Real Estate Rookie

383: Rookie Reply: “Managing” Your Property Manager & How to Invest While in Debt w/Tiamo Wright and Mindy Jensen

Mar 22, 2024

Learn how to handle property managers, invest in real estate while in debt, and fund large real estate projects. Get tips on buying short-term rental properties and the first step to take when purchasing a rental property. Explore communication with property managers and strategies for house hacking to reduce debt. Discover ways to navigate real estate development without initial funds and build confidence as a real estate investor.

37:20

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Episode guests

Tiamo Wright

Mindy Jensen

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Episode notes

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Quick takeaways

Select a property manager wisely to handle tenant screening and property maintenance efficiently.

Investing in real estate while in debt is feasible with strategic financing options and market knowledge.

Deep dives

Choosing the Right Market for Your Investment

Before delving into complex strategies like cost segregation studies or LLC formation, it's crucial to first choose the right market for your investment. Understanding your purchasing power, motivations for investing, and market dynamics will lay a solid foundation for your short-term rental venture.

Introduction

2min

Navigating Unexpected Fees in a Midterm Rental Experiment

5min

Property Management Challenges and Solutions

8min

Communication with Property Managers and Real Estate Investing Advice

2min

House Hacking and Investing While in Debt

9min

Navigating Real Estate Development Without Funds

11min

Navigating Investment Challenges and Building Confidence through a Real Estate Bootcamp

2min

A property manager can alleviate the burden of screening tenants, collecting rents, and maintaining your property. But if you’re not careful, exorbitant fees and unexpected charges can quickly eat away at your cash flow. Today, you’re going to learn how to navigate this relationship and ensure that you’re getting these services at fair value!

In this Rookie Reply, Mindy Jensen from the BiggerPockets Money podcast and Tiamo Wright, Director of Product and Marketplaces at BiggerPockets, are joining us to help field your recent questions. First, we discuss medium-term rentals and how they differ from both long-term and short-term rentals, as well as whether you should invest in real estate while you’re in debt. We also get into real estate development and some of the different ways to fund larger projects. Looking to buy your first short-term rental property but don’t know where to start? Our experts will point you in the right direction!

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 “manage” your property manager (and approach conflict!)

Whether you can invest in real estate while carrying student loan debt

Creative ways to get financing for a new construction project

How to buy and launch a short-term rental property

The very FIRST step you should take when buying a rental property

Mindy’s and Tiamo’s best real estate investing tips for rookies

And So Much More!

Links from the Show

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Ashley's BiggerPockets Profile