Real Estate Rookie

Using your real estate business to fund your DREAM vacation—with all or most expenses paid!? As a real estate investor, handling large amounts of money for materials, rehabs, and other expenses has its benefits. Today, we’re excited to talk about a simple but clever debt strategy that real estate rookies often overlook.Welcome back to another Rookie Reply! If you’re looking to take advantage of the many benefits of real estate investing, tune in as Tony and Ashley share how they use credit cards to travel hack their way to luxurious, five-figure vacations each year! We also talk about when you should and shouldn’t use a HELOC to help fund an investment property. Ever wondered how you should use the money from cash-out refinancing? Our hosts cover some of the limitations you may encounter. Finally, Ashley and Tony discuss their top investing analysis strategies in 2023 and how to choose the best one for you!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 leverage real estate debt the right way (and fund your DREAM vacation!)When you should and shouldn’t use a HELOC for an investment propertyNew investing analysis strategies we’re using in 2023Why you should say “no” more often than “yes” when choosing an investing strategyAll about cash-out refinancing (and what you can use the money for!)How to find the best investor-friendly real estate agents in your areaAnd 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 FREEHow to Earn Free Vacations With Travel Rewards Credit CardsFind Top Rewards Credit Cards with The Points GuyLearn More About Travel Hacking with Aunt Kara on TikTokBook Mentioned in the Show:Real Estate by the Numbers by J Scot and Dave MeyerCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-286Interested 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

Buying your first long-term rental property sight unseen? What could go wrong? While alarms might be going off in your head right now, they weren’t for today’s guest. What seemed like the “perfect” rental property turned into a major headache once he arrived to check it out four months after closing.Welcome back to another episode of the Real Estate Rookie podcast! After completing multiple wholesale deals, Hudson Jump’s real estate investing journey was off to a blazing start. He figured it was time to try his hand at long-term rentals next, and it wasn’t long before he came across a potential cash cow! Unfortunately, when Hudson was finally able to check out the property he had bought, the door had been kicked in, there was trash up to the ceiling, the toilet and shower were missing, and there were squatters on the property!While this nightmare scenario would have been enough to make any real estate rookie throw in the towel, Hudson instead found a partner who was able to help him salvage the property and transform it into a rental that generates $1,400 monthly cash flow! If a bad deal has ever caused you to question your future in real estate, tune in to hear Hudson speak on the advantages of partnerships. As always, our hosts Ashley and Tony are here to help as well—offering invaluable advice on buying properties sight unseen, leveraging direct mail, and the value of building lists!In This Episode We CoverThe risks of buying a property sight unseen with existing tenantsHow bringing an experienced partner on board can help salvage a bad dealWhy wholesaling is GREAT first step for new real estate investorsThe differences between wholesaling and whole-tailingBuilding lists to weed out bad leads and keep track of potential propertiesLeveraging direct mail to find exclusive wholesale dealsAnd So Much More!Links from the ShowFind an AgentFind a LenderAshley's InstagramTony's InstagramReal Estate Rookie Facebook GroupJoin BiggerPockets for FREEPropstreamMaking $71K on ONE Deal After 5 Failed House Flips and Six-Figure DebtBiggerPockets ForumsCreate Your Own Standard Operating Procedures (SOPs): Record Videos with Loom and Use Monday’s Free SOP TemplateAlex Camacho's InstagramConnect with Hudson:Hudson's InstagramCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-285Interested 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

Still waiting to buy your first rental property? Everyone’s been there. It can be nerve-racking not knowing where to buy, what makes a “good deal,” and whether or not all your hard work will go to waste. Even investing experts like Ashley and Tony were nervous about taking their first step, which is exactly what they’ll walk through on today’s episode! If you’re a rookie sitting on the sidelines, waiting to get into real estate, this is the episode for you!Welcome back to another Rookie Reply! In this episode, we share exactly how to close an off-market deal when there’s no real estate agent involved. Ever wondered how our hosts went from real estate rookies to real estate pros? Today, they share their first deal diaries. Learn how Ashley ended up buying the first property she EVER looked at and how Tony bought his first two properties with ZERO money down. Finally, we touch on the struggles of analyzing deals when you’re just starting out, as well as choosing the right insurance policies for short-term rentals!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 close an off-market deal with no real estate agent involvedKey takeaways from our hosts’ very first real estate dealsLanding your first real estate deal (with as little as NO money down!)How to analyze a property and know when you’re getting a GREAT deal!The differences between renters and homeowners insurance (and which one you need)The best ways to insure a short-term rental (STR) propertyAnd So Much More!Links from the ShowFind an AgentFind a LenderJoin the Real Estate Rookie Facebook GroupJoin BiggerPockets for FREEBiggerPockets Rental Calculator2 Long-Distance Rentals with $0 Down with Tony RobinsonDon’t Lose Your Portfolio to Lawsuits! Here’s How to Protect YourselfAsset Protection for Rookies: 7 Wealth-Saving Answers from an ExpertHow to Buy a Rental Property with NO Money OR CreditGet Competitive Insurance Options for Your Short-Term Rental: BiggerPockets, Steadily and Proper InsuranceConnect 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-284Interested 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 $1 million in real estate with $0 down—at 19 years old!? After reading the book Rich Dad Poor Dad and catching the real estate “bug,” today’s guests went from broke college dropouts to real estate investors with three multifamily properties to their names in a matter of months.In this edition of the Real Estate Rookie podcast, we’re speaking with real estate duo Caleb Hommel and Chuck Sotelo. After his parents dealt him a six-month ultimatum to figure out real estate and move out, Caleb knew he needed to land a deal fast. The issue? These two friends had very little money, and at just 19 years of age, no credit history. Facing a seemingly impossible challenge, the pair went to work—calling roughly 1,000 different real estate brokers in pursuit of their big break. Finally, the right opportunity came knocking.Today, Caleb and Chuck own properties in three different Texas markets for 28 total units. If you have yet to land your first real estate deal, whether it’s because you don’t have money to invest or you haven’t found the right market, you don’t want to miss today’s episode. Tune in as we talk about how to buy real estate with no money down, how to build your buy box, and how to find the best property management companies to take care of your out-of-state assets!In This Episode We CoverHow to invest in real estate with no money down (and no credit!)The benefits of forming a partnership (and why you need an operating agreement)Dodging the traditional underwriting process through seller financingHow to find the right buy box for you and knowing what to invest inFinding, vetting, and overseeing property management companiesWhy you NEED a mentor (and how they can help you beat analysis paralysis)And So Much More!Links from the ShowFind an AgentFind a LenderAshley's InstagramTony's InstagramReal Estate Rookie Facebook GroupJoin BiggerPockets for FREEMaking $90K/Year with Just ONE Rental by Combining Compassion and Cash FlowHow to Buy a Rental Property with NO Money OR Credit81 Units in 3 Years: All On-Market with NO Bank Loans w/Cody DavisBook Mentioned in This Episode:Rich Dad Poor Dad by Robert T. KiyosakiConnect with Caleb and Chuck:Caleb's BiggerPockets ProfileCaleb's InstagramChuck's InstagramCaleb and Chuck's Youtube ChannelCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-283Interested 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 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