Want a better rental property loan? You’ve probably tried talking to banks, brokers, and residential lenders about growing your real estate portfolio, only for them to hit back with W2, income, and credit score requirements. Is there a loan that gets around these conditions for those that are hard to fund? What if you have a rock-solid real estate deal but no nine-to-five income to show to a bank? Well, there’s one type of funding you’ve probably never heard of, and real estate investors nationwide are starting to take advantage of it. We’re back with another Rookie Reply as Ashley and Tony embark on an emotional journey down eviction lane, discussing what to do when bad tenants stay in your property and how to ensure it never happens again. But that’s not all; Ashley and Tony bring their tenant red flags that ANY landlord should know about when interviewing potential renters. They’ll also touch on subject to, seller financing, and other creative ways to fund your real estate deal, plus why you should (or shouldn’t) buy a historic home. Finally, you’ll hear about the investor-only loan so many people are using to grow their portfolios even faster! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover The one rental property loan that big-time investors are using to multiply their portfolios  Evicting a tenant and how to recover rent payments that you’re owed Tenant screening tips and red flags you should look out for when interviewing tenants Creative financing and how seller financing and subject to deals create win-wins for buyers and sellers Buying in a historic district and the grants and tax advantages you may be entitled to for doing so And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Real Estate Rookie Podcast 280 with Pace Morby Real Estate Rookie Podcast 538 with Katie Neason DSCR Loans: What Are They And How To Get The Best Terms The Ultimate Comprehensive List of Tenant Red Flags Book Mentioned in the Show: Wealth without Cash by Pace Morby Check the full show notes here: https://www.biggerpockets.com/blog/rookie-288 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Real Estate Rookie

288: Rookie Reply: Tenant Red Flags and BEST Investor-Friendly Loans

A 36% return on your FIRST rental property? In today’s housing market? That sounds almost impossible. With more and more inventors struggling to find a cent of cash flow and home prices still so high, how does a real estate rookie walk away with a deal most investors could only dream of? The answer lies within Danielle Daly’s strategy, and it’s one that most people would be too picky to repeat. But, if you have the ingenuity to do what she did, you could live for free in an expensive market, collecting some killer cash flow every month. Before this cash cow of a deal, Danielle was a burnt-out hospitality worker who quit her seventy-hour work weeks to make $30,000 per year as a waitress. She wanted the pay of a nine-to-five, without the soul-crushing time commitment so many jobs expect. So, she left sunny Florida on a whim, and headed to snowy Denver, only to end up at…BiggerPockets. She couldn’t resist the real estate bug and got her sights locked on her first property. Danielle spent months looking for the right layout, at the right price, with the cash flow potential she needed. Half a year or so later, she looks back on her first purchase as one of her best financial decisions ever. In this episode, you’ll hear how Danielle turned $30,000 into a half-a-million-dollar property in a pricey market, how she gets paid to live in her own house, and the one thing that helped her achieve investing success faster than the rest. In This Episode We Cover How Danielle makes a 36% return on her first rental (with ZERO experience) The one strategy ANYONE can use to buy a cash-flowing rental property with low money down Ditching burnout and how to know it’s time to leave your job for something better Networking for newbies and how to find lenders, realtors, and tenants  Seller concessions and letting someone else “buy down” your mortgage rate  Screening tenants and the one software that systematizes your property And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Meet Other Investors At a BiggerPockets Meetup Get Easy Property Management with RentRedi How to House Hack By Renting-By-The-Room Connect with Danielle: Danielle's BiggerPockets Profile Danielle's Email Danielle's Instagram   Check the full show notes here: https://www.biggerpockets.com/blog/rookie-287 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

287: From 70 Hour/Week Burnout to Getting Paid to Buy Properties w/Danielle Daly

Using your real estate business to fund your DREAM vacation—with all or most expenses paid!? As a real estate investor, handling large amounts of money for materials, rehabs, and other expenses has its benefits. Today, we’re excited to talk about a simple but clever debt strategy that real estate rookies often overlook. Welcome back to another Rookie Reply! If you’re looking to take advantage of the many benefits of real estate investing, tune in as Tony and Ashley share how they use credit cards to travel hack their way to luxurious, five-figure vacations each year! We also talk about when you should and shouldn’t use a HELOC to help fund an investment property. Ever wondered how you should use the money from cash-out refinancing? Our hosts cover some of the limitations you may encounter. Finally, Ashley and Tony discuss their top investing analysis strategies in 2023 and how to choose the best one for you! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover How to leverage real estate debt the right way (and fund your DREAM vacation!) When you should and shouldn’t use a HELOC for an investment property New investing analysis strategies we’re using in 2023 Why you should say “no” more often than “yes” when choosing an investing strategy All about cash-out refinancing (and what you can use the money for!) How to find the best investor-friendly real estate agents in your area And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE How to Earn Free Vacations With Travel Rewards Credit Cards Find Top Rewards Credit Cards with The Points Guy Learn More About Travel Hacking with Aunt Kara on TikTok Book Mentioned in the Show: Real Estate by the Numbers by J Scot and Dave Meyer Check the full show notes here: https://www.biggerpockets.com/blog/rookie-286 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

286: Rookie Reply: Real Estate "Travel Hacks" We Use to Score FREE Vacations

Buying your first long-term rental property sight unseen? What could go wrong? While alarms might be going off in your head right now, they weren’t for today’s guest. What seemed like the “perfect” rental property turned into a major headache once he arrived to check it out four months after closing. Welcome back to another episode of the Real Estate Rookie podcast! After completing multiple wholesale deals, Hudson Jump’s real estate investing journey was off to a blazing start. He figured it was time to try his hand at long-term rentals next, and it wasn’t long before he came across a potential cash cow! Unfortunately, when Hudson was finally able to check out the property he had bought, the door had been kicked in, there was trash up to the ceiling, the toilet and shower were missing, and there were squatters on the property! While this nightmare scenario would have been enough to make any real estate rookie throw in the towel, Hudson instead found a partner who was able to help him salvage the property and transform it into a rental that generates $1,400 monthly cash flow! If a bad deal has ever caused you to question your future in real estate, tune in to hear Hudson speak on the advantages of partnerships. As always, our hosts Ashley and Tony are here to help as well—offering invaluable advice on buying properties sight unseen, leveraging direct mail, and the value of building lists! In This Episode We Cover The risks of buying a property sight unseen with existing tenants How bringing an experienced partner on board can help salvage a bad deal Why wholesaling is GREAT first step for new real estate investors The differences between wholesaling and whole-tailing Building lists to weed out bad leads and keep track of potential properties Leveraging direct mail to find exclusive wholesale deals And So Much More! Links from the Show Find an Agent Find a Lender Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Propstream Making $71K on ONE Deal After 5 Failed House Flips and Six-Figure Debt BiggerPockets Forums Create Your Own Standard Operating Procedures (SOPs): Record Videos with Loom and Use Monday’s Free SOP Template Alex Camacho's Instagram Connect with Hudson: Hudson's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-285 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

285: 3 Rentals (While in College!) and Turning a Horrific House into a Cash Cow

Still waiting to buy your first rental property? Everyone’s been there. It can be nerve-racking not knowing where to buy, what makes a “good deal,” and whether or not all your hard work will go to waste. Even investing experts like Ashley and Tony were nervous about taking their first step, which is exactly what they’ll walk through on today’s episode! If you’re a rookie sitting on the sidelines, waiting to get into real estate, this is the episode for you! Welcome back to another Rookie Reply! In this episode, we share exactly how to close an off-market deal when there’s no real estate agent involved. Ever wondered how our hosts went from real estate rookies to real estate pros? Today, they share their first deal diaries. Learn how Ashley ended up buying the first property she EVER looked at and how Tony bought his first two properties with ZERO money down. Finally, we touch on the struggles of analyzing deals when you’re just starting out, as well as choosing the right insurance policies for short-term rentals! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover How to close an off-market deal with no real estate agent involved Key takeaways from our hosts’ very first real estate deals Landing your first real estate deal (with as little as NO money down!) How to analyze a property and know when you’re getting a GREAT deal! The differences between renters and homeowners insurance (and which one you need) The best ways to insure a short-term rental (STR) property And So Much More! Links from the Show Find an Agent Find a Lender Join the Real Estate Rookie Facebook Group Join BiggerPockets for FREE BiggerPockets Rental Calculator 2 Long-Distance Rentals with $0 Down with Tony Robinson Don’t Lose Your Portfolio to Lawsuits! Here’s How to Protect Yourself Asset Protection for Rookies: 7 Wealth-Saving Answers from an Expert How to Buy a Rental Property with NO Money OR Credit Get Competitive Insurance Options for Your Short-Term Rental: BiggerPockets, Steadily and Proper Insurance Connect with Ashley and Tony: Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-284 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

284: Rookie Reply: What You Need to Know Before Buying Your First Rental

Over $1 million in real estate with $0 down—at 19 years old!? After reading the book Rich Dad Poor Dad and catching the real estate “bug,” today’s guests went from broke college dropouts to real estate investors with three multifamily properties to their names in a matter of months. In this edition of the Real Estate Rookie podcast, we’re speaking with real estate duo Caleb Hommel and Chuck Sotelo. After his parents dealt him a six-month ultimatum to figure out real estate and move out, Caleb knew he needed to land a deal fast. The issue? These two friends had very little money, and at just 19 years of age, no credit history. Facing a seemingly impossible challenge, the pair went to work—calling roughly 1,000 different real estate brokers in pursuit of their big break. Finally, the right opportunity came knocking. Today, Caleb and Chuck own properties in three different Texas markets for 28 total units. If you have yet to land your first real estate deal, whether it’s because you don’t have money to invest or you haven’t found the right market, you don’t want to miss today’s episode. Tune in as we talk about how to buy real estate with no money down, how to build your buy box, and how to find the best property management companies to take care of your out-of-state assets! In This Episode We Cover How to invest in real estate with no money down (and no credit!) The benefits of forming a partnership (and why you need an operating agreement) Dodging the traditional underwriting process through seller financing How to find the right buy box for you and knowing what to invest in Finding, vetting, and overseeing property management companies Why you NEED a mentor (and how they can help you beat analysis paralysis) And So Much More! Links from the Show Find an Agent Find a Lender Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Making $90K/Year with Just ONE Rental by Combining Compassion and Cash Flow How to Buy a Rental Property with NO Money OR Credit 81 Units in 3 Years: All On-Market with NO Bank Loans w/Cody Davis Book Mentioned in This Episode: Rich Dad Poor Dad by Robert T. Kiyosaki Connect with Caleb and Chuck: Caleb's BiggerPockets Profile Caleb's Instagram Chuck's Instagram Caleb and Chuck's Youtube Channel Check the full show notes here: https://www.biggerpockets.com/blog/rookie-283 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

283: 19, Broke, and No Credit to 28 Units and Over $1 Million in Real Estate w/Caleb Hommel and Chuck Sotelo

How important is the real estate market you’re investing in? You could be searching for deals for months, not finding anything worth buying, and may want to call it quits. But are you following the same steps that expert investors practice, or are you hoping a new housing market will magically give you the deals you need? If you’re struggling to find property with a profit in your housing market, today’s episode will help you out! Welcome back to another Rookie Reply! In this episode, we tackle a handful of key topics—including when it makes sense to buy a property on your own and when to find a partner instead. Tony even shares about his own recent experience with partnerships and how he ended up pulling out of a deal that was headed towards a syndication! We also discuss the differences between real estate investing and REITs, as well as moving on from markets when you aren’t finding deals. Finally, we talk about inheriting tenants and when it’s better to buy a fully vacant property instead! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover When to go solo on a deal and when to form a partnership LLC operating agreements, joint venture agreements, and terms you MUST include Strategies behind buying vacant properties or inheriting tenants The difference between active real estate investing and REITs Leveraging relationships to find the best markets to invest in And So Much More! Links from the Show Find an Agent Find a Lender Join the Real Estate Rookie Facebook Group Join BiggerPockets for FREE Become a BiggerPockets Pro Member for Premium Market Analysis On The Market Podcast Sign Up for a BiggerPockets Bootcamp Rookie Reply: How to Structure a Real Estate Partnership Rookie Reply: How to Split Finances in a Partnership/Joint Venture Connect with Ashley and Tony: Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-282 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

282: Rookie Reply: Should I Switch Markets? (Why You're NOT Finding Deals)

How do you bounce back after waiving inspections, finding out your $100K rehab costs are actually $360K, losing your earnest money deposit, and ultimately having to walk away from your very FIRST real estate deal? Today’s guest had a rocky start to his real estate investing journey (to say the least!), yet was able to find the silver lining, learn from his mistakes, and turn his bad fortunes around. In this episode of the Real Estate Rookie podcast, we’re speaking with Michael Yi, a “retired” pastor who turned to real estate after struggling to find work during the pandemic, dealing with minor health challenges, and reading the ever-popular Rich Dad Poor Dad. After his first deal fell through, however, his confidence took a hit. While any rookie would be tempted to give up, he got back on the horse and set out to find his next deal. Within a week, he received a call from a wholesaler that would thrust him right back into the world of real estate investing. This time, the deal was fruitful, allowing him to generate consistent cash flow on a three-unit rental property. If you’re struggling to take the first step in your real estate investing journey for fear of failing or losing money, this is an episode tailored to you! Michael shares about the $10K “education” he received and the reward for his resiliency. With help from our hosts Ashley and Tony, we break down a handful of important topics—including HELOCs, cash-out refinances, and building your real estate network! In This Episode We Cover Having a deal fall through and losing money (and how to bounce back!) How waiving inspections can get your offer accepted (and when it can hurt you!) When walking away from a deal is actually the SMART choice The pros and cons of HELOCs versus cash-out refinances in different markets The power of networking to find contractors, realtors, wholesalers, and other connections And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE BiggerPockets Bootcamp BiggerPockets Bookstore Privy BPCON2023 How to Buy a Rental Property with NO Money OR Credit Pace Morby's Instagram Book Mentioned in This Episode: Real Estate Rookie: 90 Days to Your First Investment by Ashley Kehr Rich Dad Poor Dad by Robert T. Kiyosaki Connect with Michael: Michael's BiggerPockets Profile Michael's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-281 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

281: Making $1,200/Month from ONE Rental After Bouncing Back from a BAD Deal w/Michael Yi

Everyone wants to know how to invest in real estate with no money. And surprisingly, it’s much more straightforward than people think. You don’t need to be a real estate investing expert or have dozens of units under your belt already to buy a rental without cash or credit. As Pace Morby puts it, all you need is the right tools in your tool belt. The rest will take care of itself! So stick around if you want to learn how Pace picks up properties with NO money down, NO credit checks, and NO cash at closing! Pace is known in the industry as the king of creative finance. No matter what real estate deal he’s doing, Pace has found a way to get it for no money down, at a low interest rate, and with lots of cash flow in between. His latest book, Wealth Without Cash, gives new investors a start-to-finish guide on getting deals done with subject to, seller financing, and other lucrative creative finance methods. This is THE resource you need if you’re starting your real estate journey without much cash. In this episode, Pace walks through the different methods you can use to invest without cash, the exact way to find motivated sellers and off-market deals, and how to start with NOTHING and get your first investment property under contract. He also shares how he does deals on the spot and why going the “conventional” route of finding an agent, getting a loan, and putting money down could be a HUGE mistake. In This Episode We Cover Creative finance explained and how to invest in real estate with NO money down On-market vs. off-market deals and how to lock in a rock-bottom mortgage rate The subject to and seller financing methods explained (and when to use them) Living income-tax-free and how Pace avoids income tax by investing in real estate Starting from ZERO and a step-by-step method to getting your first deal done The problem with most real estate agents and why creative finance is often unheard of And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE BiggerPockets Bootcamp Craigslist Rookie Reply: Creative Financing 101 with No Cash, Credit, or Credentials PropStream Book Mentioned in This Episode: Wealth Without Cash by Pace Morby Connect with Pace: Pace's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-280 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

280: How to Buy a Rental Property with NO Money OR Credit

Feel like you’ve already made a few blunders to kick off your real estate investing journey? Well, you’re in great company. Most real estate rookies make their fair share of investing mistakes right before they figure things out and go on to build successful investing careers. Today’s guests are living proof of this. After a series of failed house flips (including one that involved his family home!) put him behind the eight ball, JP Desmet’s real estate career was almost over before it had even begun. As with all great success stories, however, his next step was his most important one—he asked for help! After reaching out to seasoned real estate pro Aaron Bihl about a potential investing opportunity, JP was able to make a serious profit off his very next deal and ultimately turn around his real estate fortunes. JP’s story is one of pure grit and mental fortitude. Rather than throwing away his dreams of real estate investing, his willingness to not only fail but also learn from his mistakes allowed him to bounce back in no time. If you’re a fellow real estate rookie, you won’t want to miss JP and Aaron talk about their first house flip fails, how hiring a bad contractor can quickly derail a project, and how working with a mentor can turn your very next deal into a huge success! In This Episode We Cover How a mentor can help you avoid all types of investing headaches The biggest red flags to watch out for when hiring a contractor Where to find the best contractors for your home rehabs Getting in and out of deals quickly in today’s market Finding hard money and private money lenders Ways to mitigate the effects of debt you take on during the buying process And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Find a Hard Money Lender Steve Rozenberg Instagram Finding Off-Market Deals, Step by Step with Ryan Dossey (Mentor) and Drew Wiard (Mentee)—Part 1 How Drew Pulled 6 Deals From His First Direct Mail Campaign With Ryan Dossey (Mentor) and Drew Wiard (Mentee)—Part 2 Craigslist Facebook Groups Connect with JP and Aaron: JP's BiggerPockets Profile JP's Instagram Aaron's BiggerPockets Profile Aaron's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-279 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

279: Making $71K on ONE DEAL After 5 Failed House Flips and Six-Figure Debt

A FSBO (For Sale By Owner) seller wants to move forward with your offer—that’s great news! But first, they have asked you to pull comps (comparable sales). Believe it or not, this is something you can use to your advantage. Of course, you’ll need to know where to find comps and how to estimate rehab costs so that you can defend your offer. Thankfully, Ashley and Tony are back with some of their best tips yet. Welcome back to another Rookie Reply! Negotiating a FSBO sale can be a little intimidating, but our hosts are here to help you navigate the entire process. In this episode, we also discuss and compare real estate financing options, from conventional mortgages to portfolio loans. We even weigh the pros and cons of personal debt versus commercial debt. Struggling to find a tenant for your rental? You’ll want to hear what we have to say about lowering rent prices, as well as other steps you can take to fill your vacancy and improve your cash flow immediately! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover What you need to get approved for a commercial real estate loan How to structure your first real estate investing partnership The pros and cons of taking on personal mortgage debt instead of commercial debt The best ways to estimate rehab costs When you should consider lowering rent prices to fill a vacancy How to find sales comps for a FSBO property (or any property!) you’re buying And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Join BiggerPockets for FREE A Step-by-Step Guide to Estimating Rehab Costs w/ Master Flipper & Investor James Dainard (Part 1) Finding Contractors, Renovation Red Flags, and Estimating Rehab Costs (Part 2) w/ James Dainard Propstream Zillow BiggerPockets Bookstore MLS Realtor.com Real Estate Rookie Youtube Channel Book Mentioned in This Episode: The Book on Estimating Rehab Costs by J Scott Connect with Ashley and Tony: Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-278 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

278: Rookie Reply: Finding Comps, Estimating Rehab Costs, and Filling Vacancies

You don’t need to look very far to find a real estate success story, but it’s not every day that you hear from someone who is currently in the trenches of their very first real estate investment. The truth is that there are all types of hurdles to overcome during an investing journey, and today, you’re going to hear from someone who is still in the thick of it. For years, interior designer Sara Plaisted dreamed of investing in real estate. But like many real estate rookies, analysis paralysis prevented her from taking action. Having built up a network of people to lean on, however, Sara eventually drummed up the courage to dive in. It wasn’t long before she landed her very first property—a two-story cabin tucked away in four-seasons vacation spot Julian, California. Unfortunately, the story doesn’t end there. Rather than enjoying consistent cash flow and great tenants, Sara was dealt a steep learning curve that involved persistent water leaks, excessive rehab costs, and other issues. If you’re struggling at any point in your real estate journey, you’ll want to tune in to this episode and hear Sara’s story. She shares about her initial fears surrounding real estate, how she was able to land her first deal, and how she is currently dealing with all of the unexpected hurdles that her new property has thrown her way! In This Episode We Cover How to get past analysis paralysis and finally buy your first property The importance of building your own real estate investing network Finding the right contractor to walk your new property with you When you should ask the seller to make repairs rather than making them yourself Three types of software you MUST have to manage your property How using virtual assistants can help you scale your investing business much faster And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE BiggerPockets Forums BiggerPockets Bootcamps Property Management Software for Short-Term Rentals: Hospitable, Guesty, OwnerRez Dynamic Pricing Tools for Short-Term Rentals: PriceLabs, AirDNA, Wheelhouse Digital Guidebooks for Short-Term Rentals: Create on Canva, Hostfully, Breezeway, RemoteLock Software for Long-Term Rentals: RentRedi, Avail, Apartments.com, Zillow Software for Scaling Long-Term Rentals: AppFolio, Buildium, Propertyware Find Virtual Assistants at: Fiverr, Upwork Books Mentioned in This Episode: Real Estate Rookie: 90 Days to Your First Investment by Ashley Kehr Connect with Sara: Sara's BiggerPockets Profile Sara's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-277 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

277: Leaks, Surprise Rehabs, and the Reality of Buying Your First Rental Property

Learning how to get into commercial real estate investing seems like a challenging task. With so much industry-specific verbiage and vocabulary like cap rates, pro formas, NOI, triple net, and more, a rookie real estate investor can seem put off by the seemingly tricky world of commercial real estate. But what if we told you that finding, buying, and making money from commercial real estate was much easier than residential real estate? What if you could build wealth quicker, buy more valuable properties, and reach financial freedom faster with just a few deals instead of dozens of single-family homes? Today, we’ll show you how to get started! New investors often put commercial real estate on the back burner, but nothing stops you from buying a large property right now. To explain how to do it, we brought on Annie Larner, commercial real estate broker based in Northern Colorado. She’s seen everything from warehouse deals to self-storage, retail centers, and office spaces. She knows EXACTLY what a beginner can do to get in the game and why commercial may be a FAR better option than going down the residential route. In this episode, Annie will explain exactly what commercial real estate is, how it’s valued, and the different types of properties you can buy. She also goes in-depth on why it’s MUCH easier to purchase commercial real estate than residential and how using a broker can help unlock hidden deals that other investors aren’t aware of. So, if you’re still chasing small deals and want to level up to where the real money is made, stick around! In This Episode We Cover Commercial vs. residential real estate and why buying bigger properties is easier Using a commercial real estate broker to find deals that no one else knows about How to analyze a commercial real estate deal and pro formas explained Due diligence, inspections, and what to do once you have a property under contract Cap rates, NOI, and how to value a commercial real estate property  The BEST property type for beginners with the most gradual learning curve How to find commercial tenants, lease types, and zoning rules you MUST pay attention to And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram CatyList CoStar Crexi MLS Mojo Dialer Real Estate Rookie Facebook Group Loopnet Realtor.com Zillow Connect with Annie: Annie's Email Annie's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-276 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

276: How to Get Into Commercial Real Estate Investing (For Beginners)

Owning multiple properties with no money? While it might sound ludicrous, there are several ways to do it. Money shouldn’t be the barrier preventing you from getting into the world of real estate investing. In fact, many people have been able to turn around their own fortunes by using other people’s money (OPM)—today’s special guest is one of them! In this episode, we chat with Mike Larson, who found himself in this type of situation only a few years ago. Trapped in over $40,000 of consumer debt and living paycheck to paycheck with zero savings, Mike decided that real estate was going to be his escape rope. Over the next year, he eliminated as many bills as possible, tracked all of his expenses, and worked tirelessly to supplement his W-2 income. Today, Mike owns four long-term properties, has amassed a multiple six-figure net worth, and lives the real estate rookie’s dream by the beach. Tune into this episode for a classic, feel-good, rags-to-riches story. Mike shares about his real estate investing journey and provides all kinds of helpful tips—including the steps you need to take to fast-track your real estate career, how to use other people’s money to secure your first investment property, and how to get private money lenders to come to you! In This Episode We Cover How to get your first investment property with ZERO capital How identifying as a real estate investor can yield all types of opportunities Wholesaling for a huge profit without spending any of your own money Bringing value to private money lenders so that they come to you Using the BRRRR strategy to generate cash flow from distressed properties Two steps you MUST take today to fast-track your real estate career And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram Airbnb BiggerPockets MLS Mojo Dialer Real Estate Rookie Facebook Group The Real Estate Podcast $900K in Real Estate at Age 17 by Doing What 99% of Teenagers Won’t Real Estate Rookie Podcast Book Mentioned in This Episode: Investing in Real Estate with No (and Low) Money Down by Brandon Turner Connect with Mike: Mike's Instagram Valiant Acquisitions Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-275 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

275: From $40K Debt to 4 Doors and Six-Figure Net Worth (In 1 Year!)

You’re buying a rental property and, in the process, inheriting tenants. What now? Can you go ahead and start raising rent? Not so fast. Before making any rash decisions, you might want to implement tenant estoppel agreements. These legally binding documents will help you and your tenants get on the same page. And Ashley and Tony are here to break them down! In this edition of Rookie Reply, we talk about the best practices when inheriting tenants. We also touch on LLCs, umbrella insurance, high-limit liability policies, and other ways to protect yourself. For those who are looking to buy a new home, we discuss working with a realtor versus doing the legwork yourself. We also get into loans, how soon you should get pre-approved, and how to vet hard money lenders. Finally, we talk about property managers. What are their fees, what do they bring to the table, and when do you absolutely need one? If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover When it’s time to hire a property management company versus doing the work yourself Inheriting tenants, raising rent, and why you MUST use estoppel agreements How to close on an investment property without a realtor Finding and vetting hard money lenders in your area Why you should get pre-approved for a loan sooner rather than later in your investing journey The costs and benefits of creating an LLC versus umbrella insurance And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Join BiggerPockets for FREE BiggerPockets Forums Find a Hard Money Lender in Your Area Reduce Your Risk, Use An Estoppel Agreement (Free Form Included) Connect with Ashley and Tony: Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram  Check the full show notes here: https://www.biggerpockets.com/blog/rookie-274 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

274: Rookie Reply: Inheriting Tenants, Getting Pre-Approved, and Raising Rent

Ready to build your real estate empire… but not sure where to begin?Think of us as your personal trainer.From detailed breakdowns of real-world deals… to one-on-one coaching sessions and a warm, welcoming community… hosts Ashley Kehr and Tony J Robinson bring on a wide range of guests to tackle the “newbie” questions you've wondered about but might be afraid to ask.Looking to 10X your real estate investing business this year? This show isn’t for you.Looking for your first, second, or third deal -- or envisioning a more modest portfolio? Step right up. Every Wednesday, we’ll arm you with the tips, tools, and roadmaps you'll need as you embark on your journey toward financial freedom.

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