Real Estate Rookie

BiggerPockets

  • 43 minutes 15 seconds
    432: From Losing Her Health, Home, & Marriage to Chasing Financial Freedom (5 Doors!)

    Anyone can buy rentals, whether you have some money to deploy or very little to your name. With seemingly everything working against her, today’s guest managed to buy not one, not two, but THREE properties to support her and her daughter on their journey to financial freedom!


    Welcome back to the Real Estate Rookie podcast! Bella and River are a mother-daughter investing duo who, just a few years ago, were facing dire circumstances. In a short amount of time, Bella lost her eyesight, foreclosed on her home, and went through a divorce—leaving her with low income and no immediate way to increase it. But when a family member introduced her to real estate investing and brought her a deal, she jumped at the opportunity. Today, this duo has a small portfolio of three rental properties and five doors!


    In this episode, you’ll hear about the unique strategies Bella and River are using to choose their markets, vet contractors, screen tenants, complete home renovations, and manage their portfolio. Stick around until the end to hear how they plan to take down their next property, a short-term rental in Indiana, and achieve financial freedom within the next five years!


    In This Episode We Cover

    How THIS investing duo built a small real estate portfolio from scratch

    Putting no money down on an investment property with seller financing

    Creative strategies for vetting contractors and screening tenants

    What to do when a rental property isn’t projected to cash flow

    How to assemble and manage a team when investing out-of-state

    How Bella and River are on track to reach financial freedom in FIVE years

    And So Much More!


    00:00 Intro

    00:41 Losing Her Health, Home, & Marriage

    04:15 Discovering Real Estate

    10:43 Current Portfolio & FIRST Deal

    17:32 Building Teams (Out-of-State!)

    22:54 Finding New Markets

    29:04 How to Vet a Contractor

    33:54 How to Vet a Contractor

    35:21 Connect with Bella & River!


    Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-432

    Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected].


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    15 July 2024, 6:00 am
  • 40 minutes 41 seconds
    431: Rookie Reply: Build Your Portfolio OR Pay Off Debt & Tenant Conflict 101

    Buying a house is a HUGE decision, whether you’re an experienced investor or a first-time homebuyer. The last thing you want is to get in over your head with a property you can’t afford. In this Rookie Reply, Ashley and Tony are going help one of our listeners crunch the numbers and point them in the right direction!


    Dealing with tenants can be difficult, especially as a new landlord. What should you do when your tenant wants to make repairs or changes to their unit? How should you react when a tenant wrongly accuses you of something? The truth is that landlord-tenant relationships are tricky to navigate, but in today’s episode, we’ll lay out a game plan for managing conflict. Finally, we’ll discuss an issue you might encounter with your short-term rentals. When should you cancel an Airbnb reservation and issue a refund to your guest? Stick around to find out!


    If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE).


    In This Episode We Cover

    Whether you should buy a house before paying off debt

    How to determine whether you can actually afford a property before you buy

    How to negotiate rental property repairs with your tenants

    When you should cancel an Airbnb stay (and refund your guest!)

    The BEST strategies for managing conflict with your tenants

    And So Much More!


    (00:00) Intro

    (00:56) Negotiating Repairs with Tenants

    (06:49) I’m Being Accused of Theft!?

    (13:10) Can I Afford This House?

    (20:10) Canceling an Airbnb Stay

    (32:11) Send Us Your Question!


    Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-431

    Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected].

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    12 July 2024, 6:00 am
  • 39 minutes 50 seconds
    430: My Rental Burned Down! What I Wish I Knew Before It Happened w/Aaron Sallade

    You get a call one day from the fire department, telling you, “You’ve had a house fire that’s destroyed your rental property.” What do you do first? Check on the tenants, call the insurance company, or start thinking of ways to financially recover? Your tenant has lost all their belongings; you’ve lost an investment you worked hard to acquire. If everyone is safe, what’s the next step you should take? Or, a more important question: what would you have wished you knew BEFORE this happened?


    If you think the elite investors at BiggerPockets are immune to these tragedies, you’re wrong. BiggerPockets CFO Aaron Sallade was in this exact position earlier this year when he got a phone call no one wants to receive. His property was destroyed, but thankfully, his tenant walked away unscathed. He now needed to go through the next steps: submitting insurance claims, getting restoration quotes, and, if he chose to do so, selling the property.


    Aaron shares the entire timeline from the rental burning down to reaching out to insurance, getting restoration quotes, and eventually deciding what to do with the property. He even dives into what he wishes he had known BEFORE this tragic event, and not hearing his advice could cost you!


    In This Episode We Cover

    What to do when a tenant accidentally burns down your rental property 

    Why you MUST require renters insurance on every property in your portfolio 

    Filing rental property insurance claims and how long it’ll take to get paid for the damages 

    Rebuilding vs. selling and whether it’s worth the time to renovate a burnt-down home

    The rarely discussed “1033 exchange” that can help you during a tragic event like a house fire 

    The two things you NEED before you can get reimbursed from your insurance company

    And So Much More!


    (00:00) Intro

    (01:05) First Rental Property Numbers 

    (03:55) "Your House Was Destroyed" 

    (06:49) Getting the Tenant Settled 

    (09:10) Working with Insurance 

    (13:15) Restoration Timeline and Insurance Payout

    (14:47) What to Know BEFORE This Happens

    (18:53) Rebuild or Sell?

    (22:52) Other Options to Sell

    (26:46) Final Numbers On the Rental

    (28:32) Insurance Rate Changes 

    (30:50) Worst Case Scenario Resolved! 


    Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-430

    Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected].

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    10 July 2024, 6:00 am
  • 43 minutes 19 seconds
    429: The Investing “Map” You NEED to Uncover Hot Markets, Neighborhoods, & Deals w/Ariel Herrera

    Harnessing the power of data gives you an enormous advantage in your real estate investing journey, allowing you to discover up-and-coming markets or find deals that are flying under the radar. While crunching the numbers might seem like hard work, there are all kinds of software, tools, and templates to lighten the load!

     

    Welcome back to the Real Estate Rookie podcast! Today, data scientist Ariel Herrera returns to the show to offer more advice for investors who want to find the next BIG market (before it takes off!) and source better real estate deals. Whether you’re just getting started or already have a few rental properties under your belt, this episode is brimming with helpful tips—from niching down to specific neighborhoods to using artificial intelligence (AI) tools for EASY market research!

     

    Tune in to learn which data points are most important when choosing a market and how to use “census tracts” to make an informed decision. You’ll also learn about the three biggest competitive edges you can gain in real estate (even as a complete rookie!). But that’s not all. Ariel will even show you how to craft a “map” of up-and-coming areas that best align with your investing strategy, long-term goals, and personal preferences!


    In This Episode We Cover

    The MOST important data points to consider when choosing your market

    Why census tracts are your “secret weapon” for neighborhood analysis

    Harnessing the power of artificial intelligence (AI) to streamline market research

    How to create a “map” that helps you identify up-and-coming areas to invest

    How to leverage data science and automation to find better real estate deals

    And So Much More!


    (00:00) Intro

    (01:26) 3 Ways to Gain a Competitive Edge

    (10:15) Which Data Points Are Important?

    (17:31) Strategy-Dependent Data

    (20:14) Other Crucial Data Points

    (26:15) Building Your Investing “Map”

    (31:41) Using Market Data to Find Deals

    (35:09) Connect with Ariel!


    Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-429

    Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected].

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    8 July 2024, 6:00 am
  • 46 minutes 20 seconds
    428: Rookie Reply: How to Analyze Rentals for Cash Flow & Manage a Rehab Project

    Most investors buy rental properties for cash flow, and the fear of losing money keeps many rookies on the sidelines. How can you be certain that you’re going to make a profit before you buy? Today, Ashley and Tony will show you how to do your due diligence so you don’t get stuck with a problematic property!


    Welcome to another Rookie Reply! Property expenses are a necessary evil of real estate investing, but in this episode, we’ll show you how to stop these costs from ruining your cash flow. But that’s not all. We also offer tips for managing rehab projects and staying on budget, from building a detailed scope of work to implementing tools and software that will help you stay organized throughout your project. Should you list your rental property online? We discuss the benefits of creating a Google Business profile, and finally, we settle the great debate between paying cash for a property and taking out a mortgage!


    If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE).


    Support Today's Show Sponsor, Hospitable!


    In This Episode We Cover

    How to ensure a deal will cash flow before buying the property

    Building a scope of work (step-by-step) and tools to keep your rehab project on track

    The pros and cons of paying cash for a property versus getting a mortgage

    How to get your rental property to show up on Google Maps

    Why you NEED to create a Google Business profile for your Airbnb

    How to prevent capital expenditure (CapEx) from eating into your cash flow

    And So Much More!


    (00:00) Intro

    (01:25) Will My Deal Cash Flow?

    (08:17) How to Manage a Rehab Project

    (17:14) Listing Your Property on Google

    (26:04) Paying Cash vs. Getting a Mortgage

    (37:12) Send Us Your Question!


    Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-428

    Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected].

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    5 July 2024, 6:00 am
  • 53 minutes 20 seconds
    427: Is Rent-to-Own the Easiest and Most “Passive” Way to Scale Your Portfolio? w/Jenn & Joe Delle Fave

    Do you have a cash flow problem? Maybe property management fees are setting you back, or you’re spending too much on repairs and maintenance. Today, we’re bringing you a powerful solution that will not only solve your cash flow problems but also help you scale your portfolio faster than you ever thought possible!

     

    Welcome back to the Real Estate Rookie podcast! Jenn and Joe Delle Fave were content with buying one rental per year, an impressive feat for any rookie investor. But then they discovered an investing strategy that gave them even more buying power and the ability to take down several deals each year. Since pivoting to this business model, they spend less time managing their properties, enjoy three different types of cash flow, and help renters become homeowners in the process!

     

    In this episode, Jenn and Joe will tell you everything you need to know about the rent-to-own strategy and how to get started without buying any new rentals. Along the way, you’ll learn about building your buy-box, finding and screening high-quality tenant-buyers, and creating option and lease agreements. They will even walk you through one of their deals and share some potential rent-to-own pitfalls to avoid!


    In This Episode We Cover

    The most “passive” way to get MORE cash flow from your rentals

    The three types of cash flow that come with rent-to-own homes

    Why the rent-to-own strategy is the easiest way to scale your portfolio

    How to build your rent-to-own buy box and find high-quality tenant-buyers

    The two agreements you NEED when placing a new tenant-buyer

    And So Much More!


    (00:00) Intro

    (01:05) What Is Rent-to-Own?

    (08:34) THREE Types of Cash Flow?!

    (16:58) Lease & Option Agreements

    (26:00) The Renter's Path to Homeownership

    (33:34) Getting Started & Common Pitfalls

    (38:58) Where to Find Tenant-Buyers

    (44:32) Connect with Jenn & Joe!


    Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-427

    Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected].

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    3 July 2024, 6:00 am
  • 48 minutes 10 seconds
    426: 6 Properties & Financially Free in Just 3 Years ($20K/Year from ONE Rental) w/Jayson Ewert

    Do you dream of becoming a full-time real estate investor? Having the financial stability to leave your W2 job might seem like an eternity away, but if you start investing now, it doesn’t have to take as long as you think. Just ask today’s guest, who was able to achieve financial freedom in just THREE years!

     

    Welcome back to the Real Estate Rookie podcast! Jayson Ewert spent six years in the U.S. Army before realizing he didn’t want to be a military man forever. While renting a house with a few friends, he was amazed by how well his landlord was doing and wondered whether real estate investing might be an option for him. Before long, Jayson had read Rich Dad Poor Dad cover to cover and was determined to start buying small multifamily properties. Six deals later, Jayson has completely replaced his W2 income, allowing him to commit his time and energy to managing his portfolio and finding more deals!

     

    In this episode, Jayson dives into house hacking, an investing strategy he uses to help cover his living expenses. He also shares some of his biggest lessons learned, including what he wishes he had known before dealing with vacancies, evictions, and other unforeseen expenses. If you have an Airbnb, you won’t want to miss the pro tip that will ensure you stay competitive!


    In This Episode We Cover

    How to become a full-time real estate investor (and finally leave your W2 job!)

    Covering your mortgage payment and living expenses by house hacking

    What you must do each month to make sure your Airbnb stands out

    How to squeeze MORE cash flow from your portfolio with short-term rentals

    What you can do today to prepare for vacancies, evictions, and major repairs

    Why choosing the “right market” isn’t as important as you probably think

    And So Much More!


    (00:00) Intro

    (00:50) Life Before Real Estate

    (07:29) Jayson’s Portfolio & FIRST Deal

    (12:36) Becoming a Full-Time Investor

    (16:49) Costly Vacancies & Evictions

    (25:00) Managing His Portfolio

    (27:52) House Hacking 101

    (34:38) $20K/Year from ONE Rental!

    (39:34) Connect with Jayson!


    Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-426

    Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected].

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    1 July 2024, 6:00 am
  • 40 minutes 40 seconds
    425: Rookie Reply: How to Pass Down Generational Wealth & Top Airbnb Amenities

    You’re working hard to build generational wealth. But have you thought about a succession plan for your growing real estate portfolio? Today, we’re going to show you several ways to create a better life for your children while reinforcing the values of hard work, sacrifice, and entrepreneurship!

     

    Welcome back to another Rookie Reply! Want to get more Airbnb bookings? In today’s episode, we’ll show you how to choose short-term rental amenities that will improve your bottom line. We also dive into seller financing and how to make your lender whole if you need to sell the property. We even discuss a unique type of real estate business that allows you to make a huge profit without owning any property. Finally, should you ever buy rental property if it won’t cash flow on day one? Stay tuned to find out!


    If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE).


    In This Episode We Cover

    How to create generational wealth through real estate and pass it down to your children

    A “unique” real estate business that lets you make money without owning rentals

    How to choose amenities that will help you get MORE Airbnb bookings

    Whether you should ever buy a rental property that won’t cash flow right away

    Seller financing explained and how to make your lender whole if you sell a property

    And So Much More!


    (00:00) Intro

    (00:44) Passing Down Generational Wealth

    (10:05) Choosing Airbnb Amenities

    (15:28) Seller Financing 101

    (19:33) Making Money Without Rentals

    (26:49) Does It NEED to Cash Flow?

    (32:42) Send Us Your Question!


    Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-425

    Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected].


    Learn more about your ad choices. Visit megaphone.fm/adchoices

    28 June 2024, 6:00 am
  • 54 minutes 34 seconds
    424: 5 “Tactical” Tips to Boost Rents, Cash Flow, and Property Value w/Angel Garcia

    If you want higher rents, more cash flow, and fewer hiccups, you DON’T need to buy more rental properties. You need better systems and processes. By implementing tactics, strategies, and procedures he learned from the military, today’s guest has achieved enormous success in his real estate business and is going to show YOU how to do the same!


    Welcome back to the Real Estate Rookie podcast! Angel Garcia has a modest real estate portfolio of five properties and is in no hurry to buy more. Meanwhile, he has managed to optimize each one of his units for the highest possible rent, cash flow, and appreciation. His secret? Taking the knowledge he has learned as a lieutenant colonel in the U.S. Army and applying it to real estate investing. With standards and protocols for every scenario and a team that is always dialed in, Angel’s business runs on autopilot!


    Whether you’re still trying to pin down your investing strategy or looking to stabilize your portfolio with better systems, you don’t want to miss out on this episode! Angel equips you with all of the know-how, tools, and resources you might need to get the most out of your portfolio, regardless of how many rentals you own. Apply Angel’s five “tactical” tips and watch your business take off!


    In This Episode We Cover

    How to improve your real estate portfolio for higher rents and better cash flow

    The one thing you MUST do before buying more rental properties

    “Battle drills,” “battle rhythms,” and other “tactical” tips for running your business

    Must-have systems and processes for out-of-state investing

    How to create effective standard operating procedures (SOPs) for your business

    And So Much More!


    (00:00) Intro

    (00:57) Stabilizing His Portfolio

    (08:19) Must-Have Systems & Processes

    (18:00) “Battle Drills” & PACE Plans

    (27:50) “Battle Rhythms” & SOPs 

    (42:26) Executing the Mission!

    (46:20) Connect with Angel!


    Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-424

    Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected].

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    26 June 2024, 6:00 am
  • 47 minutes 50 seconds
    423: Making $15K/Year & Living with His Mom to 5 Deals in 5 Years with LOW Money w/Todd Fullerlove Jr.

    You DON’T need a ton of money to find and fund real estate deals. Despite earning just $15,000 per year, today’s guest found the perfect property for him and scrounged the money to close. If you’re willing to learn, network, and put yourself out there, you can do the same!

     

    Todd Fullerlove Jr. had recently graduated college, gotten married, and welcomed his first child when the reality of starting a family hit him like a ton of bricks. Living paycheck to paycheck, his little family was forced to move in with his mom. Todd knew something had to change and decided to give real estate investing a try. The only problem? He had no money! Fortunately, Todd had learned that you don’t need to be sitting on a pile of cash to get started. So, Todd did what every smart investor does—he found the deal first! From there, he built relationships and raised capital. Just by taking action, Todd has completed five deals in five years!

     

    In this episode, Todd will show you how to find and fund off-market deals through the power of private money. You’ll also get a full breakdown of the short sale process, from working with banks to navigating home appraisals and broker price opinions (BPOs). Stick around until the end to hear about the loan Todd used to buy his first rental property with low money down!


    In This Episode We Cover

    How Todd went from making $15,000 per year to landing five real estate deals

    How to get 100% funding for your deals through the power of private money

    Short sales explained and why banks are motivated to work with you

    What you NEED to know before tackling DIY home renovation projects

    The BIG difference between a home appraisal and a broker price opinion (BPO)

    Buying rental properties with low money down using USDA loans

    And So Much More!


    (00:00) Intro

    (01:02) Making $15K/Year?!

    (07:36) Finding His First Deal

    (13:30) How to Find Private Money

    (22:10) Structuring a Private Money Deal

    (26:40) DIY Home Renovations

    (32:49) Buying Rentals & Todd’s Portfolio

    (39:45) Connect with Todd!


    Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-423

    Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected].

    Learn more about your ad choices. Visit megaphone.fm/adchoices

    24 June 2024, 6:00 am
  • 45 minutes 13 seconds
    422: Rookie Reply: How to Invest with $100K & Managing Home Renovations

    You have home renovations in the pipeline…but who’s going to manage them? Do you need the expertise of a general contractor, or can you manage tradespeople yourself? With so much at stake, including your budget and timeline, we’re here to help you make the right choice!

     

    Welcome back to another Rookie Reply! In today’s episode, we’re bringing you expert tips to help with your renovations, from hiring general contractors to structuring agreements and more. We also talk about what to do when you’ve got around $100,000. Between house hacking, flipping houses, the BRRRR method, and other tactics, the sheer number of options can seem overwhelming. But not to worry—we’ll point you in the right direction! Feel like it’s too late to invest? We’ve got some expert investing strategies to share, even for a late starter. Finally, we discuss some creative ways to buy rental properties, including seller financing, DSCR loans, and more!


    If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE).


    In This Episode We Cover

    Hiring a general contractor versus self-managing your home renovations

    How to choose your investing strategy (for new investors and late starters!)

    Three types of general contractors (and which one to hire for YOUR project)

    How to structure a general contractor agreement (and what to include)

    Creative ways to buy rental properties with a high debt-to-income (DTI) ratio

    The advantages of seller financing and DSCR loans over conventional loans

    And So Much More!


    (00:00) Intro

    (00:41) How to Invest $100K

    (07:14) Hiring General Contractors vs. Self-Managing

    (16:34) General Contracting Agreements

    (22:39) Is It Ever TOO Late to Invest?

    (29:06) Investing with a High DTI Ratio

    (36:45) Send Us Your Question!


    Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-422

    Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected].

    Learn more about your ad choices. Visit megaphone.fm/adchoices

    21 June 2024, 6:00 am
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