Real Estate Rookie

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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