Real Estate Rookie

Travis Watts grew up with frugal parents. They taught him about coupons, buying the off-brand products, and basic financial 101, but never taught him about real estate investing. In 2009, as the market was hitting unprecedented lows, he decided to start investing in real estate. He purchased a single family home to start, then started house hacking, moved on to some fix and flips, bought some vacation rentals, and before he knew it, he was a very active real estate investor. There was one problem though. Travis was working 90+ hour weeks in the oil industry, often working overseas for long periods of time. Travis was trying to run his active investing with his hectic schedule, but often found it hard to put a high level of effort into his rentals when so much of his energy was being exerted from his job. In 2015, Travis made the decision to become a passive investor. Passive investing isn’t for everyone, especially for those who want to be making the big decisions. Luckily, Travis didn’t mind having general partners make decisions for the syndications he invested in, if anything, he preferred it. Travis walks through what you need to look at before putting money into a syndication, including the general partners, the market, and the deal. He also talks through how to identify whether or not a syndication is being run well, and other passive investing strategies like investing in REITs. Many real estate investors will find themselves with lots of projects, lots of experience, lots of money, but little to no time. If you feel like this, it may be a good idea to start balancing some of your active investing with more passive cash flow opportunities! In This Episode We Cover The benefits of passive and active real estate investing Syndications and who they’re meant for 506(b) and 506(c) syndications and the differences between the two How to identify good general partners running syndications Becoming an accredited investor REITs (real estate investment trusts) and other passive income strategies How much money passive investors can make And So Much More! Links from the Show Real Estate Rookie Facebook Group BiggerPockets Forums Charles Schwab Janus Henderson BiggerPockets Podcast 227: From Single Family Houses to $130,000,000 in Multifamily with Joe Fairless Ashley's Instagram Tony's Instagram Check the full show notes here: http://biggerpockets.com/rookie75 Learn more about your ad choices. Visit megaphone.fm/adchoices

This week’s question comes from Jennsey on the Real Estate Rookie Facebook Group. Jennsey is asking: what’s the next step after your first property, as far as financing and steps to scale to a larger portfolio. If you’ve gotten your first property, congratulations! Now you have the momentum and experience to go get more! The next steps that are most important are finding the money for your next deal, getting your systems and processes in place, and letting others know you’re a real estate investor looking for deals. Here are some suggestions: Save up for a conventional mortgage, link up with a partner, find a hard money lender, or find a private money lender Understand the fees and structures in each of these types of financing Put together a binder showing your past deal, your experience, and your goals Know how many doors you want to acquire and lay the foundation for that goal Every time you do something with financing, tenant management, or underwriting, make sure you document how you’re doing it And More! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Check the full show notes here: https://www.biggerpockets.com/rookie74 Learn more about your ad choices. Visit megaphone.fm/adchoices

Believe it or not, Tony and Ashley haven’t met each other in real life...until now! They’re recording from the BiggerPockets headquarters in Denver, and they brought their partners! Tony’s wife Sarah and Ashley’s business partner Joe are here to answer the most common questions about partnerships and investing with someone else. What makes a great partner? Tony, Sarah, Ashley, and Joe all agree that a good partner has to have complementary strengths to you. Do you know how to do financing but are terrible at design? You should find a partner who loves design but doesn’t want to touch financing. Although it may not be the easiest task, one of the best ways to find a partner is to look at your weaknesses, your strengths, and look within your circle to find someone who could be the yin to your yang. Ashley also talks about the “partner presentation”. You may have heard this term before on the show. A partner presentation is essentially a binder including a bank statement, credit report, personal finance statement, and past deal history. This helps you show a potential partner that you’re coming from a position of strength and that you possess the competence to tag team a deal. Ashley, Tony and their partners also go over things like goal setting, partnership structures, LLCs, life insurance policies, and more. While many rookies feel they don’t have the experience to bring to a partnership, it’s important to know that you running the numbers, listening to the podcast, and having interest in real estate already puts your skillset above many others! In This Episode We Cover What Ashley and Tony look for in their partners What a good partner looks like and what you should avoid when partnering up Preparing your “partner presentation” for a prospective partner Setting goals and staying on the same page as a partner How to structure your partnerships so everyone is on the same page Umbrella policies, life insurance policies, and other partner protections And So Much More! Links from the Show Real Estate Rookie Facebook Group BiggerPockets Forums BiggerPockets Calculator Airbnb Asana BiggerPockets Events Learn the In's and Out's: How to Structure Partnerships as a New Investor Check the full show notes here: https://www.biggerpockets.com/rookie73 Learn more about your ad choices. Visit megaphone.fm/adchoices

This week’s question comes from Ricky on the Real Estate Rookie Facebook Group. Ricky is asking about the pros and cons of using a cash out refinance vs. using a HELOC (home equity line of credit), especially since you can pay down a HELOC and use it over and over again. Many real estate investors take advantage of HELOCs since you can get them for your primary residence or a rental property. That being said, HELOCs can come with variable interest rates and can be closed once up for renewal. Here are some points to consider: First see if your primary home qualifies for a HELOC, if not, go the commercial route Primary residences will get better interest rates compared to commercial HELOCs Cash-out refinances are a great way to get equity that's been built over time with a low interest, long-term loan HELOCs may require you to take out from them every year, or be penalized You may be able to get HELOC closing costs waived, unlike on a refinance And More! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Check the full show notes here: http://biggerpockets.com/rookie72 Learn more about your ad choices. Visit megaphone.fm/adchoices

Martin Neal started his career as a police officer during the great recession. His family convinced him to buy a condo since prices were near rock bottom, this is when Martin was bit by the real estate bug. When he was transferred to another police station, thus doubling his salary, he knew it was time to do something with the condo. He paid off the loan and set up a HELOC (home equity line of credit) so he could purchase cash flowing rentals! Now Martin uses the BRRRR strategy to buy homes that need rehabbing, rehab them, rent them out, and get them into conventional loans. As of now he has 11 properties with 16 doors, most of which was picked up just in the last 3 years. Martin has done what many investors advise against, worked with his family. He has his dad running management on some of his properties and helps when rehabbing them as well. How did Martin work with his dad without jeopardizing their relationship? He sat down with his father, laid out the roles and responsibilities of the project, and paid him for his time. It’s tough finding trustworthy workers and partners in real estate, so don’t disregard family just because they’re family! Martin also gives some great advice on finding high-quality section 8 tenants, many of which helped his real estate portfolio through the COVID-19 shutdowns due to their government subsidized rent. He also talks about buying homes off of auction sites, but making sure you’re able to do your due diligence before putting in an offer. In This Episode We Cover Using HELOCs to fund your future BRRRRs Having a defined plan so you can scale faster and with less headache Having the bravery to buy more units, even when it pushes you into new territory Why townhouses may be an attractive asset in specific parts of town Working with family (without destroying your relationships) Buying homes at auctions And So Much More! Links from the Show Rookie Podcast 55: Combining House Hacking and Live in Flips with Tyler Madden BiggerPockets Forms BiggerPockets File Place Google Spreadsheets Auction.com Cozy.co Tresta BiggerPockets Podcast BiggerPockets Podcast 248: From Shop Teacher to Multifamily Syndicator with Todd Dexheimer BiggerPockets Podcast 075: Mobile Home Investing and Getting Started With John Fedro Brandon Turner's Instagram BiggerPockets Money Facebook Group Real Estate Rookie Facebook Group BiggerPockets Facebook Group BiggerPockets Forums Rookie Rockstar Facebook Post Check the full show notes here: http://biggerpockets.com/rookie71 Learn more about your ad choices. Visit megaphone.fm/adchoices

This week’s question comes from Dane through Ashley’s DMs on Instagram (you can find her @wealthfromrentals). Dane is asking: should I sell or rent out my primary residence? Whenever you’re moving from your current home to a new home, you have the option to sell or rent. While there isn’t one solid answer for everyone, you can find out whether selling or renting is the best option by looking at your market and your specific financial situation. Here are some suggestions: Get comps (comparables) on market rents from homes like yours Search through recently sold homes that are comparable to yours and find the median sales prices Pull out a home equity line of credit on your primary home to help buy your next primary home or more rentals Run the numbers as a sale and a rental, does it cash flow? Refinance for a lower mortgage payment and rent it out Run the numbers for EVERY scenario and make long-term decisions And more! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Check the full show notes here: http://biggerpockets.com/rookie70 Learn more about your ad choices. Visit megaphone.fm/adchoices

Becky Nova didn’t have a linear path to real estate like many others. She’s had times in her life when she was poor and times in her life when she was rich. Becky knew that she didn’t want to go back to those poorer times in her life, so when she was about to marry her husband, she was pushed to get herself out of debt and into a much more stable position. She worked a consulting gig, got herself debt-free, and decided she wanted to start house hacking! Now, Becky is off in the Dominican Republic, running her entire portfolio of 10 houses completely remote. Even more impressive, Becky used traditional financing for those rental properties! So how does she manage properties all the way in upstate New York while she’s thousands of miles away on the beach? Well-tailored systems and procedures is what Becky relies on. She refers to her phone as one of the best tools for real estate, since she can call her agent, her tenant, or her contractor whenever she needs something. Becky proves that you can run a rental portfolio long distance, and do it successfully to boot! This did take Becky some time, though. She designed the life she wanted and made her rental properties fit around that life, which is sometimes the opposite of what us busy real estate professionals do. Now, she can relax and enjoy her time travelling because she put the systems in place to automate her business! In This Episode We Cover Understanding what you really want and making your business fit your ideal life Getting off the “paycheck to paycheck” hamster wheel How Becky got 10 units in just over 2 years Joining local networking groups and your chamber of commerce to find deals How to find the best plumbers, contractors, electricians, and more through referrals Having systems in place so your business can run itself And So Much More! Links from the Show Brandon Turner Zillow Real Estate Rookie Facebook Group Dave Ramsey DealCheck Rentometer Realtor.com BiggerPockets Calculators BiggerPockets Insights Rookie Podcast 10: 2 Long-Distance Rentals with $0 Down with Tony Robinson Lady Landlord's Financial Cheat Sheet Check the full show notes here: http://biggerpockets.com/rookie69 Learn more about your ad choices. Visit megaphone.fm/adchoices

It’s not uncommon that we make excuses for ourselves, especially when it comes to our businesses. A contractor may have let us down, or a tenant took advantage of a poorly-written lease, or our partner isn’t doing a job as well as we’d like. Are these problems fully forming because of the other person, or ourselves? Today we talk to Julia Galef, author of The Scout Mindset and host of the “Rationally Speaking” podcast. Julia is trying to answer a big question: how do we improve our reasoning and our decision making? For her, there is a big difference in mindset. Sometimes we have a scout mindset, which allows us to be more exploratory and see what really is going on. Then we also have a soldier mindset, which is when we’re seeing only our pre-existing beliefs. How do you know if you’re using your scout or soldier mindset? Ask yourself if you’re rationalizing your situation or just making excuses. This can be hard as business owners and investors because we often are the first to blame someone else for our problems. We even downplay our shortcomings, like when a novice flipper thinks he or she can do the electrical, plumbing, foundation, and flooring work without any prior experience. It’s important for us as people and investors to get honest feedback not only from our clients, tenants, contractors, and partners, but also from ourselves. In This Episode We Cover The difference between a scout mindset and a soldier mindset How to get out of fooling yourself into believing something that isn't true Jeff Bezos’s “30% Success” story Implementing feedback in a way that is beneficial for you and those around you Leaning into confusion and finding the underlying causes Being a better real estate investor And So Much More! Links from the Show Jeff Bezos Amazon Tony Robbins Check the full show notes here: https://www.biggerpockets.com/rookie68 Learn more about your ad choices. Visit megaphone.fm/adchoices

After moving from his home state of Georgia to Oklahoma, Dee Brock discovered a burning desire to buy rental properties. He had bought himself a primary residence and cosigned with his mother on her home, but knew he wanted to accrue units that could be cash flowing. He was then able to get a HELOC (home equity line of credit) on his primary and use it to buy a foreclosure. Everything was going well, but Dee wanted more structure, more advice, and more of a game plan. Someone at his church group suggested going onto a site called BiggerPockets, which later became a huge resource to Dee (and hopefully to you reading this now)! Now Dee knew how to vet tenants, get a cash out refinance, and run numbers like the pros. Dee developed a bit of a formula for how he sends in offers on houses. He finds a house he likes, sends it to his agent to get comps (comparables), averages those comps, multiples it by 80% (cash out refinance amount), then subtracts closing and maintenance. That’s the offer Dee puts in on the house and gives him the numbers he needs to feel confident about buying it. What if a house doesn’t appraise for the amount needed? Dee also has a workaround for that! Dee’s local credit union that lends to him allows him to use their ARV (after repair value) number OR an appraisal. This saves Dee tons of time and money if an appraisal isn’t needed! Now Dee is setting his sights on a new venture, self-storage units. We’ve seen a lot of successful real estate investors transition from residential buildings to self-storage, and for good reason. Less management, less maintenance, and other benefits described by Dee makes self-storage a no brainer for where he’s at in his investing career. In This Episode We Cover Using conventional primary residence loans to fund foreclosures Section 8 tenants and the pros/cons of having them in your rentals Getting your spouse and family on board with real estate investing Opting for a bank’s ARV number instead of getting an appraisal The benefits of owning self-storage units Giving your tenants a rent reduction if they pay on time And So Much More! Links from the Show BiggerPockets Forums BiggerPockets Real Estate Podcast Brandon Turner Zillow Real Estate Rookie Facebook Group Loopnet AJ Osborne's Instagram Realtor.com truepeoplesearch.com whitepages.com TurboTenant Dave Ramsey BiggerPockets Podcast 395: From Car Valet to $100k/Month… Seriously! with Thach Nguyen BiggerPockets Podcast 427: The 12 Week Year and The Danger of Long-Term Goal Setting with Brian Moran Check the full show notes here: http://biggerpockets.com/rookie67 Learn more about your ad choices. Visit megaphone.fm/adchoices

This week’s question comes from Mitch on the Real Estate Rookie Facebook Group. Mitch is asking two questions: How do you close on a property sight unseen and how do you finance off-market deals? Our two lovely hosts have expertise in both of these areas. Tony has bought a fair amount of property sight unseen and Ashley has used some very creative strategies for financing off-market deals. Here are some suggestions for both of Mitch’s questions: Get your agent, inspector, and general contractor to inspect a prospective sight unseen property Don’t waive the inspection clause, especially if you’ve never been in the property Look for lenders that aren’t traditional banks, especially those that work with investors Ask local banks if they offer any products that could help with your funding Use a line of credit or borrow against your stocks/other assets Ask for seller financing whenever possible And More! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Check the full show notes here: http://biggerpockets.com/rookie66 Learn more about your ad choices. Visit megaphone.fm/adchoices

Real estate investing works differently for different people. Some people like to gradually buy small properties, then start looking for larger deals, and then go into commercial financing for big deals. Tommy Polise always knew he wanted to buy real estate and had spent five years analyzing markets and educating himself, but never bought any properties. In 2019, that changed. Tommy had been looking into single family homes but found that he’d only be walking away with a small amount of pure cash flow each month. While he now feels that single family homes are a great investment, at the time, he didn’t think the cash flow was worth the effort. So he and a partner went in on a multifamily deal together. It worked out well and he gained some experience and connections, so he decided to go bigger and better. Now, two years later, Tommy and his partners are sitting on 30 units. This includes single family homes, multifamily properties, and a land deal that includes 10 mobile home lots, 8 storage units, 3 single family homes, and a 5 unit apartment complex. He even has a laundromat with a residential property attached to it as well! So how does a real estate rookie like Tommy go from 0 units to 30 units in the span of 2 years? Tommy says you need to develop good relationships, get great partners, understand your financing, and continuously take risks! In This Episode We Cover How to get commercial financing if you’re just starting out in real estate Finding a great partner that will work with you, even when you make mistakes Why single family homes may work for some investors more than others The appeal of doing large commercially financed deals How to do a thorough inspection when you’re closing on a large property Calculating your “worst case scenario” and knowing your risks Developing the confidence to pursue bigger and more complicated deals And So Much More! Links from the Show BiggerPockets Forums BiggerPockets Real Estate Podcast Brandon Turner Clubhouse Zillow Buildium BiggerPockets Podcast 348: Full-Time Job, Full-Time Mom, and Full-Time Wealth From Rentals with Ashley Kehr BiggerPockets Podcast 423: Who Not How: Stop Doing the Things You Hate, Free Up Time, Be Happier and Richer with Dan Sullivan BiggerPockets Business Podcast Real Estate Rookie Facebook Group Check the full show notes here: http://biggerpockets.com/rookie65 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: How do I place properties under a newly acquired LLC? Before you place your properties in an LLC, you’ll need to ask yourself if you need an LLC in the first place. This really depends on your goals as an investor and whether you have a partner or not. Many investors skip the LLC route and put a rental property solely in their name, while other investors that work with partners choose to either start a new LLC or put the new investment property in their current LLC. Here are some suggestions: Make sure you know the financing options for LLCs vs. buying in your own name Get an umbrella policy if you don’t have an LLC Speak to a trusted attorney or submit LLC paperwork yourself (if not too burdensome) Get commercial financing for your LLC and purchase the house in its name And Much More! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Check the full show notes here: http://biggerpockets.com/rookie64 Learn more about your ad choices. Visit megaphone.fm/adchoices

It’s hard to leave a comfortable job, especially when you’re working with family. What happens if you can’t make your entrepreneurial dreams work, what if you need health insurance, what about your bills? This is the predicament that Sean and Ann Wayne were in, only a couple short years ago. Thankfully, they made the jump, and now they’re flipping more than ever! Sean and Ann left college with around $93,000 in debt, but were able to pay it off quickly due to their thrifty lifestyle and saver skills. After they had paid off their debt, they wondered where they could put their leftover money into. Sean stumbled upon BiggerPockets and knew that something within the realm of real estate was the best option. Luck would have it that Sean and Ann’s landlord at the time was a flipper and a real estate agent. After some discussions, their landlord decided to mentor them through their first flip. If you’ve listened to this podcast long enough, you know what’s coming next. They were hooked! Sean knew he had to leave his corporate job to pursue flipping, even if it meant less stability. Now this dynamic flipping duo has done 12 deals. Sean focuses on the rehab and Ann focuses on design. If you’ve wondered about what the best ways to paint and design your flip are, Ann drops some knowledge on what is worth risking, and what isn’t. Together, they’re an unstoppable team, and will definitely be on the Real Estate Podcast soon enough! In This Episode We Cover Why you should tell EVERYONE what you do and what you’re interested in How to talk to a mentor to convince them that you can provide benefit to them Tackling both the mental and financial barriers to leaving a corporate job Funding deals with hard money and private money Splitting up your roles as a team, whether you’re business partners or partners in life Resources for finding the best designs for your flip Keeping your partner “in the know” so your flips runs smoothly Fighting imposter syndrome as an intermediate real estate investor And So Much More! Links from the Show BiggerPockets Forums BiggerPockets Real Estate Podcast Brandon Turner Pinterest Lowe's Home Depot Target Overstock Wayfair Christian Healthcare Ministries BiggerPockets Money Podcast 94: 18 Options for Healthcare in Early Retirement with Lynn Frair Financial Peace University Google Drive Check the full show notes here: http://biggerpockets.com/rookie63 Learn more about your ad choices. Visit megaphone.fm/adchoices

This week’s question comes from Kaylee on the Real Estate Rookie Facebook Group. Kaylee is asking: When looking for a lender (specifically 203k) what is the best most effective way to find them? Do I need to find someone local? Am I overcomplicating? Whether it’s a 203k loan, or any other loan, having a consistent and quality lender is incredibly important when building up your real estate portfolio. Ashley and Tony have both used a handful of lenders to fund their different types of deals. Here are some suggestions: Start with local lenders, especially ones you have relationships with already Call or email all the banks in your area or the area you’re looking to buy in Tell loan officers your plan, they may have a loan that fits exactly what you need Even if a loan officer doesn’t have the right type of loan for you, keep up the relationship! Get referrals from other investors in your area And More! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show BiggerPockets Calculator BiggerPockets Forums Check the full show notes here: http://biggerpockets.com/rookie62 Learn more about your ad choices. Visit megaphone.fm/adchoices

While traveling throughout southeast Asia, Michael Su asked what he could be doing to protect himself if he ever didn’t have stable income. As a digital nomad, travelling from country to country, all while working at a startup, Michael was used to risk. He realized that the best way to mitigate and reduce the risk of him ever being in a dire financial situation was to make his own income. The best way to do that? Buy rental properties! Michael had already been following some popular real estate influencers, and decided to do what they were doing. He even contacted BiggerPockets’ very own Craig Curelop and asked him to be his agent in Denver and help him house hack. From then on, Michael reached out to more investors in other areas of the United States and began using their strategies. Now, only one year into real estate investing, Michael has over 15 homes, with two under contract, in five regions in the US! This doesn’t just happen by luck. Michael had a strong grasp on financing strategies, investment strategies, and real estate economies of scale. He even read the SEC filings for major REITs to see how they scaled their businesses and dealt with problems. Now Michael can continue building his real estate portfolio, while traveling, and working at a job he loves. All possible through smart investing! In This Episode We Cover Thinking long term on wealth accumulation and passive income strategies How to create a portfolio that works with your life, not the other way around Buying in different markets with different investing strategies Reaching out and interviewing investors, agents, and real estate influencers The multiple different ways to finance your real estate deals Section 8 and the pros/cons that come with it How to mitigate and manage the risk you face when real estate investing And So Much More! Links from the Show BiggerPockets Forums BiggerPockets Real Estate Podcast Blueboard Inc. BiggerPockets Real Estate Podcast Episode 423 - Dan Sullivan Zillow House Hustle BiggerPockets Real Estate Podcast 406 - Shelby Osborne Hemlane Appfolio Rent Manager MLS BiggerPockets Calculator Check the full show notes here: https://www.biggerpockets.com/rookie61 Learn more about your ad choices. Visit megaphone.fm/adchoices

We’re asked a lot on how to analyze short-term rentals. Since short-term rentals have different expenses, rent estimates, and occupancy rates, running a short-term rental analysis may seem tricky at times. Both Ashley and Tony own short-term rentals and know the often overlooked costs of running a profitable getaway. If you’re still looking for the best way to analyze your short-term rental prospect, Ashley and Tony may offer some much needed guidance! Here are some suggestions: Understand your average nightly rate, occupancy rate, and annual expenses Use tools like AirDNA and Mashvisor Use Tony’s short-term gross revenue formula Try out the BiggerPockets Airbnb Calculator Know the permitting laws and fees of the area you’re looking into Add regular business expenses to your calculations (accountants, insurance, taxes, etc.) And more! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Airbnb MLS Amazon theyoungretireeby33 Check the full show notes here: https://www.biggerpockets.com/rookie60 Learn more about your ad choices. Visit megaphone.fm/adchoices

Starting out as a rookie investor means you most likely have a lot of questions that need to be answered before you dive in and buy your first home! Whether it’s a primary residence, a house hack, or an investment property, you’ll need to know about loans, agents, inspections, and more. With us today is Scott Trench and Mindy Jensen, co-hosts of the BiggerPockets Money Podcast and authors of the new book First-Time Home Buyer. We’ve rounded up some of the most popular questions asked on the Real Estate Rookie Facebook group and asked the experts their opinions on them. Questions include: Should I use an agent-referred lender or a mortgage broker? Is more or less of a down payment better? Does my agent need to find off-market deals? How do I shop for loans? Would you buy an as-is property as your first deal? And more! Scott and Mindy have definitive answers to each of the above questions and sprinkle in a bit of their own experience, so you don’t make the mistakes they did. If you’re about to purchase a house, getting into the planning phase, or just starting to learn about real estate investing, make sure you get a copy of First-Time Home Buyer! In This Episode We Cover How to find a lender and how to compare the ones you find How loan applications affect your credit score Getting inspections on your home and using them for price reductions Buying an as-is property and what that means for your budget Running your numbers 3 different ways Keeping a healthy safety reserve, regardless of if your home is a primary residence or an investment And So Much More! Links from the Show BiggerPockets Money Podcast Rose Buckley episode Zillow realtor.com BP Insights Craigslist BiggerPockets Calculator BiggerPockets Forums MLS HomeReady Homepossible USDA Eligibility Map Redfin Your 48 point DIY Home Inspection Checklist Check the full show notes here: https://www.biggerpockets.com/rookie59 Learn more about your ad choices. Visit megaphone.fm/adchoices

This week’s question is a very common one that has frequently come from novice and experienced real estate investors alike. If you own rentals, you may be thinking about this as well. When do you do the work yourself vs. hire it out? The answer depends on different factors, such as where your rentals are located in relation to you, how solid of a team you have, whether or not you have experience doing the work, and more. Tony and Ashley both have different experiences when it comes to swinging hammers and laying down floors. One thing they agree on: you want to be in a place where you can hand off the work if needed. Here are some suggestions to make the decision easier: Create systems that allow you to step away if possible Have a great team in place so you always have work to outsource Make a checklist whenever you do a new task Look at your goals and hire out accordingly Read Who Not How, The E-Myth, and Traction And more in the episode... If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Learn more about your ad choices. Visit megaphone.fm/adchoices

Everybody knows someone who has attended some kind of course, workshop, or “guru” consulting. Maria Acosta attended one after watching HGTV, and ended up buying her first rental property from someone at the conference. What she thought she was getting was a turnkey duplex that had professional management and was rented out on both sides. What she actually got was a trashed duplex without tenants and a roach infestation. Bad luck right? Thankfully, Maria isn’t a quitter, and all that did was inspire her to be more diligent with her future deals. Now, that same property has healthy cash flow each month (and no roaches). Maria has gone on to do a few flips, a couple wholesale deals, and owns 8 units throughout the United States. She’s learned some impactful lessons along the way, like how to fire and hire a property manager, what to look for in a pre-foreclosure property, and how to get a subject to deal under contract. Maria has been through some tough scenarios that many experienced real estate investors would have never dreamed of. Ever had to track down the brother of a partner of a seller who has no address? Maria has done it. Ever had to get a father who is in a correctional facility in another state to sign a power of attorney for a property? Maria has done it. She’s hired multiple VAs, set them up on a system and schedule to find off-market deals, and created a small real estate empire that is growing day by day. This is what hustle and grit looks like in a rookie! Learn more about your ad choices. Visit megaphone.fm/adchoices

This week’s question comes from Cory on the Real Estate Rookie Facebook Group. Cory is asking: Owner financing would buy me some time to get the property rented and cash flowing as well as build some equity before taking it to my bank for conventional financing. Any tips, suggestions, stories on doing this? Many real estate professionals have an opinion on owner financing (also called seller financing). Some love it, some hate it, and some just haven’t had any experience with it. Ashley has had some great experience not only owner financing a package of properties for sale, but also being the owner who has financed her property when selling it. Here are some of Ashley’s suggestions: Show the seller that you’re financially stable with some key documents Work with the seller to find terms, interest rates, and payment options that work for you both Ask the seller what they need to make this deal work for them Draw up a letter of intent and attach an amortization schedule Get it structured and drawn up legally with your lawyer If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Learn more about your ad choices. Visit megaphone.fm/adchoices

Talking to Tyler Madden for any more than a minute, you can tell that he’s a smart guy. But would you ever guess a general contractor and real estate investor has degrees in biology and chemistry? Probably not! Tyler went to school to be a doctor, but after leaving school he found himself in the restaurant industry. He was serving tables, which later turned into bartending, and later managing the restaurants himself. He enjoyed the growth he found in the restaurant industry but realized that there was a cap to the success. At the same time, Tyler was fixing up his primary residence every so often, learning new tricks of the trade from online. He got so good at fixing up his own house, other people started asking him to take care of projects on their houses. Tyler loved fixing up houses, and decided to get his general contractor license and start up his own business. Tyler was even inadvertently house hacking and doing a live in flip/rehab on his first primary home without even realizing it. He rented out a room in his house while he was fixing up the property, which helped him cover a lot of costs. When Tyler and his wife decided to move into another house, they kept it as a rental property, and held on to a LOT of equity that he is now using to pursue future deals. He’s had a fire in a home, a break-in, and at one point had 40 cop cars surrounding him with guns drawn (he shares in the episode). Tyler is an interesting guy, and has a lot of knowledge to share on rehabbing, contracting, cost estimating, and financing! In This Episode We Cover: How doing a great remodel can boost up the price of your house significantly Taking out HELOCs (home equity lines of credit) and keeping them around for future financing options Starting an LLC so you can take advantage of financing later on Using high-end finishes vs. using standard finishes for rentals How to get your spouse on board when they are worried about real estate risk Making offers on and off market so you can get a deal in an expensive area And SO much more! Links from the Show Real Estate Rookie Facebook Group BiggerPockets Podcast Ashley's Instagram Tony's Instagram Redfin Zillow Rookie Podcast 48: 4 Ways Newbies Can Finance Deals with Richard Kelly BiggerPockets Podcast 189: 500 Deals, the $100,000 Wholesale Paycheck, & the Systems That Make it Work with Tarl Yarber BiggerPockets Podcast 438: The Ultimate Beginner’s Guide to Finding GREAT Deals in ANY Market with Anson Young PropStream Check the full show notes here: http://biggerpockets.com/rookie55 Learn more about your ad choices. Visit megaphone.fm/adchoices

This week’s topic comes from our hosts, Ashley and Tony. They’ve heard many rookies ask the same question: what are the BEST real estate apps to have? Well, Ashley and Tony have rounded up their favorite apps and created a list so you and your partners can invest more successfully and with less headache! Ashley and Tony break down some of the best apps that they use in their real estate investment careers. Here are some of their suggestions: Stessa: Manage the accounting and documents of a property Propstream: An easy way to get lists for off-market deals Wrike: Project management made easy Dealcheck: Run your numbers quicker Google Voice: Keep your tenants and vendors off your personal cell phone with a FREE business number Everlance: Mileage tracking for business traveling And More! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE) Links from the Show QuickBooks Propertyware Appfolio Podio Zillow onX Hunt LandGlide Personal Capital Google Tasks Google Calendar Google Drive Asana PriceLabs Smartbnb Click here to check the full show notes: https://www.biggerpockets.com/rookie54 Learn more about your ad choices. Visit megaphone.fm/adchoices

Kristie LeSage didn’t mind her 9-5 much before she went on a hiking trip to Yosemite. When she turned her phone off for a few days, hung out with friends, and spent time in nature, she realized that she wanted more freedom in her life. After that hiking trip, she returned home to her husband and told him it was time for her to quit. The problem? She didn’t know how she was going to make money when she left her job. After doing some options trading and making money off of it, she made the decision to leave her job by the end of summer 2019. While she was trading, her husband was getting into the BiggerPockets community, and through some of her husband’s suggestions, Kristie found another way to make money. In August of 2019, they closed on a 4-plex in San Diego. A year and a half later, Kristie and her husband have an impressive 24 doors! Kristie walks through the benefits and struggles of owning multifamily properties both in and out of state. She also talks about the different types of funding she used in order to get them under contract, including conventional loans, HELOCs (home equity lines of credit), and commercial loans. Even without a W2 or 2 years of 1099 income, Kristie proves it’s possible to start your real estate journey regardless of where you’re at. In This Episode We Cover: The advantages of buying rentals in your state or out of state Why multifamily properties made the most sense for Kristie’s situation How to leverage an array of financing options to get houses under contract How to avoid mistakes when vetting tenants (plus what to look out for) Calculating your DTI (Debt-to-income) ratio before applying for financing Self-managing multifamily properties even when they’re out of state How to show a house remotely (and safely) And SO much more! Links from the Show Real Estate Rookie Facebook Group BiggerPockets Podcast Ashley's Instagram Tony's Instagram BiggerPockets Forums Cashflow Game Rookie Podcast 42: Bed and Breakfast House Hacking with Lauren Keen Aumond Rookie Podcast 49: Targeting New Builds to Get Around the W-2 Requirements for House Hacking with Andres Bustamante GuestHouse Netflix Zelle Venmo Cash App QuickBooks Stessa Mint Budget RentRedi Buildium Appfolio Check the full show notes here: http://biggerpockets.com/rookie53 Learn more about your ad choices. Visit megaphone.fm/adchoices

This week’s question comes from Meghan on the Real Estate Rookie Facebook Group. Meghan is asking: How do I keep up the momentum after closing on two deals, when my debt-to-income ratio is too high to get another loan? I’m too new to bring experience to the table, and without much cash or financing, what do I bring to the partnership? We’ve heard this A LOT from rookies, and this is one of the main reasons that rookie investors get stuck and stop investing consistently. Ashley and Tony both have some great advice on keeping the ball rolling so your investment portfolio keeps growing! Here are some suggestions: You always have some amount of experience that is valuable to a partner Find strengths in yourself that partners may lack Share what you’re doing with other investors or in your social circles Be confident on future deals: you’re bringing partners an opportunity Look into other types of lending like commercial lending If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover Debt-to-income (DTI) ratios and how they affect loans Getting your personal finances together to show investors you’re responsible What you should say to ANY investor who may be interested on partnering up Finding a strategy that fits into your lifestyle And More! Links from the Show David Greene's BiggerPockets Profile BiggerPockets Meetups Brandon Turner's BiggerPockets Profile Check the full show notes here: http://biggerpockets.com/rookie52 Learn more about your ad choices. Visit megaphone.fm/adchoices

Real estate investors are very busy people, and often, rookie investors become busier than ever as they’re learning the tricks of the trade. Kevin Christensen is no different, he works a full-time job, runs a retail store with 5 locations, and self-manages his long and short-term properties, all while doing some handyman work himself! As a United States Marine, Kevin was used to the “improvise, adapt, and overcome” mentality, which has served him well in his investing career. Kevin only started actively investing in real estate around 2 years ago, but has so far done 18 deals, won a lawsuit, and hired two full-time contractors for his properties. He runs a very tight ship, and doesn’t let much slip through the cracks. Kevin’s secret to success is centered around just being himself: work hard, be kind to others, and focus on customer service. As you’ll hear in the episode, Kevin was able to get a $350,000 house reduced to $190,000 simply by listening to the seller’s needs and being courteous throughout the transaction, something that the other wholesalers in his area failed to do. If you’re interested in subject-to properties, it will serve well to heed Kevin’s advice. He was sued in the middle of a subject-to deal while renting out a house as a short-term rental. Kevin walks through exactly why the sellers were suing, how he protected himself, and how he pulled in $14,000 of revenue in only around 2 months! You’ll probably hear Kevin on the BiggerPockets Real Estate podcast soon, because even though he’s a rookie in years, he’s a pro in experience! In This Episode We Cover: How to be a better wholesaler and listen to what sellers need Getting your spouse on board for real estate investing What a subject-to property is and how to facilitate a subject-to transaction The best property management software (that’s also free!) The importance of having a W2 income if you’re going to BRRRR, flip, or buy long-term rentals Why short-term rentals can be serious cash-flowing investments When to BRRRR and when to flip (depending on your goals and finances) And SO much more! Links from the Show Real Estate Rookie Facebook Group BiggerPockets Podcast Ashley's Instagram Tony's Instagram Rookie Podcast 32: Debt Free with 2 Rentals and Counting with 24-Year-Old ICU Nurse Prescott Williams Cozy Smartbnb PriceLabs Check the full show notes here: https://www.biggerpockets.com/rookie51 Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to the first Rookie Reply episode of the Rookie podcast! We’ll be taking questions from Facebook, Instagram, the BiggerPockets forums, and maybe even the Rookie Request Line (Call us at 1-888-5-ROOKIE). This week’s question comes from Trevor on the Real Estate Rookie Facebook Group. Trevor is asking: What was the hardest part of getting started? What helped you overcome that obstacle, and how do you mitigate analysis paralysis? This is a question we often get, so it’s perfect for the first Rookie Reply show. Here are some suggestions: See the first deal as a learning opportunity Don’t let it become emotional Verify your data and numbers Have another exit strategy Get an accountability partner And more in the episode... If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! In This Episode We Cover How to overcome analysis paralysis Why you should know your “worst case scenario” and adjust accordingly to it Having other exit strategies for your property Having reserves (or a partner with reserves) Taking the emotion out of the deal And More! Links from the Show BP Insights Rookie Podcast 12: What Works (and Doesn’t) in a Recession & the Untold Story of J Scott’s Messy First Flip Check the full show notes here: https://www.biggerpockets.com/rookie50 Learn more about your ad choices. Visit megaphone.fm/adchoices

Not many college students get their real estate license while in college, let alone during freshman year. Andres Bustamante did just that, becoming a leasing agent so he could cover his housing and tuition costs. Andre didn’t know if he would go into real estate full-time after college, but when he found the BiggerPockets Podcast in the Summer of 2019, he decided to make the jump. Andres reached out to a guest on the show, who later became his mentor and asked Andres to join his team! In his first year of full-time real estate Andres managed to sell 15 houses, with 15 more under contract as we speak. He lives in a house hack, has another house hack under contract, and bought an AirBnB as a short-term rental. Since Andres had 1099 income he wasn’t able to take the traditional route to house hacking that W2 employees have available to them. Instead, Andres found new construction projects going up, put down earnest money for them, and locked in the deal. As Andres describes, he was able to get into these projects at “stage 1”, so as the builders were building, Andres was guaranteed a price for a house that was appreciating everyday in his growing market. As Andres has been house hacking he's come up with some great ways to verify that tenants will work for you and for your profit margins. He talks about what he provides, what he puts in his leases, how he decides on tenants, and more helpful tips for any aspiring house-hacker! In This Episode We Cover: How to get a property for house hacking when you don’t have a W2 What you’ll need to get a new build under contract How earnest money differs from a down payment The criteria you should have in place for househack tenants How to split utilities among tenants when house hacking How to make equity profit from new builds And SO much more! Links from the Show Real Estate Rookie Facebook Group BiggerPockets Podcast BiggerPockets Podcast 352: No Driver’s License, No Money, No Excuses: How Diego Corzo Blazed a Trail to 18 Doors BiggerPockets Podcast 329: Financial Freedom Before 30 Through Just 10 Deals With Felipe Mejia Diego Corzo’s Instagram Stessa Ashley's Instagram Tony's Instagram Check the full show notes here: https://www.biggerpockets.com/rookie49 Learn more about your ad choices. Visit megaphone.fm/adchoices

After Richard Kelly shadowed a veterinarian for the day, he realized that his passion wasn’t performing surgery on animals, it was actually money. This led him to become a banker and after he was given the book Rich Dad Poor Dad, his interest in real estate investing was sparked. After deciding he wanted to become a landlord, Richard found BiggerPockets and started listening to every episode of the podcast he could. After feeling confident enough in the real estate investing education space, he made his first jump into flipping, buying a short-sale home with some creative financing via hard money loans. After some very heavy hard money fees paired with long nights working to get his flip finished, he walked away with a solid profit, and knew that he wanted to park it in buy-and-hold investing. Currently, Richard has completed 2 flips and owns 2 rentals (a single family and a duplex), and knows exactly what (and what not) to look for when using hard money and creative financing. Now, he’s here to share the knowledge with all of us. Richard has done 4 deals, with 4 completely different ways of financing. From private money, to 401(k) loans, and using a fan favorite, the 203(k) construction loan. He also talks through how to find deals, who to partner up with, and why you need a great real estate agent especially when you’re just starting out. In This Episode We Cover: Why short sale properties may be a great buy for new investors The importance of having reserves when going through hard money lending How to get comfortable with making offers (before you see the place) Financing through hard money, 401(k) loans, and 203(k) loans Finding quality partners that make deals easier How to find off-market deals, wherever you are Richard’s favorite tools for finding and managing properties And SO much more! Links from the Show Real Estate Rookie Facebook Group Yes Man Trulia Zillow Redfin Realtor BiggerPockets Hard Money Lenders Propstream BiggerPockets Forums BiggerPockets Real Estate Show BiggerPockets Money Podcast Genius Scan Stessa Ashley's Instagram Tony's Instagram Check the full show notes here: https://www.biggerpockets.com/rookie48 Learn more about your ad choices. Visit megaphone.fm/adchoices

Andres Bernal came to America to play tennis with only $500 in his pocket. He thought that professional tennis is what his life would end up revolving around. After playing for 2 years and being burnt out from work, Andres decided to take some advice from his family members: start buying real estate. After buying his primary residence, he started looking into multi-family homes that could make him some cash flow each month. He later put down 3.5% with an FHA loan to purchase a triplex, and rented out the bottom 2 units while he lived in the upper 3rd unit. He sold his condo, had some cash, and was ready to start investing more. Andres had some pretty creative ways of getting funding for his real estate deals. He started calling every contact in his phone, asking if they were interested in real estate, and if they were, he packaged up a deal for them. The trade? He does the work and the analysis, they do the financing. These types of partnerships have worked well for Andres and they can work for other rookies as well. His advice is to test the partnership, build the trust, and use the BiggerPockets Rental Property Calculator! The rest will fall into place. In This Episode We Cover: Why FHA loans are a great first financing tool for rookie investors Calculating out your “worst case scenarios” on houses How to treat tenants so they want to stay (and will respect your home) Why investors need to solve a problem for tenants (especially those that cause you the most trouble) Finding local investors and investors within your existing circles The profitability of student housing as an investment Using social media to grow your existing network How to set expectations for contractors And SO much more! Links from the Show Real Estate Rookie Facebook Group BiggerPockets Bookstore BiggerPockets Forums BiggerPockets Podcast BiggerPockets Meetups Find a Real Estate Agent Brandon Turner Check the full show notes here: http://biggerpockets.com/rookie47 Learn more about your ad choices. Visit megaphone.fm/adchoices

Most rookie real estate investors want to hit a home run on their first deal, Annie and Trey Johnson did it completely on accident. Neither of them were interested in being landlords or real estate investors, but after they made six figures profits on their first home, they realized there was real money in the real estate game. Annie and Trey were looking for a home to raise their family in. They found the perfect plot of land which had a new manufactured home and a scenic view. After living in the home for a few years they decided to move elsewhere to be closer to family, and instead of selling it, they decided to rent it out for a year. Now they were landlords by accident, and as the money started to flow in every month they questioned “is this something people are normally doing to make money?”. Fast forward a year, they subdivided the land, sold the home, and walked away with profits exceeding $200,000. Not bad for a couple of rookies! Annie and Trey now invest out of state, building up their real estate portfolio by rehabbing inexpensive homes. They’re so into real estate, that Annie even hosted her own socially-distant meetup during 2020! This investor couple walks through their keys to success, the players on their team that make the biggest difference, and how they went from just homeowners to real estate investors! In This Episode We Cover: How to use your primary home to make more money The ability to cash flow using ADUs and mother-in-law suites How to parcel out lots of land to sell them separately (and make more money!) Why writing a “love letter” may be a good move when submitting home offers How a good or bad property manager can make or break your long-distance investing What to do when there are no meetups in your area (or COVID has limited them) The best advice for new rookies who are looking to find their first deal How to find funding for your BRRRR And SO much more! Links from the Show Real Estate Rookie Facebook Group BiggerPockets Bookstore BiggerPockets Forums BiggerPockets Podcast BiggerPockets Meetups Rookie Podcast 43: Defeating 5 Years of Analysis Paralysis to Do 4 Deals in 2020 with Jacqueline Smith Check the full show notes here: https://www.biggerpockets.com/rookie46 Learn more about your ad choices. Visit megaphone.fm/adchoices

Not one, not two, but three real estate rookies join us on the first Real Estate Rookie episode of 2021! Beth Henson, Jackson Seedott, Jordan Crockett all started their real estate investing careers in 2020, but are in different stages of the game. They each have contrasting strategies, goals, and visions for 2021, making this interview even more interesting! Beth acquired 6 units in 2020! She’s also got 3 more units under contract and is ready to close in early 2021. Beth is also flipping houses as well and has a BIG revenue goal to hit in 2021 for her flipping business. Jackson is still looking to get his first deal under contract but made a very impressive personal finance transition in the 2020. He doubled down on his side business during COVID-19 and has seen revenue triple, which is going directly into his investing fund. He’s analyzing deals, calling agents, and ready to get his first deal in Q1 of 2021! After joining the “How to Get Your First Rental in 90 Days” webinar, Jordan made it his mission to get his first rental property under contract. Jordan bought a duplex within that 90 day timespan and house hacks one side of it. He’s looking to add more rentals and start wholesaling in 2021. These 3 investors talk about their visions for 2021, how they accomplished success in 2020, and what new investors can do to maximize their efforts for the coming year. In This Episode We Cover: The importance of having a profitable side business Why daily consistent action is the driving force behind goal accomplishment The reason real estate investors vet contractors, agents, and partners so thoroughly Why it’s okay to not know everything, especially if you’re just getting started Defining your “worst case scenario” and making a plan to tackle it How to follow up on your action items for your 2021 goals And SO much more! Links from the Show Real Estate Rookie Facebook Group Dave Ramsey BiggerPockets Bookstore Zillow Craigslist BiggerPockets Money Podcast 151: From Single Dad w/ $61K in Student Loans to Financially Savvy Real Estate Investor with Tony J Robinson BiggerPockets Webinars Rookie Podcast 24: 13 Units Despite Being Stationed 5,000 Miles Away with Naaman Taylor BiggerPockets Podcast 398: 22 BRRRR Properties in Under 10 Hours Per Week with Tarl Yarber BiggerPockets Forums Cozy QuickBooks Stessa Appfolio Check the full show notes here: http://biggerpockets.com/rookie45 Learn more about your ad choices. Visit megaphone.fm/adchoices

You asked, we answered! This week we’re tackling the most common and most interesting questions asked on the rookie request line! If you’ve sent in a voicemail, you may be featured on this week’s episode! Questions such as: What is better, LLCs vs. Sole Proprietorships for buying properties? How to find a great real estate agent What do you do after you’ve bought your first rental? The best investment types that AREN’T real estate How to start buying rentals after bankruptcy And many more great questions! These will all be answered by our two experienced co-hosts, plus a special cameo from our senior producer, Kevin! If you’ve been wondering about a certain aspect of real estate or just want to know what you can do to get started, this is the episode for you! In This Episode We Cover: How LLCs can limit or expand your financing for rental properties What factors make a great agent (and which one’s definitely don’t) The importance of shopping around for many different financing options What other asset classes real estate professionals invest in Subletting and AirBnB arbitraging How lenders look at income when two different partners are in on a deal Whether you should pay off debt or add more investments And SO much more! Links from the Show Real Estate Rookie Facebook Group BiggerPockets Find an Agent Rookie Podcast 43: Defeating 5 Years of Analysis Paralysis to Do 4 Deals in 2020 with Jacqueline Smith Dave Ramsey Debt Free Community on Instagram BiggerPockets Money Rookie Podcast 23: From Dave Ramsey Disciple to No-Money-Down Real Estate Investor with Sarah Brandenberger BiggerPockets Keyword Alerts How I Used Real Estate to Pay for My Newborn Daughter’s College Education (Brandon Turner's Blog Post) Cashflow Board Game Be a Guest on the Podcast! Check the full show notes here: http://biggerpockets.com/rookie44 Learn more about your ad choices. Visit megaphone.fm/adchoices

Jacqueline Smith knew that she didn’t want to have a big loan on her first house. The way she solved the problem: buy a foreclosed home and do a live in flip! It worked out so well, that she later decided to do it again, on her second home. Her and her husband then had the idea to go at it full time. Even during COVID-19, Jacqueline and her husband have 4 flips in the making, and are looking to add more when deals pop up. She’s been through a lot in her short flipping career, from a tornado coming through a house she was working on, to builder tools being stolen while they were housed on site. This only made Jacqueline find better and more efficient ways to do her flipping. Many of the deals Jacqueline has worked on have come from realtors and investors she’s met through organizations like BiggerPockets and her local REIA. She strongly urges any new investor to join their local real estate groups, talk to investors, and present deals to other experienced professionals when they have the ability to. Jacqueline’s husband now is able to work on their flips as his primary business, plus get paid for the labor! Even in a crazy year like 2020, Jacqueline and her team have decided to go bigger, when many other investors were holding back. In This Episode We Cover: How to find foreclosed homes that are perfect for flips The importance of building equity in order to fund your future deals How to stop “analysis paralysis” from creeping in Why you should attend meetups and networking events How to introduce yourself to other real estate professionals, whether you’re at a meetup or just getting coffee What to look for in a partner, especially if you’re new to flipping Whether or not to put in an “escalation clause” when submitting an offer Why you should always have security cameras on site And SO much more! Links from the Show Real Estate Rookie Facebook Group Ashley's Instagram Tony's Instagram Hubzu Mike Butler's Website BiggerPockets Forums BiggerPockets Meetups Dave Ramsey DISC Profile Quickbooks Security National Mortgage Company Rookie Podcast 27: 5 Doors by Using Seller Financing for the First Time with Aaron Chapman Delayed financing highlights from Jacqueline's Friend at SNB Jacqueline's Excel Spreadsheet Check the full show notes here: https://www.biggerpockets.com/rookie43 Learn more about your ad choices. Visit megaphone.fm/adchoices

Lauren Keen Aumond was only 22 years old when she got her primary residence under contract, and 23 when she purchased it. She realized that the rents in her area were higher than the mortgage payment of buying a house, so she bought a home, leased out a room, and incidentally discovered house hacking. At 23 she was only paying $200 a month to own a home that would appreciate for many years to come. This is when Lauren decided that real estate would become a bigger part in her life than she had planned. She then spent the next decade buying a second home, selling it, and cashing it in for a duplex. Now she owns a cash-flowing duplex plus her latest purchase, a house hacking bed and breakfast! This home was situated on a decent sized lot, with a primary home, 2 cottages, and a mobile home! As a resourceful investor, Lauren decided the best way to make this a cash flowing property was to turn the two cottages into short-term rentals and buy a camper as a 4th unit on the property. Lauren now juggles school, a full time job, small businesses, and her rental portfolio all at once. She goes into some seriously messy situations she’s been in with tenants, from evictions, to break-ins, and even utility siphoning. With all that being said, she still feels confident as ever to be a landlord, and isn’t looking back! In This Episode We Cover: Why house hacking is great for young real estate investors Why you need to focus on the numbers, not emotions in a deal Different financing options for multi-family properties Creative ways to house hack a property with different units on one lot How to get multiple appraisals (if the first doesn't cut it) Dealing with very troublesome tenants (especially during COVID) Why you shouldn’t give up even if a property’s numbers fall short And SO much more! Links from the Show Real Estate Rookie Facebook Group Ashley's Instagram Tony's Instagram BiggerPockets Bookstore 7 Metros With the Biggest Rent Growth Over the Last 5 Years Vrbo Airbnb AirDNA Smartbnb Felipe Mejia's Instagram Check full show notes here: http://biggerpockets.com/rookie42 Learn more about your ad choices. Visit megaphone.fm/adchoices

Kyle Mack was only a senior in college when he bought his first duplex, house hacked it, and caught the real estate bug. Since graduating he’s held a handful of jobs, from retail, to becoming a leasing agent, and even a commercial real estate broker. But that wasn’t what Kyle’s degree was in, he was actually planning on becoming a doctor. Kyle talks through how he gained the confidence to take on an 18 unit apartment building, not too long after closing on his first property. He also talks about the importance of financing, and how it can help you scale. Using financing like hard money, credit cards, and cash to close on properties, Kyle has had to think on his feet to get deals done. He walks us through the best way to approach hard money loans, how to have lenders lined up for deals, and what to do when you can’t refinance at the end of a BRRRR deal. Kyle brings up “imposter syndrome" and how it’s easy to psych yourself out of deals that you can handle. This is a great episode for any new investor who has never used hard money, creative financing, or wants to go from 1 unit, to many. In This Episode We Cover: How Kyle bought his first duplex before graduating college How to pivot career paths, even if you’re just starting out Why it’s important to do the “hard” parts of real estate, not just busy work What a land contract is, and how it differs from seller financing Using 0% credit cards to finance materials for deals How to prepare your deals for hard money lenders How to find great electricians, general contractors, and other professionals Why you need to ignore the “imposter syndrome” that can creep up during deals And SO much more! Links from the Show Real Estate Rookie Facebook Group Ashley's Instagram Tony's Instagram Buildium BiggerPockets Forums BiggerPockets Zillow Moo BiggerPockets Podcast Check the full show notes here: http://biggerpockets.com/rookie41 Learn more about your ad choices. Visit megaphone.fm/adchoices

Investor couple Anam and Aamir have been hard at work during COVID, locking down deals and BRRRR-ing more and more houses. Through years of system-building and deal mistakes/lessons, they were able to create a system that allows them to save time searching for deals and know immediately whether a property is worth the investment or not. After pinpointing exactly what they wanted in a deal, Anam and Aamir took the time to develop systems and processes that would help them get properties rehabbed and rented faster. So how did they finance these deals? HELOCs, credit cards, cash, hard money, and other creative financing. This is what allowed them to build a portfolio of 21 units within a few years, all while working full time jobs that take up much of their waking hours. With their deal criteria system (A.R.E.A), they’ve been able to turn their dreams into reality. Now at only 28 and 30, Anam and Aamir are on track to close more and more deals, securing their financial independence all while building appreciating wealth. In This Episode We Cover: How you can grow your rental portfolio, even during a pandemic How to get your processes and systems down so they work for you Using your partner’s strengths/weaknesses to inspire growth How to use different creative financing strategies to get deals faster How to find a hard money lender that works with your time-frame and ARV What the A.R.E.A system is, and how it can help you find high-quality deals The importance of running accurate comps in a desired area Using your mistakes to make yourself into an educated investor And SO much more! Links from the Show Real Estate Rookie Facebook Group Ashley's Instagram Tony's Instagram Buildium BiggerPockets Forums BiggerPockets Check the full show notes here: http://biggerpockets.com/rookie40 Learn more about your ad choices. Visit megaphone.fm/adchoices

Thomas Tsitouridis is truly a jack of all trades. As a kid, he was used to helping on the project-management side of his parent’s 64-unit apartment building (taking out the trash, helping with tenants, and so on). He later realized that real estate investing would hold a special place in his future. Thomas later worked for a construction manager, then chose to start his own construction business, property management business, and long term buy-and-hold business. Using the experience and cash flow from his construction business, Thomas found that he could amplify his money by buying deals and using his own team to do the construction and rehab. Now Thomas (and his partner) are buying multifamily deals, fixing them up, and getting sustainable cash flow, so they can retire early. Within his first year as a real estate investor, he has already learnt a lot. Thomas shares some great tips on tenant management, system automations, construction, and even financing so you can get better ROI earlier on! In This Episode We Cover: What to look for when partnering up with other investors The importance of having a great broker on your team Why you need to take action and lock down your first deal How to facilitate a rent increase while having empathy for tenants How to split responsibility between you and your partner Why ARM loans are a great choice for the BRRRR strategy Managing tenants while controlling your own emotions Why you need to ask the stupid questions to be smarter later on How to start automating everything in your real estate business And SO much more! Links from the Show Real Estate Rookie Facebook Group Ashley's Instagram Tony's Instagram Realtor.com BiggerPockets Calculators BiggerPockets Insights Chase Buildium Tidying Up with Marie Kondo Check the full show notes here: https://www.biggerpockets.com/rookie39 Learn more about your ad choices. Visit megaphone.fm/adchoices

Feeling stretched for time in your investing career? Today we talk with Adam Whitney, an active duty military member, working full-time, with children, a wife, and an active investment portfolio! With so much going on at once, Adam makes it look easy, juggling his hectic military life while accomplishing his long term goals. Adam started learning about real estate over a decade ago, but didn’t dive in until 2017. Thanks to his “ruthless work ethic”, he’s been able to stack up his rental portfolio, make meaningful mentor connections, and join masterminds in only a few years! Adam talks about getting 0% down loans, locking down long-distance real estate deals, doing thorough inspections when buying sight-unseen, and how to start relationships with mentors and real estate professionals you look up to. With a healthy portfolio of rental properties spanning across the country, Adam is the perfect example of someone who found the time to accomplish his (and his family’s) dreams of financial independence! In This Episode We Cover: How to make time for investing with a career, family, and hectic schedule The importance of goal-setting for you (and your partner) Setting specific goals to silo your vision for a brighter future Gaining the experience to get your 2nd, 3rd, or 4th deal (and beyond!) Why you should start “aggressively networking” How to reach out to your real estate heroes (and get responses) Reading and making sense of a pro forma analysis Optimizing your home inspection process (for less!) How to tackle a joint venture (even if it’s your first) How your “why” drives your deals forward And SO much more! Links from the Show Real Estate Rookie Facebook Group Ashley's Instagram Tony's Instagram Brandon Turner's BiggerPockets Profile BiggerPockets Podcast Biggerpockets Calculators Rookie Podcast 29: Growing Your Portfolio with Turnkey Investing with Whitney Hutten and Lance Robinson Check the full show notes here: http://biggerpockets.com/rookie38 Learn more about your ad choices. Visit megaphone.fm/adchoices

Big news: previous guest Tony J Robinson is back... he's now your new co-host alongside Ashley. Today, you'll get reacquainted with Tony and learn how he rapidly expanded his portfolio this year. In fact, he went from owner of 2 houses when he appeared on the show in March... to closing on his 7th property (!) next month. ...How tho? Tony spells it out today: from finding new financing options in Louisiana (he lives in Southern California), to breaking into the short-term rental game in the Great Smoky Mountains of Tennessee and Joshua Tree, CA. Plus: a next-level tip we haven't heard before: using a line of credit against your stock portfolio (rather than a property) to free up short-term cash. We're excited to have Tony on board; get to know him in this episode, and we'll see you next week! In This Episode We Cover: Investing in short-term rentals in 2 locations 2,000 miles apart Using 10% down vacation home loans to buy Airbnb's Self-managing Airbnb's using automation and pricing software Why short-term rentals fit Tony's personality and skill set Getting his fiancé involved in his real estate investing business Borrowing money against a stock portfolio Taking the leap to buy a property "sight unseen" His plan to buy a short-term rental every 3 months And SO much more! Links from the Show Real Estate Rookie Facebook Group Ashley's Instagram Rookie Podcast 10: 2 Long-Distance Rentals with $0 Down with Tony Robinson BiggerPockets Podcast 364: Snowballing 6-Figure Short-Term Rental Profits Into Passive Investments with Avery Carl Airbnb App PriceLabs Smartbnb HorseflyRealty David Greene's BiggerPockets Profile Rookie Podcast 34: School Teacher Making $72,000 a Year in Cashflow with Amy Barber Nerds Guide to FI Rookie Podcast 23: From Dave Ramsey Disciple to No-Money-Down Real Estate Investor with Sarah Brandenberger Ryan Dossey's Instagram Check the full show notes here: http://biggerpockets.com/rookie37 Learn more about your ad choices. Visit megaphone.fm/adchoices

BiggerPockets Senior Producer Kevin Leahy shares some news about a change in the Real Estate Rookie host lineup. Learn more about your ad choices. Visit megaphone.fm/adchoices

Today's guest is Gary Janica, a Jacksonville, FL investor who loves his "stress-free job"... but realized he needed side hustle income to better support his family. Enter real estate investing! Gary's portfolio is on the smaller side – he owns 2 duplexes – but he's been able to drastically change his financial picture by house hacking and extracting hidden value with "garage apartments." If you share similar goals, check out this episode to get inspired and learn something new – and connect with Gary by leaving a comment on the show notes page. Links from the Show Real Estate Rookie Facebook Group Felipe's Instagram Ashley's Instagram BiggerPockets Forums BiggerPockets Podcast Bailey's Health and Fitness Realtor.com Zillow The Stack: The Perfect Blueprint To Scale Quickly In Real Estate by Brandon Turner BiggerPockets Youtube Channel Impact Theory Simon Sinek Marcus by Goldman Sachs BiggerPockets Podcast 365: Ret. Navy SEAL Jocko Willink on Embracing Discomfort and Leading Through Extreme Ownership (+ His Real Estate Investing Tips!) Buildium Check the full show notes here: http://biggerpockets.com/rookie36 Learn more about your ad choices. Visit megaphone.fm/adchoices

From $25,000 purchase prices last week to $300,000+ group houses this week! We head to the Bay Area today to meet pharmacist Ryan Chaw, who ventured about an hour away from his hometown and began buying 1 house per year and renting them by the room to college students. Ryan collects nearly $11,000/month from 18 tenants, and is creating the kind of generational wealth his grandfather used to put both him and a sibling through college. Does renting to college kids sound like a disaster waiting to happen? Well... Ryan has found several ways around this, and in this episode he outlines the checklists, systems, and "personal touches" he uses to self-manage without the headaches. Ryan opens up about an early failure, too. He wasn't getting all his rooms filled, and he realized he wasn't doing a good enough job advertising. So he developed step-by-step, "P.R.I.M.E." marketing method to attract a steady stream of qualified applicants... and you'll learn each step today. If you're struggling how to figure out just how to create cashflow in a spendy market, follow Ryan's lead! Get creative, consider rent-by-the-room and other outside-the-box strategies, and reap the rewards of greater appreciation and stability that come with high-priced areas. In This Episode We Cover: How Ryan is succeeding in one of the most expensive markets in the country, the Bay Area Using his job as a pharmacist to get conventional financing Creating generational wealth through real estate How he saved up to buy 1 property per year, 4 years in a row Why he rents his houses to college students The systems he uses to manage 18 tenants and avoiding roommate drama Unlocking hidden value and boosting rental income by adding bedrooms Lessons learned from a difficult tenant who smoked weed and played loud music Why "buy then wait" beats "wait then buy" And SO much more! Links from the Show Real Estate Rookie Facebook Group Felipe's Instagram Ashley's Instagram BiggerPockets Forums BiggerPockets Podcast Rentometer Yelp Zillow Check the full show notes here: https://www.biggerpockets.com/rookie35 Learn more about your ad choices. Visit megaphone.fm/adchoices

What do you get when you combine Dave Ramsey-style frugality with aggressive deal-finding tactics? You get teacher Amy Barber and her fiancé, Jay – and their $6,000 monthly cashflow in rural Iowa. In this episode, Amy shares her strategies for buying foreclosed ranch houses in cash, cleaning them up, then refinancing so she can repeat the process again and again. Think no one's doing deals during the pandemic? Well, she's bought 4 houses in the past 4 months, and plans to keep going until she's making enough to comfortably leave her W-2 job. If you're looking for guidance on how to build the financial foundation so you can invest in real estate from a position of strength, Amy's story will fire you up and get you ready to take that most important next step toward "getting rich slowly" just like her. By the way, Amy came to our attention through the Real Estate Rookie Facebook group. If you find other awesome investors who would make a great fit for the show, tag us or send them to biggerpockets.com/guest so they can apply. In This Episode We Cover: How Amy got started as an "accidental landlord" during the Great Recession Buying 4 properties in the last 4 months Finding deals through her fiancé's job in foreclosure preservation How they bought a foreclosed house and created $50k in equity Taking Dave Ramsey's course to get her finances under control Delaying gratification and making sacrifices to create enough cashflow to quit her W-2 job Working 2 jobs and doing real estate on the side And SO much more! Links from the Show Real Estate Rookie Facebook Group Felipe's Instagram Ashley's Instagram BiggerPockets Forums BiggerPockets Podcast Financial Peace University by Dave Ramsey Airbnb Outdoorsy Mint Cozy Stessa Apartments.com Asana Zillow Brandon's BiggerPockets Profile BiggerPockets Money Podcast Check the full show notes here: https://www.biggerpockets.com/rookie34 Learn more about your ad choices. Visit megaphone.fm/adchoices

Today we bring you another mentor/mentee conversation, where Joe Roberts shares his experience working alongside Steve Rozenberg to buy his first long-distance investment property. Joe is a U.S. Marine helicopter pilot who regularly deploys to combat zones, so efficient systems are a must for him. Steve, a commercial airline pilot and experienced investor, loves designing standard operating procedures. Perfect fit! The two got paired up when Joe won Mynd Property Management's $20,000 mentorship contest, and today they reveal how Joe found the perfect market, neighborhood, and property for his first BRRRR. You'll love hearing how Joe and Steve developed their strategy based on Joe's goals for appreciation, equity, and cashflow; how he analyzed the numbers in several markets before settling on Atlanta; how he documented his process to he can repeat the process over and over again (even while deployed)... and why he'd rather hire property management than deal with tenants himself. This show gives you a peek into a real-world mentorship and breaks down the mistakes and lessons learned along the way. Let us know what you think of this episode in the comments at biggerpockets.com/rookie33, and we'll see you next week! In This Episode We Cover: How Joe got started in real estate while serving as a Marine helicopter pilot Why Steve chose Joe as the winner of the $20,000 Mynd mentorship contest Why Steve and Joe chose to buy a long-distance deal in Atlanta, GA How they crunched the numbers once they chose a market Why they pulled out of two deals after bad inspections Getting aligned with your spouse or partner regarding your real estate goals Using BiggerPockets' market-specific sub-forums to find an agent Time management strategies for busy people (you!) And SO much more! Links from the Show Real Estate Rookie Facebook Group Felipe's Instagram Ashley's Instagram BiggerPockets Forums BiggerPockets Podcast BiggerPockets Conference BiggerPockets Podcast 352: No Driver’s License, No Money, No Excuses: How Diego Corzo Blazed a Trail to 18 Doors BiggerPockets Agents Cozy BiggerPockets Youtube Channel Check the full show notes here: http://biggerpockets.com/rookie33 Learn more about your ad choices. Visit megaphone.fm/adchoices

Frontline healthcare worker... Air Force Reservist... real estate investor! 24-year-old Prescott Williams is a renaissance man committed to building real wealth through real estate while serving his community and his country. Today he walks us through his first 2 deals, and the 3 deals he's currently working on in the Hattiesburg, Mississippi area. Prescott shares some great shortcuts for investors who work full-time – from creating a "rental requirement list" with your personalized criteria to publicly posting your real estate goals (you never know who will send you a lead!). A lot of our guests choose their real estate agent as their MVP, but for Prescott it's his mortgage lender. You'll learn how he finances his rehabs and new construction deals by partnering with a small local bank – a strategy you can model (if you're willing to put in a little legwork!) Give Prescott a follow on Instagram @prescott_williams -- and follow us by joining our Real Estate Rookie Facebook Group: just search "Real Estate Rookie" and answer the screening questions to join 15,000 other like-minded investors. In This Episode We Cover: Prescott's strategy for graduating college debt-free Finding a flexible local "portfolio" lender Persuading his parents to take out a HELOC to help him get started in real estate investing Sleeping on an air mattress while renovating a house His "rental requirement list" criteria How he uses the "1% rule" (rent = 1% of purchase price) to guide his purchasing decisions The stress-free way to handle maintenance calls How he's gotten deals just be posting his goals on social media And SO much more! Links from the Show Real Estate Rookie Facebook Group Felipe's Instagram Ashley's Instagram BiggerPockets Forums BiggerPockets Podcast BiggerPockets Podcast 348: Full-Time Job, Full-Time Mom, and Full-Time Wealth From Rentals with Ashley Kehr BiggerPockets Podcast 329: Financial Freedom Before 30 Through Just 10 Deals With Felipe Mejia BiggerPockets Podcast 012 : Wholesaling and Marketing with Sharon Vornholt Zillow Check the full show notes here: http://biggerpockets.com/rookie32 Learn more about your ad choices. Visit megaphone.fm/adchoices

So... how do partnerships work in real life? Today, you'll learn how – from two new(ish) real estate investors: Amy Swayze and Chris Lawrence. Amy breaks down her partnership with her adult son, who used his retirement fund to jumpstart their investing career earlier this year (right before COVID hit!). Here's the arrangement: Amy's son brings the money and crunches the numbers; she manages rehabs and gets tenants in their BRRRR rental properties. Chris is a more experienced investor, having left his sales job to start investing full-time in the Rochester, NY area. Still – when he first jumped into real estate investing, he realized he was missing a few pieces of the puzzle (including liquid $$$). So what did he do? He found a partner! Like Amy, Chris and his partner split everything 50/50. They use a HELOC to borrow money at a low interest rate... so they can make cash offers when they're looking for flips and wholesale deals. This is a real-life look behind the curtain to see how two rookie investors are running their business, and using partnerships to supercharge their wealth-building. Don't miss it... and if you enjoy it, share it with a friend or family member. Who knows, he or she might want to partner up with you someday! In This Episode We Cover: How Amy partnered 50/50 with her son, an electric line worker who likes the tax advantages of real estate How she and her son divide duties Using hard money to fund their BRRRR deals Starting out in real estate investing right before COVID-19 hit How Chris' partner complements his skill set How he evaluates various exit strategies A deep dive into one of Chris and his partner's recent fix-and-flips And SO much more! Check the full show notes here: https://www.biggerpockets.com/rookie31 Learn more about your ad choices. Visit megaphone.fm/adchoices

"I know partnerships can help me build wealth, but how do they actually work in practice?" This is one of the most common questions we get... and today Felipe and Ashley outline 6 rules for partnering on your real estate investments. From identifying the missing piece that's holding you back, to defining clear lanes and avoiding common pitfalls... this show is a must-listen for any new investor who realizes she can't do it all herself. Be sure to come back next week for Part 2 – where you'll hear the details of real-world partnership case studies, as told by a handful of investors who have made it work! In This Episode We Cover: Identifying the "missing piece" to get a deal done Knowing your numbers and being prepared Making your official presentation (finances, experience, deal analysis) Offering an opportunity rather than begging for help Various financial structures you can use How Felipe found a partner to do the books Why Ashley partnered with a construction expert on a full gut remodel And SO much more! Links from the Show Real Estate Rookie Facebook Group BiggerPockets Podcast 352: No Driver’s License, No Money, No Excuses: How Diego Corzo Blazed a Trail to 18 Doors BiggerPockets Podcast Investor Girl Britt's Instagram BiggerPockets Podcast 320: Hands-On BRRRR Investing and DIY Secrets with Instagram Star Brittany Arnason Rookie Podcast 25: What Appraisers Look For and What it Means for You with Investor/Appraiser Josiah Smelser Check the full show notes here: https://www.biggerpockets.com/rookie30 Learn more about your ad choices. Visit megaphone.fm/adchoices

Expensive market? Busy with a career and other priorities? There are a lot of compelling reasons to consider turnkey investing in a more affordable area – where a local "operator" sells you a tenanted property designed to pump out cashflow from day one. All you have to do is "turn the key," hand things off to a property manager and... voilà! You're rich. You can now kick back and sip margaritas on the beach. Right? Well, it's a little more complicated... as you'll learn today from seasoned turnkey investors Whitney Hutten and Lance Robinson. Both have bought rental properties from turnkey operators in several different markets, and they tell us all about the highs and lows, reveal what they wish they would have known, and offer candid advice for anyone considering this niche. When you're done with this show, you'll know the exact questions savvy investors ask prospective turnkey providers about neighborhoods, construction warranties, property management contracts, and how operators handle evictions and major repairs. You'll also know how to handle a home inspection to ensure you know exactly what you're getting into! Look – there are a lot of turnkey operators active on the BiggerPockets forums. A lot of them are great teachers, too. But this episode is told from the investor/customer's perspective... and it's well worth a listen – or two! In This Episode We Cover: What turnkey investing is Doing due diligence to find a trusted turnkey operator Why it's always worth flying out to walk the property before purchasing Hiring your own home inspector! Whitney and Lance's turnkey winners and losers Managing your property manager Handling an eviction The role of cash reserves when buying turnkey properties The "BRRRR-key" business model And SO much more! Links from the Show Real Estate Rookie Facebook Group Felipe's Instagram Ashley's Instagram BiggerPockets Podcast Quickbooks BiggerPockets Calculators David Greene Turnkey Reviews BiggerPockets BiggerPockets Forums Appfolio Buildium Zillow Apartments.com FEMA Deal Check Stessa Quickbooks Check the full show notes here: http://biggerpockets.com/rookie29 Learn more about your ad choices. Visit megaphone.fm/adchoices

We all have the same 24 hours per day... so be like Marsay Winder and make the most of them! He calls himself the "Property Pastor," and he owns 8 properties (24 units) in the Virginia Beach, VA area. Marsay juggles his business with his family life and a full-time career in manufacturing, so landlording systems are a must – and he breaks them down for us in this episode. You'll also hear about his MVP mentor, how he avoids time-wasting distractions, and the books and resources that helped him build a formidable portfolio in just 3 years. Enjoy this one... and if you're getting value out of the content here, please do us a favor and give us a rating and review on Apple Podcasts. It takes less than 30 seconds, and it really helps us climb the rankings and spread the gospel of financial independence through real estate investing! In This Episode We Cover: Working on his properties on nights and weekends while working full-time Going big on his first deal: a 4-unit building bought from a wholesaler Buying from tired landlords How to frame a rent increase with tenants Using Cozy and QuickBooks to manage his rentals Hiring a property management company How to successfully approach a real estate mentor Involving his kids in his real estate investing business What happened when his tenant joined his church, then stopped paying rent And SO much more! Links from the Show Real Estate Rookie Facebook Group Felipe's Instagram Ashley's Instagram BiggerPockets Podcast Robert Kiyosaki Cozy Deal Machine Quickbooks BiggerPockets Calculators Rookie Podcast 12: What Works (and Doesn’t) in a Recession & the Untold Story of J Scott’s Messy First Flip Google Forms Google Voice Cashflow Board Game Check the full show notes here: http://biggerpockets.com/rookie28 Learn more about your ad choices. Visit megaphone.fm/adchoices

Aaron Chapman ran into major obstacles on his first 2 real estate deals... obstacles you might face as you launch your own investing career. Wouldn't you like to know how to react when you're turned down for a loan? Today, you'll learn how! From a duplex purchase that seemed doomed when he lost his job while in escrow... to a triplex purchase that a bank wouldn't touch, this Louisville, KY investor breaks down how he reached 5 doors by age 24 – and his exact roadmap to reach financial independence by age 30! Oh, and don't miss the story of how Aaron wound up on the show (hint: his fiance is the real MVP!). Before you go, here's a challenge for you: who in your market would make a great guest for this show? Send them over to biggerpockets.com/guest and we'll take a look at their application. In This Episode We Cover: His "work backwards" plan for achieving financial freedom ($10k/month) by age 30 Aaron's process for "driving for dollars" Living for free through house hacking Buying a "1% rule" triplex using seller financing How he achieved a 47% cash-on-cash return How he and his fiance adjusted when he lost his job while under contract on his first deal! Getting your spouse or partner interested in investing And SO much more! Links from the Show Real Estate Rookie Facebook Group Felipe's Instagram Ashley's Instagram BiggerPockets Podcast BiggerPockets Money BiggerPockets Business BiggerPockets Podcast 329: Financial Freedom Before 30 Through Just 10 Deals With Felipe Mejia Robert Kiyosaki Cozy Stessa Deal Check Deal Machine Zillow Check the full show notes here: https://www.biggerpockets.com/rookie27 Learn more about your ad choices. Visit megaphone.fm/adchoices