Real Estate Rookie

How important is the real estate market you’re investing in? You could be searching for deals for months, not finding anything worth buying, and may want to call it quits. But are you following the same steps that expert investors practice, or are you hoping a new housing market will magically give you the deals you need? If you’re struggling to find property with a profit in your housing market, today’s episode will help you out!Welcome back to another Rookie Reply! In this episode, we tackle a handful of key topics—including when it makes sense to buy a property on your own and when to find a partner instead. Tony even shares about his own recent experience with partnerships and how he ended up pulling out of a deal that was headed towards a syndication! We also discuss the differences between real estate investing and REITs, as well as moving on from markets when you aren’t finding deals. Finally, we talk about inheriting tenants and when it’s better to buy a fully vacant property instead!If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).In This Episode We CoverWhen to go solo on a deal and when to form a partnershipLLC operating agreements, joint venture agreements, and terms you MUST includeStrategies behind buying vacant properties or inheriting tenantsThe difference between active real estate investing and REITsLeveraging relationships to find the best markets to invest inAnd So Much More!Links from the ShowFind an AgentFind a LenderJoin the Real Estate Rookie Facebook GroupJoin BiggerPockets for FREEBecome a BiggerPockets Pro Member for Premium Market AnalysisOn The Market PodcastSign Up for a BiggerPockets BootcampRookie Reply: How to Structure a Real Estate PartnershipRookie Reply: How to Split Finances in a Partnership/Joint VentureConnect with Ashley and Tony:Ashley's BiggerPockets ProfileAshley's InstagramTony's BiggerPockets ProfileTony's InstagramCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-282Interested 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

How do you bounce back after waiving inspections, finding out your $100K rehab costs are actually $360K, losing your earnest money deposit, and ultimately having to walk away from your very FIRST real estate deal? Today’s guest had a rocky start to his real estate investing journey (to say the least!), yet was able to find the silver lining, learn from his mistakes, and turn his bad fortunes around.In this episode of the Real Estate Rookie podcast, we’re speaking with Michael Yi, a “retired” pastor who turned to real estate after struggling to find work during the pandemic, dealing with minor health challenges, and reading the ever-popular Rich Dad Poor Dad. After his first deal fell through, however, his confidence took a hit. While any rookie would be tempted to give up, he got back on the horse and set out to find his next deal. Within a week, he received a call from a wholesaler that would thrust him right back into the world of real estate investing. This time, the deal was fruitful, allowing him to generate consistent cash flow on a three-unit rental property.If you’re struggling to take the first step in your real estate investing journey for fear of failing or losing money, this is an episode tailored to you! Michael shares about the $10K “education” he received and the reward for his resiliency. With help from our hosts Ashley and Tony, we break down a handful of important topics—including HELOCs, cash-out refinances, and building your real estate network!In This Episode We CoverHaving a deal fall through and losing money (and how to bounce back!)How waiving inspections can get your offer accepted (and when it can hurt you!)When walking away from a deal is actually the SMART choiceThe pros and cons of HELOCs versus cash-out refinances in different marketsThe power of networking to find contractors, realtors, wholesalers, and other connectionsAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentAshley's InstagramTony's InstagramReal Estate Rookie Facebook GroupJoin BiggerPockets for FREEBiggerPockets BootcampBiggerPockets BookstorePrivyBPCON2023How to Buy a Rental Property with NO Money OR CreditPace Morby's InstagramBook Mentioned in This Episode:Real Estate Rookie: 90 Days to Your First Investment by Ashley KehrRich Dad Poor Dad by Robert T. KiyosakiConnect with Michael:Michael's BiggerPockets ProfileMichael's InstagramCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-281Interested 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

Everyone wants to know how to invest in real estate with no money. And surprisingly, it’s much more straightforward than people think. You don’t need to be a real estate investing expert or have dozens of units under your belt already to buy a rental without cash or credit. As Pace Morby puts it, all you need is the right tools in your tool belt. The rest will take care of itself! So stick around if you want to learn how Pace picks up properties with NO money down, NO credit checks, and NO cash at closing!Pace is known in the industry as the king of creative finance. No matter what real estate deal he’s doing, Pace has found a way to get it for no money down, at a low interest rate, and with lots of cash flow in between. His latest book, Wealth Without Cash, gives new investors a start-to-finish guide on getting deals done with subject to, seller financing, and other lucrative creative finance methods. This is THE resource you need if you’re starting your real estate journey without much cash.In this episode, Pace walks through the different methods you can use to invest without cash, the exact way to find motivated sellers and off-market deals, and how to start with NOTHING and get your first investment property under contract. He also shares how he does deals on the spot and why going the “conventional” route of finding an agent, getting a loan, and putting money down could be a HUGE mistake.In This Episode We CoverCreative finance explained and how to invest in real estate with NO money downOn-market vs. off-market deals and how to lock in a rock-bottom mortgage rateThe subject to and seller financing methods explained (and when to use them)Living income-tax-free and how Pace avoids income tax by investing in real estateStarting from ZERO and a step-by-step method to getting your first deal doneThe problem with most real estate agents and why creative finance is often unheard ofAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentAshley's InstagramTony's InstagramReal Estate Rookie Facebook GroupJoin BiggerPockets for FREEBiggerPockets BootcampCraigslistRookie Reply: Creative Financing 101 with No Cash, Credit, or CredentialsPropStreamBook Mentioned in This Episode:Wealth Without Cash by Pace MorbyConnect with Pace:Pace's InstagramCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-280Interested 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

Feel like you’ve already made a few blunders to kick off your real estate investing journey? Well, you’re in great company. Most real estate rookies make their fair share of investing mistakes right before they figure things out and go on to build successful investing careers. Today’s guests are living proof of this.After a series of failed house flips (including one that involved his family home!) put him behind the eight ball, JP Desmet’s real estate career was almost over before it had even begun. As with all great success stories, however, his next step was his most important one—he asked for help! After reaching out to seasoned real estate pro Aaron Bihl about a potential investing opportunity, JP was able to make a serious profit off his very next deal and ultimately turn around his real estate fortunes.JP’s story is one of pure grit and mental fortitude. Rather than throwing away his dreams of real estate investing, his willingness to not only fail but also learn from his mistakes allowed him to bounce back in no time. If you’re a fellow real estate rookie, you won’t want to miss JP and Aaron talk about their first house flip fails, how hiring a bad contractor can quickly derail a project, and how working with a mentor can turn your very next deal into a huge success!In This Episode We CoverHow a mentor can help you avoid all types of investing headachesThe biggest red flags to watch out for when hiring a contractorWhere to find the best contractors for your home rehabsGetting in and out of deals quickly in today’s marketFinding hard money and private money lendersWays to mitigate the effects of debt you take on during the buying processAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentAshley's InstagramTony's InstagramReal Estate Rookie Facebook GroupJoin BiggerPockets for FREEFind a Hard Money LenderSteve Rozenberg InstagramFinding Off-Market Deals, Step by Step with Ryan Dossey (Mentor) and Drew Wiard (Mentee)—Part 1How Drew Pulled 6 Deals From His First Direct Mail Campaign With Ryan Dossey (Mentor) and Drew Wiard (Mentee)—Part 2CraigslistFacebook GroupsConnect with JP and Aaron:JP's BiggerPockets ProfileJP's InstagramAaron's BiggerPockets ProfileAaron's InstagramCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-279Interested 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

Discover negotiation tactics for FSBO deals and learn how to effectively communicate rehabilitation costs. Explore diverse financing options, including personal versus commercial debt, for aspiring investors. Dive into strategies for estimating rehab expenses and filling rental vacancies, including adjusting prices to minimize downtime. You'll find valuable insights on equity distribution in partnerships and best practices for tenant selection, all while celebrating listener engagement and practical real estate tips.

You don’t need to look very far to find a real estate success story, but it’s not every day that you hear from someone who is currently in the trenches of their very first real estate investment. The truth is that there are all types of hurdles to overcome during an investing journey, and today, you’re going to hear from someone who is still in the thick of it.For years, interior designer Sara Plaisted dreamed of investing in real estate. But like many real estate rookies, analysis paralysis prevented her from taking action. Having built up a network of people to lean on, however, Sara eventually drummed up the courage to dive in. It wasn’t long before she landed her very first property—a two-story cabin tucked away in four-seasons vacation spot Julian, California. Unfortunately, the story doesn’t end there. Rather than enjoying consistent cash flow and great tenants, Sara was dealt a steep learning curve that involved persistent water leaks, excessive rehab costs, and other issues.If you’re struggling at any point in your real estate journey, you’ll want to tune in to this episode and hear Sara’s story. She shares about her initial fears surrounding real estate, how she was able to land her first deal, and how she is currently dealing with all of the unexpected hurdles that her new property has thrown her way!In This Episode We CoverHow to get past analysis paralysis and finally buy your first propertyThe importance of building your own real estate investing networkFinding the right contractor to walk your new property with youWhen you should ask the seller to make repairs rather than making them yourselfThree types of software you MUST have to manage your propertyHow using virtual assistants can help you scale your investing business much fasterAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentAshley's InstagramTony's InstagramReal Estate Rookie Facebook GroupJoin BiggerPockets for FREEBiggerPockets ForumsBiggerPockets BootcampsProperty Management Software for Short-Term Rentals: Hospitable, Guesty, OwnerRezDynamic Pricing Tools for Short-Term Rentals: PriceLabs, AirDNA, WheelhouseDigital Guidebooks for Short-Term Rentals: Create on Canva, Hostfully, Breezeway, RemoteLockSoftware for Long-Term Rentals: RentRedi, Avail, Apartments.com, ZillowSoftware for Scaling Long-Term Rentals: AppFolio, Buildium, PropertywareFind Virtual Assistants at: Fiverr, UpworkBooks Mentioned in This Episode:Real Estate Rookie: 90 Days to Your First Investment by Ashley KehrConnect with Sara:Sara's BiggerPockets ProfileSara's InstagramCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-277Interested 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

Learning how to get into commercial real estate investing seems like a challenging task. With so much industry-specific verbiage and vocabulary like cap rates, pro formas, NOI, triple net, and more, a rookie real estate investor can seem put off by the seemingly tricky world of commercial real estate. But what if we told you that finding, buying, and making money from commercial real estate was much easier than residential real estate? What if you could build wealth quicker, buy more valuable properties, and reach financial freedom faster with just a few deals instead of dozens of single-family homes? Today, we’ll show you how to get started!New investors often put commercial real estate on the back burner, but nothing stops you from buying a large property right now. To explain how to do it, we brought on Annie Larner, commercial real estate broker based in Northern Colorado. She’s seen everything from warehouse deals to self-storage, retail centers, and office spaces. She knows EXACTLY what a beginner can do to get in the game and why commercial may be a FAR better option than going down the residential route.In this episode, Annie will explain exactly what commercial real estate is, how it’s valued, and the different types of properties you can buy. She also goes in-depth on why it’s MUCH easier to purchase commercial real estate than residential and how using a broker can help unlock hidden deals that other investors aren’t aware of. So, if you’re still chasing small deals and want to level up to where the real money is made, stick around!In This Episode We CoverCommercial vs. residential real estate and why buying bigger properties is easierUsing a commercial real estate broker to find deals that no one else knows aboutHow to analyze a commercial real estate deal and pro formas explainedDue diligence, inspections, and what to do once you have a property under contractCap rates, NOI, and how to value a commercial real estate property The BEST property type for beginners with the most gradual learning curveHow to find commercial tenants, lease types, and zoning rules you MUST pay attention toAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentAshley's InstagramTony's InstagramCatyListCoStarCrexiMLSMojo DialerReal Estate Rookie Facebook GroupLoopnetRealtor.comZillowConnect with Annie:Annie's EmailAnnie's InstagramCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-276Interested 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

Owning multiple properties with no money? While it might sound ludicrous, there are several ways to do it. Money shouldn’t be the barrier preventing you from getting into the world of real estate investing. In fact, many people have been able to turn around their own fortunes by using other people’s money (OPM)—today’s special guest is one of them!In this episode, we chat with Mike Larson, who found himself in this type of situation only a few years ago. Trapped in over $40,000 of consumer debt and living paycheck to paycheck with zero savings, Mike decided that real estate was going to be his escape rope. Over the next year, he eliminated as many bills as possible, tracked all of his expenses, and worked tirelessly to supplement his W-2 income. Today, Mike owns four long-term properties, has amassed a multiple six-figure net worth, and lives the real estate rookie’s dream by the beach.Tune into this episode for a classic, feel-good, rags-to-riches story. Mike shares about his real estate investing journey and provides all kinds of helpful tips—including the steps you need to take to fast-track your real estate career, how to use other people’s money to secure your first investment property, and how to get private money lenders to come to you!In This Episode We CoverHow to get your first investment property with ZERO capitalHow identifying as a real estate investor can yield all types of opportunitiesWholesaling for a huge profit without spending any of your own moneyBringing value to private money lenders so that they come to youUsing the BRRRR strategy to generate cash flow from distressed propertiesTwo steps you MUST take today to fast-track your real estate careerAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentAshley's InstagramTony's InstagramAirbnbBiggerPocketsMLSMojo DialerReal Estate Rookie Facebook GroupThe Real Estate Podcast$900K in Real Estate at Age 17 by Doing What 99% of Teenagers Won’tReal Estate Rookie PodcastBook Mentioned in This Episode:Investing in Real Estate with No (and Low) Money Down by Brandon TurnerConnect with Mike:Mike's InstagramValiant Acquisitions InstagramCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-275Interested 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

You’re buying a rental property and, in the process, inheriting tenants. What now? Can you go ahead and start raising rent? Not so fast. Before making any rash decisions, you might want to implement tenant estoppel agreements. These legally binding documents will help you and your tenants get on the same page. And Ashley and Tony are here to break them down!In this edition of Rookie Reply, we talk about the best practices when inheriting tenants. We also touch on LLCs, umbrella insurance, high-limit liability policies, and other ways to protect yourself. For those who are looking to buy a new home, we discuss working with a realtor versus doing the legwork yourself. We also get into loans, how soon you should get pre-approved, and how to vet hard money lenders. Finally, we talk about property managers. What are their fees, what do they bring to the table, and when do you absolutely need one?If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).In This Episode We CoverWhen it’s time to hire a property management company versus doing the work yourselfInheriting tenants, raising rent, and why you MUST use estoppel agreementsHow to close on an investment property without a realtorFinding and vetting hard money lenders in your areaWhy you should get pre-approved for a loan sooner rather than later in your investing journeyThe costs and benefits of creating an LLC versus umbrella insuranceAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentReal Estate Rookie Facebook GroupJoin BiggerPockets for FREEBiggerPockets ForumsFind a Hard Money Lender in Your AreaReduce Your Risk, Use An Estoppel Agreement (Free Form Included)Connect with Ashley and Tony:Ashley's BiggerPockets ProfileAshley's InstagramTony's BiggerPockets ProfileTony's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-274Interested 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

Over $100,000 from medium-term rentals…in just 18 months?! It’s a pipe dream to many, but it’s reality for today’s guest. After connecting with a few colleagues about real estate investing, David Rosenbeck left his established career as a nurse practitioner to dive headfirst into the investing world—carving out a niche that married his former job with his newfound passion: medium-term rentals for traveling nurses.David and his wife bought their first rental property, and within 24 hours of going live, it had booked nine months out. The rest is history. David has since replaced his six-figure income with this flexible job that allows him to work fewer hours, stress less, and build the dream lifestyle for him and his family.If you’re afraid that short-term rental properties are difficult to manage or that long-term properties don’t generate enough monthly income, this is the episode for you. David shares all of the secrets that helped him earn over $100,000 in only 18 months from medium-term rentals. He touches on pitching Airbnb arbitrage to landlords, moving every 12 months to build your real estate portfolio faster, and finding the “misfit” properties that make the PERFECT rentals!In This Episode We CoverThe advantages of medium-term over short-term and long-term rentalsHow to find the best areas to invest in medium-term rental propertiesProfiting without owning a property and using Airbnb arbitrage when renting to traveling nursesMoving every 12 months to get a lower down payment on new propertiesFinding the “misfit” properties that make the BEST medium-term rentalsThe best places to find medium-term tenants for your rental propertiesAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentAshley's InstagramTony's InstagramAirbnbAirDNABiggerPocketsBiggerPockets CalculatorsFacebook GroupFurnished FinderMLSPriceLabsReal Estate Rookie Facebook GroupReal Estate Rookie PodcastReal Estate Rookie Youtube ChannelThe Real Estate PodcastVrboWill Your Area Work for Medium-Term Rentals?ZillowConnect with David:David's BiggerPockets ProfileDavid's InstagramCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-273Interested 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