Every real estate deal is hard work, whether your investing strategy is house flipping, buy and hold, or even wholesaling. If your goal is to not only get a great deal under contract but also make money after closing, you won’t want to miss this episode!   Welcome back to the Real Estate Rookie podcast! When we last spoke with husband-and-wife investing duo Sean and Ann Wayne, they had completed twelve deals—an impressive feat for any new investor. But over the last three years, they have discovered all kinds of tips, tricks, and strategies that have helped them triple their output in that time. How did they do it? In today’s episode, they’re going to update you on their investing journey and share their findings with you!   Tune in as Sean and Ann teach you about flipping houses and home renovations. Along the way, you’ll learn about the importance of design proposals—your secret weapon for organizing rehab projects, managing your timeline, and keeping your budget in check. You’ll also learn how to save money on materials, the biggest dos and don’ts when working with contractors, and some of the biggest rookie mistakes to avoid on any project! In This Episode We Cover What you must know before starting your own house flipping business Why crafting a design proposal is crucial before kicking off a rehab project The number one mistake rookies make between contract and closing Why it’s so important to define roles within your real estate business How to find and keep a good contractor (and the dos and don’ts of managing them) Why you can’t afford NOT to have a survey done before a house flip And So Much More! Links from the Show Real Estate Rookie Facebook Group Ask Your Question on the BiggerPockets Forums Join BiggerPockets for FREE  Buy “The Book on Flipping Houses” Find an Investor-Friendly Agent in Your Area See Ashley and Tony at BPCON2024 in Cancun! Real Estate Rookie – Episode 63: Diverging From Corporate Life to Flip Houses Full-Time with Sean and Ann Wayne (00:00) Intro (00:44) Current Portfolio & Strategy (05:55) How to Find Deals (09:30) Working with the City (15:24) Design Proposals 101 (17:52) Saving Money on Materials (26:11) Getting Creative with Design (30:41) KEY Advice for Rookies Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-438 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Not quite ready to invest in real estate? Maybe you’re still getting your finances in check or saving for a bigger down payment. In any case, don’t sit on your hands! While you wait, there are plenty of things you can do to become a more knowledgeable investor and prepare for your first deal! Welcome back to another Rookie Reply! Today’s episode is jam-packed with essential tips for those who are just starting out. First, what market should you invest in? Ashley and Tony will show you how to identify up-and-coming neighborhoods before they explode! Most investors will also need to furnish a short-term rental or renovate a distressed property at some point in their journey. We’ll show you a hack that could help you save thousands of dollars when buying materials, furniture, and décor. At what point should you hire a bookkeeper? Can you manage your own books? Tune in for a few real estate accounting tips! Looking to invest? Need answers? Ask your question on the BiggerPockets Forums! In This Episode We Cover What EVERY rookie must learn before investing in real estate How to save thousands of dollars when furnishing (or renovating) your rentals When to hire a bookkeeper for your real estate business (and how to do it yourself!) How to analyze a market and niche down on up-and-coming neighborhoods Required reading for new investors (and the best skills to learn!) And So Much More! Links from the Show Real Estate Rookie Facebook Group Ask Your Question on the BiggerPockets Forums Join BiggerPockets for FREE  Find an Investor-Friendly Agent in Your Area See Ashley and Tony at BPCON2024 in Cancun! Real Estate Rookie – Episode 429: The Investing “Map” You NEED to Uncover Hot Markets, Neighborhoods, & Deals w/ Ariel Herrera Check Out the BiggerPockets Market Finder Tool (00:00) Intro (00:49) Do I Need a Bookkeeper? (06:43) Finding Up-and-Coming Neighborhoods (12:48) The BEST Way to Fund Your Projects (20:48) What to Know BEFORE You Invest (30:18) Send Us Your Question! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-437 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Owning rentals could help you become financially free, afford you more time with family, and allow you to travel the world. Whether you’re stuck in a career you dislike or you need a more flexible job, you’re about to learn that real estate investing could be your golden ticket!   Welcome back to the Real Estate Rookie podcast! Despite earning six-figure salaries as engineers, Emily Love and her husband were stressed, exhausted, and dissatisfied at their nine-to-five jobs. So, with the goal of one day trading their W2s for financial freedom, they set out to buy their first rental property. Little did they know that ONE deal would quickly snowball into a real estate portfolio with twelve doors—allowing them to leave their engineering careers behind and replace their income with a concoction of cash flow from rentals, co-hosting, and consulting!   Do you dream of leaving your job and becoming a full-time real estate investor? You won’t want to miss this episode! Emily shares how she reverse-engineered her cost-of-living number to set clear investing goals, used the profits from her first property to build her portfolio, and created multiple streams of income in her real estate business! In This Episode We Cover How Emily and her husband replaced TWO six-figure salaries with real estate Why your FIRST real estate deal is so important for achieving your investing goals How to scale a portfolio that allows you to leave your nine-to-five job Reverse-engineering your cost-of-living figure to find your investing strategy How to start (and scale!) your own co-hosting business from scratch The BEST ways to find high-quality contractors for your renovation projects How to extract multiple income streams from your real estate business And So Much More! Links from the Show Real Estate Rookie Facebook Group Try Hospitable, The Highest-Rated Vacation Rental Software Join BiggerPockets for FREE  Buy the Book “Start with Strategy” Find an Investor-Friendly Agent in Your Area See Ashley at BPCON2024 in Cancun! Real Estate Rookie – Episode 347: How to Quit Your W2 Job and Become a Full-Time Real Estate Investor (00:00) Intro (00:48) Life Before Real Estate (07:31) Current Portfolio & First Deal (15:16) “Snowballing” with Rentals (21:28) Leaving Her W2 Job (26:58) Creating Other Income Streams (34:59) How to Start Today! (36:54) Connect with Emily! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-436 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

If you’re holding out for the “perfect” deal, you’ll always be on the sidelines. Today’s guests weren’t afraid to take on a challenge with their first rental property, and it paid HUGE dividends. Not even an expensive market or extensive rehab could stop them from making money and reaching their investing goals!   Welcome back to the Real Estate Rookie podcast! Noreen and Derek Eddy are a real estate investing power couple who took a big risk with their first deal—a distressed, multifamily property that had recently been foreclosed on. To make matters worse, they were forced to turn their renovation project into a live-in flip once their contractor didn’t hold up his end of the bargain. Rather than straining their relationship, this DIY project brought them closer together, and today, the property’s revenue covers most of their mortgage!   In this episode, you’ll learn all about the low-money-down loan you can use to finance your property and renovation costs, as well as a lesser-known strategy you can use to find rare deals in a competitive market. Finally, Noreen and Derek will offer advice on dealing with tenants and how to get along while living under the same roof! In This Episode We Cover Whether you should buy a multifamily property as your FIRST investment 203(k) loans explained, their pros and cons, and when to get one How to cover your mortgage using the house hacking strategy Finding rare deals outside of the multiple listings service (MLS) How to become a landlord and what to include in your lease agreements Why tenant placement is the KEY to a successful house hack And So Much More! (00:00) Intro (00:53) Finding a RARE First Deal (13:07) 203(k) Loans Explained (18:28) Investing with Your Spouse (20:46) Numbers on the Property (25:29) House Hacking with Tenants (32:38) 2AM Police Visits!? (39:11) What’s Next for the Eddys? (42:43) Connect with Noreen & Derek! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-435 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Home renovation projects aren’t cheap, and it’s easy to let your budget spiral out of control if you’re not careful. Fortunately, we have several tips, tricks, and hacks that will help you save a fortune on your rehabs—from finding deals on materials to an investor hack that gives you money back every time you place an order!   Welcome back to another Rookie Reply! Are you investing out-of-state? We’ll show you how to find, vet, and manage contractors from miles away in today’s episode. Not sure if you’re ready to buy your next rental property? In this episode, we’ll break down a listener’s financials and help them (and you!) make the right choice. But that’s not all. Perhaps you’ve thought about renting by the room to help cover your mortgage but don’t know whether house hacking is for you. Make sure you listen to Ashley and Tony’s advice before diving in! Looking to invest? Need answers? Ask your question on the BiggerPockets Forums! In This Episode We Cover The BEST places to find materials for your home renovation projects How to save money on material orders with THIS investor hack When to buy your NEXT property (and why you always need an exit strategy!) How to find, vet, and manage contractors when investing out-of-state What you MUST know before using the rent-by-the-room investing strategy And So Much More! (00:00) Intro (01:01) Rent-By-The-Room Strategy (08:30) BEST Places to Buy Materials (16:35) Should I Buy Another Property? (21:39) Managing Contractors Remotely (34:32) Send Us Your Question! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-434 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Starting a real estate business is one of the best ways to achieve financial freedom, replace your W2 income, and leave your nine-to-five. Why? Because you don’t need a ton of money OR a rental property to get started. Today’s guest built a million-dollar business with just $150, and in this episode, she provides the blueprint for you to do the same!   Brittany Hailey and her husband were living in an expensive market and working low-paying jobs when they were introduced to short-term rentals. They eagerly bought a house and turned their mother-in-law suite into an Airbnb, and right off the bat, this tiny rental skyrocketed to the top of the listings and covered 100% of their monthly mortgage payment. With proof of concept, Brittany decided to launch her own management side hustle with just $150. Little did she know that this fledgling business would soon allow her to quit her W2 job and bring in over $1,000,000 in annual revenue!   Ready to launch your own profitable real estate business from scratch, just like Brittany did? Tune in as she shows you how to start a vacation rental management company with little to no money and scale it into a wealth-building machine. Along the way, you’ll learn which services to offer, how to compete with national brands, and how to keep homeowners and guests happy! In This Episode We Cover How Brittany started a real estate business with $150 (and grew it to over $1,000,000!) Covering your entire mortgage payment by converting extra space into rentals How to create multiple streams of income within your real estate business The FIRST hire you should make when building your real estate team The advantages small businesses have over national vacation rental brands How to keep homeowners and guests happy when managing a short-term rental And So Much More! Links from the Show Join BiggerPockets for FREE  Join the Real Estate Rookie Facebook Group Find Investor-Friendly Lenders Property Manager Finder See Tony and Ashley at BPCON2024 in Cancun! Grab Your Copy of “Short-Term Rental, Long-Term Wealth” Real Estate Rookie - Episode 373: Wiping Out $130K of Debt in ONE Year With THIS “Steady” Real Estate Business with Nicole Rutherford (00:00) Intro (00:48) Launching Her Airbnb (05:22) Leaving Her Nine-to-Five (12:41) Vacation Rental Management 101 (18:44) What Services Should You Offer? (23:30) Competing with National Brands (26:19) Creating Multiple Income Streams (35:12) How to Build Your Team (40:52) Over $1 Million in Revenue?! (44:12) Connect with Brittany! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-433 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Anyone can buy rentals, whether you have some money to deploy or very little to your name. With seemingly everything working against her, today’s guest managed to buy not one, not two, but THREE properties to support her and her daughter on their journey to financial freedom! Welcome back to the Real Estate Rookie podcast! Bella and River are a mother-daughter investing duo who, just a few years ago, were facing dire circumstances. In a short amount of time, Bella lost her eyesight, foreclosed on her home, and went through a divorce—leaving her with low income and no immediate way to increase it. But when a family member introduced her to real estate investing and brought her a deal, she jumped at the opportunity. Today, this duo has a small portfolio of three rental properties and five doors! In this episode, you’ll hear about the unique strategies Bella and River are using to choose their markets, vet contractors, screen tenants, complete home renovations, and manage their portfolio. Stick around until the end to hear how they plan to take down their next property, a short-term rental in Indiana, and achieve financial freedom within the next five years! In This Episode We Cover How THIS investing duo built a small real estate portfolio from scratch Putting no money down on an investment property with seller financing Creative strategies for vetting contractors and screening tenants What to do when a rental property isn’t projected to cash flow How to assemble and manage a team when investing out-of-state How Bella and River are on track to reach financial freedom in FIVE years And So Much More! Links from the Show Join BiggerPockets for FREE  Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder See Tony and Ashley at BPCON2024 in Cancun! Real Estate Rookie – Episode 415: $9K/Month Cash Flow, Scaling FAST, & Saving Thousands in Taxes by Doing THIS w/Riley McFarland Buy the Book on Medium-Term Rentals, “30-Day Stay” 00:00 Intro 00:41 Losing Her Health, Home, & Marriage 04:15 Discovering Real Estate 10:43 Current Portfolio & FIRST Deal 17:32 Building Teams (Out-of-State!) 22:54 Finding New Markets 29:04 How to Vet a Contractor 33:54 How to Vet a Contractor 35:21 Connect with Bella & River! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-432 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Buying a house is a HUGE decision, whether you’re an experienced investor or a first-time homebuyer. The last thing you want is to get in over your head with a property you can’t afford. In this Rookie Reply, Ashley and Tony are going help one of our listeners crunch the numbers and point them in the right direction! Dealing with tenants can be difficult, especially as a new landlord. What should you do when your tenant wants to make repairs or changes to their unit? How should you react when a tenant wrongly accuses you of something? The truth is that landlord-tenant relationships are tricky to navigate, but in today’s episode, we’ll lay out a game plan for managing conflict. Finally, we’ll discuss an issue you might encounter with your short-term rentals. When should you cancel an Airbnb reservation and issue a refund to your guest? Stick around to find out! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover Whether you should buy a house before paying off debt How to determine whether you can actually afford a property before you buy How to negotiate rental property repairs with your tenants When you should cancel an Airbnb stay (and refund your guest!) The BEST strategies for managing conflict with your tenants And So Much More! (00:00) Intro (00:56) Negotiating Repairs with Tenants (06:49) I’m Being Accused of Theft!? (13:10) Can I Afford This House? (20:10) Canceling an Airbnb Stay (32:11) Send Us Your Question! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-431 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

You get a call one day from the fire department, telling you, “You’ve had a house fire that’s destroyed your rental property.” What do you do first? Check on the tenants, call the insurance company, or start thinking of ways to financially recover? Your tenant has lost all their belongings; you’ve lost an investment you worked hard to acquire. If everyone is safe, what’s the next step you should take? Or, a more important question: what would you have wished you knew BEFORE this happened? If you think the elite investors at BiggerPockets are immune to these tragedies, you’re wrong. BiggerPockets CFO Aaron Sallade was in this exact position earlier this year when he got a phone call no one wants to receive. His property was destroyed, but thankfully, his tenant walked away unscathed. He now needed to go through the next steps: submitting insurance claims, getting restoration quotes, and, if he chose to do so, selling the property. Aaron shares the entire timeline from the rental burning down to reaching out to insurance, getting restoration quotes, and eventually deciding what to do with the property. He even dives into what he wishes he had known BEFORE this tragic event, and not hearing his advice could cost you! In This Episode We Cover What to do when a tenant accidentally burns down your rental property  Why you MUST require renters insurance on every property in your portfolio  Filing rental property insurance claims and how long it’ll take to get paid for the damages  Rebuilding vs. selling and whether it’s worth the time to renovate a burnt-down home The rarely discussed “1033 exchange” that can help you during a tragic event like a house fire  The two things you NEED before you can get reimbursed from your insurance company And So Much More! (00:00) Intro (01:05) First Rental Property Numbers  (03:55) "Your House Was Destroyed"  (06:49) Getting the Tenant Settled  (09:10) Working with Insurance  (13:15) Restoration Timeline and Insurance Payout (14:47) What to Know BEFORE This Happens (18:53) Rebuild or Sell? (22:52) Other Options to Sell (26:46) Final Numbers On the Rental (28:32) Insurance Rate Changes  (30:50) Worst Case Scenario Resolved!  Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-430 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Harnessing the power of data gives you an enormous advantage in your real estate investing journey, allowing you to discover up-and-coming markets or find deals that are flying under the radar. While crunching the numbers might seem like hard work, there are all kinds of software, tools, and templates to lighten the load!   Welcome back to the Real Estate Rookie podcast! Today, data scientist Ariel Herrera returns to the show to offer more advice for investors who want to find the next BIG market (before it takes off!) and source better real estate deals. Whether you’re just getting started or already have a few rental properties under your belt, this episode is brimming with helpful tips—from niching down to specific neighborhoods to using artificial intelligence (AI) tools for EASY market research!   Tune in to learn which data points are most important when choosing a market and how to use “census tracts” to make an informed decision. You’ll also learn about the three biggest competitive edges you can gain in real estate (even as a complete rookie!). But that’s not all. Ariel will even show you how to craft a “map” of up-and-coming areas that best align with your investing strategy, long-term goals, and personal preferences! In This Episode We Cover The MOST important data points to consider when choosing your market Why census tracts are your “secret weapon” for neighborhood analysis Harnessing the power of artificial intelligence (AI) to streamline market research How to create a “map” that helps you identify up-and-coming areas to invest How to leverage data science and automation to find better real estate deals And So Much More! (00:00) Intro (01:26) 3 Ways to Gain a Competitive Edge (10:15) Which Data Points Are Important? (17:31) Strategy-Dependent Data (20:14) Other Crucial Data Points (26:15) Building Your Investing “Map” (31:41) Using Market Data to Find Deals (35:09) Connect with Ariel! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-429 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Most investors buy rental properties for cash flow, and the fear of losing money keeps many rookies on the sidelines. How can you be certain that you’re going to make a profit before you buy? Today, Ashley and Tony will show you how to do your due diligence so you don’t get stuck with a problematic property! Welcome to another Rookie Reply! Property expenses are a necessary evil of real estate investing, but in this episode, we’ll show you how to stop these costs from ruining your cash flow. But that’s not all. We also offer tips for managing rehab projects and staying on budget, from building a detailed scope of work to implementing tools and software that will help you stay organized throughout your project. Should you list your rental property online? We discuss the benefits of creating a Google Business profile, and finally, we settle the great debate between paying cash for a property and taking out a mortgage! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). Support Today's Show Sponsor, Hospitable! In This Episode We Cover How to ensure a deal will cash flow before buying the property Building a scope of work (step-by-step) and tools to keep your rehab project on track The pros and cons of paying cash for a property versus getting a mortgage How to get your rental property to show up on Google Maps Why you NEED to create a Google Business profile for your Airbnb How to prevent capital expenditure (CapEx) from eating into your cash flow And So Much More! (00:00) Intro (01:25) Will My Deal Cash Flow? (08:17) How to Manage a Rehab Project (17:14) Listing Your Property on Google (26:04) Paying Cash vs. Getting a Mortgage (37:12) Send Us Your Question! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-428 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Do you have a cash flow problem? Maybe property management fees are setting you back, or you’re spending too much on repairs and maintenance. Today, we’re bringing you a powerful solution that will not only solve your cash flow problems but also help you scale your portfolio faster than you ever thought possible!   Welcome back to the Real Estate Rookie podcast! Jenn and Joe Delle Fave were content with buying one rental per year, an impressive feat for any rookie investor. But then they discovered an investing strategy that gave them even more buying power and the ability to take down several deals each year. Since pivoting to this business model, they spend less time managing their properties, enjoy three different types of cash flow, and help renters become homeowners in the process!   In this episode, Jenn and Joe will tell you everything you need to know about the rent-to-own strategy and how to get started without buying any new rentals. Along the way, you’ll learn about building your buy-box, finding and screening high-quality tenant-buyers, and creating option and lease agreements. They will even walk you through one of their deals and share some potential rent-to-own pitfalls to avoid! In This Episode We Cover The most “passive” way to get MORE cash flow from your rentals The three types of cash flow that come with rent-to-own homes Why the rent-to-own strategy is the easiest way to scale your portfolio How to build your rent-to-own buy box and find high-quality tenant-buyers The two agreements you NEED when placing a new tenant-buyer And So Much More! (00:00) Intro (01:05) What Is Rent-to-Own? (08:34) THREE Types of Cash Flow?! (16:58) Lease & Option Agreements (26:00) The Renter's Path to Homeownership (33:34) Getting Started & Common Pitfalls (38:58) Where to Find Tenant-Buyers (44:32) Connect with Jenn & Joe! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-427 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Do you dream of becoming a full-time real estate investor? Having the financial stability to leave your W2 job might seem like an eternity away, but if you start investing now, it doesn’t have to take as long as you think. Just ask today’s guest, who was able to achieve financial freedom in just THREE years!   Welcome back to the Real Estate Rookie podcast! Jayson Ewert spent six years in the U.S. Army before realizing he didn’t want to be a military man forever. While renting a house with a few friends, he was amazed by how well his landlord was doing and wondered whether real estate investing might be an option for him. Before long, Jayson had read Rich Dad Poor Dad cover to cover and was determined to start buying small multifamily properties. Six deals later, Jayson has completely replaced his W2 income, allowing him to commit his time and energy to managing his portfolio and finding more deals!   In this episode, Jayson dives into house hacking, an investing strategy he uses to help cover his living expenses. He also shares some of his biggest lessons learned, including what he wishes he had known before dealing with vacancies, evictions, and other unforeseen expenses. If you have an Airbnb, you won’t want to miss the pro tip that will ensure you stay competitive! In This Episode We Cover How to become a full-time real estate investor (and finally leave your W2 job!) Covering your mortgage payment and living expenses by house hacking What you must do each month to make sure your Airbnb stands out How to squeeze MORE cash flow from your portfolio with short-term rentals What you can do today to prepare for vacancies, evictions, and major repairs Why choosing the “right market” isn’t as important as you probably think And So Much More! (00:00) Intro (00:50) Life Before Real Estate (07:29) Jayson’s Portfolio & FIRST Deal (12:36) Becoming a Full-Time Investor (16:49) Costly Vacancies & Evictions (25:00) Managing His Portfolio (27:52) House Hacking 101 (34:38) $20K/Year from ONE Rental! (39:34) Connect with Jayson! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-426 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

You’re working hard to build generational wealth. But have you thought about a succession plan for your growing real estate portfolio? Today, we’re going to show you several ways to create a better life for your children while reinforcing the values of hard work, sacrifice, and entrepreneurship!   Welcome back to another Rookie Reply! Want to get more Airbnb bookings? In today’s episode, we’ll show you how to choose short-term rental amenities that will improve your bottom line. We also dive into seller financing and how to make your lender whole if you need to sell the property. We even discuss a unique type of real estate business that allows you to make a huge profit without owning any property. Finally, should you ever buy rental property if it won’t cash flow on day one? Stay tuned to find out! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover How to create generational wealth through real estate and pass it down to your children A “unique” real estate business that lets you make money without owning rentals How to choose amenities that will help you get MORE Airbnb bookings Whether you should ever buy a rental property that won’t cash flow right away Seller financing explained and how to make your lender whole if you sell a property And So Much More! (00:00) Intro (00:44) Passing Down Generational Wealth (10:05) Choosing Airbnb Amenities (15:28) Seller Financing 101 (19:33) Making Money Without Rentals (26:49) Does It NEED to Cash Flow? (32:42) Send Us Your Question! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-425 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

If you want higher rents, more cash flow, and fewer hiccups, you DON’T need to buy more rental properties. You need better systems and processes. By implementing tactics, strategies, and procedures he learned from the military, today’s guest has achieved enormous success in his real estate business and is going to show YOU how to do the same! Welcome back to the Real Estate Rookie podcast! Angel Garcia has a modest real estate portfolio of five properties and is in no hurry to buy more. Meanwhile, he has managed to optimize each one of his units for the highest possible rent, cash flow, and appreciation. His secret? Taking the knowledge he has learned as a lieutenant colonel in the U.S. Army and applying it to real estate investing. With standards and protocols for every scenario and a team that is always dialed in, Angel’s business runs on autopilot! Whether you’re still trying to pin down your investing strategy or looking to stabilize your portfolio with better systems, you don’t want to miss out on this episode! Angel equips you with all of the know-how, tools, and resources you might need to get the most out of your portfolio, regardless of how many rentals you own. Apply Angel’s five “tactical” tips and watch your business take off! In This Episode We Cover How to improve your real estate portfolio for higher rents and better cash flow The one thing you MUST do before buying more rental properties “Battle drills,” “battle rhythms,” and other “tactical” tips for running your business Must-have systems and processes for out-of-state investing How to create effective standard operating procedures (SOPs) for your business And So Much More! (00:00) Intro (00:57) Stabilizing His Portfolio (08:19) Must-Have Systems & Processes (18:00) “Battle Drills” & PACE Plans (27:50) “Battle Rhythms” & SOPs  (42:26) Executing the Mission! (46:20) Connect with Angel! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-424 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

You DON’T need a ton of money to find and fund real estate deals. Despite earning just $15,000 per year, today’s guest found the perfect property for him and scrounged the money to close. If you’re willing to learn, network, and put yourself out there, you can do the same!   Todd Fullerlove Jr. had recently graduated college, gotten married, and welcomed his first child when the reality of starting a family hit him like a ton of bricks. Living paycheck to paycheck, his little family was forced to move in with his mom. Todd knew something had to change and decided to give real estate investing a try. The only problem? He had no money! Fortunately, Todd had learned that you don’t need to be sitting on a pile of cash to get started. So, Todd did what every smart investor does—he found the deal first! From there, he built relationships and raised capital. Just by taking action, Todd has completed five deals in five years!   In this episode, Todd will show you how to find and fund off-market deals through the power of private money. You’ll also get a full breakdown of the short sale process, from working with banks to navigating home appraisals and broker price opinions (BPOs). Stick around until the end to hear about the loan Todd used to buy his first rental property with low money down! In This Episode We Cover How Todd went from making $15,000 per year to landing five real estate deals How to get 100% funding for your deals through the power of private money Short sales explained and why banks are motivated to work with you What you NEED to know before tackling DIY home renovation projects The BIG difference between a home appraisal and a broker price opinion (BPO) Buying rental properties with low money down using USDA loans And So Much More! (00:00) Intro (01:02) Making $15K/Year?! (07:36) Finding His First Deal (13:30) How to Find Private Money (22:10) Structuring a Private Money Deal (26:40) DIY Home Renovations (32:49) Buying Rentals & Todd’s Portfolio (39:45) Connect with Todd! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-423 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

You have home renovations in the pipeline…but who’s going to manage them? Do you need the expertise of a general contractor, or can you manage tradespeople yourself? With so much at stake, including your budget and timeline, we’re here to help you make the right choice!   Welcome back to another Rookie Reply! In today’s episode, we’re bringing you expert tips to help with your renovations, from hiring general contractors to structuring agreements and more. We also talk about what to do when you’ve got around $100,000. Between house hacking, flipping houses, the BRRRR method, and other tactics, the sheer number of options can seem overwhelming. But not to worry—we’ll point you in the right direction! Feel like it’s too late to invest? We’ve got some expert investing strategies to share, even for a late starter. Finally, we discuss some creative ways to buy rental properties, including seller financing, DSCR loans, and more! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover Hiring a general contractor versus self-managing your home renovations How to choose your investing strategy (for new investors and late starters!) Three types of general contractors (and which one to hire for YOUR project) How to structure a general contractor agreement (and what to include) Creative ways to buy rental properties with a high debt-to-income (DTI) ratio The advantages of seller financing and DSCR loans over conventional loans And So Much More! (00:00) Intro (00:41) How to Invest $100K (07:14) Hiring General Contractors vs. Self-Managing (16:34) General Contracting Agreements (22:39) Is It Ever TOO Late to Invest? (29:06) Investing with a High DTI Ratio (36:45) Send Us Your Question! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-422 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

A rental property that doesn’t cash flow can be a nightmare for new investors. But when the numbers no longer work, remember that not all is lost. Pivoting to another investing strategy can help save your property and get you right back in the green!   Welcome back to the Real Estate Rookie podcast! Investor Kayley George had already built a small portfolio when she stumbled across an old, colonial-style home on the multiple listings service (MLS). With big plans to convert it into a fourplex, Kayley bought the property at a huge discount and got right to work—teeing up a hard money lender and kicking off renovations—only to uncover several MAJOR issues with the house. Fortunately, tuning into a previous Rookie episode helped her find another strategy and SAVE the “misfit” property. Today, this unique house brings in over $7,000 each month!   Not sure what to do with your rental? In this episode, you’ll learn about a business model that allows you to not only make a huge difference in your community but also boost your monthly cash flow—sober living. Along the way, Kayley will show you how to get bank financing for a sober living house, partner with nonprofits, find a property manager, screen tenants, and more! In This Episode We Cover Boosting your cash flow and helping others with THIS business model The power of partnering with nonprofits for property management How to properly source and screen tenants for a sober living home Setting expectations for tenants (and what to include in your lease agreements) Common mistakes and financing challenges you’ll face with sober living And So Much More! (00:00) Intro (01:03) Doubling Her Cash Flow?! (09:19) Sober Living 101 (17:30) Partnering with Nonprofits (23:57) How to Screen Tenants (30:20) Expectations & Lessons Learned (35:21) TOUGH Financing Challenges Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-421 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Most real estate investors wait to save significant down payments on every property to grow their portfolios. But twenty-four-year-old Greyden Piechnick didn’t have time to wait. He knew creative financing was the only way. Troubled by his father’s serious health woes while still a high school senior, Greyden became extremely motivated to find financial freedom to spend quality time with his loved ones, and multifamily investing was the fastest way to reach this goal. Greyden delivered pizzas, worked twelve-hour factory shifts, and lived at home to save $20,000, his first down payment on a duplex in 2021. Using the BiggerPockets podcasts and Facebook groups to level up his investing knowledge, he later closed on a nine-unit building using negotiating finesse and seller financing. Despite some BIG issues, Greyden’s efforts have yielded serious results with sizable cash flow at both properties!  Greyden’s real estate journey illustrates the power of creative financing and how anyone, starting from ANY point, can invest! Through hard work, he’s crafted a lifestyle that fits his vision of what’s truly important. If you don’t want to wait another second to get on track to financial freedom, follow in Greyden’s footsteps!  In This Episode We Cover How to start investing in real estate at a young age, even with NO experience and little money  The power of creative financing and using it to buy bigger, better properties  One expensive lesson Greyden had to learn that YOU should avoid at all costs How to negotiate seller financing terms that are a win-win for you AND the seller  Funding your down payments with private money (and how to find private money lenders!) And So Much More! (00:00) Intro (01:03) A Huge Wake-Up Call (02:29) Delivering Pizzas and Factory Shifts (05:51) Buying the First Rental Property (08:30) 9-Unit Seller Finance Deal! (15:30) Negotiating the Price and Down (22:59) Finding Private Money (24:19) Real Estate Negotiation Tips (27:14) ash Flow Numbers! (28:13) Expensive Lessons Learned (31:02) Self-Managing vs. Property Management (33:57) What's Next for Greyden? Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-420 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Real estate is a people business. You could buy several rental properties, but without the right people in the right roles, you’re going to be swimming upstream. Today’s guest has dedicated many years of study to this problem and is here to help you make better people decisions!   Welcome back to the Real Estate Rookie podcast! The success of your real estate business largely depends on the people around you, from partners to property managers. Ahead of the release of his new book, Good Judgment, industrial-organizational psychologist Richard Davis, Ph.D joins the show to share his perspective on the crucial decisions that could make or break your real estate journey. Whether you’re looking to form investing partnerships, find good contractors, or hire property managers, this is an episode you won’t want to miss!   Tune in as Richard talks about the five main personality traits and how they predict behavior. Along the way, he busts some of the myths surrounding emotional intelligence (EQ) and shares the most important questions you should ask someone to determine if they are the right fit for your team. You’ll even learn about the power of perceptivity and why it’s SO important for you to keep this “cognitive muscle” strong! In This Episode We Cover Why behavioral psychology plays a HUGE role in real estate investing How to make better people decisions in your real estate business KEY questions to ask potential partners, contractors, property managers, and employees The five main personality traits explained (and Richard’s take on them) Why emotional intelligence (EQ) is not a good predictor of behavior And So Much More! (00:00) Intro (01:17) What Is Behavioral Psychology? (08:26) The Emotional Intelligence “Myth” (14:22) Perceptivity & Good Judgments (23:44) “Power” Questions to Ask (34:13) Forming GREAT Partnerships (39:14) Richard’s New Book! (40:38) Find the Right Fit! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-419 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

If you get your property management wrong, you could lose tens of thousands of dollars. A sketchy property manager could take all your rent and run, leaving you with the bills and no hope of recovering your long-lost rent checks. That’s precisely what happened to today’s guest, a seasoned real estate investor who’s even looked up to as an expert in the industry. Even he made a sizable property management mistake, and in this episode, we’re trying to help you avoid the same fate. The BiggerPockets Podcast Network is bringing you a crossover episode with the Real Estate Rookie podcast’s Ashley Kehr and the BiggerPockets Money podcast’s Scott Trench. Scott is not only the host of BiggerPockets Money but also the CEO of BiggerPockets. And today, he’s sharing every painful detail about how he lost over $40,000 by hiring a bad property manager. This IS an avoidable mistake, but some easily overlooked red flags could put you in the same position as Scott unless you’re very careful. Scott shares the entire story and gives the top red flags to look out for. He’ll explain why he DOESN’T give his whole portfolio to one property manager, why you MUST set communication standards from the start, the questions EVERY investor should ask before hiring a property manager, and the fees you should refuse to pay the next time you outsource your property management. Need a property manager? We’ll share the best tool ANYONE can use to find a property manager TODAY! In This Episode We Cover Deadly property management red flags and signs you should run from a property manager  Why you never, EVER give your entire portfolio to a single property manager/property management company  Simple questions to ask that immediately show if a property manager is legit  Negotiating fees and why Scott is okay with paying a higher monthly rate Communication expectations and what a property manager should be sending you EVERY month The easiest way to find a great property manager wherever you invest  And So Much More! (00:00) Intro (01:31) Hiring the Property Manager (03:48) Things Start Going Wrong (06:23) Losing $40K! (09:43) Property Manager Red Flags (15:50) Questions You MUST Ask (23:45) Negotiating Fees (30:16) Asset Type Matters! (35:05) Communication Expectations (37:40) Vetting for Legitimacy (43:27) Find a GREAT Property Manager Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-418 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Do you want an asset that offers a TON of cash flow? Multiple income streams? How about forced appreciation? Today, we’ll introduce you to an often-overlooked investing strategy that has something for everyone!   In 2018, Dylan Kidd was diligently climbing the corporate ladder. But a grueling schedule meant his family was getting his “leftovers,” and something had to give. Fortunately, he discovered real estate investing at the perfect time. Within only a few months, he had become passionate about small multifamily and bought several properties. But eventually, he saw that these smaller deals could only take him so far, which is when he pivoted to commercial real estate—a move that unlocked all types of investing opportunities and helped him amass over 200 “units”!   In this episode, you’ll hear about an “underrated” asset class that offers enormous cash flow and various revenue streams. The best part? This niche has low competition, making it easy for rookie investors to claim a piece of this profitable pie! Now an experienced broker, Dylan will not only show you how to find, analyze, and finance these deals but also teach you the art of sourcing and nurturing leads! In This Episode We Cover The “underrated” asset class that offers huge cash flow and MANY income streams The investing strategy Dylan used to scale to over 200 units in just SIX years How to find, analyze, and buy your first campground (step by step) How to build and scale your portfolio FAST with commercial real estate The art of sourcing commercial real estate leads (expert tips from a real broker!) Taking down larger deals through the power of partnerships and seller financing And So Much More! (00:00) Intro (00:50) 209 Units in 6 Years! (06:34) Scaling with Campgrounds (14:58) Finding & Analyzing Deals (25:44) Dylan’s FIRST Commercial Deal (35:02) How to Buy a Campground (40:34) Sourcing Leads & Cold Calling (43:09) Connect with Dylan! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-417 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Finding and funding real estate deals are the two biggest obstacles new investors face today. Are these skills preventing you from building your portfolio? You’re in luck. Today’s expert will show you how to find, analyze, and finance deals like the smartest investors do!   Welcome back to the Real Estate Rookie podcast! Henry Washington is not only a big-time investor with well over 100 doors but also a fellow podcast host and new author here at BiggerPockets. In anticipation of his upcoming book, Real Estate Deal Maker, he joins the show to discuss the common challenges of finding and funding deals. Henry is bringing you expert tips for all situations, whether you’re trying to pin down your sourcing strategy or find creative ways to buy rental properties.   In this episode, Henry will not only explain why finding a rental property is FAR more important than funding it but also share his most effective strategy for sourcing GREAT deals. He also walks you through an initial call with a seller, where you’ll learn how to build trust and present seller financing as a win-win for both sides! In This Episode We Cover The two biggest obstacles new investors face (and how to solve them!) Why finding a deal is FAR more important than funding a deal How to choose the right strategy for sourcing deals Seller financing explained and how to build trust with sellers What you MUST find out about a property during an initial call How to use seller motivation to help you land a GREAT deal And So Much More! (00:00) Intro  (00:59) How to FIND Deals (08:51) Henry’s Go-To Sourcing Strategy (13:49) What Makes a “Great” Deal? (20:17) The Motivation to Sell (24:20) Building Trust with Sellers (27:48) How to FUND Deals (34:26) Seller Financing 101 (38:16) Connect with Henry! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-416 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Real estate investing and contracting go hand in hand, but not many investors are bold enough to tackle their own home renovations. Today’s guest is, however, and he’s about to show you the business model he uses to create a ton of cash flow, scale his portfolio, and save a fortune on taxes!   Welcome back to the Real Estate Rookie podcast! Today, we’re joined by Riley McFarland, who happens to be one of Ashley’s general contractors, as well as an investor closing in on twenty doors. Having grown up around real estate, Riley knew that owning rental properties was one of the best ways to build wealth. But after taking a few contracting jobs, he discovered a knack for home renovations as well. By combining the two, Riley has a thriving business that brings in $9,000 in monthly cash flow and more in tax benefits!   In this episode, Riley talks about how he runs his investing-contracting business like a developer and buys MORE rentals in the process. He also shares the best value-adds for boosting equity and why he prefers to buy the “ugliest” rentals he can find. He even gets into the process of estimating rehab costs during an initial walkthrough and leaves you with several crucial questions to ask before hiring a general contractor! In This Episode We Cover The benefits of being a general contractor who also invests in real estate How to turn a HUGE profit by buying, fixing, and flipping “ugly” rentals Tax advantages of having your own investing/contracting business How to save a fortune on your rehab projects with DIY home renovations Key questions to ask when vetting an investor-friendly contractor The BEST and most affordable value-adds for growing equity And So Much More! (00:00) Intro (00:48) Growing Up with Real Estate (07:06) Why Investing AND Contracting? (13:40) Walking Properties & Finding Contractors (20:30) Project Management 101 (25:54) The BEST Rental Value-Adds (28:38) Vetting Contractors & DIY (32:03) Investing Tips for Contractors (35:42) Connect with Riley! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-415 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Do you dream of building a real estate empire and reaching financial independence but stop short due to the “tenants and toilets” problem? The irony wasn't lost on twenty-nine-year-old Dillon Leonard when a renter accidentally burned the roof off one of his properties. This incident, along with several others, prompted him to explore self-storage investing as a way to escape residential rentals while still allowing him exposure to real estate. Knowing little to nothing about this often-forgotten segment of the market, Dillon sought expert advice by taking local self-storage owners out for coffee. He soon took action on a 12,000 sq. ft. property for around $300,000 and tripled his investment in a year’s time. Encouraged, he scaled his portfolio over the next three years and now receives approximately $70,000 in gross monthly revenue from 800 units! Dillon’s self-storage success story has allowed him to build a team and implement systems to run day-to-day operations. Not yet thirty, he now enjoys options that many twice his age wish they had, including potentially retiring from the fire department, spending more time with family, and leaving a property package as a legacy. Tune into this episode to explore the nuts and bolts of the self-storage industry as well as the inspiring mindset realizations that Dillon has experienced in his journey! In This Episode We Cover Finding financial freedom by investing in often-overlooked assets (like self-storage!)  The exact method Dillon used to find the most lucrative self-storage properties How to scale in self-storage using a variety of financing methods The due diligence practices you MUST utilize to be successful How to know when hiring a team becomes essential – and how to pull it off Why an entrepreneurial mindset frees you from financial fear no matter what happens Why it’s never too soon to start crafting your exit strategy  And So Much More! (00:00) Intro (01:14) Residential Rental Woes (05:09) Escaping Tenants & Toilets (07:38) 1st Self-Storage Deal (10:34) Financing Self-Storage (12:53) Self-Storage vs. Rentals (19:13) Growing His Self-Storage Business (22:47) Time Management Tips & Tricks (26:04) Scaling through Creative Financing (27:50) Hitting Financial Freedom! (31:09) Acquisitions and Due Diligence (34:55) Systems and Processes (37:23) Quitting His Job Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-414 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

If real estate investing was easy, everyone would be doing it! The truth is that, despite the financial freedom and flexibility it offers, investing is hard work. And it’s even more difficult if you’re working a full-time job or raising a family. But with good time management and a little sacrifice, you can do it! Welcome back to another Rookie Reply! In today’s episode, we talk about the challenges of juggling a nine-to-five job and investing. We also discuss some of the most important documents you need when creating lease agreements or inheriting tenants. Are BAD neighbors causing headaches and scaring away your best tenants? We have several solutions to this problem—including one that will help you avoid the issue before you commit to buying a rental property: ordering a property survey and setting boundaries! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover How YOU can make time for real estate investing while working nine-to-five Three documents you need to be in place when inheriting tenants How to deal with troublesome neighbors (while buying more rentals!) Why you MUST include lien prohibition notices in your lease agreements Why every investor should order a property survey before buying a rental property And So Much More! (00:00) Intro (00:46) Making Time for Real Estate (07:49) Inheriting Tenants 101 (12:51) Lien Prohibition Notices (17:21) Dealing with BAD Neighbors (26:15) Do You Need a Survey? (31:58) Send Us Your Question! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-413 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected]  Learn more about your ad choices. Visit megaphone.fm/adchoices

Want to invest but fear you don’t have enough money to get started? Building a profitable real estate business could be the answer. This strategy allowed today’s guest to not only scale her portfolio but also develop skills to level up her own rental properties AND bring in $600,000/year! Welcome back to the Real Estate Rookie podcast! Today, we’re joined by the “accidental investor,” Terri-Leigh Huleis. Married with three children, Terri and her husband didn’t have enough money to buy a house…or so they thought. After moving from California to a more affordable market, Terri was able to make her dream of homeownership a reality. Little did she know that this was just the beginning of her real estate journey. It wasn’t long before Terri had turned her passion for interior design into a $600,000/year business—one that has allowed her and her husband to scale in very little time! After being diagnosed with a brain tumor in 2016, Terri lives every day as if it’s her last. This self-starter’s story is filled with all kinds of helpful nuggets you can use on your own journey—from finding creative ways to fund home renovation projects to setting up an Airbnb in four weeks or less. Stick around until the end to hear about the top amenities you’ll want to add to your short-term rental in 2024! In This Episode We Cover How Terri grew an interior design business that pulls in $600,000 per year Using credit card rewards to fund an ENTIRE home renovation project How to start a business that allows you to buy even MORE real estate Landing your first interior design clients (even if you don’t have a portfolio!) How to design an Airbnb, step by step, in just four weeks or less The hottest amenities to add to your short-term rental in 2024 And So Much More! (00:00) Intro (00:42) Buying Their First House (09:52) Starting an Interior Design Business (18:18) Making $600K/Year?! (26:43) Short-Term Rental Design 101 (35:24) Money-Making Airbnb Tips (38:12) Connect with Terri! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-412 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected]  Learn more about your ad choices. Visit megaphone.fm/adchoices

If you’re willing to get your hands dirty, new builds and home renovations can deliver a HUGE return on investment (ROI). Just ask today’s guest! After passing up on a deal that became a cash cow for another investor, he decided to put an end to his analysis paralysis, earn his general contracting license, and get right to work! Today, we’re joined by a former The Bachelorette contestant, NCAA Division I quarterback, and new investor. Despite many years in the spotlight, Tyler Cameron doesn’t plan to escape the public eye just yet—trading a rose for a hammer in his latest show, Going Home with Tyler Cameron. In today’s episode, he discusses his journey into real estate, which began shortly after inheriting his childhood home. Wanting to honor his late mother, Tyler completed several renovations—making his fair share of mistakes along the way. Even with some tough lessons learned, the property rents for a pretty penny, giving him and his brothers another reliable stream of income. Tune in to learn why Tyler got started in real estate (and why he almost didn’t), what drew him to new construction, and how he has built a three-million-dollar portfolio in only THREE years. He also offers his best short-term rental tips and shares why so many investors are flocking to his hometown of Jupiter, Florida—a growing market where high appreciation is the norm! In This Episode We Cover How Tyler built a three-million-dollar portfolio in just THREE years Why market uncertainty shouldn’t stop you from investing in real estate The keys to a successful home renovation project or new build Why new construction might offer you the BEST return on investment (ROI) Short-term rental tips for new investors (and why the customer is “always right”) Why MORE investors are buying rental properties in Jupiter, Florida And So Much More! (00:00) Intro (01:02) Renovating His Childhood Home (04:47) $3M in 3 Years?! (09:29) Life in the Spotlight (13:42) KEY Lessons Learned (21:57) Short-Term Rental Tips (25:38) Investing in Jupiter, Florida (30:28) New Builds vs. Renovations (32:38) “Going Home with Tyler Cameron” (36:08) Connect with Tyler! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-411 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected]  Learn more about your ad choices. Visit megaphone.fm/adchoices

Private money is a “secret weapon” for real estate investing, allowing you to dodge the major banks and fund real estate deals on your terms. But just how easy is it to get this type of funding? The answer might surprise you. You don’t want to miss this masterclass on direct lending!   Welcome back to the Real Estate Rookie podcast! Concluding our three-part miniseries on the fundamentals of funding, we’re diving into direct lending with investor and fellow BiggerPockets host Henry Washington. In this episode, he covers the different types of direct lending options that are available to new investors—including private money and hard money—and discusses the many reasons why he uses them to build his own real estate portfolio!   Unfortunately, too many investors adopt a scarcity mindset and throw themselves at the mercy of any big bank that might finance their deals. Henry’s about to prove why lenders need YOU more than you might think and teach you how to craft the perfect private lending pitch from that position! He also shows you how to properly vet a lender and shares what you can do today to build relationships with the smaller lenders in your community! In This Episode We Cover How to obtain private money and get funding on your terms Why lenders need YOU just as much (if not more) than you need them Hard money versus private money (and which type of loan is right for you!) How to properly vet a lender before giving them your business How to craft the perfect pitch to a private money lender The BEST ways to build relationships with smaller, local lenders And So Much More! (00:00) Intro (01:17) What Is Direct Lending? (05:53) Building Relationships (11:55) How to Vet a Lender (20:17) Working with Private Money (28:14) The Perfect Private Money “Pitch” (33:59) What If You Can’t Pay? (40:00) Connect with Henry! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-410 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected]  Learn more about your ad choices. Visit megaphone.fm/adchoices

Knowing how to get a mortgage is a crucial step in your journey to buy a rental property. Of course, the money side of things can be intimidating. How do you find a lender? What type of mortgage do you need? When should you get a preapproval? You likely have all sorts of questions…and we have answers! Welcome back to the Real Estate Rookie podcast! In part two of our fundamentals of funding miniseries, certified mortgage advisor Jeff Welgan joins the show to share his lending expertise and equip rookies with some golden financing tips. In this episode, he debunks some of the most common misconceptions about real estate lending and shares some of the biggest red flags to watch out for in a lender. But that’s not all. Jeff will show you an EASY way to build an entire portfolio with very little money—a lesser-known strategy that allows you to use down payment assistance programs and first-time home buyer loans to your advantage. Jeff also talks about the biggest differences between conventional and non-conventional loans, what to expect during the underwriting process, and where he expects mortgage rates to be in the not-so-distant future! In This Episode We Cover: The EASY way to build your rental portfolio with low money The mortgage approval timeline and what to expect during the underwriting process How to get 100% financing (or more!) with down payment assistance programs The biggest red flags to watch for in a lender (and key questions to ask!) How to get a first-time home buyer loan (even if it’s NOT your first property!) The most common misconceptions surrounding real estate lending Conventional loans versus non-conventional loans (and which one YOU need) And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Get Tips, Advice, & Support in the BiggerPockets Forums Join the Real Estate Rookie Bootcamp Grab the BiggerPockets Investing Books Property Manager Finder Real Estate Rookie 408 – Fundamentals of Funding: How to Find the Right Lender for Your Next Rental w/Joe Coleman BiggerPockets Real Estate 939 – BiggerNews: 100% Financing for First-Time Home Buyers is HERE BiggerPockets Real Estate 943 – BiggerNews: Can’t Qualify for Another Mortgage? Try THESE Investor Loans w/Jeff Welgan Connect with Jeff: Jeff's BiggerPockets Profile (00:00) Intro (01:09) Funding Challenges & Lender Red Flags (07:00)) Common Financing Misconceptions (12:10) Kicking Off the Lending Process (17:26) Getting a Loan with an LLC (22:50) The Lending Timeline & Credit Pulls (28:48) Mortgage Underwriting 101 (35:23) Conventional vs. Non-Conventional Loans (41:30) Where Are Mortgage Rates Headed? (46:54) Connect with Jeff! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-409 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected]  Learn more about your ad choices. Visit megaphone.fm/adchoices

Financing rental properties is a common roadblock that prevents many rookies from investing in real estate, but finding a great lender doesn’t have to be difficult! We’ve got some timely tips, tricks, and tools that will make funding ALL of your real estate deals easier than ever! Welcome back to the Real Estate Rookie podcast! Today, we’re bringing you part one of a three-part miniseries on the fundamentals of funding. We’re joined by investor concierge at BiggerPockets, Joe Coleman, who shares some of his best advice for financing your first (or next!) rental property. In this episode, he peels back the curtain to reveal some of the nuances of financing—including when to start engaging lenders while analyzing rental properties and how to find an investor-friendly lender. Wish you could compare several loans at once? Joe shares a powerful tool that will help you do just that. He also talks about the differences between consumer-purpose and business-purpose loans and why you should be familiar with the different types of lenders and loan products that are available. Finally, stick around until the end to learn about the ONE question your lender doesn’t want you to ask—one that could help you save thousands of dollars on your investment property! In This Episode We Cover How to find funding for your first (or next!) real estate deal The ONE question you must ask your lender (that will save you a TON of money) The different types of lenders and loans you NEED to know about The easiest way to compare multiple lenders at the same time Why you should know a lender’s source of capital before borrowing from them Consumer-purpose versus business-purpose loans (and which one YOU need) And So Much More! (00:00) Intro (03:53) WHEN Do You Need a Lender? (07:26) Common Financing Misconceptions (11:50) Different Types of Lenders & Loans (20:08) Loan Requirements & Speaking with Lenders (28:26) The EASY Way to Compare Lenders (39:01) Lock In Your Interest Rate! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-408 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected]  Learn more about your ad choices. Visit megaphone.fm/adchoices

Are you tired of paying someone else’s mortgage? Then you’re in the right place. In today’s show, we’re sharing how to buy a home in 2024, even as a complete beginner, as we walk through a rookie’s step-by-step journey to purchasing his first primary residence, which could also become a rental! If you feel like you’re in the same position and want to be the receiver, not the sender, of monthly rent checks, tune in as we walk through how today’s rookie is gearing up to become a first-time homebuyer! Aaron Mann was tired of renting. After being around real estate investors at his day job, he started to feel like he was missing out. Meanwhile, his wife was reading a slew of BiggerPockets books and told Aaron it was time to look into buying—he agreed! This couple is now beginning their house-hunting journey and has already zeroed in on their strategy, investing area, and what they want to buy. With the help of our own Ashley Kehr in the BiggerPockets Real Estate Rookie Bootcamp, Aaron is set to close on his first home in the near future. Want to get YOUR first rental property or primary residence this year? Tune in and start taking these beginner steps! Sign up for a BiggerPockets Bootcamp today to get on the path to buying your FIRST or next rental property!  In This Episode We Cover How to buy your first home or rental property within the next year! The “house hacking” strategy that allows you to significantly save on your mortgage payment  How to save for a down payment and the basics of budgeting for first-time homebuyers The one program that helps you to find discounted properties in your area Getting a mortgage and the steps to take to see how much you can afford  The one zero-percent-down loan that most homebuyers have no idea about  And So Much More! (00:00) Intro (01:26) Deciding to Invest (07:09) Best Beginner Investing Strategy  (12:23) Finding Properties  (13:41) Saving for a Down Payment  (26:56) Picking a Market  (29:29) Getting a Mortgage  (35:04) Join the Rookie Bootcamp! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-407 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected]  Learn more about your ad choices. Visit megaphone.fm/adchoices

What goes into a commercial real estate deal? You’re about to find out! Fortunately, buying one of these properties isn’t quite the jump from residential real estate as you might expect it to be. Whether you’re a new investor or own several rentals, YOU, too, can buy a commercial property! Welcome back to the Real Estate Rookie podcast! A few months back, we chatted with Tony about his new thirteen-unit hotel in Utah. Since then, the hotel has officially launched, and today, we’re joined by not only Tony but also his wife, Sara, to discuss the ins and outs of this enormous project. With months of planning, rehabbing, and problem-solving in the rearview, they break down the deal from start to finish—sharing some of their biggest successes, as well as some important lessons learned. If you’re interested in commercial real estate investing, you don’t want to miss this episode! You’ll learn how to create a budget for a large renovation project, choose a model for paying contractors, get better reviews for your short-term rental, and form a seamless partnership with your spouse! In This Episode We Cover How the Robinsons planned, rehabbed, and launched a thirteen-unit hotel Implementing self-check-in convenience on a commercial property How to create a watertight budget for a large renovation project Effective strategies for managing and paying your contractors How to divvy up responsibilities when investing with your spouse How to get MORE bookings (and keep your property occupied year-round!) And So Much More! (00:00) Intro (02:43) Managing & Paying Contractors (09:43) Numbers on the Hotel (15:37) HUGE Lessons Learned (18:49) Self-Check-In Challenges (25:11) Building a Team & Getting Reviews (28:41) Working with Your Spouse (35:17) Connect with the Robinsons! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-406 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected]  Learn more about your ad choices. Visit megaphone.fm/adchoices

MANY people invest in real estate for financial freedom. Unfortunately, not all investors get there. The truth is that a little cash flow won’t allow you to quit your W2 job or support an early retirement. You need a LOT of cash flow, or you need a bigger portfolio! Welcome back to the Real Estate Rookie podcast! With two college degrees and a successful career, Dan Marklin had what many people envy in life. But one day, after realizing that the top rung of the corporate ladder wasn’t as glamorous as it seemed, he began to dream of something more—a job that would afford him total financial freedom and allow him to spend more time with loved ones. It wasn’t long before Dan had dived headfirst into the world of real estate investing, buying his very first rental property. In this episode, Dan will show you the method he used to scale his portfolio from zero units to over ninety doors in just THREE years! Along the way, you’ll learn the differences between cash flow, cash-on-cash return, and an even MORE important data point to consider when analyzing rental properties. But that’s not all. Dan spares no detail when recalling one of his real estate horror stories and shares how YOU can overcome the challenges of multifamily property investing! In This Episode We Cover: How to achieve financial freedom by investing in real estate Why YOU should start investing in small multifamily in 2024 Cash flow, cash-on-cash return, and internal rate of return explained The MOST important data point to consider when analyzing properties How to scale your portfolio WITHOUT sacrificing time or cash flow And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Get Tips, Advice, & Support in the BiggerPockets Forums Analyze Your Rental Property with the BiggerPockets Calculator Real Estate Rookie 346 – The Multifamily Investing Masterclass: How to Get Started in 2024 BiggerPockets Real Estate 496 – Become a (Small) Multifamily Millionaire in 7 Steps w/ Brian Murray and Brandon Turner Books Mentioned in This Episode: Buy, Rehab, Rent, Refinance, Repeat by David Greene The Book on Managing Rental Properties by Brandon & Heather Turner Connect with Dan: Dan's BiggerPockets Profile Dan's Instagram Profile Dan's Facebook Profile (00:00) Intro (01:05) The Journey to Financial Freedom (07:55) EASY First Steps (13:02) How to Analyze Rentals (19:52) Buying the First Property (23:45) Dan’s “Horror” Deal (33:14) Finishing the Rehab & Scaling (39:38) Connect with Dan! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-405 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected]  Learn more about your ad choices. Visit megaphone.fm/adchoices

How do you know if a rental property will make enough cash flow before you buy? Budgeting is KEY. When breaking down a deal, it’s critical that you account for the costs of all capital expenditures (CapEx), maintenance, and repairs. Overlooking an important line item could easily put you in the red!   Welcome back to another Rookie Reply! In today’s episode, we’re going to show you how to budget for the everyday operating costs that come with owning rental properties, as well as how to set minimum cash flow requirements when analyzing a rental. Should you find a partner for your next house hack? We get into the potential advantages and disadvantages of joining forces with other investors. We also talk about the many tax benefits in real estate and whether you need a limited liability company (LLC) to maximize them! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover How to budget for everyday rental expenses, maintenance, and repairs How to set minimum cash flow requirements when analyzing deals The pros and cons of forming a real estate investing partnership for a house hack How to distinguish capital expenditures from repairs and maintenance Whether you NEED an LLC to reap all of the tax benefits of real estate investing And So Much More! (00:00) Intro (00:31) Claiming Tax Write-Offs (04:02) Budgeting for Property Expenses (15:45) Partnering on a House Hack? (23:42) CapEx vs. Repairs & Maintenance (26:37) How Much Cash Flow Do You Need? (32:37) Send Us Your Question! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-404 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected]  Learn more about your ad choices. Visit megaphone.fm/adchoices

Buying small multifamily properties is an easy way to build a portfolio, and with a little creativity, you don’t even need a ton of money! Despite a rocky start to his real estate journey, today’s guest was able to take advantage of a HUGE investing opportunity and buy several properties in very little time. Welcome back to the Real Estate Rookie podcast! Like many new investors, Sean Reischel started out using the house hacking strategy. Unfortunately, things didn’t go to plan, as an incident involving spaghetti and his garbage disposal ultimately drove a tenant out of his property. However, Sean was able to turn this bad situation into a golden opportunity by renovating the unit, raising rents, and placing a new tenant quickly. Fast forward only a few years, and Sean and his wife own five small multifamily properties worth a combined $2.7 million! Whether you need help with financing or partnerships, this episode is loaded with practical tips that even the greenest investor can use. Sean shares how he teams up with other investors to buy properties faster, as well as how rehabbing and refinancing properties has increased his buying power. He even dives into his main markets—Salt Lake City, Utah and Louisville, Kentucky—and the investing strategies he deploys in these areas! In This Episode We Cover How Sean turned a house hacking “hiccup” into $2.7 million in small multifamily How to analyze real estate deals using the one-percent rule What to look for when choosing a new market to invest in Using the power of refinancing to buy MORE rental properties How to scale your real estate portfolio faster with partnerships And So Much More! (00:00) Intro (01:11) Sean’s FIRST House Hack (06:55) The “Spaghetti” Fiasco (12:49) Renovating the Damaged Unit (21:33) The Louisville, KY Market (27:22) Finding & Funding Deals (33:26) Changing Roles & the Investor “Pitch” (38:16) Connect with Sean! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-403 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected]  Learn more about your ad choices. Visit megaphone.fm/adchoices

The hardest part of real estate investing is, of course, getting started. Once you have your first rental property, it’s much easier to scale your real estate portfolio than you might think—even if you don’t have much money to your name!   Earning modest salaries from their nine-to-five teaching jobs, Rob Schou and his wife couldn’t afford a large down payment on an expensive property. But by starting multiple side hustles and sharpening their DIY home renovation skills, they were able to purchase a cheaper property and add value to it. The best part? This created a “domino effect,” giving them more capital and momentum for future deals. Even when they didn’t have everything figured out, taking action and having multiple exit strategies meant they always turned a profit—even when a project didn’t go to plan!   In this episode of the Real Estate Rookie podcast, you’ll hear about some creative side hustle ideas you can use to fund your next down payment. You’ll also learn how to choose a niche that aligns with your long-term goals, as well as how to build your “buy box” and find the right market. But that’s not all. Rob even dives into new construction, showing you how to buy land, vet builders, and more! In This Episode We Cover The “domino effect” and how ONE deal can help you land your next deal How to find the perfect investing strategy for your long-term goals How to build your “buy box” and choose a market to invest in Lucrative side hustles that can help fund your next down payment Why you MUST have multiple exit strategies for every new deal How to properly vet a builder for new construction projects And So Much More! (00:00) Intro (00:58) Buying the Vacation Home (10:51) Side Hustling for Down Payments (16:39) Analysis Paralysis & Finding Your Niche (24:16) New Construction 101 (28:26) How to Vet a Builder (36:17) Choosing Your “Buy Box” & Market (42:37) Connect with Rob! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-402 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected]  Learn more about your ad choices. Visit megaphone.fm/adchoices

Want more cash flow with less stress while running your rental property portfolio? Then you need self-management! Amelia McGee and Grace Gudenkauf, seasoned investors and the minds behind BiggerPockets’ newest book, The Self-Managing Landlord, show you exactly how to do it. This episode peels back the curtain on the misconceptions that scare most investors away from self-managing their properties (like those feared 2 AM toilet emergencies!). Amelia and Grace expose how these scenarios are less frequent than most people think and offer smart strategies to handle them effortlessly. The duo dives into the financial perks of taking the reins on property management, from dramatically cutting costs to boosting tenant retention and cash flow. They lay out a spectrum of management models—from DIY to hiring a dedicated team—and share their personal triumphs (and trials) within each approach. This is THE practical playbook for making property management a cornerstone of your real estate success. You’ll learn how to establish effective systems for tenant onboarding, routine maintenance, and urgent repairs, ensuring your property management is both stress-free and profitable. Whether you’re just dipping your toes into real estate investing with your first property or looking to refine your existing portfolio, this episode is packed with actionable tips that promise to make your portfolio more passive!  In This Episode We Cover: How to lower your costs and boost your cash flow significantly with self-management What being a landlord is actually like, and why it’s not all 2 AM toilet calls  Building your real estate team so you can handle less of the day-to-day and focus on the big picture Practical advice for setting up systems that streamline tenant onboarding and property maintenance Grace’s $8,500 bookkeeping mistake that you CAN NOT afford to make Tips for handling urgent property issues with WAY less stress  And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Get Tips, Advice, & Support in the BiggerPockets Forums Get RentRedi Property Management for FREE with a BiggerPockets Pro Membership: BiggerPockets Pro RentRedi Real Estate Rookie 111 - 26 Doors in 1 Year? Here’s How You Can Do It Too! w/Amelia McGee Real Estate Rookie 161 - Using Calculated Risk to Acquire 17 Doors In Under a Year (at Age 24!) w/ Grace Gudenkauf BiggerPockets Real Estate 938 - Scaling from 0 to 20+ Doors Using These “Self-Management” Tools & Tips w/Amelia McGee and Grace Gudenkauf Tools Mentioned in Today’s Show: Loom Monday.com Connect with Amelia: Amelia's BiggerPockets Profile Amelia's Instagram WIRE (Women Invest In Real Estate) Connect with Grace: Grace's BiggerPockets Profile Grace's Instagram (00:00) Intro (01:10) The Right Way to Manage Rentals (04:42) What Being a Landlord is Like (08:20) Why You MUST Self-Manage (14:42) Onboarding Tenants 101 (20:41) Lease Agreements (26:56) The $8,500 Mistake (30:08) Do This RIGHT Now! (35:09) Building Your Team (41:40) Grab the Book! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-401 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected]  Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode could make you $40,000. Seriously, one property management mistake cost our own expert investor, Dave Meyer, anywhere from $30,000 to $40,000, BUT it’s easier to avoid than you think. If you’re a rookie real estate investor, this single mistake could sink your portfolio and put you back years on your journey to financial freedom. So, what’s the mistake you must avoid, and how do you circumvent it to make more money while having less stress? It’s Real Estate Rookie episode 400, so let’s save you $40,000! Dave has been investing for over a decade, and he’s made his fair share of mistakes, but this one takes the cake. One simple property management judgment error sent his short-term rental trajectory off a cliff, with a filthy house, no bookings during the peak season, safety problems that left his property in jeopardy, and guests leaving less-than-flattering reviews. But this is a mistake anyone can make, so how do you avoid it? In today’s episode, we’ll get into the nitty-gritty of what cost Dave $30,000 - $40,000, the exact way he’d prevent this from ever happening again, what you should look for in a property manager BEFORE you hire them, and the contract clause that could kill your cash flow! In This Episode We Cover The one property management mistake that could cost you up to $40,000 Property management fees and how to tell a company is a little too cheap Signs you need to fire your property manager before it’s too late  The one short-term rental contract clause that could ruin your entire year  How Dave’s house almost froze thanks to overlooking one BIG utility  And So Much More! (00:00) Intro (03:12) Buying a Property ASAP! (06:57) Great Property, But… (12:23) One Big Mistake  (16:05) Things Go Really Wrong  (20:07) Losing A TON of Rent  (22:48) Costly Lessons Learned  (28:43) Get a REAL Property Manager  Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-400 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

What’s YOUR reason for investing in real estate? For today’s guest, it was to achieve financial freedom and have a flexible schedule. By focusing on education, forming partnerships, and, most importantly, taking action, she was able to quit her job and acquire seven properties in just THREE years! Welcome back to the Real Estate Rookie podcast! Sarah Msuya was firmly entrenched in her successful banking career when life threw her a series of curveballs. After her son was born prematurely and complications caused her to miss nine months of work, Sarah knew that a traditional nine-to-five was no longer an option for her and her family. She spent the next three years learning as much as she could about real estate and building a portfolio that provides $80,000 in cash flow per year! Like many new investors, Sarah has dabbled in several investing strategies on her journey to financial freedom—from house hacking to flipping houses and everything in between. Eventually, she was able to pin down her niche—the BRRRR method. In this episode, you’ll learn how to find the best strategy for YOU and scale your portfolio through partnerships and creative financing! In This Episode We Cover: How Sarah brings in $80,000 cash flow each year from seven properties Why you DON’T need to look ten years ahead before investing in real estate How to cover your mortgage payment with the house hacking strategy Three property management strategies you can use for your rental property How to scale your portfolio FAST with partnerships, creative financing, and more FHA loan limits explained (and how to avoid a surprise at closing!) And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Get Tips, Advice, & Support in the BiggerPockets Forums Grab Your Copy of “Real Estate Partnerships Real Estate Rookie 207 - Working Towards Time Freedom “In the Trees” with 3 Treehouse Rentals: Real Estate Rookie 742 - How to Achieve Financial Freedom Through Real Estate in 4 Steps: Connect with Sarah: Eileen's BiggerPockets Profile Sarah's Bigger Pockets Profile Sarah's Facebook Sarah's Instagram Sarah's LinkedIn Jump to topic: (00:00) Intro (00:50) HUGE Life Changes (06:42) $80K/Year Cash Flow! (13:31) Sarah’s First House Hack (20:52) How to Scale FAST (27:51) Property Management 101 (31:57) Connect with Sarah! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-399 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Small multifamily real estate investing can lead you to financial freedom faster than you think. Compared to traditional single-family rental properties, small multifamily properties often offer more cash flow, the ability to scale quicker, and less competition than the properties every first-time home buyer is looking for. Small multifamily investing is so good that it remains seasoned investor Dave Meyer’s favorite way to invest after over a decade of investing in rental properties. So, how do you get started? In this episode, we’ll walk through the three beginner steps anyone can take to start investing in small multifamily real estate. We’ll show you how ANYONE can get into this asset class, even with ZERO experience, why small multifamily is the perfect “sweet spot” for rental property investing, and how to overcome the biggest challenges to getting your first deal. But that’s not all. We found a small multifamily rental property for sale and go step-by-step through it, analyzing it within minutes so YOU can do the same for your first or next property. Small multifamily is the perfect place to start your real estate investing journey, and after you watch this episode, you’ll have EVERYTHING you need to start investing! Ready to become a BiggerPockets Pro? Click here to sign up and use code “MULTIPOD24” for a special discount! In This Episode We Cover: Why small multifamily real estate is the perfect “sweet spot” for rookie investors How to get to financial independence faster than you think with duplexes, triplexes, and quadplexes The easiest way to find deals in your target market (for FREE!) How to analyze a real estate deal from start to finish in just minutes The #1 challenge to real estate investing and a simple solution to overcome it Our favorite real estate investing tool that’ll help you do your first or next deal even faster And So Much More! Links from the Show Find an Agent Find a Lender Dave's BiggerPockets Profile Dave's Instagram Real Estate Rookie Facebook Group Get 20% Off a BiggerPockets Pro Membership with Code “YTMULTI24” Analyze Deals in 5 Minutes or Less with Our Rental Property Calculator Determine Monthly Rent with Our Rent Estimator Tool Join a BiggerPockets Bootcamp “On the Market” Podcast Book Mentioned in the Show Real Estate by the Numbers by Dave Meyer and J Scott Jump to topic: (00:00) Intro (05:43) Want Financial Freedom? (10:11) ANYONE Can Do It (11:47) The Investing "Sweet Spot" (12:57) Why Small Multifamily?  (16:16) 1. Where to Find Properties  (20:09) 2. How to Analyze Multifamily  (31:23) 3. How to Get Financing  (36:08) Scared to Invest? (38:44) The One Tool You NEED Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-398 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

If you own a rental property, it’s YOUR responsibility to provide a safe environment for tenants. This starts with things like tenant screening, security upgrades, and most importantly, acting swiftly when a resident is in danger! Welcome back to the Real Estate Rookie podcast! Eileen Daugherty is not only the property management business consultant here at BiggerPockets but also a fellow real estate investor, and today, she joins the show to talk about property management, new construction homes, and the importance of tenant safety. Eileen even shares her own real estate horror story, which occurred shortly after buying her first rental property and renting it out. You’ll hear how a neighbor’s seemingly innocent “crush” quickly escalated into a situation where her new tenant was being stalked, hacked, and harassed! In this episode, Eileen shares the biggest learning lessons from this unfortunate experience and the MAJOR changes she made to improve tenant safety at her properties—from installing security cameras to providing virtual private networks (VPNs) and much more. But that’s not all! Stick around until the end to learn what it’s like to invest in the fast-growing market of Asheville, North Carolina! In This Episode We Cover: How to keep your tenants safe with landlord best practices Why it’s worth building relationships with your neighbors and tenants How to find an investor-friendly property manager for your rental properties The three most important factors for choosing an investing strategy How to scale your portfolio FAST with new construction homes The pros and cons of investing in the Asheville, North Carolina market And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Get Tips, Advice, & Support in the BiggerPockets Forums Real Estate Rookie 203 – The Ultimate Property Management Masterclass Real Estate Rookie 389 – Rookie Reply: How to Find a Property Manager & Set Up Rentals Out of State 3 Ways to Enhance Rental Property Security Connect with Eileen: Eileen's BiggerPockets Profile (00:00) Intro (50:00) Eileen’s Investing Portfolio (05:17) The Asheville Horror Story (08:23) Stalked, Hacked, & Harassed! (17:12) Relisting the Property (20:27) The BEST Security Additions (27:21) Building a Team & New Construction (32:02) Investing in Asheville, NC (35:26) Connect with Eileen! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-397 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

You want to invest in real estate, but you don’t have the money. Are you out of luck? Good news—money is NOT a dealbreaker. There are several levers you can pull to get the capital you need, and today’s guest is going to share them with you! Welcome back to the Real Estate Rookie podcast! Shortly after being cut, former professional football player Darnell Leslie was determined to try his hand at real estate investing. There was only one problem: he needed money. But, after convincing some family members to partner with him, Darnell quickly realized that he could use other people’s money to fund ALL of his real estate deals. He started building his network and found private money and hard money lenders, using a polished private capital “pitch” to bring them on board. Over the last few years, he has completed five deals using very little of his own money! Is money the ONE thing stopping you from buying real estate? In this episode, you’ll learn everything you need to know to start using other people’s money instead. From structuring private money and hard money agreements to buying materials for your renovation projects, Darnell walks you through each step! In This Episode We Cover: How Darnell uses other people’s money to fund his real estate deals How to start raising private money today (tips for new investors!) Why you MUST have multiple exit strategies when buying property The private capital “pitch” to help you raise funds for your next investment How to structure your private money and hard money agreements The interest-free way to buy materials for your rehab projects And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Get Tips, Advice, & Support in the BiggerPockets Forums Rookie Podcast 275 - From $40K Debt to 4 Doors and Six-Figure Net Worth (In 1 Year!) BiggerPockets Podcast 334 - Using Other People’s Money to Fund Flips, Multifamily, & Self-Storage Deals With Ben Lapidus Book Mentioned in the Show Rich Dad Poor Dad by Robert Kiyosaki Raising Private Capital by Matt Faircloth Connect with Darnell: Darnell's BiggerPockets Profile Darnell's Facebook Darnell's Instagram Darnell's LinkedIn (00:00) Intro (01:23) Football Player to Investor (09:26) The Private Capital “Pitch” (17:39) Structuring an Agreement (23:44) Using OPM & Choosing a Strategy (31:59) How to Find & Analyze Deals (40:46) Funding Rehab Projects (50:04) Connect with Darnell! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-396 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

House hacking and renting by the room are two of the easiest ways for rookies to dive into the world of real estate investing. Both investing strategies are affordable, low-risk, and easy to implement. The best part? They can help cover your mortgage payment each month and give you MORE money to invest! Welcome back to another Rookie Reply! Want to earn some extra cash flow by adding an accessory dwelling unit (ADU) to your rental property? In this episode, we’ll show you how to present your plan to the city and get your new unit approved. If you need money for a down payment, you’ll want to hear about the creative method one of our recent guests used to come up with funds. We even talk about buying abandoned houses—how to locate the “missing” owner and swoop in with your irresistible offer! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover House hacking explained (collecting rents, renovations, and tax benefits!) How to add an accessory dwelling unit (ADU) to an existing property Creative ways to fund the down payment for your next rental property How to find the owner of an abandoned house and make an offer Why you MUST have a lease agreement in place when renting by the room How to remove squatters from your property (with a 100% success rate!) And So Much More! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-395 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Added home renovation costs can ruin your plans to own the perfect rental property. When this happens, how do you come up with the extra funds? More importantly, how do you prevent this from happening altogether? We’ve got plenty of answers for you in today’s episode! Welcome back to the Real Estate Rookie podcast! Jessica Bryant Walton owns several doors in Anchorage, Alaska. As you’re about to find out, investing where winters are long, water damage is common, and frozen pipes are everyday occurrences isn’t for the faint of heart. Jessica and her husband had just bought a duplex, only to find out that the previous owner had disguised a MAJOR leak and extensive damage with a second roof. What they anticipated would be a $40,000 rehab ended up costing over $130,000! Fortunately, Jessica and her husband came up with creative ways to fund their renovations, increase rents, and lower their overhead by self-managing the property. But there are valuable lessons to take away from their experience. You’ll learn why you should consider getting your real estate license, how to find the best contractors for your rehab projects, and the importance of always keeping a paper trail! In This Episode We Cover: How Jessica’s $40K renovation turned into a $130K+ “nightmare” rehab Self-management tips for long-term and short-term rentals The BEST way to source contractors for your renovation projects Why you shouldn’t speak with your tenants over the phone What you need to know before investing in an Alaska rental market Why you should get your real estate license (even if you don’t plan to use it!) And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Rookie Podcast 277 - Leaks, Surprise Rehabs, and the Reality of Buying Your First Rental Property Rookie Podcast 313 - The REAL Side of Real Estate: When Rehabs and Rentals Go Wrong The Difficult Path to Wealth: Losing Money on Your First Real Estate Deal w/ JL Collins Connect with Jessica: Jessica's BiggerPockets Profile Jessica's Instagram Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-394 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

If you want your rental property to succeed, you’ve got to give people a reason to keep coming back. That’s exactly what today’s guest is doing—creating a one-of-one experience that people can’t get anywhere else. It’s what keeps his property booked year-round! Welcome back to the Real Estate Rookie podcast! Just three years ago, Chase Charifa bought his first rental property—a black, mid-century cabin tucked away in Big Bear, California. By engaging each of the guest’s five senses and adding intrigue with a “secret” amenity, Chase and his wife, April, have created an unforgettable guest experience that allows them to stand out in their market. As a result, this short-term rental brings in about $120,000 per year! But that’s not all. Since launching his Airbnb, Chase has taken on another four rentals, three new construction projects, and a parcel of land. How has Chase been able to scale his portfolio in only a few years? In this episode, he shares how he was able to fund several deals using creative financing and smart tax strategies. He also talks about the huge opportunity that exists with real estate development. You’ll learn how to find land, get approved for a construction loan, and build your own development team! In This Episode We Cover: How Chase brings in $120,000 per year from ONE rental property The best way to get FREE real estate marketing for your short-term rental How to create an unforgettable experience for your Airbnb guests Scaling your portfolio with creative financing and tax strategies How to incorporate a creative skill set into your real estate business Getting started in real estate development and building your team How to get approved for a construction loan (in three steps!) And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Protecting Your Future in Short-Term Rentals: It Starts By Providing a Powerful Guest Experience The “Luxury” Rental Property That Brings in $150K/Year of Pure Profit How to Start an Airbnb Business in a Brand New Market $11,000/Month with One VERY Unique Rental Property Connect with Chase Chase's BiggerPockets Profile Chase's Facebook Chase's Instagrams: @lightfootcabin @janchasecharifa Chase's LinkedIn Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-393 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

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

A thriving real estate business without rental properties?! It might sound like an easy way to “invest,” but make no mistake—you’re going to need to sharpen your management, interior design, and problem-solving skills for it to work. Fortunately, today’s guest can bring you up to speed on this low-cost strategy! Welcome back to the Real Estate Rookie podcast! In this episode, Veronica Garreton returns to the show to offer more nuggets of wisdom for new investors. In our most recent episode with Veronica, she shared how she pocketed $150,000 in profit from just ONE luxury rental property. But today, she is going to take a deep dive into the investing strategy that allows her to grow her real estate business without buying more properties—co-hosting! Of course, co-hosting, like any other strategy, is susceptible to the occasional horror story. Tune in as Veronica shares how ONE troublesome guest caused $11,000 in rental damage and how her decisiveness helped her save the day. What is co-hosting and how does it differ from property management? Why are medium-term rentals taking over short-term rentals in certain markets? How do you prevent bad reviews on Airbnb? Stick around for all of the answers! In This Episode We Cover: How Veronica grows her real estate business without buying more properties The co-hosting strategy and how it differs from property management How to earn five-star Airbnb reviews by working at the “speed of luxury” Why investors are moving from short-term rentals to medium-term rentals Why you NEED an exit strategy when investing in a major metro market The “emergency” clause you MUST include in your co-hosting agreements How to furnish your short-term rental (tips from a professional interior designer!) And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! The “Luxury” Rental Property That Brings in $150K/Year of Pure Profit w/Veronica Garreton Wiping Out $130K of Debt in ONE Year With THIS “Steady” Real Estate Business The Overlooked Aspect of Short-Term Rentals: Furnishing—Here’s What You Should Do Medium-Term Rentals: How to Get BIG Cash Flow Out of Small Properties Connect with Veronica: Veronica's BiggerPockets Profile Veronica's Instagram Veronica's Portfolio Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-391 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices