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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Ashley and Tony’s DMs are open for real estate Q&A business! Just like last week, this week’s question comes from Tony’s Instagram DMs. The question? How are you scaling your real estate portfolio so quickly? How do you finance your deals? For most rookie investors, real estate financing seems like a big hurdle to get over. With deals flying off the MLS so quickly nowadays, having your funding locked and loaded is as important as ever. Thankfully, even if you don’t qualify for bank financing (or you’ve maxed out your personal loan limit), you can still find some phenomenal financing options. Here are some suggestions: You don’t need the money, use a partner as a source of funding Using a cash-out refinance or HELOC from a current property to fund your deals Walk into your bank and ask what they can do for you (you may be surprised by your options) Ask the seller about owner financing to close on deals without the hassle of a bank And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Rookie Facebook Group Real Estate Rookie Youtube Channel Real Estate Robinsons Youtube Channel A General Contractor (Almost) Ruined Our Rehab Yelp James Dainard's Instagram Sara's Instagram Swaterzzz's Instagram Rookie Podcast 102: $10M Profit On Her First Deal?! It’s Possible with Campground Investing BiggerPockets Podcast Ryan Pineda's Instagram Check the full show notes here: https://www.biggerpockets.com/rookie152 Learn more about your ad choices. Visit megaphone.fm/adchoices

Most people assume they’ll achieve financial freedom after they make their dream salary, but what they don’t realize is you can’t out-earn your toxic money habits. Today’s guest, Daniel Shin, learned this quickly when he started making his full-time surgeon salary. As a child, Daniel was fortunate enough to live the ideal suburban lifestyle, but when his dad got laid off during a recession, things quickly changed for the worse. After seeing his parents struggle to put food on the table, young Daniel decided he would do everything he could to prevent himself from being in a similar situation financially. Once Daniel started making his surgeon salary he assumed he’d be financially stable, but he began to expand his lifestyle to his salary and started drowning financially. It was at this point he decided to turn to real estate investing. He started by listening to BiggerPockets and decided investing was for him once he realized he could reach financial freedom faster through real estate. The first couple properties he invested in were turnkey properties. With less risk, Daniel felt it was a comfortable start to his investing journey, but after a while he wanted more of the action. Over the last three years, he has acquired about twenty-eight units including four duplexes and two small apartment buildings. Daniel is now focused on building his “real estate empire” while becoming financially free. In This Episode We Cover How to balance your salary and spending habits (and live below your means) The benefits of investing in turnkey properties and how to find a turnkey operator  How to deal with a “bad” property and how to prevent investing in any more future headache rentals How to show possible investors, mentors, or partners that you’re committed The importance of getting thorough inspections and the consequences of skipping them And So Much More! Links from the Show Real Estate Rookie Youtube Channel Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group Rookie Podcast 55: Combining House Hacking and Live in Flips with Tyler Madden Tyler Madden's Instagram Sara's Instagram Brandon Turner's BiggerPockets Account BiggerPockets Podcast Dave Ramsey's Podcast Grant Cardone's Podcast BiggerPockets Money Podcast Scott Trench's BiggerPockets Account Mindy Jensen's BiggerPockets Account BiggerPockets BiggerPockets Forums Rookie Podcast 29: Growing Your Portfolio with Turnkey Investing with Whitney Hutten and Lance Robinson Tiktok The Real Estate Robinson's Tiktok Account Check the full show notes here: https://www.biggerpockets.com/rookie151 Learn more about your ad choices. Visit megaphone.fm/adchoices

Ashley and Tony’s Instagram DMs have been blowing up! This week’s question comes from Collette through Tony’s Instagram direct messages. Collette is asking: Do you make offers based on pro forma or actual rent numbers? If you’re a real estate rookie or a residential-only investor, this may be the first time you’ve heard the term “pro forma” before. A real estate pro forma is simply a spreadsheet or document that projects the estimated financials on a property once capital expenditures, rent increases, or other improvements have been put in. So, should you trust those numbers? Here are some suggestions: Remember to “trust, but verify” and always run your own numbers on projected income Use multiple different investor scenarios: pro forma, current numbers, worst case, etc. Take into account the holding cost of performing a large rehab on a commercial property Calculate your working capital and CapEx budget needed to acquire the property successfully And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Rookie Facebook Group Real Estate Rookie Youtube Channel Rookie Podcast 103: From Restaurant Waiter to 100+ Deals in Only 4 Years w/ Derrick Acuff Instagram BiggerPockets BiggerPockets Rent Estimator BiggerPockets Pro Membership Zillow Craigslist Facebook Marketplace BiggerPockets Calculator Reports  Check the full show notes here: https://www.biggerpockets.com/rookie150 Learn more about your ad choices. Visit megaphone.fm/adchoices

While leaving your W-2 to pursue real estate can be intimidating at first, it’s important to realize the skills you learned at your W-2 don’t all go to waste. Most of what you learned is transferable when it comes to the wonderful world of real estate investing. Instead of looking at your W-2 as a means to an end, think of it as an experience-based asset. This is exactly what today’s guest, Emily Fackler, did. As a former salesperson, Emily was no stranger to the word “no”. In fact, she had heard it so many times she has created a thorough follow-up system to combat it. This follow-up system led her to her first flip, purchasing a home that multiple people told her “was already sold”. Her first flip took her 17 months and while she did two other flips besides that, she soon realized flipping wasn’t for her. This took her to her next real estate venture: mobile home investing.  Emily partnered with her best friend and bought a 39 lot mobile home park for a mere $139,000. Compared to flipping homes, Emily loves it! Investing in mobile homes makes more sense for her financially and allows her to have a sense of relationship with all her tenants. She has been able to hire a property manager to handle all the logistics and hopes to bring more homes into the park. After finding her niche with mobile homes, Emily is ready to hit the ground running and eventually be known as the “Mobile Home Park Queen”.  In This Episode We Cover The importance of follow up and how much of a difference it can make in your business How to finance your flips, rental properties, and mobile home parks Structuring family partnerships and the benefits of working with those you trust How to pitch investors on a potential deal so they feel confident in your value The “stair-stepping method” and how to increase rent in a gradual, less intrusive way And So Much More! Links from the Show Real Estate Rookie Youtube Channel Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group BiggerPockets Podcast Ed Mylett's Website The MFCEO Project Podcast BiggerPockets Conference BiggerPockets Clayton Homes Open Door Capital Instagram Facebook Rookie Podcast 91: 8 Units, 10 Wholesale Deals, and $0 Spent on Marketing w/ @Liliinvests Propstream Tony Robinson’s Podcast Netflix Hulu Realtor Zillow BiggerPockets Forums BiggerPockets Bootcamp The 7 Income Streams of Millionaires Check the full show notes here: https://www.biggerpockets.com/rookie149 Learn more about your ad choices. Visit megaphone.fm/adchoices

This week’s question comes from Brandon through Ashley’s Instagram direct messages (follow her @wealthfromrentals). Brandon is asking: I live in a great neighborhood where my rent is less than a potential mortgage. I’m looking to invest in a different town experiencing great growth, but I would live there myself. Is it a bad idea to purchase a rental property before purchasing my primary residence?  Both Ashley and Tony had to ask themselves this same question as they started their real estate investing careers. While they took different approaches, in the end, they both agree that this decision is far more subjective than many people think, and it will entirely depend on your family plans, cash flow, and net worth calculations. Here are some suggestions: Ask “will this home purchase contribute faster to my cash flow or net worth goals?” Decide on the importance of having a “home base” in your name Understand how your financing options may change after buying the property Calculate how long it will take you to invest/buy your primary after your purchase Make the decision through a five-year lens And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Rookie Facebook Group Real Estate Rookie Youtube Channel Check the full show notes here: https://www.biggerpockets.com/rookie148 Learn more about your ad choices. Visit megaphone.fm/adchoices

To be a successful entrepreneur and investor, you need to learn how to turn a no into a yes. Today’s guest, Anthony Michael, has earned his title as a successful entrepreneur from doing just that. Through determination, calculated risk, and finding ways to create value, Anthony has done thirteen flips while also becoming a trusted lender.   Anthony’s real estate investing journey started when he realized he needed to gain control of his money. After his first flip, a live in flip on the house he and his wife had just bought, he knew flipping was something he could do for profit. From there he found his first partner, one of his co-workers, and began to flip even more houses. The second partner he found rejected him at first, even though his online profile (with no profile picture) was pretty much anonymous. Despite this, Anthony was drawn to this mystery partner and his alleged “400 flips” so he flew out to meet this so-called legend and was pleasantly surprised when he was exactly who he said he was. Anthony could have stopped there but he decided to tap into a new source of income; lending. It started with him asking his neighbor what he did for a living and now he’s the top-rated lender on BiggerPockets. The ability to create value and persist has allowed Anthony to become not only a great real estate investor but an amazing entrepreneur.  In This Episode We Cover VA loans and why they’re powerful home buying tools How to navigate partnerships and find the right partnership structure for both parties Promissory notes and the importance of having legitimate legal documents in place How to establish a strong partnership foundation in the beginning How to bounce back from losing money and prevent it from happening again Hard money loans and why you shouldn’t automatically write them off And So Much More! Links from the Show Real Estate Rookie Youtube Channel Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group BiggerPockets Podcast Ashley Wilson's Instagram BiggerPockets Radio Podcast 001: Building a Successful House Flipping Business and Losing Millions with Marty Boardman David Greene's Instagram Lowes The Home Depot Grant Cardone's Website BiggerPockets Check the full show notes here: https://www.biggerpockets.com/rookie147 Learn more about your ad choices. Visit megaphone.fm/adchoices

Getting fired usually isn’t a good thing. But in retrospect, it was arguably one of the best things to ever happen to Tony Robinson. Before being the internet’s poster boy for short-term rental investing, Tony Robinson spent his days working for someone else while climbing up the corporate ladder. When he unexpectedly got fired (2 days before Christmas), he had to reimagine what his life would and could look like. Tony took a chance on himself and his real estate business, a chance that has paid off massive dividends to this day. He now lives life on the schedule he wants, spending time with his wife and son, without having to worry about a boss one day letting him go. Maybe getting fired (while owning real estate) isn’t such a bad thing! Thinking of leaving your job? If so, prepare like Tony did: Have a healthy safety reserve before you decide to leave Understand the job market for your specific position and whether or not you could be rehired Use your W2 income to invest in cash-flowing assets like real estate Understand the difference between “job security” and “wealth building security” And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).  Links from the Show Real Estate Rookie Rookie Facebook Group Real Estate Rookie Youtube Channel BiggerPockets Real Estate Investing Bootcamp BiggerPockets Podcast Check the full show notes here: https://www.biggerpockets.com/rookie146 Learn more about your ad choices. Visit megaphone.fm/adchoices

Most people describe their start in real estate investing as a thought-through process. It usually includes a tedious plan with an incredible amount of time spent gaining background knowledge—but that’s not always the case. Today’s guest, Jan Trisler, stumbled into real estate investing by accident but hasn’t been able to look back after having four successful flips, while currently working on her fifth. Now, she has hopes of getting into rental properties in the upcoming year. Jan was already in a transition period in her life as she was moving from Nebraska to Arizona as a divorcee but she decided to take it one step further and trade her 9-5 for real estate. It started with purchasing her primary residence from an auction, then later rehabbing it to realize she could do this for a profit. From there, she made the transition from rehabbing to flipping and bought two more properties from an auction. Once Jan realized that flipping was not only a sustainable source of income but something she genuinely enjoyed, she formed an LLC with her daughter and made things official. While some are hesitant to work with family, Jan and her daughter have created a great system where work is allocated fairly, their wages are paid hourly and the financial investment works perfectly for them. By taking the investing “plunge”, Jan has been able to live and finance her ideal life while doing it with the people she cares about most. In This Episode We Cover House hacking and how to get your start in real estate investing Wholesaling and whole-tailing and what that means How to make sure the job you work at matches your ideal life How to set long-term and short-term goals and how to approach them Building processes and incorporating systems that help your business prosper Outsourcing and how to train employees (even if you’ve never been a boss) And So Much More! Links from the Show Real Estate Rookie Youtube Channel Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group Auction.com MLS Hours Tracker App Time Clock App Quickbooks Quickbooks Time Tracking Rookie Podcast 109: From Sleeping in His Car to Multi-Unit Landlord & The “Nomad” Strategy Sara's Instagram Zillow Realtor Check the full show notes here: https://www.biggerpockets.com/rookie145 Learn more about your ad choices. Visit megaphone.fm/adchoices

From time to time, Ashley and Tony both have questions they need answering. And thankfully, they both host a show with a real estate investor in complementary niches. This week, Ashley is prepping to scale her short-term rental empire, so she wants to know from Tony what his six top tips for vacation rentals would be. Although Tony has only been hosting for a few years now, he has a sizable portfolio that was built fast and efficiently. He’s able to charge top dollar on his vacation rentals due to his management, rehabs, and pricing strategies. If you want to max out your vacation rental income, Tony is the guy to listen to! Here are some suggestions for Ashley: Utilize comparable data to match region-standard checkout policies, nightly pricing, and minimum stays on bookings Find the niche that you can fill and will allow your rental to stand out Do whatever you can to ensure the guest leaves a positive review on your property Communicate with guests in a systematized, timely manner And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Rookie Facebook Group Real Estate Rookie Youtube Channel BiggerPockets Real Estate Investing Bootcamp Airbnb Vrbo Robuilt Youtube Channel Hospitable iGMS YourPorter Check the full show notes here: https://www.biggerpockets.com/rookie144 Learn more about your ad choices. Visit megaphone.fm/adchoices

When you think about your ideal life in 5,10 or even 15 years, what do you see? When you think about your finances, what is it that you want your money to do for you? As today’s guest, Aaron Latal, so elegantly put it, when setting goals it is best to start backwards. After graduation, Aaron landed a high-paying job as an engineer and genuinely enjoyed the work he was doing, yet he felt like something was missing. Besides his job, he had nothing to fill his free time, so he turned to real estate investing. He began to read, listen to BiggerPockets and do anything he could to educate himself. Once he felt like he had a good understanding, he started his real estate journey by rehabbing the property he lived in and eventually house hacking a duplex he purchased. Shortly after that, he realized this is what he was meant to be doing. He then quit his job despite enjoying it because he knew that engineering didn’t fit the life he envisioned for himself. From there on he poured everything into real estate and wholesaling. He soon noticed that he had more of an interest in the business and process side of things so that’s what he focused on. As business picked up, he was able to outsource certain aspects of his job and focus on his strengths and what he enjoys. By working backward and understanding what he wants his life to look like in the future, Aaron is not only building his ideal life but living it.  In This Episode We Cover House hacking and how to get your start in real estate investing Wholesaling and whole-tailing and what that means How to make sure the job you work at matches your ideal life How to set long-term and short-term goals and how to approach them Building processes and incorporating systems that help your business prosper Outsourcing and how to train employees (even if you’ve never been a boss) And So Much More! Links from the Show Real Estate Rookie Youtube Channel Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group Alpha Geek Capital The One Thing Podio Forefront BiggerPockets Podcast 494: The Five F-Words Every Real Estate Investor Needs to Master BiggerPockets Podcast BiggerPockets Podcast 480: Making $200k a Month After Being on the Verge of Bankruptcy Scott Trench Loom Readymode CallRail Check the full show notes here: https://www.biggerpockets.com/rookie143 Learn more about your ad choices. Visit megaphone.fm/adchoices

This week’s question comes from Mack through Ashley's Slack channel in the Real Estate Rookie Bootcamp. Mack is asking: How can I buy an investment property without putting 20% down? Mack has the question that many real estate investors do: how to buy with low or no money down? Thankfully, the world of real estate has a plethora of financing options from low down payment conventional and FHA loans to zero percent down loans from certain providers. Granted, you do need to check a few boxes before you can get these. Here are some suggestions: Understand the main differences between FHA loans and conventional loans Use house hacking as a way to qualify for owner-occupied financing Calculate out your PMI beforehand so you know the true cost of a sub-20% percent down loan Use a HELOC on your current properties as the down payment for new ones And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Rookie Facebook Group Real Estate Rookie Youtube Channel Real Estate Rookie Bootcamp BiggerPockets Forums NACA Check the full show notes here: https://www.biggerpockets.com/rookie142 Learn more about your ad choices. Visit megaphone.fm/adchoices