talk yourself out of a deal Why you should always “do something” even if you can’t buy a property yet Recovering from a $40,000 surprise when rehabbing a property How to help those around you even if they don’t seem interested in learning And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie FaceBook Group Check the full show notes here: https://www.biggerpockets.com/rookie127 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Nov 03, 2021 |
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Rookie Reply: Want to Be a Full-Time Investor? Learn These Skills!
00:24:33
This week is less of a Rookie Reply, and more of a “Rookie Ramble” as Ashley likes to call it, as Tony and Ashley ask each other questions about their road to full-time investor status. They talk about first jobs, best degrees for real estate investing, the industries they chose to go into after college, and the skills they wish they had learned earlier. Both Tony and Ashley didn’t have the end goal of investing in real estate upon graduation, but they made smart choices in their W2 careers that allowed them to go full-time when the opportunity presented itself. If you’re young or even just starting out on this real estate journey, ask yourself, “what skills do I need to develop to succeed at this?” If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Rookie Facebook Group Real Estate Rookie Youtube Channel Rookie Podcast 118: Stop Scrolling, Start Posting: Social Media for Real Estate Investors BiggerPockets Podcast 500: Robert Kiyosaki: America’s ‘Rich Dad’ Sees a Real Estate Crash Coming Check the full show notes here: https://www.biggerpockets.com/rookie126 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Oct 30, 2021 |
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Using OnlyFans to Fund Ownership in Her First BRRRR w/ Brin Amberlee
00:43:17
You could say that Brin Amberlee isn’t a traditional real estate investor. She doesn’t have tons of experience with property management, construction, or investing, but she does have the will to succeed. After buying her primary residence in Las Vegas, Brin was prompted by friends to start listening to The BiggerPockets Podcast, where she learned about the mind-blowing BRRRR strategy. Brin's funding source for the deal? Her OnlyFans business! Hailing from Columbus, Ohio, she knew that investing in her hometown would be a perfect place to practice her first BRRRR, turning an old house into an instagramable short-term rental. With help from her father, she is personally taking the time to demo, rehab, and design this property, top to bottom. Brin touches on everything from finding an investor-friendly agent, to viewing properties, analyzing deals, getting financing, growing your personal brand, and more. She has some big plans to buy even more short-term rentals after this first BRRRR, and we doubt we won’t see her back on The Real Estate Rookie podcast very soon, with a lot more units to her name! In This Episode We Cover Resisting lifestyle creep so you can use extra money to invest Why your first BRRRR doesn’t need to be perfect Surrounding yourself with those who achieve greatness and distancing from those who don’t Vacation home mortgages vs. conventional mortgages on short-term rentals Building your brand on social media and beyond The importance of keeping healthy reserves in case a rehab goes over budget And So Much More! Links from the Show Real Estate Rookie Youtube Channel Real Estate Rookie FaceBook Group Rookie Podcast 123: ‘Building’ Wealth as a 24-Year-Old with 12 New Construction Projects Check the full show notes here: https://www.biggerpockets.com/rookie125 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. |
Oct 27, 2021 |