Real Estate Rookie

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

You want to build a real estate portfolio, but you might not even own a single rental property yet! So how do you go from onlooker to investor and finally become financially free through real estate investing? Start with the end in mind! So many rookie real estate investors envision a dream life with cash-flowing rentals and little to no stress, only to realize the landlord life is a LOT different than social media makes it seem. To grow a passive real estate portfolio, you need to do something different. David Greene, host of the BiggerPockets Real Estate Podcast, knows exactly what that is.David went from cop to top-producing real estate agent, investor, broker, and host of the world’s most recognized real estate investing podcast. He knows what it feels like to have a big portfolio and all the pain points that come with it. For the rookie investors, David wants to make sure you don’t make the same mistakes he did. Scaling your portfolio incorrectly could force you into yet another job, NOT the financial independence you’re looking for.In his new book, SCALE: A Successful Agent’s Guide to Leveling Up Their Real Estate Business, David outlines EXACTLY what you must do to build a business, NOT a landlord nightmare. In this episode, he’ll give you everything you need to know about picking the right area and property, why appreciation often beats cash flow, knowing “the number” to offer, and how you can outsource your work to live the life you love!Pre-Order SCALE now, and use code “SCALE262” for 10% off at checkout!In This Episode We CoverHow David Greene went from stressed-out cop to financially-free investor How to build a business, NOT a job that will take time out of your dayWhat to look for when researching an investing area and whether cash flow markets are worth itKnowing the “efficiency” of a deal and how it can make you MUCH wealthierThe “long-term outlook” David uses when analyzing ANY real estate dealHow to use “leverage” to work less, earn more, and build a better businessWhy buying the most real estate possible IS NOT a good option for investorsAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentAshley's InstagramTony's InstagramBankrateBiggerPocketsBiggerPockets BookstoreBluehostDave Meyer's InstagramGoBundanceGoDaddyMonday.comOn the Market PodcastThe Real Estate Rookie PodcastThe 2023 State of Real Estate Investing ReportZillowConnect with David:David's BiggerPockets ProfileDavid's InstagramCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-262Interested 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

Most people would assume ‘Love is Blind’ star Nancy Rodriguez built most of her wealth after appearing on the show. But most people would be wrong. For the past seven years, Nancy has been quietly building a cash-flowing rental property portfolio, allowing her to become debt-free, go full-time into real estate, and build generational wealth for her family. She started her journey with 0% down loans, worked her way up to short-term rentals, and is now buying properties in cash across the great state of Texas.Nancy grew up with limited financial education. Money wasn’t a topic that was often discussed but witnessing her parents work hard to obtain it taught her that wealth was worth attaining. After graduating from college, she was strapped with six figures in student debt, prompting her to become a debt-free Dave Ramsey disciple. But, as she paid off her debt, the fear of leverage fell away, allowing her to pick up property number one with a 0% down payment.From there, she piled her money into properties, buying as many “ugly” homes as possible and turning them into worthwhile stays. She’s dealt with burnt interiors, squatters, and bad contractors, but nothing has stopped her from achieving the financial freedom she sought. Now in the limelight, Nancy is trying to help others do the same. So if you want to repeat Nancy’s system without going on reality TV, tune into this episode!In This Episode We CoverPaying off six figures of student debt and buying your first property with 0% downThe first-time homeowner program that requires no cash, no credit, and offers the BEST interest rates aroundHow to deal with squatters and a win-win solution that every landlord should tryBuilding your financial education and using side hustles to fund your property purchasesShort-term rental investing and using it to get high cash flow in today’s tough marketBuying rentals in cash and when it makes sense to decline debtGenerational wealth and using a small rental property portfolio to boost your family’s opportunitiesAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentAshley's InstagramTony's InstagramAirbnbBiggerPocketsExpensifyFinance Friday: How to Start Investing After Becoming Debt-FreeFurnished FinderNACAPace Morby's InstagramReal Estate Rookie Facebook GroupThe Real Estate PodcastVrboConnect with Nancy:Nancy's InstagramNancy's TiktokNancy's Youtube ChannelCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-261Interested 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

When can you refinance your home? How do you avoid taxes when selling a property? And is there a legal limit on when you can raise rent? Unfortunately, for most new investors, many of these questions don’t come with a straight answer. And when talking about taxes, even experienced investors like Ashley and Tony can’t give advice. So, we brought back Amanda Han, CPA and real estate investor, to provide us with the facts about tax benefits, trusts, and how to pay less when you sell a property.But before that, Ashley and Tony will share their experiences on raising rent, seasoning periods when refinancing, and why you should always talk to a lender before you buy. Many of these topics, such as taxes, refinances, and raising rents, come with pitfalls that a beginner property investor WON’T know about. So stick around because this episode could save you a TON of trouble on your next purchase, refinance, or sale!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 you can refinance your home and “seasoning periods” explainedWhen you’re legally allowed to raise rents and how to make adjustments to your leasePassing down rental properties and how to do so without triggering significant tax eventsRent-to-own vs. seller financing and using these strategies to avoid taxes on a saleThe “lazy” 1031 exchange and how to offset your capital gains tax with paper lossesAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentAshley's InstagramTony's InstagramReal Estate Rookie Facebook GroupHow to (Legally) Avoid Taxes by Investing in Real EstateThe Real Estate PodcastAirbnbConnect with Amanda:Amanda's BiggerPockets ProfileAmanda's InstagramAmanda's WebsiteCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-260Interested 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

When you’re ready to invest in real estate but don’t have the money readily available, that can feel like a full-stop roadblock. But there are ways around your down payment doubt. With thoughtful market research and a bit of creativity when it comes to your financing, you can gain confidence and get started.These are two of the key components of Pooja Jindal’s investing method. After her primary residence became a long-term rental property, she caught the bug and bought another property, and then another, and several more after that. Over the years, Pooja developed a system that helps her choose, evaluate, and invest with confidence and clarity.In this episode, Pooja covers everything you need to know to stop stalling and start investing. She highlights the importance of building a community, different ways to do the money math, managing rental properties from a distance, staying motivated and setting investing goals, and getting creative when traditional financing isn’t enough. Whether you’re searching for your primary residence, a second home, or an investment property for short or long-term rentals, Pooja’s advice will help kick-start your real estate journey.In This Episode We CoverHow data analysis can help you gain confidence and get startedThe importance of building a community and learning about the processWhen you may want to consider expenses before cash flowHow to get creative and come up with a down paymentWhy Pooja prioritizes long-term, generational wealth over current passive incomeUsing property management software for tenant screenings, applications, and moreAn app that can help with short-term rental data analysisAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentAshley's InstagramTony's InstagramAirDNAAvailBiggerPocketsMLSOn The Market PodcastReal Estate Rookie Facebook GroupRedfinSeeing Greene: How to Get Around High Down Payment RequirementsThe Real Estate Rookie PodcastThe Real Estate PodcastTruliaZillowConnect with Pooja:Pooja's BiggerPockets ProfilePooja's InstagramCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-259Interested 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

You stumble across the perfect rental property, but you don’t know who owns it. So what do you do? Walk up the door and present an offer? Ask the neighbors? Or, is there a better way to do some sneaky searching that could land you the perfect off-market real estate deal? The rookies want to know, and on this Rookie Reply, we’ll get into EXACTLY how to do this, even if you’re starting without much money!We’re back for one of our last live Rookie Reply episodes! This time, we’re touching on questions about finding off-market property information, what to include in your direct mail letters, and why a home wouldn’t qualify for a mortgage. We’ll also hit on commonly asked title questions and whether or not you can buy real estate while underwater on another mortgage. So, if you’re trying to get your next deal off-market, this is the perfect episode to listen to a few times through!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 find property owner information for free and skip tracing services to tryWhy you should NEVER put your offer on a direct mail letterWhy a home won’t qualify for a mortgage and what to do if you can’t get fundingTitle insurance and whether or not it’s really necessary when buying a rental propertyWhy you ALWAYS need a property inspection when purchasing a new homeUnderwater mortgages and whether or not you can buy property if you have oneAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentBiggerPocketsBiggerPockets ProReal Estate Rookie Facebook GroupBiggerPockets ForumsBiggerPockets EventsInveloPropStreamWhitepagesBret Daniels' Youtube ChannelMax Maxwell's Youtube ChannelNate Robbins' InstagramConnect 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-258Interested 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

The “Rookie to Real Estate Investor in 90 Days” series is back, and we’re checking in with three mentees as they go from newbies to high-net-worth through real estate! Our mentees have been busy over the past couple of weeks, so Ashley and Tony dropped in on them to see how their rental property progress was going. They touch on how to make a lowball offer, pushing past the fear of getting an offer accepted, where to find motivated sellers, short-term rental markets, and seller financing Q&As.First up, Brandon joins us as the newest real estate rookie on the show. He’s yet to get his first deal done and is still looking to buy a property, but he’s finding that the price isn’t matching his profits. Ashley and Tony walk Brandon through how to make a lowball offer and why you should always submit a price that works for your numbers. Next, Lawrence shares how he’s been on the hunt for a seller-financed deal and is looking into new ways to find motivated sellers more likely to sell at a discount or with flexible terms.Finally, we hear from Melanie, who had a bit of property panic as she searched for more short-term rental markets to add to her list. After some research, she’s settled on a solid one and is currently looking for properties to make offers on. Her only question is how and why she should go for seller financing. Ashley and Tony give her all the details you’d need before going into a direct deal with the seller.In This Episode We CoverHow to make a lowball offer and why your price point should always reflect your profitsWhat to do when two offers get accepted (and how to fund both deals)Seller financing 101 and why (and why not) it’s worth pursuing for an investorHow to find motivated sellers in your market by looking through the MLSWhy you should ALWAYS send in offers (even if they seem unrealistic)Short-term rental markets and how to measure lead time when looking for dealsPromissory notes, how they work, and risks/benefits of signing one with a sellerAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentAshley's InstagramTony's InstagramAirbnbAirDNABiggerPockets CalculatorBiggerPockets ForumsGoogle DriveLandWatchMLSPropStreamPriceLabsRabbuReal Estate Rookie Facebook GroupRookie to Real Estate Investor in 90 Days: LIVE Mentorship CallsZillow 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-257Interested 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