Real Estate Rookie

While driving for dollars, you stumble across a property with back taxes on it. What do you do? Contact the owner about your interest? Check with the courthouse first? Of course, you don’t want to make a real estate faux pas and miss out on a great deal! Fortunately, Ashley and Tony are here to help you navigate the situation.Welcome back to another Rookie Reply! Today, we’re addressing properties with tax liens and how to potentially get them below market value. We also talk about buying property as a real estate agent and putting your commission towards a down payment. If home renovations are on your radar, you’ll want to tune in to our discussion on estimating rehab costs and pulling permits. Lastly, you’ll learn about tax strategies for flippers, and why hiring a tax planner is a must, even if you’ve yet to buy your first property!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 CoverBuying a property with back taxes on it and where to find tax lien propertiesHow to get paid TWICE by wholesaling a property to yourselfEstimating material and labor costs before you commit to a renovationThe best tax strategies for flippers (and why you need a tax planner!)Whether you can work closing costs into an FHA loan and low/no down payment loan optionsWhy pulling permits is a MUST if you plan on doing a rehab, renovation, or house flipAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentReal Estate Rookie Facebook GroupJoin BiggerPockets for FREEA 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 DainardBiggerPockets ForumsHow to Legally Avoid Taxes by Investing in Real EstateFrom Restaurant Waiter to 100+ Deals in Only 4 Years w/ Derrick AcuffMaking $90K/Year with Just ONE Rental by Combining Compassion and Cash FlowPropstreamZillowBook Mentioned in This Episode:The Book on Estimating Rehab Costs by J ScottConnect 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-272Interested 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

$900K in real estate at age 17!? That can’t be possible! If you’re feeling shocked, join the club because today’s episode is something that’ll leave you more fired up than ever before. We talk to Ava Yuergens, a high schooler who’s purchased more real estate than most full-grown adults. Without the ability to even get a credit card of her own, Ava has taken down almost a million dollars in real estate, all thanks to creative financing, hard work, and a determination to build wealth no matter what. Want to repeat her road to success? Stick around!Like most young entrepreneurs, Ava caught the cash flow bug after reading Robert Kiyosaki’s Rich Dad Poor Dad. This classic book opened her eyes to the world of income-producing assets, catapulting her toward the topic of real estate investing. She was up early before school, reading how to invest, where to find off-market deals, and how to finance a property when you have no full-time income. With some thoughtful planning and serious due diligence, Ava was able to close on not one but two rental properties before graduating high school.And whether you’re fifteen, twenty-five, or fifty, Ava’s advice is useful for ANY real estate investor in ANY stage of life. She walks through exactly how to find your first real estate deal, getting comfortable with an investing strategy, bringing in partners and funding (when you don’t have the cash), and turning your small side hustles into massive streams of income. With this type of mindset, we know we’ll be hearing back from Ava very soon.In This Episode We CoverHow to invest in real estate at a young age with no job or credit Ava’s step-by-step checklist for getting your first real estate deal Serious side hustles and using part-time work to fund future real estate dealsReal estate partnerships and how to split responsibilities when buying a propertyHow to find off-market deals, cold-calling, direct mail, and getting properties at a discountShort-term rental investing and why most rookies choose self-management over third-party property managementAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentAshley's InstagramTony's InstagramAirbnbBiggerPocketsMLSReal Estate Rookie Facebook GroupAlpha Geek CapitalBiggerPockets CalculatorsGoogle DriveGuestyRobuilt Youtube ChannelThe Real Estate PodcastVrboCheck Out Tony’s Messaging Guide for Short-Term Rentals18 Deals in 2 Years AND a Full Time Job with Kevin ChristensenBooks Mentioned in This Episode:Rich Dad Poor Dad by Robert T. KiyosakiShort-Term Rental, Long-Term Wealth by Avery CarlTraction by Gino WickmanConnect with Ava::Ava's BiggerPockets ProfileAva's InstagramAva's TiktokAva's Youtube ChannelCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-271Interested 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 capital to own property? Enter Airbnb arbitrage, the popular investment strategy that allows you to rent out someone else’s property for a profit. Of course, there are a few challenges that come with this. Namely, you’ll need to convince your landlord that it’s a good idea! As always, Ashley and Tony are back with some important tips.In today’s episode of Rookie Reply, we’re breaking down Airbnb arbitrage, and weighing the pros and cons on both sides of the arrangement. We also touch on the best liability protection strategies, using a HELOC for a down payment, and when it might be advantageous to buy a turnkey property versus a distressed property. Finally, we tackle the subject of tax planning and how hiring a CPA could help you save a fortune come tax season!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 CoverHow to get into real estate without owning propertyWhy a landlord would agree to Airbnb arbitrage (and how to convince them)The MASSIVE tax savings of hiring a CPA for tax planningUsing a HELOC for a down payment on a long-term rental propertyWhen it makes sense to purchase a turnkey property versus a distressed propertyLLCs, umbrella insurance policies, and the best strategies to protect yourself from liabilityAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentReal Estate Rookie Facebook GroupReal Estate Rookie PodcastAirbnbBiggerPockets Rental Property CalculatorHow to (Legally) Avoid Taxes by Investing in Real EstateDon’t Lose Your Portfolio to Lawsuits! Here’s How to Protect YourselfGrowing Your Portfolio with Turnkey Investing with Whitney Hutten and Lance RobinsonIt’s Not All About Cash Flow: 4 Ways Real Estate Makes You RichAsset Protection for Rookies: 7 Wealth-Saving Answers from an ExpertMLSThe Real Estate PodcastTurboTaxConnect 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-270Interested 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 know what to do AFTER closing on a house? You’ve found your market, done your due diligence, passed your inspections, and now you’re asking, “what’s next?” Two of our three mentees are about to close on their first (and next) rental properties, but they don’t have to go in blind, thanks to the expert guidance of experienced investors Ashley and Tony. But we’re not just talking about a post-closing checklist. Instead, we’ll get into the nitty-gritty of getting a new short-term rental, how to handle inherited tenants, when to switch your investing strategy, and what happens when you discover a BIG plumbing problem in a property.We’re back to conclude our final meeting with our ninety-day mentees. Brandon, Lawrence, and Melanie have made MASSIVE strides to become real estate investors. Brandon and Melanie come back with deals under contract and close to closing, while Lawrence is looking to switch up strategies and potentially re-enter the cash-flowing world of college rentals. All the mentees have taken significant steps to success in just three months, and you can do it too!Stick around if you’re trying to get your next rental property under contract, as Brandon, Lawrence, and Melanie discuss why having community, accountability, and pressure for success took their investing to the NEXT LEVEL. If you want to break through your biggest goals, sign up for BiggerPockets Pro today and join our next Real Estate Rookie Bootcamp!In This Episode We CoverInvesting in short-term rentals and how to set your house rules for new guests Out-of-state investing and closing on a rental property remotelyHome inspections and why they’re almost ALWAYS worth the costInherited tenants, estoppel agreements, and what to do as soon as you buy a rental with tenantsDelayed maintenance and what happens when you uncover pricey plumbing problems in a propertyStudent rentals and using them to make more cash flow than a regular rental propertyAccountability, community, and why investing together can help you build wealth fasterAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentAshley's InstagramTony's InstagramAirbnbApartments.comAvailBiggerPocketsBiggerPockets BootcamThe BiggerPockets Money PodcastBiggerPockets ProHostfullyMLSOn the Market PodcastReal Estate Rookie Facebook GroupReal Estate Rookie PodcastPriceLabsRentRediTony’s Short-Term Rental Shopping ListRookie to Real Estate Investor in 90 Days: LIVE Mentorship CallsRookie to Real Estate Investor: Seller Financing, STR Markets, & Lowball OffersRookie to Real Estate Investor: House Offer Accepted! Now What?Connect with Brandon, Lawrence and Melanie:Brandon's BiggerPockets ProfileBrandon's InstagramLawrence's BiggerPockets ProfileLawrence's InstagramMelanie's BiggerPockets ProfileMelanie's LinkedInCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-269Interested 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

Does seller financing apply to down payments? What happens when you buy a rental with squatters who refuse to leave? And is getting your real estate license even worth it? The world of real estate investing isn’t always as cut and dried as it seems, but running a profitable portfolio doesn’t need to be a massive headache. In this Rookie Reply episode, we’ll go through the common pain points that rookie landlords are dealing with and shed light on some frequently asked questions only experienced investors (like Ashley and Tony) have the knowledge to answer.If you’ve ever wondered what a property survey is or if you should charge a cleaning fee to your tenants, stick around! This time, Ashley and Tony will answer when you do (and don’t) need a property survey on your latest rental property purchase. From there, they debate the pros and cons of getting your real estate license (becoming an agent) as a rookie investor. We also touch on the ever-fun topic of what to do when non-leased tenants won’t leave your property, how to seller finance a down payment, and whether or not charging a “cleaning fee” at move-in is a wise idea.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 CoverIs getting your real estate license worth it, and the ongoing cost of becoming an agentProperty surveys explained and why knowing your rental’s boundaries can be crucialInherited tenants, squatters, and how to evict tenants who don’t have a leaseSeller financing a down payment and how to close on your property with $0 out of pocketCleaning fees, inspection checklists, and everything your tenants need to keep your property in perfect shapeAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentReal Estate Rookie Facebook GroupReal Estate Rookie PodcastAirstreamReal Estate Rookie Youtube ChannelLandGlideOnX HuntMLSConnect 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-268Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Twenty-four rental units in two years! It’s possible, but only if you’re using the same principles that today’s guest has employed. With house hacking, HELOCs, the 80/20 rule, and a few more strategic investing moves, you too could fast-track your path to financial freedom. If you want to build your dream real estate portfolio without sacrificing decades in the process, these strategies will help you do it!For Andrew Freed, a full-time project manager, real estate agent, and investor, these strategies have been life-changing. And even if you’re still a real estate rookie, you can do exactly what Andrew did to reach the same results. Thankfully, Andrew’s investing methods, tips, and tricks are well-rounded, well-developed, and easy to follow.In this episode, Andrew walks us through how he managed to buy twenty-four units in two years, the moment the gears started turning in his mind, his personal development process, and the key principle that keeps him focused on his goals. Andrew also gives us his best advice for predicting and preventing problems in your rental properties, stabilizing, and raising the rent. From gaining the confidence to get started to finding investment partners, he offers valuable, step-by-step guidance we can all learn from.In This Episode We CoverThe 80/20 principle and using it to cut out the unnecessary when investingHow focusing on personal development first can make you a better investorStaying focused and getting to your goals fasterHow to manage your rentals while working a full-time jobThe key to gaining confidence and going after your dreamsThe fastest ways to grow and scale your investment portfolioTips for predicting and preventing problems and stabilizing rental propertiesEmploying the "binder method" to set rent with inherited tenantsUsing real estate meetups to find mentors and investment partnersAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentAshley's InstagramTony's InstagramAirbnbReal Estate Rookie Facebook GroupReal Estate Rookie PodcastThe Real Estate PodcastMLSBiggerPocketsapartments.comBiggerPockets ForumsReal Estate Rookie Youtube ChannelSimple Steps to Start, Scale, and Grow a Real Estate Business in 2023The Rookie’s Guide to 2023 Goal Setting: How to Achieve HUGE Goals This YearBooks Mentioned in This Episode:Rich Dad Poor Dad by Robert T. KiyosakiThe Miracle Morning by Hal ElrodThe Compound Effect by Darren HardyConnect with Andrew:Andrew's BiggerPockets ProfileAndrew's LinkedInAndrew's InstagramAndrew's FacebookCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-267Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

House hacking benefits, preventing frozen pipes, unpermitted renovations, FSBO property purchases, electronic keypad locks, finding lenders for creative deals

Investing in sober living facilities may not be the first thing that comes to mind when we talk about building a real estate portfolio. But if you knew how much they made, you might take a second look. We often focus on short-term rentals, long-term rentals, or fix-and-flip properties. But one of the best things about choosing real estate as an investment medium is its wide range and opportunities for creativity. People out there are house hacking, wholesaling, investing in mobile homes, and buying up parking lots. The options are truly endless.So, where do we start? Sometimes, the best real estate investments are the ones that mean something more to us than cash flow. Devana Came and Reid Stadelman saw a gap in their community, and they filled it. They turned their real estate investment into a sober living facility to help people in recovery, and gave them a safe, structured place to stay while earning (mostly) passive income and building their investment portfolio.In this episode, this husband and wife dynamic duo tells us all about their creative real estate investments that cash flow like nothing else. We talk about what a sober living facility is (hint: it’s not a rehab center), how and why they built theirs, how to find and screen tenants, and tips for reducing tenant turnover rates. These things don’t just apply to sober living facilities. Devana and Reid offer advice that applies to any real estate investment journey.In This Episode We CoverHow to turn an investment property into a sober living facilityFinding and screening tenantsEasy ways to keep your turnover rate lowManaging an investment property with a waiting listChoosing a property that fits your needs and investment goalsInvesting for cash flow and your communityResources for starting a sober living facility or domestic violence shelterAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentAshley's InstagramTony's InstagramAirbnbAirDNAReal Estate Rookie Facebook GroupReal Estate Rookie PodcastThe Real Estate PodcastThe National Alliance of Recovery ResidencesHouse of RuthMLSConnect with Devana and Reid:Devana's Email: devana@thehappyhost.net or devana@thehouseofcourage.comDevana's Instagram: devana@thehouseofcourage.com or @beeorganicmamaCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-265Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Weighing the costs and benefits of building versus buying rental properties? You’re not alone! When property prices go up, it makes sense that most of us start looking for loopholes. But the cost is only one thing to consider when it comes to real estate investing. Thankfully, Ashley and Tony have some tips for deciding which way to go.Welcome back to this week’s Rookie Reply! If you’ve ever considered building an investment property or buying a new construction, you’ll want to hear what our hosts have to say. We also touch on whether or not your attorney’s location matters when you’re investing out of state, and how to qualify for capital gains exemptions. Last but not least, we dig into the differences between W2 income and rental income when it comes to taxes, and why one is so much better than the other!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 your attorney’s location might matter and investing from afarProtecting yourself with partnership agreements in joint venture investingThe pros and cons of building an investment property instead of rehabbing oneHow new construction properties can affect the refi seasoning periodMaximizing your taxes with passive income Why moving every two years may be the smartest way to avoid taxesUsing a 1031 exchange to defer paying capital gains taxes  And So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentReal Estate Rookie Facebook GroupReal Estate Rookie PodcastHow to (Legally) Avoid Taxes by Investing in Real Estate10 Income Streams on 1 Property by “Land Hacking” w/ Kai AndrewRookie Reply: Can You Put Offers on Multiple Houses?How an “I Don’t Want to Invest” Couple Became Successful Long-Distance Landlords with Annie and Trey JohnsonConnect 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-264Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Offer accepted! Now what? As a rookie real estate investor, it can be anxiety-inducing to hear that a seller accepts your house offer. You’ve been working so hard to get up to this point, and now, you’re one step closer to closing on your first rental property. But what happens next? Are there steps that you should be following? And what should you be doing in the meantime as your closing date starts to creep closer and closer? If you’re in this situation (or are about to be), stick around!We’re back with our “Rookie to Real Estate Investor in 90 Days” series, as our mentees join us for some exciting news. Last time around, much of the advice from Ashley and Tony was “make more offers!” Well, the mentees have delivered, so much so that one of our rookies already has a house under contract just a month or so after starting this series! We first talk to Melanie, who began submitting short-term rental offers in Savannah, Georgia. She’s got some solid takeaways but is having trouble finding someone who will accept seller financing.Next, Brandon hops on as the first rookie to get a property under contract! With only a few offers sent out, Brandon has already agreed with a seller on terms but has questions about when to get a home inspection and whether title insurance is worth it. Finally, Lawrence joins us with a copy of Ashley’s newest book, Real Estate Rookie: 90 Days to Your First Investment. Lawrence has been making aggressive offers but couldn’t match a seller’s counteroffer with high-interest rate financing terms. All our rookies are inches away from getting their first (or next) rental property, and this could be the most pivotal point!In This Episode We CoverHow to make an aggressive offer on a house and negotiating with a sellerShort-term rental data and how to use tools like AirDNA to find occupancy ratesWhat to do once you’re under contract for a new rental propertyHome inspections and when it’s worth waiving one (plus when you DEFINITELY should get one done)Title insurance vs. an attorney's opinion and which one is a better betSeller financing and how to find the perfect terms a seller will acceptHow to target motivated sellers to find better real estate deals at lower pricesAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentAshley's InstagramTony's InstagramAirbnbAirDNABiggerPockets Rental Property CalculatorData.rabbuPriceLabsReal Estate Rookie Facebook GroupReal Estate Rookie PodcastConnect with Brandon, Lawrence and Melanie:Brandon's BiggerPockets ProfileBrandon's InstagramLawrence's BiggerPockets ProfileLawrence's InstagramMelanie's BiggerPockets ProfileMelanie's LinkedInCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-263Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices