Real Estate Rookie

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Every week, Ashley and Tony reply to a frequently asked question from the BiggerPockets community. But, this week, they’ve decided to finally answer the most asked question yet: what happened with Tony’s Shreveport deal? If you’re an avid Rookie Reply listener, you’ve probably heard Tony talk about one property that he has been trying to sell for over a year. Well, it’s finally sold, and Tony’s here to share all the details, mistakes, and numbers so you can do better on your next deal. While this wasn’t Tony’s first deal, it did provide him with a strong foundation of knowledge to pursue bigger and better real estate investments. So, if you find yourself looking for deals, or stuck with a bad deal, take some of Tony’s suggestions to heart: Avoid buying properties in flood zones unless you’ve fully calculated the cost of flood insurance Be highly selective of your property’s location and get to know the neighborhood you’re buying in Have multiple exit strategies for every property (rental, flip, BRRRR, etc.) See money spent on a deal as “real estate education” that will make you richer! Know that as an investor, you’re not going to get everything right all the time And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Podcast Real Estate Rookie Youtube Channel Omid's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-176 Learn more about your ad choices. Visit megaphone.fm/adchoices

There are those who accept their circumstances and then there are those like today’s guests —the Donis Brothers (Jeffrey, Kenneth, and Kerwin). These three brothers have created immense success for themselves at only twenty & twenty-three years old through self-education, network building, and hard work. They’ve done seventeen wholesale deals and co-sponsored three multifamily syndications with a total of 636 units between them in a mere two years. They got their start in college when the oldest brother, Kenneth, heard about wholesaling while watching The Breakfast Club. After taking a humbling trip to Guatemala and realizing how many opportunities they had access to, they knew they had to pursue real estate. Once they decided to pursue real estate, each brother separately came to the same conclusion—college wasn’t for them. They collectively decided to focus on building their business so they could reach their ultimate goal of financial freedom and retiring their mom. They started their real estate journey with single-family homes but quickly realized multifamily properties aligned more with their goals. During their transition, it took six months of straight cold calling before they got their first deal. While working to get their first deal they also joined a mastermind and spent time expanding their network. They actively sought out people in spaces they were trying to penetrate which led them to their current mentorship program. Their ability to scale their business and network simply proves they are a force to be reckoned with. Make sure to listen closely because the Donis Brothers could be the next big thing. In This Episode We Cover How to invest at a young age and turn being young into an advantage Networking events and how to extract true value from each one you attend Cold calling, its importance, and how to effectively nurture leads How to make the transition from single-family to multifamily properties Building a powerful real estate network of mentors, investors, deal finders, and friends Syndications and how to use them to broaden your investing opportunities Building a social media platform to expand your network and reach And So Much More! Links from the Show Ashley's Instagram Tony's Instagram BiggerPockets Real Estate Rookie Youtube Channel Real Estate Rookie Podcast BiggerPockets Bootcamp The BiggerPockets Conference 2022 Max Maxwell's Website Meetup Eventbrite Podio Subto Real Estate PropStream ListSource BatchLeads Mojo Dialer Grant Cardone's Website BiggerPockets Forums Your First Real Estate Investment Podcast Is This Deal Worth My Time? The 6 Crucial Steps to Vet a Multifamily Deal The 8 Steps That Will Stop You From Getting Burnt on Multifamily Deals w/Andrew Cushman Pitchstack Bar Down Investments Tyler Combs Rare Bird Real Estate BiggerPockets Real Estate Podcast Real Estate Rookie Facebook Group Books Mentioned in this Show: Rich Dad Poor Dad by Robert T. Kiyosaki Best Ever Apartment Syndication Book by Joe Fairless and Theo Hicks Connect with The Donis Brothers: The Donis Brothers's Website The Donis Brothers's Instagram The Donis Brothers's Facebook Page The Donis Brothers's Twitter The Donis Brothers's Tiktok The Donis Brothers's Youtube Channel The Donis Brothers's Podcast Check out the full show notes here: https://biggerpockets.com/blog/rookie-175 Learn more about your ad choices. Visit megaphone.fm/adchoices

This week’s question comes from Kurt through Ashley’s Instagram direct messages. Kurt is asking: We’d like to buy a vacation property with my brother and sister-in-law. My wife and I would handle the management while my brother would bring the down payment to the table. How do we quantify each party’s contribution when dividing profit and equity in the property? Real estate partnerships can be a huge help to rookie investors, especially for those who have the experience but lack the cash to invest by themselves. It’s important to note that real estate partnerships can be set up in any way you prefer⁠—as long as both parties agree that the split is fair⁠—you have full reign of your partnership structure. Ready to partner up on a deal? Here are some suggestions: Clearly define responsibilities so that both parties are happy with the agreement Have a predetermined exit strategy for the partnership and property Provide interest to whoever is putting down the money and pay fees to whoever manages the property Set limits to when partners can use the property for their personal use (if it’s a short-term rental) And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Podcast Real Estate Rookie Youtube Channel Rookie Podcast 170: Rookie Reply: ARM vs. Fixed-Rate Mortgages (Which Is Better For Cash Flow?) Check the full show notes here: https://www.biggerpockets.com/blog/rookie-174 Learn more about your ad choices. Visit megaphone.fm/adchoices

Investing in rental properties can be challenging at first, which is why so many investors tend to take it slow. Tyler Madden had the luxury of NOT being able to do this, and it’s worked out well in his favor. Just over a year ago, we interviewed Tyler on episode fifty-five of the Real Estate Rookie Podcast. At the time, Tyler was an “accidental landlord”, but a lot has changed since then. Tyler found himself in the position to purchase seven units, a mere $1,000,000 or so in real estate, right as his wife was due to deliver their first-born child. While he didn’t necessarily want to handle a full rehab of so many units, he took a “why not?” approach and found a way to make both properties work. Through a lot of sweat equity, Tyler was able to rehab, rent, and refinance these units and come out with a crazy amount of monthly cash flow! If you want to expand your real estate portfolio as Tyler did, listen to this episode intently. Tyler dives deep into the numbers, work, and lessons he learned along the way as he turned seven underperforming rental units into a portfolio any investor would dream of! In This Episode We Cover Relying on data vs. emotions when buying your first rental property Whether or not now is the right time to buy real estate What’s impacting today’s housing market and using uncertainty to your advantage The best investing moves to make if a recession (or crash) is on the horizon What rookies should look for in a real estate investing market Buying real estate with a long-term outlook (so you can handle the dips!) And So Much More! Links from the Show Ashley's Instagram Tony's Instagram BiggerPockets Real Estate Rookie Youtube Channel Real Estate Rookie Podcast Rookie Podcast 55: Combining House Hacking and Live in Flips with Tyler Madden Airbnb Asana Monday.com BiggerPockets Bootcamp Zoom Connect with Tyler Tyler's Instagram Tyler's Website Check out the full show notes here: https://biggerpockets.com/blog/rookie-173 Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s episode is all about understanding yourself. Nick Baumgart, an Enneagram expert, explains how to use the information from the Enneagram in your everyday life. The Enneagram test is used as a way to understand your emotional habits. Unlike other popular personality tests, the Enneagram focuses less on what you do and more on who you are. The test breaks down your motivations into three parts: fear, body, and mind. When you truly understand what motivates you, you're able to see why you act the way you do and can start taking steps to fix any destructive behaviors. This knowledge also goes a long way when interacting with other people. This test is ideal for teams because instead of putting yourself in their shoes and still looking at problems from your perspective you can “understand them in their shoes." Nick talks about how powerful of a tool this test is and how it could have changed his life if he had found it earlier, so do yourself a favor and let this test change your life today! Links from the Show Ashley's Instagram Tony's Instagram Tyler Madden's BiggerPockets Profile The Myers Briggs Company The Narrative Enneagram Tony Robbins' Profile DISC Assessment Check the full show notes here: https://www.biggerpockets.com/blog/rookie-172 Learn more about your ad choices. Visit megaphone.fm/adchoices

The 2022 housing market is off to a wild start. We’ve seen home inventory at decade lows, interest rates have finally started to rise, and more homebuyers are looking at fewer houses. As a real estate investor, it can be tough to navigate a market like this, especially when you’ve never bought a rental property before. What you need is data behind the decision making, and today, we’ve got just that! Joining us today is Dave Meyer (@thedatadeli), VP of Data and Analytics at BiggerPockets, and host of the brand new podcast, On The Market. Dave has spent the last decade analyzing real estate data so he and the BiggerPockets community as a whole can invest smarter. Today, Dave dives deep into the most pressing matters of the real estate market, ranging from topics like interest rates, to housing crash indicators, determining the best rental market, and more. If you want to hear a high-level update on everything happening within the world of real estate investing, plus some predictions for this year’s housing market, stick around! Dave will give you all the analytics-based insight you need! In This Episode We Cover Relying on data vs. emotions when buying your first rental property Whether or not now is the right time to buy real estate What’s impacting today’s housing market and using uncertainty to your advantage The best investing moves to make if a recession (or crash) is on the horizon What rookies should look for in a real estate investing market Buying real estate with a long-term outlook (so you can handle the dips!) And So Much More! Links from the Show Ashley's Instagram Tony's Instagram Scott Trench's BiggerPockets Profile Josh Dorkin's BiggerPockets Profile James Dainard's BiggerPockets Profile Brandon Turner's BiggerPockets Profile Henry Washington's BiggerPockets Profile Kathy Fettke's BiggerPockets Profile David Greene's BiggerPockets Profile Jamil Damji's LinkedIn Profile Daryl's instagram Real Estate Rookie Facebook Group BiggerPockets BiggerPockets Forums Real Estate Rookie Youtube Channel The Rookie Investor Real Estate Rookie Podcast BiggerPockets Blog AJ Osborne Podcast Redfin FRED BiggerPockets Rent Estimator FundRise Stop Waiting for a Housing Crash (Do This Instead) Connect with Dave On The Market Dave's Instagram Check out the full show notes here: https://biggerpockets.com/blog/rookie-171 Learn more about your ad choices. Visit megaphone.fm/adchoices

This week’s question comes from Channa through Ashley’s Instagram direct messages. Channa is asking: I have three rental properties and am looking to refinance them all. Should I do an adjustable-rate portfolio loan on all three or do separate fixed-rate loans on each property? As real estate investors, we tend to have many different options when financing rental properties. Some, like adjustable-rate mortgages (ARMs), may come with lower closing costs and slightly lower interest rates, while fixed-rate mortgages have slightly higher interest rates but boast the added security of long-term financing for a property or properties. While both have definitive pros and cons, the implications of both types of loans must be understood before you reach the closing table. Here are some suggestions when making the choice: Understand your long-term strategy for the property and which loan works for which exit strategy Run an amortization schedule on both loans to see the difference in your monthly payment If you decide to go with an ARM, make sure you know what you’ll do once your low-interest rate ends Calculate total closing costs to see if you have the reserves ready to go through with each loan And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Podcast The BiggerPockets Money Podcast Check the full show notes here: https://www.biggerpockets.com/blog/rookie-170 Learn more about your ad choices. Visit megaphone.fm/adchoices

Stacey Stegenga wasn’t always a landlord, she was a nurse. But not just any nurse, Stacey was a flight nurse, helping transport military patients across the US. When she stepped away from flight-nursing, she picked up travel nursing, moving around the US for months at a time to provide medical care wherever needed. She finally ended up in Denver, where her pay was cut in half and her expenses saw a drastic boost. This was a massive change for Stacey. She wasn’t the best at budgeting and knew she needed more income. After stumbling upon the book Set for Life, by our own Scott Trench, she knew that the most logical conclusion to fix her financial troubles was saving, house hacking, and real estate investing. But at the age of thirty-three, Stacey questioned whether or not she was too late to get in on the cash-flowing action. After educating herself intensely, she took the risk and jumped into real estate. Stacey was able to build a seven-unit portfolio in just two years! She’s tried her hand at out-of-state investing, raising private capital, partnering on deals, and mid-term rentals, all of which have worked out generously in her favor. She shares the exact steps she took to build her portfolio as fast as she did, so you can do the same! In This Episode We Cover Fixing your personal finances before trying to invest in real estate Building a “financial runway” that allows you to buy properties, stress-free In-state investing vs. out-of-state investing and the best choice for those in pricey markets Scaling your real estate portfolio using cash offers (even if you don’t have the money) Using mid-term rentals as a way to keep rent stability while boosting your profit The risk vs. reward of buying properties sight unseen when investing out of state And So Much More! Links from the Show Ashley's Instagram Tony's Instagram Scott Trench's BiggerPockets Profile Tyler Madden's BiggerPockets Profile Real Estate Rookie Facebook Group BiggerPockets BiggerPockets Forums BiggerPockets Bootcamp Real Estate Rookie Youtube Channel MLS The War Room PropStream DirectSkip BatchLeads Appfolio Connect with Stacey Stacey's Instagram Check out the full show notes here: https://biggerpockets.com/blog/rookie-169 Learn more about your ad choices. Visit megaphone.fm/adchoices

How much cash flow do you need to quit your day job and go full-time into real estate investing? You may have a big number in your head when we ask that. Maybe you’re thinking of replacing a six-figure salary with six-figure cash flow, but that's probably far from what you truly need to quit. In fact, you can quit with a lot less cash flow than what you’re being paid today! Joining us again is Daryl Clinch, who recently went full-time into real estate investing with his mentor and partner, Ashley Kehr. Daryl transitioned from seasonal employment to full-time investor after working at his job for sixteen years and deciding he needed a change. In today’s show, Daryl breaks down exactly how he prepared to quit, the cash savings he had, and the surprising amount of cash flow that allowed him to achieve occupation-independence! Looking to do the same as Daryl? Here are some suggestions: Find a mentor who can fast-track your knowledge and learn from them Partner up on deals with other investors and provide value whenever possible Calculate your true cost of living to find your minimum cash flow to quit Keep a strong safety reserve so you can focus on getting deals (not paying bills!) And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Rookie Podcast 164: Rookie Reply: How Do I Escape My 9-5 with Real Estate Investing?Real Estate Rookie Facebook Grou Rookie Podcast 147: 13 Flips as a Full-Time Flight Mechanic and Part-Time Lender w/ Anthony Michael Real Estate Rookie Podcast Daryl's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-168 Learn more about your ad choices. Visit megaphone.fm/adchoices

As a dreamer and life-long learner, Hashim Ismail makes it a goal to push himself. Hashim officially started his real estate investing journey eleven months ago but began learning about real estate just two years ago. He dealt with analysis paralysis, but after making a goal to start in 2021, he decided to jump in with both feet. Through hard work, dedication, and optimism, Hashim has closed on seven properties in eleven months. Since Hashim invests out-of-state he dealt with a whole new set of obstacles apart from the usual challenges new investors face. He combatted this by using the BiggerPockets forums to learn and network as much as possible. Hashim used keyword research on the site to find and connect with key players in the Memphis market. Through the new connections he made, Hashim educated himself on the area, without having to physically visit! Investing out-of-state can be risky within itself, so Hashim has created a series of processes to mitigate risk as much as possible. While redundancy is a large part of his process to reduce and catch errors, Hashim has found immense success simply by stepping out of his comfort zone. In This Episode We Cover Analysis paralysis and how to use goal-setting to overcome it How to use the BiggerPockets Forums to build your investor network Out-of-state investing and how to penetrate a market you know nothing about Using processes to mitigate risk and how to make a repeatable investing system Desk appraisals and why they’re worth every penny How to approach networking and get the most out of every interaction And So Much More! Links from the Show Ashley's Instagram Tony's Instagram Tyler Madden BiggerPockets Profile Real Estate Rookie Facebook Group BiggerPockets BiggerPockets Conference BiggerPockets Forums Facebook Business Ads Real Estate Rookie Podcast BiggerPockets Investment Calculators BiggerPockets Bootcamp Fixated On Real Estate Cardone Capital Grant Cardone Google Maps Zillow Redfin Starbucks Walmart James' Instagram James' Youtube Channel Rookie Podcast 165: A Step-by-Step Guide to Estimating Rehab Costs w/ Master Flipper & Investor James Dainard (Part 1) Rookie Podcast 166: Finding Contractors, Renovation Red Flags, and Estimating Rehab Costs (Part 2) w/ James Dainard Stessa Instagram Rentometer Connect with Hashim Hashim's Linkedin Profile Check out the full show notes here: https://biggerpockets.com/blog/rookie-167 Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to part two of a rehab estimation masterclass with real estate mogul James Dainard! As mentioned in part one, James has created a multi-level brokerage where he has been involved in 3,000 transactions. His excess experience has allowed him to create an almost scientific process for his flips. In today’s podcast, James builds off part one and gives you a step-by-step guide on how to emulate the process that has given him his success. James goes over what and who to bring when visiting a property, closing on a property, writing a contractor contract, and finalizing a project to perfection. Each process includes tedious details that may seem daunting at first, but as the saying goes, the devil is in the details. While the initial steps may seem meticulous, once you begin making the process repeatable and do it continuously, it's second nature. James perfected his flipping and renovation processes through trial and error, and if you listen closely you can avoid commonly made mistakes and have an advantage over most new investors. To be the best you have to learn from the best—so listen closely! Links from the Show Ashley's Instagram Tony's Instagram BiggerPockets Real Estate Rookie Podcast Rookie Podcast 165: A Step-by-Step Guide to Estimating Rehab Costs w/ Master Flipper & Investor James Dainard (Part 1) Biggest Red Flags When Buying a House (Flips and Rentals) Apple BiggerPockets Youtube Channel BiggerPockets Luxury Farmhouse Flip | Breakdown Walkthrough - w/ Ashley Kehr Check out the full show notes here: https://biggerpockets.com/blog/rookie-166 Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to part one of a rehab-estimation masterclass with real estate mogul James Dainard! James has earned his title by being involved in 3,000 transactions over the past fifteen years and creating a multi-level real estate brokerage. He has mastered the art of estimating rehab costs which has allowed him to invest on a seriously large scale. Currently, he is working on thirty flips and has 400 apartment doors under construction, so not only has he had past successes, but he is consistently learning and adjusting to the rapid changes of the market. James is an investor to not only learn from but to emulate, and today he gives a step-by-step guide to do just that. James breaks down renovation steps like building a team, getting a budget sheet together, and vetting workers, contractors, and properties in vast detail. The underlying theme behind each of his steps is meticulous preparation. As an investor, one of the best things you can do for yourself is to prepare and get rid of any variation in your processes. By perfecting his preparation processes, James has been able to minimize variation and save himself in the long run. Do yourself a favor and listen to these next couple of podcasts intently— it could save you serious time, headache, and money in the future! In This Episode We Cover How to find a contractor that aligns with your project’s budget and goals How to vet contractors so your time (and theirs) is respected on a job The “plug and play” method and how to break down your scope of work How to organize your budget sheet and estimate rehab costs efficiently What it takes to master flipping, BRRRRing, or any home renovation And So Much More! Links from the Show Ashley's Instagram Tony's Instagram BiggerPockets Podcast 338: From Red Robin Waiter to 250 Units (Using the MLS) with James Dainard BiggerPockets Real Estate Rookie Podcast Connect with James James's Instagram James's Youtube Channel Check out the full show notes here: https://biggerpockets.com/blog/rookie-165 Learn more about your ad choices. Visit megaphone.fm/adchoices

This week’s question comes from Nash through Ashley’s Instagram direct messages. Nash is asking: How do I quit my job and become a full-time real estate investor? Nash isn’t alone in asking this question. Almost every Real Estate Rookie Podcast listener has pondered this as well. Even our hosts, Ashley and Tony, asked themselves this before leaving their jobs to pursue real estate investing full-time. What makes today's episode even more special is that Ashley’s partner, Daryl Clinch, just left his nine-to-five as well! Daryl is here to help answer Nash’s question on exactly what it took to leave his back-breaking work and pursue financial independence. Here are some suggestions: Live below your means—it’s much easier to replace your income when your expenses are low If you have no investing experience, find an investor that could benefit from your knowledge Calculate your “worst-case scenario” (it’s probably not as scary as you think) Quit professionally so you can return to work (if needed) Stay educated by listening to the Real Estate Rookie Podcast! And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Facebook Group Real Estate Rookie Youtube Videos Daryl's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-164 Learn more about your ad choices. Visit megaphone.fm/adchoices

Despite what most people would like to think, success has no timeline. There will be some "perfect" opportunities that don’t work out, which is why you must persist. You can either become stuck in one failure or use that failure to propel you forward. Our guest, Andrew Bresee, has learned to use missed opportunities to propel him forward. Andrew was infected with the “real estate bug” in his teenage years after reading Rich Dad Poor Dad. While he didn't start his real estate journey that young, he began developing the skills that have made him a successful entrepreneur early on. Being persistent has helped Andrew in more ways than one. In school, he had the opportunity to study abroad in Italy and like many others, he loved it so much he didn’t want to leave. For weeks he continued to ask to stay and for weeks he continued to get rejected, but he refused to take no for an answer. After a while, the administration finally relented and let him stay as long as he agreed to work as a handyman. Had he accepted his fate, Andrew would have missed out on another year in a beautiful country with the love of his life who is now his wife. When he came back, he lived with his parents, and instead of rushing to get to the next chapter of his life, he took a step back and found an opportunity right where he was. He decided to convert his parent's basement into an apartment that they could eventually rent out. While it took six years to complete, it currently cash flows and gave him experience with the rehab process. After that, he found the fourplex that he lives in now which cash flows about $1,200 a month! He found his current fourplex after he didn't qualify for a fourplex he thought was "perfect". Opportunities can be found in any failure or redirection—you just need to look hard enough. In This Episode We Cover The power of persistence and how to make life work for you Understanding a seller and how catering to their needs can ultimately benefit you Optimizing your Airbnb descriptions to attract your ideal tenant Establishing your short-term rental vs your long-term rental and why it’s important to approach them differently The importance of finding the right real estate agent who understands your goals and intentions And So Much More! Links from the Show Ashley's Instagram Tony's Instagram Brandon's BiggerPockets Account Real Estate Rookie Facebook Group BiggerPockets BiggerPockets Real Estate Rookie Youtube Channel BiggerPockets Podcast 448: The Lazy Person’s Guide to Financial Freedom in Less Than 10 Years with Dion Mcneeley The BiggerPockets Podcast BiggerPockets Forums Google Google Voice Facebook Airbnb Yahoo Furnished Finder Lowe's Credit Cards Real Estate Rookie Podcast BiggerPockets Investment Calculators BiggerPockets Blog BiggerPockets Pro Membership The Section 109 Podcast Check out the full show notes here: https://biggerpockets.com/blog/rookie-163 Learn more about your ad choices. Visit megaphone.fm/adchoices

This week’s question comes from Carlos, who directly messaged Ashley on the BiggerPockets Real Estate Rookie Bootcamp! Carlos is asking: Do you recommend, or is it even possible, to use a hard money lender from a different state? Hard money lenders and hard money loans are a crucial part of real estate investing for many real estate investors. If you’re a rehabber, flipper, or BRRRR-er, there’s most likely a chance you’ll need hard money in the future. But how do you find a hard money lender without past experience with one? Here are some suggestions: Use investor referrals and sites like BiggerPockets to find hard money lenders Be specific when you ask a hard money lender questions to make sure they can lend in your area Inquire about the criteria that your hard money lender looks at when lending Relay your strategy to your hard money lender, to ensure they can lend on the property type you’re looking at And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Facebook Group BiggerPockets Website BiggerPockets Rental Property Calculator Instagram ARVC Google BiggerPockets Real Estate Investing Bootcamp BiggerPockets Forums BiggerPockets Rookie Waitlist Check the full show notes here: https://www.biggerpockets.com/rookie162 Learn more about your ad choices. Visit megaphone.fm/adchoices

Real estate favors those who value risk. An investor’s willingness to take a calculated risk separates the good from the great. And today’s guest, Grace Gudenkauf, is definitely on her way to greatness. This ambitious 24-year-old has managed to get seventeen doors between eight properties under her belt in less than a year, and she shows no signs of slowing down. She was first introduced to real estate when her boyfriend decided to flip a house. It didn’t pique her interest until she reviewed the numbers and saw the potential. Since then, hard work and calculated risk have allowed her to have the accelerated success any new investor dreams of. A substantial amount of this success is due to her and her boyfriend making it a point to “never let the money stop them”, they “get the deal first and then find the money.” Most would be reluctant to take this approach, but it has worked phenomenally for Grace. From talking directly to a VP at a local bank to deciding to leave her W-2, Grace keeps taking risks in the name of real estate, and it keeps paying off. When it came to deciding if she would leave her W-2 or not, Grace looked at the worst-case scenario to weigh her options. After it was all laid out—her worst-case financially, emotionally, and socially—she decided the risk was well worth it. This is an episode you don’t want to miss. In This Episode We Cover Taking on big rehabs as a rookie and how to DIY to save money How to find creative ways to finance your property Creating an LLC and structuring it so you can have fewer headaches and more properties Residential vs commercial loans and why commercial loans can be a helpful resource to any investor Commercial loan qualifiers and how to improve your chances of getting approved How to look at the worst-case scenarios so you can feel confident in your risk tasking And So Much More! Links from the Show Ashley's Instagram Tony's Instagram James' Instagram Real Estate Rookie Facebook Group BiggerPockets Website BiggerPockets Real Estate Rookie Youtube Channel BiggerPockets Podcast 109: From Sleeping in His Car to Multi-Unit Landlord & The "Nomad" Strategy The BiggerPockets Podcast BiggerPockets Forums Alpha Geek Capital Website Google Google Voice Google Suite Check out the full show notes here: https://biggerpockets.com/rookie161 Learn more about your ad choices. Visit megaphone.fm/adchoices

This week’s question comes from AJ through Ashley’s Instagram direct messages. AJ is asking a question many new investors have: If I borrow down payment money from friends or family, what’s the best way to pay back the down payment while cash flowing on the property? For many rookie investors who don’t have large cash sums sitting around, much of their initial investment has to be done through borrowed money. This means not only getting a conventional loan from a bank but privately financing their down payment as well. But, before you start asking your grandma for some “seed funds”, make sure that your bank will allow you to borrow down payment money. Here are some suggestions: Double-check that your bank allows borrowed down payments, if not, try and receive a “gift” from a family member Work out a payment plan with your private lender before closing on the deal Pay back the down payment personally and count it as an initial investment in your CoC calculations Offer equity or a delayed payout as a way for you to maximize cash flow in the deal And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Facebook Group BiggerPockets Website BiggerPockets Rental Property Calculator Check the full show notes here: https://www.biggerpockets.com/rookie160 Learn more about your ad choices. Visit megaphone.fm/adchoices

Knowing how to find a real estate agent is one thing. Knowing how to find a truly investor-friendly agent is another. While most real estate agents and realtors can show you homes on the market, send you MLS listings, and do the needed paperwork, investor-friendly agents do much, much more. These types of agents are so important to a real estate investor, that they can be thought of as a more permanent part of your team. They’ll find deals, leads, help you run numbers, and give you what you need to grow your real estate portfolio. But how do you find them? This was a question that real estate investor, agent, and coach, Sarah Weaver asked when first getting into out-of-state investing. In fact, Sarah was doing more out-of-country investing than most other investors. As a digital nomad, Sarah was traveling throughout the US, Canada, and New Zealand buying rental properties without ever laying an eye on them. She was able to do this thanks to her rockstar real estate agents. Now, after almost perfecting the long-distance real estate investing strategy, Sarah is back to share with rookie investors how they too can find an investor-friendly agent to help them scale. If you haven’t already, check out the BiggerPockets Real Estate Agent Finder Tool, you’ll instantly have access to dozens of investor-friendly agents in your area that can help you close on your next deal! In This Episode We Cover Investing in real estate while out of state, out of the country, and far from home The best questions to ask a real estate agent to see whether or not they’re truly “investor-friendly” Defining your crystal clear criteria so top agents take you more seriously What a great agent should (and should not) know about an investing area Building the investor-agent relationship so you both benefit for years to come Qualifications an investor must meet before reaching out to real estate agents And So Much More! Links from the Show Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group BiggerPockets Website Facebook BiggerPockets Real Estate Rookie Youtube Channel MLS BiggerPockets Agent Connect BiggerPockets Podcast 563: W2 retired and Traveling the World with Just 15 Units w/ Sarah Weaver BiggerPockets Investment Calculators The BiggerPockets Podcast BiggerPockets Forums BiggerPockets Rent Estimator Check out the full show notes here: https://biggerpockets.com/rookie159 Learn more about your ad choices. Visit megaphone.fm/adchoices

This week’s question comes from Ryan through Ashley’s Instagram direct messages. Ryan is asking: What job would be best for real estate investors? I’m currently doing maintenance for a contractor, but am having minimal takeaway. What’s the best move for financial freedom? Real estate side hustles and full-time jobs come in all different shapes and sizes. What one job path may lack in salary, it may make up for in experience and connections. What’s more important than immediately jumping ship at your current job is to see what you can do within your role to grow your skillset. So how do you get paid, gain experience, and buy more rental properties? Here are some suggestions: Look for opportunity within your current role and ask to take on more of what interests you Ask an investor if you can work with them directly, you’ll learn a ton! If you’re having trouble getting deals, look for a partner to invest with Fully understand your expectations within your current and future roles And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Rookie Facebook Group Real Estate Rookie Youtube Channel Google Rookie Podcast 147: 13 Flips as a Full-Time Flight Mechanic and Part-Time Lender w/ Anthony Michael Check the full show notes here: https://www.biggerpockets.com/rookie158 Learn more about your ad choices. Visit megaphone.fm/adchoices

Property management is a difficult yet crucial part of real estate investing. In today’s episode, our guest, Adam Widder, who was a former property manager, shares his four guiding principles that make property management more manageable. Adam got his start after college while stationed in Kansas. A fellow ROTC member advised him to start investing, and following his advice, Adam tried to find a property near Kansas State. Unfortunately, he couldn’t find anything that cash flowed, so he did a live in flip instead. He made a solid profit from his first flip and continued to do live in flips with two other properties. Before he got into real estate investing, Adam was a commercial property manager, which gave him the experience he needed to handle any property management issues in his own buildings. Based on his experience, Adam has generated four keys vital to your property management success. These four keys can simplify a considerably complicated part of your real estate journey and give you a definite advantage over your competition. In This Episode We Cover Live in flips and why they’re a great option for new investors Conventional real estate loans vs FHA Loans and why conventional loans can sometimes be the better option Self-management vs property management and how to figure out which one is better for you How to find the right property manager (& red flags you should look out for) The 4 crucial keys to headache-free property management How to set up the right working relationship with your property manager And So Much More! Links from the Show Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group BiggerPockets Website Brandon's BiggerPockets Account Zillow Apartments Website Facebook National Apartments Association Mindy's BiggerPockets Account BiggerPockets Pro BiggerPockets Business Podcast 105: The MOST Profitable Skill to Learn (From a $200M+ VC Investor) with Codie Sanchez BiggerPockets Rookie Youtube Channel MLS Airbnb Check out the full show notes here: https://biggerpockets.com/rookie157 Learn more about your ad choices. Visit megaphone.fm/adchoices

This week’s question comes from Xavier through Ashley’s Instagram direct messages. Xavier is asking: Can I use an FHA loan for a vacation rental? What’s the best way to scale without paying high down payments? Xavier brings up a great question that many rookies have been asking. We all know we can get a conventional loan with very low down payment requirements for an owner-occupied investment like a house hack, but what about a vacation rental? Before you bombard your mortgage lender with questions, listen to what Tony (short-term rental expert) has been using for his vacation rental financing. Here are some suggestions: Look into vacation home loans, you can secure a property with only ten percent down Find a lender who’s familiar with funding vacation rentals, this will save you a lot of time Understand the geographical limitations that come with vacation home loans Make sure you’re able to use your vacation rental property for personal use at some point in the year And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Rookie Facebook Group Real Estate Rookie Youtube Channel Real Estate Robinsons Youtube Channel How to Buy a Short Term Rental with Only 10% Down BiggerPockets Check the full show notes here: https://www.biggerpockets.com/rookie156 Learn more about your ad choices. Visit megaphone.fm/adchoices

Every investor wants all their properties to be loaded with high cash flow, but that’s usually not the case. Realistic expectations are essential to the longevity of your career and the maximization of your investments. Progress over perfection should always be the goal. As today’s guest, Ali Garced, stated, “progress is progress, and it will eventually add up”. Given that her dad is an investor, Ali has always been exposed to real estate, but it wasn’t until she was in the military that she decided to pursue it for herself. Once she realized how great of a resource VA loans are, Ali was determined to buy a house for herself. She purchased a house through the MLS but had to deploy before moving in, so that gave her another opportunity—renting it out. While it had seemed like a great idea, Ali later learned about the 1% rule and realized she was merely evening out after expenses and had no cash flow. This left her questioning if real estate was for her until she checked the appreciation of the house last year. From 2016 to 2021, Ali was shocked to find that the house appreciated double the price. Her unintentional buy and hold profited more than what she wanted to get from renting—a very pleasant surprise. Since then, Ali has invested in four other properties, including an out-of-state turnkey and a duplex. While none of these properties have been a “home run”, Ali is more than thankful for her “base hits” because they helped her build wealth faster than she imagined. Turns out that it’s hard to not make money when buying the right real estate! In This Episode We Cover The VA loan and how it’s an incredible resource for military families The 1% rule and why it’s an important calculation to make when deciding on future or current investments Property management vs self-management and how to decide between the two The importance of having the right permits and how to check them The classic buy and hold method and how to make a profit with minimal work And So Much More! Links from the Show Real Estate Rookie Youtube Channel Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group BiggerPockets Instagram Sara's Instagram BiggerPockets Calculator MLS Airbnb BiggerPockets Bootcamp Check out the full show notes here: https://www.biggerpockets.com/rookie155 Learn more about your ad choices. Visit megaphone.fm/adchoices

We’re continuing the Rookie Reply Direct Message trend! This week’s question comes from Minnie through Tony’s Instagram DMs. Minnie is asking: Should you partner with family members when investing in real estate? While this may not be the most fun question that Tony has received in his DMs, it’s a very necessary one to answer, as many real estate investors start their journey partnering with family. While at times it can be stressful, working with family can also be rewarding in more ways than just financial. But, if you want to work with someone close to you, be prepared to treat your investment like a business. Here are some suggestions: Treat it like a partnership by signing an operating agreement or joint venture agreement Make sure your family member knows the risk of investing Don’t do anyone favors, present great investing opportunities instead of asking for money If you feel like you need to update your partnership agreement, do so quickly and with the consent of your partners And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Rookie Facebook Group Real Estate Rookie Youtube Channel Real Estate Robinsons Youtube Channel Mini_vannnn's Instagram Omid Tehranirad's Instagram Alpha Geek Capital Scott Trench's BiggerPockets Account Check the full show notes here: https://www.biggerpockets.com/rookie154 Learn more about your ad choices. Visit megaphone.fm/adchoices

Real estate requires a lot of self-motivation and discipline to succeed. Successful investors know that nothing happens overnight and nothing comes to you easily. Today’s guest, Terry Harris, had the perfect amount of drive and persistence when he began his real estate journey. He now owns five properties and has closed twenty wholesale deals. Terry started getting into real estate when he came to terms with his G League contract only lasting about six months. He wasn’t sure what to do with his free time until he picked up The Book on Rental Property Investing and started listening to BiggerPockets. He started bringing books with him on the road and while his teammates teased him for always having his nose in a book, it was during those rides that he decided he was going to buy a house. He bought his first house and while it didn’t go as planned at all, the house appraised for double the price and he was beyond proud of himself for seeing it through. One of the hardest things for him during his first deal was the lack of community he felt, but he filled that gap by relying on the BiggerPockets community. Unfortunately, COVID quickly put a pause on him investing in any other properties, but Terry didn’t let that stop him. He moved to LA for basketball and began looking into another aspect of investing—wholesaling. After practice, he began dedicating an hour to driving around looking for vacant properties and listening to podcasts. He started cold calling and while he missed out on a big potential first deal, he did twenty successful deals after that. While he has found success in wholesaling and enjoyed it, he wants to now transition into investing in more properties himself and gain a more passive income. In This Episode We Cover How to use FHA loans and seller credits to help you purchase properties Succeeding in real estate without a strong support system and building your investor community The importance of cold calling and how to add it into your busy schedule Saving vs splurging and how to encourage yourself to funnel more money into investments Wholesaling land and the three indicators of a successful land deal And So Much More! Links from the Show Real Estate Rookie Youtube Channel Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group Rookie Podcast 91: 8 Units, 10 Wholesale Deals, and $0 Spent on Marketing w/ @Liliinvests BiggerPockets Podcast BiggerPockets Forums BiggerPockets Facebook Group Thach Nguyen's Instagram Brent Daniels's Instagram Airbnb Ryan Dossey's Instagram Propstream Google Maps LandGlide App OnXHunt App MojoDialer Roor App Check the full show notes here: https://www.biggerpockets.com/rookie153 Learn more about your ad choices. Visit megaphone.fm/adchoices