Real Estate Rookie

Don’t know how to analyze a rental property? After this episode, you’ll be a rental property analysis pro, knowing exactly how much money you’ll make on your first, second, or next real estate investment. But don’t worry; you won’t need any complex formulas, dense spreadsheets, or complicated math to calculate how much cash flow you’ll collect from your real estate deal. Instead, you can use the EXACT methods we show to analyze investment properties in minutes, EVEN if you’re a real estate rookie!In this episode, Ashley and Tony will teach you EXACTLY how to analyze real estate deals in 2023. From long-term to short-term rentals, BRRRR properties, and choosing your real estate market, Ashley and Tony will go through everything you need to ensure your first or next real estate deal is a home run.Our hosts will go step-by-step through analyzing a real estate investing market, signs of one you should invest in, building your “buy box,” analyzing a long-term, short-term, and BRRRR investment property, and how the 2023 housing market has changed. If you’re still waiting to get a rental property under contract, this is the place to startIn This Episode We CoverHow to analyze a rental property, short-term rental, or BRRRR investment from scratch 2023 housing market updates and what you MUST know before buying Using the BiggerPockets rental property calculators to analyze properties in minutesWhere to find insurance prices, property taxes, and other KEY variables The three things you MUST know before analyzing an Airbnb or vacation rental Financing your real estate deal and rental property loans you can use to purchase an investment property! 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 FREESubmit Your Real Estate Rookie Question!BiggerPockets Calculators Used in This Episode:Rental PropertyBRRRRRent EstimatorTune into The “Real Estate Rookie” Podcast:PodcastYouTubeGrab Tony’s Short-Term Rental CalculatorBrightInvestorNeighborhoodScoutPolicygeniusPriceLabsPropstreamInvestor Shout-Outs:Amy MahjooryLattes and LeasesZosia Madden (Rookie Ep 301)Check the full show notes here: https://www.biggerpockets.com/blog/rookie-305Interested 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 to buy your first investment property? You DON’T need twenty percent down sitting in your bank account. We know; everyone has told you that you need a massive down payment before you buy a property. But did you know that expert investors like Ashley and Tony rarely come to the closing table with their own money? If you know where to find the right funding, you too could buy multiple income properties a year WITHOUT having to scrimp and save up tens, if not hundreds of thousands of dollars!We’re back with another funding and finance-first Rookie Reply episode. This time, Ashley and Tony will go over how to fund your first BRRRR or fix and flip, EVEN if you don’t have twenty percent down. On a closely related note, we’ll touch on what to show a private money lender when you’re looking for funding and the “private money packet” new investors should start creating TODAY. Then, Ashley and Tony will hit on how to make more offers so you can build wealth faster. Lastly, you’ll hear the differences between small and large multifamily and why experienced investors LOVE larger deals.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 CoverReserves, down payments, and how to fund your first BRRRR or fix and flip if you’re low on cashUnlocking private money lending and exactly what a lender wants to see before they fund your deals The easiest way to start making more offers and the simple technique that’ll make analyzing deals a breeze What to know BEFORE you buy a large multifamily property (and laws to pay attention to)Cap rates, commercial real estate, and why bigger deals are often easier to increase equity 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 FREESubmit Your Real Estate Rookie Question!Listen to Episode 303 with Spencer CarpenterCheck Out Our Mentee Episodes with Lawrence Briggs:Part 1Part 2Part 3Part 4Lattes and LeasesSerena NorrisCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-304Interested 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

The easiest way to supercharge your real estate portfolio? Host your own real estate meetups to build your network! If that sounds intimidating, you’re not alone! Many rookies let their lack of experience or fear of no one showing up stop them from tapping into this gold mine of a networking strategy. Today’s guest found it to be the fastest and easiest way to find wholesalers, buyers, and lenders for his real estate deals!Welcome back to the Real Estate Rookie podcast! In this episode, Ashley and Tony are joined by Spencer Carpenter—an investor who got into real estate with the goal of supporting his family members in retirement. After his first deal went south, however, Spencer lost most of his capital and could have easily given up on real estate. Instead, he doubled down and networked his way to a pair of house flips that he was able to sell at a sizable profit.If you’ve ever wondered how investors grow their networks to find better deals, this is the episode you’ve been waiting for! Spencer provides his step-by-step formula for hosting real estate meetups at little to no cost, while Ashley and Tony offer their best tips for vetting contractors and property managers. They also discuss working with hard money lenders and what can go wrong if you DON'T maintain an open line of communication!In This Episode We CoverHow to host your very own real estate meetups at no (or low) costHarnessing the power of networking to find wholesalers, buyers, lenders, and moreThe best ways to find and vet contractors for your rehabsWeighing your financial risk when analyzing real estate dealsRed flags to look out for when hiring a property management companyWhy you NEED to get on the same page with your hard money lender upfrontAnd So Much More!Check the full show notes here: https://www.biggerpockets.com/blog/rookie-303Interested 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

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

100% financing for ALL of your real estate deals? Without thousands of dollars saved up, many people assume there’s no way for them to invest in real estate. But that’s far from true. Today, you can fund your entire real estate deal—including purchase price, down payment, closing costs, and rehab costs—using other people’s money!Welcome back to another Rookie Reply! If you don’t have the funds to invest in real estate, hear Ashley and Tony share their best strategies for getting deals done with creative financing. They also discuss rehab costs and provide a three-step plan for estimating them. Hiring a property manager is a daunting task for any rookie, but our hosts share the biggest red flags to watch out for when vetting a property management company. Finally, they discuss the touchy subject of rental repairs—who’s responsible and how to keep the peace with tenants!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 get financing for 100% of your deals (purchase price AND rehab costs!)Four EASY ways to find private money lenders for your real estate dealsThe three-step plan you NEED to accurately estimate rehab costsRed flags to look out for when hiring a property management companyHow to determine who is responsible for repairs (without upsetting your tenants!)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 FREESubmit Your Real Estate Rookie Question!Private Capital Explained: The 4-Second Pitch to Unlock Unlimited Funds (Part 1)Private Money Explained: 5 Simple Ways to Find Private Money Today (Part 2)Private Money Explained Part 3: The “Credibility Pieces” Lenders Love to SeePrivate Money Explained Part 4: Rates, Returns, and Protecting InvestorsA 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 DainardFollow Amy Mahjoory on Instagram to Learn More About Raising Private CapitalBook Mentioned in this Episode:Raising Private Capital by Matt FairclothThe Book on Estimating Rehab Costs by J Scott Check the full show notes here: https://www.biggerpockets.com/blog/rookie-302Interested 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

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