Real Estate Rookie

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

Want to pay ZERO taxes next year? If you own real estate or are building a portfolio, there’s a good chance that you can legally keep your profits away from Uncle Sam. But you’ll need one thing before you can do so. Our own Tony Robinson plans on using this exact strategy to pay $0 in taxes for this most recent tax year. So, why aren’t all real estate investors doing this? And where do you find the income-tax-free-genie who can help you make your tax burden magically disappear?It’s Saturday, so a new Rookie Reply is headed your way. This time, Ashley and Tony will touch on mitigating MASSIVE tax amounts using this particular service. Next, what can real estate partners expect when one party puts up the money, and the other puts up the work? For the debt-free disciples, you’ll hear about using a credit card for a down payment and when you know you have TOO much real estate debt. If you want to grow your passive income, pay fewer taxes, and ensure your mortgages ALWAYS get paid, stick around!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 (legally) eliminate income tax when investing in real estate Down payments and why you (probably) won’t want to use a credit card to fund yours Real estate partnership responsibilities and what a money partner’s roles are Listing your own property for sale by owner (FSBO) vs. using a real estate agent Rental property debt and what to do when tenants refuse to pay rent The one question you need to ask a realtor that could lead to a reduced commission fee 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!Rich Dad’s CPA Shares 5 Steps to Eliminate Income Taxes through Real EstateHow to Buy Real Estate with Your Credit CardHow Much Do You Need For A Down Payment On A House?Check the full show notes here: https://www.biggerpockets.com/blog/rookie-292Interested 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

Who knew living for free could be as simple as house hacking and renting rooms out to a few college friends? Today’s guest was able to generate enough monthly income from his first real estate deal to cover his mortgage payment each month—and then some!Welcome back to another episode of the Real Estate Rookie podcast! Ryan Hughes’ real estate investing journey started at the age of fourteen, when his father allowed him to go in on a real estate deal. Naturally, Ryan was ready and eager to start investing in his own rental properties by the time he graduated from college. Within months, he had bought his first investment property, one he conveniently spotted while jogging around his neighborhood. Shortly after closing, Ryan had seven people living in the house and paying rent to fully cover his mortgage payment, utilities, and more.If you’re interested in living for “free” and attaining financial freedom, you’ll want to hear what Ryan has to share about house hacking, building your real estate network, and how to keep the peace with other tenants. As always, Ashley and Tony have some invaluable insights to share as well—from leveraging debt the right way to finding the best home loan products!In This Episode We CoverHow to live for FREE by house hacking and renting out roomsManaging tenants when they live with you (and share your stuff!)Identifying housing markets where cheap properties will appreciateTapping into a real estate agent’s network and leveraging their connectionsUsing an inspection report to your advantage before closing on a propertyHow to find a home loan that benefits both the buyer and sellerAnd 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 CalculatorLiving for “Free” with 63 Self-Storage UnitsFollow Ana Karina on Instagram for Real Estate, Tax, and Bookkeeping AdviceConnect with Ryan:Ryan's YouTubeRyan's TikTok Check the full show notes here: https://www.biggerpockets.com/blog/rookie-291Interested 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 know how to use your home equity to buy your next rental? You could be sitting on tens of thousands in potential funds that’ll make saving for the down payment MUCH easier. But first, you’ll need to know how much equity you have, the amount you can pull out, and whether or not a HELOC (home equity line of credit) is even worth it. So, if you’re itching to get your next deal faster, stick around! Ashley and Tony will give you the info you need to take your money and multiply it!Welcome back to this week’s Rookie Reply, where Tony wears a hat! Aside from covering up that beautiful bald head, Tony and Ashley have some solid tips for anyone looking to buy a property with tenants in place, debating the value of a whole house HVAC system (heating, ventilation, and air conditioning), or putting up the pros and cons of private lenders vs. bank loans. You’ll learn the many ways to cool your house, how to confirm rent payments before you buy a home with inherited tenants, and how to make passive income by private lending!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 CoverHELOCs (home equity lines of credit) and using one to buy your next propertyHVAC systems vs. window units and which demand higher rent prices How to make completely passive income by becoming a private money lenderRaising capital vs. taking a bank loan and why big investors ALWAYS raise moneyHow to confirm rent payments BEFORE you buy a property with tenants in placeAnd 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 FREESign Up for BiggerPockets Pro to Get Lawyer-Approved Lease Agreements:BP ProLease AgreementsConnect with Other Investors on the BiggerPockets ForumsSubmit Your Real Estate Rookie Question!How to Buy a Rental Property with NO Money OR Credit w/Pace MorbyFollow Rachel Richards (MoneyHoneyRachel) on InstagramCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-290Interested 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 glamping site might sound like a fun real estate investment idea, but how feasible is it? Does it offer enough cash flow potential as a short-term rental property? How do you get a building permit for a unique structure like a geodesic dome!? Today’s guest managed to launch the very first glamping site in his area and make some killer cash flow, but not without jumping a few hurdles along the way.In this edition of the Real Estate Rookie podcast, we pick the brain of award-winning music producer Garrett Brown, who first decided to get into real estate because of the schedule flexibility it offered. After starting out as a realtor and spending time around investors, Garrett’s eyes were quickly opened to the huge earning potential of investing in real estate. Using the capital he generated from a house flip, Garrett was able to get into the short-term rental space—combining his newfound passion for real estate with his background in hospitality. Today, he talks about his most recent acquisition—a three-door glamping site sandwiched between two regional attractions outside Houston, Texas.If you’re looking to buy your first short-term rental property, you won’t want to miss out on all that Garrett, Ashley, and Tony unpack in this episode! They’ll discuss their favorite ways to estimate rehab costs, how to find the perfect market for your short-term rental, and the importance of delivering a first-class guest experience as an Airbnb host!In This Episode We CoverGarrett’s massive cash flow on a unique “dome” vacation rental Several creative ways to estimate rehab costs for a house flipFinding the perfect market for a short-term rental propertyImportant hospitality tips that will make you a top short-term rental hostGlamping sites, geodesic domes, and other unique short-term rental ideas!How to underwrite unique properties (and get your county to give you a permit!)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 FREEUse the BiggerPockets Calculator to Estimate Your Earning PotentialTry Lodgify for Your Short-Term Rental Management NeedsBook Mentioned in the Show:The Book on Estimating Rehab Costs by J ScottConnect with Garrett:Garrett's BiggerPocketsGarrett's TikTokGarrett's YouTubeGarrett's Glamping Operation on InstagramGarrett's Glamping Operation on TiktokGarret's Glamping Operation on YouTubeCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-289Interested 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 a better rental property loan? You’ve probably tried talking to banks, brokers, and residential lenders about growing your real estate portfolio, only for them to hit back with W2, income, and credit score requirements. Is there a loan that gets around these conditions for those that are hard to fund? What if you have a rock-solid real estate deal but no nine-to-five income to show to a bank? Well, there’s one type of funding you’ve probably never heard of, and real estate investors nationwide are starting to take advantage of it.We’re back with another Rookie Reply as Ashley and Tony embark on an emotional journey down eviction lane, discussing what to do when bad tenants stay in your property and how to ensure it never happens again. But that’s not all; Ashley and Tony bring their tenant red flags that ANY landlord should know about when interviewing potential renters. They’ll also touch on subject to, seller financing, and other creative ways to fund your real estate deal, plus why you should (or shouldn’t) buy a historic home. Finally, you’ll hear about the investor-only loan so many people are using to grow their portfolios even faster!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 CoverThe one rental property loan that big-time investors are using to multiply their portfolios Evicting a tenant and how to recover rent payments that you’re owedTenant screening tips and red flags you should look out for when interviewing tenantsCreative financing and how seller financing and subject to deals create win-wins for buyers and sellersBuying in a historic district and the grants and tax advantages you may be entitled to for doing soAnd 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 FREEReal Estate Rookie Podcast 280 with Pace MorbyReal Estate Rookie Podcast 538 with Katie NeasonDSCR Loans: What Are They And How To Get The Best TermsThe Ultimate Comprehensive List of Tenant Red FlagsBook Mentioned in the Show:Wealth without Cash by Pace MorbyCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-288Interested 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 36% return on your FIRST rental property? In today’s housing market? That sounds almost impossible. With more and more inventors struggling to find a cent of cash flow and home prices still so high, how does a real estate rookie walk away with a deal most investors could only dream of? The answer lies within Danielle Daly’s strategy, and it’s one that most people would be too picky to repeat. But, if you have the ingenuity to do what she did, you could live for free in an expensive market, collecting some killer cash flow every month.Before this cash cow of a deal, Danielle was a burnt-out hospitality worker who quit her seventy-hour work weeks to make $30,000 per year as a waitress. She wanted the pay of a nine-to-five, without the soul-crushing time commitment so many jobs expect. So, she left sunny Florida on a whim, and headed to snowy Denver, only to end up at…BiggerPockets. She couldn’t resist the real estate bug and got her sights locked on her first property.Danielle spent months looking for the right layout, at the right price, with the cash flow potential she needed. Half a year or so later, she looks back on her first purchase as one of her best financial decisions ever. In this episode, you’ll hear how Danielle turned $30,000 into a half-a-million-dollar property in a pricey market, how she gets paid to live in her own house, and the one thing that helped her achieve investing success faster than the rest.In This Episode We CoverHow Danielle makes a 36% return on her first rental (with ZERO experience)The one strategy ANYONE can use to buy a cash-flowing rental property with low money downDitching burnout and how to know it’s time to leave your job for something betterNetworking for newbies and how to find lenders, realtors, and tenants Seller concessions and letting someone else “buy down” your mortgage rate Screening tenants and the one software that systematizes your 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 FREEMeet Other Investors At a BiggerPockets MeetupGet Easy Property Management with RentRediHow to House Hack By Renting-By-The-RoomConnect with Danielle:Danielle's BiggerPockets ProfileDanielle's EmailDanielle's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-287Interested 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