Becoming a real estate investor isn’t complex. Find a property, buy the property, and rent it out. While this formula may be easy to write down, putting it into practice is much more complicated. This is why many wannabe investors never make the jump to buy their first investment property. But, with the right advice, mentorship, and mindset, anyone can become a passive-income generating real estate investor, with a path laid for financial freedom and early retirement.
Today, Ashley and Tony combine their real estate knowledge to help three investors buy their first or next rental property. First, we talk to Brandon, a future house hacker who struggled to buy a home last year and is now looking for his first primary residence that can help subsidize his mortgage. Next, we speak with Lawrence, an investor who bought two rental properties within six months but wants to expand quicker with the help of creative financing. Finally, Melanie joins us to discuss her plans for a short-term rental property, but she still doesn’t know the best place to buy.
If you’re finding the 2023 housing market a tough nut to crack but know that you want to invest in real estate, this is the episode for you. We’ll follow along with our three mentees over the next ninety days as Ashley and Tony give strategic advice on what they should do next to get a profitable rental property under contract. So follow along, and you too could get your next property in ninety days (or less!).
In This Episode We Cover
High interest rates and how more expensive mortgages have caused many investors to pause
Building your “buy box” and how to come up with your exact rental property criteria
Creative financing and how to buy a bigger rental property even if you don’t have the money for it
Generational wealth and using real estate investing to put your family in a better position
Short-term rental markets and how to analyze a vacation rental from afar
What to do when inflated rental property data isn’t adding up to today’s rates
Finding financial freedom and leaving your W2 desk job behind
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
Airbnb
AirDNA
BiggerPockets Calculator
BiggerPockets Forums
BiggerPockets Pro
Invelo
MLS
Real Estate Rookie Facebook Group
Rookie Reply: Creative Financing 101 with No Cash, Credit, or Credentials
Creative Financing: 2022’s Antidote to High Interest Rates
300 Doors, 100% Creative Financing with Pace Morby
Connect with Brandon, Lawrence and Melanie:
Brandon's BiggerPockets Profile
Brandon's Instagram
Lawrence's BiggerPockets Profile
Lawrence's Instagram
Melanie's BiggerPockets Profile
Melanie's LinkedIn
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-251
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