Real Estate Rookie

Burned out at your W2 job? Tired of climbing the corporate ladder? Starting a real estate business could give you financial freedom, but is it worth giving up the security of a biweekly paycheck? This entrepreneur thinks so, and today, she’ll give you the blueprint for forging your own path in real estate!Welcome back to the Real Estate Rookie podcast! Melissa Shelton is not only an investor, but also the founder of Dear Valentine, a business that blends luxury, hospitality, development, and management. Quitting her nine-to-five job to become a full-time entrepreneur wasn’t an easy decision since she had worked tirelessly for many years to reach the top of her field. But, in the end, her “why” won out, and she mustered up the courage to go all-in on her dream!In this episode, Melissa will show you how to launch a “small and nimble” real estate business. You’ll learn how to set goals, grow your clientele from scratch, and build a business plan that keeps you afloat. But that’s not all. Melissa also has tips for limiting overhead costs, finding deals that give the highest returns, and hiring people who propel your business forward!In This Episode We Cover:How to start a real estate business that gives you financial freedomHow to get your “foot in the door” and land your first clientCreating multiple income streams that insulate your new business ventureCrafting the perfect “pitch” that gets new investors and partners on boardHow to overcome the fear of failure when pursuing entrepreneurshipAnd So Much More!Links from the ShowAshley's BiggerPockets ProfileTony's BiggerPokckets ProfileJoin BiggerPockets for FREEReal Estate Rookie Facebook GroupReal Estate Rookie YouTubeAsk Your Question on the BiggerPockets ForumsMelissa’s InstagramCanvaBuy the Book “The Quitter’s Manifesto”Find Investor-Friendly LendersStay-at-Home Mom to “Accidental” Investor with a $600K/Year BusinessConnect with Melissa(00:00) Intro(01:40) Catching the Real Estate “Bug”(04:59) Leaving Her W2 Job(09:42) Preparing for Entrepreneurship(21:51) A Day in the Life (23:37) Melissa’s Business Model(27:04) How to Find Clients(35:56) Staying “Small and Nimble”(39:36) Connect with Melissa!Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-495Interested 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

Garrett Brown, a seasoned real estate investor and BiggerPockets content creator, shares his inspiring journey from hospitality to innovative short-term rentals. He discusses how he generates a stunning $50,000 cash flow from a single rental by creating unique stays that blend luxury with a taste of the outdoors. Garrett reveals strategies for standing out in a saturated market and the importance of documenting your investing journey online. Plus, he offers tips on finding discounted properties and the art of effective negotiation.

Garrett Brown, a full-time content creator at BiggerPockets, shares his insights on transitioning to full-time real estate investing. He discusses how many rental properties are needed to replace a W2 income and emphasizes the importance of cash flow management. The conversation includes strategies for diversifying investment portfolios without losing focus, evaluating short-term rental markets, and managing properties efficiently. Listeners also get tips on leveraging home equity and navigating existing bookings when purchasing new rentals.

Mindy Jensen, a personal finance expert and live-in flipper who co-hosts the BiggerPockets Money podcast, shares invaluable insights on starting your real estate journey from scratch. Discover creative strategies to save for your first rental property, including leveraging retirement accounts and exploring side hustles. Mindy emphasizes the importance of budgeting and understanding associated costs while debunking the 20% down payment myth. Tune in for actionable tips to grow your income and build a strong financial foundation for investing in real estate!

In this episode, Ryan Irwin, a tenacious real estate investor, shares his journey from fitness to real estate, completing seven deals in just five years. He discusses seizing opportunities even in a challenging market, emphasizing networking and accountability groups. Ryan reveals his strategies for increasing cash flow and the importance of hiring virtual assistants to streamline operations. With a focus on achieving financial freedom through a manageable portfolio, he inspires listeners to take calculated risks in their own investing journeys.

Explore if you should sell or hold onto your rental property, considering factors like capital gains tax and tenant stability. Discover creative strategies like house hacking and renting by the room to boost your income. Learn about refinancing options and 1031 exchanges for tax benefits. Find out the importance of cash-on-cash return metrics for financial goals. Dive into using HELOCs for investments while understanding associated risks and market conditions.

Dive into a rollercoaster year in real estate with tales of triumphs and blunders! Discover the pitfalls of hiring the wrong agents and contractors, and why one investing strategy was left behind. Hear how personal goals were met, or missed, amidst a tumultuous market. The hosts share insights on the importance of mentorship in hiring and reflect on lessons learned from challenging flips. As they brace for 2025, they emphasize resilience and community in the ever-changing landscape of real estate.

Dominique Gunderson, a dynamic real estate investor who began her journey at 17, shares her success story of completing over 100 deals by 27. She discusses the transition from wholesaling to flipping houses remotely, particularly in New Orleans. Dominique reveals her strategies for building an out-of-state team, estimating rehab costs, and managing renovations from afar. She also highlights the importance of networking and local insights while addressing current market trends and challenges for flippers.

Learn how to calculate net operating income (NOI) before buying rental properties, including estimating taxes and maintenance costs. Discover strategies for starting your real estate journey with a budget of $70K. Tackle tricky tenant situations, like dealing with unreasonable maintenance requests. Get practical tips on insurance for investments and the differences between short-term and long-term rentals. Plus, explore alternative investment strategies and the importance of market research in building your portfolio.

Miller McSwain, a former rocket scientist turned full-time real estate investor, shares his journey into the world of high cash flow through coliving strategies. He breaks down how he transitioned from a stable job to owning six properties with 41 units. Miller explains the unique aspects of coliving versus traditional rentals, the importance of community spaces, and how to effectively market rental rooms. He also discusses managing tenant relations, conflict resolution, and his secrets to identifying ideal investment properties.