Winamp Logo
Real Estate Rookie Cover
Real Estate Rookie Profile

Real Estate Rookie

English, Finance, 1 season, 398 episodes, 6 days, 6 hours, 44 minutes
About
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 Artwork

393: $120K/Year from ONE “Sensory” Rental Property with a “Secret” Amenity w/Chase Charifa

If you want your rental property to succeed, you’ve got to give people a reason to keep coming back. That’s exactly what today’s guest is doing—creating a one-of-one experience that people can’t get anywhere else. It’s what keeps his property booked year-round!   Welcome back to the Real Estate Rookie podcast! Just three years ago, Chase Charifa bought his first rental property—a black, mid-century cabin tucked away in Big Bear, California. By engaging each of the guest’s five senses and adding intrigue with a “secret” amenity, Chase and his wife, April, have created an unforgettable guest experience that allows them to stand out in their market. As a result, this short-term rental brings in about $120,000 per year!   But that’s not all. Since launching his Airbnb, Chase has taken on another four rentals, three new construction projects, and a parcel of land. How has Chase been able to scale his portfolio in only a few years? In this episode, he shares how he was able to fund several deals using creative financing and smart tax strategies. He also talks about the huge opportunity that exists with real estate development. You’ll learn how to find land, get approved for a construction loan, and build your own development team! In This Episode We Cover How Chase brings in $120,000 per year from ONE rental property The best way to get FREE real estate marketing for your short-term rental How to create an unforgettable experience for your Airbnb guests Scaling your portfolio with creative financing and tax strategies How to incorporate a creative skill set into your real estate business Getting started in real estate development and building your team How to get approved for a construction loan (in three steps!) And So Much More! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-393 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
4/15/202450 minutes, 49 seconds
Episode Artwork

392: Rookie Reply: Should I Move (and Quit My Job!) to Invest in Real Estate?

Can’t afford to buy a rental property due to your area’s high cost of living? At what point should you quit your W2 job and move elsewhere to realize your real estate investing dream? There are several factors at play here, but we tackle this exact scenario and much more in today’s Rookie Reply! We also talk about partnerships and how to determine who should be responsible for capital, holding costs, and other expenses when flipping houses. Are you inhering tenants? There’s an important agreement you must have in place when taking over the property. Could one of your residents be subleasing your unit without your permission? You’ll learn how to navigate this situation when it comes to light, as well as what to do when a tenant violates your lease agreement. Want to avoid troublesome tenants altogether? Stick around until the end to hear how Ashley finds the best tenants in town! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover When you should consider moving (and quitting your job!) for real estate How to evict a subtenant who is illegally occupying your unit The agreement you MUST have in place when inheriting tenants How to determine who provides the capital in an investing partnership What you should do when a tenant violates your lease agreement How to attract the BEST tenants for your rental properties And So Much More! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-392 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
4/12/202437 minutes, 45 seconds
Episode Artwork

391: The Low-Cost Way to “Invest” in Real Estate in 2024 (Without Buying Rentals) w/Veronica Garreton

A thriving real estate business without rental properties?! It might sound like an easy way to “invest,” but make no mistake—you’re going to need to sharpen your management, interior design, and problem-solving skills for it to work. Fortunately, today’s guest can bring you up to speed on this low-cost strategy!   Welcome back to the Real Estate Rookie podcast! In this episode, Veronica Garreton returns to the show to offer more nuggets of wisdom for new investors. In our most recent episode with Veronica, she shared how she pocketed $150,000 in profit from just ONE luxury rental property. But today, she is going to take a deep dive into the investing strategy that allows her to grow her real estate business without buying more properties—co-hosting!   Of course, co-hosting, like any other strategy, is susceptible to the occasional horror story. Tune in as Veronica shares how ONE troublesome guest caused $11,000 in rental damage and how her decisiveness helped her save the day. What is co-hosting and how does it differ from property management? Why are medium-term rentals taking over short-term rentals in certain markets? How do you prevent bad reviews on Airbnb? Stick around for all of the answers! In This Episode We Cover How Veronica grows her real estate business without buying more properties The co-hosting strategy and how it differs from property management How to earn five-star Airbnb reviews by working at the “speed of luxury” Why investors are moving from short-term rentals to medium-term rentals Why you NEED an exit strategy when investing in a major metro market The “emergency” clause you MUST include in your co-hosting agreements How to furnish your short-term rental (tips from a professional interior designer!) And So Much More! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-391 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
4/10/202450 minutes, 12 seconds
Episode Artwork

390: Making Over $10K/Month Thanks to “Conscious” Multifamily Investing w/Yiting Yang

With the right rental properties, you could not only bring in thousands of dollars in cash flow each month but also build long-term wealth. Just ask today’s guest! Despite her fulfilling career, she came to the realization that she wasn’t on the path to financial independence and decided to take things into her own hands! Welcome back to the Real Estate Rookie podcast! Yiting Yang is a traveling pediatric neurologist whose multifamily investing portfolio brings in well over $10,000 in monthly cash flow. But that wasn’t always the case. During the early stages of her investing journey, Yiting dealt with difficult lenders, dishonest property managers, delayed renovation projects, and the everyday challenges of out-of-state investing. In this episode, she gets into the mental side of investing and how practicing mindfulness can help you navigate the ebbs and flows of real estate. A conscious investor, Yiting talks about the importance of choosing an investing strategy that aligns with your core values and long-term goals. She even delves into her struggles with financing and why a low interest rate isn’t the be-all and end-all when vetting a lender! In This Episode We Cover: How this traveling neurologist took control of her financial future with real estate Choosing a strategy that aligns with your real estate investing goals When you shouldn’t choose the lender with the lowest mortgage rates The common challenges of managing small multifamily properties Fast-tracking your investing journey through the power of partnerships Why you NEED a top property manager for out-of-state investing How to navigate the mental side of investing in real estate And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Making $7K/Month in PURE Cash Flow with Only 3 Rental Properties w/Bailey Kramer Your Step-by-Step Guide to Buying Out-of-State Investment Properties The Multifamily Invest Masterclass: How to Get Started in 2024 Connect with Yiting: Yiting's BiggerPockets Profile Yiting's Facebook Yiting's Instagram Yiting's LinkedIn Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-390 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
4/8/202445 minutes, 3 seconds
Episode Artwork

389: Rookie Reply: How to Find a Property Manager & Set up Rentals Out of State

Property management is a key component of real estate investing that can make or break your cash flow. Of course, every rookie investor could benefit from having a great property manager on board, but in a competitive market, how do you convince a reputable company to manage YOUR rental property?   Welcome back to another Rookie Reply! In today’s episode, we cover not only property management but also out-of-state investing and whether it’s ever a wise decision to change investing strategies from afar. Buying a new property but don’t have an eye for interior design? We’ll show you how to lean into your team and make your rental stand out. We even talk about “haunted” houses! Should you buy one and embrace its eerie history, or run far, far away? Tune in to find out! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover How to land a GREAT property manager in a competitive market Standing out from the competition with your rental property design How to set up a rental property while investing out of state Why banking and lending relationships are crucial for new investors How to change investing strategies with out-of-state properties Whether buying a “haunted” house is ever a smart investment And So Much More! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-389 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
4/5/202450 minutes, 12 seconds
Episode Artwork

388: How to Save Your Cash Flow When Dealing with a “Problem” Property w/Ashley Robinson

How many things can possibly go wrong with ONE rental property? Well, you’re about to find out! Today’s guest had to flex her problem-solving skills on multiple occasions to get her “unique” rental up and running, and in this episode, she’s going to show you how she pulled it off! Welcome back to the Real Estate Rookie podcast! Investor Ashley Robinson bought a triplex in the little town of Salida, Colorado, with plans to live in one unit and rent out the other two. Despite her thoroughness during the due diligence phase, however, she ran into several problems along the way—from rental caps and building code issues to financing troubles and poor home appraisals. But Ashley persisted, creatively working through each hurdle until she was finally able to launch her cash-flowing rental property! If you’ve ever hit a roadblock in your investing journey, this episode is for you! Ashley shares how she chose her investing market, changed her property’s use to sidestep rental caps, and got her building fully up to code. She also talks about the ins and outs of commercial loans—getting approved, coming up with large down payments, and refinancing when your property’s appraisal comes back low! In This Episode We Cover: How to convert a residential property to a commercial property Zoning versus land use (and how they work together) The biggest advantages of investing in a smaller market Short-term rental caps explained (and how to work around them!) How to get approved for your first commercial loan Funding a LARGE down payment for a commercial property And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Apply to Be a Guest on the “Real Estate Rookie” Podcast Rookie Reply: What to Do When an Appraisal Comes Back Low? Do You Know the Fundamentals of Zoning Rules? Here’s What You Need to Know Wait: Don’t Get Started On Your Development Project Unless You Have Zoning in Place Connect with Ashley Ashley's BiggerPockets Profile Ashley's Instagram Ashley's Website Check out more resources from this show on https://www.biggerpockets.com/blog/rookie-388 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
4/3/202447 minutes, 22 seconds
Episode Artwork

387: The Step-by-Step Guide to Flipping Houses and High-ROI Home Renovations w/James Dainard

Want to begin flipping houses in 2024? With this popular investing strategy, you could build a lucrative and flexible real estate business. All any rookie needs to get started is a few skills and a little know-how, and there’s no better person to get you up to speed than today’s special guest! Welcome back to the Real Estate Rookie podcast! Today, we’re joined by James Dainard, investor, master house flipper, and co-host of the On the Market podcast. James has flipped over 3,000 homes to date, and in this episode, he’s going to show you how to flip your first house, step by step, from start to finish. From creating an accurate budget (and sticking to it!) to choosing home renovation projects that deliver the highest return on investment (ROI), this masterclass has everything you need to make your first flip a successful one.   You’ll learn how to find the best contractors for your rehab, strategies to keep your project on track, and why you should involve your real estate agent throughout the entire project—not just when it comes time to list your property for sale. James even shares his own flipping horror story that cost him hundreds of thousands of dollars and the biggest lessons learned from that experience! In This Episode We Cover How to plan a successful house flip from start to finish Keeping your project on track with a construction contract How to build an accurate budget before starting your rehab project Getting the highest return on investment from your home renovations How to source contractors and materials for your house flips Cost-effective design upgrades that add value to your property Why you MUST involve your realtor or broker throughout your rehab project And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/rookie-387 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
4/1/202459 minutes, 27 seconds
Episode Artwork

386: Rookie Reply: Will It Cash Flow? Analyzing BRRRRs, Hotels, & Commercial Deals

To land a great investment property, a true diamond in the rough, you’re going to need to master the art of analyzing deals. Whether you plan to use the BRRRR method or buy commercial real estate, we’ve got several tips, tricks, and tools to help you find the perfect property! Welcome back to another Rookie Reply! Not sure whether a property will cash flow? In today’s episode, we’ll help you distinguish a great deal from a not-so-great deal. Do you need to pay back a hard money lender? You’ll want to hear about the creative solutions you can use to get out of short-term debt when refinancing isn’t an option. We also talk about short-term rentals and the best ways to furnish your Airbnb on a budget. Finally, we’ll show you how to manage difficult tenants when they push back against rent increases and damage your rental! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover: How to ensure that your BRRRR property will cash flow before AND after refinancing Creative financing solutions to use when hard money becomes due What you NEED to know before getting into commercial real estate investing How to fully furnish your short-term rentals on a tight budget Addressing rent increases and maintenance issues with difficult tenants And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Apply to Be a Guest on the “Real Estate Rookie” Podcast Analyze Your BRRRR Deals with the BiggerPockets Calculators How to Buy a Hotel: Breaking Down Tony’s FIRST Commercial Real Estate Deal Making $160K/Year From ONE “Rare” Property Thanks to Seller Financing Financial Freedom in 10 Years and $200K Cash Flow with a Small Portfolio Analyze Commercial Real Estate Deals Rental Management Tools Mentioned in This Episode: AppFolio Breezeway   Check the full show notes here: https://www.biggerpockets.com/blog/rookie-386 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
3/29/202446 minutes, 39 seconds
Episode Artwork

385: How to Save Your Rental Property When “Good” Tenants Turn BAD w/Chelsea Borden

Could your rental property be occupied by bad tenants masquerading as good residents? After an incident that led to thousands in property damage, a complex insurance claim, and an eviction, today’s guest learned the importance of a watertight tenant screening process. And YOU can, too—without all the drama! Welcome back to the Real Estate Rookie podcast! Chelsea Borden owns four duplexes in Buffalo, New York—an investing market with a low barrier to entry, where new investors can achieve the one-percent rule with relative ease. What Chelsea learned, however, is that it only takes one bad tenant to disrupt an otherwise-smooth long-term rental operation. In this episode, she shares how a family friend caused $11,000 in damage. By acting swiftly, Chelsea was ultimately able to evict the tenant, rehab the property, and place a new tenant. Tune in as Chelsea shares her biggest lessons learned from this costly experience. You’ll learn the ins and outs of filing insurance claims, why you should require your tenants to carry renters insurance, and how to get the ball rolling when evicting a tenant. Chelsea also shares her best tips on home renovation projects, screening tenants, and homeowners insurance policies! In This Episode We Cover: How ONE bad tenant caused $11,000 in rental property damage Why you MUST make renters insurance a requirement for tenants How to start the process of evicting a tenant (and prevent delays!) The many benefits of investing in the Buffalo, New York market How to get high-quality tenants for your long-term rentals The most important factor in any successful home renovation project The insurance “pro tip” that could save you thousands of dollars And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Apply to Be a Guest on the “Real Estate Rookie” Podcast The REAL Cost of Bad Tenants and “Cheap” Contractors (Mistakes to Avoid!) The $150K “Stolen” Rental Property and How to Avoid a Real Estate Scam Making $115K From a Nightmare First Deal (Cops, Evictions, and Break-Ins!) How to Protect Your Rental from Fires, Floods, Lawsuits, and Liability Check the full show notes here: https://www.biggerpockets.com/blog/rookie-385 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
3/27/202438 minutes, 37 seconds
Episode Artwork

384: The “Luxury” Rental Property That Brings in $150K/Year of Pure Profit w/Veronica Garreton

Making six figures from one rental property is every investor’s dream, but to achieve this, you need to choose the right investing market, buy the right property, and create luxurious “moments” that other rentals don’t offer. Today’s guest is going to show you the ropes of luxury real estate investing!   Welcome back to the Real Estate Rookie podcast! When Veronica Garreton decided to try her hand at short-term rentals, she went straight for the big fish—a $750,000 rental property in Joshua Tree, California. At the time, it was the area’s most expensive property listed for sale, and in year one, the rental barely broke even. Using her background in architecture, however, Veronica identified creative value-adds that would attract more guests and allow her to charge her ideal nightly rate. The very next year, she pocketed a whopping $150,000 in pure profit!   Whether you own a basic rental or a “luxury” property, there is plenty of wisdom to glean from today’s episode. Veronica talks about analyzing deals, using the power of influencer marketing to get more bookings, and the small touches ANY property owner can make to enhance the guest experience! In This Episode We Cover How Veronica pocketed $150,000 in profit from a single rental (in one year!) Enhancing your guest experience with simple but effective property additions How to transform your rental property into a “luxury” stay Raising your bottom line and standing out with luxury rentals How to get MORE bookings for your rental with influencer marketing The “rule of three” Veronica uses to analyze luxury short-term rentals And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/rookie-384 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
3/25/202454 minutes, 54 seconds
Episode Artwork

383: Rookie Reply: “Managing” Your Property Manager & How to Invest While in Debt w/Tiamo Wright and Mindy Jensen

A property manager can alleviate the burden of screening tenants, collecting rents, and maintaining your property. But if you’re not careful, exorbitant fees and unexpected charges can quickly eat away at your cash flow. Today, you’re going to learn how to navigate this relationship and ensure that you’re getting these services at fair value! In this Rookie Reply, Mindy Jensen from the BiggerPockets Money podcast and Tiamo Wright, Director of Product and Marketplaces at BiggerPockets, are joining us to help field your recent questions. First, we discuss medium-term rentals and how they differ from both long-term and short-term rentals, as well as whether you should invest in real estate while you’re in debt. We also get into real estate development and some of the different ways to fund larger projects. Looking to buy your first short-term rental property but don’t know where to start? Our experts will point you in the right direction! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover: How to “manage” your property manager (and approach conflict!) Whether you can invest in real estate while carrying student loan debt Creative ways to get financing for a new construction project How to buy and launch a short-term rental property The very FIRST step you should take when buying a rental property Mindy’s and Tiamo’s best real estate investing tips for rookies And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Apply to Be a Guest on the “Real Estate Rookie” Podcast Tune in to the “BiggerPockets Money” Podcast Hacking Your Life to Live for (Almost) Free with Craig Curelop How Nancy Rodriguez from ‘Love Is Blind’ Hit Financial Freedom BEFORE Fame ‘Building’ Wealth as a 24-Year-Old with 12 New Construction Projects Build Your Investor-Friendly Team The SMARTER Way to Invest in Real Estate Find Out if You’re Eligible for a NACA Loan Connect with Mindy & Tiamo Mindy's BiggerPockets Profile Tiamo's BiggerPockets Profile   Check the full show notes here: https://www.biggerpockets.com/blog/rookie-383 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
3/22/202437 minutes, 20 seconds
Episode Artwork

382: The REAL Cost of Bad Tenants and “Cheap” Contractors (Mistakes to Avoid!) w/Dan Stowell

Want a successful, cash-flowing rental property? Make sure you don’t overlook the tenant screening process or hire the “cheap” contractor. Otherwise, you could be dealing with floods, evictions, project delays, and other issues. Fortunately, today’s guest has already dealt with these headaches so that YOU don’t have to! Welcome back to the Real Estate Rookie podcast! Investor Dan Stowell has endured not one but TWO horror stories during his real estate journey. As you’re going to learn today, the consequences of placing a bad tenant or hiring the wrong contractor can be severe. After a tenant caused $47,000 in water damage (and didn’t have renters insurance!) and a renovation on his primary residence turned into a 1,000-day rehab, Dan had every reason to give up on real estate investing. Instead, he tackled each challenge and used these expensive lessons to make him an even better investor! In this episode, Dan offers several tips that will prepare you for anything that could be thrown your way. You’ll learn how to screen a tenant, how to avoid bad contractors, and, most importantly, how to react when things go south. Stay tuned until the very end to find out what became of Dan’s problematic properties! In This Episode We Cover: How Dan survived $47K in water damage and a 1,000-day rehab (on two different projects!) The REAL cost of placing a bad tenant in your rental property How to improve your tenant screening process (and red flags to watch out for!) The BEST way to build out a scope of work for your next rehab project Why you shouldn’t hire the “cheap” contractor for your home renovation project Why documentation is key when dealing with tenant and contractor issues And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Apply to Be a Guest on the “Real Estate Rookie” Podcast The REAL Side of Real Estate: When Rehabs and Rentals Go Wrong Leaks, Surprise Rehabs, and the Reality of Buying Your First Rental Property How to Protect Your Rental from Fires, Floods, Lawsuits, and Liability Connect with Dan Dan's BiggerPockets Profile Dan's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-382 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
3/20/202444 minutes, 4 seconds
Episode Artwork

381: Making $7K/Month in PURE Cash Flow with Only 3 Rental Properties w/Bailey Kramer

Many people buy rental properties for the cash flow, but today’s guest took it to another level—dropping out of college to go all-in on real estate investing. Find out how he brings in several thousand dollars of profit each month and how YOU can replicate his investing strategy! Welcome back to the Real Estate Rookie podcast! Like many new investors, Bailey Kramer started out small—converting long-term rentals into Airbnbs and co-hosting these properties for someone else. After seeing how much money this investor was raking in, Bailey decided that he wanted his own piece of the short-term rental pie. Within eighteen months, he had built his own small portfolio with a focus on cash flow. Today, his three properties bring in a total of $7,000 each month in addition to all of his co-hosting profits! Tune in as Bailey delivers the blueprint he uses to maximize his cash flow. The best part? This strategy is EASY to implement, whether you’re investing in your own backyard or another market entirely. We also get into DSCR (debt service coverage ratio) loans, how to build an out-of-state investing team, and the method Bailey uses to find the perfect neighborhoods to invest in! In This Episode We Cover: The strategy YOU can use to maximize cash flow across your portfolio How to get approved for a mortgage without paystubs or tax returns The low-cost, low-risk way to get into real estate—co-hosting! Why you NEED to build your team before investing out of state Finding the right neighborhood to invest in with the “reverse review” method And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Apply to Be a Guest on the “Real Estate Rookie” Podcast Making $8K/Month from 2 Doors and How to Get HUGE Cash Flow with Fewer Units Seeing Greene: How to Make Even MORE Cash Flow Off Your Rental Properties Cash Flow for Rental Properties: What Is Average or Good? Find a DSCR Loan with OfferMarket Connect with Bailey Bailey's BiggerPockets Profile Bailey's Facebook Bailey's Instagram Bailey's YouTube Check the full show notes here: https://www.biggerpockets.com/blog/rookie-381 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
3/18/202453 minutes, 19 seconds
Episode Artwork

380: Rookie Reply: How to Start Investing, Walking Away from Deals, & Co-hosting

You want to start real estate investing, but where should you start? Should you buy a course, join a mastermind, or do your own research? There’s no one-size-fits-all approach to investing, but we can point you in the direction that aligns with your investing goals! Welcome back to another Rookie Reply! In this episode, we’re going to start at square one of your real estate journey. We also get into investing partnerships and how to work “sweat equity” into your partnership agreements. Have you ever come across a property with red flags? Learn when to walk away from a deal and when to double down instead. Finally, stick around until the end as we bring repeat guest Nicole Rutherford on to talk about starting a co-hosting business, vetting co-hosts, and finding a short-term rental market! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover: How and where to begin your real estate investing journey When to walk away from a deal (and when to double down!) How to structure a real estate partnership (and account for “sweat equity”) Finding the right co-host to help manage your rental property Expert tips for finding a new short-term rental market And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/rookie-380 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
3/15/202440 minutes, 21 seconds
Episode Artwork

379: How to Buy Your First or Next Rental Property in 90 Days (or Less!) w/Dave Meyer

Want to know how to buy your first rental property? You’ve come to the right place! It’s no secret that investing in real estate is one of the best ways to achieve financial freedom, yet only a few ever take action. Today, we’re going to provide everything needed to land your next rental property faster than you thought possible! Welcome back to the Real Estate Rookie podcast! In this special episode, Dave Meyer, Vice President of Market Intelligence at BiggerPockets, is teaching you how to buy your first (or next) rental property in just ninety days. This all-in-one beginner course covers everything from analyzing rental properties to financing deals and much more. Whether you’re brand new to the world of real estate investing or looking for an easy way to add another rental to your budding portfolio, this episode is loaded with actionable steps you can take. We’ll even point you to calculators, software, and other tools that will make your job that much easier. So, what are you waiting for? Your ninety-day challenge starts NOW! Ready to become a BiggerPockets Pro? Click here to sign up and use code “ROOKIECHALLENGE” for a special discount! In This Episode We Cover: How to buy your first (or next) rental property in ninety days or less The three core steps to buying long-term rental properties How to analyze deals (in five minutes or less!) like an investing PRO Tools and resources to help you fast-track the buying process The best and most creative ways to find GREAT real estate deals How to unlock financial independence through the power of real estate The most common roadblocks rookies face on their real estate journey And So Much More! Links from the Show Find an Agent Find a Lender Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Apply to Be a Guest on the “Real Estate Rookie” Podcast Get 20% Off BiggerPockets Pro Membership with Code “GOALS24” Analyze Deals in 5 Minutes or Less with Our Rental Property Calculator Determine Monthly Rent with Our Rent Estimator Tool Hear More From Dave On the “On the Market” Podcast Connect with Dave: Dave's BiggerPockets Profile Dave's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-379 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
3/13/202448 minutes, 40 seconds
Episode Artwork

378: Paying Off $100K in Debt with 3 Rentals Thanks to THIS Low-Money Strategy w/Dave Williams

Could rental properties help you switch careers, replace your W2 income, or get out of debt? According to today’s guest, yes! Once Dave learned of the flexibility that real estate investing could offer, he left his established career behind and never turned back! Welcome back to the Real Estate Rookie podcast! Dave Williams and his wife were working as traveling physical therapists when they determined that their careers wouldn’t support the lifestyle they wanted. So, they turned to real estate and adopted an amazing strategy—one that allows them to buy a house every few years with low money down before eventually moving out and converting it into a long-term rental. By repeating this strategy, they have been able to build a small, local portfolio with cash-flowing, appreciating properties! In this episode, Dave talks about the value of 2-1 buydowns and the one question you must ask before starting any home renovation project. Looking for a market to invest in? He even shares a list of the BEST neighborhoods in the greater Denver area. But like any investor, Dave has had a few horror stories as well. Stick around to hear how one of his rentals flooded not once, not twice, but THREE times! In This Episode We Cover: How Dave paid off $100K in debt with only THREE rental properties Buying new properties with low money down and converting them into rentals The one question you NEED to ask before making any home renovation How to find properties that deliver cash flow AND appreciation The BEST markets to invest in around Denver, Colorado 2-1 buydowns explained (and when you should use them!) And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Apply to Be a Guest on the “Real Estate Rookie” Podcast Wiping Out $130K of Debt in ONE Year With THIS “Steady” Real Estate Business From $40K Debt to 4 Doors and Six-Figure Net Worth (In 1 Year!) Paying Off $118K of Debt in 2 Years and Buying Real Estate (16 Units!) Connect with Dave: Dave's BiggerPockets Profile Dave's Facebook Dave's Instagram Dave's LinkedIn Dave's Website Check the full show notes here: https://www.biggerpockets.com/blog/rookie-378 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
3/11/202447 minutes, 33 seconds
Episode Artwork

377: Rookie Reply: Cash Flow vs. Appreciation, Using HELOCs, and Trashed Rentals

Should you invest for cash flow or appreciation? Whether you need another income stream today or have one eye set on retirement, you have your own reason for investing in real estate. It’s important to choose an investing strategy that aligns with your ultimate goal, and today, we’ll show you how! In this Rookie Reply, we discuss the age-old debate of cash flow versus appreciation and whether you can have BOTH. We also get into landlord insurance, limited liability companies (LLCs), and other ways to protect your assets, as well as what to do when a tenant or guest damages your rental property. Could you use a home equity line of credit (HELOC) for your next investment? Stay tuned to learn how it could impact your credit score. But first, you’ll hear from a rookie investor whose investing partner stole $40,000 and get Ashley and Tony’s best tips on structuring a real estate investing partnership! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover: Cash flow versus appreciation (and how to invest for both!) How to structure your FIRST real estate investing partnership The best ways to protect your personal and business assets The difference between a home equity line of credit (HELOC) and cash-out refinance How a HELOC impacts your debt-to-income (DTI) ratio and credit score What to do when a tenant or guest damages your rental And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Apply to Be a Guest on the “Real Estate Rookie” Podcast Grab Your Copy of “Real Estate Partnerships” and Use Discount Code “PARTNER377” Don’t Lose Your Portfolio to Lawsuits! Here’s How to Protect Yourself Pay Less Tax to the IRS This Year With THESE Real Estate Tax Strategies Require Damage Protection Insurance for Your Vacation Rental with Superhog Connect with Jerryian: Jerryian's BiggerPockets Profile   Check the full show notes here: https://www.biggerpockets.com/blog/rookie-377 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
3/8/202444 minutes, 43 seconds
Episode Artwork

376: The $150K “Stolen” Rental Property and How to Avoid a Real Estate Scam w/Matt Drouin

Having your rental property stolen?! How is that possible? This would be a worst-case scenario for any investor, and it was nearly reality for today’s guest. Buckle up as we share one of the wildest real estate horror stories you’re likely to hear! Welcome back to the Real Estate Rookie podcast! In this episode, which could be mistaken for the latest entry in your favorite crime drama, investor Matt Drouin tells the bizarre story of how he nearly LOST his $150,000 rental property to a professional scam artist. He shares some of his biggest lessons learned from this incident—including how to screen tenants properly, when to get an attorney involved in the eviction process, and how to avoid scams when looking for your own off-market properties. But that’s not all. You’ll also learn about the many benefits of investing in your hometown, as well as when to branch out and choose a market beyond your backyard. What’s more, you’ll hear about the often-overlooked mixed-use buildings that can be a gateway into commercial real estate investing, and how to take down these deals with creative financing! In This Episode We Cover: How Matt nearly lost his property to a scammer (and how he got it back!) How to avoid scams when searching for off-market real estate deals The competitive advantage you gain by investing in your backyard Buying the “mixed-use building” deals that most investors ignore Using ZERO of your own money on a commercial deal with creative financing How to finetune and automate your tenant screening process And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Apply to Be a Guest on the “Real Estate Rookie” Podcast Ponzi Schemes, Property Fraud, and How to NOT Fall for a Real Estate Scam Trespassers Took Over My Rental Property! (How to Get Rid of Squatters ASAP) Tools to Help You Find Your Market: Become a BiggerPockets Pro Member “On the Market” Podcast Crexi Federal Reserve of St. Louis Marcus & Millichap Improve Tenant Screening and Property Management with AppFolio Connect with Matt: Matt's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-376 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
3/6/202448 minutes, 21 seconds
Episode Artwork

375: Making $160K/Year From ONE “Rare” Property Thanks to Seller Financing w/Adam Howard

Every investor wants a rental property that brings in six figures, but not every investor is willing to scour old listings, bring in a partner, or exhaust all of their creative financing options. If you want the perfect deal, don’t let money get in the way! Today, we’re chatting with former Division II football coach Adam Howard. In just three years, Adam has bought several properties that provide enough cash flow to replace his W2 income. This includes the “crown jewel” of his portfolio and first commercial property, a 13-unit hotel tucked away in a beautiful New York lake town. Adam found this rare deal by digging up an old Zillow listing that was incorrectly described as a single-family home. He was able to get seller financing for the deal, and today, it brings in $160,000 per year! Of course, this success story had its fair share of hiccups. Adam shares how he had to bring in a partner to take down the deal and identify creative ways to add value to the property before charging his ideal nightly rate. He also talks about the challenges of out-of-state investing and why building a strong investing team has been the key to his success! In This Episode We Cover: How to land your FIRST commercial real estate deal without bank financing The “small” commercial properties that are IDEAL for seller financing How to find the perfect investing partner for your next deal Leveraging your retirement accounts to buy MORE properties Raising your nightly rate with the best value-adds for short-term rentals How to find the hidden value in properties with incorrect listings And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Apply to Be a Guest on the “Real Estate Rookie” Podcast Grab Your Copy of “Real Estate Partnerships” How to Buy a Hotel: Breaking Down Tony’s FIRST Commercial Real Estate Deal Commercial Real Estate Fundamentals for Successful Investors Scaling From Single Family to Commercial Real Estate Connect with Adam: Adam's BiggerPockets Profile Adam's Website Check the full show notes here: https://www.biggerpockets.com/blog/rookie-375 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
3/4/202443 minutes, 57 seconds
Episode Artwork

374: Rookie Reply: Screening Tenants, Using Hard Money, and Raising Rents

Every landlord wants the best possible tenants in their rental property, but of course, this doesn’t happen by chance. Today, we’re delivering several tips to help you improve the screening process, work seamlessly with inherited tenants, and raise rents without pushback! Welcome to another Rookie Reply! In this episode, we not only talk about dealing with tenants but also get into the different types of hard money loans and how to use them. Is an accessory dwelling unit (ADU) attached to the property you’re looking to buy? We discuss how showing its potential income can help you qualify for a loan. Finally, real estate investing is no walk in the park, despite what social media might have you believe. Stick around as we touch on some of the hard truths that new investors should know! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover: How to screen tenants for your rental (and the three types of checks you need to run!) Why you NEED estoppel agreements when inheriting tenants Different types of hard money loans (and what they cover) How to bolster your loan approval odds with accessory dwelling unit (ADU) income The hard truths people DON’T tell you about investing in real estate And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Apply to Be a Guest on the “Real Estate Rookie” Podcast Grab Your Copy of “Real Estate Partnerships” Financial Freedom in 10 Years and $200K Cash Flow with a Small Portfolio w/Dion McNeeley Tenant Screening Tools for Landlords: BiggerPockets Pro Avail RentRedi AppFolio Buildium TenantReports.com Set Up Your Own Virtual Mailbox with PostScan Mail   Check the full show notes here: https://www.biggerpockets.com/blog/rookie-374 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
3/1/202434 minutes, 51 seconds
Episode Artwork

373: Wiping Out $130K of Debt in ONE Year With THIS “Steady” Real Estate Business w/Nicole Rutherford

Building a real estate business is one of the best ways to unlock financial freedom, but that’s not to say that every strategy is the right fit for you. Today’s guest had to strike out multiple times before arriving at the perfect real estate investing strategy! Like many new investors, Nicole Rutherford got her start in the rental arbitrage space, where she would bring in at least $1,500 per unit each month. But once landlords decided to raise rents and more competition arrived, her profits evaporated, and her Airbnb bookings took a nosedive. Suddenly, she was hemorrhaging money. With $130,000 in debt, Nicole was forced to cut her losses and start over. Rather than giving up on real estate investing, however, she simply pivoted to another strategy. Just one year later, Nicole is debt-free and runs a thriving Airbnb co-hosting business with fourteen units! Whether you’re new to the world of real estate or looking to pin down your strategy, there’s plenty of helpful information to glean from this episode. Tune in as Tony and Nicole discuss the differences between arbitrage and co-hosting, the different services that co-hosts provide, and what to include in your co-hosting agreements. You’ll also learn how to leverage your network to find your first clients and how to build trust with property owners! In This Episode We Cover: Building a profitable real estate business (and common mistakes to avoid!) How Nicole climbed out of $130,000 in debt with Airbnb co-hosting Finding your first clients through your own real estate network The importance of maintaining transparency with guests and property owners Key terms and conditions you MUST include in your co-hosting agreement How to pivot to a new investing strategy when one isn’t working Why you DON’T need to hit a home run on your first real estate deal And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Apply to Be a Guest on the “Real Estate Rookie” Podcast Making $140K/Year & Retiring His Wife in 18 Months with “Rental Arbitrage” w/Keron Bryce How to Start an Airbnb Business in a Brand New Market Rookie Reply: How to Choose Your Real Estate Investment Strategy Connect with Nicole: Nicole's BiggerPockets Profile Nicole's Instagram: @_nicolerutherford_ Nicole's LinkedIn Check the full show notes here: https://www.biggerpockets.com/blog/rookie-373 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
2/28/202450 minutes, 29 seconds
Episode Artwork

372: $4K/Month and Financial Stability From Rentals After Losing His “Safe” Job w/Kevin and Julia Windheuser

For some people, real estate investing is “too risky.” But what if a small, cash-flowing portfolio could provide financial stability when you lose your job? If you asked today’s guests, they might say it’s too risky NOT to buy rental properties! Welcome back to the Real Estate Rookie podcast! Kevin and Julia Windheuser got into real estate at the perfect time. Shortly after building a small portfolio with six total doors, Kevin was let go from his “safe” engineering job. With no W2 income, the couple leaned on the steady income from their rentals. This $4,000 monthly cash flow bought them the time to not only work on their real estate business but also find Kevin a new job. In this episode, you’ll learn about the power of a “small and mighty” rental portfolio and how it can insulate your finances when times are tough. Kevin and Julia also talk about why they chose a market just outside their backyard, as well as how they estimate rehab costs. Tired of bad tenants? Julia shares the unique screening process she uses to guarantee the best tenants in town! In This Episode We Cover: How to build a small portfolio of cash-flowing rental properties How multiple streams of income can save you financially in life Choosing a market when your backyard is too expensive to invest Home renovation projects YOU can tackle (and which ones to outsource) Simple ways to estimate rehab costs as a new investor How to improve your screening process and get better tenants in your rentals And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Apply to Be a Guest on the “Real Estate Rookie” Podcast Achieving FI with Fewer Doors: The Small and Mighty Real Estate Portfolio Making $10K/Month with a “Small and Mighty” Rental Portfolio How to Screen Tenants for Rental Property Rental Management Tools for Landlords: RentRedi Stessa Connect with Kevin & Julia: Kevin and Julia's Instagram: @luxlivingri Check the full show notes here: https://www.biggerpockets.com/blog/rookie-372 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
2/26/202446 minutes, 18 seconds
Episode Artwork

371: Rookie Reply: Estimating Rehab Costs, Finding "Hard Money," & Tax Planning w/Natalie Kolodij

Need to estimate rehab costs or calculate ARV (after-repair value) on a property? For new investors, these tricky tasks can often make or break a deal. But, as always, our hosts are here to deliver some helpful tips!   Welcome back to another Rookie Reply! After diving into rehab costs, discussing hard money, and weighing the pros and cons of FHA loans, real estate tax strategist Natalie Kolodij returns to the show to deliver some extra tax advice. She talks about passive losses and why you need to carefully track them from year to year, as well as how tax benefits are allocated in real estate investing partnerships. Stick around until the end to learn the ONE mistake you can’t undo on your tax return! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover How to estimate rehab costs and calculate after-repair value (ARV) The pros and cons of FHA loans (and when to get a conventional loan instead!) How to find the right hard money lender for your next deal Why you NEED to track your passive losses (even if you can’t use them this year) The ONE tax benefit you can never get back if your taxes are filed incorrectly Using losses to offset earned income with the short-term rental “loophole” How tax benefits are allocated in a real estate partnership And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/rookie-371 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
2/23/202436 minutes, 33 seconds
Episode Artwork

370: Making $140K/Year & Retiring His Wife in 18 Months with “Rental Arbitrage” w/Keron Bryce

Airbnb arbitrage is a real estate investing strategy that provides a low-cost, low-risk entry point for new investors. While you don’t get the appreciation or tax benefits of property ownership, arbitrage can deliver cash flow in spades! Welcome back to the Real Estate Rookie podcast! Like many investors, Keron Bryce started house hacking to help cover his mortgage. Once he discovered the potential of short-term rentals, however, he converted his unit into an Airbnb and doubled his cash flow right off the bat. But Keron still aspired to grow his business. So, without a ton of money for down payments, he decided to try his hand at arbitrage—a strategy that helped him rake in $140,000 of pure profit last year and allowed his wife to leave her nine-to-five! Need an easy alternative to owning rentals? Arbitrage is not only a great way to test the waters before buying properties, but it’s also a profitable strategy in its own right! In this episode, you’ll learn about the pros and cons of arbitrage, the systems and processes you’ll need to automate your business, and the best way to find new units! In This Episode We Cover: How to get cash flow from real estate without owning rental properties The strategy Keron uses to get a 100% cash-on-cash return The pros and cons of the rental arbitrage model System and processes you NEED to scale your business How to convince a landlord to allow rental arbitrage Leveraging your network to acquire MORE units And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Apply to Be a Guest on the “Real Estate Rookie” Podcast Airbnb Rental Arbitrage: How to Make Money Without Owning Property Building a 150-Unit “Lease Arbitrage” Empire and the STR Furnishing Playbook Tools to Analyze Short-Term Rentals: BiggerPockets Airbnb & Short-Term Rental Calculator AirDNA Rabbu Connect with Keron: Keron's BiggerPockets Profile Keron's Facebook Keron's Instagram: @keronbrycerei Keron's Website Check the full show notes here: https://www.biggerpockets.com/blog/rookie-370 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
2/21/202449 minutes, 24 seconds
Episode Artwork

369: Financial Freedom in 10 Years and $200K Cash Flow with a Small Portfolio w/Dion McNeeley

Reaching financial freedom in ten years or less with a small real estate portfolio!? While it might seem like a lofty goal, it’s very doable when you maximize your cash flow and play the long game. If “the lazy investor” can do it, so can YOU!  Welcome back to the Real Estate Rookie podcast! When Dion McNeeley reached early retirement in 2022, he was raking in $200,000 per year from just sixteen units. Now, he’s using his newfound financial independence, knowledge, and resources to take a few more risks with his real estate investments. For his latest deal, he used the buy, rehab, rent, refinance, repeat (BRRRR) method on a house hack that generates enough cash flow to fund his travels! It all sounds very impressive, but how on earth did he get there? In this episode, Dion shares some of the secrets and strategies that allowed him to go from $89,000 in debt to financially free within a decade. He talks about building a buy box that features a blend of market data and home attributes, as well as finding deals on the multiple listing service (MLS) that other buyers overlook. He even discusses an ingenious strategy that will have your tenants ASKING you to raise rents! In This Episode We Cover How to reach financial freedom in ten years or less with real estate Finding deals on the multiple listing service (MLS) that other investors miss Why you should stick with ONE investing strategy for the long haul The MOST important metric to include in your buy box How to get tenants to ASK you to raise rents with the “binder strategy” Why house hacking is the easiest way to start real estate investing And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/rookie-369 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
2/19/202454 minutes, 19 seconds
Episode Artwork

368: Pay Less Tax to the IRS This Year With THESE Real Estate Tax Strategies w/Natalie Kolodij

Want to pay less money to the IRS in 2024? We’ve got the real estate tax strategies to help you do just that. And get this—you don’t need a large real estate portfolio to benefit from these money-saving tax tips! Welcome back to the Real Estate Rookie podcast! Today, real estate tax strategist Natalie Kolodij lends her expertise on the many tax benefits of real estate investing. Natalie is not only a certified public accountant (CPA) but also a fellow investor, and in this episode, she shares the unique real estate investing strategy she used to get started—flipping mobile homes! She also dives into the different types of partnerships and their tax advantages, as well as common house hacking misconceptions that cause new investors to miss out on important deductions. Need to sell a property? You’ll want to know about the exclusion that allows you to avoid capital gains tax. Natalie even gets into the short-term rental “loophole” that investors can use to reduce their taxable income each year. Of course, you don’t need to master the tax code before buying your first property—you just need to find a tax professional who specializes in real estate. So, Natalie offers three questions you MUST ask before hiring one! In This Episode We Cover: Must-know 2024 tax strategies for the small rookie investor Crucial real estate questions to ask a tax professional before hiring them How to plan and file taxes for different types of partnerships Common house hacking misconceptions that cost investors thousands of dollars The short-term rental “loophole” that allows you to reduce your taxable income How to dodge capital gains tax when selling your investment property The most common tax mistakes that new investors make (and how to avoid them!) And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Apply to Be a Guest on the “Real Estate Rookie” Podcast Hear Natalie on the “BiggerPockets Money” Podcast What You Need to Do NOW to Pay Fewer Taxes in 2024 How to (Legally) Avoid Taxes by Investing in Real Estate Seeing Greene: CPAs Answer YOUR Top Investing and Tax Questions The Biggest Real Estate Tax Loophole You’ve (Probably) Never Heard Of Connect with Natalie: Natalie's BiggerPockets Profile Natalie's Facebook Natalie's LinkedIn Natalie's Instagram Natalie's Website Check the full show notes here: https://www.biggerpockets.com/blog/rookie-368 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
2/16/202446 minutes, 58 seconds
Episode Artwork

367: How to Buy a Hotel: Breaking Down Tony’s FIRST Commercial Real Estate Deal

Commercial real estate investing might seem intimidating, but in many cases, this kind of rental property is even easier to buy than a single-family home. After two failed attempts, our own Tony Robinson unlocked the blueprint for buying commercial properties as a beginner! Welcome back to the Real Estate Rookie podcast! Recently, Tony took down his very first commercial deal—a thirteen-unit property he plans to transform into a hotel with self-check-in convenience. But this huge triumph didn’t come without a few costly mistakes. Before landing his “golden goose,” Tony missed out on two properties and lost thousands of dollars in the process. By his third attempt, however, he had cracked the code! If you want to scale your real estate portfolio and become a full-time investor, buying a commercial property might be your best bet. In this episode, Tony dives into the numbers and projections for his new hotel, as well as the biggest takeaways from his experience. He also shares how to find a market for a niche property, how to raise private capital for a large deal, and why it’s easier to approach an owner about seller financing on a commercial deal! In This Episode We Cover: How to buy commercial real estate as a novice investor Finding the right market for your niche property How to raise capital to take down even bigger real estate deals  The five factors that determine if you can compete in a market Why you NEED to develop your network before buying commercial real estate When to hire your first employee for your real estate business And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Apply to Be a Guest on the “Real Estate Rookie” Podcast Grab Your Copy of “Real Estate Partnerships” Why Self-Storage Beats Rental Properties Commercial Real Estate Fundamentals for Successful Investors Scaling from Single Family to Commercial Real Estate Find Your Next Commercial Property: Crexi LoopNet BizBuySell Check the full show notes here: https://www.biggerpockets.com/blog/rookie-367 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
2/14/202447 minutes, 52 seconds
Episode Artwork

366: The EASIEST Way to Get into Real Estate Investing With NO Money w/Amina Stevens

Choosing to wholesale real estate might be the EASIEST way to kick-start your real estate investing journey. You don’t need a ton of money and you don’t need to take on debt. And with a couple of deals under your belt, you’ll have the money to buy your own investment properties! Welcome back to the Real Estate Rookie podcast! Today, Amina Stevens is an investor, wholesaler, and the host of First-Time Buyer's Club on the Oprah Winfrey Network. But only a few years ago, Amina was a high-school educator who was teaching kids to “follow their dreams” without following any of her own. So, she left her “safe” career, got her license, and found a real estate mentor who showed her the ropes of wholesaling land. Want to invest in real estate but feel you don’t have the money or connections to start? Wholesaling could be the perfect strategy to get your foot in the door! In this episode, Amina shares how she chose her market, found sellers and buyers, and built a six-figure real estate business from the ground up—everything you could need to get started today! In This Episode We Cover: The “easiest” way to get into real estate with NO money How Amina built a six-figure business in only a few months Why you NEED a mentor to help fast-track your investing journey How to get money to buy investment properties by wholesaling land The systems and processes YOU need for a successful real estate business How to find the perfect market for your real estate investing strategy And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Apply to Be a Guest on the “Real Estate Rookie” Podcast A 60-Day Action Guide to Wholesaling Your First Property Real Estate Wholesaling: Profit Parasites or Property Investors’ Best Friend? PropStream LandGlide LandVision Connect with Amina “First-Time Buyer’s Club” Amina's Instagram: @homesbyamina Amina's Twitter: @homesbyamina Check the full show notes here: https://www.biggerpockets.com/blog/rookie-366 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
2/12/202453 minutes, 7 seconds
Episode Artwork

365: Rookie Reply: How to Analyze Deals Like a PRO (Use THESE Numbers & Tools)

You could spend HOURS breaking down deals for cash flow, cash-on-cash return, return on investment, price-to-rent ratio, and countless other metrics. What do these terms mean, and which one is most important when analyzing rental properties? Today, we’ll show you how to streamline this process so you can check out MORE deals! In this Rookie Reply, you’ll learn how to analyze deals the right way, find off-market properties without spending a dime, and make offers on properties you haven’t seen. We also get into house hacking and why covering your mortgage payment isn’t necessary for a great deal. Finally, stick around until the end for the inside scoop on our hosts’ most recent ventures. Tony spills the beans on his first commercial property, while Ashley shares about the “pocket listing” she landed in the city! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover: The most important metrics to look at when analyzing a deal How to find off-market real estate deals for FREE How to make an offer on a property you haven’t seen Why you should house hack (even if it doesn’t cover your mortgage!) Tony’s UNIQUE commercial real estate investing experience and Ashley’s “pocket listing” gem And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Apply to Be a Guest on the “Real Estate Rookie” Podcast Brush Up on Your Real Estate Terms The Step-by-Step Guide to Finding the BEST Off-Market Real Estate Deals Financially Free in 2.5 Years by Buying “Low Risk” Rental Properties Ep #362: Rookie Reply: HELOCs Explained and How to Invest with BAD Credit Tools to Help You Analyze Deals: PropStream Invelo Privy LandGlide onX Hunt Book Mentioned in the Show The House Hacking Strategy by Craig Curelop Real Estate by the Numbers by J Scott & Dave Meyer Check the full show notes here: https://www.biggerpockets.com/blog/rookie-365 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
2/8/202453 minutes, 13 seconds
Episode Artwork

364: Making $115K From a Nightmare First Deal (Cops, Evictions, and Break-Ins!) w/Mitch Krotz

Is the fear of “what if?” stopping you from investing in real estate? You could learn a thing or two from today’s guest. Despite a “nightmare” first deal involving every worst-case scenario imaginable, he still managed to come away with an enormous profit! Mitch Krotz had always wanted to buy a rental property, so when a great deal fell in his lap, it was a no-brainer! But then, seemingly everything that could go wrong did go wrong. Shortly after closing, Mitch was already evicting tenants and wading through trash in his heavily damaged unit. But that’s not all. Police showed up and discovered a grow house in the basement right before Mitch’s ex-tenants broke into the property. To cap things off, Mitch was hospitalized for meningitis during his DIY home renovations. While he had every reason to give up on real estate investing, his persistence paid off to the tune of $115,000 in profit. If Mitch can do it, you can too! Stay tuned as he shares some of the most valuable lessons learned during his painful first deal. For one, if you’re going to take real estate seriously, you need to manage it like a real business. Invest in systems, organization, bookkeeping, and other tools that will set you up for success! In This Episode We Cover: Mitch’s biggest lessons learned from a painful first real estate deal How to build an all-star team to help run your real estate business When to DIY home improvement projects (and when to outsource them instead!) Dealing with troublesome tenants and navigating the eviction process Why you NEED to allow room for error in your margins The “secret” up-and-coming market Mitch has identified for short-term rentals And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Ask Us Your Investing Question Apply to Be a Guest on the “Real Estate Rookie” Podcast The Step-by-Step Guide to Finding the BEST Off-Market Real Estate Deals How I’m HELOCing My Way to Wealth Should I Fix My Credit Before Attempting to Invest in Real Estate? Rookie to Real Estate Investor in 90 Days: LIVE Mentorship Calls 3 Steps to Start Investing in Real Estate + 2024 Mortgage Rate Predictions Achieving FI with Fewer Doors: The Small and Mighty Real Estate Portfolio Leaks, Surprise Rehabs, and the Reality of Buying Your First Rental Property Books Mentioned in the Show The Small and Mighty Real Estate Investor by Chad Carson Connect with Mitch Mitch's BiggerPockets Profile Mitch's Instagram: @krotzrocket11   Check the full show notes here: https://www.biggerpockets.com/blog/rookie-364 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
2/7/202458 minutes, 27 seconds
Episode Artwork

363: How to Start an Airbnb Business in a Brand New Market w/Melanie Wilmesher

Want to know how to start an Airbnb business? If you find the right deal and build an all-star team, you could squeeze a TON of cash flow from just one rental. And we’ve got the perfect guest to show you the ropes! Welcome back to the Real Estate Rookie podcast! Today, we’re joined by former ninety-day mentee Melanie Wilmesher. Since we last spoke with Melanie, she has added a short-term rental property to her portfolio—this time, in an entirely different market! In this episode, she shares her biggest struggles and lessons learned from investing out-of-state. While one destructive house party left her with $4,000 in damages and nearly derailed her Airbnb investing strategy, Melanie credits her trusted team for getting the property back up and running in no time. While short-term rentals can be wildly profitable, running them is not always a breeze. Melanie shares the highs and lows of her journey so that you can know what to expect in any situation! You’ll learn how to deal with bad reviews, find a great property manager for your rental, create the best possible guest experience, and more! In This Episode We Cover How to start an Airbnb business that gives you more cash flow in 2024 Melanie’s biggest lessons learned from owning short-term rentals How to deal with bad reviews you receive on Airbnb Creating the ideal guest experience that gets you MORE bookings Critical steps to take before buying a property “sight unseen” Building your dream short-term rental team through networking and referrals Why you NEED a top-notch property manager for out-of-state investing And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/rookie-363 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
2/6/202458 minutes, 23 seconds
Episode Artwork

362: Rookie Reply: HELOCs Explained and How to Invest with BAD Credit

Getting a home equity line of credit (HELOC) is one of the easiest ways to leverage your home equity and buy your first rental property. But what is the best way to use one? Are there any drawbacks? After today’s deep dive into HELOCs, you’ll have all the answers! Welcome back to another Rookie Reply! In this episode, we’re not only looking at HELOCs but also comparing them to “evergreen loans” so that you can choose the right financing tool for you. Is bad credit preventing you from investing in real estate? You might have to get creative! Ashley and Tony offer several ways to invest while you’re fixing that credit score. Stick around until the end for the best value-adding home renovation projects that will help you raise rents! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover: How to use a home equity line of credit to buy your first rental property How to buy an investment property before fixing your credit The BEST ways to invest in real estate with a small amount of cash HELOCs vs. evergreen loans (and which one is right for YOU!) Value-adding home renovation projects for your rental properties And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Ask Us Your Investing Question Apply to Be a Guest on the “Real Estate Rookie” Podcast The Step-by-Step Guide to Finding the BEST Off-Market Real Estate Deals How I’m HELOCing My Way to Wealth Should I Fix My Credit Before Attempting to Invest in Real Estate? Check the full show notes here: https://www.biggerpockets.com/blog/rookie-362 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
2/1/202442 minutes, 49 seconds
Episode Artwork

361: How to Buy Your First Rental Property When You CAN’T Get Approved for a Loan w/Mike Previtera

Want to know how to buy your first rental property without money getting in the way? For years, Mike wanted to invest in real estate, but banks wouldn’t give him a loan. If you’re having the same issue, we’re here to help!   Welcome back to the Real Estate Rookie podcast! After multiple deals fell through during the financing stage, Mike Previtera realized he needed to work on his finances. So, he and his wife trimmed the fat from their budget and aggressively paid off bad debts. Mike even made changes to his lawnmowing business—raising rates and working extra hours to increase his income. Within one year, all of the hard work had paid off, as Mike was able to get financing for not only his first deal but also the deals that followed!   If your financial situation is holding you back from buying real estate, this episode is for you! Mike recalls the exact steps he took to get his finances in order. He also shares how he grew his network, which allowed him to find more deals and financing opportunities. Finally, he talks about some of his biggest investing mistakes—mistakes that YOU can avoid! In This Episode We Cover How to buy your first rental property when you can’t get a loan Finding deals, connections, and mentors through the power of networking Why hustling for a season could help kickstart your real estate journey How to lay your financial foundation before investing in real estate The BEST strategies for finding deals as a new investor The most common real estate investing pitfalls (and how to AVOID them!) And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/rookie-361 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
1/30/202452 minutes, 2 seconds
Episode Artwork

360: Trespassers Took Over My Property! (How to Get Rid of Squatters ASAP) w/Leka Devatha

If there’s anyone who knows how to get rid of squatters, it’s Leka Devatha. Right before MCing the biggest real estate event of the year, BPCon 2023, Leka got a phone call from her property manager with the words no investor EVER wants to hear, “there are trespassers in the property.” What followed was months of legal back and forth, media attention, and some secret agent work from Leka to get these so-called “tenants” OUT of her property. In the end, Leka lost tens of thousands of dollars, but today, she’s going to share how to avoid the same fate. Squatters know their rights and how long it takes landlords to kick them out of a property, so they come prepared. With everything from fake leases to moving over utilities, claiming the legitimate owners are liars, and doing ANYTHING they can to prove they belong in the house, modern-day squatters could live in your home for years unless you follow the same steps as Leka. In today’s episode, Leka shares how she got two trespassers out of her house without going through the long, costly, and often unsuccessful eviction process, how she beat the squatters at their own game, and what YOU should do to stop ANY squatter from even THINKING about stealing from you. In This Episode We Cover: How to get squatters out of your house ASAP without waiting on the eviction process The one type of rental property owner squatters LOVE to target  Hiring attorneys and why your legal team MUST be ready to make moves quickly Canceling utilities and how to get this done as soon as a squatter takes over your property “Squatters' rights” and how to beat squatters at their own game Leka’s BIGGEST pieces of advice to avoid squatters and trespassers in the future And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Ask Us Your Investing Question Apply to Be a Guest on the “Real Estate Rookie” Podcast Grab Your Copy of “Start with Strategy” and Use Code “STRATEGY356” for a 10% Discount Sign Up for the Real Estate Investing Virtual Summit Creative Ways to Get Rid of Squatters: What’s Legal & What’s Not What Landlords Need to Know About Squatter’s Rights Watch Leka’s News Story Minut Noise Monitoring Connect with Leka: Leka's BiggerPockets Profile Leka's Instagram Leka's LinkedIn Check the full show notes here: https://www.biggerpockets.com/blog/rookie-360 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
1/25/202452 minutes, 3 seconds
Episode Artwork

359: From His Grandma’s Couch Making $15/Hour to $30K/Year from ONE Property w/Jaryn Pierson

Could ONE multifamily rental property change your life? Just five years ago, Jaryn Pierson was sleeping on his grandma’s couch, working a minimum-wage job, and getting sober. But when the right deal came along, it altered his financial future! Welcome back to the Real Estate Rookie podcast! Jaryn discovered real estate during the lowest point of his life. When friends and family warned him not to invest, he bought a duplex in his hometown. Today, that property nets $30,000 in cash flow each year! Since then, he has only added to his portfolio—buying an eight-unit apartment building through a RARE seller financing opportunity and launching his own property management company. His old minimum-wage job? He’s still got it, only he has been promoted to general manager of multiple locations! In this episode, Jaryn shares some of the biggest lessons he has learned during his real estate journey—from becoming a better Airbnb host to raising rents on long-term tenants. You’ll also learn how to find properties to manage, as well as why you should focus on stabilizing your portfolio rather than scaling it! In This Episode We Cover: Jaryn’s multifamily rental property that brings in $30,000 per pear How to raise rents on existing tenants (and keep them happy!) Avoiding the banks to get a GREAT deal with seller financing Jaryn’s biggest lessons learned as an Airbnb host How to find clients for your property management company When to focus on stabilizing your portfolio instead of scaling your business And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Ask Us Your Investing Question Apply to Be a Guest on the “Real Estate Rookie” Podcast Grab Your Copy of “Start with Strategy” and Use Code “STRATEGY356” for a 10% Discount Sign Up for the Real Estate Investing Virtual Summit Rookie Reply: Seller Financing & How to Buy MORE Real Estate on YOUR Terms Raising Rent: How Much Should I Increase Rent Each Year? Books Mentioned in This Episode The Multifamily Millionaire, Volume 1 by Brandon Turner & Bryan Murray The Multifamily Millionaire, Volume 2 by Brandon Turner & Bryan Murray Buy Back Your Time by Dan Martell Connect with Jaryn: Jaryn's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-359 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
1/23/20241 hour, 3 minutes, 49 seconds
Episode Artwork

358: Rookie Reply: Loan Pre-Approvals & Picking an Out-of-State Investing Market

Out-of-state investing is a great option if you’re looking to venture beyond your backyard, but finding the perfect market can be a challenge. Not to worry—our hosts have been in your shoes before and are here to help you navigate this big decision! Welcome back to another Rookie Reply! In this episode, Tony and Ashley offer their best tips, tricks, and tools for choosing a real estate market. They also get into the nitty-gritty of the mortgage pre-approval process. What is a pre-approval, when should you get one, and does it affect your credit score? Stay tuned to find out! Next, they discuss holding costs, including some of the different ways to fund these expenses. Finally, they talk about security cameras, and Tony even shares two instances when they helped save the day on his properties! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover: Finding the perfect market for investing out-of-state When to start the pre-approval process for a new home loan How to pay for holding costs (and which lenders will fund them!) How to land the IDEAL loan for your real estate niche When to install security cameras across your rental properties And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Ask Us Your Investing Question Apply to Be a Guest on the “Real Estate Rookie” Podcast Grab Your Copy of “Start with Strategy” and Use Code “STRATEGY356” for a 10% Discount Sign Up for the Real Estate Investing Virtual Summit Your Step-by-Step Guide to Buying Out-of-State Investment Properties Looking to Invest Out-of-State? Here’s How to Pick and Analyze a City Tools to Help You Find Your Market: NeighborhoodScout BrightInvestor Check the full show notes here: https://www.biggerpockets.com/blog/rookie-358 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
1/18/202438 minutes, 28 seconds
Episode Artwork

357: The $120K Investing Mistake YOU Can Avoid on Your Next Home Renovation w/Justin Noe & Nate Cherubini

There are ebbs and flows in every real estate investing journey, but not every home renovation project results in a six-figure loss! Fortunately, today’s guests learned one very expensive lesson so that YOU (hopefully) don’t have to!   Welcome back to the Real Estate Rookie podcast! Justin Noe and Nate Cherubini are real estate investing partners with top-notch problem-solving skills. But not even that could stop them from making a MAJOR blunder on one of their real estate deals—a mistake that cost them a whopping $120,000. After dealing with termites, zoning issues, and bad contractors, this dynamic duo had every reason to give up on real estate—but didn’t!   In this episode, Justin and Nate stress the importance of keeping your contractors in check and fostering healthy relationships in real estate. They also talk about why you should build your buy box early on in your investing journey and how to get your family on board with your real estate investing goals! In This Episode We Cover How this duo bounced back after a $120K failed home renovation project Choosing your buy box early on (and avoiding “shiny object syndrome”) Why you NEED a good “ground game” when investing out-of-state The BEST way to use private money or hard money on a house flip Finding a complementary real estate investing partner How to get your family on board with real estate investing And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/rookie-357 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
1/16/202459 minutes, 25 seconds
Episode Artwork

356: 3 Steps to Start Investing in Real Estate + 2024 Mortgage Rate Predictions

If you want to know how to start investing in real estate, you’re in the right place. Today, we’re going to detail the three often-overlooked beginner steps that’ll allow you to build a real estate portfolio, reach financial freedom, and have more time and money than ever before. And no, these steps are NOT the usual “look up properties online, talk to an agent, get pre-approved” advice. Instead, we’re giving you the time-tested expert guidance that leads you to REAL wealth, not just a handful of headache properties. So, who has the foolproof plan for real estate success? Dave Meyer, BiggerPockets VP of Data and Analytics, host of the On the Market podcast, and author of Start with Strategy. In today’s episode, Dave outlines exactly how he built a life he loves, living abroad with free time to travel, making more than enough to support his adventurous lifestyle, all while spending less than an hour a day on his real estate portfolio. If you’re ready to buy your first or next rental, experience lasting financial freedom, and hear Dave’s 2024 mortgage rate predictions, stick around! Ready to start investing in 2024? Pick up Start with Strategy and use code “STRATEGY356” at checkout to get 10% off! In This Episode We Cover The three beginner steps to start investing in real estate in 2024  Creating your “vision” of what you want financial freedom to look like for you Why you should NOT quit your job (yet) to go full-time in real estate  The fastest way to boost your income or get a substantial raise at work  Dave’s 2024 mortgage rate predictions and how low rates could go this year  And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/rookie-356 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
1/11/202456 minutes, 48 seconds
Episode Artwork

355: $25K/Month from ONE Property Thanks to a $180K Discount & Creative Finance w/Dayna Hicks

Can’t fund your next rental property? Never let a little money get in the way of a great deal! When today’s guest didn’t have the cash to buy the property of her dreams, she negotiated a MASSIVE discount and used creative financing to get it across the finish line. Welcome back to the Real Estate Rookie podcast! Today, we’re joined by Multifamily Bootcamp graduate Dayna Hicks, a foster parent and investor with a HUGE heart for the less fortunate. After reading Rich Dad Poor Dad and discovering BiggerPockets, Dayna realized that investing in real estate would give her something to pass along to her (many) children. It took her very little time to get started, buying three multifamily properties as a rookie! In this episode, Dayna shares how she secured her latest deal—a thirteen-unit transitional house designed to help young adults get back on their feet. Dayna was able to negotiate the purchase price down by a whopping $180,000 simply by using her newfound real estate knowledge to her advantage. Now, the property brings in $25,000 per MONTH! In This Episode We Cover: How Dayna negotiated $180K off a seller’s asking price Using creative finance to fund a unique rental property The MANY advantages of investing in multifamily real estate Leveraging your primary residence to fund MORE deals Creative ways to raise rent on a good tenant (and keep them happy!) Life-saving tips for managing a home renovation project And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Ask Us Your Investing Question Apply to Be a Guest on the “Real Estate Rookie” Podcast Making $90K/Year with Just ONE Rental by Combining Compassion with Cash Flow How to Negotiate House Prices Books Mentioned in the Show Rich Dad Poor Dad by Robert Kiyosaki One Rental at a Time by Michael Zuber  Connect with Dayna: Dayna's Email [email protected] [email protected] Check the full show notes here: https://www.biggerpockets.com/blog/rookie-355 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
1/9/202455 minutes, 24 seconds
Episode Artwork

354: How to Unlock Off-Market Real Estate Deals with This “Personalized Pitch” w/Brett Long

Off-market real estate deals allow you to avoid the multiple listings service (MLS) and find RARE properties often at a sizable discount, but many rookie investors are hesitant to send mail or pick up the phone. If that sounds like YOU, we have the tips, tools, and templates to make your life easier! Welcome back to the Real Estate Rookie podcast! Today’s special guest is Brett Long, a rookie investor who managed to build a valuable portfolio in just three years. At a time when all of his friends and family members told him to avoid real estate investing, Brett went all-in—flipping houses for a HUGE profit. Little did he know that the money he would bring in from this strategy would help him fund buy and hold properties as well. In this episode, Brett talks about his experience driving for dollars, as well as the “personalized pitch” he included in his direct mail campaigns to generate a TON of interest from sellers. Of course, once the calls started coming in, he still had some convincing to do. Brett provides the template for these productive phone conversations and shares how he was able to turn hesitant homeowners into willing sellers! In This Episode We Cover: Finding a TON of off-market properties by driving for dollars Building the PERFECT buy box for your investing needs How to beat the competition by investing in “the path of progress” Using the profits from house flips to fund buy and hold rental properties How to craft a high-converting mailer to send to sellers Essential tips and tricks for talking to sellers over the phone Why NOW is the best time to start flipping houses And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Ask Us Your Investing Question Apply to Be a Guest on the “Real Estate Rookie” Podcast From Sleeping in His Car to Multi-Unit Landlord & The “Nomad” Strategy Finance Friday: Self-Employed Income and Short-Term Rental Investing Find Property Information Easily with PropStream The Step-by-Step Guide to Finding the BEST Off-Market Real Estate Deals Find the Real Estate You Hate (So You Can Buy the Real Estate You Love) How to Get a Better Price on That Off-Market Property Cashing In On Overlooked Off-Market Deals & Overcoming Analysis Paralysis Connect with Brett: Brett's BiggerPockets Podcast Brett's Instagram Brett's Website Check the full show notes here: https://www.biggerpockets.com/blog/rookie-354 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
1/4/202444 minutes, 30 seconds
Episode Artwork

353: From Prison to Real Estate Investor Making $71K/Year from ONE Rental w/Matt McDermott

Making $71,000 per year from ONE rental property is a huge feat for any real estate investor, but it’s even more impressive when you’ve had to work your way from the very bottom. Although today’s guest had to overcome several challenges on his investing journey, his resiliency paid off in a BIG way!   Only a few years ago, Matt McDermott’s life was unraveling. After hitting rock bottom and going to prison, Matt realized that he needed to make some serious life changes. Step one was getting sober. Step two was financial freedom through real estate. After an argument in the kitchen one evening, Matt and his wife reached the conclusion that they should buy their first rental property. Since then, they have built a multimillion-dollar painting business and a cash-flowing real estate portfolio!   In this rags-to-riches episode, Matt shares how he worked around several roadblocks to make his real estate dream a reality. He also offers crucial tips for getting your spouse on board with real estate, as well as how to get your family involved in DIY home renovation projects. Finally, if you’re self-employed, Matt talks about creative ways to get financing for your deals—such as using bonus depreciation to boost your buying power! In This Episode We Cover Making $71,000/year from ONE property with the short-term rental strategy How to get your spouse on board with your real estate dream How to get financing for your deal when the banks tell you “no” Increasing your buying power and reducing your tax burden with bonus depreciation Turning DIY home renovation projects into more quality time with family Leveraging equity in your portfolio to buy MORE real estate And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices
1/2/202456 minutes, 1 second
Episode Artwork

352: Rookie Reply: Seller Financing & How to Buy MORE Real Estate on YOUR Terms

Seller financing is a great way to fund real estate deals on YOUR terms. But why would a seller agree? In this episode, we’re taking a deep dive into the topic—showing you how to pitch seller financing like a pro and get your offer accepted!   Welcome back to another Rookie Reply! Beyond seller financing, Ashley and Tony discuss the ins and outs of scaling a real estate business and some of the most common mistakes that rookie investors make along the way. You’ll also learn why you should keep a mortgage in one person’s name, how to minimize your debt-to-income ratio so you can scale faster, and how to identify the perfect loan products for your portfolio. Finally, good contractors are hard to find, but our hosts deliver some expert advice on how to negotiate with them and protect yourself! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover The best ways to pitch seller financing (and get your offer accepted!) Pitfalls to avoid when taking on more real estate debt Scaling your real estate business faster with UNIQUE loan products How to negotiate pricing with contractors for your home renovations Why you MUST build your own scope of work when getting contractor bids And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/rookie-352 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
12/28/202347 minutes, 18 seconds
Episode Artwork

351: The BEST Rookie Investor Tips, Tricks, Hacks, and Advice of 2023

We got to talk a WHOLE lot of real estate in 2023. With topics ranging from partnerships to home renovation hacks, we covered a ton of ground this year and hope the information helped YOU on your real estate investing journey! Today, we’re taking a trip down memory lane—reflecting on all of the amazing guests and conversations we had on the show over the last twelve months. For this very special episode, we’ve handpicked a few of our favorite moments to share with you. Whether you’re looking to find your first deal or already own several rental properties, we hope this compilation gives you the inspiration and motivation you need to start the new year off strong! Tune in to learn everything from getting your spouse on board with real estate to replacing your W2 income with rentals. You’ll find out why house hacking is perhaps the best entry point to real estate investing and why rental arbitrage is a cheat code for easy cash flow. You’ll even learn about the “open house” hack that one rookie investor uses to estimate rehab costs, as well as some clever ways to get more money out of your current portfolio! Here is the link to the Spotify playlist for the full episodes clipped for this show! In This Episode We Cover The BEST real estate tips, tricks, hacks, and advice from 2023 How to get your spouse on board with real estate investing Building your dream lifestyle through the power of house hacking How to replace your W2 income with rental properties The “open house” hack for estimating rehab costs Squeezing more money from your current portfolio How to attract the right investing partner (hint: find the deal first!) How to get EASY cash flow through rental arbitrage Scoring fully-funded vacations by using business credit cards How to complete home renovation projects remotely And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/rookie-351 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
12/26/20231 hour, 6 minutes, 31 seconds
Episode Artwork

350: Rookie Reply: How to Start an LLC for Real Estate Investing

Want to know how to start an LLC for real estate? Whether you’re looking to form investing partnerships or avoid being sued, creating an LLC is one way to protect your personal name and assets. With that said, there are several factors to consider before setting one up!   Welcome back to another Rookie Reply! Each week, our inbox is flooded with questions about LLCs, so we’re dedicating an entire episode to the topic! Tune in as Ashley and Tony share their own experiences with LLCs, their benefits, and issues you might encounter. You’ll learn about the requirements for LLCs, when to put multiple properties under one LLC, how to apply for bank financing, and how to take advantage of business credit cards! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover How to start an LLC for your real estate business Requirements you MUST meet to keep your LLC in “good standing” How to apply for bank financing as an LLC (and prevent a deal from falling through!) The hidden mortgage clause you NEED to know about Alternative asset protection strategies to consider for your real estate business The biggest differences between an LLC and umbrella insurance And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/rookie-350 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
12/21/202354 minutes, 9 seconds
Episode Artwork

349: How to Use Public Data to Find Real Estate Deals That 99% of Investors Miss w/Ariel Herrera

Do you lean into data when analyzing real estate deals? In a competitive market, ANY kind of advantage goes a long way towards helping you land better deals. And guess what? Harnessing the power of data is much easier than you think. Today’s guest delivers a handful of helpful tips, tricks, and tools that all rookie investors can use! Welcome back to the Real Estate Rookie podcast! Today, we’re joined by Ariel Herrera—data scientist by day and real estate investor by night. Five years ago, Ariel decided that real estate was going to be her path to financial freedom. Like any eager investor, she devoured as many articles, podcasts, videos, and books as she could get her hands on at the time. Once she realized that she could combine her love for data science with real estate, there was no looking back! In this episode, Ariel shares about the competitive edge you can gain by being a data-driven real estate investor. She recommends several tools and systems, all of which are easy to implement and require ZERO coding. Additionally, you’ll learn how to choose your market, invest out-of-state, and save a ton of time with a few deal analysis shortcuts! In This Episode We Cover: How to find better real estate deals through the power of data science Tools and systems you can use to analyze deals (WITHOUT any coding!) Leveraging the equity in your portfolio to purchase MORE properties Creating consistent cash flow with the house hacking strategy How to find and purchase properties in other states (and countries!) And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Ask Us Your Investing Question Apply to Be a Guest on the “Real Estate Rookie” Podcast Financially Free in 2.5 Years by Buying “Low Risk” Rental Properties Tools Mentioned in This Episode: ChatGPT Apify Google Bard Browse AI Zapier Redfin Books Mentioned in the Show: Long-Distance Real Estate Investing by David Greene Connect with Ariel: Ariel's BiggerPockets Profile Ariel's Website Check the full show notes here: https://www.biggerpockets.com/blog/rookie-349 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
12/19/202350 minutes, 3 seconds
Episode Artwork

348: How to Take Your Real Estate Business to the Next Level in 2024

Ready to grow your real estate business in 2024? With another year in the rearview, it’s time to start dreaming of what your business could become in the next twelve months. Whatever success looks like to you, it starts with careful planning! Welcome back to the Real Estate Rookie podcast! Today, Ashley and Tony are taking some time to reflect on the past year. As you’d imagine, there have been all kinds of challenges faced, mistakes made, and lessons learned. But there have been plenty of HUGE wins, too! Tony talks about how he spent much of 2023 ending a partnership and restructuring his entire business. Meanwhile, Ashley shares how she launched her own property management company and implemented new systems to make her life easier!   Whether you’re planning to buy your first rental property in 2024 or setting new goals for your business, this episode is loaded with tips to help you take the next step in your real estate journey. You’ll learn how to create an organizational chart, hire your first employee, finetune your business’s standard operating procedures (SOPs), and more! In This Episode We Cover Setting goals and how to take your real estate business to the next level in 2024 How Tony ended a long-term partnership and rebuilt his entire business How Ashley launched her very own property management company Why you NEED an organizational chart for your real estate business How to find, hire, and onboard a virtual assistant for your business Systems, processes, and tools to help you manage your entire team And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/rookie-348 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
12/14/202350 minutes, 33 seconds
Episode Artwork

347: How to Quit Your W2 Job and Become a Full-Time Real Estate Investor w/Matthew Marcelissen

Is it your dream to quit your W2 job and pursue real estate investing full-time? Unfortunately, the transition from working for someone else to becoming your own boss doesn’t happen overnight. As you’re about to learn from today’s guest, there are several factors you MUST consider before handing in your two-week notice!   Welcome back to the Real Estate Rookie podcast! Today, we’re chatting with Matt Marcelissen, an HR consultant by day and investor by night. In only a few years, Matt has built a real estate portfolio of four properties and eleven doors. Now, he finds himself at a crossroads. Should he quit his corporate job to focus on real estate? On one hand, Matt’s six-figure salary provides a sense of financial security and allows him to save money for more real estate. On the other hand, Matt commits most of his time and energy to his W2 job during the day—leaving him too mentally and physically exhausted to work on his real estate business.   In this episode, Ashley and Tony offer some invaluable advice to not only Matt but also any rookie investor who might be considering a full-time career in real estate. Whether it’s sticking with your W2 job, dialing back to part-time, or creating multiple streams of income, there are all kinds of ways to make real estate work for you. Stay tuned to find the BEST option for you! In This Episode We Cover When to quit your W2 job to focus on your real estate business Reducing your monthly expenses to free up more money for real estate How to avoid lifestyle creep with a high-income W2 job Why you NEED to hire a virtual assistant for your real estate business Costly mistakes to avoid on home renovation projects Landing MORE deals by submitting backup offers on properties And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/rookie-347 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
12/12/20231 hour, 4 minutes, 44 seconds
Episode Artwork

346: The Multifamily Investing Masterclass: How to Get Started in 2024 w/Andrew Cushman

Multifamily real estate investing can be scary to a new investor. After all, buying more units requires more money, more resources, and a larger team. But today’s guest is here to show you that multifamily investing is not nearly as intimidating as it may seem and why NOW is the perfect time to get started! Welcome back to the Real Estate Rookie podcast! In this episode, Andrew Cushman delivers a masterclass in multifamily real estate. Andrew got his start flipping houses for profit, only to find that he was missing out on the consistent cash flow and long-term appreciation of buy and hold properties. So, he dived headfirst into the world of multifamily investing. Today, he shares how he landed his first multifamily deal—the good, the bad, and the ugly. If you’ve ever considered buying multifamily properties, Andrew explains why you should start now. He also offers some essential tips for investing in today’s market and provides a wealth of resources to help you define your perfect buy box. Finally, you’re going to need the right people around you to tackle multifamily real estate. Andrew shows you how to build your team and how to pitch a long-term buy and hold property to potential investors! In This Episode We Cover: Why NOW is the perfect time to start investing in multifamily real estate Three ways to fund your first multifamily deal (with other people’s money!) Multifamily deal analysis and tips for buying in today’s market The two CRITICAL deal analysis mistakes that investors make How to assemble a high-performing team for your multifamily business And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Ask Us Your Investing Question Apply to Be a Guest on the “Real Estate Rookie” Podcast Grab Your Copy of David Greene’s Book, “Long-Distance Real Estate Investing” Is This Deal Worth My Time? The 6 Crucial Steps to Vet a Multifamily Deal w/ Andrew Cushman The 8 Steps That Will Stop You From Getting Burnt on Multifamily Deals w/ Andrew Cushman Why Self-Storage Beats Rental Properties w/ AJ Osborne Resources to Help You Build Your Buy Box: JCHS ESRI FEMA BLS Rich Blocks Poor Blocks Bright Investor Neighborhood Scout Connect with Andrew: Andrew's BiggerPockets Profile Andrew's LinkedIn Vantage Point Acquisitions   Check the full show notes here: https://www.biggerpockets.com/blog/rookie-346 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
12/7/20231 hour, 3 minutes, 55 seconds
Episode Artwork

345: 69 Doors from ONE Real Estate Deal Using Other People’s Money w/Andrew Freed

Taking down a $6.5 million real estate deal might seem like an unlikely feat for a rookie investor, but it’s not if you use other people’s money. When today’s guest had a large portfolio of multifamily properties fall into his lap, he exhausted all of his resources to bring it home—dodging multiple curveballs along the way! In this episode of the Real Estate Rookie podcast, we’re diving into the world of syndication with investor Andrew Freed. Real estate syndications can be a great way to build a real estate portfolio without using much of your own money, but this investing strategy also requires careful planning and coordination. The biggest challenge for most investors? Raising capital. And that was certainly the case for Andrew, who only managed to scrounge up the funds he needed during the eleventh hour. While you may not plan on tackling a multimillion-dollar syndication deal any time soon, there are several important lessons that every rookie investor can take away from Andrew’s latest deal. In this episode, you’ll learn how to find the BEST deals through local real estate meetups, how to raise a TON of capital by leveraging your own network, and how to bring a deal to potential investors! In This Episode We Cover: How to build a large real estate portfolio using other people’s money Finding RARE deals by attending your local real estate meetups Leveraging your network to raise capital for syndications The best ways to present a syndication deal to potential investors How to negotiate financing terms on a large commercial loan And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Ask Us Your Investing Question Apply to Be a Guest on the “Real Estate Rookie” Podcast Grab Your Copy of “Real Estate Partnerships” 24 Units in 2 Years by Making Your Rentals Match the Market w/ Andrew Freed Use the BiggerPockets Glossary to Learn Key Real Estate Terms Learn More About Tony’s Latest Syndication Deal Get Your Syndication Questions Answered by SEC Attorney Bethany LaFlam Connect with Andrew: Andrew's BiggerPockets Profile Andrew's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-345 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
12/5/202351 minutes, 31 seconds
Episode Artwork

344: How to Build Wealth Through Real Estate FASTER with a “Limitless” Brain w/Jim Kwik

If you’re looking to build wealth through real estate or start your own business, there’s one crucial skill you may be overlooking—learning! The faster you can learn, the faster you can earn. So, how do you optimize your most powerful tool—the brain? Today, we’ve got one of the world’s most well-known brain experts on deck to help! Welcome back to the Real Estate Rookie podcast! In this episode, we’re picking the brain of Jim Kwik—a New York Times best-selling author and coach who has worked with the likes of Nike, Google, and other global brands over the last 30 years. After being dubbed “the boy with the broken brain” due to traumatic head injuries he sustained in early childhood, Jim developed strategies that allowed him to overcome these limiting beliefs and rise to the top of his class. Today, he teaches these same strategies to people who want to learn faster and improve their memory. This episode is brimming with transformative tips that anyone can apply. Jim offers a three-step formula you can use to STOP procrastinating and discusses the power of a positive peer group. He also talks about managing risk when stepping into the world of real estate investing and equips rookies with ways to combat high stress levels. Finally, he shares the “superpower” you need to fast-track your personal development! In This Episode We Cover: Optimizing your brain to build wealth through real estate faster The simple, three-step formula you need to STOP procrastinating The power of a positive peer group (and how to build your circle of influence) The “superpower” you need to accelerate your personal development How to manage risk and handle stress as a new real estate investor The “lies” that STOP you from succeeding in real estate (and how to combat them!) And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Ask Us Your Investing Question Apply to Be a Guest on the “Real Estate Rookie” Podcast How Can You Achieve a Mindset for Investing Success? 7 Mindsets to Help You Grow Your Real Estate Business Discover Your “Brain Animal” Book Mentioned in the Show Limitless Expanded by Jim Kwik Connect with Jim: Jim's Instagram Jim's Podcast Jim's TikTok Jim's X/Twitter Check the full show notes here: https://www.biggerpockets.com/blog/rookie-344 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
11/30/202357 minutes, 17 seconds
Episode Artwork

343: Financial Freedom with 2 Rental Properties and “Passionate” Income w/Brian Luebben

Want to learn how to quit your job with real estate? Many people think you need to replace your entire salary with rentals, but that’s not the case. What if you could earn enough passive income from real estate and supplement it with “passionate” income from something you truly LOVE? Today’s guest will show you how!   Welcome back to the Real Estate Rookie podcast! In this episode, we’re sitting down with entrepreneur, podcaster, and real estate investor Brian Luebben. After grinding his way to the top of his sales job at a Fortune 500 company, Brian had seemingly reached the mountaintop. And that’s when he caught the real estate bug. Leaving his comfy six-figure salary behind, Brian bought two properties and house-hacked his way to dependable monthly cash flow. Most importantly, this allowed him the time to focus on something he was passionate about—podcasting!   If Brian’s story sounds like a walk in the park, make no mistake—his journey to financial freedom has been far from perfect. After multiple panic attacks, FOUR floods, and a seventeen thousand dollar rehab, Brian considered returning to the “safety” of his W2 job. But, thanks to the power of community, he was encouraged to keep going. Buckle up as Brian, Tony, and Ashley show you how to beat analysis paralysis, choose an investing strategy, buy your first property, and more! In This Episode We Cover How to quit your W2 job with real estate (and what to do with the extra time!) Netting thousands in monthly cash flow using the co-living strategy The three “levels” of passive income you can achieve through real estate Passive income and “passionate” income (and how to use one to fuel the other!) How to choose the IDEAL real estate investing strategy for you Why tenant screenings are SO important with your first rental property And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/rookie-343 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
11/28/20231 hour, 9 minutes
Episode Artwork

342: How to Buy Real Estate WITHOUT The Banks (Private Money Explained)

Need flexible funding for your deals? Private money could be the answer. Whether you’re looking to dodge the bank or want greater control over the terms of your deal, that’s exactly what this creative finance option can provide. Our hosts can vouch for it! Welcome back to the Real Estate Rookie podcast! Today, we’re taking a deep dive into private money—the creative finance solution that allows you to fund more deals without huge down payments or stellar credit. Tony and Ashley share how they discovered private money and why it’s their go-to financing option today. If you’re looking to borrow funds, our hosts will show you how to find private money lenders, how to structure your private loans to benefit both parties, and why this financing solution is the PERFECT stepping stone for a future investing partnership. In this episode, you’ll also learn about the three essential documents for all private money loans, as well as how to approach your lender about structuring a deal. But that’s not all—this masterclass is for the private money lenders, too! Tony and Ashley discuss ways to protect yourself in a deal and how to ensure that you get your money back. Finally, you’ll learn when not to lend private money! In This Episode We Cover: How to get 100% financing for your deals using private money The differences between traditional bank financing, hard money, and private money How to find a private money lender for your next real estate deal The three documents you NEED for any private money partnership The best ways to protect yourself when lending money Crucial tax advice for those using private money for their deals And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Ask Us Your Investing Question Apply to Be a Guest on the “Real Estate Rookie” Podcast Private Capital Explained: The 4-Second Pitch to Unlock Unlimited Funds (Part 1) w/ Amy Mahjoory Private Money Explained: 5 Simple Ways to Find Private Money (Part 2) w/ Amy Mahjoory Private Money Explained Part 3: The “Credibility Pieces” Lenders Love to See w/ Amy Mahjoory & Josiah Hein Private Money Explained Part 4: Rates, Returns, and Protecting Investors w/ Amy Mahjoory How to Buy a Rental Property with NO Money OR Credit w/ Pace Morby Making $71K on ONE DEAL After 5 Failed House Flips and Six-Figure Debt w/ JP Desmet Generate Your Own Loan Amortization Schedule: Bankrate EZ Financial Calculators App Books Mentioned in the Show Real Estate Partnerships by Ashley Kehr & Tony Robinson Check the full show notes here: https://www.biggerpockets.com/blog/rookie-341 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
11/23/202344 minutes, 49 seconds
Episode Artwork

341: No Cash to Invest? Use THIS Side Hustle to Help Buy Your First Rental w/Dan McDonald

Saving for your first rental property can take a while, but adding side hustle income could help you stockpile enough cash to buy much sooner. Today’s guest discovered the PERFECT side hustle to pair with his W2 income—allowing him to fast-track his savings and close on his first two investment properties in no time! Welcome back to the Real Estate Rookie podcast! Today, we’re joined by Dan McDonald, an investor who house hacks to help cover his mortgage in an expensive market. Dan’s goal? To reach financial freedom by the age of forty. And, with two newly renovated duplexes that should not only cash flow but also appreciate in value, he’s well on his way to achieving that lofty goal! If you don’t quite have enough cash to invest in real estate, don't worry—Dan, Ashley, and Tony are here to offer some timely advice on how to increase your income with side hustles. You’ll also learn how to get started with house hacking (and how to convince your spouse that it’s the right move). Stay tuned until the very end to hear Dan’s top house hacking tips that ALL rookies must know! In This Episode We Cover: The fast-cash side hustle that can help you buy your first rental How to get your spouse on board with real estate (and house hacking!) The “easiest” real estate investing strategy that ALL rookies should know Essential tips and tricks for first-time house hackers Appreciation versus cash flow (and which one YOU should target!) When to offer MORE than the asking price on a property And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Ask Us Your Investing Question Apply to Be a Guest on the “Real Estate Rookie” Podcast Financially Free in 2.5 Years by Buying “Low Risk” Rental Properties w/ Craig Curelop No Money for Real Estate? 2 Side Hustles You Can Use to Fund Your First Deal Making $8K/Month from 2 Doors and How to Get HUGE Cash Flow with Fewer Units Books Mentioned in the Show Real Estate Partnerships by Ashley Kehr & Tony Robinson The House Hacking Strategy by Craig Curelop Connect with Dan: Dan's BiggerPockets Profile Dan's Instagram Dan's Website Check the full show notes here: https://www.biggerpockets.com/blog/rookie-340 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
11/21/202358 minutes, 13 seconds
Episode Artwork

340: Why Self-Storage Beats Rental Properties w/AJ Osborne

Self-storage investing saved AJ Osborne’s life. After sudden paralysis and being left in a coma, AJ was fired from his job. He couldn’t work, walk, breathe, or do anything without assistance. Strapped to a hospital bed, with only the ability to blink “yes” or “no” to the doctors, AJ didn’t have to worry about bills getting paid or whether his kids would have a happy Christmas—self-storage took care of his finances while he miraculously recovered.  For this reason and many others, self-storage may be the best real estate investment on the planet. But you’ve probably never considered it or looked into buying a facility. For less money, self-storage facilities produce more cash flow, less headache, and significantly lower risk than rentals. Even better? There are no clogged toilets or broken refrigerators. Just four walls and a metal door—that’s the entire investment.  In today’s show, you’ll be brought to the light side, seeing how self-storage, a traditionally unsexy asset class, beats rental properties in almost every way imaginable, plus how this asset was able to save AJ’s life and financial future. AJ even explains why now may be the BEST time to get into self-storage.  In This Episode We Cover AJ’s unbelievable story from paralysis to comatose to walking and making millions  How to make progress in your life or business during times of severe physical or mental pain The “greatest thing” that ever happened to AJ that made him a success Why self-storage facilities beat rental properties in almost every way imaginable  AJ’s self-storage playbook and how he finds the best facilities to buy  Investing in 2023/2024 and why now may be the PERFECT time to buy a facility  Why self-storage makes the perfect “recession-resistant” asset  And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/rookie-340 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
11/16/20231 hour, 10 minutes, 5 seconds
Episode Artwork

339: A Beginner’s Guide to the BRRRR Method (Buy, Rehab, Rent, Refinance, Repeat)

Want to build your rental portfolio faster? Then the BRRRR method is about to become your best friend. BRRRR (buy, rehab, rent, refinance, repeat) allows you to take one investment property and turn it into MANY, all while using the same stack of cash you started with on the first property. This means you can “infinitely invest” with the same money over and over and over again! But how do you pull off a BRRRR in today’s tough housing market? We’ve got Sir BRRRR himself, David Greene, on the show to teach you what BRRRR is, how to find BRRRR deals, how to analyze your first BRRRR, and how to recycle your investment so you reach financial freedom in years, NOT decades. Whether you’re searching for your first BRRRR deal or rehabbing your fifth, you’ll want to hear David’s latest tips and tricks for all BRRRR investors. Don’t miss out! Unlock UNLIMITED usage of the BRRRR calculator, get lawyer-approved lease agreements for your state, and find financial freedom FASTER with BiggerPockets Pro! Click here to sign up and use code “REPEAT20” to get 20% off your annual membership AND a $2,000 value in bonuses!  The BRRRR method explained and how to use it to infinitely invest  How to get PAID to buy cash-flowing rental properties (seriously!)  Using BRRRR in 2024 and whether or not it works in today’s market  How to analyze a BRRRR deal from start to finish  Whether BRRRR is the right strategy for you  The pitfalls of BRRRR you MUST look out for when doing your first deal And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/rookie-339 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
11/14/202352 minutes, 30 seconds
Episode Artwork

338: Rookie Reply: How to Find RARE Rentals by Buying Properties in Preforeclosure

Finding an investment property in preforeclosure can feel like uncovering a diamond in the rough, as the seller may be more motivated to get a deal done faster and for less. However, there’s one crucial thing you should be aware of BEFORE you take action on your end. Hint: you could pay a few extra costs to score a RARE deal!  Welcome back to another Rookie Reply! In this episode, Ashley and Tony talk about buying properties in preforeclosure—including when it makes sense to buy a property “subject to.” They also go over the most important data points to analyze when choosing your market, as well as how to avoid jumping the gun when listing a new property for rent. Finally, home renovation projects can be tricky when you’re an out-of-state investor. Our hosts share how they purchase materials, as well as their go-to investing hack that will save you a fortune! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover What you MUST know before buying a property in preforeclosure When it makes sense to buy a property subject to (and pay the extra costs!) Critical data points you MUST include in your market analysis How to buy materials for home renovation projects when investing out-of-state How to list your investment property for rent (and pitfalls to avoid!) The investing hack that will save you a TON of money on materials And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/rookie-338 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
11/11/202346 minutes, 18 seconds
Episode Artwork

337: $12K/Month from 4 Rentals: How to TRIPLE Your Revenue by “Reinvesting” w/Zoey Berghoff

Raking in twelve thousand dollars each month from only four rentals might seem like pie in the sky, but that’s the power of investing (and reinvesting!) in short-term rentals. Find the right market and property, and you can charge a premium for an unforgettable guest experience! Welcome back to the Real Estate Rookie podcast! Today, we’re chatting with Zoey Berghoff, an investor who earns a significant amount of income from a small real estate portfolio. While other investors might use their profits to buy more properties, Zoey bucks conventional wisdom by reinvesting those profits back into her rentals—a move that has not only boosted her booking numbers but also allowed her to charge more for her unique stays. But that’s not all Zoey is doing to maximize her profits. By “land hacking,” she creates multiple income streams on one property while keeping her rental property expenses down. What does it take to succeed in the short-term rental space? Stick around and find out! In addition to maximizing Airbnb profits, Zoey talks about how to approach new builds—from assembling the right team for the job to getting your county on board. Finally, she highlights the importance of setting reasonable expectations for your Airbnb guests—even if it means narrowing your pool of potential guests! In This Episode We Cover: The power of reinvesting your profits back into your real estate portfolio Lowering your overhead costs through land hacking How to assemble the ideal team for your short-term rental build Getting your county to sign off on your new build or home renovation project How to analyze a unique rental property (when there are no comps!) Creating a unique guest experience that makes your rental stand out Things you MUST include in your short-term rental description And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Ask Us Your Investing Question Apply to Be a Guest on the “Real Estate Rookie” Podcast 10 Income Streams on 1 Property by “Land Hacking” w/ Andrew Kai Achieving FI with Fewer Doors: The Small and Mighty Real Estate Portfolio w/ Chad Carson $11,000/Month with One VERY Unique Rental Property w/ Garrett Brown Connect with Zoey: Zoey's Instagram Zoey's Website Check the full show notes here: https://www.biggerpockets.com/blog/rookie-337 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
11/8/20231 hour, 2 minutes, 22 seconds
Episode Artwork

336: Rookie Reply: What is ARV in Real Estate & Why It’s Crucial to Get Right

What is ARV in real estate? You’ve heard the term before but might not know what it means. ARV stands for after repair value, the value of a property AFTER you rehab, renovate, or upgrade it. While this metric may seem like something that only house flippers should care about, ARV is something that ANY rental property investor should pay close attention to because if you get it wrong, you could lose tens of thousands of dollars. In this Rookie Reply, we’ll show you how to estimate ARV and what common mistakes rookies make when calculating this crucial number. Then we answer how to write off repairs vs. CapEx (capital expenditures) on your taxes, and Ashley’s easy answer when you don’t know the difference between the two! Plus, why you should ALWAYS check your breakers when something goes wrong. If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover: ARV (after repair value) explained and why it’s so useful when buying rental property How to estimate ARV and pull comps from nearby sold properties Rookie mistake you might make when estimating ARV and how to know your calculations are correct When ARV is (and isn’t) important, plus, why purchase price isn’t everything CapEx (capital expenditures) vs. repairs and how to write these common expenses off Why Ashley can’t ever just relax on the weekends And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Ask Us Your Investing Question Apply to Be a Guest on the “Real Estate Rookie” Podcast Hear Our Recent Episode with Pace Morby EZ Calculator Invelo LandGlide onX Hunt Privy PropStream Zillow Follow Grant Warrington, the Apartment Investor Expert, on Instagram Books Mentioned in the Show: Real Estate Rookie by Ashley Kehr & Tony Robinson Check the full show notes here: https://www.biggerpockets.com/blog/rookie-336 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
11/4/202346 minutes, 50 seconds
Episode Artwork

335: 8 Rentals in UNDER 1 Year: A Rental Property Financing Masterclass w/Tim Yu

Buying eight rental units in under one year—how is that even possible? By the time you’re done with this episode, you’ll know how to fund any rental property purchase, no matter how much money or experience you have. And if Tim Yu can build a rental property portfolio AND do multiple house flips in less than twelve months when he had close to nothing in his bank account this time last year, you can, too. Tim is a true Real Estate Rookie. He spent over a year listening to every episode of the show on his way to and from work. After getting fed up with analysis paralysis, Tim threw in a lowball offer on a potential BRRRR (buy, rehab, rent, refinance, repeat) property. His offer was accepted! The problem? He had NO money to buy it. Fast forward a year; Tim has done ten deals, owns eight rental units, and is getting closer to leaving his W2 job. In this episode, Tim reviews EVERY (and we mean EVERY) type of rental property financing. From hard money loans to credit cards, selling off retirement accounts, and partnerships. Whether you’ve got the funds or not, Tim will walk through EXACTLY how to get your first (or next) rental property! In This Episode We Cover: Rental property financing 101 and how to invest in real estate with no money Creative financing, subject to, and doing deals WITHOUT using banks  How to instantly boost the cash flow on your long-term rental property Investing with partners and where to meet the most legit ones Crooked contractors and how to avoid getting scammed on your first rehab  And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Ask Us Your Investing Question Apply to Be a Guest on the “Real Estate Rookie” Podcast Real Estate Rookie Podcast 329 on VA Loans Real Estate Rookie Podcast 330 with Serena Norris Invelo REIPro Privy RentRedi Books Mentioned in the Show: Real Estate Partnerships by Ashley Kher & Tony Robinson Rich Dad Poor Dad by Robert Kiyosaki Who Not How by Dan Sullivan Connect with Tim: Tim's BiggerPockets Profile Tim's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-335 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
11/1/202356 minutes, 22 seconds
Episode Artwork

334: Rookie Reply: Non-Renewal Notices, Rental Arbitrage, and Hard Money 101

If a potential tenant approaches you about Airbnb rental arbitrage, you may wonder if there’s a catch. Are you responsible for damages? What if you encounter a noisy guest? As a landlord, there are all kinds of pros and cons you need to consider before letting someone else lease out your home. But, not to worry—our hosts are here to spell them out! Welcome back to the Real Estate Rookie podcast! In this episode, Ashley and Tony deliver some critical advice to landlords. In addition to rental arbitrage, they discuss non-renewal notices—when and how to deliver them! For first-time investors, they also provide a step-by-step process for creating an offer letter. What’s more, they break down the biggest differences between hard money loans and construction loans and which one is the better option for a BRRRR (buy, rehab, rent, refinance, repeat). Finally, they touch on structuring partnerships and all of the details you MUST flesh out before making one official! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover: The pros and cons of allowing Airbnb rental arbitrage in your units How to deliver a non-renewal notice to a tenant (properly and legally!) How to make an offer on an investment property (step by step!) Key differences between hard money loans and construction loans The BEST ways to structure a real estate investing partnership And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Ask Us Your Investing Question Grab Your Copy of “Real Estate Partnerships” Today Rookie Reply: How to Structure a Real Estate Partnership Rookie Reply: Airbnb Arbitrage, Turnkey Rentals, and When to Use a HELOC Rookie Reply: How to Make an Offer on a House (Even If It’s Off-Market) How to Find Your Perfect First Rental Property (Even in an Expensive Area) w/Lyrva Sanchez How to Use Construction Loans to Get 100% Financing on Your Next Deal Check the full show notes here: https://www.biggerpockets.com/blog/rookie-334 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
10/28/202344 minutes, 21 seconds
Episode Artwork

333: How to Turn Your Rental Property Profits into a Huge Real Estate Portfolio w/Kevin Cullen

Your real estate business has come across a little money. Maybe you’ve just sold an investment property for a large profit or increased your W2 income. In any case, how should you go about investing your small fortune? Like any investor, you want your money to help you scale your real estate business faster. Today’s guest is here to lend a hand! Welcome back to the Real Estate Rookie podcast! Usually, Ashley and Tony are the ones asking the questions, but in this very special episode, THEY are being interviewed by rookie investor Kevin Cullen. On the brink of selling one of his three investment properties, Kevin has a handful of burning questions for our hosts. How should he spend his newfound capital? Should he get a partner for his next deal? What are the best ways to structure his first partnership? In this episode, Kevin hits on several important topics that rookies often wonder about. Stick around for the biggest “red flags” to look out for in a potential investing partner, key terms to include in a partnership agreement, and when to get an attorney involved as you’re forming your partnership. You’ll even learn how to reinvest your money into real estate and three ways to find off-market properties! In This Episode We Cover: How to reinvest your money and scale your real estate portfolio faster The best ways to structure your first real estate investing partnership Roles and responsibilities you MUST include in your partnership agreement How to restructure an existing partnership agreement The biggest “red flags” to look out for when vetting a potential partner Finding the best off-market deals with three clever sourcing strategies And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Ask Us Your Investing Question Grab Your Copy of “Real Estate Partnerships” Today Double Your Cash Flow Overnight (In ANY Market) with Medium-Term Rentals Using OnlyFans to Fund Ownership in Her First BRRRR w/ Brin Amberlee Achieving FI with Fewer Doors: The Small and Mighty Real Estate Portfolio w/ Chad Carson A Step-by-Step Guide to Finding the BEST Off-Market Real Estate Deals w/ Nate Robbins Connect with Kevin: Kevin's BiggerPockets Profile Kevin's Instagram   Check the full show notes here: https://www.biggerpockets.com/blog/rookie-333 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
10/25/202356 minutes, 52 seconds
Episode Artwork

332: Rookie Reply: First Rental? Security Deposits, Credit Checks, & Evictions 101

First rental property? Security deposits, credit checks, and home renovations can seem DAUNTING when it’s your first real estate rodeo. How much do you charge, which tenant do you select, and will refreshing the grout allow you to double your passive income? These are just some of the questions you’ll have before you collect your first rent check. But don’t worry about answering them yourselves; we have the experts to help! Welcome to this week’s Rookie Reply! If you’re just starting your real estate investing journey, this is the place to be! Ashley and Tony go through some VERY common questions, such as what to do if your tenant terminates their lease early, how much to charge for security deposits, and how to run your first credit/background check. For those who are a bit more experienced in the investing game, we also chat about HELOCs, rental renovations (and if they’re worth the cost), and moving properties into an LLC.  If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover What to do when your tenant leaves in the middle of their lease  Using a HELOC to buy a new home and what happens when you move Security and pet deposits, plus how much you can charge for each  Best tenant screening and background check software for rookie landlords  Moving properties into an LLC and whether you REALLY need an attorney to do so Rental renovations and when your upgrade ISN’T worth the cost  And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/rookie-332 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
10/21/202341 minutes, 11 seconds
Episode Artwork

331: How to Find Your Perfect First Rental Property (Even in an Expensive Area) w/Lyrva Sanchez

Your first rental property is the hardest; trust us on that. You go through SO many strategies, different markets, and emotions throughout the process. Most wannabe investors get fed up and quit before they can build any real wealth, but those with a strong reason behind their dreams of rental property ownership make it and seldom regret it. Lyrva Sanchez’s “why” was taking care of her two boys while being present as a single mom. Shortly after her separation, Lyrva knew she didn’t want to sacrifice any quality of her children’s lives. She still wanted them to go to the best schools in the safest areas, but in Southern California, even the most basic property was pricey. She tried several strategies to get her first rental property and create extra income, but none cemented. One day, a light bulb went off, and she came up with the PERFECT first rental property strategy. If you’re struggling with analysis paralysis and don’t know which way to turn in your investing journey, hear Lyrva out. She flew across the country just to realize what she wanted was in her own backyard. Now, she makes life-changing side income and doesn’t have to sacrifice time with her kids to get it!  In This Episode We Cover The perfect first rental property strategy that Lyrva calls “the best of both” way to invest Out-of-state investing and when purchasing properties from afar is NOT the right move to make  Investing during tough times in your life and using your “why” to keep hunting for property #1 ADU (accessory dwelling unit) investments and how to turn extra space into a serious stream of income  How to find underpriced, off-market real estate deals as a COMPLETE beginner  And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/rookie-331 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
10/18/202353 minutes, 15 seconds
Episode Artwork

330: The Rookie’s Step-by-Step Guide to Home Renovation Projects w/Serena Norris

When done well, home renovations can help you make a SERIOUS profit on your properties. Whether it’s a simple fix or a complex rehab, having a few systems and processes in place will go a long way toward ensuring your success. The best part? Any rookie can implement them! Welcome back to the Real Estate Rookie podcast! Today, we’re chatting with graphic designer turned full-time investor, Serena Norris. After a friend introduced her to the book Rich Dad Poor Dad, real estate quickly became Serena’s new obsession. She quit her job to spend the following months networking and attending meetups until, naturally, she found a mentor to show her the ins and outs of investing. At first, she was willing to take on all kinds of mundane tasks and soak up as much information as possible. In no time, Serena was running her own BRRRRs (buy, rehab, rent, refinance, repeat)! Whether you need help convincing a mentor to invest in you or managing your own home renovation projects, Serena’s got you covered! In this episode, she delivers a thorough breakdown of how to estimate rehab costs and find a good contractor for your home renovations—as well as some of the invaluable systems, tools, and templates you’ll need along the way! If you’re EVER going to do a home renovation (which you probably will), DO NOT skip out on this! In This Episode We Cover: How to manage a home renovation project from start to finish Finding a real estate mentor (and how to provide value to them!) Systems, processes, and templates that EVERY rookie investor needs Building the perfect scope of work for your home renovation job Hiring the right contractor for your project (and how to make sure you’re covered!) Everything you need to complete a home renovation project remotely And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! The Step-by-Step Guide to Finding the BEST Off-Market Real Estate Deals w/Nate Robbins How to Work LESS and Earn MORE by Putting “Profit First” in Real Estate w/Mike Michalowicz How to Renovate a House — Step by Step Book Mentioned in the Show The Book on Estimating Rehab Costs by J Scott Rich Dad Poor Dad by Robert Kiyosaki Connect with Serena: Serena's Instagram Serena's Email Check the full show notes here: https://www.biggerpockets.com/blog/rookie-330 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
10/14/20231 hour, 6 minutes, 12 seconds
Episode Artwork

329: Buying a Rental Property for $80 with This Loan w/Clint Campbell

Buying a rental property for just eighty bucks? There’s no way that’s possible. How can you close on a rental for the same amount of money it takes to fill up a tank of gas? Surprisingly, one type of mortgage lets you come to the closing table with no money down, no PMI (private mortgage insurance), and, if you play your cards right, (almost) no closing costs. Clint Campbell even used it on his recent house hack. Thanks to serving in the military, Clint had his college paid for by Uncle Sam. When the opportunity to be deployed came up, Clint took it, knowing he’d make more while spending less. He was able to save up a nice chunk of change and used it to buy a rushed first rental property. But then, Clint realized he could pay almost NOTHING for a home he would live in, so he looked around for just that, and the eighty-dollar house hack came to be! In today’s episode, you’ll learn all about the VA loan Clint used to pay just eighty dollars for his first house hack, the limitations to this loan that service members MUST know about, and how to turn your girlfriend into a handyman and tenant combo who still loves you. In This Episode We Cover The VA loan explained and using it to buy a house for NO money down  Building your credit from scratch and quick tips to boost your credit score Why you MUST get pre-approved before buying a property (ALWAYS do this) Seller credits and using them to lower your closing costs  Partnering with a spouse or romantic partner on your next property  Passive real estate investing and how to make money in real estate WITHOUT doing the work  And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/rookie-329 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
10/11/202355 minutes, 1 second
Episode Artwork

328: David Greene on The 3 "Pillars" of Wealth That Lead to Financial Freedom

If you dream of becoming a successful real estate investor, there are three “pillars” of wealth you must build in your own life. What are these keys to financial freedom? Well, fortunately, today’s guest has written an entire book about them! Welcome back to the Real Estate Rookie podcast! Today, we’re speaking with none other than David Greene—host of the BiggerPockets Real Estate podcast and author of SIX top real estate investing books—the latest of which is titled Pillars of Wealth. Far too often, rookie investors dive into the world of real estate without having mastered the three areas they need to succeed—making, saving, and investing their money. Then, they are gutted when real estate doesn’t work out for them. The truth is that the money habits you build today will follow you throughout life. Work hard, foster a healthy money mindset, and master one challenge before advancing to the next. This is the real path to financial freedom. In this episode, David shares his own experiences with money—including how he was able to steadily increase his income over time, save over $100K while in college, and find success as a real estate investor. You’ll learn about the true cost of financial freedom, how to play offense AND defense with your money, and why you MUST work the long game with real estate—prioritizing delayed gratification over immediate cash flow! In This Episode We Cover: Succeeding in real estate by building the three “pillars” of wealth How to increase your income so that you can invest in real estate Why you NEED to measure and track your net worth, cash flow, and quality of life Building wealth by playing offense AND defense with your money Achieving financial freedom by choosing delayed gratification over quick cash flow And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Tune in to the “BiggerPockets Real Estate” Podcast Grab Another Wealth-Building Book from David Greene Calculate Your Net Worth, Assets, and Cash Flow with Stessa Book Mentioned in the Show Pillars of Wealth by David Greene Connect with David: David's BiggerPockets Profile David's Instagram David's Website Spartan League Check the full show notes here: https://www.biggerpockets.com/blog/rookie-328 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
10/7/20231 hour, 54 seconds
Episode Artwork

327: From Parents’ Basement to Full-Time Investor and $2,500/Month with ONE Rental w/Noah Sprimont

In just a few years, you can go from no cash flow or investing experience to owning a sizable real estate portfolio, with passive income flowing in and free rent, EVEN if you’re in your early to mid twenties. Not possible? Today’s guest would beg to differ. Welcome back to the Real Estate Rookie podcast! Today, we’re chatting with investor Noah Sprimont, who has had quite the real estate journey to date. Noah became obsessed with the idea of reaching financial freedom through real estate while he and his now-fiancée were living with his parents. To fast-track his development, he not only immersed himself in BiggerPockets content but also took up several W2 jobs that would help him hone the skills he needed to become a successful investor. Laser-focused on making it in real estate, Noah dabbled in several real estate strategies before discovering the cash flow potential of short-term rentals. If a bumpy start to your real estate journey has caused you to feel discouraged, you’ll want to hear how Noah was able to tackle his own feelings of self-doubt and fear of the unknown in this episode. You’ll also learn which skills can help you prepare for real estate investing, how to find flexible financing options for your deals, and what every rookie investor can bring to a partnership—regardless of the number in your bank account! In This Episode We Cover What you MUST do to maximize your short-term rental cash flow Developing invaluable skills that will help you transition into a career in real estate Quitting your W2 to pursue full-time real estate investing Flexible financing options you can get through a smaller bank or credit union How to cover even the most unexpected home renovation costs Three essential tips that will make your next home renovation project a HUGE success And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! 2 Long-Distance Rentals with $0 Down with Tony Robinson How to Invest in Short Term Rentals (STR) Books Mentioned in the Show Real Estate Partnerships by Ashley Kehr & Tony Robinson Connect with Noah: Noah's BiggerPockets Profile Noah's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-327 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
10/4/20231 hour, 1 minute, 34 seconds
Episode Artwork

326: The Step-by-Step Guide to Finding the BEST Off-Market Real Estate Deals w/Nate Robbins

Finding off-market real estate deals can be a great way to kick off your investing career, as it requires very little money to get started. The catch? You must be willing to get your hands dirty.  Welcome back to the Real Estate Rookie podcast! Today, we’re chatting with real estate wholesaler Nate Robbins. After a long and successful career in banking, Nate was beginning to feel burnt out and frustrated with life. As fate would have it, he ran into Tarl Yarber—one of the most successful real estate investors in the Pacific Northwest. Under Tarl’s mentorship, Nate learned the ropes of real estate investing. With his strong people skills, natural ability to communicate, and infectious personality, he was able to carve out a niche in acquisitions—where he has been able to close off-market deals at a massive profit. If you need real estate to be your escape rope from the monotony of your nine-to-five, this episode is for you! Nate talks about shedding the W2 mentality and how to find the best investing strategy for you. He also shares his step-by-step process for finding highly profitable off-market deals. Whether you’re a bubbly extrovert or a cautious introvert, Nate will equip you with practical tips on how to engage a seller and get your foot in the door! In This Episode We Cover Finding the BEST off-market deals through the power of driving for dollars How to invest in real estate with little to no disposable income Choosing the “risk” of real estate over the “safety” of a nine-to-five job How to shed your W2 mentality when transitioning to a career in real estate The perfect cold-calling script to use when contacting an off-market seller Important steps to take when walking a distressed property And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/rookie-326 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
9/30/202358 minutes, 24 seconds
Episode Artwork

325: How to Retire with “Turnkey” Rental Properties (as a COMPLETE Beginner) w/Sam Dolciné

You can retire with rental properties faster than you think. That’s right, toss out the “wait until I’m sixty-five and HOPE I have enough” mentality. That might be okay for most Americans, but it’s NOT okay for YOU. You want passive income flowing in so you can spend time with your family and friends and live a life you love. If you’re going to get there, you better take advice from Sam Dolciné. A few years ago, Sam calculated his retirement savings and realized he wasn’t even CLOSE to what he would need in retirement. Even after the monthly contributions and employer match, Sam would run out of retirement savings in only ten years of retirement. So, he started looking up ways to boost his retirement income. Real estate investing popped up, and Sam began devouring all the investing content he could. Now, he’s managing a portfolio of out-of-state rental properties that bring in some serious cash flow. The best part about Sam’s portfolio? It’s “turnkey,” meaning Sam was able to buy the properties and immediately rent them out, giving him cash flow within WEEKS of closing on his first couple of deals. Now, Sam is on the hunt for even more passive income. Repeat his steps, and you could be counting cash flow, too! In This Episode We Cover: How to retire with rental properties and why “turnkey” rentals might be your best bet Out-of-state real estate investing and whether cheaper markets are worth buying in How to find the perfect real estate market for your cash flow goals Self-management vs. property management and why Sam chose to do it himself The tenant and property “red flags” you MUST look out for as a rookie Tools that Sam uses to run his real estate portfolio from multiple states away And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Network with Other Investors On the BiggerPockets Forums Dave Meyer Blog Posts “On the Market” Podcast Apartments.com Monday.com Rentometer Traveling the World Thanks to One $6,500/Month Rental Property w/Olivia Tati Book Mentioned in the Show Real Estate by the Numbers by J Scott & Dave Meyer Connect with Sam: Sam's BiggerPockets Profile Sam's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-325 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
9/27/202357 minutes, 10 seconds
Episode Artwork

324: Rookie Reply: How to Make an IRRESISTIBLE Offer Through Creative Financing

Creative financing can be a powerful tool to help you get YOUR first property in the bag. In this episode, Ashley and Tony explain the biggest differences between hard money, private money, and traditional lending, as well as which options will make your offer irresistible to a seller! Welcome back to another Rookie Reply! If you need capital for a new deal, you might consider partnering with a parent. Of course, like any investing partnership, it’s critical that you structure it properly and include all important terms in your agreement. Our hosts will show you how! They also cover cash-out refinancing in detail, including how it works and how much money you can pull from a property. Finally, they talk about using wasted space in your investment property to make more cash flow! Do you need to pull permits? Will you get caught if you don’t? Stick around ‘till the end to find out! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover: Using creative financing to make an offer more attractive to a seller The biggest pros and cons of traditional lending, hard money, and private money (and when to use which) Partnering with your parents and key terms to include in your agreement When to order an inspection before submitting an offer on a property Adding a new room in your home (and when you NEED to pull permits) How cash-out refinancing works and how much money you can pull out And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Grab Your Copy of “Real Estate Partnerships” and Use Code “ASHLEY” or “TONY” for a Discount What Is Creative Financing And How to Use It in Real Estate What Investors Should Know About the Home Inspection Process Follow Patrick and Danielle McGrath on Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-324 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
9/23/202344 minutes, 43 seconds
Episode Artwork

323: 10 Real Estate Deals in 18 Months After Losing 80% of His Income w/Matt Ramirez

Completing ten real estate deals in only eighteen months might seem ambitious for a rookie investor, but today’s guest had no choice after experiencing a MAJOR loss of income. In this episode of the Real Estate Rookie podcast, we’re chatting with fitness mentor, professional stuntman, and new investor Matt Ramirez. Between his thriving health business and steady television stunt work, Matt and his family were in a good place financially. Then 2020 hit. With stay-at-home orders and the film industry shutting down, Matt was suddenly making just twenty percent of his usual income. Providentially, he discovered BiggerPockets, caught the real estate bug, and was determined to make a career out of flipping houses. But, like many rookie investors, Matt still had some tough lessons to learn along the way! If financial hardship has thrown a wrench in your real estate journey, draw inspiration from Matt’s story. Despite struggling to get approved for financing early on and losing money on his third flip, Matt never gave up on his real estate dream. In this episode, he’ll show you how to find the best real estate deals, get financing with inconsistent income, and hire dependable contractors for your rehab projects! In This Episode We Cover: Scaling your real estate business FAST without a large income Finding great real estate deals by leveraging your network How to get a hard money loan as a first-time investor DIY home renovation projects you can tackle yourself The biggest red flags to look out for when hiring a contractor And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! DIY Real Estate Hacks That Will Save You a FORTUNE on Your Deals w/ Shaun Kelly Flipping Houses: How to Get Started and Everything You Should Know Get Information on Properties with PropStream Connect with Matt: Matt's BiggerPockets Profile Matt's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-323 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
9/20/202355 minutes, 10 seconds
Episode Artwork

322: Rookie Reply: Mortgage Write-Offs, Buying with an LLC, & Boozy Airbnb Gifts

Your new Airbnb is set up and ready to go. You’re just finishing up the welcome gift and slipping in a bottle of wine as a pleasant surprise for your guest. Oops…you might have just put yourself in a BAD position. On this week’s Rookie Reply, Ashley and Tony are getting into the moral muddiness of including boozy gifts in your welcome package, how to account for your mortgage interest expense, and when you should (and shouldn’t) buy a property in an LLC. You’ve got the real estate questions; Ashley and Tony have the answers. But we’re not just debating whether your guests should crack a couple cold ones on your dime. We’ll also get into how to find past purchase prices for ANY home, a property tax breakdown with some tips to save you money, and the difference between appraised and assessed value. If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover: Real estate LLCs: when they’re worth it, when they’re not, and who should use them Mortgage interest write-offs and whether you should count your biggest monthly payment as an expense Welcome gifts and whether or not adding alcohol could cause you trouble Where to find past purchase prices for ANY property in your area How property taxes are determined and why you want your appraisals HIGH and your assessed values LOW And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Calculate Your Interest Write-Off with The BiggerPockets Rental Property Calculator Do Landlords Need an LLC for Rental Property? Mortgage Interest Deductions 101: What You Should Know Look Up Past Property Prices: Invelo, & PropStream Check Out Unforgettable Stays with Dell Collective   Check the full show notes here: https://www.biggerpockets.com/blog/rookie-322 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
9/16/202340 minutes, 10 seconds
Episode Artwork

321: The Fast Track to Financial Freedom & Turning $29K into $1.5M by Doing THIS w/Joe and Andrea DelGrosso

If your end goal is financial freedom, investing in real estate is one of the best ways to get there. But, if you want to reach that goal sooner rather than later, you may need to leverage several strategies at once. Today’s guests were able to fast-track their journey to financial freedom by doing just that! In this episode of the Real Estate Rookie podcast, we’re chatting with husband-and-wife real estate duo Joe and Andrea DelGrosso. Their investing journey started back in 2016 when they bought a single-family rental without knowing very much about real estate. Although they initially invested for some extra financial stability, their focus shifted in 2019. As they started tuning into BiggerPockets and educating themselves about real estate, they realized that there were ways to expedite their path to financial freedom—tapping into equity to turn tens of thousands into MILLIONS. Today, the DelGrossos have a modest portfolio of ten properties. Stick around as they share how they were able to create multiple revenue streams from a single property, as well as why they made the transition from long-term rentals to short-term rentals. For rookies who are still deciding on which real estate strategy to use, they touch on everything from 1031 exchanges to BRRRRs and more! In This Episode We Cover: Reaching financial freedom faster by combining multiple investing strategies How to create multiple streams of income from ONE property How to get your spouse on board with real estate investing Leveraging the equity in your properties to grow your portfolio FAST How to avoid capital gains taxes using a 1031 exchange And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Hear Our Recent Interview with Mike Michalowicz Snowballing 6-Figure Short-Term Rental Profits Into Passive Investments w/ Avery Carl Achieving FI with Fewer Doors: The Small and Mighty Real Estate Portfolio w/ Chad Carson Follow Lauren Mattina on Instagram Connect with Joe and Andrea: Joe's BiggerPockets Profile Joe and Andrea's Instagram   Check the full show notes here: https://www.biggerpockets.com/blog/rookie-321 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
9/13/202348 minutes, 52 seconds
Episode Artwork

320: How to Work LESS and Earn MORE by Putting "Profit First" in Real Estate w/Mike Michalowicz

We know what you want: more profit while working less in your real estate business. As a rookie, investing in real estate can sometimes seem like more trouble than it’s worth. But, a few simple adjustments can take HOURS off your plate while making you more money than you can imagine, as today’s special guest will demonstrate! Welcome back to the Real Estate Rookie podcast! In this episode, we’re joined by Mike Michalowicz—serial entrepreneur, business coach, and multi-time best-selling author. Today, we’re dialing in on two of Mike’s books—Profit First and Clockwork—and discussing how they can help YOU in real estate. If you feel like you’re treading water with your real estate business, this is an episode you need to hear! By turning the traditional profit formula on its head, Mike shows you how to rewire your brain and the way you think about profit. You’ll learn the importance of paying yourself first and building a buffer for the inevitable expenses you incur as a real estate investor. You’ll also learn about the first hire ALL business owners should make and how to free up more of your valuable time through the power of delegation. In This Episode We Cover: The importance of paying yourself first (flip the profit formula!) How to start delegating tasks you don’t need to be doing Determining a realistic amount to pay yourself from your property business The first hire EVERY real estate business owner MUST make Tools you NEED to effectively onboard a new virtual assistant Improving your business and freeing up time with “captures” And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Find Money, Partners, & Deals Using The “D.A.D System” w/ Mike Michalowicz How to Guarantee Profit From Day 1 w/ Mike Michalowicz Grab Your Copy of “Profit First” and “Clockwork” Join Relay for Profit First Banking Grab Your Copy of “Getting Things Done” Follow Andrea Cwik on Instagram Connect with Mike: The Entrepreneurship Elevated Podcast Mike’s Website Check the full show notes here: https://www.biggerpockets.com/blog/rookie-320 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
9/9/202351 minutes, 57 seconds
Episode Artwork

319: The Beginner’s Guide to Real Estate Development (with LOW Money Down!) w/Terry Harris

Getting into real estate development with low money down!? Many rookies assume that you need more money to develop, but there are a variety of ways to fund these projects. It all depends on how creative you’re willing to get! Today’s guest learned quickly that you don’t need a huge pile of cash to start building your own properties. Welcome back to the Real Estate Rookie podcast! Today, we’re chatting with Terry Harris—a former professional basketball player turned real estate developer. When we last spoke with Terry, he was wholesaling real estate for a decent profit. Since then, he has transitioned into the development side of real estate and grown his business dramatically. Simply by bringing great land deals to developers and providing a valuable service, Terry was able to learn the ropes and gain enough knowledge to develop his own properties. Whether you have huge dreams of building city skylines or an end goal of owning a rental property or two, you’ll want to hear Terry’s story. In this episode, he talks about how to find the best land deals, creative ways to fund projects, and how to assemble a top-tier development team. He also touches on our favorite topic as of late, partnerships, and how to bring real value to another investor when you don’t have the capital! In This Episode We Cover: How to become a real estate developer (without a ton of money!) Funding your deals with construction loans (and paying less out of pocket!) How to seamlessly pivot from one real estate strategy to another Scaling your real estate business through the power of partnerships Ways to bring value to a partnership deal beyond capital How to assemble your DREAM team as a real estate developer And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! 20 Deals in a Year as a Professional Basketball Player w/ Terry Harris Grab Your Copy of “Real Estate Partnerships” Get Information on Properties with PropStream Follow Lady Gina on Instagram Connect with Terry Terry's BiggerPockets Profile Terry's Instagram Terry's YouTube Check the full show notes here: https://www.biggerpockets.com/blog/rookie-319 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
9/6/20231 hour, 3 seconds
Episode Artwork

318: Rookie Reply: No Capital OR Credit? Get Deals Done with THIS Financing Tool

Don’t have the capital OR credit to invest? Seller financing is a powerful tool that could allow you to score multiple real estate deals without ever going through a bank. The best part? You can create your own terms! You just need to put together an effective pitch that wins the seller over. Today, we’ll show you how! Welcome to another Rookie Reply! In addition to seller financing, Ashley and Tony cover several CRUCIAL real estate topics in this episode—from critical first steps to take before investing to closing costs—who pays for what? Does paying cash make a difference? Stick around to find out! Off the back of their new book, Real Estate Partnerships, they also tackle a couple of partnership-related questions—when it makes sense to get a partner and how to structure an agreement where both sides are compensated! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover: How to invest in real estate without capital OR credit How to effectively pitch seller financing (and KEY terms to include!) Three critical first steps to take before buying real estate Buyer and seller responsibilities when it comes to closing costs Accounting for sweat equity when setting up a partnership How to structure a partnership agreement where both sides are fairly compensated And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Grab Your Copy of “Real Estate Partnerships” and use code “TONY or “ASHLEY” for a Discount The Definitive Guide to Using Seller Financing to Buy Real Estate How to Buy a Rental Property with NO Money OR Credit Follow Artina Marie on Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-318 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
9/2/202345 minutes, 21 seconds
Episode Artwork

317: 7 Deals in 2 Years with HUGE Cash Flow: How to Grow Your Real Estate FAST w/Mackenzie Brogdon

Growing a real estate business with multiple rentals and HUGE cash flow…in just two years!? How do you get so many deals done in such little time? Simply by putting one foot in front of the other, today’s guest was able to create a sizable portfolio in no time—allowing her husband to quit his job in the process! Welcome back to the Real Estate Rookie podcast! Today, we’re chatting with Mackenzie Brogdon, a wife, mother, realtor, and investor who managed to lock up seven deals in just two years—with more in the works! With a general contractor for a father and a background in interior design, Mackenzie was bound for a career in real estate. But that didn’t make getting started any less intimidating. With concerns about house hacking as a new parent, she could have easily hit the “pause” button. Instead, she plunged headfirst into her first deal—one that, despite having its fair share of headaches, opened the door for many more deals to come. Whether you’re a “nervous Nellie” or an “eager beaver,” this episode will teach you the importance of taking wise, deliberate action on your real estate journey. Join Mackenzie, Ashley, and Tony as they cover a variety of investing strategies—from house hacking and flipping to arbitrage and subject to deals. They also talk about why every investor should document their journey and how to find the perfect investing partner to complement your strengths! In This Episode We Cover How to get MORE deals done through subject to and other creative finance options Finding investing partners by leveraging your own skills Why you MUST document your real estate journey How to build your own network of subcontractors for home renovation projects The benefits of long-term rental arbitrage as a landlord Maximizing your cash flow with the sober living rental strategy The perks of getting your real estate license as an investor And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/rookie-317 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
8/30/202350 minutes, 30 seconds
Episode Artwork

316: Rookie Reply: Put THIS in Your Lease Agreement (So Tenants Don’t Break It!)

Your tenant is breaking their landlord tenant lease agreement. What now? Do you go after the money or eat the loss? Depending on the amount, it may not even be worth the trouble. Either way, perhaps the more important question to ask is, “How can I prevent this from ever happening again?” Welcome back to another Rookie Reply! Broken leases are a pain to deal with, but in this episode, Ashley and Tony offer up the “magic words” that could save you the headache. They also talk about partnerships and make the case for getting pre-approved separately. Rookie investors often feel like fish out of water when it comes to networking. Fortunately, our hosts have several helpful tips on how to bring real value to the table. They also go over property management fees and how to vet a property manager before hiring them. Finally, they discuss tax strategy versus tax preparation and why waiting until tax season to hire a CPA is the wrong move! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover: What to do if a tenant breaks a lease (and the clause you MUST put in your lease agreement) The best way to get pre-approved for a loan when you’re in a partnership Two questions you MUST ask before hiring a CPA (certified public accountant) Different types of fee structures to consider before hiring a property manager Minimizing your taxes as much as possible as an investor How to bring value as a rookie investor and build your network And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Grab Your Copy of “Real Estate Partnerships” Today When It Comes to the Lease, Don’t Leave Any Wiggle Room Follow Gaby and Ciara on Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-316 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
8/26/202335 minutes, 29 seconds
Episode Artwork

315: House Poor to HUGE Cash Flow by Doing THIS: Robuilt’s Rags-to-Riches Story w/Rob Abasolo

Going from house poor to earning HUGE cash flow and building a real estate empire? The journey to wealth through real estate was no walk in the park for today’s special guest. After figuring out that someone else would actually pay his mortgage for him, however, it became a whole lot easier! Welcome back to the Real Estate Rookie podcast! Today, we’re joined by none other than Rob (Robuilt) Abasolo—investor, YouTuber, and co-host of the BiggerPockets Real Estate podcast. Born to first-generation immigrants who worked tirelessly to provide him with a better life, Rob grew up knowing how to live below his means. Little did he know that this mindset would prove critical when he and his wife were stuck with a mortgage payment they couldn’t afford. It was at this time that Rob discovered house hacking and put the strategy to the test—with enormous success! Ultimately, this proof of concept would give him the courage to build and scale his very own real estate business. If you need to be reminded that investing in real estate is a viable path to financial freedom, look no further than this ultimate rags-to-riches story. As Rob reflects on his days as a rookie investor, he shares why it’s so important to document your journey, different ways to subsidize your mortgage, and how to get your spouse on board with your real estate obsession! In This Episode We Cover: Why you NEED to start documenting your real estate journey today Supplementing your income with creative side hustle ideas How to get your spouse on board with your real estate ventures Subsidizing your mortgage payment through house hacking and rental arbitrage Using proof of concept to scale your real estate business Money-saving DIY home renovation projects (and when to hire a pro instead!) And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Listen to the "BiggerPockets Real Estate" Podcast Meet Rob at BPCon 2023 in Orlando 10 Deals on a $20K Waitress Salary With Ashley Hamilton Connect with Rob: Rob's BiggerPockets Profile Rob's Instagram Rob's TikTok Rob's Twitter/X Rob's YouTube Join Rob at HostCon on October 28–30 in Houston, TX Check the full show notes here: https://www.biggerpockets.com/blog/rookie-315 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
8/23/20231 hour, 5 minutes, 17 seconds
Episode Artwork

314: Rookie Reply: Mortgage Points, Seasoning Periods, and Cash-Out Refinancing 101

Are mortgage points really worth it? In many cases, they can save you money on a loan. But be careful; that lower rate might not be worth the cash you put up! It’s important to run the numbers before doing a mortgage buydown, and our trusted hosts are here to show you how! Welcome to this week’s Rookie Reply! In this episode, Ashley and Tony talk about mortgage points and when they make sense for real estate investors. They also discuss cash-out refinancing in depth—how much you can pull from a property, why banks enforce a “seasoning period,” and how to potentially get around it! Looking to go digital with your rentals? Our experts list the pros and cons of installing keyless entry pads. Finally, they provide the FREE tools you can use to get updated property information! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover: Mortgage points and why you MUST do the math before a buydown Seasoning periods and how long you might need to wait before refinancing How much cash you’re able to pull in a cash-out refinance How to choose between short-term and long-term rental strategies Pros and cons of installing keyless entry pads for your rentals FREE tools you can use to get accurate information about a property And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Find Your Next Off-Market Deal, with Invelo Change Your Locks with Ease by Purchasing Core Inserts Follow Emma Kioko on Instagram Books Mentioned in This Episode Real Estate Partnerships by Ashley Kehr & Tony Robinson Check the full show notes here: https://www.biggerpockets.com/blog/rookie-314 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
8/19/202345 minutes, 26 seconds
Episode Artwork

313: The REAL Side of Real Estate: When Rehabs and Rentals Go Wrong w/Tyrin Tyson

No real estate investing journey is ever sunshine and rainbows, but some are certainly more difficult than others. Many rookie investors are either so fearful of making a mistake that they experience “analysis paralysis” or are so eager to own property that they rush into several costly mistakes. Today’s guest fell into the latter camp! Welcome back to the Real Estate Rookie podcast! Today, we’re joined by Tyrin Tyson, a travel nurse who made his fair share of mistakes on the way to his first deal. After working tirelessly to save up extra cash for real estate, Ty hastily bought two properties at an auction. Come to find out, they weren’t exactly as advertised. To make matters worse, some bad advice led to a nightmare rehab project that went $20,000 over budget and took nearly two years to complete. If you want a realistic picture of the average real estate journey, this is an episode you won’t want to miss! Hear how Ty earned the capital to invest (including a fun side hustle!), weathered the storms of his first deal, and found a real estate community that pushed him to keep going when giving up seemed like the best option. In This Episode We Cover: Why you MUST have a game plan before buying real estate The two challenges you are likely to face without a real estate community How to find a mentor who will point you in the right direction The pros and cons of long-distance investing vs. staying in your market How to spot a nightmare renovation project when estimating rehab costs Creative side hustle ideas you can use to fund your real estate deals And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Manage Your Rental Property with Stessa Books Mentioned in This Episode The Book on Tax Strategies for the Savvy Real Estate Investor by Amanda Hann & Matt MacFarland Real Estate Partnerships by Ashley Kehr & Tony Robinson The Cashflow Quadrant by Robert Kiyosaki Connect with Tyrin: Tyrin's YouTube Tyrin's Instagram Tyrin's LinkedIn Check the full show notes here: https://www.biggerpockets.com/blog/rookie-313 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
8/16/20231 hour, 5 minutes, 47 seconds
Episode Artwork

312: Rookie Reply: The Seller Hasn't Responded...What Do I Do?

You recently submitted an offer on a house, but you haven’t heard back from the seller. Now what? As an eager rookie investor, the waiting game can be painful. You may already have an eye on other properties but need the capital to invest. Should you withdraw your original offer? Fortunately, Ashley and Tony have a few helpful tips to make your decision a little easier. Welcome back to another Rookie Reply! In this episode, our hosts tackle several important topics—including when to pull an offer on a house and whether you should create an LLC when buying your first property. They also discuss the biggest differences between single-family and multifamily real estate and which type of property is best for rookie investors to target. Finally, they talk about how to become a private money lender and the two important documents that should be in place before you lend a penny! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover: Rescinding an offer on a house when you don’t hear from the seller Whether to buy a single-family or multifamily property for your first deal LLCs and whether you need one when buying your first property How to become a private money lender (and what you need to protect yourself!) The two documents that MUST be in place before lending money And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Hear Our Full Episode on Real Estate Partnerships Grab Your Copy of “Real Estate Partnerships” Today How to Protect Your Rental from Fires, Floods, Lawsuits, and Liability Follow Mindy Templeton on Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-312 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
8/12/202335 minutes, 20 seconds
Episode Artwork

311: DIY Real Estate Hacks That Will Save You a FORTUNE on Your Deals w/Shaun Kelly

Some simple DIY investing hacks could save you thousands of dollars. But, as a rookie, the thought of tackling your own home renovation projects might be a little intimidating. Bringing sweat equity to a deal, however, can help you save a ton of money and even make you more valuable in a partnership. In this episode of the Real Estate Rookie podcast, we’re chatting with Shaun Kelly, whose road to real estate investing was anything but fast or easy. Shaun spent nine years in the analysis paralysis phase before he finally pulled the trigger on his first deal. Since then, he has built a portfolio of nine properties in four years and has refined his DIY skill set to the point where he can perform all types of rehab projects for a fraction of the typical cost. Whether you’re looking for creative ways to increase profits on your investment properties or bring value other than capital to a partnership, tune in to hear Shaun’s biggest money-saving DIY hacks and his journey, from making simple fixes to performing major home renovations. Ashley and Tony discuss their own experiences with DIY projects and list the jobs they prefer to outsource to a pro! In This Episode We Cover DIY hacks that will help you save a FORTUNE on home renovation projects How to stop overanalyzing and finally land your first real estate deal How to account for sweat equity when structuring a partnership The importance of documenting your journey as a new real estate investor Harnessing the power of YouTube to build your network and create another income stream And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Analyze Your Deals with the BiggerPockets Investment Calculators Achieving FI with Fewer Doors: The Small and Mighty Real Estate Portfolio Follow Ashley Wilson on Instagram Book Mentioned in the Show: Real Estate Partnerships by Ashley Kehr and Tony Robinson The Gap and the Gain by Dan Sullivan Connect with Shaun: Shaun's BiggerPockets Profile Shaun's YouTube Check the full show notes here: https://www.biggerpockets.com/blog/rookie-311 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
8/9/202354 minutes, 1 second
Episode Artwork

310: How to Grow Your Rental Portfolio EVEN Faster w/Real Estate Partnerships

Do you really need a real estate partnership for your deals? What are the benefits, and do they outweigh the risks? Well, it depends. The truth is that, while great partnerships will deliver value to both sides, bad partnerships will turn belly-up in no time. Welcome a very special edition of the Real Estate Rookie podcast, where our hosts, Tony and Ashley, talk about their latest book, Real Estate Partnerships. There are several reasons why a rookie investor might benefit from having a partner. Maybe they lack the capital for a particular deal, or maybe there are knowledge gaps where the expertise of a more seasoned investor might prove helpful. If you’ve wondered whether forming a partnership is the right move for you, you’re in luck—this episode is all about partnerships! Tune in to learn where to look for a partner, how to structure a partnership, and the differences between equity partnerships and debt partnerships. Our hosts also share the single greatest sign of whether a partnership will succeed.  Remember to grab your copy of Real Estate Partnerships and use code “PARTNER310” at checkout for an exclusive discount! In This Episode We Cover Four signs that you NEED a partnership to succeed in real estate  The best places to look for a real estate partner Choosing a partner with a compatible personality and complementary skill set How to properly structure your real estate partnership (and splitting the deal!) Important points you MUST include in your partnership agreement The main differences between equity partnerships and debt partnerships And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Hear David and Rob on the “BiggerPockets Real Estate” Podcast How to Use the DISC Profile to Communicate Effectively in Business David's BiggerPockets Profile David's Instagram Rob's BiggerPockets Profile Rob's Instagram Book Mentioned in the Show: Grab Your Copy of “Real Estate Partnerships” and Use Code “PARTNER310” at Checkout Check the full show notes here: https://www.biggerpockets.com/blog/rookie-310 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
8/5/20231 hour, 4 minutes, 31 seconds
Episode Artwork

309: How to Quit Your W2 Job and Replace Your Income with Just 6 Rentals w/Travis Hall

A small real estate portfolio that replaces your entire W2 income!? Many rookies assume that becoming a full-time investor is only possible after amassing a large portfolio with dozens of properties, but that’s not the case. Today’s guest was able to meet his family’s monthly income goals with only six rentals! In this episode of the Real Estate Rookie podcast, we’re speaking (in person!) with Travis Hall, an investor who knew very little about real estate just 18 months ago. After seeing the stress that his wife’s rigorous W2 job was creating, Travis discovered BiggerPockets and caught the real estate bug. The rest is history. Today, he has a small portfolio of six rentals—all thanks to the power of networking, partnerships, and, most importantly, taking action. If you’re ready to trade in the rigidity of your nine-to-five for the flexibility of real estate, tune in to hear Travis talk about his fast journey to full-time real estate investor. He spares no details when discussing his short-term rental strategy (including some VERY unique investments), as well as the monthly income goals he needed to meet to make full-time investing a reality. Grab Ashley and Tony’s latest book, Real Estate Partnerships. Don’t forget to use code “REALESTATE” to get 10% off at checkout! In This Episode We Cover Replacing your W2 income through a small real estate portfolio Combining the cash flow from multiple rentals to meet your income goals Why you NEED to review your market’s short-term rental regulations BEFORE closing a deal Airbnb arbitrage (and how to convince a landlord to let you do it!) Using Facebook groups to find partners for future real estate deals How to start managing other properties with ZERO capital And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/rookie-309 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
8/2/202351 minutes, 8 seconds
Episode Artwork

308: Rookie Reply: Don’t Chase Cash Flow! Use THIS Metric to Analyze Your Deals

How important is cash flow when analyzing real estate deals? Many rookies zero in on this familiar figure when crunching the numbers, but there’s another metric that is FAR more important: cash-on-cash return. This simple but powerful equation can help you determine whether an investment property is worth buying! Welcome to another Rookie Reply! Many rookies struggle to analyze deals when starting out. Fortunately, Ashley and Tony are here to show you exactly how to calculate your cash-on-cash return on a property. They discuss when to use lines of credit to help fund deals, as well as how to pitch seller financing options that make sense for both sides. They also talk about the home appraisal process and, finally, whether an offer on a property can ever be TOO low! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover Why you should use cash-on-cash return over cash flow when analyzing deals How low is TOO low when making an offer on a property When it makes sense to use a line of credit for a down payment The purpose of appraisals and when you might need to order one How to effectively pitch seller financing options so both sides walk away with a win And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Use the BiggerPockets Investment Calculators to Analyze Your Deals Using Lines of Credit to Kickstart Your Investing Career Check the full show notes here: https://www.biggerpockets.com/blog/rookie-308 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
7/29/202346 minutes, 19 seconds
Episode Artwork

307: How to Protect Your Rental from Fires, Floods, Lawsuits, and Liability

Your rental property is at risk. Maybe not now, but in the near future, you could face property damage, the need to rebuild, or an angry tenant/guest filing a lawsuit against you. What do you do? Don’t get too sweaty; this is why you have landlord insurance! The problem? Most landlords have coverage that BARELY protects their properties when something goes wrong, leaving their entire portfolio vulnerable just to save a few dollars. This is a HUGE mistake and could cost you far more than you know. To help demystify the world of rental property insurance, we brought on Christian Bachelder from The One Brokerage and Darren Pettyjohn, co-founder of Proper Insurance. Together, these two policy powerhouses discuss the BEST ways to protect your properties, the unknown risks that so many rental property investors aren’t aware of, and the common mistakes rookies make when choosing a rental property insurance policy. But that’s not all. Christian and Darren will give you the exact questions to ask your insurance agent/broker, uncover why umbrella policies are a MUST in this business, and explain why big insurers are leaving high-risk states like California and Florida. This discussion could save you hundreds of thousands, if not MILLIONS when something goes wrong at your property! In This Episode We Cover The most common mistakes rookies make when getting landlord insurance  CRUCIAL questions to ask your agent BEFORE you buy a policy  Umbrella insurance vs. LLC protection and which is a better bet for investors  The three most important parts of your insurance quote and numbers to pay attention to Short-term rental property insurance and why AirCover just won’t cut it  Renters insurance and the unbelievably cheap protection it provides tenants  And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Find Insurance For Your Rental Property The BiggerPockets Guide to Landlord Insurance Rookie Reply Episode 296 Richer v. Travelers Case Connect with Christian & Darren: Christian's BiggerPockets Profile Christian's Instagram Christian's Email Darren's BiggerPockets Profile Darren's Website Check the full show notes here: https://www.biggerpockets.com/blog/rookie-307 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
7/26/20231 hour, 5 minutes, 32 seconds
Episode Artwork

306: Achieving FI with Fewer Doors: The Small and Mighty Real Estate Portfolio w/Chad Carson

Financial freedom with only a handful of rental properties!? So many real estate investors are convinced that amassing units is the key to bigger profits, but the truth is that a strategy involving fewer doors can be just as—if not more—effective. Today’s guest is an advocate for the “small and mighty” real estate portfolio that allows you to create passive income, pursue your passions, and achieve financial independence on your terms! Welcome back to another episode of the Real Estate Rookie podcast! Today, we’re sitting down with Chad “Coach” Carson to discuss his latest book, The Small and Mighty Real Estate Investor. Enjoying the flexibility that many rookie investors dream of, Chad and his family live abroad while his property managers handle the day-to-day operations of his rentals stateside—allowing him to spend very little time on his business each week. If you want to achieve financial freedom without becoming enslaved to your real estate business, this is an episode you won’t want to miss! Chad speaks on creating passive income through real estate, how to enjoy a two-hour workweek, and why accumulating more units shouldn’t be your end goal. He also talks about the three phases in every real estate journey and why the final phase is the key to unlocking your financial independence! Remember to pick up Chad’s new book and use code “SMALL306” at checkout!  In This Episode We Cover How to build a small real estate portfolio that supports your financial goals The three important phases in every real estate journey Lean FI, fat FI, and why you should know both numbers before investing The people and systems you NEED to create passive income from your rentals Arriving at “enough” when scaling your real estate empire And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Become a (Small) Multifamily Millionaire in 7 Steps w/ Brian Murray and Brandon Turner Books Mentioned in the Show Retire Early with Real Estate by Chad Carson Get Your Copy of “The Small and Mighty Real Estate Investor” and Use Code "SMALL306" for 10% Off Connect with Chad: Chad's BiggerPockets Profile Coach Carson Podcast Chad's Instagram Chad's YouTube  Check the full show notes here: https://www.biggerpockets.com/blog/rookie-306 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
7/22/202350 minutes, 46 seconds
Episode Artwork

305: The Rookie’s Guide to Analyzing Rental Properties and Airbnbs in 2023

Don’t know how to analyze a rental property? After this episode, you’ll be a rental property analysis pro, knowing exactly how much money you’ll make on your first, second, or next real estate investment. But don’t worry; you won’t need any complex formulas, dense spreadsheets, or complicated math to calculate how much cash flow you’ll collect from your real estate deal. Instead, you can use the EXACT methods we show to analyze investment properties in minutes, EVEN if you’re a real estate rookie! In this episode, Ashley and Tony will teach you EXACTLY how to analyze real estate deals in 2023. From long-term to short-term rentals, BRRRR properties, and choosing your real estate market, Ashley and Tony will go through everything you need to ensure your first or next real estate deal is a home run. Our hosts will go step-by-step through analyzing a real estate investing market, signs of one you should invest in, building your “buy box,” analyzing a long-term, short-term, and BRRRR investment property, and how the 2023 housing market has changed. If you’re still waiting to get a rental property under contract, this is the place to start In This Episode We Cover How to analyze a rental property, short-term rental, or BRRRR investment from scratch  2023 housing market updates and what you MUST know before buying  Using the BiggerPockets rental property calculators to analyze properties in minutes Where to find insurance prices, property taxes, and other KEY variables  The three things you MUST know before analyzing an Airbnb or vacation rental  Financing your real estate deal and rental property loans you can use to purchase an investment property!  And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! BiggerPockets Calculators Used in This Episode: Rental Property BRRRR Rent Estimator Tune into The “Real Estate Rookie” Podcast: Podcast YouTube Grab Tony’s Short-Term Rental Calculator BrightInvestor NeighborhoodScout Policygenius PriceLabs Propstream Investor Shout-Outs: Amy Mahjoory Lattes and Leases Zosia Madden (Rookie Ep 301) Check the full show notes here: https://www.biggerpockets.com/blog/rookie-305 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
7/19/20231 hour, 19 minutes, 38 seconds
Episode Artwork

304: Rookie Reply: Don't Have 20% Down? Here's How to Fund Your Next Investment

Want to buy your first investment property? You DON’T need twenty percent down sitting in your bank account. We know; everyone has told you that you need a massive down payment before you buy a property. But did you know that expert investors like Ashley and Tony rarely come to the closing table with their own money? If you know where to find the right funding, you too could buy multiple income properties a year WITHOUT having to scrimp and save up tens, if not hundreds of thousands of dollars! We’re back with another funding and finance-first Rookie Reply episode. This time, Ashley and Tony will go over how to fund your first BRRRR or fix and flip, EVEN if you don’t have twenty percent down. On a closely related note, we’ll touch on what to show a private money lender when you’re looking for funding and the “private money packet” new investors should start creating TODAY. Then, Ashley and Tony will hit on how to make more offers so you can build wealth faster. Lastly, you’ll hear the differences between small and large multifamily and why experienced investors LOVE larger deals. If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover Reserves, down payments, and how to fund your first BRRRR or fix and flip if you’re low on cash Unlocking private money lending and exactly what a lender wants to see before they fund your deals  The easiest way to start making more offers and the simple technique that’ll make analyzing deals a breeze  What to know BEFORE you buy a large multifamily property (and laws to pay attention to) Cap rates, commercial real estate, and why bigger deals are often easier to increase equity  And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Listen to Episode 303 with Spencer Carpenter Check Out Our Mentee Episodes with Lawrence Briggs: Part 1 Part 2 Part 3 Part 4 Lattes and Leases Serena Norris Check the full show notes here: https://www.biggerpockets.com/blog/rookie-304 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
7/15/202346 minutes, 3 seconds
Episode Artwork

303: How to “Supercharge” Your Real Estate Portfolio with Investor Meetups w/Spencer Carpenter

The easiest way to supercharge your real estate portfolio? Host your own real estate meetups to build your network! If that sounds intimidating, you’re not alone! Many rookies let their lack of experience or fear of no one showing up stop them from tapping into this gold mine of a networking strategy. Today’s guest found it to be the fastest and easiest way to find wholesalers, buyers, and lenders for his real estate deals! Welcome back to the Real Estate Rookie podcast! In this episode, Ashley and Tony are joined by Spencer Carpenter—an investor who got into real estate with the goal of supporting his family members in retirement. After his first deal went south, however, Spencer lost most of his capital and could have easily given up on real estate. Instead, he doubled down and networked his way to a pair of house flips that he was able to sell at a sizable profit. If you’ve ever wondered how investors grow their networks to find better deals, this is the episode you’ve been waiting for! Spencer provides his step-by-step formula for hosting real estate meetups at little to no cost, while Ashley and Tony offer their best tips for vetting contractors and property managers. They also discuss working with hard money lenders and what can go wrong if you DON'T maintain an open line of communication! In This Episode We Cover How to host your very own real estate meetups at no (or low) cost Harnessing the power of networking to find wholesalers, buyers, lenders, and more The best ways to find and vet contractors for your rehabs Weighing your financial risk when analyzing real estate deals Red flags to look out for when hiring a property management company Why you NEED to get on the same page with your hard money lender upfront And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/rookie-303 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
7/12/20231 hour, 1 minute, 43 seconds
Episode Artwork

302: Rookie Reply: How to Get 100% Financing for ALL of Your Real Estate Deals

100% financing for ALL of your real estate deals? Without thousands of dollars saved up, many people assume there’s no way for them to invest in real estate. But that’s far from true. Today, you can fund your entire real estate deal—including purchase price, down payment, closing costs, and rehab costs—using other people’s money! Welcome back to another Rookie Reply! If you don’t have the funds to invest in real estate, hear Ashley and Tony share their best strategies for getting deals done with creative financing. They also discuss rehab costs and provide a three-step plan for estimating them. Hiring a property manager is a daunting task for any rookie, but our hosts share the biggest red flags to watch out for when vetting a property management company. Finally, they discuss the touchy subject of rental repairs—who’s responsible and how to keep the peace with tenants! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE).  In This Episode We Cover How to get financing for 100% of your deals (purchase price AND rehab costs!) Four EASY ways to find private money lenders for your real estate deals The three-step plan you NEED to accurately estimate rehab costs Red flags to look out for when hiring a property management company How to determine who is responsible for repairs (without upsetting your tenants!) And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Private Capital Explained: The 4-Second Pitch to Unlock Unlimited Funds (Part 1) Private Money Explained: 5 Simple Ways to Find Private Money Today (Part 2) Private Money Explained Part 3: The “Credibility Pieces” Lenders Love to See Private Money Explained Part 4: Rates, Returns, and Protecting Investors 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 Follow Amy Mahjoory on Instagram to Learn More About Raising Private Capital Book Mentioned in this Episode: Raising Private Capital by Matt Faircloth The Book on Estimating Rehab Costs by J Scott   Check the full show notes here: https://www.biggerpockets.com/blog/rookie-302 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
7/8/202341 minutes, 43 seconds
Episode Artwork

Bonus: Hiring a Contractor For Your Rental? What You NEED to Know

Hiring a contractor doesn’t have to be a guessing game. Most real estate rookies choose the first (or cheapest) contractor that comes their way, but this rarely leads to a home renovation gone right. Instead, you could be looking at tens of thousands in extra costs, poor-quality workmanship, timelines that stretch out months past your projections, and a rental property that almost any tenant will walk away from. So, how do you find the BEST contractors in your area? And what are some signs that a contractor will make your life easier? We’ve got all the answers in this episode. Rachel Richards is back on the show to talk about her recent renovation done by Zosia Madden’s team over at Laurelless. While Rachel was thousands of miles away traveling, Zosia and her team turned Rachel’s newest property around, staying on budget, on time, and with as little stress as possible. After some tear-inducing past experiences with other, lower quality contractors, Rachel and Zosia go over EXACTLY what makes a contractor the right one, red flags to look out for, software to use, and lessons learned that EVERY investor should take to heart!  Check the full episode here: https://biggerpockets.com/playlist Learn more about your ad choices. Visit megaphone.fm/adchoices
7/8/20238 minutes, 13 seconds
Episode Artwork

301: 12 Doors and a $4M Portfolio as a Real Estate Power Couple w/Zosia Madden

Significant other not sharing your enthusiasm for real estate? Maybe you have dreams of buying your first property or going full-time with a real estate business, but your partner isn’t on board. You’re not alone! The truth is that investing in real estate is a huge decision, and couples aren’t always on the same page. Fortunately, there are ways to align your goals and build a profitable real estate business together. In this episode of the Real Estate Rookie podcast, we’re chatting with Zosia Madden. Today, Zosia and her husband Tyler operate two businesses—a successful construction company and a seven-figure real estate business with twelve rental properties. Despite their recent success, the couple faced many challenges before going all-in on real estate—including the question of whether Zosia should leave the stability of her W2 job. As you might expect, they didn’t arrive at this decision overnight. It took multiple conversations—filled with vision-casting, goal-setting, and strategizing—before Zosia was able to put in her two-week notice. If you and your significant other seem to be on two different wavelengths, you don’t want to miss this episode! Zosia, Ashley, and Tony cover some of the most important questions you’ll want to ask your partner on your journey toward financial freedom. They also discuss topics that many rookie investors struggle with—such as paying yourself, hiring fractional advisors, and the systems and processes that will help you scale your real estate business! In This Episode We Cover Questions all couples should ask to help align their long-term goals The three stages of spouse involvement in real estate investing How to transition from a stable W2 job to a full-time real estate investor Fractional advisors and how hiring them can change the trajectory of your business When to take a salary from your real estate business (and when to reinvest instead!) Systems and processes you NEED to scale your business And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple Building and Scaling a Massive Real Estate Business Real Estate Rookie 300 with Rachel Richards Real Estate Rookie 55 with Tyler Madden Real Estate Rookie 173 with Tyler Madden Books Mentioned in this Episode: The ONE Thing by Gary Keller with Jay Papasan Connect with The Maddens: Zosia's BiggerPockets Profile Zosia’s Instagram Tyler’s Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-301 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
7/5/202352 minutes, 48 seconds
Episode Artwork

300: Making $8K/Month from 2 Doors and How to Get HUGE Cash Flow with Fewer Units w/Rachel Richards

Huge cash flow after selling most of your real estate portfolio!? Many rookies assume that having more doors equates to more profit, but that’s not always the case. The truth is, if you start identifying the best investing strategy for your property, you can make more cash flow while owning fewer units. Today’s guest has had small and large portfolios alike and has succeeded with both! In this 300th episode of the Real Estate Rookie podcast, we catch up with past BiggerPockets guest, full-time real estate investor, and two-time best-selling author Rachel “Money Honey” Richards. After 2022 threw her several curveballs, Rachel made the tough decision to sell her thirty-eight-door real estate portfolio and start over. A nomad at heart, Rachel turned her attention to house hacking—a strategy that gives her a place to live while allowing her the freedom to travel six months each year. Whether you have one door or one-hundred doors, you won’t want to miss out on the important lessons Rachel shares in this episode! She talks about beating analysis paralysis, using a solutions-oriented approach when looking for deals, and when it makes sense to use multiple rental strategies at once. But that’s not all, we’ll also get into creative financing, choosing a real estate niche, finding the best contractors for rehab projects, and more! In This Episode We Cover How to build (or rebuild!) your real estate portfolio from square one Beating analysis paralysis by finding your real estate niche How to apply a solutions-oriented approach to analyzing deals Using multiple rental strategies to maximize your cash flow Networking to find the best lenders and contractors for your properties Leveraging creative financing to help fund your real estate deals And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Retiring in 2 Years Through “Aggressive” Rental Property Investing with Rachel Richards Early Retirement by 30 with $20K/Month in (Actually) Passive Income Divorce: The Biggest Marriage and Money Mistakes to Avoid Rookie Reply: Creative Financing 101 with No Cash, Credit, or Credentials 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 How Nancy Rodriguez from ‘Love Is Blind’ Hit Financial Freedom BEFORE Fame Books Mentioned in this Episode: The House Hacking Strategy by Craig Curelop Money Honey by Rachel Richards Passive Income, Aggressive Retirement by Rachel Richards Connect with Rachel: Rachel's BiggerPockets Profile Rachel's Instagram Grab Your Free Passive Income Starter Kit Check the full show notes here: https://www.biggerpockets.com/blog/rookie-300 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
7/1/20231 hour, 12 minutes, 1 second
Episode Artwork

299: The 4 Steps to Financial Freedom Through Rental Property Investing

Want financial freedom? We’re not talking about buying yachts, private planes, or million-dollar sports cars. We mean REAL financial freedom. The freedom that lets you work where you want, when you want, and spend time with the ones that matter most, without having to worry about paying the bills or having enough in the bank to make ends meet. That’s what it means to be financially free. And today, we’re here to help you get even closer to achieving that dream. While Tony and Ashley are living their financially free lives, Dave Meyer, VP of Data and Analytics at BiggerPockets and host of On the Market, stopped by to give you the step-by-step guide to achieving financial freedom. In this episode, Dave will show you how to set goals for a financially free life, calculate your “freedom number,” choose a real estate market to invest in, find the right property, and analyze a real estate deal from scratch. You DON’T need to be an investing expert to start your journey to financial freedom. Unlock the tools expert real estate investors use daily by becoming a BiggerPockets Pro member. Get 20% off your first year of Pro if you use code “FREEDOM” at checkout and gain access to investment property calculators, lease documents, rent estimators, and more!  In This Episode We Cover The four steps to financial freedom and how to achieve ultimate independence through real estate investing Setting SMART goals and calculating your “freedom number” How to pick the right real estate market and two questions you MUST ask before you do Four ways you can start finding real estate deals TODAY  Analyzing a real estate deal LIVE (step-by-step) using the BiggerPockets calculators  What expert investors know that most real estate rookies don’t  And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Try the BiggerPockets Rental Property Calculator on Your Next Property Estimate Rent for ANY Property Sign Up for a BiggerPockets Bootcamp Hear Dave on The “On The Market” Podcast Wherever You Listen to Podcasts: Spotify Apple Podcasts BiggerPockets Watch Dave on the “On The Market” YouTube Channel Connect with Dave: Dave's BiggerPockets Profile Dave's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-299 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
6/28/20231 hour, 11 minutes, 8 seconds
Episode Artwork

298: How Tony Lost $100K on ONE Real Estate Deal (AVOID These Critical Mistakes)

Losing $100K on one real estate deal!? Is there any coming back from that kind of loss? Unfortunately, real estate investing is not always sunshine and rainbows. Every successful investor has had their fair share of failures. By learning from some of our mistakes, our hope is that new investors won’t have to make them! Welcome back to another episode of the Real Estate Rookie podcast. Today, Ashley interviews Tony about one of his most recent deals that went south. Ultimately, Tony ended up losing a whopping $100K on the deal. This kind of loss would cause many people to throw in the towel and quit their real estate journeys. Instead, Tony ate the loss, learned some important lessons, and got back up on his horse. If you’re afraid of losing money on a real estate deal, allow Tony’s mental fortitude to encourage and inspire you to keep going! In this episode, he shares a handful of invaluable lessons—including why it’s so important to manage the timeline of a deal, why you should always take a pre-approval with a grain of salt, and how diversifying investments across different markets can help lower your risk! In This Episode We Cover Finding your real estate niche and building a strong financial foundation Managing the closing timeline (and saving a fortune in holding costs!) The importance of purchase agreements and earnest money deposits The subjectivity of appraisals (and when you should challenge them) Why you should NEVER treat a pre-approval as gospel What you should know before becoming a private money lender And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Making $71K on ONE Deal After 5 Failed House Flips and Six-Figure Debt The Difficult Path to Wealth: Losing Money on Your First Real Estate Deal w/ JL Collins 4 Important Steps to Bounce Back After Losing Money on a Deal Check the full show notes here: https://www.biggerpockets.com/blog/rookie-298 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
6/24/202349 minutes, 1 second
Episode Artwork

297: Traveling the World Thanks to One $6,500/Month Rental Property w/Olivia Tati

A house hack that covers all living expenses and allows you to travel the world!? Many people dream of making passive income from real estate, but only some take action. After getting her real estate license and immersing herself in the world of investing, today’s guest was chomping at the bit to buy her first property. In this episode, we’re speaking with Olivia Tati—a former chemical engineer turned nomadic real estate investor! After discovering the freedom and flexibility of working from home, Olivia quickly determined that she no longer wanted to work her corporate W2 job. Fortunately, she had spent months cultivating several side hustles and multiple streams of passive income. With this financial safety net in place, Olivia quickly turned her attention to real estate. It wasn’t long before she landed her first deal—a duplex that rents for up to $6,500/month and allows her to live out her nomadic dream! Do you aspire to earn enough passive income to quit your nine-to-five, work from home, or travel the world? This is the episode for you! Tune in to hear Olivia, Ashley, and Tony discuss a unique strategy to get a property under contract, various ways to buy real estate with no money down, and creating the perfect guest experience at your short-term rental. They also cover the benefits of getting a real estate license—whether it’s getting your feet wet before investing, saving money on closing costs, or making passive income through referrals! In This Episode We Cover How to get a property under contract (without having the most competitive offer!) Three advantages of getting your real estate license before investing How to earn thousands of dollars each month through real estate referrals Multiple strategies you can use to buy real estate with no money down When to make a rental property short-term, medium-term, or long-term The keys to providing a world-class guest experience at your short-term rental And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE House Hacking 101: What It Is and How to Get Started Create Eye-Catching Graphics for Your Real Estate Business Find and Manage Cleaners for Your Short-Term Rentals: Turno Breezeway Connect with Olivia: Olivia's Instagram Olivia's YouTube Check the full show notes here: https://www.biggerpockets.com/blog/rookie-297 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
6/21/202349 minutes, 26 seconds
Episode Artwork

296: Rookie Reply: Pre-Foreclosures and How to Cut Your Property Management Costs

Let’s face it—property management fees aren’t cheap. While you may need to hire a property manager if you’re investing out of state or are unable to self-manage your property, these costs can quickly eat into your profits if you’re not careful. How can you ensure that you’re getting high-quality services for a fair price and keep your overhead under control? Welcome back to another Rookie Reply! If you’re struggling to pull the trigger on hiring a property management company, we understand why you might be hesitant. Fortunately, Ashley and Tony are here to shed some light on the topic and share their own experiences with property management companies. They also talk about insuring properties during the rehab phase, as well as buying pre-foreclosed properties. Finally, they discuss balloon payments—what they are, how to use them to your advantage, and when it may be risky to get a loan that has them! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover How to find the BEST property management company for your rental Property management fees and how to keep costs down Why you MUST insure your property during the rehab phase How to use balloon payments to your advantage (and avoid more risk!) What you need to know before buying a pre-foreclosed property And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE 0 Doors, 100% Creative Financing with Pace Morby Rookie Reply: Loan Amortization and Balloon Payments Explained 8 Tips for Hiring the Best Property Manager for Your Rentals Check the full show notes here: https://www.biggerpockets.com/blog/rookie-296 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
6/17/202348 minutes, 10 seconds
Episode Artwork

295: $2 Million in Real Estate in 2 YEARS Thanks to This Strange Side Hustle w/Paul Lee

A $100K "exotic plant" side hustle to over $2 million in real estate? The truth is that you can use virtually any side hustle to help kickstart your real estate journey—whether you need capital to invest or want the extra business experience before diving in. While today’s guest may have taken a more unconventional approach to investing in real estate, he now has a portfolio of eight units cash flowing $4,500 each month! Welcome back to another episode of the Real Estate Rookie podcast! In 2021, when millions of Americans lost their jobs, corporate underwriter Paul Lee came to the realization that relying on his W2 as his only source of income was a risky bet. At a time when mandates were requiring more people to work from home, Paul started flipping exotic house plants for a HUGE profit—netting well over $100,000 in two years! Despite his success, Paul recognized the volatility of the business he had built and turned his attention to a more historically stable side hustle—real estate. If you’re looking to use a side hustle as your gateway into real estate, you’ll want to hear Paul, Ashley, and Tony share about the importance of having multiple income streams. They also cover several important real estate topics—from house hacking and self-managing properties to exceptions that could make you ineligible for FHA loans. Finally, they discuss private mortgage insurance and how to remove it when it’s hurting your cash flow!  In This Episode We Cover How to find side hustles with the highest earning potential The skills you NEED to self-manage your investment properties Using leverage to spread equity across more properties The self-sufficiency test your house hack MUST pass to get an FHA loan How to get private mortgage insurance removed from a loan When to pull a HELOC (and how to use the money!) And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE No Money for Real Estate? 2 Side Hustles You Can Use to Fund Your First Deal Compare Market Rents with Rentometer Connect with Coach Chad Carson on Instagram Connect with Paul: Paul's BiggerPockets Profile Paul's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-295 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
6/14/202358 minutes, 31 seconds
Episode Artwork

294: No Money for Real Estate? 2 Side Hustles You Can Use to Fund Your First Deal w/Ava Yuergens and Josh Janus

Don’t have enough funds for real estate deals? Today, there’s no excuse. Beyond strategies that allow you to invest in real estate with no money down, you can always start a profitable side hustle and put the earnings towards your next deal. In this episode of the Real Estate Rookie podcast, we’re chatting with Ava Yuergens and Josh Janus—two young entrepreneurs who managed to launch their own profitable side hustles to help fund their first real estate deals. Shortly after Ava and her fiancé launched their very own couch-flipping side hustle, they were able to generate enough cash to invest in real estate. Josh was a student by day, so he needed a side hustle that he could work outside of school hours. After seeing the schedule flexibility that DoorDash provided, Josh started making food deliveries—often using multiple apps and two phones to maximize his earnings. If you’ve ever wanted to start your own side hustle, this is the episode for you! You’ll learn how to launch your own successful side hustle from square one, sharpen your entrepreneurial skills, and generate more than enough income for you to put towards your first real estate deal. Finally, Ashley and Tony tie the bow on this showdown-style episode by evaluating these side hustles for upfront capital, earning potential, time commitment, and risk! In This Episode We Cover Two side hustles you can start TODAY with little to no money Using a side hustle to raise capital for your real estate business Launching a flexible DoorDash side hustle that earns up to $50 an hour Starting a couch-flipping side hustle that generates $10,000 per month Side hustle skills that carry over into the real estate world And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE $900K in Real Estate at Age 17 by Doing What 99% of Teenagers Won’t From DoorDasher to $1.5 MILLION in Real Estate (All at 22 Years Old!) Connect with Ava & Josh: Ava's BiggerPockets Profile Ava's Instagram Ava's TikTok Josh's BiggerPockets Profile Josh's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-294 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
6/10/20231 hour, 1 minute, 46 seconds
Episode Artwork

293: 6 Rental Properties in 15 Months (While Working 3 Jobs!) w/Brandon and Dani Tilson

Too busy to buy rental properties? After this episode, you won’t have any more excuses. Brandon and Dani Tilson started building their rental property portfolio just under a year and a half ago and have already acquired six properties while working schedules that would make most people faint. We’re not talking about one job or two; we’re talking about working three jobs while raising a family and self-managing a rental portfolio. So, if you’re working less than eighty hours a week, this is your sign to get started!  After growing up with a struggling single mother, Brandon vowed that his children should never have to worry like he did. After learning about real estate, Brandon was ready to invest, but his wife, Dani, was not. Cash in the bank was a luxury Dani wanted to hold on to, but after many long conversations, the couple agreed to try their hand at rental properties. Their first deal didn’t go as planned, but it helped them build momentum and turn a small sum into a cash-flowing rental portfolio. In this episode, you’ll hear exactly how Brandon and Dani scaled to six units in just a year and a half, the property management software they use to run their portfolio painlessly, and how to get your spouse on the real estate investing bandwagon. Brandon and Dani are set to retire in just five years, and if you tune in, you can too! In This Episode We Cover Building a rental property portfolio that will allow you to retire in five years (or less) Why you should NOT try to DIY your first rental property renovation  What to do when you want to invest but your spouse or partner isn’t interested  Cash-out refinances vs. HELOCs and which makes more sense with today’s high-interest rates  Property management software and how to run a rental portfolio without pulling your hair out “Alignment meetings” and how to conquer your craziest goals even with a hectic schedule  And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Analyze Your Own Deals Using the BiggerPockets Rental Property Calculator Manage Your Property with RentRedi Hear Our Interview with Husband and Wife Investing Duo Devana and Reid How to Easily Analyze Rental Properties Connect with Brandon & Dani: Brandon & Dani's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-293 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
6/7/202357 minutes, 43 seconds
Episode Artwork

292: Rookie Reply: The One Thing You Need to Pay $0 in Income Tax

Want to pay ZERO taxes next year? If you own real estate or are building a portfolio, there’s a good chance that you can legally keep your profits away from Uncle Sam. But you’ll need one thing before you can do so. Our own Tony Robinson plans on using this exact strategy to pay $0 in taxes for this most recent tax year. So, why aren’t all real estate investors doing this? And where do you find the income-tax-free-genie who can help you make your tax burden magically disappear? It’s Saturday, so a new Rookie Reply is headed your way. This time, Ashley and Tony will touch on mitigating MASSIVE tax amounts using this particular service. Next, what can real estate partners expect when one party puts up the money, and the other puts up the work? For the debt-free disciples, you’ll hear about using a credit card for a down payment and when you know you have TOO much real estate debt. If you want to grow your passive income, pay fewer taxes, and ensure your mortgages ALWAYS get paid, stick around! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover How to (legally) eliminate income tax when investing in real estate  Down payments and why you (probably) won’t want to use a credit card to fund yours  Real estate partnership responsibilities and what a money partner’s roles are  Listing your own property for sale by owner (FSBO) vs. using a real estate agent  Rental property debt and what to do when tenants refuse to pay rent  The one question you need to ask a realtor that could lead to a reduced commission fee  And So Much More!  Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Rich Dad’s CPA Shares 5 Steps to Eliminate Income Taxes through Real Estate How to Buy Real Estate with Your Credit Card How Much Do You Need For A Down Payment On A House? Check the full show notes here: https://www.biggerpockets.com/blog/rookie-292 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
6/3/202342 minutes, 16 seconds
Episode Artwork

291: Living for FREE at 22 and Planning to Retire by 30 with Rentals w/Ryan Hughes

Who knew living for free could be as simple as house hacking and renting rooms out to a few college friends? Today’s guest was able to generate enough monthly income from his first real estate deal to cover his mortgage payment each month—and then some! Welcome back to another episode of the Real Estate Rookie podcast! Ryan Hughes’ real estate investing journey started at the age of fourteen, when his father allowed him to go in on a real estate deal. Naturally, Ryan was ready and eager to start investing in his own rental properties by the time he graduated from college. Within months, he had bought his first investment property, one he conveniently spotted while jogging around his neighborhood. Shortly after closing, Ryan had seven people living in the house and paying rent to fully cover his mortgage payment, utilities, and more. If you’re interested in living for “free” and attaining financial freedom, you’ll want to hear what Ryan has to share about house hacking, building your real estate network, and how to keep the peace with other tenants. As always, Ashley and Tony have some invaluable insights to share as well—from leveraging debt the right way to finding the best home loan products! In This Episode We Cover How to live for FREE by house hacking and renting out rooms Managing tenants when they live with you (and share your stuff!) Identifying housing markets where cheap properties will appreciate Tapping into a real estate agent’s network and leveraging their connections Using an inspection report to your advantage before closing on a property How to find a home loan that benefits both the buyer and seller And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Analyze Your Own Deals Using the BiggerPockets Rental Property Calculator Living for “Free” with 63 Self-Storage Units Follow Ana Karina on Instagram for Real Estate, Tax, and Bookkeeping Advice Connect with Ryan: Ryan's YouTube Ryan's TikTok  Check the full show notes here: https://www.biggerpockets.com/blog/rookie-291 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
5/31/202354 minutes, 41 seconds
Episode Artwork

290: Rookie Reply: Best HVACs, HELOCs, and Using Home Equity to Buy Rentals

Want to know how to use your home equity to buy your next rental? You could be sitting on tens of thousands in potential funds that’ll make saving for the down payment MUCH easier. But first, you’ll need to know how much equity you have, the amount you can pull out, and whether or not a HELOC (home equity line of credit) is even worth it. So, if you’re itching to get your next deal faster, stick around! Ashley and Tony will give you the info you need to take your money and multiply it! Welcome back to this week’s Rookie Reply, where Tony wears a hat! Aside from covering up that beautiful bald head, Tony and Ashley have some solid tips for anyone looking to buy a property with tenants in place, debating the value of a whole house HVAC system (heating, ventilation, and air conditioning), or putting up the pros and cons of private lenders vs. bank loans. You’ll learn the many ways to cool your house, how to confirm rent payments before you buy a home with inherited tenants, and how to make passive income by private lending! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover HELOCs (home equity lines of credit) and using one to buy your next property HVAC systems vs. window units and which demand higher rent prices  How to make completely passive income by becoming a private money lender Raising capital vs. taking a bank loan and why big investors ALWAYS raise money How to confirm rent payments BEFORE you buy a property with tenants in place And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Sign Up for BiggerPockets Pro to Get Lawyer-Approved Lease Agreements: BP Pro Lease Agreements Connect with Other Investors on the BiggerPockets Forums Submit Your Real Estate Rookie Question! How to Buy a Rental Property with NO Money OR Credit w/Pace Morby Follow Rachel Richards (MoneyHoneyRachel) on Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-290 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
5/27/202345 minutes, 32 seconds
Episode Artwork

289: $11,000/Month with One VERY Unique Rental Property w/Garrett Brown

A glamping site might sound like a fun real estate investment idea, but how feasible is it? Does it offer enough cash flow potential as a short-term rental property? How do you get a building permit for a unique structure like a geodesic dome!? Today’s guest managed to launch the very first glamping site in his area and make some killer cash flow, but not without jumping a few hurdles along the way. In this edition of the Real Estate Rookie podcast, we pick the brain of award-winning music producer Garrett Brown, who first decided to get into real estate because of the schedule flexibility it offered. After starting out as a realtor and spending time around investors, Garrett’s eyes were quickly opened to the huge earning potential of investing in real estate. Using the capital he generated from a house flip, Garrett was able to get into the short-term rental space—combining his newfound passion for real estate with his background in hospitality. Today, he talks about his most recent acquisition—a three-door glamping site sandwiched between two regional attractions outside Houston, Texas. If you’re looking to buy your first short-term rental property, you won’t want to miss out on all that Garrett, Ashley, and Tony unpack in this episode! They’ll discuss their favorite ways to estimate rehab costs, how to find the perfect market for your short-term rental, and the importance of delivering a first-class guest experience as an Airbnb host! In This Episode We Cover Garrett’s massive cash flow on a unique “dome” vacation rental  Several creative ways to estimate rehab costs for a house flip Finding the perfect market for a short-term rental property Important hospitality tips that will make you a top short-term rental host Glamping sites, geodesic domes, and other unique short-term rental ideas! How to underwrite unique properties (and get your county to give you a permit!) And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Use the BiggerPockets Calculator to Estimate Your Earning Potential Try Lodgify for Your Short-Term Rental Management Needs Book Mentioned in the Show: The Book on Estimating Rehab Costs by J Scott Connect with Garrett: Garrett's BiggerPockets Garrett's TikTok Garrett's YouTube Garrett's Glamping Operation on Instagram Garrett's Glamping Operation on Tiktok Garret's Glamping Operation on YouTube Check the full show notes here: https://www.biggerpockets.com/blog/rookie-289 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
5/24/202359 minutes, 44 seconds
Episode Artwork

288: Rookie Reply: Tenant Red Flags and BEST Investor-Friendly Loans

Want a better rental property loan? You’ve probably tried talking to banks, brokers, and residential lenders about growing your real estate portfolio, only for them to hit back with W2, income, and credit score requirements. Is there a loan that gets around these conditions for those that are hard to fund? What if you have a rock-solid real estate deal but no nine-to-five income to show to a bank? Well, there’s one type of funding you’ve probably never heard of, and real estate investors nationwide are starting to take advantage of it. We’re back with another Rookie Reply as Ashley and Tony embark on an emotional journey down eviction lane, discussing what to do when bad tenants stay in your property and how to ensure it never happens again. But that’s not all; Ashley and Tony bring their tenant red flags that ANY landlord should know about when interviewing potential renters. They’ll also touch on subject to, seller financing, and other creative ways to fund your real estate deal, plus why you should (or shouldn’t) buy a historic home. Finally, you’ll hear about the investor-only loan so many people are using to grow their portfolios even faster! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover The one rental property loan that big-time investors are using to multiply their portfolios  Evicting a tenant and how to recover rent payments that you’re owed Tenant screening tips and red flags you should look out for when interviewing tenants Creative financing and how seller financing and subject to deals create win-wins for buyers and sellers Buying in a historic district and the grants and tax advantages you may be entitled to for doing so And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Real Estate Rookie Podcast 280 with Pace Morby Real Estate Rookie Podcast 538 with Katie Neason DSCR Loans: What Are They And How To Get The Best Terms The Ultimate Comprehensive List of Tenant Red Flags Book Mentioned in the Show: Wealth without Cash by Pace Morby Check the full show notes here: https://www.biggerpockets.com/blog/rookie-288 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
5/20/202338 minutes, 23 seconds
Episode Artwork

287: From 70 Hour/Week Burnout to Getting Paid to Buy Properties w/Danielle Daly

A 36% return on your FIRST rental property? In today’s housing market? That sounds almost impossible. With more and more inventors struggling to find a cent of cash flow and home prices still so high, how does a real estate rookie walk away with a deal most investors could only dream of? The answer lies within Danielle Daly’s strategy, and it’s one that most people would be too picky to repeat. But, if you have the ingenuity to do what she did, you could live for free in an expensive market, collecting some killer cash flow every month. Before this cash cow of a deal, Danielle was a burnt-out hospitality worker who quit her seventy-hour work weeks to make $30,000 per year as a waitress. She wanted the pay of a nine-to-five, without the soul-crushing time commitment so many jobs expect. So, she left sunny Florida on a whim, and headed to snowy Denver, only to end up at…BiggerPockets. She couldn’t resist the real estate bug and got her sights locked on her first property. Danielle spent months looking for the right layout, at the right price, with the cash flow potential she needed. Half a year or so later, she looks back on her first purchase as one of her best financial decisions ever. In this episode, you’ll hear how Danielle turned $30,000 into a half-a-million-dollar property in a pricey market, how she gets paid to live in her own house, and the one thing that helped her achieve investing success faster than the rest. In This Episode We Cover How Danielle makes a 36% return on her first rental (with ZERO experience) The one strategy ANYONE can use to buy a cash-flowing rental property with low money down Ditching burnout and how to know it’s time to leave your job for something better Networking for newbies and how to find lenders, realtors, and tenants  Seller concessions and letting someone else “buy down” your mortgage rate  Screening tenants and the one software that systematizes your property And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Meet Other Investors At a BiggerPockets Meetup Get Easy Property Management with RentRedi How to House Hack By Renting-By-The-Room Connect with Danielle: Danielle's BiggerPockets Profile Danielle's Email Danielle's Instagram   Check the full show notes here: https://www.biggerpockets.com/blog/rookie-287 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
5/17/20231 hour, 3 minutes, 30 seconds
Episode Artwork

286: Rookie Reply: Real Estate "Travel Hacks" We Use to Score FREE Vacations

Using your real estate business to fund your DREAM vacation—with all or most expenses paid!? As a real estate investor, handling large amounts of money for materials, rehabs, and other expenses has its benefits. Today, we’re excited to talk about a simple but clever debt strategy that real estate rookies often overlook. Welcome back to another Rookie Reply! If you’re looking to take advantage of the many benefits of real estate investing, tune in as Tony and Ashley share how they use credit cards to travel hack their way to luxurious, five-figure vacations each year! We also talk about when you should and shouldn’t use a HELOC to help fund an investment property. Ever wondered how you should use the money from cash-out refinancing? Our hosts cover some of the limitations you may encounter. Finally, Ashley and Tony discuss their top investing analysis strategies in 2023 and how to choose the best one for you! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover How to leverage real estate debt the right way (and fund your DREAM vacation!) When you should and shouldn’t use a HELOC for an investment property New investing analysis strategies we’re using in 2023 Why you should say “no” more often than “yes” when choosing an investing strategy All about cash-out refinancing (and what you can use the money for!) How to find the best investor-friendly real estate agents in your area And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE How to Earn Free Vacations With Travel Rewards Credit Cards Find Top Rewards Credit Cards with The Points Guy Learn More About Travel Hacking with Aunt Kara on TikTok Book Mentioned in the Show: Real Estate by the Numbers by J Scot and Dave Meyer Check the full show notes here: https://www.biggerpockets.com/blog/rookie-286 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
5/13/202336 minutes, 43 seconds
Episode Artwork

285: 3 Rentals (While in College!) and Turning a Horrific House into a Cash Cow

Buying your first long-term rental property sight unseen? What could go wrong? While alarms might be going off in your head right now, they weren’t for today’s guest. What seemed like the “perfect” rental property turned into a major headache once he arrived to check it out four months after closing. Welcome back to another episode of the Real Estate Rookie podcast! After completing multiple wholesale deals, Hudson Jump’s real estate investing journey was off to a blazing start. He figured it was time to try his hand at long-term rentals next, and it wasn’t long before he came across a potential cash cow! Unfortunately, when Hudson was finally able to check out the property he had bought, the door had been kicked in, there was trash up to the ceiling, the toilet and shower were missing, and there were squatters on the property! While this nightmare scenario would have been enough to make any real estate rookie throw in the towel, Hudson instead found a partner who was able to help him salvage the property and transform it into a rental that generates $1,400 monthly cash flow! If a bad deal has ever caused you to question your future in real estate, tune in to hear Hudson speak on the advantages of partnerships. As always, our hosts Ashley and Tony are here to help as well—offering invaluable advice on buying properties sight unseen, leveraging direct mail, and the value of building lists! In This Episode We Cover The risks of buying a property sight unseen with existing tenants How bringing an experienced partner on board can help salvage a bad deal Why wholesaling is GREAT first step for new real estate investors The differences between wholesaling and whole-tailing Building lists to weed out bad leads and keep track of potential properties Leveraging direct mail to find exclusive wholesale deals And So Much More! Links from the Show Find an Agent Find a Lender Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Propstream Making $71K on ONE Deal After 5 Failed House Flips and Six-Figure Debt BiggerPockets Forums Create Your Own Standard Operating Procedures (SOPs): Record Videos with Loom and Use Monday’s Free SOP Template Alex Camacho's Instagram Connect with Hudson: Hudson's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-285 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
5/10/202355 minutes, 54 seconds
Episode Artwork

284: Rookie Reply: What You Need to Know Before Buying Your First Rental

Still waiting to buy your first rental property? Everyone’s been there. It can be nerve-racking not knowing where to buy, what makes a “good deal,” and whether or not all your hard work will go to waste. Even investing experts like Ashley and Tony were nervous about taking their first step, which is exactly what they’ll walk through on today’s episode! If you’re a rookie sitting on the sidelines, waiting to get into real estate, this is the episode for you! Welcome back to another Rookie Reply! In this episode, we share exactly how to close an off-market deal when there’s no real estate agent involved. Ever wondered how our hosts went from real estate rookies to real estate pros? Today, they share their first deal diaries. Learn how Ashley ended up buying the first property she EVER looked at and how Tony bought his first two properties with ZERO money down. Finally, we touch on the struggles of analyzing deals when you’re just starting out, as well as choosing the right insurance policies for short-term rentals! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover How to close an off-market deal with no real estate agent involved Key takeaways from our hosts’ very first real estate deals Landing your first real estate deal (with as little as NO money down!) How to analyze a property and know when you’re getting a GREAT deal! The differences between renters and homeowners insurance (and which one you need) The best ways to insure a short-term rental (STR) property And So Much More! Links from the Show Find an Agent Find a Lender Join the Real Estate Rookie Facebook Group Join BiggerPockets for FREE BiggerPockets Rental Calculator 2 Long-Distance Rentals with $0 Down with Tony Robinson Don’t Lose Your Portfolio to Lawsuits! Here’s How to Protect Yourself Asset Protection for Rookies: 7 Wealth-Saving Answers from an Expert How to Buy a Rental Property with NO Money OR Credit Get Competitive Insurance Options for Your Short-Term Rental: BiggerPockets, Steadily and Proper Insurance Connect with Ashley and Tony: Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-284 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
5/6/202342 minutes, 58 seconds
Episode Artwork

283: 19, Broke, and No Credit to 28 Units and Over $1 Million in Real Estate

Over $1 million in real estate with $0 down—at 19 years old!? After reading the book Rich Dad Poor Dad and catching the real estate “bug,” today’s guests went from broke college dropouts to real estate investors with three multifamily properties to their names in a matter of months. In this edition of the Real Estate Rookie podcast, we’re speaking with real estate duo Caleb Hommel and Chuck Sotelo. After his parents dealt him a six-month ultimatum to figure out real estate and move out, Caleb knew he needed to land a deal fast. The issue? These two friends had very little money, and at just 19 years of age, no credit history. Facing a seemingly impossible challenge, the pair went to work—calling roughly 1,000 different real estate brokers in pursuit of their big break. Finally, the right opportunity came knocking. Today, Caleb and Chuck own properties in three different Texas markets for 28 total units. If you have yet to land your first real estate deal, whether it’s because you don’t have money to invest or you haven’t found the right market, you don’t want to miss today’s episode. Tune in as we talk about how to buy real estate with no money down, how to build your buy box, and how to find the best property management companies to take care of your out-of-state assets! In This Episode We Cover How to invest in real estate with no money down (and no credit!) The benefits of forming a partnership (and why you need an operating agreement) Dodging the traditional underwriting process through seller financing How to find the right buy box for you and knowing what to invest in Finding, vetting, and overseeing property management companies Why you NEED a mentor (and how they can help you beat analysis paralysis) And So Much More! Links from the Show Find an Agent Find a Lender Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Making $90K/Year with Just ONE Rental by Combining Compassion and Cash Flow How to Buy a Rental Property with NO Money OR Credit 81 Units in 3 Years: All On-Market with NO Bank Loans w/Cody Davis Book Mentioned in This Episode: Rich Dad Poor Dad by Robert T. Kiyosaki Connect with Caleb and Chuck: Caleb's BiggerPockets Profile Caleb's Instagram Chuck's Instagram Caleb and Chuck's Youtube Channel Check the full show notes here: https://www.biggerpockets.com/blog/rookie-283 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
5/3/202339 minutes, 47 seconds
Episode Artwork

282: Rookie Reply: Should I Switch Markets? (Why You're NOT Finding Deals)

How important is the real estate market you’re investing in? You could be searching for deals for months, not finding anything worth buying, and may want to call it quits. But are you following the same steps that expert investors practice, or are you hoping a new housing market will magically give you the deals you need? If you’re struggling to find property with a profit in your housing market, today’s episode will help you out! Welcome back to another Rookie Reply! In this episode, we tackle a handful of key topics—including when it makes sense to buy a property on your own and when to find a partner instead. Tony even shares about his own recent experience with partnerships and how he ended up pulling out of a deal that was headed towards a syndication! We also discuss the differences between real estate investing and REITs, as well as moving on from markets when you aren’t finding deals. Finally, we talk about inheriting tenants and when it’s better to buy a fully vacant property instead! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover When to go solo on a deal and when to form a partnership LLC operating agreements, joint venture agreements, and terms you MUST include Strategies behind buying vacant properties or inheriting tenants The difference between active real estate investing and REITs Leveraging relationships to find the best markets to invest in And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Find an Investor-Friendly Lender Join the Real Estate Rookie Facebook Group Join BiggerPockets for FREE Become a BiggerPockets Pro Member for Premium Market Analysis On The Market Podcast Sign Up for a BiggerPockets Bootcamp Rookie Reply: How to Structure a Real Estate Partnership Rookie Reply: How to Split Finances in a Partnership/Joint Venture Connect with Ashley and Tony: Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-282 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
4/29/202344 minutes, 37 seconds
Episode Artwork

281: Making $1,200/Month from ONE Rental After Bouncing Back from a BAD Deal

How do you bounce back after waiving inspections, finding out your $100K rehab costs are actually $360K, losing your earnest money deposit, and ultimately having to walk away from your very FIRST real estate deal? Today’s guest had a rocky start to his real estate investing journey (to say the least!), yet was able to find the silver lining, learn from his mistakes, and turn his bad fortunes around. In this episode of the Real Estate Rookie podcast, we’re speaking with Michael Yi, a “retired” pastor who turned to real estate after struggling to find work during the pandemic, dealing with minor health challenges, and reading the ever-popular Rich Dad Poor Dad. After his first deal fell through, however, his confidence took a hit. While any rookie would be tempted to give up, he got back on the horse and set out to find his next deal. Within a week, he received a call from a wholesaler that would thrust him right back into the world of real estate investing. This time, the deal was fruitful, allowing him to generate consistent cash flow on a three-unit rental property. If you’re struggling to take the first step in your real estate investing journey for fear of failing or losing money, this is an episode tailored to you! Michael shares about the $10K “education” he received and the reward for his resiliency. With help from our hosts Ashley and Tony, we break down a handful of important topics—including HELOCs, cash-out refinances, and building your real estate network! In This Episode We Cover Having a deal fall through and losing money (and how to bounce back!) How waiving inspections can get your offer accepted (and when it can hurt you!) When walking away from a deal is actually the SMART choice The pros and cons of HELOCs versus cash-out refinances in different markets The power of networking to find contractors, realtors, wholesalers, and other connections And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE BiggerPockets Bootcamp BiggerPockets Bookstore Privy BPCON2023 How to Buy a Rental Property with NO Money OR Credit Pace Morby's Instagram Book Mentioned in This Episode: Real Estate Rookie: 90 Days to Your First Investment by Ashley Kehr Rich Dad Poor Dad by Robert T. Kiyosaki Connect with Michael: Michael's BiggerPockets Profile Michael's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-281 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
4/26/202358 minutes, 30 seconds
Episode Artwork

280: How to Buy a Rental Property with NO Money OR Credit

Everyone wants to know how to invest in real estate with no money. And surprisingly, it’s much more straightforward than people think. You don’t need to be a real estate investing expert or have dozens of units under your belt already to buy a rental without cash or credit. As Pace Morby puts it, all you need is the right tools in your tool belt. The rest will take care of itself! So stick around if you want to learn how Pace picks up properties with NO money down, NO credit checks, and NO cash at closing! Pace is known in the industry as the king of creative finance. No matter what real estate deal he’s doing, Pace has found a way to get it for no money down, at a low interest rate, and with lots of cash flow in between. His latest book, Wealth Without Cash, gives new investors a start-to-finish guide on getting deals done with subject to, seller financing, and other lucrative creative finance methods. This is THE resource you need if you’re starting your real estate journey without much cash. In this episode, Pace walks through the different methods you can use to invest without cash, the exact way to find motivated sellers and off-market deals, and how to start with NOTHING and get your first investment property under contract. He also shares how he does deals on the spot and why going the “conventional” route of finding an agent, getting a loan, and putting money down could be a HUGE mistake. In This Episode We Cover Creative finance explained and how to invest in real estate with NO money down On-market vs. off-market deals and how to lock in a rock-bottom mortgage rate The subject to and seller financing methods explained (and when to use them) Living income-tax-free and how Pace avoids income tax by investing in real estate Starting from ZERO and a step-by-step method to getting your first deal done The problem with most real estate agents and why creative finance is often unheard of And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE BiggerPockets Bootcamp Craigslist Rookie Reply: Creative Financing 101 with No Cash, Credit, or Credentials PropStream Book Mentioned in This Episode: Wealth Without Cash by Pace Morby Connect with Pace: Pace's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-280 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
4/22/202354 minutes, 47 seconds
Episode Artwork

279: Making $71K on ONE DEAL After 5 Failed House Flips and Six-Figure Debt

Feel like you’ve already made a few blunders to kick off your real estate investing journey? Well, you’re in great company. Most real estate rookies make their fair share of investing mistakes right before they figure things out and go on to build successful investing careers. Today’s guests are living proof of this. After a series of failed house flips (including one that involved his family home!) put him behind the eight ball, JP Desmet’s real estate career was almost over before it had even begun. As with all great success stories, however, his next step was his most important one—he asked for help! After reaching out to seasoned real estate pro Aaron Bihl about a potential investing opportunity, JP was able to make a serious profit off his very next deal and ultimately turn around his real estate fortunes. JP’s story is one of pure grit and mental fortitude. Rather than throwing away his dreams of real estate investing, his willingness to not only fail but also learn from his mistakes allowed him to bounce back in no time. If you’re a fellow real estate rookie, you won’t want to miss JP and Aaron talk about their first house flip fails, how hiring a bad contractor can quickly derail a project, and how working with a mentor can turn your very next deal into a huge success! In This Episode We Cover How a mentor can help you avoid all types of investing headaches The biggest red flags to watch out for when hiring a contractor Where to find the best contractors for your home rehabs Getting in and out of deals quickly in today’s market Finding hard money and private money lenders Ways to mitigate the effects of debt you take on during the buying process And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Find a Hard Money Lender Steve Rozenberg Instagram Finding Off-Market Deals, Step by Step with Ryan Dossey (Mentor) and Drew Wiard (Mentee)—Part 1 How Drew Pulled 6 Deals From His First Direct Mail Campaign With Ryan Dossey (Mentor) and Drew Wiard (Mentee)—Part 2 Craigslist Facebook Groups Connect with JP and Aaron: JP's BiggerPockets Profile JP's Instagram Aaron's BiggerPockets Profile Aaron's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-279 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
4/19/20231 hour, 8 minutes, 40 seconds
Episode Artwork

Rookie Reply: Finding Comps, Estimating Rehab Costs, and Filling Vacancies

A FSBO (For Sale By Owner) seller wants to move forward with your offer—that’s great news! But first, they have asked you to pull comps (comparable sales). Believe it or not, this is something you can use to your advantage. Of course, you’ll need to know where to find comps and how to estimate rehab costs so that you can defend your offer. Thankfully, Ashley and Tony are back with some of their best tips yet. Welcome back to another Rookie Reply! Negotiating a FSBO sale can be a little intimidating, but our hosts are here to help you navigate the entire process. In this episode, we also discuss and compare real estate financing options, from conventional mortgages to portfolio loans. We even weigh the pros and cons of personal debt versus commercial debt. Struggling to find a tenant for your rental? You’ll want to hear what we have to say about lowering rent prices, as well as other steps you can take to fill your vacancy and improve your cash flow immediately! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover What you need to get approved for a commercial real estate loan How to structure your first real estate investing partnership The pros and cons of taking on personal mortgage debt instead of commercial debt The best ways to estimate rehab costs When you should consider lowering rent prices to fill a vacancy How to find sales comps for a FSBO property (or any property!) you’re buying And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Join BiggerPockets for FREE A Step-by-Step Guide to Estimating Rehab Costs w/ Master Flipper & Investor James Dainard (Part 1) Finding Contractors, Renovation Red Flags, and Estimating Rehab Costs (Part 2) w/ James Dainard Propstream Zillow BiggerPockets Bookstore MLS Realtor.com Real Estate Rookie Youtube Channel Book Mentioned in This Episode: The Book on Estimating Rehab Costs by J Scott Connect with Ashley and Tony: Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-278 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
4/15/202344 minutes, 7 seconds
Episode Artwork

Leaks, Surprise Rehabs, and the Reality of Buying Your First Rental Property

You don’t need to look very far to find a real estate success story, but it’s not every day that you hear from someone who is currently in the trenches of their very first real estate investment. The truth is that there are all types of hurdles to overcome during an investing journey, and today, you’re going to hear from someone who is still in the thick of it. For years, interior designer Sara Plaisted dreamed of investing in real estate. But like many real estate rookies, analysis paralysis prevented her from taking action. Having built up a network of people to lean on, however, Sara eventually drummed up the courage to dive in. It wasn’t long before she landed her very first property—a two-story cabin tucked away in four-seasons vacation spot Julian, California. Unfortunately, the story doesn’t end there. Rather than enjoying consistent cash flow and great tenants, Sara was dealt a steep learning curve that involved persistent water leaks, excessive rehab costs, and other issues. If you’re struggling at any point in your real estate journey, you’ll want to tune in to this episode and hear Sara’s story. She shares about her initial fears surrounding real estate, how she was able to land her first deal, and how she is currently dealing with all of the unexpected hurdles that her new property has thrown her way! In This Episode We Cover How to get past analysis paralysis and finally buy your first property The importance of building your own real estate investing network Finding the right contractor to walk your new property with you When you should ask the seller to make repairs rather than making them yourself Three types of software you MUST have to manage your property How using virtual assistants can help you scale your investing business much faster And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE BiggerPockets Forums BiggerPockets Bootcamps Property Management Software for Short-Term Rentals: Hospitable, Guesty, OwnerRez Dynamic Pricing Tools for Short-Term Rentals: PriceLabs, AirDNA, Wheelhouse Digital Guidebooks for Short-Term Rentals: Create on Canva, Hostfully, Breezeway, RemoteLock Software for Long-Term Rentals: RentRedi, Avail, Apartments.com, Zillow Software for Scaling Long-Term Rentals: AppFolio, Buildium, Propertyware Find Virtual Assistants at: Fiverr, Upwork Books Mentioned in This Episode: Real Estate Rookie: 90 Days to Your First Investment by Ashley Kehr Connect with Sara: Sara's BiggerPockets Profile Sara's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-277 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
4/12/202351 minutes, 17 seconds
Episode Artwork

How to Get Into Commercial Real Estate Investing (For Beginners)

Learning how to get into commercial real estate investing seems like a challenging task. With so much industry-specific verbiage and vocabulary like cap rates, pro formas, NOI, triple net, and more, a rookie real estate investor can seem put off by the seemingly tricky world of commercial real estate. But what if we told you that finding, buying, and making money from commercial real estate was much easier than residential real estate? What if you could build wealth quicker, buy more valuable properties, and reach financial freedom faster with just a few deals instead of dozens of single-family homes? Today, we’ll show you how to get started! New investors often put commercial real estate on the back burner, but nothing stops you from buying a large property right now. To explain how to do it, we brought on Annie Larner, commercial real estate broker based in Northern Colorado. She’s seen everything from warehouse deals to self-storage, retail centers, and office spaces. She knows EXACTLY what a beginner can do to get in the game and why commercial may be a FAR better option than going down the residential route. In this episode, Annie will explain exactly what commercial real estate is, how it’s valued, and the different types of properties you can buy. She also goes in-depth on why it’s MUCH easier to purchase commercial real estate than residential and how using a broker can help unlock hidden deals that other investors aren’t aware of. So, if you’re still chasing small deals and want to level up to where the real money is made, stick around! In This Episode We Cover Commercial vs. residential real estate and why buying bigger properties is easier Using a commercial real estate broker to find deals that no one else knows about How to analyze a commercial real estate deal and pro formas explained Due diligence, inspections, and what to do once you have a property under contract Cap rates, NOI, and how to value a commercial real estate property  The BEST property type for beginners with the most gradual learning curve How to find commercial tenants, lease types, and zoning rules you MUST pay attention to And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram CatyList CoStar Crexi MLS Mojo Dialer Real Estate Rookie Facebook Group Loopnet Realtor.com Zillow Connect with Annie: Annie's Email Annie's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-276 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
4/8/202357 minutes, 33 seconds
Episode Artwork

From $40K Debt to 4 Doors and Six-Figure Net Worth (In 1 Year!)

Owning multiple properties with no money? While it might sound ludicrous, there are several ways to do it. Money shouldn’t be the barrier preventing you from getting into the world of real estate investing. In fact, many people have been able to turn around their own fortunes by using other people’s money (OPM)—today’s special guest is one of them! In this episode, we chat with Mike Larson, who found himself in this type of situation only a few years ago. Trapped in over $40,000 of consumer debt and living paycheck to paycheck with zero savings, Mike decided that real estate was going to be his escape rope. Over the next year, he eliminated as many bills as possible, tracked all of his expenses, and worked tirelessly to supplement his W-2 income. Today, Mike owns four long-term properties, has amassed a multiple six-figure net worth, and lives the real estate rookie’s dream by the beach. Tune into this episode for a classic, feel-good, rags-to-riches story. Mike shares about his real estate investing journey and provides all kinds of helpful tips—including the steps you need to take to fast-track your real estate career, how to use other people’s money to secure your first investment property, and how to get private money lenders to come to you! In This Episode We Cover How to get your first investment property with ZERO capital How identifying as a real estate investor can yield all types of opportunities Wholesaling for a huge profit without spending any of your own money Bringing value to private money lenders so that they come to you Using the BRRRR strategy to generate cash flow from distressed properties Two steps you MUST take today to fast-track your real estate career And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram Airbnb BiggerPockets MLS Mojo Dialer Real Estate Rookie Facebook Group The Real Estate Podcast $900K in Real Estate at Age 17 by Doing What 99% of Teenagers Won’t Real Estate Rookie Podcast Book Mentioned in This Episode: Investing in Real Estate with No (and Low) Money Down by Brandon Turner Connect with Mike: Mike's Instagram Valiant Acquisitions Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-275 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
4/5/202356 minutes, 46 seconds
Episode Artwork

Rookie Reply: Inheriting Tenants, Getting Pre-Approved, and Raising Rent

You’re buying a rental property and, in the process, inheriting tenants. What now? Can you go ahead and start raising rent? Not so fast. Before making any rash decisions, you might want to implement tenant estoppel agreements. These legally binding documents will help you and your tenants get on the same page. And Ashley and Tony are here to break them down! In this edition of Rookie Reply, we talk about the best practices when inheriting tenants. We also touch on LLCs, umbrella insurance, high-limit liability policies, and other ways to protect yourself. For those who are looking to buy a new home, we discuss working with a realtor versus doing the legwork yourself. We also get into loans, how soon you should get pre-approved, and how to vet hard money lenders. Finally, we talk about property managers. What are their fees, what do they bring to the table, and when do you absolutely need one? If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover When it’s time to hire a property management company versus doing the work yourself Inheriting tenants, raising rent, and why you MUST use estoppel agreements How to close on an investment property without a realtor Finding and vetting hard money lenders in your area Why you should get pre-approved for a loan sooner rather than later in your investing journey The costs and benefits of creating an LLC versus umbrella insurance And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Join BiggerPockets for FREE BiggerPockets Forums Find a Hard Money Lender in Your Area Reduce Your Risk, Use An Estoppel Agreement (Free Form Included) Connect with Ashley and Tony: Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram  Check the full show notes here: https://www.biggerpockets.com/blog/rookie-274 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
4/1/202341 minutes, 36 seconds
Episode Artwork

Making $100K in 18 Months with “Misfit” Medium-Term Rentals

Over $100,000 from medium-term rentals…in just 18 months?! It’s a pipe dream to many, but it’s reality for today’s guest. After connecting with a few colleagues about real estate investing, David Rosenbeck left his established career as a nurse practitioner to dive headfirst into the investing world—carving out a niche that married his former job with his newfound passion: medium-term rentals for traveling nurses. David and his wife bought their first rental property, and within 24 hours of going live, it had booked nine months out. The rest is history. David has since replaced his six-figure income with this flexible job that allows him to work fewer hours, stress less, and build the dream lifestyle for him and his family. If you’re afraid that short-term rental properties are difficult to manage or that long-term properties don’t generate enough monthly income, this is the episode for you. David shares all of the secrets that helped him earn over $100,000 in only 18 months from medium-term rentals. He touches on pitching Airbnb arbitrage to landlords, moving every 12 months to build your real estate portfolio faster, and finding the “misfit” properties that make the PERFECT rentals! In This Episode We Cover The advantages of medium-term over short-term and long-term rentals How to find the best areas to invest in medium-term rental properties Profiting without owning a property and using Airbnb arbitrage when renting to traveling nurses Moving every 12 months to get a lower down payment on new properties Finding the “misfit” properties that make the BEST medium-term rentals The best places to find medium-term tenants for your rental properties And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram Airbnb AirDNA BiggerPockets BiggerPockets Calculators Facebook Group Furnished Finder MLS PriceLabs Real Estate Rookie Facebook Group Real Estate Rookie Podcast Real Estate Rookie Youtube Channel The Real Estate Podcast Vrbo Will Your Area Work for Medium-Term Rentals? Zillow Connect with David: David's BiggerPockets Profile David's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-273 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
3/29/20231 hour, 2 minutes, 1 second
Episode Artwork

Rookie Reply: How to Get a DEEP DISCOUNT on Properties with Back Taxes

While driving for dollars, you stumble across a property with back taxes on it. What do you do? Contact the owner about your interest? Check with the courthouse first? Of course, you don’t want to make a real estate faux pas and miss out on a great deal! Fortunately, Ashley and Tony are here to help you navigate the situation. Welcome back to another Rookie Reply! Today, we’re addressing properties with tax liens and how to potentially get them below market value. We also talk about buying property as a real estate agent and putting your commission towards a down payment. If home renovations are on your radar, you’ll want to tune in to our discussion on estimating rehab costs and pulling permits. Lastly, you’ll learn about tax strategies for flippers, and why hiring a tax planner is a must, even if you’ve yet to buy your first property! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover Buying a property with back taxes on it and where to find tax lien properties How to get paid TWICE by wholesaling a property to yourself Estimating material and labor costs before you commit to a renovation The best tax strategies for flippers (and why you need a tax planner!) Whether you can work closing costs into an FHA loan and low/no down payment loan options Why pulling permits is a MUST if you plan on doing a rehab, renovation, or house flip And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Join BiggerPockets for FREE A Step-by-Step Guide to Estimating Rehab Costs w/ Master Flipper & Investor James Dainard (Part 1) Finding Contractors, Renovation Red Flags, and Estimating Rehab Costs (Part 2) w/ James Dainard BiggerPockets Forums How to Legally Avoid Taxes by Investing in Real Estate From Restaurant Waiter to 100+ Deals in Only 4 Years w/ Derrick Acuff Making $90K/Year with Just ONE Rental by Combining Compassion and Cash Flow Propstream Zillow Book Mentioned in This Episode: The Book on Estimating Rehab Costs by J Scott Connect with Ashley and Tony: Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-272 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
3/25/202341 minutes, 10 seconds
Episode Artwork

$900K in Real Estate at Age 17 by Doing What 99% of Teenagers Won't

$900K in real estate at age 17!? That can’t be possible! If you’re feeling shocked, join the club because today’s episode is something that’ll leave you more fired up than ever before. We talk to Ava Yuergens, a high schooler who’s purchased more real estate than most full-grown adults. Without the ability to even get a credit card of her own, Ava has taken down almost a million dollars in real estate, all thanks to creative financing, hard work, and a determination to build wealth no matter what. Want to repeat her road to success? Stick around! Like most young entrepreneurs, Ava caught the cash flow bug after reading Robert Kiyosaki’s Rich Dad Poor Dad. This classic book opened her eyes to the world of income-producing assets, catapulting her toward the topic of real estate investing. She was up early before school, reading how to invest, where to find off-market deals, and how to finance a property when you have no full-time income. With some thoughtful planning and serious due diligence, Ava was able to close on not one but two rental properties before graduating high school. And whether you’re fifteen, twenty-five, or fifty, Ava’s advice is useful for ANY real estate investor in ANY stage of life. She walks through exactly how to find your first real estate deal, getting comfortable with an investing strategy, bringing in partners and funding (when you don’t have the cash), and turning your small side hustles into massive streams of income. With this type of mindset, we know we’ll be hearing back from Ava very soon. In This Episode We Cover How to invest in real estate at a young age with no job or credit  Ava’s step-by-step checklist for getting your first real estate deal  Serious side hustles and using part-time work to fund future real estate deals Real estate partnerships and how to split responsibilities when buying a property How to find off-market deals, cold-calling, direct mail, and getting properties at a discount Short-term rental investing and why most rookies choose self-management over third-party property management And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram Airbnb BiggerPockets MLS Real Estate Rookie Facebook Group Alpha Geek Capital BiggerPockets Calculators Google Drive Guesty Robuilt Youtube Channel The Real Estate Podcast Vrbo Check Out Tony’s Messaging Guide for Short-Term Rentals 18 Deals in 2 Years AND a Full Time Job with Kevin Christensen Books Mentioned in This Episode: Rich Dad Poor Dad by Robert T. Kiyosaki Short-Term Rental, Long-Term Wealth by Avery Carl Traction by Gino Wickman Connect with Ava:: Ava's BiggerPockets Profile Ava's Instagram Ava's Tiktok Ava's Youtube Channel Check the full show notes here: https://www.biggerpockets.com/blog/rookie-271 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
3/22/202358 minutes, 49 seconds
Episode Artwork

Rookie Reply: Airbnb Arbitrage, Turnkey Rentals, and When to Use a HELOC

Don’t have enough capital to own property? Enter Airbnb arbitrage, the popular investment strategy that allows you to rent out someone else’s property for a profit. Of course, there are a few challenges that come with this. Namely, you’ll need to convince your landlord that it’s a good idea! As always, Ashley and Tony are back with some important tips. In today’s episode of Rookie Reply, we’re breaking down Airbnb arbitrage, and weighing the pros and cons on both sides of the arrangement. We also touch on the best liability protection strategies, using a HELOC for a down payment, and when it might be advantageous to buy a turnkey property versus a distressed property. Finally, we tackle the subject of tax planning and how hiring a CPA could help you save a fortune come tax season! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover How to get into real estate without owning property Why a landlord would agree to Airbnb arbitrage (and how to convince them) The MASSIVE tax savings of hiring a CPA for tax planning Using a HELOC for a down payment on a long-term rental property When it makes sense to purchase a turnkey property versus a distressed property LLCs, umbrella insurance policies, and the best strategies to protect yourself from liability And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Real Estate Rookie Podcast Airbnb BiggerPockets Rental Property Calculator How to (Legally) Avoid Taxes by Investing in Real Estate Don’t Lose Your Portfolio to Lawsuits! Here’s How to Protect Yourself Growing Your Portfolio with Turnkey Investing with Whitney Hutten and Lance Robinson It’s Not All About Cash Flow: 4 Ways Real Estate Makes You Rich Asset Protection for Rookies: 7 Wealth-Saving Answers from an Expert MLS The Real Estate Podcast TurboTax Connect with Ashley and Tony: Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-270 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
3/18/202344 minutes, 31 seconds
Episode Artwork

Rookie to Real Estate Investor: College Rentals, Airbnbs, & Plumbing Problems

Don’t know what to do AFTER closing on a house? You’ve found your market, done your due diligence, passed your inspections, and now you’re asking, “what’s next?” Two of our three mentees are about to close on their first (and next) rental properties, but they don’t have to go in blind, thanks to the expert guidance of experienced investors Ashley and Tony. But we’re not just talking about a post-closing checklist. Instead, we’ll get into the nitty-gritty of getting a new short-term rental, how to handle inherited tenants, when to switch your investing strategy, and what happens when you discover a BIG plumbing problem in a property. We’re back to conclude our final meeting with our ninety-day mentees. Brandon, Lawrence, and Melanie have made MASSIVE strides to become real estate investors. Brandon and Melanie come back with deals under contract and close to closing, while Lawrence is looking to switch up strategies and potentially re-enter the cash-flowing world of college rentals. All the mentees have taken significant steps to success in just three months, and you can do it too! Stick around if you’re trying to get your next rental property under contract, as Brandon, Lawrence, and Melanie discuss why having community, accountability, and pressure for success took their investing to the NEXT LEVEL. If you want to break through your biggest goals, sign up for BiggerPockets Pro today and join our next Real Estate Rookie Bootcamp! In This Episode We Cover Investing in short-term rentals and how to set your house rules for new guests  Out-of-state investing and closing on a rental property remotely Home inspections and why they’re almost ALWAYS worth the cost Inherited tenants, estoppel agreements, and what to do as soon as you buy a rental with tenants Delayed maintenance and what happens when you uncover pricey plumbing problems in a property Student rentals and using them to make more cash flow than a regular rental property Accountability, community, and why investing together can help you build wealth faster And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram Airbnb Apartments.com Avail BiggerPockets BiggerPockets Bootcam The BiggerPockets Money Podcast BiggerPockets Pro Hostfully MLS On the Market Podcast Real Estate Rookie Facebook Group Real Estate Rookie Podcast PriceLabs RentRedi Tony’s Short-Term Rental Shopping List Rookie to Real Estate Investor in 90 Days: LIVE Mentorship Calls Rookie to Real Estate Investor: Seller Financing, STR Markets, & Lowball Offers Rookie to Real Estate Investor: House Offer Accepted! Now What? Connect with Brandon, Lawrence and Melanie: Brandon's BiggerPockets Profile Brandon's Instagram Lawrence's BiggerPockets Profile Lawrence's Instagram Melanie's BiggerPockets Profile Melanie's LinkedIn Check the full show notes here: https://www.biggerpockets.com/blog/rookie-269 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices
3/15/202349 minutes, 23 seconds
Episode Artwork

Rookie Reply: Seller Financing, Squatters, and Is Becoming an Agent Worth It?

Does seller financing apply to down payments? What happens when you buy a rental with squatters who refuse to leave? And is getting your real estate license even worth it? The world of real estate investing isn’t always as cut and dried as it seems, but running a profitable portfolio doesn’t need to be a massive headache. In this Rookie Reply episode, we’ll go through the common pain points that rookie landlords are dealing with and shed light on some frequently asked questions only experienced investors (like Ashley and Tony) have the knowledge to answer. If you’ve ever wondered what a property survey is or if you should charge a cleaning fee to your tenants, stick around! This time, Ashley and Tony will answer when you do (and don’t) need a property survey on your latest rental property purchase. From there, they debate the pros and cons of getting your real estate license (becoming an agent) as a rookie investor. We also touch on the ever-fun topic of what to do when non-leased tenants won’t leave your property, how to seller finance a down payment, and whether or not charging a “cleaning fee” at move-in is a wise idea. If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover Is getting your real estate license worth it, and the ongoing cost of becoming an agent Property surveys explained and why knowing your rental’s boundaries can be crucial Inherited tenants, squatters, and how to evict tenants who don’t have a lease Seller financing a down payment and how to close on your property with $0 out of pocket Cleaning fees, inspection checklists, and everything your tenants need to keep your property in perfect shape And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Real Estate Rookie Podcast Airstream Real Estate Rookie Youtube Channel LandGlide OnX Hunt MLS Connect with Ashley and Tony: Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-268 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
3/11/202341 minutes, 9 seconds
Episode Artwork

24 Units in 2 Years by Making Your Rentals Match the Market

Twenty-four rental units in two years! It’s possible, but only if you’re using the same principles that today’s guest has employed. With house hacking, HELOCs, the 80/20 rule, and a few more strategic investing moves, you too could fast-track your path to financial freedom. If you want to build your dream real estate portfolio without sacrificing decades in the process, these strategies will help you do it! For Andrew Freed, a full-time project manager, real estate agent, and investor, these strategies have been life-changing. And even if you’re still a real estate rookie, you can do exactly what Andrew did to reach the same results. Thankfully, Andrew’s investing methods, tips, and tricks are well-rounded, well-developed, and easy to follow. In this episode, Andrew walks us through how he managed to buy twenty-four units in two years, the moment the gears started turning in his mind, his personal development process, and the key principle that keeps him focused on his goals. Andrew also gives us his best advice for predicting and preventing problems in your rental properties, stabilizing, and raising the rent. From gaining the confidence to get started to finding investment partners, he offers valuable, step-by-step guidance we can all learn from. In This Episode We Cover The 80/20 principle and using it to cut out the unnecessary when investing How focusing on personal development first can make you a better investor Staying focused and getting to your goals faster How to manage your rentals while working a full-time job The key to gaining confidence and going after your dreams The fastest ways to grow and scale your investment portfolio Tips for predicting and preventing problems and stabilizing rental properties Employing the "binder method" to set rent with inherited tenants Using real estate meetups to find mentors and investment partners And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram Airbnb Real Estate Rookie Facebook Group Real Estate Rookie Podcast The Real Estate Podcast MLS BiggerPockets apartments.com BiggerPockets Forums Real Estate Rookie Youtube Channel Simple Steps to Start, Scale, and Grow a Real Estate Business in 2023 The Rookie’s Guide to 2023 Goal Setting: How to Achieve HUGE Goals This Year Books Mentioned in This Episode: Rich Dad Poor Dad by Robert T. Kiyosaki The Miracle Morning by Hal Elrod The Compound Effect by Darren Hardy Connect with Andrew: Andrew's BiggerPockets Profile Andrew's LinkedIn Andrew's Instagram Andrew's Facebook Check the full show notes here: https://www.biggerpockets.com/blog/rookie-267 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
3/8/20231 hour, 5 minutes, 51 seconds
Episode Artwork

Rookie Reply: Unpermitted Renovations, House Hack Profits, and Frozen Pipes

If you live in a high-cost-of-living area, a house hack could solve many of your money-related problems. Sharing your living space isn’t always easy, but with a few simple tricks, you can make it more than worth your while. From subsidizing your cost of living to generating cash flow while you’re still staying at the property, house hacking has some almost unbelievable benefits that ANY investor can capitalize on. And Ashley and Tony have some great tips to share! Welcome back to this week’s Rookie Reply! Whether you’re a homeowner, landlord, or both, you’ll want to hear our hosts’ tips for preventing frozen pipes and what to do when it happens anyway. We also explore unpermitted rental property renovations, the nuances of buying properties that are for sale by owner (FSBO properties), and when and why to use electronic keypad door locks. You’ll even learn how to find the lender on ANY property in the nation the next time you plan a creative real estate deal! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover Living for free, generating cash flow, and the HUGE benefit of house hacking Why unpermitted renovations aren’t always deal breakers Winterizing your rental or primary residence (and keeping your pipes safe!)  How a for sale by owner (FSBO) purchase differs from a regular realtor deal The benefits and limitations of smart-home technology  How to find the lender of ANY property in your area And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Real Estate Rookie Podcast Making $90K/Year with Just ONE Rental by Combining Compassion and Cash Flow BiggerPockets instagram BiggerPockets BiggerPockets Bootcamps Airbnb RemoteLock PropStream Books Mentioned in this Show: Real Estate Rookie: 90 Days to Your First Investment by Ashley Kehr The House Hacking Strategy by Craig Curelop Connect with Ashley and Tony: Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-266 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
3/4/202350 minutes, 29 seconds
Episode Artwork

Making $90K/Year with Just ONE Rental by Combining Compassion and Cash Flow

Investing in sober living facilities may not be the first thing that comes to mind when we talk about building a real estate portfolio. But if you knew how much they made, you might take a second look. We often focus on short-term rentals, long-term rentals, or fix-and-flip properties. But one of the best things about choosing real estate as an investment medium is its wide range and opportunities for creativity. People out there are house hacking, wholesaling, investing in mobile homes, and buying up parking lots. The options are truly endless. So, where do we start? Sometimes, the best real estate investments are the ones that mean something more to us than cash flow. Devana Came and Reid Stadelman saw a gap in their community, and they filled it. They turned their real estate investment into a sober living facility to help people in recovery, and gave them a safe, structured place to stay while earning (mostly) passive income and building their investment portfolio. In this episode, this husband and wife dynamic duo tells us all about their creative real estate investments that cash flow like nothing else. We talk about what a sober living facility is (hint: it’s not a rehab center), how and why they built theirs, how to find and screen tenants, and tips for reducing tenant turnover rates. These things don’t just apply to sober living facilities. Devana and Reid offer advice that applies to any real estate investment journey. In This Episode We Cover How to turn an investment property into a sober living facility Finding and screening tenants Easy ways to keep your turnover rate low Managing an investment property with a waiting list Choosing a property that fits your needs and investment goals Investing for cash flow and your community Resources for starting a sober living facility or domestic violence shelter And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram Airbnb AirDNA Real Estate Rookie Facebook Group Real Estate Rookie Podcast The Real Estate Podcast The National Alliance of Recovery Residences House of Ruth MLS Connect with Devana and Reid: Devana's Email: [email protected] or [email protected] Devana's Instagram: [email protected] or @beeorganicmama Check the full show notes here: https://www.biggerpockets.com/blog/rookie-265 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
3/1/20231 hour, 8 minutes, 33 seconds
Episode Artwork

Rookie Reply: Building vs. Buying and Avoiding Capital Gains on a Sale

Weighing the costs and benefits of building versus buying rental properties? You’re not alone! When property prices go up, it makes sense that most of us start looking for loopholes. But the cost is only one thing to consider when it comes to real estate investing. Thankfully, Ashley and Tony have some tips for deciding which way to go. Welcome back to this week’s Rookie Reply! If you’ve ever considered building an investment property or buying a new construction, you’ll want to hear what our hosts have to say. We also touch on whether or not your attorney’s location matters when you’re investing out of state, and how to qualify for capital gains exemptions. Last but not least, we dig into the differences between W2 income and rental income when it comes to taxes, and why one is so much better than the other! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover When your attorney’s location might matter and investing from afar Protecting yourself with partnership agreements in joint venture investing The pros and cons of building an investment property instead of rehabbing one How new construction properties can affect the refi seasoning period Maximizing your taxes with passive income  Why moving every two years may be the smartest way to avoid taxes Using a 1031 exchange to defer paying capital gains taxes   And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Real Estate Rookie Podcast How to (Legally) Avoid Taxes by Investing in Real Estate 10 Income Streams on 1 Property by “Land Hacking” w/ Kai Andrew Rookie Reply: Can You Put Offers on Multiple Houses? How an “I Don’t Want to Invest” Couple Became Successful Long-Distance Landlords with Annie and Trey Johnson Connect with Ashley and Tony: Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-264 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
2/25/202349 minutes, 30 seconds
Episode Artwork

Rookie to Real Estate Investor: House Offer Accepted! Now What?

Offer accepted! Now what? As a rookie real estate investor, it can be anxiety-inducing to hear that a seller accepts your house offer. You’ve been working so hard to get up to this point, and now, you’re one step closer to closing on your first rental property. But what happens next? Are there steps that you should be following? And what should you be doing in the meantime as your closing date starts to creep closer and closer? If you’re in this situation (or are about to be), stick around! We’re back with our “Rookie to Real Estate Investor in 90 Days” series, as our mentees join us for some exciting news. Last time around, much of the advice from Ashley and Tony was “make more offers!” Well, the mentees have delivered, so much so that one of our rookies already has a house under contract just a month or so after starting this series! We first talk to Melanie, who began submitting short-term rental offers in Savannah, Georgia. She’s got some solid takeaways but is having trouble finding someone who will accept seller financing. Next, Brandon hops on as the first rookie to get a property under contract! With only a few offers sent out, Brandon has already agreed with a seller on terms but has questions about when to get a home inspection and whether title insurance is worth it. Finally, Lawrence joins us with a copy of Ashley’s newest book, Real Estate Rookie: 90 Days to Your First Investment. Lawrence has been making aggressive offers but couldn’t match a seller’s counteroffer with high-interest rate financing terms. All our rookies are inches away from getting their first (or next) rental property, and this could be the most pivotal point! In This Episode We Cover How to make an aggressive offer on a house and negotiating with a seller Short-term rental data and how to use tools like AirDNA to find occupancy rates What to do once you’re under contract for a new rental property Home inspections and when it’s worth waiving one (plus when you DEFINITELY should get one done) Title insurance vs. an attorney's opinion and which one is a better bet Seller financing and how to find the perfect terms a seller will accept How to target motivated sellers to find better real estate deals at lower prices And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram Airbnb AirDNA BiggerPockets Rental Property Calculator Data.rabbu PriceLabs Real Estate Rookie Facebook Group Real Estate Rookie Podcast Connect with Brandon, Lawrence and Melanie: Brandon's BiggerPockets Profile Brandon's Instagram Lawrence's BiggerPockets Profile Lawrence's Instagram Melanie's BiggerPockets Profile Melanie's LinkedIn Check the full show notes here: https://www.biggerpockets.com/blog/rookie-263 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
2/22/20231 hour, 3 minutes, 36 seconds
Episode Artwork

How to SCALE Your Real Estate Portfolio in 2023

You want to build a real estate portfolio, but you might not even own a single rental property yet! So how do you go from onlooker to investor and finally become financially free through real estate investing? Start with the end in mind! So many rookie real estate investors envision a dream life with cash-flowing rentals and little to no stress, only to realize the landlord life is a LOT different than social media makes it seem. To grow a passive real estate portfolio, you need to do something different. David Greene, host of the BiggerPockets Real Estate Podcast, knows exactly what that is. David went from cop to top-producing real estate agent, investor, broker, and host of the world’s most recognized real estate investing podcast. He knows what it feels like to have a big portfolio and all the pain points that come with it. For the rookie investors, David wants to make sure you don’t make the same mistakes he did. Scaling your portfolio incorrectly could force you into yet another job, NOT the financial independence you’re looking for. In his new book, SCALE: A Successful Agent’s Guide to Leveling Up Their Real Estate Business, David outlines EXACTLY what you must do to build a business, NOT a landlord nightmare. In this episode, he’ll give you everything you need to know about picking the right area and property, why appreciation often beats cash flow, knowing “the number” to offer, and how you can outsource your work to live the life you love! Pre-Order SCALE now, and use code “SCALE262” for 10% off at checkout! In This Episode We Cover How David Greene went from stressed-out cop to financially-free investor  How to build a business, NOT a job that will take time out of your day What to look for when researching an investing area and whether cash flow markets are worth it Knowing the “efficiency” of a deal and how it can make you MUCH wealthier The “long-term outlook” David uses when analyzing ANY real estate deal How to use “leverage” to work less, earn more, and build a better business Why buying the most real estate possible IS NOT a good option for investors And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram Bankrate BiggerPockets BiggerPockets Bookstore Bluehost Dave Meyer's Instagram GoBundance GoDaddy Monday.com On the Market Podcast The Real Estate Rookie Podcast The 2023 State of Real Estate Investing Report Zillow Connect with David: David's BiggerPockets Profile David's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-262 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
2/18/20231 hour, 1 minute, 56 seconds
Episode Artwork

How Nancy Rodriguez from 'Love is Blind' Hit Financial Freedom BEFORE Fame

Most people would assume ‘Love is Blind’ star Nancy Rodriguez built most of her wealth after appearing on the show. But most people would be wrong. For the past seven years, Nancy has been quietly building a cash-flowing rental property portfolio, allowing her to become debt-free, go full-time into real estate, and build generational wealth for her family. She started her journey with 0% down loans, worked her way up to short-term rentals, and is now buying properties in cash across the great state of Texas. Nancy grew up with limited financial education. Money wasn’t a topic that was often discussed but witnessing her parents work hard to obtain it taught her that wealth was worth attaining. After graduating from college, she was strapped with six figures in student debt, prompting her to become a debt-free Dave Ramsey disciple. But, as she paid off her debt, the fear of leverage fell away, allowing her to pick up property number one with a 0% down payment. From there, she piled her money into properties, buying as many “ugly” homes as possible and turning them into worthwhile stays. She’s dealt with burnt interiors, squatters, and bad contractors, but nothing has stopped her from achieving the financial freedom she sought. Now in the limelight, Nancy is trying to help others do the same. So if you want to repeat Nancy’s system without going on reality TV, tune into this episode! In This Episode We Cover Paying off six figures of student debt and buying your first property with 0% down The first-time homeowner program that requires no cash, no credit, and offers the BEST interest rates around How to deal with squatters and a win-win solution that every landlord should try Building your financial education and using side hustles to fund your property purchases Short-term rental investing and using it to get high cash flow in today’s tough market Buying rentals in cash and when it makes sense to decline debt Generational wealth and using a small rental property portfolio to boost your family’s opportunities And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram Airbnb BiggerPockets Expensify Finance Friday: How to Start Investing After Becoming Debt-Free Furnished Finder NACA Pace Morby's Instagram Real Estate Rookie Facebook Group The Real Estate Podcast Vrbo Connect with Nancy: Nancy's Instagram Nancy's Tiktok Nancy's Youtube Channel Check the full show notes here: https://www.biggerpockets.com/blog/rookie-261 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
2/15/20231 hour, 10 minutes, 50 seconds
Episode Artwork

Rookie Reply: When Can You Refinance and How to AVOID Taxes on a Home Sale

When can you refinance your home? How do you avoid taxes when selling a property? And is there a legal limit on when you can raise rent? Unfortunately, for most new investors, many of these questions don’t come with a straight answer. And when talking about taxes, even experienced investors like Ashley and Tony can’t give advice. So, we brought back Amanda Han, CPA and real estate investor, to provide us with the facts about tax benefits, trusts, and how to pay less when you sell a property. But before that, Ashley and Tony will share their experiences on raising rent, seasoning periods when refinancing, and why you should always talk to a lender before you buy. Many of these topics, such as taxes, refinances, and raising rents, come with pitfalls that a beginner property investor WON’T know about. So stick around because this episode could save you a TON of trouble on your next purchase, refinance, or sale! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover When you can refinance your home and “seasoning periods” explained When you’re legally allowed to raise rents and how to make adjustments to your lease Passing down rental properties and how to do so without triggering significant tax events Rent-to-own vs. seller financing and using these strategies to avoid taxes on a sale The “lazy” 1031 exchange and how to offset your capital gains tax with paper losses And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group How to (Legally) Avoid Taxes by Investing in Real Estate The Real Estate Podcast Airbnb Connect with Amanda: Amanda's BiggerPockets Profile Amanda's Instagram Amanda's Website Check the full show notes here: https://www.biggerpockets.com/blog/rookie-260 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
2/11/202345 minutes, 19 seconds
Episode Artwork

No Down Payment? No Problem! Three Creative Financing Options to Consider

When you’re ready to invest in real estate but don’t have the money readily available, that can feel like a full-stop roadblock. But there are ways around your down payment doubt. With thoughtful market research and a bit of creativity when it comes to your financing, you can gain confidence and get started. These are two of the key components of Pooja Jindal’s investing method. After her primary residence became a long-term rental property, she caught the bug and bought another property, and then another, and several more after that. Over the years, Pooja developed a system that helps her choose, evaluate, and invest with confidence and clarity. In this episode, Pooja covers everything you need to know to stop stalling and start investing. She highlights the importance of building a community, different ways to do the money math, managing rental properties from a distance, staying motivated and setting investing goals, and getting creative when traditional financing isn’t enough. Whether you’re searching for your primary residence, a second home, or an investment property for short or long-term rentals, Pooja’s advice will help kick-start your real estate journey. In This Episode We Cover How data analysis can help you gain confidence and get started The importance of building a community and learning about the process When you may want to consider expenses before cash flow How to get creative and come up with a down payment Why Pooja prioritizes long-term, generational wealth over current passive income Using property management software for tenant screenings, applications, and more An app that can help with short-term rental data analysis And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram AirDNA Avail BiggerPockets MLS On The Market Podcast Real Estate Rookie Facebook Group Redfin Seeing Greene: How to Get Around High Down Payment Requirements The Real Estate Rookie Podcast The Real Estate Podcast Trulia Zillow Connect with Pooja: Pooja's BiggerPockets Profile Pooja's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-259 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
2/8/202357 minutes, 48 seconds
Episode Artwork

Rookie Reply: How to Find Out Who Owns a Property and Direct Mail 101

You stumble across the perfect rental property, but you don’t know who owns it. So what do you do? Walk up the door and present an offer? Ask the neighbors? Or, is there a better way to do some sneaky searching that could land you the perfect off-market real estate deal? The rookies want to know, and on this Rookie Reply, we’ll get into EXACTLY how to do this, even if you’re starting without much money! We’re back for one of our last live Rookie Reply episodes! This time, we’re touching on questions about finding off-market property information, what to include in your direct mail letters, and why a home wouldn’t qualify for a mortgage. We’ll also hit on commonly asked title questions and whether or not you can buy real estate while underwater on another mortgage. So, if you’re trying to get your next deal off-market, this is the perfect episode to listen to a few times through! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover How to find property owner information for free and skip tracing services to try Why you should NEVER put your offer on a direct mail letter Why a home won’t qualify for a mortgage and what to do if you can’t get funding Title insurance and whether or not it’s really necessary when buying a rental property Why you ALWAYS need a property inspection when purchasing a new home Underwater mortgages and whether or not you can buy property if you have one And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets BiggerPockets Pro Real Estate Rookie Facebook Group BiggerPockets Forums BiggerPockets Events Invelo PropStream Whitepages Bret Daniels' Youtube Channel Max Maxwell's Youtube Channel Nate Robbins' Instagram Connect with Ashley and Tony: Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-258 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
2/4/202335 minutes, 56 seconds
Episode Artwork

Rookie to Real Estate Investor: Seller Financing, STR Markets, & Lowball Offers

The “Rookie to Real Estate Investor in 90 Days” series is back, and we’re checking in with three mentees as they go from newbies to high-net-worth through real estate! Our mentees have been busy over the past couple of weeks, so Ashley and Tony dropped in on them to see how their rental property progress was going. They touch on how to make a lowball offer, pushing past the fear of getting an offer accepted, where to find motivated sellers, short-term rental markets, and seller financing Q&As. First up, Brandon joins us as the newest real estate rookie on the show. He’s yet to get his first deal done and is still looking to buy a property, but he’s finding that the price isn’t matching his profits. Ashley and Tony walk Brandon through how to make a lowball offer and why you should always submit a price that works for your numbers. Next, Lawrence shares how he’s been on the hunt for a seller-financed deal and is looking into new ways to find motivated sellers more likely to sell at a discount or with flexible terms. Finally, we hear from Melanie, who had a bit of property panic as she searched for more short-term rental markets to add to her list. After some research, she’s settled on a solid one and is currently looking for properties to make offers on. Her only question is how and why she should go for seller financing. Ashley and Tony give her all the details you’d need before going into a direct deal with the seller. In This Episode We Cover How to make a lowball offer and why your price point should always reflect your profits What to do when two offers get accepted (and how to fund both deals) Seller financing 101 and why (and why not) it’s worth pursuing for an investor How to find motivated sellers in your market by looking through the MLS Why you should ALWAYS send in offers (even if they seem unrealistic) Short-term rental markets and how to measure lead time when looking for deals Promissory notes, how they work, and risks/benefits of signing one with a seller And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram Airbnb AirDNA BiggerPockets Calculator BiggerPockets Forums Google Drive LandWatch MLS PropStream PriceLabs Rabbu Real Estate Rookie Facebook Group Rookie to Real Estate Investor in 90 Days: LIVE Mentorship Calls Zillow   Connect with Brandon, Lawrence and Melanie: Brandon's BiggerPockets Profile Brandon's Instagram Lawrence's BiggerPockets Profile Lawrence's Instagram Melanie's BiggerPockets Profile Melanie's LinkedIn Check the full show notes here: https://www.biggerpockets.com/blog/rookie-257 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
2/1/202354 minutes, 34 seconds
Episode Artwork

Rookie Reply: Escaping the Corporate Rat Race and Property Management Q&As

Escaping the rat race at 26 isn’t easy, but Isaac Lane, Arizona-based investor and rookie landlord, is doing it through out-of-state investing! Isaac started investing only a couple of years ago, but he’s been scaling quickly as he purchased five rentals in his first year of investing alone. Now, he balances his time between working his day job as an engineer for a commercial real estate firm and managing his properties that are multiple states away! Welcome back to another Rookie Reply, where Isaac is helping us answer some common property management questions. He gives advice on how to start investing out of state and where to begin building your real estate team. And for those who still haven’t done their first deal yet, Isaac talks about property management, maintenance requests, inherited tenants, smart devices, landlord insurance, and why you ALWAYS change your locks during a tenant turnover. If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover How to start escaping the rat race through real estate investing (even at a young age) Long-distance real estate investing and the team you need to succeed from afar How property managers handle maintenance and why you should ask for pictures on every repair What to do when you inherit tenants and whether or not they should re-apply for your rental Landlord vs. homeowners insurance and why tenants should always have a renter’s policy When to change locks on a unit and the big key-code mistake Tony made on his short-term rental And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram BiggerPockets Pro Real Estate Rookie Facebook Group BiggerPockets Bootcamps BiggerPockets Forums RentRedi Builduim Appfolio LandlordLocks Connect with Isaac: Isaac's BiggerPockets Profile Isaac's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-256 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
1/28/202337 minutes
Episode Artwork

How to (Legally) Avoid Taxes by Investing in Real Estate

Everyone wants to know how the rich avoid taxes. You hear about it on the news, “billionaire pays zero dollars in taxes this year,” or “this real estate tycoon made millions but gets a tax refund!” This can seem like blatant tax abuse for those not in the investing game. Why do some people get to pay no taxes while others are stuck with a sky-high return just for working their W2 job? The answer lies in the assets you invest in. Real estate investing is one of the most tax-advantaged assets around. As a real estate investor, you can almost automatically count on lower income taxes while making more money. Don’t believe us? We brought Amanda Han, CPA to top investors, on the show to explain how investors avoid taxes while still striking it rich in real estate. Amanda understands the ins and outs of the tax code, and as a real estate investor, she benefits from knowing real estate write-offs and deductions better than the rest! On today’s show, Amanda will walk through the top real estate tax deductions and how rookie real estate investors can start paying less in taxes. She’ll also explain real estate professional status (REPS) and using it to lower your taxable income and how to find the perfect tax advisor for you and your properties. If you want to start using the same strategies that the wealthy use to avoid taxes, this is the episode to tune into! In This Episode We Cover The biggest real estate tax deductions and some that many investors often miss Depreciation explained and how this paper loss can help you keep your passive income The best tax strategies for investors trying to minimize their taxable W2 income How to find the right tax advisor and what they MUST know about real estate Tracking expenses and making it easy on yourself during tax time LLCs for rental properties and whether you even need one in the first place And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram BiggerPockets Pro Real Estate Rookie Facebook Group Stessa Quickbooks BiggerPockets Bookstore REPStracker Google Sheets MileIQ Zapier Connect with Amanda: Amanda's BiggerPockets Profile Amanda's Instagram Amanda's Website Check the full show notes here: https://www.biggerpockets.com/blog/rookie-255 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
1/25/20231 hour, 8 minutes, 59 seconds
Episode Artwork

Rookie Reply: Can You Put Offers on Multiple Houses?

Need to know whether flipping vs. renting makes more sense for your market? Don’t know if you can put offers on multiple houses simultaneously? Itching to hear how your flipping profits will affect your financeability on your next property? We’ve got time-tested real estate experts here to help you out! As always, Ashley and Tony are here to host this week’s Rookie Reply, but we’re also joined by Jake Kain, Arizona investor and agent who left the W2 life to start building a rental property and live in flip empire! Jake lends a helping hand in answering this week’s questions but also shares his own story about following your fire, starting a community, and how to become the “quarterback” of any real estate meetup. He’s expanded his network at lightning speed, allowing him to grow his portfolio to five units, all while flipping his own primary residences along the way. Jake helps answer questions about making offers on multiple houses, flipping vs. renting, how your DTI (debt-to-income ratio) could be impacted when house flipping, and where to find general contractors who will show up on time! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover Starting your own real estate meetup and how it makes you the most popular person in the room Leaving your nine-to-five to invest in real estate and becoming a real estate agent Debt-to-income ratios and whether or not selling a fixer-upper could help or hurt yours The art of making offers on multiple houses and what to do if they all accept Flipping vs. renting and why different real estate markets require different strategies How to find contractors for home renovations and why the quickest workers are rarely the best And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram BiggerPockets Real Estate Rookie Facebook Group BiggerPockets Forums BiggerPockets Bootcamp Alpha Geek Capital Facebook Groups Connect with Jake: Jake's BiggerPockets Profile Jake's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-254 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
1/21/202331 minutes
Episode Artwork

How to Build Your Financial Foundation BEFORE Investing in Real Estate

Personal finance is what most twenty-something-year-olds overlook. Why invest, save, or cut back spending when you finally have the money that a college degree or diploma promised you? For those who have just started working, spending all your hard-earned money on a bigger apartment, a nicer car, or a luxurious trip can be enticing. But, you could also be using your paychecks to multiply your wealth, set yourself up for financial freedom, and lock in early retirement while most are focused on barely paying their bills. This personal finance-first attitude is what Malia Gudenkauf adopted early on. After attending basic personal finance classes, she realized the disservice many young people did to themselves. So, Malia started developing financial literacy skills, from focusing on becoming debt-free to later investing in passive income streams like real estate. Thankfully, her sister, Grace (you can hear her episode here), was just starting as a landlord and needed a partner she later found in Malia. In this episode, Malia details everything you want to know to get your finances in order, how to avoid getting caught in analysis paralysis, reverse engineering your income goals when buying a rental property, and advice on how and who to form partnerships with. Whether in high school, college, the working world, or close to traditional retirement age, the advice Malia gives is crucial if you want to start your real estate investing journey. In This Episode We Cover Building a solid financial foundation and the basic personal finance steps anyone can follow How to “reverse engineer” your goals and buy the properties that fit them best Small multifamily investing and how to purchase multiple doors at once Real estate partnerships and tips for finding a partner who will help you grow without causing your headaches Real estate vs. stocks and why the passivity of rental properties is often overstated Defeating analysis paralysis and how leveraging partnerships gets you past rental property roadblocks And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram BiggerPockets Calculator BiggerPockets Pro Real Estate Rookie Facebook Group Real Estate Rookie Podcast Real Estate Rookie Youtube Channel The BiggerPockets Money Podcast BiggerPockets Forums Using Calculated Risk to Acquire 17 Doors In Under a Year (at Age 24!) w/ Grace Gudenkauf Semi-Retired at 30 Thanks to One Year’s Worth of Real Estate Investing Connect with Malia: Malia's BiggerPockets Profile Malia's Instagram Malia's Tiktok Malia's Website Check the full show notes here: https://www.biggerpockets.com/blog/rookie-253 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
1/18/202351 minutes, 31 seconds
Episode Artwork

How to Buy Your First Rental Property in 11 Steps

Buying your first rental property doesn’t need to be complicated. With some simple steps, you can go from onlooker to real estate investor, collecting passive cash flow every month! But you’ll never get going if you don’t know where to start. So to make 2023 your best year yet, David Greene, investor, agent, and host of the BiggerPockets Real Estate Podcast, sat down to walk through the eleven steps it takes to go from rookie to real estate investor. Real estate is NOT a “get rich quick” type of investment, but it can help you build wealth in a surprisingly short amount of time. Just ask David, who spent years working overtime as a cop, slowly building up a real estate portfolio that eventually led him to financial freedom before most people buy their first house! In this episode, David will walk step-by-step through everything a real estate rookie must do to get their first rental property, how to analyze real estate deals once you find them, and how to repeat the system so your passive income stack grows bigger every year! Ready to become a real estate investing expert in 2023? Sign up for BiggerPockets Pro, where you can access real estate tools and calculators, rookie bootcamps, lease agreement packages for all fifty states, unlimited webinar replays, and exclusive videos. Start 2023 off right, and use code “NEWYEAR” at checkout for a special discount! In This Episode We Cover How to buy your first rental property in 2023! How David went from almost giving up to financial freedom in only a few years How to analyze a real estate deal in minutes The eleven steps to success when starting in real estate investing How to find real estate deals in ANY market using the LAPS funnel Why so many people fall short of their new year’s resolutions and how you can succeed in 2023 Using BiggerPockets Pro to get your first real estate deal even faster!  And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram BiggerPockets BiggerPockets Forums BPCon 2023 BiggerPockets Bookstore BiggerPockets Bootcamps BiggerPockets Instagram BiggerPockets Rent Estimator BiggerPockets Rental Property Calculator BiggerPockets Podcast Shop BiggerPockets Pro BiggerPockets Pro-Exclusive Videos Real Estate Rookie Facebook Group Real Estate Rookie Youtube Channel Connect with David: David's BiggerPockets Profile David's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-bonus Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
1/17/202359 minutes, 26 seconds
Episode Artwork

Rookie Reply: Tenant Not Paying Rent? Here’s What to Do

Tenant not paying rent? Debating whether a year-long, six-month, or month-to-month lease is best? Don’t know how to estimate rent for a new unit? On this week’s Rookie Reply, we’re tackling some of the most troublesome yet common questions that rookie real estate investors have. We’ll be going deep into property management, tenant screening, and what to do when a tenant stops paying. So fret not when investing; there’s always a way to make a win-win! This time around, we’re joined by Alexandra Burnham, live for Phoenix! Alexandra is like many real estate investors, except for one big difference. Alexandra and her partner share over $750,000 of student debt! Talk about a hole in your pocket! But, instead of letting the naysayers convince her that she can’t invest with her debt, Alexandra has flipped the situation on its head, buying five rental properties and tackling her debt faster thanks to multiple income streams. Stick around for her full story and the phenomenal advice she gives to get your property locked up and leased! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover Paying off massive student loans thanks to real estate investing What to do when a tenant stops paying rent (and the options you have) Whether or not to lower your rent price when a unit is sitting vacant Why even high-earners MUST have a side-income stream to stop constant burnout Six-month vs. month-to-month leases and why flexibility can be favorable for landlords What is a healthy ROI (return on investment) for a short-term rental property? And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram BiggerPockets Real Estate Rookie Facebook Group The Real Estate Podcast BiggerPockets Forums BiggerPockets Rent Estimator BiggerPockets Lease Agreement Packages Connect with Alexandra: Alexandra's Instagram Alexandra's Facebook Check the full show notes here: https://www.biggerpockets.com/blog/rookie-252 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
1/14/202328 minutes, 56 seconds
Episode Artwork

Rookie to Real Estate Investor in 90 Days: LIVE Mentorship Calls

Becoming a real estate investor isn’t complex. Find a property, buy the property, and rent it out. While this formula may be easy to write down, putting it into practice is much more complicated. This is why many wannabe investors never make the jump to buy their first investment property. But, with the right advice, mentorship, and mindset, anyone can become a passive-income generating real estate investor, with a path laid for financial freedom and early retirement. Today, Ashley and Tony combine their real estate knowledge to help three investors buy their first or next rental property. First, we talk to Brandon, a future house hacker who struggled to buy a home last year and is now looking for his first primary residence that can help subsidize his mortgage. Next, we speak with Lawrence, an investor who bought two rental properties within six months but wants to expand quicker with the help of creative financing. Finally, Melanie joins us to discuss her plans for a short-term rental property, but she still doesn’t know the best place to buy. If you’re finding the 2023 housing market a tough nut to crack but know that you want to invest in real estate, this is the episode for you. We’ll follow along with our three mentees over the next ninety days as Ashley and Tony give strategic advice on what they should do next to get a profitable rental property under contract. So follow along, and you too could get your next property in ninety days (or less!). In This Episode We Cover High interest rates and how more expensive mortgages have caused many investors to pause Building your “buy box” and how to come up with your exact rental property criteria Creative financing and how to buy a bigger rental property even if you don’t have the money for it Generational wealth and using real estate investing to put your family in a better position Short-term rental markets and how to analyze a vacation rental from afar What to do when inflated rental property data isn’t adding up to today’s rates Finding financial freedom and leaving your W2 desk job behind And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram Airbnb AirDNA BiggerPockets Calculator BiggerPockets Forums BiggerPockets Pro Invelo MLS Real Estate Rookie Facebook Group Rookie Reply: Creative Financing 101 with No Cash, Credit, or Credentials Creative Financing: 2022’s Antidote to High Interest Rates 300 Doors, 100% Creative Financing with Pace Morby Connect with Brandon, Lawrence and Melanie: Brandon's BiggerPockets Profile Brandon's Instagram Lawrence's BiggerPockets Profile Lawrence's Instagram Melanie's BiggerPockets Profile Melanie's LinkedIn Check the full show notes here: https://www.biggerpockets.com/blog/rookie-251 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
1/11/202359 minutes, 55 seconds
Episode Artwork

Rookie Reply: 2023 Risks, The True Cost of Owning Rentals, and Live Q&A

The real estate market is changing, especially in high-appreciation cities like Phoenix, Arizona. This week, Ashley and Tony made the journey to the Valley of the Sun to visit real estate rookies for a live podcast recording. But it wasn’t just the rookies coming out; expert investors like Jamil Damji and Pace Morby also swung around to answer questions about creative financing, the 2023 housing market, multifamily investing, and more. They give some killer insight that only off-market masters know, and their input could help you score better deals over the next year. As always with a Rookie Reply, we also take questions from the Real Estate Rookie Facebook group, the Rookie Request Line, and Instagram to see what’s on investors’ minds. This time, we’ve got questions on how real estate wholesaling works, the best way to reject an agent or lender (without burning bridges), the true cost of owning a rental property, and the risks and rewards of using a dual real estate agent. This episode comes packed with rental property gold, so stick around! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover Creative financing strategies in 2023 and how investors are starting to take advantage How to find a real estate investing partner that will grow your business faster The safest way to invest in multifamily real estate (without using your own money) The best place to find real estate and housing market data (check out On the Market) Costs that go into owning a rental property and what many rookies overlook The dangers and benefits of using a dual agent on your next real estate deal How real estate wholesaling works and the two ways to close a wholesale deal And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram BiggerPockets Real Estate Rookie Facebook Group Airbnb Dave Meyer's Instagram BiggerPockets Rental Property Calculator On The Market Podcast 5 Tools To Unlock Your “Ideal Life” w/ “Traction” Author Gino Wickman LandWatch Privy Zillow Crexi Connect with Pace & Jamil: Jamil's BiggerPockets Profile Pace's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-250 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
1/7/202347 minutes, 42 seconds
Episode Artwork

Simple Steps to Start, Scale, and Grow a Real Estate Business in 2023

You want to start a real estate business. The cash flow is calling, and whether you’re looking to build passive income, escape the nine-to-five grind, or set yourself up for early retirement, rental property investing is a smart move to make. But, most real estate investors get it all wrong when building their rental property portfolios. They focus on scaling as fast as possible without building the systems to support a thriving business, leaving them burnt out and tired of the real estate game within only a few years. Successful real estate investors like Ashley and Tony know that the key to building an unstoppable, profitable, and enjoyable real estate business is simple. To scale, you need to track, budget, outsource, and minimize the time it takes you to bring home the same amount of bacon every day. Of course, this is easier said than done, and many investors go through a lengthy process of trial and error to get there. But you don’t have to. On today’s show, Ashley will walk through the exact things you need to start, scale, and grow a real estate business. You’ll learn how to track time so you can spend less of your day working, the two most important financial statements you need, budgeting for a business, outsourcing tasks, taking advantage of software, and the apps Ashley and Tony use every day. Want to know more about building a passive-income-generating real estate portfolio? Check out Ashley’s new book Real Estate Rookie: 90 Days To Your First Investment! In This Episode We Cover The step-by-step process to start investing in real estate (even if you have NO experience) Why tracking your time is crucial if you want to grow and scale your real estate business The two most important financial statements every investor MUST know Budgeting for a rental property and how much to keep in emergency reserves for your properties Separating finances and why every investor needs different bank accounts, credit cards, and more Outsourcing repeatable tasks and the tradeoff when hiring virtual workers The best real estate software and apps you should try today And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Airbnb AppFolio Asana Avail BiggerPockets BiggerPockets Bookstore BiggerPockets Bootcamps BiggerPockets Calculator BiggerPockets Pro Buildium Google Voice Google Tasks Guesty Hospitable Hostfully Invelo Jamil Damji's Instagram Loom MileIq Monday.com OwnerRez On The Market Podcast Personal Capital Propstream Punch Lists App Quickbooks Real Estate Rookie Facebook Group RentRedi Stessa Time by Quickbooks Connect with Ashley and Tony: Ashley's Instagram Ashley's BiggerPockets Profile Tony's Instagram Tony's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-249 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
1/4/202357 minutes, 21 seconds
Episode Artwork

Rookie Reply: Do You NEED an LLC for Rental Property?

Do you need an LLC for rental property investing? Ask some investors, and they’ll hit back with a resounding “of course!” But ask another group of investors, and they’ll tell you “not at all!” This duality causes many rookie investors to become confused, not knowing when to protect their property with the limits that come with an LLC. So how are millionaire investors setting up their properties and partnerships? Or, more specifically, what are Ashley and Tony doing to protect themselves? Welcome back to this week’s Rookie Reply! We’ve got some great questions queued up for our cabin and campground co-hosts, Ashley and Tony, to answer! First, we take a question about what to ask a seller during a final walkthrough, and how talking to tenants may be worth the extra time. Then, we hint at when to ask a listing agent for financials on a commercial property, the great LLC vs. umbrella insurance debate, and finally how to buy an investment property when you’re strapped for cash! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover What to do during a final property walkthrough and top questions to ask a seller before you close Estoppel agreements and using them to verify leases on tricky properties Rental property LLCs and when buying umbrella insurance makes more sense When to ask for financials on a commercial property and using them to vet a deal Stock portfolio loans and how to borrow against your assets to buy real estate Partnering up to purchase more property even when you have no cash And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Real Estate Rookie Facebook Group Real Estate Rookie YouTube channel Real Estate Rookie Podcast Connect with Ashley And Tony: Ashley's Instagram Ashley's BiggerPockets Profile Tony's Instagram Tony's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-248 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
12/31/202230 minutes, 57 seconds
Episode Artwork

From $40K in Debt to 4 Properties and How to Snag a Low Mortgage Rate in 2023

Low mortgage rates, sneaky homebuying strategies, and getting into (and out of) debt, Lindsey Iskierka's story has it all. As the lead real estate agent on the SoCal David Greene team, Lindsey is in the thick of real estate day in and day out. But she’s not just helping others buy and sell homes, she also boasts a respectable rental property portfolio, with four units sprawled out across the states in three completely different markets. And even though Lindsey is in the real estate game now, it wasn’t always this way. Back in 2015, Lindsey wasn’t making much after getting her grad degree. With her husband interested in real estate, they decided to go to a seminar, which later turned into a $40K debt they had to climb their way out of. Lindsey decided to get her real estate license to not only help pay off this debt but save enough to buy their first home—a house hack in Long Beach. It didn’t take long for the home to appreciate, leaving Lindsey and her husband with a hard choice—sell or refi the property. We won’t spoil the story, but her choice allowed her to buy multiple other units across the country, which has now become a portfolio of short-term and medium-term rentals. Lindsey also gives some killer advice on how first-time homebuyers and investors can snag rock-bottom mortgage rates in 2023. We’re talking two percent lower than today’s rate! If you want to hear how you can lock in a rate below five percent, we suggest you stick around! In This Episode We Cover Are real estate courses ever worth it, and how much they actually cost The new 2-1 buydown mortgage that'll get you a much lower interest rate Getting past your “worst-case scenario” and how doing so can help you build much bigger The 1031 exchange explained and using it to multiply your rental property portfolio Long-distance real estate investing and why turnkey rentals may be a better choice The VASH program investors can use to help veterans who need housing Why buying at today’s rates and prices can “only get better” as you hold And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group BiggerPockets The Real Estate Podcast BiggerPockets Events BiggerPockets Instagram The Real Estate Rookie Podcast GoBundance Women PriceLabs Guesty Airbnb The One Brokerage David Greene's Website  Connect with Lindsey: Lindsey's BiggerPockets Profile Lindsey's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-247 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
12/28/202259 minutes, 15 seconds
Episode Artwork

Rookie Reply: The 3 Signs of a Perfect Rental Property Market

What makes a great real estate market? If you’re a new investor, you might think that high rents and cheap home prices are all that matter, but you couldn’t be more wrong. Experienced investors search for more than just surface-level pricing when looking into where is worth investing. This is doubly true when you’re investing in short-term rentals and medium-term rentals—both of which require a specific area to succeed. So what would Ashley and Tony look for when scouting a new real estate market? Happy Holidays and welcome back to another Rookie Reply! We hope you’ve got your presents wrapped and are ready for the greatest gift of all—Ashley Kehr’s singing voice…and some advice on real estate. This time around we’ve got a few technical questions that rookies may have trouble answering. These topics range from how to find the zoning on a rental property, whether to furnish your rental when renting by the room, when to hire an attorney for a real estate deal, and what makes the best real estate investing area! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover Whether or not furnishing a room when house hacking is worth the cost Where to locate your property’s zoning and how to see what counts as “allowable use” How to find out what your town is planning on developing/building so you know where to buy The three signs of a fantastic rental property investing market When it makes sense to hire a buyer’s attorney, and which deals require it What it means when a home is owned by the Chamber of Commissioners And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Real Estate Rookie YouTube channel Kara Beckmann’s New Christmas Album Tony’s Short-Term Rental Shopping List Facebook Groups BiggerPockets Connect with Ashley And Tony: Ashley's Instagram Ashley's BiggerPockets Profile Tony's Instagram Tony's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-246 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
12/24/202243 minutes, 32 seconds
Episode Artwork

Escaping the “Grind" through Van Life and Cross-Country Investing

How far can you go? What are your “limits” in life? For most people, it’s easy to get discouraged by everyday barriers, but for today’s guest, not letting limits define him is what led to a brighter future. Tony Clark, today’s guest, identified and assessed his limits to determine his starting point. And now, he has three rental units, including a duplex in Nashville and a house in California. Tony’s real estate investing journey started when he realized how expensive life is. After college, he worked at a church making decent money, but after dating his now wife, he realized that wasn’t enough to support a family. He turned to real estate to escape the grind and ensure he wouldn’t have to work crazy hours to live the life of his dreams. Once he recognized that he needed to buy an asset someone would want, he bought a transit van to rent out. From this purchase alone, he started his journey to pursue passive income. From his experience with the transit van, he transitioned to real estate seamlessly. After identifying his limiting factors, he settled on Nashville—where he could enjoy living and where the numbers made sense. He’s also been able to build a team and even start a property management company. Tony is now much closer to his ultimate goal of buying better properties with great tenants, spending less time working and more time building his empire! In This Episode We Cover Why owning appreciating, cash-flowing assets is the true path to wealth  How to cut your expenses, live for cheap, and invest the rest Utilizing the assets you own to save money, work less, and make money simultaneously Limiting factors and how understanding your limits can make you a better investor  How to set your buying criteria, and how to find investments that fit your goals Self-managing and what you need to run your own property management business And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group BiggerPockets MLS RentRedi Zillow BiggerPockets Pro The Real Estate Podcast DoorDash Turo Outdoorsy Hemlane Showami Connect with Tony: Tony's Instagram Tony's BiggerPockets Profile Tony's Tiktok Check the full show notes here: https://www.biggerpockets.com/blog/rookie-245 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
12/21/20221 hour, 1 minute, 36 seconds
Episode Artwork

Rookie Reply: How to Estimate Rehab Costs and Where to Find the Right CPA

Need to know how to estimate rehab costs, even if you’re investing out of state? For most investors, it seems almost impossible to do a full-scale renovation while living hundreds, or thousands, of miles away. But, many time-tested investors have done it (including Tony), and you can too, but you’ll need to know who to go to and what to ask before you start. Or, you could bite off way more than you can chew, and risk losing your rental as a result. Happy Saturday, rookies! We’re back with another Rookie Reply, where your snowed-in on her birthday host, Ashley Kehr, and Tony J. Robinson are here to answer questions directly from the Real Estate Rookie Facebook Group and the Rookie Request Line. In this episode, Ashley and Tony share their best tips on estimating rehab costs, how to structure a partnership when someone brings money and the other brings effort, separating your rental property finances, and how to find a rock-solid CPA before tax time! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover The easiest way to estimate rehab costs even if you’re investing from out of state How to split expenses on a rental property and which different bank accounts to have Business credit cards and how to make bookkeeping much easier for yourself Why expert investors ALWAYS buffer in more money for unexpected rehab costs How to split roles, responsibilities, and profits in a real estate partnership  What to look for in a real estate CPA and questions they MUST be able to answer And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group QuickBooks Stessa MLS Lowe's Home Improvement The Home Depot From Line Cook to Long-Term Investor with 32 Wholesale Deals BiggerPockets Bootcamps BiggerPockets Forums Real Estate Rookie YouTube channel Connect with Ashley And Tony: Ashley's Instagram Ashley's BiggerPockets Profile Tony's Instagram Tony's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-244 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
12/17/202242 minutes, 4 seconds
Episode Artwork

The Short-Term Rental Cheat Code for More Bookings and Fewer Fees in 2023

Building a short-term rental business is surprisingly simple. You buy a property, furnish it, then throw up some pictures of it onto booking sites like Airbnb and VRBO. After a few weeks, a booking comes in, and from there you’re in the game! This is all great until a poor review comes in, sending your listing to the bottom of the pile and your profit with it. Through no fault of your own, your income stream just got cut off, and now you have a mortgage to pay without a calendar full of bookings. For many hosts, this type of scenario seems like game over for investing. But for Mark Simpson, it’s the start of something even better. Mark grew up in hospitality, marketing his family’s bed and breakfast nestled in the British countryside. His family was frantically cleaning, cooking, and booking with spreadsheets and no system to streamline their business. This ongoing problem led Mark to build Boostly, the software allowing hosts to take their bookings into their own hands. Mark has helped numerous short-term rentals bring in millions in direct bookings, helping hosts and guests minimize the amount spent on fees while maximizing their experience. So how do vacation rental hosts start doing direct bookings? What benefits come from leaving the big booking sites behind? And how can hosts regain autonomy so their business is never forced to stop? Mark answers these questions and more in today’s episode! In This Episode We Cover Direct booking sites explained and why they’re starting to rival online travel agencies How bad reviews and unfair algorithm updates can destroy your listing overnight Converting guests from the big sites into direct bookings effortlessly Building a direct booking brand so your short-term rentals become more than just another vacation property Why online travel agencies may start charging hosts to get higher rankings  Pricing tools, online accreditation, and other things direct booking hosts need to survive And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Boostly’s Property Management Software List Airbnb Vrbo Booking.com Expedia Group Tripadvisor Hospitable Hostaway Hostfully Guesty For Host Uplisting YourPorter OwnerRez Stripe I-PRAC AirCover Superhog AutoCamp Why Hosts Are Backing Away from Travel Sites and Building Direct Bookings Double Your Cash Flow Overnight (In ANY Market) with Medium-Term Rentals How Airbnb designs for trust | Joe Gebbia PriceLabs AirDNA Wheelhouse Pricing Beyond Pricing Stayfi MailChimp Korona POS Connect with Mark: Mark's Instagram Mark's Website Check the full show notes here: https://www.biggerpockets.com/blog/rookie-243 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
12/14/20221 hour, 1 minute, 36 seconds
Episode Artwork

Rookie Reply: How to Get a Better Price on That Off-Market Property

Foreclosures have slowly been creeping up as real estate values get hit hard. With home prices dropping and a tough economic forecast ahead, could a wave of foreclosures be on the horizon? If so, who will this affect the most—residential real estate investors like Ashley and Tony or commercial real estate investors with their million-dollar multifamilies? We’ll get into what exactly could happen in this week’s Rookie Reply! Ashley and Tony have taken four very different questions this week, directly from real estate rookies like you! They touch on how an upcoming foreclosure crisis brings an opportunity to real estate investors, who covers closing costs and where to find a purchase and sale agreement, home appraisals explained, and how to get funding for your home renovation or rehab! These answers are crucial if you’re looking to invest in 2023, so make sure you tune in! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover Could flipping be in danger as interest rates rise and foreclosures start to increase? Where to find a purchase and sale agreement when buying an off-market deal Who pays closing costs and how to negotiate for better terms with a seller Home appraisals explained and how to ensure the appraiser gives your home the highest value possible Funding renovations for BRRRRs and flips, and creative ways to finance your deals And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Real Estate Rookie Podcast BiggerPockets Forums On The Market Podcast Legaltemplates.net BiggerNews March: How a Surge of Foreclosures Will Impact the Housing Market w/Auction.com’s Daren Blomquist Connect with Ashley and Tony: Ashley's Instagram Ashley's BiggerPockets Profile Tony's Instagram Tony's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-242 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
12/10/202247 minutes, 9 seconds
Episode Artwork

From Line Cook to Long-Term Investor with 32 Wholesale Deals

Hard work comes with everything, and real estate is no exception. To achieve success, you must be willing to work hard and continue to work hard even when things get rough. That means viewing mistakes as lessons and being resilient enough to power through whatever life throws at you. Today’s guest, Sahleem Lee, started his real estate journey and almost gave it up, but after a three-year hiatus, he has come back even stronger. Now he has thirty-two wholesale deals under his belt. Sahleem's real estate journey started with flipping cars and fast food. Sahleem worked as a line cook, but he always planned on moving up. His eye was on the general manager position until he got into car auctions. He began flipping cars, and his coworker saw his real estate potential. After a lot of convincing, they became business partners and split a deal fifty-fifty. Unfortunately, the deal went south, and after such a terrible experience, Sahleem decided to step away from real estate.  He got bit by the real estate bug again three years later after stumbling on a YouTube channel about wholesaling and reading Rich Dad Poor Dad. From there, he decided to use real estate to pursue freedom and started to become a student all over again. Now, along with his wholesale deals, he has three long-term rentals and two and a half acres, where he plans to build twenty-two units with his business partner and mutual mentor. In This Episode We Cover The importance of mindset and how to use it to overcome the roadblock of fear and analysis paralysis  Mutual mentorship and how to add and extract value at the same time Learning how to rehab with no experience and how to self-educate Wholesaling and how to prepare for your first real estate wholesale deal Skip tracing and why it can be a helpful tool when trying to close on an off-market property Sahleem’s marketing tactics and how to use them to improve your lead generation And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Real Estate Rookie Youtube Channel BiggerPockets On The Market OfferUp Craigslist Google Voice Connect with Sahleem: Sahleem’s Instagram Sahleem’s Facebook Sahleem's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-241 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
12/7/20221 hour, 5 minutes, 49 seconds
Episode Artwork

Rookie Reply: How to Get a Better Price on That Off-Market Property

Off-market real estate deals can give investors like you HUGE discounts on what would be expensive investment properties. Either due to the property condition or the state of the seller, these real estate deals sell for sometimes hundreds of thousands less than their on-market equivalents. But finding them can be a challenge. As a result, most new investors rely on real estate wholesalers to bring them a deal. But what if the price point still doesn’t make sense? Welcome back to another Rookie Reply, where we’re joined by real estate wholesaling master, Jamil Damji, and newly self-employed investor, Ethan Wilson. Jamil and Ethan both have a taste for off-market, underpriced deals and are here to share their wisdom with you. In this episode, you’ll hear how to negotiate with a wholesaler who’s firm on price, how to find off-market deals WITHOUT cold-calling sellers, and Jamil’s killer deal-finding strategy that costs far less than the competition! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover How to negotiate with a real estate wholesaler even if they have a set purchase price Investing in your early twenties and why partnering up can help you scale faster Cold calling tips and why most investors are too scared to talk to sellers The EASIEST, cheapest way to find off-market real estate deals Meth house and mold remediation and why you should ALWAYS google a potential property’s address And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Real Estate Rookie Podcast BiggerPockets Forums On The Market Podcast KeyGlee AstroFlipping BiggerPockets On The Market Youtube Channel Connect with Ethan and Jamil: Ethan's Instagram Ethan's BiggerPockets Profile Jamil's Instagram Jamil's BiggerPockets Profile Jamil's Youtube Channel Check the full show notes here: https://www.biggerpockets.com/blog/rookie-240 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
12/3/202245 minutes, 6 seconds
Episode Artwork

The Rookie's Guide to 2023 Goal Setting: How to Achieve HUGE Goals This Year

Before the most well-known real estate moguls were moguls, they were rookie investors with a dream. While it took vision to get them to where they are today, they wouldn’t be successful without goals and a plan to achieve their goals. Tony and Ashley, two investing tycoons in their rights, use today’s episode to reflect on their goals from 2022 and start thinking about goals for 2023. One of the most important parts of goal setting is the plan to get your goals accomplished. A goal without a plan is just an unattainable dream, but with a plan, your dreams can become your reality. So how do you intentionally set a goal? You turn your goal into a SMART goal. SMART goals are more achievable since you measure them, and when you start seeing results, it encourages you to keep going and accomplish them. Goals give you something to work towards, but sometimes you don’t meet them, and that’s okay. The beautiful thing is that they can roll over. Missed your goal this year? Try again next year! Tony and Ashely both fell short on a few of their goals for 2022, but that didn’t discourage them. Develop a growth mindset, and a missed goal can turn into an opportunity. So join Tony and Ashely, pull out a notepad, write down your goals and make 2023 the year that everything changes. Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Real Estate Rookie Podcast BiggerPockets Bookstore Airbnb Upwork PropStream Alpha Geek Capital Monday.com Find Money, Partners, & Deals Using The “D.A.D System” w/ Mike Michalowicz Real Estate Rookie Youtube Channel The Science Behind Setting and Achieving Big Goals Connect with Ashley and Tony: Ashley's Instagram Ashley's BiggerPockets Profile Tony's Instagram Tony's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-239 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
11/30/20221 hour, 6 minutes, 8 seconds
Episode Artwork

Rookie Reply: Section 8 Investing and Which Cash Flow Markets Make Sense

Section 8 investing isn’t as scary as it seems. Most landlords will opt to not rent to section 8 tenants, fearing non-payment or just getting stuck with a bad renter. But, this means that the tens of thousands of potential tenants, waiting with guaranteed rent, have nowhere to stay, while you struggle to fill an empty unit. Ashley Hamilton, Detroit-based investor, thinks that not renting to section 8 tenants could be a huge mistake. Welcome back to this week’s Rookie Reply! This time, we’ve got Cullen asking: Is it a bad idea to invest in properties out of state where the housing market is cheaper and more affordable for us? Or would it be better to save more money and invest in the market we are currently living in? Good news for Cullen, we’ve got a cash flow market expert here to help answer his question! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover Cash flow vs. appreciation and when to start investing out-of-state Buying in affordable real estate markets and what to look for before you invest Section 8 investing and how “guaranteed rent” can help boost your property profits Action steps to take when identifying a rental market or potential investment property Tenant screening tips that’ll keep your portfolio at 100% occupancy The one thing you’ll need if you want to be financially free through real estate And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group BiggerPockets MLS The BiggerPockets Real Estate Podcast Real Estate Rookie Podcast 10 Deals on a $20K Waitress Salary With Ashley Hamilton Investor Update: The “10 Deals on $20K/Year” Investor’s Explosive Growth BiggerPockets Forums BiggerPockets Calculators Connect with Ashley: Ashley's Instagram Ashley's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-238 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
11/26/202235 minutes, 59 seconds
Episode Artwork

The Cash-Flowing Car Wash and Early Retirement Through Creative Real Estate

The beautiful thing about building wealth is there’s not just one way to reach your financial goals. This is where your creativity and ambition come into play. Today’s guest, Daniel Schiermeyer, built his residential portfolio and then leveraged that to buy businesses, with more ways to cash flow than we can count! Daniel started getting into real estate after college when he read The Automatic Millionaire. He prioritized living cheaper, and in Charlotte, it was cheaper to buy a house than to rent, so he bought his first house at twenty-nine. With a thirty-year mortgage on his first house, Daniel realized if he bought a house every year or two, by the time he was sixty, he could pay off all the houses and have a strong retirement plan. His real estate portfolio consists of two townhomes, a duplex, a self-storage facility, and businesses to boot! Sticking to residential real estate was the plan until Daniel drove by a car wash for sale with his brother. His brother encouraged him to pursue it, so they called the number on the “For Sale” sign. Once they talked to the broker, ran the numbers, and walked the property, they realized the numbers made sense. Now, he’s got a cash-flowing car wash and residential and commercial real estate all while chasing financial freedom!  In This Episode We Cover Using real estate to build a retirement plan and why real estate is the ultimate payday Analyzing commercial real estate deals and how to determine potential growth Purchasing land vs. purchasing a business and why it’s beneficial to buy both How to run a business and why self-education is essential Self-storage investing 101 and how to create value in the self-storage space Building a real estate investing business plan and the key things you need to succeed And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram Airbnb Real Estate Rookie Facebook Group Monday.com BiggerPockets LoopNet BizBuySell MLS $13M in Equity from One Deal & Cash Flowing Despite Being Comatose with AJ Osborne AJ Osborne’s Instagram The BiggerPockets Real Estate Podcast Self Storage: The Misunderstood Money Maker Most Investors Overlook 4 Key Ways to Build Wealth in Real Estate Connect with Daniel: Daniel's Instagram Daniel's Facebook Profile Daniels BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-237 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
11/23/202254 minutes, 44 seconds
Episode Artwork

Rookie Reply: Creative Financing 101 with No Cash, Credit, or Credentials

Pace Morby’s name is synonymous with creative financing. In fact, you could say that he’s brought back a revival of strategies like subject to and seller financing. He’s been so successful with these strategies that Pace has been able to buy over six hundred rental units this year without using a single bank loan! He believes that now, even with rising interest rates and high inflation, rookie investors have a chance to get better deals than ever before! Welcome to this week’s episode, where we’re live from BPCon2022! We’ve brought in Pace Morby, friend of BiggerPockets, to talk about everything related to creative finance. If you’re brand new to this topic, don’t be alarmed. While some of Pace’s methods may sound complicated, they aren’t actually so difficult in practice. And in just one episode with Pace, you could be convinced to try them out on your next deal! Pace shares how he’s finding deals, where he’s buying, the negotiation tactics he uses, and why now may be one of the best times to buy. He also discusses why sellers are so open to trying alternative financing options, how you can pick up real estate deals for zero dollars down, and why creative finance options offer far better returns than bank financing in 2022, 2023, and beyond! In This Episode We Cover Creative finance explained and why now is a great time to try it Seller financing vs. subject to, and when to go after pain vs. gain How creative financing builds a win-win scenario for buyers and sellers Whether or not rising interest rates and a shaky housing market affect these strategies Negotiating with a seller and how to sweeten your offers so you get deals on your terms Where to find the deals best-suited for seller financing and subject to And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group Zillow MLS Airbnb Craigslist Kelly Blue Book OfferUp Facebook Marketplace Leasetrader Opendoor LandWatch ListSource PropStream Weststar Loan Servicing AirDNA 300 Doors, 100% Creative Financing with Pace Morby The Essential Elements of the Creative Financing Toolbox Connect with Pace: Pace's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-236 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
11/19/202245 minutes, 37 seconds
Episode Artwork

Investing in 100-Year-Old Homes Straight Out of College and the "PRR" Method

To have something you’ve never had, you have to be willing to do something you’ve never done before. Today’s guests, Amy Wright and Mitch Mathern are doing something most people haven’t seen before, a twist on the BRRRR method. They’ve closed on three properties in three years, and all their properties are over 100 years old! Amy and Mitch started their real estate journey right before COVID and went into contract on their first property in February 2020. They started investing when Amy was fresh out of college, and with no money to buy an investment property, they bought a primary residence instead. Since they purchased the home as a primary residence, they used an FHA loan and came to the closing table with only $7,000! Their first property marked the beginning of their strategy: purchase as a primary, rehab, and rent—the PRR. But buying older homes isn’t a drawback to this strategy, it’s a benefit! Amy and Mitch refer to themselves as restorers instead of flippers. While they rehab their homes, they do their best to keep the character and history alive. Their unique strategies have helped them differentiate themselves in their market and succeed. They hope to keep up their current pace of one property a year and eventually increase the number of properties per year as they continue to scale. In This Episode We Cover The benefits of a live in flip and how to pace yourself when doing the rehab FHA lending and how to take advantage of all its benefits when you first get into real estate How to spot renovation red flags when walking a potential property and how to DIY your rehab Investing in older homes and how to rehab an outdated property while keeping its history alive How to attract a top-tier tenant and screening tips that will save you a LOT of time How to structure your “buy box” and shift it as needed so you can grow your real estate portfolio faster And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group Real Estate Rookie Podcast RentRedi Zillow BiggerPockets Pro MLS 6 Ways to Invest in Real Estate with Little Money or Experience Connect with Amy & Mitch: Amy & Mitch's Instagram Amy's BiggerPockets Profile   Check the full show notes here: https://www.biggerpockets.com/blog/rookie-235 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
11/16/20221 hour, 1 minute, 17 seconds
Episode Artwork

Rookie Reply: You DON'T Need Experience to Invest in Real Estate

Before you invest in real estate, everything can seem new and confusing. Bidding on houses, renovation budgets, finding tenants—these are all skill sets you must acquire to become a financially independent real estate investor. But that doesn’t mean you need to be a pro before buying your first property. Just ask Brittany Arnason, AKA InvestorGirlBritt, the Canadian real estate superstar who started BRRRR-ing her way to wealth at just eighteen. We brought Britt onto the show to help us dive deeper into a question we received on the Real Estate Rookie Facebook Group. This question came from JP, asking: How do you network and partner with more experienced investors when you feel you have nothing to add value?  Most investors never feel like they know enough, and this is especially true if you’ve never done a deal before. But, Britt may serve as the perfect person to share her experience with JP, as she went from knowing nothing about real estate to becoming a multi-million dollar commercial investor all before the age of thirty! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).  In This Episode We Cover Why ability often trumps experience and understanding that you don’t need to know everything all at once How food poisoning turned into a rental property portfolio for InvestorGirlBritt Outsourcing, delegating, and hiring the people that can help you grow Surrounding yourself with better investors that push you higher so you can build your own portfolio Imposter syndrome and why almost every investor does NOT feel like an expert Content creation, digital detoxes, and why you should always be building an online brand  And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group Real Estate Rookie Podcast The 7 Tips @investorgirlbritt Used to Go from Amateur to Pro Investor How to Become a Real Estate Millionaire (NO Experience Necessary) Connect with Brittany: Britanny's BiggerPockets Profile Britanny's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-234 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
11/12/202241 minutes, 54 seconds
Episode Artwork

$1.1M in Real Estate at 21 WITHOUT a W2, Tax Return, or Degree!

The path to financial freedom is a marathon, not a sprint. It requires patience, discipline, sacrifice, and a long-term mindset. Today’s guest, Logan Kohn, is on his way to financial freedom with over one million dollars of real estate with three properties at only twenty-one years old! Logan planned to invest in real estate later in life, but COVID forced him to rethink his timeline. Since interest rates were at an all-time low during the pandemic and his income took a hit, Logan decided to expedite his investing journey. For his first investment property, he looked at his county, but it wasn’t affordable, so he looked at the next county over. It wasn’t the best area, but he saw the opportunity for growth, and now his first property has already appreciated over thirty percent! Logan bought his first property and his other two properties in the span of one year, which required extreme financial discipline and frugality. Logan has been interested in growing his money since he was a child. From the age of ten to the end of his teenage years, he started various side hustles to make money. He’s done magic on the street, dropshipping, affiliate marketing, and email marketing. At seventeen, he discovered stocks and started stacking his money and letting it grow. Now he invests his money while having few expenses to be as frugal as possible so he can multiply his wealth through real estate! In This Episode We Cover How to spot a growing market through real estate market analysis The importance of a long-term mindset and how to use it to find financial freedom  Living frugally and how to cut back on your expenses (it’s easier than you think!) The process of self-managing your rental properties and building good rapport with your tenants Flood Insurance and insurance options for those affected by Hurricane Ian And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group Real Estate Rookie Podcast Channel Biggerpockets Facebook Groups BiggerPockets Forums Designing a Frugal But Luxurious FI Life by Age 32 Should You Self-Manage Your Properties or Hire a Pro? Here’s How to Tell Connect with Logan: Logan's BiggerPockets Profile Logan's Instagram Logan's Youtube Channel Check the full show notes here: https://www.biggerpockets.com/blog/rookie-233 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
11/9/202251 minutes, 42 seconds
Episode Artwork

Double Your Cash Flow Overnight (In ANY Market) with Medium-Term Rentals

Medium-term rentals are not new to real estate investing, but most investors have hardly heard of them. For years, corporate travelers would rent a room, apartment, or small property for a year or less. These travelers would pay a premium to avoid long-term leases and stay close to their work. But, with the rise of traveling nurses and digital nomads, the medium-term rental strategy is in a revival when investors need it most. Joining us on today’s show are investors, coaches, and authors, Sarah Weaver and Zeona McIntyre. Their new book, 30-Day Stay, is a masterclass in the wonderful world of medium-term rentals, walking new investors through everything they need to double their cash flow almost overnight. This strategy sounds too good to be true, but even a short-term rental king like Tony Robinson says that he’s intrigued. So is there a catch to this no vacancy, high cash flow, and often headache-free type of housing? In this episode, you’ll learn the pros (and very limited cons) of investing in medium-term rentals. You’ll also hear which markets this strategy works best in, what type of software you’ll need to run one, and how medium-term rentals are starting to rival vacation rentals! If you’re looking for an investment with a high ROI, that doesn't need to be minutes from a beach, this strategy is for you! In This Episode We Cover The medium-term rental strategy explained and why it’s become so popular in 2023 Short-term rental regulations and whether or not they affect medium-term rentals How to analyze a medium-term rental and what to look for in an investing area Tenant screening tips and building your lease agreements for medium-term tenants Which real estate markets work best for medium-term rentals (and which to avoid) Running your medium-term rental hands-free and the best software picks to choose And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram Airbnb Real Estate Rookie Facebook Group Real Estate Rookie Podcast Semi-Retired at 30 Thanks to One Year’s Worth of Real Estate Investing Early Retirement Through Short-Term Rental Properties with Zeona McIntyre W2 Retired and Traveling the World with Just 15 Units w/Sarah Weaver PriceLabs AirDNA Furnished Finder Vrbo Hospitable Google voice Facebook Groups Monday.com Trello Asana Avail Connect with Sarah & Zeona: Sarah's Instagram Sarah's BiggerPockets Profile Zeona's Instagram Zeona's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-232 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
11/5/202245 minutes, 47 seconds
Episode Artwork

Semi-Retired at 30 Thanks to One Year’s Worth of Real Estate Investing

If early retirement seems out of reach right now, try semi-retirement. Once you get there, you’ll only be halfway to early retirement, just like today’s guest, Jessie Dillion. At only thirty years old, she is semi-retired and has scaled her real estate portfolio to almost two million dollars in nine months, with five properties total! When people think about high returns, they often think about a high unit count—but why have a lot when you can do the same with a few? Jessie is strategic about each property purchase she makes and has made a goal to make one smart investment each quarter. She currently has a single-family home and two duplexes. One of her duplexes is a house hack, and her portfolio sports a mix of long-term, short-term, and mid-term tenants. Jessie’s success is due to how responsible she is with her finances. To finance her first property, she built up her savings to ensure she had enough to cover any surprises. As Jessie continues to scale, she has gotten more creative with her financing. She has formed great relationships with her lenders because of her ability to ask questions and carefully choose where and how she gets her funding. Now she is semi-retired at thirty years old and pays a measly fifty dollars a month towards her mortgage! In This Episode We Cover The FIRE movement and how to start your early retirement journey today How to use transferable skills from other jobs to make investing easier Building trust with your spouse and getting them on board with your investing journey Getting the funding for your first rental property and how to use creative financing for the rest Brilliant savings tips and how to rapidly increase your savings The loan process and how to build a strong relationship with lenders And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group On the Market Podcast Jamil Damji's BiggerPockets Profile Pace Morby's Instagram Brittany Arnason's Instagram Ashley Hamilton's Biggerpockets Profile 10 Deals on a $20K Waitress Salary With Ashley Hamilton Rachel Richard's Instagram Henry Washington's Instagram Zillow Furnished Finder Craigslist Facebook Groups AirDNA PriceLabs Data.rabbu Monday.com Connect with Jessie: Jessie's BiggerPockets Profile Jessie's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-231 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
11/2/20221 hour, 1 minute, 25 seconds
Episode Artwork

Rookie Reply: The 1% Rule, Turnkey Rentals, and Escrow Accounts Explained

Is the 1% rule in real estate still relevant? Who shouldn’t be buying turnkey rentals? And why is an escrow account favorable for scaling real estate investors? All these questions and more are coming up in this Rookie Reply. We’re back at BPCon 2022, and joining us is fellow investor and turnkey operator, Zach Lemaster. You may have heard Zach’s episode on the BiggerPockets Real Estate Podcast or maybe you’ve used his turnkey company, Rent to Retirement, before! Zach helps us answer an array of questions, some from semi-passive turnkey investors and some from active investors. We touch on investor lines of credit and how to secure them, the 1% rule’s relevance in 2022, whether or not to get preapproved before finding a deal, buying off-market, and much more! Zach also poses three questions every investor should ask BEFORE investing in turnkey rentals. If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover Where to find investor lines of credit and which banks are your best bet Should you get an appraisal on an off-market property? The 1% rule explained and how it’s holding up in 2022 (and beyond) Escrow accounts and which types of investors should optionally enroll in them Who should (and shouldn’t) invest in turnkey rentals and the questions you should ask your turnkey provider And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram BiggerPockets Real Estate Rookie Facebook Group Real Estate Rookie Podcast How “Turnkey” Rentals Can Help You Build Real Estate Riches Faster The One Mistake That Almost Put My House in Foreclosure Rent to Retirement BiggerPockets Calculator Connect with Zach: Zach's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-230 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
10/29/202241 minutes, 4 seconds
Episode Artwork

Cashing In On Overlooked Off-Market Deals & Overcoming Analysis Paralysis

Your network can be your most powerful tool inside and outside of real estate. Today’s guest, Ryan John, started his real estate investing journey after seeing his friends succeed in the investing space—including his childhood friend, Ashley Kehr. Ryan has been in the real estate game for a year and a half and has closed on two off-market deals—a house hack and a duplex.  As all rookies know, trying to find and close on your first deal can be a mix of emotions. From excitement to fear to anxiousness and fulfillment, you go through various emotions when trying something you’ve never done before. While Ryan wanted to get started right away, he experienced a lot of nervousness regarding his first deal—waking up at three in the morning, scared he was missing something. But, unlike many other investors, he didn’t allow this to deter him from accomplishing his goals. Ryan prefers off-market deals because he doesn’t have to go through a realtor. An off-market deal requires more legwork but often comes with significantly better numbers. Becoming an investor has also given Ryan the freedom to make big life changes. Ryan went to his first real estate investor meetup and met investors with a wide range of experience. After attending, an incident at work prompted him to quit. Since he lives below his means and has cash-flowing rentals, he has the time and ability to breathe and explore his options before deciding his next steps. In This Episode We Cover How to overcome analysis paralysis and the fear of your first deal The pros and cons of off-market deals and how to find them in today’s market How to buy a small multi-family property and why they’re worth investing in House hacking 101 and how to make money using unused space on your property or in your home Time value vs. opportunity cost and how to know when it’s time to outsource The power of real estate meetups and being surrounded by motivated investors And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram Airbnb Real Estate Rookie Facebook Group The Real Estate Podcast Real Estate Rookie Podcast RentRedi Connect with Ryan: Ryan's BiggerPockets Profile Ryan's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-229 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
10/26/20221 hour, 8 minutes, 18 seconds
Episode Artwork

Rookie Reply: How to Beat Cash Buyers, Tenant Brawls, and Appraisal Tips

A cash offer almost always gets a seller's attention. Whether someone comes in low or high, the prospect of a smooth closing without any loan contingencies is often more than enough to get a deal done. But what if you don’t have stacks of cash lying around? Maybe you’re trying to get your first rental property or house hack with a conventional, FHA, or VA loan. How do you set yourself apart from the hotshot who roles in and offers all cash without any appraisal necessary? Worry not because Ashley and Tony have done it dozens of times before. Welcome back to this week’s Rookie Reply, where we take questions directly from Instagram, Facebook, the BiggerPockets Forums, and our Rookie Request Line. This week, we talk about how to beat cash offers, what to do when tenants in the same property start disputing, and appraisal tips to get your home valued higher. We also touch on how to network, make better connections, and build genuine relationships with other investors in your area! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover What to do when an appraisal comes back lower than you expected Using comps (comparable properties) to boost your home’s value in an appraiser’s eye Handling tenant disputes, and whether or not you’re liable if the argument gets physical The three things that motivate a seller when listing a property (and how to use them to get better deals) Beating cash buyers and using speed and price to your advantage Networking tips for new investors (even if you’ve never been to a real estate meetup) And So Much More! Links from the Show Airbnb BiggerPockets Real Estate Rookie Facebook Group Real Estate Rookie Podcast On the Market Podcast Thanks for Visiting Podcast Vrbo MLS Connect with Ashley and Tony: Ashley's Instagram Tony's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-228 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
10/22/202253 minutes, 18 seconds
Episode Artwork

The Vice-Principal Who Built a 9-Unit Rental Portfolio on The Weekends

Who says you can’t have it all? The career, the love, the wealth—it can all be yours if you want it and work for it. Today’s guest, Mackenzie Grate, works hard so she can have it all. Working full-time as an assistant middle school principal, Mackenzie spends her nights and weekends as a real estate investor and agent. She owns two single-family homes, a fourplex, a duplex, a short-term rental, and her primary residence.  Mackenzie’s real estate investing journey started in 2017. While living in her apartment, she rented out her extra room and decided to buy a home once rent prices became a little too high to handle. From there, she started looking for her first deal by googling the three fastest-growing job markets in New York. She then chose the market she wanted to invest in, asked a friend to go upstate with her, and started driving for dollars. She put in an offer on the first house she saw and closed on the home. But was she doing it alone? There is a common misconception that when you invest with a significant other, they have to be involved to be on board. Mackenzie’s relationship with her husband proves that involvement doesn’t equate to support. He supports what she’s doing, but he isn’t an active part of her investing journey, and for them, that works. He shows support by doing other everyday tasks at home, giving Mackenzie more time to work and pursue real estate. This freed-up time is essential for Mackenzie as she juggles all her endeavors and earns her nickname, the "Mack of All Trades." In This Episode We Cover The pros and cons of getting your real estate license and how to determine whether becoming an agent is for you The benefits of owning a co-op and what it means to “own a share” of a building How to find and capitalize on emerging markets that have strong rental demand Investing with a spouse and how to find the right balance for your relationship Property management vs. self-management and how to weigh the pros and cons for both Managing a short-term rental and automating your processes to become the ultimate host And So Much More! Links from the Show Ashley's Instagram Tony's Instagram Airbnb BiggerPockets Real Estate Rookie Facebook Group The Real Estate Podcast BiggerPockets Forums Real Estate Rookie Podcast Zoom RentRedi Digital Nomad-ing and Answering All Your FIRE Healthcare Questions w/ Amy & Tim from GoWithLess Connect with Mackenzie: Mackenzie's Instagram Mackenzies BiggerPockets Profile Mackenzie's Website Check the full show notes here: https://www.biggerpockets.com/blog/rookie-227 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
10/19/20221 hour, 14 seconds
Episode Artwork

Rookie Reply: Financing Your First Rental, Leases, and High Interest Rates

As a new investor, financing can come with a lot of questions. Financing your first property itself seems like a steep learning curve, but once you find a method that works for you, it makes investing a lot easier. Welcome back to this week’s Rookie Reply. But, instead of just answering one question, we’ll be going over multiple to get you on the fastest path to investing in real estate. Today, we’re touching on topics like how much money you'll need to invest in your first property, how to build a lease, recommendations for financing without a W2, and how rising interest rates affect investors. Before you invest, understanding the market you want to invest in is essential. You also have to understand the expenses that come with your property. Once you know these two things, you’ll have a more accurate estimate of your costs. A perk that comes with investing is that the money doesn’t have to be yours. Whether you decide to take out a conventional mortgage loan or partner with another investor, you can creatively finance your deal to have less money come out of your pocket! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover How to understand the market you’re investing in, the average cost of a property, and the range of expenses you can expect Safety reserves and how much to have on hand before you buy a property Creative financing methods that will lessen the amount of capital you’ll need to close Financing without a traditional W2 and how small banks, mortgage brokers, and co-signers can be your best friends Easily building your perfect lease using the BiggerPockets lease agreements! And So Much More! Links from the Show Airbnb BiggerPockets BiggerPockets Calculator Real Estate Rookie Facebook Group Real Estate Rookie Podcast What Makes Rookies Into Millionaires? Quitting What You Hate! BiggerPockets Forums Policygenius BiggerPockets Pro RentRedi Biggerpockets Bootcamps Connect with Ashley and Tony: Ashley's Instagram Tony's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-226 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
10/15/202247 minutes, 4 seconds
Episode Artwork

Tiny Homes, Huge Profits: $6,000 a Month from 1 Property!

Life is unpredictable, and there's no way to get around that. Instead, you have to learn to pivot and accept where you are, so you can get to where you're going. Today’s guest, Josiah Hein, was hit with life’s unpredictability when he was in a car accident with a drunk driver, resulting in damage to his neck and back. Josiah could have easily used the accident as a reason to give up, but instead, he took it as an opportunity to pivot and build another business. Josiah has closed on three deals, including a tiny home that alone cash flows $6,000 a month! Josiah's first business required strenuous physical labor, so after his accident, he couldn't work as much. He used his newfound time to start learning about real estate. He had always considered real estate as a long-term retirement plan, but his plan suddenly got expedited. He started investing right before COVID by converting his old house into a rental property. His portfolio also includes an out-of-state property and a tiny home. He was inspired to invest out-of-state after reading David Greene’s Long-Distance Real Estate Investing. After five months of researching to find an out-of-state market, he settled on Tulsa, Oklahoma. He also has a lucrative tiny home bringing in some serious cash flow every month! In This Episode We Cover Using a setback as a setup and how to pivot when life gets unpredictable Finding “hot” markets and what criteria to look for Doing a profitable cash-out refinance and the BRRRR strategy Self-managing short-term rental properties and using listing sites like Airbnb to rent out your property Tiny homes 101 and the benefits that go beyond having a mini-mortgage Buying out-of-state investment properties and how to manage your rental remotely And So Much More! Links from the Show Ashley's Instagram Tony's Instagram Airbnb BiggerPockets BiggerPockets Calculator Real Estate Rookie Facebook Group The Real Estate Podcast BiggerPockets Forums Real Estate Rookie Podcast Play the Game or Get Played: Using Paternal Instincts to Close on 17 Units Zillow The Real Estate Robinsons Youtube Channel Vrbo CDS Rental Calculator Robuilt’s Tiny Houses That are Cashing in MASSIVE Profits Every Month Connect with Josiah: Josiah's Instagram Josiah's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-225 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
10/12/202249 minutes, 21 seconds
Episode Artwork

It’s Not All About Cash Flow: 4 Ways Real Estate Makes You Rich

Real estate investing is known for one thing: cash flow. No matter who you talk to, investors always seem to be hypnotized by this single metric. Rookie investors love to chase after cash flow and cash flow only—often completely disregarding the much more lucrative benefits of real estate investing for the shiny object of monthly profits getting deposited into your account. But, if you’re buying, analyzing, and negotiating deals based on cash flow only, you could be making a huge mistake. In the new book Real Estate by the Numbers, Dave Meyer and J Scott, both veteran investors in their own regards, give you the numbers behind the NOI and show how real estate will make you rich in much more ways than one. They give you the exact calculations, framework, and mindset to use when analyzing real estate deals, and will show you how you can build wealth faster, smarter, and with less effort than the cash-flow-crazed investor down the street. On today’s show, Dave and J walk through the four ways that investors can build wealth through real estate, which questions real estate rookies should start asking, and debate whether or not the 2022 housing market is one worth buying in. Real estate rookie or not, this show will give you everything you need to start chasing better deals with hidden profits others are too blind to find. In This Episode We Cover Why real estate rookies should grab the new book, Real Estate by the Numbers Recessions, interest rates, and whether or not 2022 is a good year to buy real estate The four ways to generate wealth through real estate investing (it’s more than cash flow) Questions real estate rookies should ask when analyzing their first real estate deals Real estate tax deductions and how investors can pay almost no income tax  How to “force” appreciation so you can increase equity faster and walk away with a big payday And So Much More! Links from the Show Ashley's Instagram Tony's Instagram Airbnb BiggerPockets BiggerPockets Calculator Real Estate Rookie Facebook Group The Real Estate Podcast Real Estate Rookie Podcast On the Market Podcast BiggerPockets Business Podcast BiggerPockets Bookstore How to Become a Real Estate Millionaire (NO Experience Necessary) What Works (and Doesn’t) in a Recession & the Untold Story of J Scott’s Messy First Flip Connect with Dave and J: Dave's Instagram Dave's BiggerPockets Profile J's Instagram J's BiggerPockets Profile J's Website Check the full show notes here: https://www.biggerpockets.com/blog/rookie-224 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
10/8/20221 hour, 12 minutes, 13 seconds
Episode Artwork

Play the Game or Get Played: Using Paternal Instincts to Close on 17 Units

If you pay attention, you’ll notice there is a game being played. The sooner you realize this, the sooner you can play to win. The game of life has various components, but the top one percent has mastered the game of money and finance. Once you start playing, your financial fear becomes irrelevant. After all, it is a game—and you’re supposed to have fun. Today’s guest, Nick Troutman, started playing the game after his second child was born. His fatherly instinct kicked in, and he had a deep desire to provide. He started researching investing, money, and finance—his friend recommended BiggerPockets, and the rest was history. Now, Nick has four rental properties with seventeen units, including a nine-unit apartment. As a professional athlete, Nick is on the road for six to ten months, which exposes him to various housing markets. This exposure helped him narrow down his scope of locations to invest in. Ultimately he decided to invest in Tennessee and Georgia. Nick’s open and optimistic approach to life has helped him create his dream life as a father, husband, professional athlete, and investor. In This Episode We Cover The “game” of money and finance and how to play to win Overcoming provider syndrome and how to use it to your advantage The BRRRR Method and why it’s one of the best ways to get into real estate What to consider before investing in a new market and why you should invest in familiar markets Price-to-rent ratio and making sure you’re charging the right amount for rent Fear vs. danger analysis and how to use it to start eliminating fear in your life And So Much More! Links from the Show Ashley's Instagram Tony's Instagram MLS Airbnb BiggerPockets BiggerPockets Calculator Real Estate Rookie Facebook Group 16 Units in 3 States as a BiggerPockets Power Couple Working Full-Time BiggerPockets Instagram The Real Estate Podcast BiggerPockets Forums Zillow App Real Estate Rookie Podcast Connect with Nick: Nick's Instagram Nick's Podcast Nick's BiggerPockets Profile Great Family Adventure's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-223 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
10/5/20221 hour, 13 minutes, 26 seconds
Episode Artwork

Rookie Reply: The One Mistake That Almost Got My House Foreclosed

A rental property falling into foreclosure is a sad sign. “What happened to that landlord?” you might ask. Did a tenant do extensive damage, leaving them with a too burdensome repair bill? Did the landlord forget to pay their mortgage? What could have caused this? Well, if you’re like Ashley Kehr, someone else may have caused your home to (almost) slide into foreclosure, without you knowing. Welcome back to this week’s Rookie Reply. Wait, scratch that. This week’s Rookie Confession, featuring our own Ashley Kehr! Many listeners know Ashley as a fast-moving, quick-thinking, real-life monopoly player, but in this episode, she opens up about a mistake that almost lost her multiple properties. It was an easy real estate mistake to make, but even veterans in the game get caught now and again. Want to avoid what happened to Ashley? Tune into this episode! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).  Links from the Show Real Estate Rookie Podcast Real Estate Rookie Facebook Group BiggerPockets Real Estate Rookie Youtube Channel Airbnb BiggerNews March: How a Surge of Foreclosures Will Impact the Housing Market w/Auction.com’s Daren Blomquist Rookie Reply: How Do I Estimate Property Taxes? Connect with Ashley and Tony: Ashley's Instagram Tony's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-222 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
10/1/202218 minutes, 9 seconds
Episode Artwork

From Corporate Cog to 10-Unit Landlord in Just 2 Years!

If you’re hesitant to start your real estate investing journey, ask yourself this—where would you be now if you started ten years ago, and where could you be in ten years if you started today? As today’s guest, Brandon Rush, said, “everything you enjoy today, is the result of something you did five to ten years ago.” Brandon currently has three multi-family homes with a total of ten units.  Brandon started his investing journey when he couldn’t see the light at the end of the tunnel with his W-2. He couldn’t imagine himself working a nine-to-five until sixty-five, so he decided to take his future into his own hands and started house hacking. After two years of hard work and planning, he was able to quit his W-2 a month ago to be a full-time real estate agent. Brandon’s success is not without sacrifice. He moved out of his single-family home and moved an hour away from work for his first house hack. And, of course, after his first house hack, he moved to his second house hack! Moving required Brandon and his wife to get rid of most of their things and travel lightly. Although moving and getting rid of material things can be difficult, for Brandon, getting rid of clutter helped clear his mind and reinforced the idea that he was on the right path. Brandon is confident in his investing choices because he surrounds himself with like-minded people, has built an investor-friendly network, and knows that all his decisions now will benefit his future self. In This Episode We Cover House hacking 101—how to get started and why it’s a great way to start investing How to build an investor-friendly network and the importance of surrounding yourself with like-minded people Self-managing your tenants—how to set boundaries and expectations from the start Creating your lease agreement and how to properly screen tenants Why cash flow is the most overrated metric of success and how to accurately measure your property's performance And So Much More! Links from the Show Ashley's Instagram Tony's Instagram MLS Airbnb BiggerPockets Facebook Marketplace Realtor.com BiggerPockets Calculator TenantCloud Real Estate Rookie Facebook Group Connect with Brandon: Brandon's Facebook Brandon's Instagram Brandon's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-221 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
9/28/202254 minutes, 46 seconds
Episode Artwork

Rookie Reply: How to Buy Rentals Once You’ve Run Out of Cash

This week’s question comes from Jerry through Ashley’s Instagram direct messages. Jerry is asking: I’ve finally made the plunge and bought three investment properties. After I rehab, rent, and refinance them, where can I get more money to invest? Is there a type of loan for investors or do I need to look into a hard money lender? Rental property loans are aplenty if you’ve found the right deal. Most veteran investors already know that once you have a good deal, it isn’t hard to find the money to fund it. But, before you build your rental property portfolio, you’ll need to know which options are out there. Don’t worry, you won’t need to spend months or years saving up for another large down payment. There are quicker ways to build a cash-flowing portfolio. Here are some suggestions: Go the commercial lending route and look into DSCR (debt service coverage ratio) loans Partner with another investor or a private money lender to finance your next down payment Cash-out refinance from your previous properties and recycle that money into your next deal Once you have some investing experience, reach out to hard money lenders and ask for their terms and rates And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).  Links from the Show Real Estate Rookie Podcast Real Estate Rookie Facebook Group BiggerPockets BiggerPockets Hard Money Lenders Connect with Ashley and Tony: Ashley's Instagram Tony's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-220 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
9/24/202210 minutes, 41 seconds
Episode Artwork

3 Rentals Right Out of College as a Young Dad and First-Time Landlord

A successful investor finds their “why” where other people find excuses. Real estate investing isn’t without its challenges, but as you overcome more challenges, you become a better investor. Today’s guest’s strong “why” led him to real estate, and it’s what pushes him to break through barriers, overcome obstacles, and build the life he’s dreamed of. Hunter Lewis’ "why" came two weeks before his senior year of college when he found out his girlfriend was pregnant. Knowing he was to become a father forced him to get serious about his future. He found a college mentor that was successful in the commercial real estate space and began working for his company. Hunter then saved up enough to buy his first property in July 2020. Since then, he’s closed on two other doors and is working on his fourth! Hunter became a first-time landlord with his second property, and while it was a challenge initially, he learned more about property management and how to compromise. Becoming a father at a young age also taught him how to take advantage of opportunities and reframe obstacles. As a real estate investor, he’s learned how to structure partnerships with family and the benefits of patience. Hunter is now working towards his five-year goal—$10,000 of passive income per month. In This Episode We Cover Taking advantage of opportunity and finding ways to advance your career Finding your “why” and reframing your obstacles  How to structure partnerships with family and significant others Becoming a first-time landlord and how to self-manage your rentals  The importance of understanding and watching the market Investing while working full-time and how to use your job to help you invest And So Much More! Links from the Show Ashley's Instagram Tony's Instagram MLS Airbnb The GaryVee Podcast RentRedi Monday.com Asana On the Market Podcast The Ultimate Property Management Masterclass Connect with Hunter: Hunter's Instagram Hunter's Youtube Channel Hunter's Email Check the full show notes here: https://www.biggerpockets.com/blog/rookie-219 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
9/21/202257 minutes, 53 seconds
Episode Artwork

The One Move That Helped Me 2x My Rental Property Portfolio

Building a rental property portfolio isn’t complicated. You find deals, finance them, buy them, manage them, and repeat. What could be easier? For most real estate investors, it’s not the big steps that stop them from scaling. It’s the little ones. Finding deals means looking through the MLS, cold calling, driving for dollars, or door knocking almost daily. Financing means talking to mortgage brokers, local banks, or investment property lenders. These day-to-day tasks are what make or break your portfolio, so how do you get on top of them? Welcome back to this week’s Rookie Reply, where we’re joined by On The Market co-host, Henry Washington. In only a few short years, Henry has grown his portfolio to over seventy-five doors. With kids at home, a family to take care of, and businesses to manage, how did he scale so fast? He gives his secrets in this episode. And as a bonus for our BPCon2022 attendees, we have some tips for you on how to make the most out of the upcoming convention! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Ashley's Instagram Tony's Instagram BiggerPockets BPCON2022 Real Estate Rookie Facebook Group The Real Estate Podcast BiggerPockets Forums BiggerPockets Bootcamps On The Market Podcast Connect with Henry: Henry's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-218 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
9/17/202237 minutes, 26 seconds
Episode Artwork

16 Units in 3 States as a BiggerPockets Power Couple Working Full-Time

Successful real estate investors don't find success alone. Real estate is a relationship business, so eventually, you need someone— an agent, contractor, cleaning lady, or handyman. At times, your success depends on these people, so you need to build a relationship with them. Once you cultivate a relationship, maintenance becomes the next step, but how do you do that? How do you find the balance between too friendly and impersonal? How do you turn a transactional relationship into a transformational one? Today’s guests, Evan and Katie Miller, have prioritized relationship building in their business and have seen tremendous success. The advantage of investing as a couple is they balance each other out. Evan enjoys numbers, while Katie enjoys working with people—creating the balance they need to be a well-oiled real estate machine. They have sixteen units amongst seven properties in Florida, Denver, and Nebraska.  While growing their real estate business, they both work full-time jobs with a baby at home. Katie is the general manager at the BiggerPockets publishing division, which motivated her to invest because she sees the power of real estate every day. Since they still work full-time, they prioritize time management, relationship building, and organization. Evan and Katie hope to hit fifty properties in five years while keeping their full-time jobs. In This Episode We Cover Investing with a spouse or a significant other and how to find balance and set boundaries Appraisal issues and finding creative solutions vs. knowing when it’s time to step away Self-management vs. property management and whether outsourcing is worth it Vetting and finding the right property manager in a new market How to cultivate and maintain relationships both professionally and personally Out-of-state investing, learning how to invest in new markets, and the criteria you should have And So Much More! Links from the Show Ashley's Instagram Tony's Instagram BiggerPockets BPCON2022 BiggerPockets Bookstore Real Estate Rookie Facebook Group The Money Podcast The Real Estate Podcast AirDNA The Official BiggerPockets Facebook Group MLS LoopNet BiggerPockets Forums BiggerPockets Free Membership Real Estate Rookie Youtube Channel Connect with Evan and Katie: Evan's Instagram Katie's Instagram Evan's BiggerPockets Profile Katie's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-217 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
9/14/20221 hour, 10 minutes, 4 seconds
Episode Artwork

What Makes Rookies Into Millionaires? Quitting What You Hate!

Real estate investors are a hard-working bunch. They put in long hours every day to create passive income and find financial freedom. Many investors resort to doing what they hate, day in and day out, simply to escape the clutches of a nine-to-five job. If you’re a rookie real estate investor, you’re probably the property manager, head of acquisitions, tenant contact, and accountant all rolled into one. But this “all or nothing” way of working could slow you down faster than you know. If you want to take your wealth to the next level, try quitting—it’s what Pat Hiban and Tim Rhode have been doing for decades. As two successful real estate agents, they enjoyed the negotiation games that eventually led to large commission checks. But as the years went by, this non-stop grind took its toll—so much that they both gave up very profitable professions to do what they love. Surprisingly, the “do what you love” lifestyle made them even more money than before! This is all well and good for a couple of veteran investors, but what about our real estate rookies? What about you, listening to this with one, two, or ten deals? How do you take a step back and become a quitter like Pat and Tim? Can you really make more money by doing less, and even if you could, how do you take the first step? In their new book, The Quitter’s Manifesto, Pat and Tim lay out the exact team and strategy you need to go from burnout to big checks with far less effort. In This Episode We Cover How two formal education failures became multimillionaires  Going from 100% “obligation” work to 100% “interest” work by doing what you love Finding the “quiet” that brings your best ideas to light  Building your team of quitters who will hold you accountable to do less and make more How to find a world-class real estate mentor who will speed up your growth substantially The financial position you should be in before you contemplate quitting  And So Much More! Links from the Show Ashley's Instagram Tony's Instagram BiggerPockets GoBundance Upwork BPCON2022 BiggerPockets Bookstore Building 61 Different Passive Streams of Income with Pat Hiban Turning $5K Into $5K/Month and Retiring at 40 with Tim Rhode 9 Simple Steps to Finding the Best Real Estate Mentor for You Book Mentioned in this Show The Quitter's Manifesto by Tim Rhode and Pat Hiban Connect with Pat and Tim: Pat's LinkedIn Pat's BiggerPockets Profile Tim's Website Tim's LinkedIn Check the full show notes here: https://www.biggerpockets.com/blog/rookie-216 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
9/10/202249 minutes, 9 seconds
Episode Artwork

How to Become a Real Estate Millionaire (NO Experience Necessary)

Want to become a millionaire? After this episode, you’ll have everything you need to start your journey to a seven-figure net worth through real estate investing. Most people think that to become a millionaire you need to have a high-paying job, a large inheritance, or hundreds of rental properties. This couldn’t be further from the truth, as regular real estate investing allows almost anyone to build wealth, attain financial freedom, and live the life they dream of in only a matter of years. For those who haven’t bought their first investment property, or only have a few, this webinar with Dave Meyer will provide the step-by-step system that’ll take you from onlooker to investor. Dave takes you through the math behind making millions, how to find investment properties worth buying, analyzing real estate in just minutes, and finally, how to repeat the system so you can continuously build wealth no matter what life position you’re in. Stick around until the end as Dave throws in a special gift for our viewers that will help take you from rookie to veteran investor in no time at all. The tools, information, and data found in this episode could help slingshot your wealth to levels you’ve never imagined. So, are you ready to start? In This Episode We Cover How to become a real estate millionaire no matter where you’re starting from Defining your “why” and knowing how much money you want to make How an economic recession could affect real estate investors in 2022 The “crystal clear criteria” every investor must know before buying a rental property Building your real estate “stack” that can make you rich in only a few years How to analyze rental properties for complete confidence in the deal Finding, funding, and financing investment property purchases The fastest way to level up your real estate investing skills so you can reach financial freedom And So Much More! Links from the Show Ashley's Instagram Tony's Instagram BiggerPockets Zillow BiggerPockets Calculators On the Market Podcast BiggerPockets Pro MLS BiggerPockets Agent Finder BiggerPockets Rental Property Calculator Craigslist BiggerPockets Bootcamps Mashvisor Roofstock AirDNA Connect with Dave: Dave's Instagram Dave's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-215 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
9/7/20221 hour, 21 minutes, 17 seconds
Episode Artwork

Rookie Reply: How to Build Your Dream Short-Term Rental Team

This week’s question comes from Ricky through Ashley’s direct messages on Instagram. Ricky is asking: I’m about to start my investing journey with short-term rentals. How do I build a real estate team, and which positions should I look for first? On your way to building a short-term rental empire, you’ll need to build out your real estate investment team. These are the people who will help you scale, manage your properties, and handle host headaches that come up, so you can focus on finding better vacation rental properties. If you want to scale like Tony, who’s already at sixteen short-term rental units, you’ll need to invest in the four “buckets." Doing this will free up time for you to run a better business and source bigger deals. Here are some suggestions: Start making checklists, notes, and training videos as soon as you buy your first property Find the things you hate doing and offload them sooner, rather than later Build out your short-term rental core four who can help manage the property while you source deals Start small with a cleaner or maintenance worker and slowly hire out from there And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Podcast Real Estate Rookie Facebook Group BiggerPockets BPCON22 Investor Girl Britt BadAsh Investor Airbnb Loom BiggerPockets Agent Finder Find Money, Partners, & Deals Using The “D.A.D System” w/ Mike Michalowicz 21 Real Estate Professionals You Need on Your Team (Updated 2021) Connect with Ashley and Tony: Ashley's Instagram Tony's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-214 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
9/3/202212 minutes, 40 seconds
Episode Artwork

Living for “Free” with 63 Self-Storage Units

The older you get, the more you realize how much life costs. As a kid, it's easy to take for granted the free rent and free meals, but what if you could get back to that? What if you could live mortgage or rent-free as an adult? What if you could have your meals paid for on someone else’s dime? In today’s episode, our guest, Nate Weintraub, shares how he lives for “free” with his three properties that total sixty-five units. With a real estate investor as a father, Nate has always been around rental property investing. He never saw himself getting into real estate until he worked his first W-2. After seeing the realities of a nine-to-five, Nate decided to buy a property after college and pursue real estate. In March of 2020, he put a house under contract in Rochester, New York. Since then, he has purchased a sixty-three-unit storage facility in Alabama and is currently house hacking in Florida. As Nate works toward financial freedom, he has made steps toward reducing his cost of living while still living a life he loves. In addition to being an investor, he does what he loves as a self-employed copywriter—BiggerPockets’ copywriter in fact. At only twenty-four, Nate lives rent-free in his house hack, his rental property covers most of his food, and his real estate investment trusts pay for his car.  In This Episode We Cover Analyzing and choosing an out-of-state market to invest in (w/o visiting them) Self-managing and how to build a trusting relationship with your tenants  House hacking and how to use it to live rent-free while building wealth Self-storage investing and how to break into a newer, bigger asset class Finding reliable and trustworthy partners and how to manage your partnerships The importance of talking about your real estate aspirations and how to generate more business through conversation And So Much More! Links from the Show Ashley's Instagram Tony's Instagram BiggerPockets Real Estate Rookie Podcast Zillow $13M in Equity from One Deal & Cash Flowing Despite Being Comatose with AJ Osborne Real Estate Rookie Facebook Group How to Cut Expenses for a Faster Route to Financial Freedom BiggerPockets Calculators Easy Storage Solutions Stessa Roomies.com Yelp SquareFoot QuickBooks On the Market Podcast BiggerPockets Forums Airbnb Connect with Nate: Nate's Instagram Nate's Email Nate's Website Check out the full show notes here: https://biggerpockets.com/blog/rookie-213 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
8/31/20221 hour, 11 minutes, 13 seconds
Episode Artwork

Rookie Reply: Why "First-Time Home Buyer Loans" Aren’t What You Think

This week’s question comes from Carolyn through Ashley’s direct messages on Instagram. Carolyn is asking: I just bought my first investment property in cash. Am I still considered a first-time homebuyer? What happens if I take out a mortgage on that property? First-time homebuyer loans tend to confuse many real estate rookies. When it comes to first-time homebuyer loans and programs, what options do you have? Some investors think that they can only use loans like the FHA loan for their first home, while others may be enticed by first-time homebuyer programs that boast a lot of benefits, but with a ton of red tape. Which loans work for which investors, and what happens when you want to refinance? Here are some suggestions: Remember that loans like the FHA loan are not reserved for first-time homebuyers Special loan programs designed for first-time buyers could help you fund your down payment, but you’ll want to read the fine print Look for state-specific grants when buying your first home (you could come across some free funds!) If you are going to refinance after a cash purchase, be sure to double-check the “seasoning” period with your lender And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Podcast Real Estate Rookie Facebook Group BiggerPockets Check the full show notes here: https://www.biggerpockets.com/blog/rookie-212 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
8/27/202210 minutes, 39 seconds
Episode Artwork

Turning Their Basement Into a $4,500/Month Money Making Machine

While constantly hearing success stories can be encouraging, it can also start to seem unattainable when you don’t know where to start. How did all these successful investors get to where they wanted to be? And if they can do it, why can’t you? Today’s guests, Simon Murillo and Kristina Vaio adjusted their mindset from “why them?” to “why not us?,” which resulted in some serious short-term rental success.  It took a while for Simon and Kristina to become cohesive in their real estate partnership. Simon has been interested in house hacking since 2018, but Kristina couldn’t envision sharing her home with strangers. For his first investment, Simon wanted to invest long-distance in his hometown, but Kristina had reservations about investing in a property she couldn’t physically manage. Despite their opposing views on what their first investment would look like, through a lot of communication, education, trust, and compromise, they found an investment they agreed on—their basement. With the help of a rockstar real estate agent, they were able to close on a house in December of 2021. It took a few months of blood, sweat, and tears to set up their basement rental, but within just thirty minutes of posting their short-term rental listing, they got their first booking! Now, they’re averaging about $4,500 each month and are looking for their next home to house hack. They plan on doing this at least two or three times until they’re financially free in their forever home—and you can do it too! In This Episode We Cover Convincing a skeptical partner and how to find compromise through mutual goals How to ease into investing through small steps and self-education Building a team that can help you with your vision—from investor-friendly real estate agents to reliable contractors The benefits of going to investor meetups and being surrounded by similar people with similar goals Managing your short-term rental while balancing your full-time W-2 Increasing the value of your property through unique upgrades and renovations And So Much More! Links from the Show Ashley's Instagram Tony's Instagram BiggerPockets Real Estate Rookie Podcast BiggerPockets Forums Alpha Geek Capital Real Estate Rookie Bootcamp Airbnb Sarah Robinson's Instagram Redfin Zillow Facebook Groups Nextdoor MLS BiggerPockets Agents Finder Hospitable Real Estate Rookie Facebook Group Connect with Simon and Kristina: Simon's Instagram Simon's BiggerPockets Profile Kristina's Instagram Check out the full show notes here: https://biggerpockets.com/blog/rookie-211 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
8/24/20221 hour, 9 minutes, 47 seconds
Episode Artwork

The Rookie’s Guide to Finding Private Money for Your Next Property

The term “other people’s money” is common in the rental property industry. You may hear successful investors use it all the time—but what does it mean? Who are these “other people,” and why are they giving out money so freely? Don’t worry—rich relatives are not necessary for this episode of the Real Estate Rookie Podcast. We’re not talking about taking money from your Grandma. We’re talking about private money lending. Who better to bring on to the show than Alex Breshears and Beth Johnson, authors of the new BiggerPockets book, Lend to Live: Earn Hassle-Free Passive Income in Real Estate with Private Money Lending? Although tailored towards would-be passive private money lenders, Lend to Live drops some serious knowledge that the everyday investor can use. If you’ve ever wanted to know where to find private money, how it works, and how you can use it to grow your real estate portfolio, this episode is a great place to start. Alex and Beth break down the fundamentals behind private money lending, what makes a great private money lender, and how to vet yours when accepting money. Private money can create phenomenal opportunities for active investors, but it comes with legal landmines that are easily activated if you don’t know what to look for. So, before you start accepting money from a local lender, be sure you read Lend to Live first!  In This Episode We Cover What makes a great private money lender and the qualifications they should possess Why become a private money lender and who private lending is best suited for How to find private money even if you’re just starting to grow your network Structuring a private money loan and keeping yourself legally protected Private money red flags and what investors and lenders should look out for Points, rates, and other lending lingo you need to know before taking a loan And So Much More! Links from the Show Ashley's Instagram Tony's Instagram BiggerPockets Real Estate Rookie Podcast BiggerPockets Forums BiggerPockets Bookstore The BiggerPockets Podcast Private Money: What the Experts Warn Against Before You Lend (Or Borrow!) Connect with Alex and Beth: Alex and Beth's Email  Alex's BiggerPockets Profile Alex's LinkedIn Profile Beth's BiggerPockets Profile Beth's Website Check out the full show notes here: https://biggerpockets.com/blog/rookie-210 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
8/20/202254 minutes, 3 seconds
Episode Artwork

A Beginner's Guide to Analyzing Big Deals & Building a “Bulletproof”

As an investor, finding and closing on a deal is only the beginning, and it sets the tone for how the rest of the deal will go. So what criteria should you have to make finding a profitable deal easier? Once you find a deal that's promising, how do you do your due diligence before submitting an offer? In today’s episode, Kenneth Donis shares his bulletproof process for finding and underwriting profitable deals. Kenneth is the Head of Marketing and Acquisitions in the Donis Brothers’ operation. The Donis Brothers have a little more than 1,000 units under their belt and show no signs of slowing down. Kenneth is responsible for finding those deals, underwriting them, and meeting with brokers. With a growing portfolio, Kenneth’s process has become more efficient, and the proof is in their success. Kenneth breaks down his process into three parts—creating criteria, analyzing the deal before submitting the offer, and submitting a letter of intent. He explains how to create a buy box based on your budget and the importance of ensuring your overhead is covered. Taking to heart just a few of the tips that Kenneth shares today could put you on the fast track to closing on your next big investment property! In This Episode We Cover Creating criteria to find great deals based on your goals and budget Defining your ”buy box” and what you should include in yours Multifamily deal analysis and the quotes you’ll need before submitting an offer  Drafting the letter of intent and the key elements to a perfect offer How to build lasting and beneficial relationships with mortgage brokers Raising capital from outside sources and using creative financing to fund your deals And So Much More! Links from the Show Ashley's Instagram Tony's Instagram Real Estate Rookie Podcast MLS Apartments.com BPCON22 Real Estate Rookie Podcast Changing Their Family’s Fate by Building a 600+ Unit Portfolio (At Age 20!) How a College Dropout Got a Seat at the Millionaire Investor Table Post, Invest, Profit: A Step-by-Step Guide to Content Creating for Investors BiggerPockets Calculators Connect with Kenneth: The Donis Brothers’s Website The Donis Brothers’s Instagram The Donis Brothers’s Facebook Page The Donis Brothers’s Twitter The Donis Brothers’s Tiktok  The Donis Brothers’s Youtube Channel The Donis Brothers’s Podcast Check out the full show notes here: https://biggerpockets.com/blog/rookie-209 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
8/17/20221 hour, 1 minute, 25 seconds
Episode Artwork

Rookie Reply: Time-Saving Real Estate Accounting Tips for New Investors

This week’s question comes from Aaron on the Real Estate Rookie Facebook Group. Aaron is asking: How do you set up your rental income for tax season? Do you just show your accountant, for example, a Stessa report? Do you give receipts to your tenant when they pay so you have one for tax season? Navigating the world of real estate accounting can be tricky. Do you write everything down by hand or update your numbers in tax software? Ask two real estate experts like Ashley and Tony and you’ll see that there’s usually one clear way to gather up your rental income so your CPA doesn’t have a mountain of paperwork and an avalanche of questions to ask you. Here are some suggestions: Use software like Stessa or QuickBooks to easily track your income/expenses for tax time Send tenants rent receipts (if they ask for them) using software like Apartments.com and RentRedi Keep clear records of how much you received in rent, spent on maintenance, and any amount of vacancy Get your bookkeeping in place from the first property onwards (your future self will thank you) And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Podcast Real Estate Rookie Facebook Group Stessa QuickBooks Apartments.com RentRedi Google Drive OneDrive   Check the full show notes here: https://www.biggerpockets.com/blog/rookie-208 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
8/13/20229 minutes, 38 seconds
Episode Artwork

Working Towards Time Freedom "In the Trees" with 3 Treehouse Rentals

As an entrepreneur trying to build wealth, how do you find work-life balance? How do you prioritize your family and life when you work long hours for a better future? Is the time freedom you’re ultimately working towards worth the time you have to give up presently? Amanda Salovitch, today’s guest, shares the balance she’s been able to maintain as a full-time working mom, building a short-term rental business while going from zero to six units in a year and a half.  Amanda has been passionate about real estate for a while. She became a licensed real estate agent fresh out of college in 2008. Amanda worked at a brokerage with another recent high school graduate, and when she decided to pursue a career at the bank, she watched him grow his investment career. The bank required a very fast-paced lifestyle, and it wasn’t until the pandemic that she began to slow down and reassess certain aspects of her future. She started listening to the Real Estate Rookie podcast and became inspired. She purchased three long-term rentals shortly after she began listening to the podcast. She then closed on a property with three short-term treehouse rentals with various income-generating activities. While living a hectic investor life, Amanda always includes her kids as much as possible. Her ultimate goal is to have the time and freedom to live the life of her choosing with her family, and with the path she’s on, she’ll be able to achieve it soon! In This Episode We Cover Getting your real estate license and the benefits of being a licensed investor Finding your personalized work-life balance and the importance of having a strong “why” The process of qualifying for a loan and how to qualify for the financing of your choosing The 1031 exchange explained, its benefits, and its shortcomings How to get your spouse on board with investing while communicating your goals Investing while still working your day job and how to manage your time for optimum efficiency And So Much More! Links from the Show Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group Airbnb Real Estate Rookie Podcast MLS QuickBooks Apartments.com Lodgify Booking.com MileIQ The Real Estate Podcast Vrbo Connect with Amanda: Amanda's Website Amanda's BiggerPockets Profile Amanda's Instagram Check out the full show notes here: https://biggerpockets.com/blog/rookie-207 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
8/10/20221 hour, 8 minutes
Episode Artwork

Rookie Reply: Biggest Red Flags of a Bad Contractor (and How to Fire Them)

Not knowing how to deal with a bad contractor can cost you thousands, if not tens of thousands, on a single deal. The wrong contractor can cause months more of holding time, thousands in materials wasted, and drain your energy when trying to get the project done. But, once you know the common contractor red flags, you’ll be able to spot which workers won’t work out in the future so you can hire the right ones faster. Ashley and Tony both have horror stories when hiring general contractors. They have some crucial tips when hiring a contractor for your next home renovation. Their most important one? Hire slow and fire fast. The wrong crewmember could sabotage your entire real estate deal. Here are some suggestions: Don’t pay contractors per hour and stick to your contractor criteria Stand your ground and don’t second guess yourself if you know how something should be done Never hire the same contractor for another job until they’ve finished the first one Set milestones and benchmarks for the contractor to hit so they stay on-schedule Don’t hire the first contractors available for a job, take your time vetting the crew and general contractor And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show BiggerPockets Real Estate Rookie Podcast Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Real Estate Rookie Bootcamp Check the full show notes here: https://www.biggerpockets.com/blog/rookie-205 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
8/6/202216 minutes, 43 seconds
Episode Artwork

Puerto Rican Paradise, Arctic Abodes, and Building "Dream" Vacation Rentals

Sometimes in real estate, less is more, and as the saying goes—quality over quantity. You don’t need a portfolio with 100+ properties if you have a strong cash flow from five. This approach allows less to fall through the cracks and a more personalized experience for the tenant while still building wealth like never before. Today’s guest, Kelly Cronin, explains how she has created Cronin Castles, a variety of unique experiences in various locations, and is now profiting off people’s desire to experience more life. Her current portfolio includes a sea house in Puerto Rico, an off-the-grid dome in Alaska, a tiny home in Utah, and eighty acres in Wisconsin. While Kelly was merely setting her price on listing sites and looking for interesting places, she stumbled on the next big thing. Currently, short-term rental sites are looking for more properties with unique experiences, like Kelly’s, to feature and further differentiate themselves from the competition. Kelly was able to start investing because she saved half of her income. She was able to save an astonishing $110,000 not because of a high salary—in fact, she never hit the six-figure mark—but because she gamified her life. Kelly did this by finding ways to lower her mortgage, save on childcare expenses and use credit card points to cover her travel expenses. Now Kelly can give people the traveling experiences she would want while simultaneously building wealth and changing her financial future. In This Episode We Cover How to research and invest in different markets  Cultivating unique experiences and how to market your rentals Managing your rental property remotely and the importance of building a network in the market you choose to invest in Saving fifty percent of your income and how to gamify your life and stretch your money  Self-managing your properties and how to stay on top of your rental portfolio And So Much More! Links from the Show Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group BiggerPockets Forums Brandon Turner's Instagram Nate Robbins' Instagram Brian Murray's Instagram Airbnb Vrbo Realtor.com AirDNA Zillow Derek Diedricksen's Instagram Boostly Godaddy Hostfully Meta Business Suite 96 Units in 5 Years By Combining Long & Short-Term Rentals Connect with Kelly: Kelly's Website Kelly's Facebook Page Kelly's Instagram Check out the full show notes here: https://biggerpockets.com/blog/rookie-205 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
8/3/20221 hour, 11 minutes, 5 seconds
Episode Artwork

Rookie Reply: Do New Short-Term Rental Regulations Make Investing Risky?

New short-term rental regulations are sprouting up around densely-populated states like California and New York. These regulations can stop new investors from setting up shop while making established hosts much wealthier. With stricter short-term rental laws, what should real estate investors do to hedge their risk against being stuck with a property that can’t be rented out? Both Ashley and Tony own short-term rentals. Ashley’s is situated in a town with no regulations, while Tony has vacation rentals scattered across multiple markets, each with its own specific ordinances. Tony knows that even with these new laws, there are still steps you can take to ensure that your short-term rental investment isn’t ever at risk of being left empty. Looking into short-term rental markets? Here are some suggestions: Look for established, mature vacation rental markets when starting your search Economic dependency on tourism will most likely make an area more open to short-term rentals Always research the number of short-term rentals an owner can legally own in an area as well as how the permitting process works Stay up-to-date on an area’s short-term rental laws as they are subject to change And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Podcast Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Check the full show notes here: https://www.biggerpockets.com/blog/rookie-204 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
7/30/20229 minutes, 56 seconds
Episode Artwork

The Ultimate Property Management Masterclass

Property management can be one of the more complex decisions when it comes to investing. Do you save money and ensure the job is done exactly how you want it by self-managing, or do you invest in someone with experience and save yourself time, energy, and headspace? Today’s guest, Karen Lane, breaks down property management in bite-size chunks, so whether you’re deciding between property management vs. self-management or hoping to pursue property management already, this episode is perfect for you. Karen has been in property management for commercial real estate for most of her career, so she’s seen it all—including a dead deer carcass in the middle of a shopping center parking lot. She’s worked with private investors on both coasts and internationally. Karen’s abundant experience has made her a wealth of knowledge and the perfect person to learn from. While she has thrived in the property management space, she now hopes to beat analysis paralysis and find her first investment.  Karen goes over what it means to be a property manager and how to become one. She also talks about the nuances of juggling the different relationships you need to maintain as a property manager. Today’s episode is the free property management masterclass you don’t want to miss.  In This Episode We Cover What it means to be a property manager and how to know if you have what it takes Finding and vetting a property manager to make sure your goals and expectations align How to keep the landlord and the tenant happy and find a middle ground Management agreements and how to understand the property management fees that come along with it How to check for hidden fees as a landlord The most significant things to look for in a property manager to make sure your relationship is successful The ideal reporting structure, the cadence, and what you should include And So Much More! Links from the Show Ashley's Instagram Tony's Instagram BiggerPockets Real Estate Rookie Podcast Real Estate Rookie Facebook Group BPCON2022 BiggerPockets Forums Rookie Landlord Bootcamp BiggerPockets Calculators Buildium AppFolio Quickbooks A Step-by-Step Guide to Estimating Rehab Costs w/ Master Flipper & Investor James Dainard (Part 1) Finding Contractors, Renovation Red Flags, and Estimating Rehab Costs (Part 2) w/ James Dainard 18 Deals in 2 Years AND a Full Time Job with Kevin Christensen Connect with Karen: Karen's Property Management Company Karen's Company Email Karen's Website Karen's Email Check out the full show notes here: https://biggerpockets.com/blog/rookie-203 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
7/27/20221 hour, 5 minutes, 56 seconds
Episode Artwork

Rookie Reply: Is a Cash-Out Refinance Taxable?

This week’s question comes from Brandon on the Real Estate Rookie Facebook Group. Brandon is asking: On a cash-out refinance, is this considered income? If so, will I have to report it on my taxes? Real estate investing provides a lot of tax benefits, some that new investors or everyday homeowners simply don’t know about. One of the greatest tax benefits? No taxes on loans and liabilities! That means that the cash-out refinance can be done without paying any taxes on the cash given to you from the bank. But, there are a couple of ways that you could get snagged during tax season if you don’t follow the right steps. Here are some suggestions: Cash-out refinances are considered debt, not income, from a taxation point of view If you are planning to have your business pay you back for acquisition/renovation costs, be sure you make a record of that so you don’t get taxed on your repayment You may pay taxes on a cash-out refinance if you plan on taking profits from your business As always, consult a tax professional if you have any specific tax questions And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Podcast Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Rookie Reply: Cash Out Refinances vs HELOCs | Which Should You Use? Check the full show notes here: https://www.biggerpockets.com/blog/rookie-202 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
7/23/20226 minutes, 16 seconds
Episode Artwork

Quitting Corporate to Build a 23-Unit Post-Pandemic Rental Portfolio

The beautiful thing about real estate is that there is endless room for growth. While some jobs have a capped amount of opportunity, real estate encourages constant advancement. Today’s guest, Gus Ofili, began his investing journey after the pandemic and now has nine properties with twenty-three units.  Gus turned to real estate after deciding to leave his nine-to-five at a bank. He didn’t hate his job, in fact, he was doing very well, but there wasn't adequate room to grow. Gus started realizing he was getting passed up on opportunities by people who dedicated at least a decade of their life to the bank. He couldn't see himself taking ten years of his life for a career milestone—so he quit. Initially, real estate intrigued Gus because of the thrill he got from negotiating. He started taking classes to become a realtor while working his nine-to-five. As an agent, he sold fifty homes in his first year, seventy-one in his second, and 108 in his third year. While he did exceptionally well as a realtor, he wanted a backup plan and knew investing would be a fundamental part of his real estate career. He had the opportunity to sell a five-unit house, but when the first appraisal fell through, he began to see potential in the home, decided to buy it, and as the saying goes—the rest is history.  In This Episode We Cover Quitting your nine-to-five and how to prepare to do so How to use social media to gain free exposure and grow your brand   Finding a profitable side hustle in real estate and the benefits of becoming a leasing agent Clubhouse and how to use it to learn more, expand your network, and gain motivation Overcoming the fear of buying your first investment property and how to make the transition as smooth as possible And So Much More! Links from the Show Ashley's Instagram Tony's Instagram BiggerPockets Real Estate Rookie Podcast Real Estate Rookie Facebook Group BPCON2022 Airbnb STR Summit Clubhouse Discord BiggerPockets Forums Facebook Marketplace Connect with Gus: Gus' Facebook Gus' Instagram Check out the full show notes here: https://biggerpockets.com/blog/rookie-201 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
7/20/20221 hour, 10 minutes, 41 seconds
Episode Artwork

Scott Trench’s 10-Step Checklist to Buy Your First Rental Property

You’re here to buy your first rental property. This is the Real Estate Rookie Podcast, and as a rookie, where should you start? Most new real estate investors think that the steps to buying a rental property are simple—find an agent, find a property, buy the property. And although that could buy you a rental property, the chances of you becoming successful are very low. Real estate investing requires much more than just purchasing a property if you’re trying to build generational wealth, financial freedom, and a life that operates on your schedule. It shouldn’t be surprising that the CEO of a company like BiggerPockets is someone who took the slow, yet highly successful route. No raising money on his first deal, no buying multimillion-dollar apartment complexes, no giant yacht, and no private planes. Scott Trench is the epitome of the “grind until you shine” real estate investor. Starting with little-to-no savings, he was able to work his way up to his first rental, his second, and now his thirteenth. To celebrate the release of the updated version of his wildly popular book, Set for Life, Scott has created a ten-step checklist that any new investor should use to get their first real estate investment. These steps were specifically designed for you to not just get one rental, but many more following your first purchase. These are the exact steps Scott took to reach financial freedom in under ten years, and if you follow them as well, you might be able to do it faster. In This Episode We Cover The ten steps to becoming a successful real estate investor (even if you have no experience) Frugality and its impact on how you invest and grow your wealth over time Calculating your dollar per hour cost and choosing whether or not to outsource work The four levers of wealth creation and how to pull them all for fast-paced wealth building How Scott went from entry-level worker to CEO of BiggerPockets in under ten years Building your “investor ability” so you can make smarter decisions faster And So Much More! Links from the Show Rookie Readiness Checklist Ashley's Instagram Tony's Instagram BiggerPockets Real Estate Rookie Podcast Real Estate Rookie Facebook Group BiggerPockets Forums Podcast Guest Onboarding Form BiggerPockets Bookstore The BiggerPockets Money Podcast Dish Network The Real Estate Podcast Joshua Dorkin's Website Brandon Turner's Instagram Dave Visaya's Podcast Editing Services Mr. Money Mustache Airbnb Vrbo Mindy Jensen's Instagram From 400 Credit Score to Making $17,000/Month in Passive Income BiggerPockets Bootcamps FRED BiggerPockets Calculators Buildium Connect with Scott: Scott's BiggerPockets Profile Scott's Rookie Readiness Checklist Check out the full show notes here: https://biggerpockets.com/blog/rookie-200 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
7/16/20221 hour, 14 minutes, 2 seconds
Episode Artwork

Post, Invest, Profit: A Step-by-Step Guide to Content Creating for Investors

We are in the age of social media, so how do you use that to your advantage? How do you create a platform that helps you reach your career goals? What content should you create to target your desired audience? Today’s guest, Kerwin Donis, shares how he and his brothers have built the platforms that have helped them partner in over 600 units of apartment syndication deals. The Donis Brothers have a wide range of platforms, from YouTube to TikTok, where they document their journey and share their wealth of knowledge. They have about 12,000 followers on Instagram and 63,000 on TikTok, but their main focus is their podcast. Kerwin, the head of their social media, says their initial goal was to document their journey and build credibility as young investors. While that is still their goal, they have become more strategic about what they post and the audience they post for to grow their platform and their online community.  So how do you begin? You begin now—stop waiting! Kerwin emphasizes that when you start, it won't be perfect, and that's okay. Create the content you’d want to consume, aim to entertain and educate, and the rest will come. The benefits of building your platform are endless because you never know who you’re reaching—whether that be a future mentor, partner, or client. There is no better time to start your social media journey and no better place to start than this episode!  In This Episode We Cover Building a platform with little knowledge (it’s not as hard as you think) How to manage different social media platforms and decide which one should be your primary focus  The various benefits of building a platform and how to get the most out of your platforms Content marketing and how to target your ideal audience Creating content without a big team and how to keep yourself accountable Lead magnets and how to use them to increase your marketing efforts  And So Much More! Links from the Show Ashley's Instagram Tony's Instagram BiggerPockets Real Estate Rookie Youtube Channel Real Estate Rookie Podcast Real Estate Rookie Facebook Group $1M in Real Estate in Just 1 Year (and How You Can Do It Too!) How a College Dropout Got a Seat at the Millionaire Investor Table Lili Thompson's Youtube Channel On the Market Podcast BiggerPockets Forums Pat Flynn's Website Smart Passive Income Your First Real Estate Investment Podcast Derrick Acuff's Instagram From Restaurant Waiter to 100+ Deals in Only 4 Years w/ Derrick Acuff Grant Cardone's Website Venmo How to NOT Go Bankrupt: 5 Mistakes New Investors Make  Connect with Kerwin: Kerwin's Instagram The Donis Brothers Website The Donis Brothers Instagram The Real Estate Monopoly Podcast The Donis Brothers Youtube Channel Check out the full show notes here: https://biggerpockets.com/blog/rookie-199 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
7/13/202250 minutes, 53 seconds
Episode Artwork

Rookie Reply: What To Do When an Appraisal Comes Back Low?

This week’s question comes from Mantas on the Real Estate Rookie Facebook Group. Mantas is asking: My buddy placed an offer substantially above asking price and the seller, before accepting the offer, asked my friend if he would pay the difference if the appraisal came in lower than the offer. Anyone encountered this situation and what would be the best response if any? Ah, the classic appraisal gap/appraisal contingency. During hot housing markets (like we’ve been experiencing over the past two years), these types of offers have become more and more common. A seller wants to be sure that they can get the sales price they want and the buyer often has to pay the price to cover the appraisal difference. But what are some ways to get around this if your appraisal comes back low? Here are some suggestions: Do as much research beforehand so you know an appropriate appraisal value before the appraisal Run comps using real estate data tools (like PropStream) or look up comparable home sales in your area using a listing service Challenge the appraisal buy checking for discrepancies and running comps Get a different appraisal ordered or switch to a more flexible lender if all else fails And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Podcast Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Propstream MLS Realtor.com Zillow   Check the full show notes here: https://www.biggerpockets.com/blog/rookie-198 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
7/9/20228 minutes, 25 seconds
Episode Artwork

From the Screen to Short-Term Rentals and How "Stargirl" Started Investing

If you’re unsure about real estate, run the numbers. It’s that simple. Once you run the numbers, you’ll have clarity on which decisions to make and tangible reassurance that you made the right ones. Today’s guest, actress Brec Bassinger, shares how focusing on the numbers has given her the confidence to become the successful investor she is today. Brec’s name may sound familiar to some of you. She’s been the star of Bella and the Bulldogs and the new hit show, DC’s Stargirl. Brec’s interest in real estate began after a trip to Big Bear with her boyfriend when she realized the earning potential of short-term rentals. She decided to buy a condo and had her first short-term rental within six months. The speed at which she got her first deal may seem intimidating, but Brec’s confidence came from the numbers she calculated and the profits she knew she could make. During her first season of Stargirl, Brec had to share a small apartment with her coworker because that’s all she could afford with her fluctuating income. Now she makes more money by living in an expensive high-rise apartment while renting out her old space. Real estate has allowed Brec to supplement her fluctuating income without a W-2 and the freedom to live the life she wants. And even though she plays a superhero, her story proves that you don’t have to be one to invest in real estate.  In This Episode We Cover How to confidently close on your first investment property and move past fear Becoming more financially stable by supplementing your income with a passive income stream The importance of running the numbers and how to use the simple rental calculations to make profitable decisions Building a relationship with your property manager and eye-opening questions to ask them How to qualify for loans without a “steady” income And So Much More! Links from the Show Ashley's Instagram Tony's Instagram BiggerPockets Real Estate Rookie Youtube Channel Real Estate Rookie Podcast Real Estate Rookie Facebook Group Airbnb BPCON2022 20 Deals in a Year as a Professional Basketball Player w/ Terry Harris Terry Harris' Instagram Zillow AirDNA BiggerPockets Calculator MLS From Sleeping in His Car to Multi-Unit Landlord & The “Nomad” Strategy Nick Cooley's Instagram Connect with Brec: Brec's Instagram Check out the full show notes here: https://biggerpockets.com/blog/rookie-197 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
7/6/202257 minutes, 30 seconds
Episode Artwork

Rookie Reply: How to Use Home Equity to Buy Rentals

This week’s question comes from Tony’s Instagram direct messages! This rookie real estate investor is asking: I have a good chunk of equity in my home, should I pull out cash to purchase a rental property? If not, what should I do with the equity? If you want to know how to use home equity to buy real estate, you need to know your options first. As many homeowners are sitting on massive equity gains, thanks to the past two years worth of price run-ups, they’re asking how they can use this equity to their advantage. For most investors, you’ll have two options in how you take this equity out of your home’s value. But, both of them need to be intelligently evaluated before you make a decision. Here are some suggestions: Look at your current mortgage rate and see if it’s higher or lower than today’s average interest rate to refinance  Ask your lender about a HELOC (home equity line of credit) as well as the terms, interest rates, and duration offered Interest rates are likely to rise, so locking down a great rate now may help you in the future Know your exit strategy (flip vs. BRRRR vs. buy and hold) for each different kind of financing option And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Podcast Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group BiggerPockets Forums Check the full show notes here: https://www.biggerpockets.com/blog/rookie-196 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
7/2/202213 minutes, 4 seconds
Episode Artwork

Financially Free in 2.5 Years by Buying “Low Risk” Rental Properties

You often hear about house hacking as a means to an end, a simple way to start your real estate journey, but what if it could be more? What if house hacking could be your ticket to financial freedom? Today’s guest, Craig Curelop, author of The House Hacking Strategy, shares how he reached financial freedom through house hacking and how to follow along in his footsteps. Craig started where most do, hating his W-2 and working too much. He began researching how to earn a passive income and came across BiggerPockets. Within six months, Craig started working at BiggerPockets, moved to Denver, and decided to start living his life the way he wanted. Using his house hacking strategy, he went from being $30,000 in debt to financial freedom in two and a half years.  Before you get into house hacking, you need to understand the basics, and today Craig breaks them down. He goes over the different ways to house hack and its advantages and disadvantages. Craig also talks about how to live with your tenants and the boundaries needed for your ideal house hacking situation. Craig paints the whole picture so you can make an informed decision and decide if house hacking is the way for you to become financially free too (or at least build more passive income)! In This Episode We Cover Why house hacking is ideal for new and young investors and how to get started  The different ways to house hack and how to turn an unused space into an income-generating area The noteworthy advantages and disadvantages of house hacking and how to decide if house hacking is for you Living with tenants and how to set landlord boundaries for you and your tenant’s comfort How to vet tenants and red flags to look out for before offering them a lease Collecting rent and the processes to have in place to help you stay in “landlord mode” And So Much More! Links from the Show Ashley's Instagram Tony's Instagram BiggerPockets Real Estate Rookie Youtube Channel Real Estate Rookie Podcast Real Estate Rookie Facebook Group Airbnb AJ Osborne's Website The CRE Circle RentRedi The Real Estate Podcast Costco 10 Income Streams on 1 Property by “Land Hacking” w/ Kai Andrew Kai Andrew's Website Apartments.com Connect with Craig: Craig's Instagram The FI Team Invest2FI Podcast Check out the full show notes here: https://biggerpockets.com/blog/rookie-195 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
6/29/202253 minutes, 5 seconds
Episode Artwork

Rookie Reply: 19 Best Real Estate Investing Apps We Couldn’t Live Without

The best real estate investing apps are ones you could not live without. Whether you’re a full-time real estate investor, managing a few properties, or still trying to get your first deal done, these apps can help you find, manage, and cash flow your rentals quicker. Ashley and Tony both use these apps daily and probably couldn’t run their real estate investment portfolios without them. To help you scale up your real estate investing, Ashley and Tony have written down their most-used real estate investing apps. Now, anytime you see a potential deal, need to chat with a team member, or simply want to time how long you’ve been working at a rental property, you can. Most of these apps are free, so you can download them today, try them out, and buy your first (or next) deal faster! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Podcast Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Building an Out-of-State Empire by Using the Right Type of Real Estate Agent w/ Sarah Weaver Zillow Realtor.com LandGlide PopStream OnX DealCheck MLS Homesnap Personal Capital Easy Calculator Google task Google Calendar Google Docs Splice Quickbooks Time MileIQ Schlage Ring Loom Mobile Loom Monday.com Wrike Miro Check the full show notes here: https://www.biggerpockets.com/blog/rookie-194 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
6/25/202216 minutes, 35 seconds
Episode Artwork

How a College Dropout Got a Seat at the Millionaire Investor Table

Your connections and relationships are invaluable in real estate, so how do you get to know the right people? How do you build a lasting, mutually beneficial relationship? The answer is simple—you show up, get your name and face out there, and listen. Building a network can seem intimidating, especially starting from scratch, but today’s guest, Jeffrey Donis, breaks it down step-by-step. Jeffrey Donis of the Donis Brothers is in charge of nurturing investor relations, so networking is his bread and butter. At twenty-three, he has helped his brothers raise enough money to co-sponsor 600 units worth of deals in the last two years. This would have been nearly impossible to achieve in such a short time without the network they built and the relationships they nurtured. Their network didn’t come automatically, and similar to everyone else, they started from scratch and were able to find a way to get themselves out there. The first step is to build your credibility. While there are many ways to do so, Jeffrey explains how to use social media to document your journey and build trust. He also goes into how to navigate networking events and bring value no matter your experience level. The Donis Brothers have become widely successful in a record amount of time, and the way they built their network and brand is a large part of that. In This Episode We Cover Building credibility and how to use social media to do so The 80/20 rule and why it’s an effective way to network and build relationships How to bring value to others (without money!) and maintain a good reputation Overcoming imposter syndrome and how to be more confident in your abilities How to vet potential investors and red flags you should look out for The importance of constant self-education through real estate courses and classes And So Much More! Links from the Show Ashley's Instagram Tony's Instagram BiggerPockets Real Estate Rookie Youtube Channel Real Estate Rookie Podcast Real Estate Rookie Facebook Group Changing Their Family’s Fate by Building a 600+ Unit Portfolio (At Age 20!) How to Find Free Money to Finance Your Education & Avoid Extensive Student Debt Student Loans Update: Repayment, Refinancing, and Potential Forgiveness w/ Robert Farrington Robert Farrington's Website Your First Real Estate Investment Podcast Tyler Madden's BiggerPockets Profile SyndicationPro Joe Polish's Website InvestNext Subto Meetup Eventbrite Citrix Podio Connect with Jeffrey: The Donis Brothers' Website  Jeffrey Donis' Instagram Jeffrey Donis' Twitter The Real Estate Monopoly Podcast  Check out the full show notes here: https://biggerpockets.com/blog/rookie-193 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
6/22/20221 hour, 2 minutes, 57 seconds
Episode Artwork

Rookie Reply: How to Choose Your Real Estate Investment Strategy

This week’s question comes from Natalie on the Real Estate Rookie Facebook Group. Natalie is asking: How did you narrow your focus to determine your strategy? And how do you get good at analyzing real estate deals?  This is one of the most-asked questions we receive. When you’re starting as a rookie real estate investor, every strategy seems like a good one. You may hear a guest on the Real Estate Rookie show talk about wholesaling or flipping or short-term rentals. Before long, you’re already planning your next exciting purchase even if you had another one already in the works. This “shiny object syndrome” is common when getting started, and while it’s good to know about many different investing strategies, changing yours too often can lead you well off the path to financial freedom. Here are some suggestions if you’re torn between strategies and need to up your analysis game: Look at your resources and base your investing strategy upon what makes sense for you specifically Pledge to become an expert in a certain strategy and don’t try building too many bridges Set up a strong foundation in your current investing strategy, then you can pivot wherever you want Practice your deal analysis daily and send your calculations to other investors as a pulse check Get to know your investing area as much as you can (even if you’re remote investing!) And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Podcast Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group BPCON2022 Check the full show notes here: https://www.biggerpockets.com/blog/rookie-192 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
6/18/202215 minutes, 2 seconds
Episode Artwork

Expedite Retirement & Learn the Secret to Becoming a Top Producer (Quickly)

What differentiates a top producer from everyone else? The most common answer is hard work, ambition, and charisma, but what does that even mean? Hard work, while a universal concept, changes depending on the context, so what does hard work entail in real estate? Today’s familiar guest, David Greene, answers all these questions and more in today’s episode and his new book, SKILL. SKILL is only part two in his three-part book series where David teaches you how to excel as an agent or investor. It follows SOLD, which is all about gaining confidence by learning and understanding the fundamentals of real estate. SKILL then teaches you how to become a top producer and make more money through intelligent negotiation, building trust with clients, and becoming an expert in your field. Ideally, this book is for those with a little experience who want to take their career to the next level. In today’s episode, David shares some of the characteristics of a top producer. He goes over the importance of generating leads and how to do so, building your marketing funnel, and the metrics you should be tracking to find and convert more leads. Instead of telling you how to get better through abstract concepts, David provides concrete step-by-step examples on how to differentiate yourself, so you can beat out the other agents in your area. In This Episode We Cover How to decide if getting your real estate license would be beneficial for you (it’s not the answer you think) Lead generation and how to get your name known  How to improve investor and agent communications and find deals that align with your criteria The most important metrics to track if you want to scale your business Lead vs. lag measures and why tracking lead measures get you results sooner Listing presentations, how to hold one, and why they make you stand out as an agent And So Much More! Links from the Show Ashley's Instagram Tony's Instagram BiggerPockets Real Estate Rookie Youtube Channel Real Estate Rookie Podcast Real Estate Rookie Facebook Group MLS On The Market Podcast BiggerPockets Calculator BiggerPockets Agent Finder AJ Osborne's Website The CRE Circle BiggerPockets Real Estate Podcast BiggerPockets Bookstore FTX Zillow Robert Abasolo's Instagram Connect with David: David's Instagram David Greene Real Estate Youtube Channel Check out the full show notes here: https://biggerpockets.com/blog/rookie-191 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices
6/15/20221 hour, 12 minutes, 1 second
Episode Artwork

Rookie Reply: What is Due Diligence in Real Estate?

What is due diligence in real estate? If you ask most new investors, they’ll have some sense of what due diligence is, but may be confused about what it really means. Is due diligence when you analyze your deal? Who should you be in contact with during due diligence? How long does a due diligence period usually last? And what happens if your deal turns out to be a dud in due diligence? In reality, due diligence isn’t all that confusing. It’s simply the time that you, and your partners (if you have them), spend inspecting, double-checking, and re-analyzing the deal. The due diligence period is there for the protection of the investor, so you can use everything in your power to confirm that you truly are getting a great deal. But, before you start calling inspectors, make sure you follow some of these more granular steps that could save you a fortune in the future. Never done due diligence before? Here are some suggestions: Work with a seasoned real estate broker, agent, or attorney who can catch things you won't Double-check that your financing options still stand if you find anything wrong with the property Talk to the local city government or code enforcer to ensure prior work on the property was done correctly Calculate out what the cost of repairs will be for the property once you’ve gotten an inspection Don’t fall in love with a deal and be prepared to walk away if you find something that’ll kill your exit strategies And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Podcast Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Ryan Dossey's Instagram Ballpoint Marketing Airbnb AlphaGeekCapital MLS Check the full show notes here: https://www.biggerpockets.com/blog/rookie-190 Learn more about your ad choices. Visit megaphone.fm/adchoices
6/11/202226 minutes, 58 seconds
Episode Artwork

House Hacking: How to Live for Free and Build Wealth in The Background

House hacking is one of the easiest ways to get into real estate investing. Thanks to its flexible financing options, low down payment loans, and ability to cut your rent in half (or eliminate it), house hacking is truly a phenomenal investing strategy. In short, house hacking is when a homeowner or investor buys a house or multifamily and rents out the other rooms or units while they live in one of them. The house hacking strategy can be mixed and matched in any way you like. Want to live with a bunch of friends? Buy a three or four-bedroom house and rent out the rooms. Want to have a private space for you and your family? Buy a small multifamily and rent out the other units. No matter what you choose to do, house hacking can help speed up your journey to financial freedom. This is done by reducing the amount of money you spend on rent/a mortgage while also giving you serious tax benefits, instant cash flow, and appreciation so you can build wealth in the background. In this how-to episode, Ashley and Tony give you everything you need to find, analyze, finance, and buy a house hack. They go over in-depth real estate analysis so you can confidently bring a deal to your lender, partner, or just have peace of mind that you’re making a smart investment. This single home purchase could change your financial future forever, so what are you waiting for? In This Episode We Cover What is house hacking and the major benefits of hacking your house The four ways to build wealth in real estate and three common rookie mistakes The best ways to fund your real estate deals or house hack property How to analyze your next property using the BiggerPockets real estate calculators Property management 101 and how to manage a rental property How to get your first real estate deal faster with BiggerPockets tools and expert guidance And So Much More! Links from the Show BiggerPockets Real Estate Rookie Youtube Channel Real Estate Rookie Podcast Real Estate Rookie Facebook Group The Real Estate Robinsons Youtube Channel BiggerPockets Forums James Dainard's Instagram On The Market Podcast ProjectRE Youtube Channel BiggerPockets Calculator Dan Sullivan's LinkedIn Who Not How: Stop Doing the Things You Hate, Free Up Time, Be Happier and Richer with Dan Sullivan BiggerPockets Agent Finder Craigslist Facebook Marketplace MLS BiggerPockets Rent Estimator BiggerPockets Marketplace Brandon Turner's BiggerPocket's Profile BiggerPockets Pro Membership David Greene's BiggerPocket's Profile Craig Curelop's Instagram Connect with Ashley and Tony: Ashley's Instagram Tony's Instagram Check out the full show notes here: https://biggerpockets.com/blog/rookie-189 Learn more about your ad choices. Visit megaphone.fm/adchoices
6/8/20221 hour, 6 minutes
Episode Artwork

Rookie Reply: Networking Tips That’ll Increase Your Net Worth

Networking tips only matter as long as they work. Everyone knows the classic ones—bring a business card, wear a nametag, and look people in the eye. But, when you’re meeting with investors who have big portfolios, it can be easy to get flustered all of a sudden. Maybe you run into your dream mentor at your next real estate meetup—what do you do? Both Ashley and Tony were able to buy their first rentals and grow their portfolios thanks to networking. At first, they didn’t know what to do or say, and didn’t have many deals to speak of. But, over time, their net worth grew with their networking skills, allowing them to connect with more investors, find more deals, and build lifelong friendships. They’re testaments that even if you don’t have any deals yet, networking could be what brings you your first! Not used to networking? Here are some suggestions for your next meetup: Sign up for a BiggerPockets meetup in your city and get your tickets to BPCon2022! Don’t stick with your clique, remember that networking is there for you to meet new people Rehearse the question you want to ask if a mentor, speaker, or inspiring investor is at the event Take a break from networking to write down names, lessons learned, and takeaways from conversations Don’t know anyone at the meetup? Join a group (they’ll almost always welcome you openly) And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Podcast Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group BiggerPockets BiggerPockets Bootcamps BiggerPockets Forums BPCON2022 Alex Sabio's Instagram Daryl Clinch's Instagram Brandon Turner's LinkedIn Tyler Madden's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-188 Learn more about your ad choices. Visit megaphone.fm/adchoices
6/4/202218 minutes, 20 seconds
Episode Artwork

Making Twice as Much with Half as Many Doors and 100+ Flips

Cash flow and revenue should always be your main focus, but that’s not always the case. Often, the focus tends to be on the number of doors, with many investors not realizing you can make more with less. Today’s guest, Welby Accely, has mastered the art of maximizing revenue per unit and automating his flips. Despite his primary focus being quality over quantity, Welby has done over 100 flips in just four years! Welby’s success didn’t come overnight, in fact, most of it has come from trial and error. Welby started investing in 2004 without knowing anything about ROI or cash flow, but that didn’t stop him. Unfortunately, this lack of knowledge cost him a fortune in time and money. Fast forward thirteen years, Welby has realized all the detrimental mistakes he was making. The price of his lessons may have been high, but now he knows people with twice as many doors as him that don’t make half as much net income. As Welby says, everything is about the numbers. When you realize this, it’s easier to focus on the properties that generate income and ditch the properties that don’t. Before you focus on the numbers, you need to understand cash flow and depreciation while also figuring out your financial goals and what aligns with them. These two metrics are Welby’s bread and butter. After he understood them, he created a simple formula for his flips and automated everything in his business, allowing him to make more while doing much less. In This Episode We Cover Generating capital through your flips and how to invest that capital to make even more Understanding capital, ROI, and depreciation and the importance of setting your financial goals first  How to maximize revenue per unit and focus on the numbers to reach your financial goals How to simplify your scope of work, control your capital, and make your money work for you  Building a business model that focuses on maximizing your revenue and simplifying your flips Welby’s flip formula and how to automate your flipping process to get the most out of it And So Much More! Links from the Show Ashley's Instagram Tony's Instagram BiggerPockets Real Estate Rookie Youtube Channel Real Estate Rookie Podcast Real Estate Rookie Facebook Group Scammed, Cheated, But Still Coming Out with 50 units with Welby Accely MLS Zillow Redfin Realtor.com Lowe’s Home Improvement Flipper Force Connect with Welby: Welby's Instagram Welby's Website Check out the full show notes here: https://biggerpocket.com/blog/rookie-187 Learn more about your ad choices. Visit megaphone.fm/adchoices
6/1/20221 hour, 8 minutes, 50 seconds
Episode Artwork

Rookie Reply: How to Close on Off-Market Properties

This week’s question comes from Aaron on the Real Estate Rookie Facebook Group. Aaron is asking: What paperwork do I need to close an off-market deal? If presenting a cash offer, can it all be done between me and the seller? Do you typically ask for an inspection period? Off-market real estate deals can seem tricky when you’ve never done one before. For the most part, investors only deal with on-market deals where their real estate agent walks them through the closing process. When you’re pursuing off-market deals, you’re on your own (for the most part), but that doesn’t mean that closing on a new deal has to be complicated. Here are some suggestions: Contact local real estate attorneys and escrow offices before closing on a property Remember to include purchase contingencies (like inspections) so you’re not stuck with a bad deal Send in a letter of intent to the seller before presenting a formal offer to see where they stand Consult a real estate attorney to draft up a legal, enforceable purchase and sale agreement When in doubt, lean on your escrow, title company, or attorney for the next steps And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Podcast Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group InvestNext Check the full show notes here: https://www.biggerpockets.com/blog/rookie-186 Learn more about your ad choices. Visit megaphone.fm/adchoices
5/28/202210 minutes, 58 seconds
Episode Artwork

11 Doors and Returning to Real Estate After an 8-Year Hiatus

Today’s guest, Alicia Marks, started real estate investing unintentionally in 2011 when she became an accidental landlord. It wasn’t until eight years later, in late 2019, that she decided to intentionally invest in hopes of reaching her financial goals faster. Since then she has closed on five doors, has done one live in flip, and has six more under contract. Besides being a part-time investor, Alicia is also the BiggerPockets Community Manager. This direct connection to the BiggerPockets community has allowed Alicia to get more exposure to the world of real estate investing while also knowing first-hand how useful all the BiggerPockets tools can be. Alicia even found her partner through BiggerPockets! They started with only one deal to test the waters and had a very clear exit strategy in case it didn’t work out. Thankfully they discovered the partnership worked well for both of them, but if it hadn’t, Alicia would have been perfectly fine because of the exit strategy she put in place. After some major life changes, Alicia thought she’d pursue a dental career until she realized the people in the dental field were trying to get out and pursue real estate. It was then that she decided instead of accruing massive debt in hopes of reaching financial freedom, she’d return to real estate after an eight-year hiatus and begin her financial freedom journey right away! In This Episode We Cover The importance of finding a solution-based property manager and how to maintain long-distance communication with them How to find, manage, and build a lasting, beneficial relationship with contractors Exit strategies and why it’s important to have them in place How to plan your exit strategies and how to know when it’s time to implement them The importance of structuring your partnership in a way that aligns with the strengths of you and your partner How to use private lender meetups to your full advantage and finding the perfect private money lender for you And So Much More! Links from the Show Ashley's Instagram Tony's Instagram BiggerPockets Real Estate Rookie Youtube Channel Real Estate Rookie Podcast Real Estate Rookie Facebook Group Real Estate Rookie Bootcamp BiggerPockets Forums On The Market Podcast James Deinard's Instagram Dave Meyers' Instagram On The Market YouTube Channel Is College Worth the Cost? This 30,000 Variable Study Says “Sometimes…” How to Retire Early With Real Estate & Do What Matters More with Chad Carson Ouch! Brandon & David’s 10 Biggest Investing Mistakes (& How to Avoid Them) Asana Connect with Alicia: Alicia's BiggerPockets Profile Alicia's Instagram Check out the full show notes here: https://biggerpocket.com/blog/rookie-185 Learn more about your ad choices. Visit megaphone.fm/adchoices
5/25/202250 minutes, 43 seconds
Episode Artwork

Rookie Reply: Should You Rent to a Bankrupt Tenant?

This week’s question comes from Andrew on the Real Estate Rookie Facebook Group. Andrew is asking: How would you handle a prospective tenant that has a bankruptcy on their record?  Tenant screening is almost as important as rental property screening. A bad tenant can not only cost you potential rent but cause thousands or tens of thousands in damages if not handled correctly. This is why landlords are so strict when evaluating tenants, as a good tenant can mean next-to-nothing maintenance and a bad tenant can mean habitual headaches. It’s up to you whether or not a potential tenant meets your criteria. When evaluating, remember to stay within your legal limits! Got a tenant with some questionable financial history? Here’s how to proceed: Speak with the applicant and get their side of the story while trusting your gut Verify the applicant is truthful by running a credit check and background check Use a property management software that allows you to report a tenant’s monthly payments to credit bureaus Look at the applicant’s job history, debt-to-income ratio, and if they have any repossessions Know that people who have filed bankruptcy may only have the option to rent (for a while) And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Podcast Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Alpha Geek Capital Belmont Housing Authority RentRedi Check the full show notes here: https://www.biggerpockets.com/blog/rookie-184 Learn more about your ad choices. Visit megaphone.fm/adchoices
5/21/202214 minutes, 54 seconds
Episode Artwork

Ditching the "American Dream" & Finding Ways to Live a Wealthier Life

In today’s episode, you’ll get to see the third major reason why Alpha Geek Capital, Tony’s fast-scaling real estate company, is so successful. Omid Tehranirad is the third partner in the group, acting as the first layer of protection, or as he puts it, the “chastity belt”, of the partnership. Omid is the head of investor relations and splits operational duties with Sara, Tony’s wife.   He discovered real estate after being unfulfilled by the typical “American Dream'' job. His parents encouraged him to pursue the tried and true traditional path that leads to retirement at sixty-five, but after sixteen years at a corporate job, he needed something to change. Omid was looking for something new when he stumbled upon BiggerPockets and discovered the power of real estate investing. He already knew Tony since he was Sara's cousin, but it wasn’t until they found out they both followed David Greene that they realized they could be making money together. From there, they did their first deal and as the saying goes, the rest is history. Omid and Tony work well together because they complement each other’s skillsets. Where Tony is idealistic, Omid is realistic and together they reach each goal they set. Omid has been able to leave his corporate nine to five of eighteen years and increase his wealth overall—his financial wealth, social wealth, time wealth, and physical wealth. For the first time in years, he’s able to drop his kids off at school, prioritize his physical health, and travel while still making money. Omid serves as proof that we all need to stop classifying wealth as just financial and realize true wealth is about finding your freedom. In This Episode We Cover Breaking away from the traditional “American Dream” (and finding something even better) The BRRRR method and how to a find low-risk rehab How to prepare to transition from a fixed income to a variable income  How to structure a partnership and prioritize partner alignment  Understanding cash flow and making the numbers work for you Identifying a client’s need and how to create a mutually beneficial relationship and partnership And So Much More! Links from the Show Ashley's Instagram Tony's Instagram BiggerPockets Real Estate Rookie Youtube Channel Real Estate Rookie Podcast Real Estate Rookie Facebook Group Real Estate Rookie Bootcamp Airbnb BiggerPockets Forums Alpha Geek Capital David Greene's BiggerPockets Profile Monday.com Wrike Rookie Reply: How Much Cash Flow Do You Need to Quit Your W2? w/Daryl Clinch Daryl Clinch's Instagram Find Money, Partners, & Deals Using The “D.A.D System” w/ Mike Michalowicz Mike Michalowicz's Website Hospitable Rod Khleif's Website Connect with Omid: Omid's Instagram Check out the full show notes here: https://biggerpocket.com/blog/rookie-183 Learn more about your ad choices. Visit megaphone.fm/adchoices
5/18/20221 hour, 6 minutes, 19 seconds
Episode Artwork

Rookie Reply: Rent Out Your Primary Residence or Sell and Buy Rentals?

This week’s question comes from Brandi through Ashley’s Instagram direct messages. Brandi is asking: Our current home could give us about $260,000 in net proceeds if sold. We plan to purchase rentals with those proceeds. But, our home is in a good location with good appreciation. Should we sell our primary to buy properties or refi and make it a rental? The sell vs. refi argument is back once again! In this hot housing market, it’s no surprise that homeowners want to take advantage of their growing equity by selling their properties. But, doing so could cause you to lose one property only to have to go out and find another. Although the sell vs. refi answer is specific to each investors’ situation, there are a few quick ways you can establish which is a good move for you. Here are some suggestions: Ask “what’s going to give me a higher ROI?” and look at metrics like cash-on-cash return and return on equity (ROE) Take out a home equity line of credit (HELOC) instead of refinancing and BRRRR your next rental to pay back the loan Don’t forget to factor in future appreciation that you could miss out on by selling Double-check your interest rate on your primary residence (it may be too good to give up!) And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Podcast Real Estate Rookie Youtube Channel Real Estate Rookie Facebook Group Alpha Geek Capital Tyler Madden's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-182 Learn more about your ad choices. Visit megaphone.fm/adchoices
5/14/202210 minutes, 24 seconds
Episode Artwork

9 Doors While Deployed and Investing from Afghanistan, Iraq, and Africa

When you think about long-distance investing, what comes to mind? People usually have reservations about investing out-of-state, but today’s guests took it a step further and invested from halfway across the world. Today’s guest, Caleb Drake, has closed on nine doors with one flip underway. Caleb was active duty military for fourteen years, and once he joined special ops he was deployed for six months at a time. During those six months, his house would sit, unused, and that’s when he saw an opportunity. Caleb decided to rent out his house through Airbnb. As a new landlord and Airbnb host, Caleb had to learn by doing, a task that was increasingly more difficult since he was self-managing from Iraq, Afghanistan, and Africa. Caleb was able to combat this challenge by building a team that could handle what he couldn’t. After a few years of investing solo, Caleb joined a partnership to expand his portfolio and increase his profit. His partner was also out of the country, so they switched off who was “on-call” and figured out how to automate their check-in and check-out processes. As the business grew, the partnership adjusted to ensure its longevity. Caleb now hopes to continue to scale his business, add to his personal portfolio, and build wealth in the background. In This Episode We Cover The importance of building a self-sufficient team and how to do so Vetting your guests/tenants and how to target your ideal tenants  How to invest out-of-state or overseas and automating your check-in processes Residential loans vs. commercial loans and how to figure out which one to use How to balance and adjust your partnership(s) as your business grows The importance of having a real estate agent with an investor mindset, plus how to find one And So Much More! Links from the Show Ashley's Instagram Tony's Instagram BiggerPockets Real Estate Rookie Youtube Channel Real Estate Rookie Podcast Real Estate Rookie Facebook Group Real Estate Rookie Bootcamp Airbnb BiggerPockets Forums The BiggerPockets Conference 2022 IGMS Alpha Geek Capital Rentometer  BiggerPockets Calculators  BiggerPockets Insights  Connect with Caleb: Caleb's Email Caleb's Instagram Check out the full show notes here: https://biggerpockets.com/blog/rookie-181 Learn more about your ad choices. Visit megaphone.fm/adchoices
5/11/202258 minutes, 29 seconds
Episode Artwork

Rookie Reply: How to Buy Your First Rental With No (or Low) Money Down

This week’s question comes from Rodney through Tony’s Instagram direct messages. Rodney, like many investors, has been told that you need twenty percent down to buy a rental property. Rodney wants to know the best way to fund a property without breaking the bank. He's asking: Should I save for a down payment or is there a way to get a rental without the twenty percent down? It’s not uncommon for real estate investors to get into deals with far less than 20% down. But, for a beginner, this type of task can seem a bit intimidating, especially if you’re looking at your first investment property. Thankfully, the world of real estate presents investors like us with many ways to creatively fund deals! Here are some suggestions: Purchase a vacation rental using a second home loan that only requires ten percent down Pitch seller financing to the seller and walk them through the tax benefits of financing the property to you Partner up with an investor who can provide the down payment on the deal Sign a joint venture agreement with another investor who can split the down payment with you Remember: if you find a deal you can (probably) find the money for it! And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Podcast Real Estate Rookie Youtube Channel BiggerPockets Forums Real Estate Rookie Facebook Group  Check the full show notes here: https://www.biggerpockets.com/blog/rookie-180 Learn more about your ad choices. Visit megaphone.fm/adchoices
5/7/202211 minutes, 10 seconds
Episode Artwork

From Freak to Financially Independent & Beating the Average Joe to $1M

Financial literacy is the first step to becoming a millionaire. Unfortunately, the US is a (relatively) financially illiterate country, so to become financially independent and add more zeros to your net worth, you have to self-educate. Fortunately, today’s guest has published a book and workbook that lays out exactly how to become a millionaire, even at a young age.  Dan Sheeks lives and breathes all things personal finance. He has been a high school teacher for twenty years and teaches young people everything he wishes he would have known about financial literacy. He teaches a variety of different business classes, ranging from entrepreneurship to personal finance to marketing. His passion for working with young people is what inspired him to write his book, First to a Million. In this book, Dan details nineteen “freakish” phrases to get you to your first million. Throughout the book, Dan emphasizes the need to be “freakish” and be willing to do the work everyone else won’t. Besides his role as a teacher and an author, Dan is also an investor. He house hacked his first property in 2004 but he didn’t truly get into investing until he met his wife seven years ago. Together they have expanded their real estate operation and have closed on seventeen units. Dan has dedicated his life to personal finance and financial literacy so if there’s a man to learn from— it’s him. In This Episode We Cover Achieving early financial independence and the steps you need to take to get there Good debt vs bad debt and how to use good debt to reach financial freedom  How to use First to a Million and the First to a Million Workbook to reach your financial goals The four mechanisms of financial independence and how to implement them in your life Navigating all nineteen phases of First to a Million and their timelines (it’s easier than you think!) How to introduce and entice your child about the world of personal finance & financial independence And So Much More! Links from the Show Ashley's Instagram Tony's Instagram BiggerPockets Real Estate Rookie Youtube Channel Real Estate Rookie Podcast Real Estate Rookie Facebook Group The Real Estate Robinsons Youtube Channel The BiggerPockets Podcast BiggerPockets Bookstore AJ Osbourne's Instagram Ally Real Estate Rookie Bootcamp Airbnb TurnoverBnB BiggerPockets Forums  Connect with Dan: Dan's Email Dan's BiggerPockets Profile Dan's Linkedin  Dan's Instagram Dan's Website Check out the full show notes here: https://biggerpockets.com/blog/rookie-179 Learn more about your ad choices. Visit megaphone.fm/adchoices
5/4/202257 minutes
Episode Artwork

Rookie Reply: Why Real Estate Debt Isn’t So Scary

This week’s question comes from Jessica through Tony’s Instagram direct messages. Jessica has seen what Tony and his wife Sara have been doing while building their short-term rental empire. But, Jessica is having some doubts. She’s asking: How do you invest in real estate when the idea of debt scares you?  Many new investors have this fear. If you’re buying your first property, the thought of five or six-figure debt may seem like a massive weight on your shoulders. After all, isn’t the goal to be debt-free? Fortunately for real estate investors, the answer is no. Using leverage to buy properties makes your investing far more profitable and can help you get comfortable when taking on good debt. Here are some suggestions: Scared of debt? Pay off your personal debt before you invest in rental properties  Think of debt as a tool that can help you build wealth with real estate  Know the difference between good debt and bad debt and how to use both Define your “worst-case scenario” if you’re unable to pay your rental mortgage  Use the BiggerPockets Calculators to calculate your rental property profits (especially when taking on debt!)  And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Podcast Real Estate Rookie Youtube Channel BiggerPockets Forums Real Estate Rookie Facebook Group  Real Estate Rookie Podcast in Apple Podcast Irvine Company Sam Zell's Website Check the full show notes here: https://www.biggerpockets.com/blog/rookie-178 Learn more about your ad choices. Visit megaphone.fm/adchoices
4/30/202211 minutes, 26 seconds
Episode Artwork

Gang Houses, Animals, and 17 Units by Capitalizing on Properties People Avoid

Someone has to step up to the plate when a challenge presents itself, and today’s guest always does. Tammy Skeath began her real estate journey in 2018, and despite being faced with several unique obstacles, she has found immense success. She currently has seventeen units and plans on expanding exponentially within the next few years. Tammy was inspired to get started after watching her cousin continue to build wealth through real estate. Her first deal was a carbon copy of one of his deals. By doing this, she learned the ins and outs while having a step-by-step real estate guide she could reference. Despite replicating his deal, she encountered various problems that made the process more difficult. The city she invested in has strict rules to protect endangered animals, and instead of investing elsewhere she decided to do more research on the issue. From her research she was able to find a unique solution and complete the project. She did this again when she bought a gang house with twenty-seven code violations. Most people would say this type of property isn’t worth the hassle, but it was for her. She was able to double her initial investment, and pull out $600,000 from this one deal. Now real estate allows her to bring in a large amount of income, reach her goals faster and still have the time to spend with her kids. In This Episode We Cover Goal setting—how to define your goal, pursue it, and pivot once you achieve it How to become good at and capitalize on something everyone’s scared of (it’s not as hard as you think) Spec builds—how to find a contractor & ask the right questions 1031 exchanges, how to perform one, and why they’re an underrated investment tool How to use cash for keys as a tool to help you and your tenant part ways peacefully And So Much More! Links from the Show Ashley's Instagram Tony's Instagram BiggerPockets Real Estate Rookie Youtube Channel Real Estate Rookie Podcast Real Estate Rookie Facebook Group Alpha Geek Capital MLS Yelp Apartments.com Stride: Mileage & Tax Tracker Wave Financial Connect with Tammy: Tammy's Instagram Tammy's Email Tammy's BiggerPockets Profile Check out the full show notes here: https://biggerpockets.com/blog/rookie-177 Learn more about your ad choices. Visit megaphone.fm/adchoices