Real Estate Rookie

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

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

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

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

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