Real Estate Rookie

Hiring a contractor doesn’t have to be a guessing game. Most real estate rookies choose the first (or cheapest) contractor that comes their way, but this rarely leads to a home renovation gone right. Instead, you could be looking at tens of thousands in extra costs, poor-quality workmanship, timelines that stretch out months past your projections, and a rental property that almost any tenant will walk away from. So, how do you find the BEST contractors in your area? And what are some signs that a contractor will make your life easier? We’ve got all the answers in this episode.Rachel Richards is back on the show to talk about her recent renovation done by Zosia Madden’s team over at Laurelless. While Rachel was thousands of miles away traveling, Zosia and her team turned Rachel’s newest property around, staying on budget, on time, and with as little stress as possible. After some tear-inducing past experiences with other, lower quality contractors, Rachel and Zosia go over EXACTLY what makes a contractor the right one, red flags to look out for, software to use, and lessons learned that EVERY investor should take to heart! Check the full episode here: https://biggerpockets.com/playlist Learn more about your ad choices. Visit megaphone.fm/adchoices

Significant other not sharing your enthusiasm for real estate? Maybe you have dreams of buying your first property or going full-time with a real estate business, but your partner isn’t on board. You’re not alone! The truth is that investing in real estate is a huge decision, and couples aren’t always on the same page. Fortunately, there are ways to align your goals and build a profitable real estate business together.In this episode of the Real Estate Rookie podcast, we’re chatting with Zosia Madden. Today, Zosia and her husband Tyler operate two businesses—a successful construction company and a seven-figure real estate business with twelve rental properties. Despite their recent success, the couple faced many challenges before going all-in on real estate—including the question of whether Zosia should leave the stability of her W2 job. As you might expect, they didn’t arrive at this decision overnight. It took multiple conversations—filled with vision-casting, goal-setting, and strategizing—before Zosia was able to put in her two-week notice.If you and your significant other seem to be on two different wavelengths, you don’t want to miss this episode! Zosia, Ashley, and Tony cover some of the most important questions you’ll want to ask your partner on your journey toward financial freedom. They also discuss topics that many rookie investors struggle with—such as paying yourself, hiring fractional advisors, and the systems and processes that will help you scale your real estate business!In This Episode We CoverQuestions all couples should ask to help align their long-term goalsThe three stages of spouse involvement in real estate investingHow to transition from a stable W2 job to a full-time real estate investorFractional advisors and how hiring them can change the trajectory of your businessWhen to take a salary from your real estate business (and when to reinvest instead!)Systems and processes you NEED to scale your businessAnd So Much More!Links from the ShowFind an AgentFind a LenderAshley's BiggerPockets ProfileAshley's InstagramTony's BiggerPockets ProfileTony's InstagramReal Estate Rookie Facebook GroupJoin BiggerPockets for FREEThe Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a CoupleBuilding and Scaling a Massive Real Estate BusinessReal Estate Rookie 300 with Rachel RichardsReal Estate Rookie 55 with Tyler MaddenReal Estate Rookie 173 with Tyler MaddenBooks Mentioned in this Episode:The ONE Thing by Gary Keller with Jay PapasanConnect with The Maddens:Zosia's BiggerPockets ProfileZosia’s InstagramTyler’s InstagramCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-301Interested 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

Huge cash flow after selling most of your real estate portfolio!? Many rookies assume that having more doors equates to more profit, but that’s not always the case. The truth is, if you start identifying the best investing strategy for your property, you can make more cash flow while owning fewer units. Today’s guest has had small and large portfolios alike and has succeeded with both!In this 300th episode of the Real Estate Rookie podcast, we catch up with past BiggerPockets guest, full-time real estate investor, and two-time best-selling author Rachel “Money Honey” Richards. After 2022 threw her several curveballs, Rachel made the tough decision to sell her thirty-eight-door real estate portfolio and start over. A nomad at heart, Rachel turned her attention to house hacking—a strategy that gives her a place to live while allowing her the freedom to travel six months each year.Whether you have one door or one-hundred doors, you won’t want to miss out on the important lessons Rachel shares in this episode! She talks about beating analysis paralysis, using a solutions-oriented approach when looking for deals, and when it makes sense to use multiple rental strategies at once. But that’s not all, we’ll also get into creative financing, choosing a real estate niche, finding the best contractors for rehab projects, and more!In This Episode We CoverHow to build (or rebuild!) your real estate portfolio from square oneBeating analysis paralysis by finding your real estate nicheHow to apply a solutions-oriented approach to analyzing dealsUsing multiple rental strategies to maximize your cash flowNetworking to find the best lenders and contractors for your propertiesLeveraging creative financing to help fund your real estate dealsAnd So Much More!Links from the ShowFind an AgentFind a LenderAshley's BiggerPockets ProfileAshley's InstagramTony's BiggerPockets ProfileTony's InstagramReal Estate Rookie Facebook GroupJoin BiggerPockets for FREERetiring in 2 Years Through “Aggressive” Rental Property Investing with Rachel RichardsEarly Retirement by 30 with $20K/Month in (Actually) Passive IncomeDivorce: The Biggest Marriage and Money Mistakes to AvoidRookie Reply: Creative Financing 101 with No Cash, Credit, or CredentialsA 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 DainardHow Nancy Rodriguez from ‘Love Is Blind’ Hit Financial Freedom BEFORE FameBooks Mentioned in this Episode:The House Hacking Strategy by Craig CurelopMoney Honey by Rachel RichardsPassive Income, Aggressive Retirement by Rachel RichardsConnect with Rachel:Rachel's BiggerPockets ProfileRachel's InstagramGrab Your Free Passive Income Starter KitCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-300Interested 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

Want financial freedom? We’re not talking about buying yachts, private planes, or million-dollar sports cars. We mean REAL financial freedom. The freedom that lets you work where you want, when you want, and spend time with the ones that matter most, without having to worry about paying the bills or having enough in the bank to make ends meet. That’s what it means to be financially free. And today, we’re here to help you get even closer to achieving that dream.While Tony and Ashley are living their financially free lives, Dave Meyer, VP of Data and Analytics at BiggerPockets and host of On the Market, stopped by to give you the step-by-step guide to achieving financial freedom. In this episode, Dave will show you how to set goals for a financially free life, calculate your “freedom number,” choose a real estate market to invest in, find the right property, and analyze a real estate deal from scratch.You DON’T need to be an investing expert to start your journey to financial freedom. Unlock the tools expert real estate investors use daily by becoming a BiggerPockets Pro member. Get 20% off your first year of Pro if you use code “FREEDOM” at checkout and gain access to investment property calculators, lease documents, rent estimators, and more! In This Episode We CoverThe four steps to financial freedom and how to achieve ultimate independence through real estate investingSetting SMART goals and calculating your “freedom number”How to pick the right real estate market and two questions you MUST ask before you doFour ways you can start finding real estate deals TODAY Analyzing a real estate deal LIVE (step-by-step) using the BiggerPockets calculators What expert investors know that most real estate rookies don’t And So Much More!Links from the ShowFind an AgentFind a LenderAshley's BiggerPockets ProfileAshley's InstagramTony's BiggerPockets ProfileTony's InstagramReal Estate Rookie Facebook GroupJoin BiggerPockets for FREETry the BiggerPockets Rental Property Calculator on Your Next PropertyEstimate Rent for ANY PropertySign Up for a BiggerPockets BootcampHear Dave on The “On The Market” Podcast Wherever You Listen to Podcasts:SpotifyApple PodcastsBiggerPocketsWatch Dave on the “On The Market” YouTube ChannelConnect with Dave:Dave's BiggerPockets ProfileDave's InstagramCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-299Interested 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

Losing $100K on one real estate deal!? Is there any coming back from that kind of loss? Unfortunately, real estate investing is not always sunshine and rainbows. Every successful investor has had their fair share of failures. By learning from some of our mistakes, our hope is that new investors won’t have to make them!Welcome back to another episode of the Real Estate Rookie podcast. Today, Ashley interviews Tony about one of his most recent deals that went south. Ultimately, Tony ended up losing a whopping $100K on the deal. This kind of loss would cause many people to throw in the towel and quit their real estate journeys. Instead, Tony ate the loss, learned some important lessons, and got back up on his horse.If you’re afraid of losing money on a real estate deal, allow Tony’s mental fortitude to encourage and inspire you to keep going! In this episode, he shares a handful of invaluable lessons—including why it’s so important to manage the timeline of a deal, why you should always take a pre-approval with a grain of salt, and how diversifying investments across different markets can help lower your risk!In This Episode We CoverFinding your real estate niche and building a strong financial foundationManaging the closing timeline (and saving a fortune in holding costs!)The importance of purchase agreements and earnest money depositsThe subjectivity of appraisals (and when you should challenge them)Why you should NEVER treat a pre-approval as gospelWhat you should know before becoming a private money lenderAnd So Much More!Links from the ShowFind an AgentFind a LenderAshley's BiggerPockets ProfileAshley's InstagramTony's BiggerPockets ProfileTony's InstagramReal Estate Rookie Facebook GroupJoin BiggerPockets for FREEMaking $71K on ONE Deal After 5 Failed House Flips and Six-Figure DebtThe Difficult Path to Wealth: Losing Money on Your First Real Estate Deal w/ JL Collins4 Important Steps to Bounce Back After Losing Money on a DealCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-298Interested 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

A house hack that covers all living expenses and allows you to travel the world!? Many people dream of making passive income from real estate, but only some take action. After getting her real estate license and immersing herself in the world of investing, today’s guest was chomping at the bit to buy her first property.In this episode, we’re speaking with Olivia Tati—a former chemical engineer turned nomadic real estate investor! After discovering the freedom and flexibility of working from home, Olivia quickly determined that she no longer wanted to work her corporate W2 job. Fortunately, she had spent months cultivating several side hustles and multiple streams of passive income. With this financial safety net in place, Olivia quickly turned her attention to real estate. It wasn’t long before she landed her first deal—a duplex that rents for up to $6,500/month and allows her to live out her nomadic dream!Do you aspire to earn enough passive income to quit your nine-to-five, work from home, or travel the world? This is the episode for you! Tune in to hear Olivia, Ashley, and Tony discuss a unique strategy to get a property under contract, various ways to buy real estate with no money down, and creating the perfect guest experience at your short-term rental. They also cover the benefits of getting a real estate license—whether it’s getting your feet wet before investing, saving money on closing costs, or making passive income through referrals!In This Episode We CoverHow to get a property under contract (without having the most competitive offer!)Three advantages of getting your real estate license before investingHow to earn thousands of dollars each month through real estate referralsMultiple strategies you can use to buy real estate with no money downWhen to make a rental property short-term, medium-term, or long-termThe keys to providing a world-class guest experience at your short-term rentalAnd So Much More!Links from the ShowFind an AgentFind a LenderAshley's BiggerPockets ProfileAshley's InstagramTony's BiggerPockets ProfileTony's InstagramReal Estate Rookie Facebook GroupJoin BiggerPockets for FREEHouse Hacking 101: What It Is and How to Get StartedCreate Eye-Catching Graphics for Your Real Estate BusinessFind and Manage Cleaners for Your Short-Term Rentals:TurnoBreezewayConnect with Olivia:Olivia's InstagramOlivia's YouTubeCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-297Interested 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

Let’s face it—property management fees aren’t cheap. While you may need to hire a property manager if you’re investing out of state or are unable to self-manage your property, these costs can quickly eat into your profits if you’re not careful. How can you ensure that you’re getting high-quality services for a fair price and keep your overhead under control?Welcome back to another Rookie Reply! If you’re struggling to pull the trigger on hiring a property management company, we understand why you might be hesitant. Fortunately, Ashley and Tony are here to shed some light on the topic and share their own experiences with property management companies. They also talk about insuring properties during the rehab phase, as well as buying pre-foreclosed properties. Finally, they discuss balloon payments—what they are, how to use them to your advantage, and when it may be risky to get a loan that has them!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 CoverHow to find the BEST property management company for your rentalProperty management fees and how to keep costs downWhy you MUST insure your property during the rehab phaseHow to use balloon payments to your advantage (and avoid more risk!)What you need to know before buying a pre-foreclosed propertyAnd So Much More!Links from the ShowFind an AgentFind a LenderAshley's BiggerPockets ProfileAshley's InstagramTony's BiggerPockets ProfileTony's InstagramReal Estate Rookie Facebook GroupJoin BiggerPockets for FREE0 Doors, 100% Creative Financing with Pace MorbyRookie Reply: Loan Amortization and Balloon Payments Explained8 Tips for Hiring the Best Property Manager for Your RentalsCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-296Interested 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

A $100K "exotic plant" side hustle to over $2 million in real estate? The truth is that you can use virtually any side hustle to help kickstart your real estate journey—whether you need capital to invest or want the extra business experience before diving in. While today’s guest may have taken a more unconventional approach to investing in real estate, he now has a portfolio of eight units cash flowing $4,500 each month!Welcome back to another episode of the Real Estate Rookie podcast! In 2021, when millions of Americans lost their jobs, corporate underwriter Paul Lee came to the realization that relying on his W2 as his only source of income was a risky bet. At a time when mandates were requiring more people to work from home, Paul started flipping exotic house plants for a HUGE profit—netting well over $100,000 in two years! Despite his success, Paul recognized the volatility of the business he had built and turned his attention to a more historically stable side hustle—real estate.If you’re looking to use a side hustle as your gateway into real estate, you’ll want to hear Paul, Ashley, and Tony share about the importance of having multiple income streams. They also cover several important real estate topics—from house hacking and self-managing properties to exceptions that could make you ineligible for FHA loans. Finally, they discuss private mortgage insurance and how to remove it when it’s hurting your cash flow! In This Episode We CoverHow to find side hustles with the highest earning potentialThe skills you NEED to self-manage your investment propertiesUsing leverage to spread equity across more propertiesThe self-sufficiency test your house hack MUST pass to get an FHA loanHow to get private mortgage insurance removed from a loanWhen to pull a HELOC (and how to use the money!)And So Much More!Links from the ShowFind an AgentFind a LenderAshley's BiggerPockets ProfileAshley's InstagramTony's BiggerPockets ProfileTony's InstagramReal Estate Rookie Facebook GroupJoin BiggerPockets for FREENo Money for Real Estate? 2 Side Hustles You Can Use to Fund Your First DealCompare Market Rents with RentometerConnect with Coach Chad Carson on InstagramConnect with Paul:Paul's BiggerPockets ProfilePaul's InstagramCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-295Interested 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

Don’t have enough funds for real estate deals? Today, there’s no excuse. Beyond strategies that allow you to invest in real estate with no money down, you can always start a profitable side hustle and put the earnings towards your next deal.In this episode of the Real Estate Rookie podcast, we’re chatting with Ava Yuergens and Josh Janus—two young entrepreneurs who managed to launch their own profitable side hustles to help fund their first real estate deals. Shortly after Ava and her fiancé launched their very own couch-flipping side hustle, they were able to generate enough cash to invest in real estate. Josh was a student by day, so he needed a side hustle that he could work outside of school hours. After seeing the schedule flexibility that DoorDash provided, Josh started making food deliveries—often using multiple apps and two phones to maximize his earnings.If you’ve ever wanted to start your own side hustle, this is the episode for you! You’ll learn how to launch your own successful side hustle from square one, sharpen your entrepreneurial skills, and generate more than enough income for you to put towards your first real estate deal. Finally, Ashley and Tony tie the bow on this showdown-style episode by evaluating these side hustles for upfront capital, earning potential, time commitment, and risk!In This Episode We CoverTwo side hustles you can start TODAY with little to no moneyUsing a side hustle to raise capital for your real estate businessLaunching a flexible DoorDash side hustle that earns up to $50 an hourStarting a couch-flipping side hustle that generates $10,000 per monthSide hustle skills that carry over into the real estate worldAnd So Much More!Links from the ShowFind an AgentFind a LenderAshley's BiggerPockets ProfileAshley's InstagramTony's BiggerPockets ProfileTony's InstagramReal Estate Rookie Facebook GroupJoin BiggerPockets for FREE$900K in Real Estate at Age 17 by Doing What 99% of Teenagers Won’tFrom DoorDasher to $1.5 MILLION in Real Estate (All at 22 Years Old!)Connect with Ava & Josh:Ava's BiggerPockets ProfileAva's InstagramAva's TikTokJosh's BiggerPockets ProfileJosh's InstagramCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-294Interested 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

Too busy to buy rental properties? After this episode, you won’t have any more excuses. Brandon and Dani Tilson started building their rental property portfolio just under a year and a half ago and have already acquired six properties while working schedules that would make most people faint. We’re not talking about one job or two; we’re talking about working three jobs while raising a family and self-managing a rental portfolio. So, if you’re working less than eighty hours a week, this is your sign to get started! After growing up with a struggling single mother, Brandon vowed that his children should never have to worry like he did. After learning about real estate, Brandon was ready to invest, but his wife, Dani, was not. Cash in the bank was a luxury Dani wanted to hold on to, but after many long conversations, the couple agreed to try their hand at rental properties. Their first deal didn’t go as planned, but it helped them build momentum and turn a small sum into a cash-flowing rental portfolio.In this episode, you’ll hear exactly how Brandon and Dani scaled to six units in just a year and a half, the property management software they use to run their portfolio painlessly, and how to get your spouse on the real estate investing bandwagon. Brandon and Dani are set to retire in just five years, and if you tune in, you can too!In This Episode We CoverBuilding a rental property portfolio that will allow you to retire in five years (or less)Why you should NOT try to DIY your first rental property renovation What to do when you want to invest but your spouse or partner isn’t interested Cash-out refinances vs. HELOCs and which makes more sense with today’s high-interest rates Property management software and how to run a rental portfolio without pulling your hair out“Alignment meetings” and how to conquer your craziest goals even with a hectic schedule And So Much More!Links from the ShowFind an AgentFind a LenderAshley's BiggerPockets ProfileAshley's InstagramTony's BiggerPockets ProfileTony's InstagramReal Estate Rookie Facebook GroupJoin BiggerPockets for FREEAnalyze Your Own Deals Using the BiggerPockets Rental Property CalculatorManage Your Property with RentRediHear Our Interview with Husband and Wife Investing Duo Devana and ReidHow to Easily Analyze Rental PropertiesConnect with Brandon & Dani:Brandon & Dani's InstagramCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-293Interested 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