Tony J Robinson, host of the Real Estate Rookie Podcast, shares his journey from wholesaling to building a thriving short-term rental portfolio. He discusses the benefits of reliable partnerships and how to avoid toxic collaborations that can hinder growth. Listeners will learn essential strategies for entering the Airbnb market, including market research and setting competitive pricing. With insights on turning long-term investments into successful short-term rentals, Tony emphasizes having a cash-flowing mindset and mastering foundational skills for continued success.
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question_answer ANECDOTE
Dad's Wholesaling Business
Tony Robinson's dad wholesaled houses in Detroit but lost his business in 2008.
His dad's biggest regret was not keeping any of the properties as rentals.
question_answer ANECDOTE
First Real Estate Deals
Tony's first real estate deals were two houses in Shreveport, Louisiana, funded 100% by a local credit union.
His parents' experience with a similar loan gave him the confidence to pursue it.
volunteer_activism ADVICE
Explore Small Banks
Explore small, local banks and credit unions for financing options.
These institutions often have more flexibility than large banks regarding loan terms and requirements.
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C.P.A. Sharon L. Lechter
Robert Kiyosaki
The book tells the story of Robert Kiyosaki's two fathers: his 'poor dad,' a highly educated but fiscally poor man, and his 'rich dad,' the father of his best friend who was a successful entrepreneur. It emphasizes the importance of financial education, distinguishing between assets and liabilities, and building wealth through investing in assets such as real estate and businesses. Kiyosaki argues that a good education and a secure job are not guarantees for financial success and provides practical lessons on how to make money work for you rather than working for money[1][3][5].
Profit First
Transform Your Business from a Cash-Eating Monster to a Money-Making Machine
Mike Michalowicz
In 'Profit First', Mike Michalowicz introduces a behavioral approach to accounting that flips the conventional formula from 'Sales - Expenses = Profit' to 'Sales - Profit = Expenses'. This system involves taking a predetermined percentage of sales as profit first and then allocating the remainder for expenses. The book provides practical, step-by-step advice and case studies to help entrepreneurs manage their businesses more effectively, ensuring early and sustained profitability and long-term growth.
The E-myth revisited
why most small businesses don't work and what to do about it
Michael E. Gerber
The E-Myth Revisited challenges the common assumption that most businesses are started by entrepreneurs. Instead, Gerber argues that most businesses are started by technicians who understand the technical work but not the business itself. The book introduces the concept of the E-Myth and explains that successful business owners must balance three roles: the Entrepreneur (the visionary), the Manager (the planner and organizer), and the Technician (the one who performs the technical work). Gerber emphasizes the distinction between working 'in' your business and working 'on' your business, and he provides strategies for systemizing and scaling businesses, including the concept of the Franchise Prototype.
Normally we have two hosts and one guest, but today we have three hosts, and one of them happens to be a guest as well. We welcome Tony J Robinson, host of the BiggerPockets Real Estate Rookie Podcast, to the show! Tony has grown a respectable following due to his impressive short-term rental portfolio, his ability to scale quickly, and his made-for-radio voice.
Tony grew up with real estate around him. His dad had a wholesaling company, and when it closed down his father relayed to Tony that his biggest mistake was failing to keep any of the wholesale deals as rentals. With this advice in mind, Tony saw an opportunity to fix up some rental properties in Louisiana. This gave him an intro to real estate funding, and after a few successful deals, he decided to dive in head first.
Now, Tony has short-term rentals in Tennessee and Joshua Tree. He’s started multiple partnerships and speaks on the benefits of having reliable, trustworthy partners, plus how to avoid toxic partnerships that will stop you from scaling. He also lets us in on his free and simple method of finding out whether or not a market will work for short-term rentals.
In This Episode We Cover:
The importance of having cash-flowing passive income
Why you should never treat a rental like your primary residence
Buying in markets that are heavily reliant on tourism
BiggerPockets Real Estate Podcast 
