Real Estate Rookie

What makes a great real estate market? If you’re a new investor, you might think that high rents and cheap home prices are all that matter, but you couldn’t be more wrong. Experienced investors search for more than just surface-level pricing when looking into where is worth investing. This is doubly true when you’re investing in short-term rentals and medium-term rentals—both of which require a specific area to succeed. So what would Ashley and Tony look for when scouting a new real estate market?Happy Holidays and welcome back to another Rookie Reply! We hope you’ve got your presents wrapped and are ready for the greatest gift of all—Ashley Kehr’s singing voice…and some advice on real estate. This time around we’ve got a few technical questions that rookies may have trouble answering. These topics range from how to find the zoning on a rental property, whether to furnish your rental when renting by the room, when to hire an attorney for a real estate deal, and what makes the best real estate investing area!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 CoverWhether or not furnishing a room when house hacking is worth the costWhere to locate your property’s zoning and how to see what counts as “allowable use”How to find out what your town is planning on developing/building so you know where to buyThe three signs of a fantastic rental property investing marketWhen it makes sense to hire a buyer’s attorney, and which deals require itWhat it means when a home is owned by the Chamber of CommissionersAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentReal Estate Rookie Facebook GroupReal Estate Rookie YouTube channelKara Beckmann’s New Christmas AlbumTony’s Short-Term Rental Shopping ListFacebook GroupsBiggerPocketsConnect with Ashley And Tony:Ashley's InstagramAshley's BiggerPockets ProfileTony's InstagramTony's BiggerPockets ProfileCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-246Interested 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

How far can you go? What are your “limits” in life? For most people, it’s easy to get discouraged by everyday barriers, but for today’s guest, not letting limits define him is what led to a brighter future. Tony Clark, today’s guest, identified and assessed his limits to determine his starting point. And now, he has three rental units, including a duplex in Nashville and a house in California.Tony’s real estate investing journey started when he realized how expensive life is. After college, he worked at a church making decent money, but after dating his now wife, he realized that wasn’t enough to support a family. He turned to real estate to escape the grind and ensure he wouldn’t have to work crazy hours to live the life of his dreams. Once he recognized that he needed to buy an asset someone would want, he bought a transit van to rent out. From this purchase alone, he started his journey to pursue passive income.From his experience with the transit van, he transitioned to real estate seamlessly. After identifying his limiting factors, he settled on Nashville—where he could enjoy living and where the numbers made sense. He’s also been able to build a team and even start a property management company. Tony is now much closer to his ultimate goal of buying better properties with great tenants, spending less time working and more time building his empire!In This Episode We CoverWhy owning appreciating, cash-flowing assets is the true path to wealth How to cut your expenses, live for cheap, and invest the restUtilizing the assets you own to save money, work less, and make money simultaneouslyLimiting factors and how understanding your limits can make you a better investor How to set your buying criteria, and how to find investments that fit your goalsSelf-managing and what you need to run your own property management businessAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentReal Estate Rookie Facebook GroupBiggerPocketsMLSRentRediZillowBiggerPockets ProThe Real Estate PodcastDoorDashTuroOutdoorsyHemlaneShowamiConnect with Tony:Tony's InstagramTony's BiggerPockets ProfileTony's TiktokCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-245Interested 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

Need to know how to estimate rehab costs, even if you’re investing out of state? For most investors, it seems almost impossible to do a full-scale renovation while living hundreds, or thousands, of miles away. But, many time-tested investors have done it (including Tony), and you can too, but you’ll need to know who to go to and what to ask before you start. Or, you could bite off way more than you can chew, and risk losing your rental as a result.Happy Saturday, rookies! We’re back with another Rookie Reply, where your snowed-in on her birthday host, Ashley Kehr, and Tony J. Robinson are here to answer questions directly from the Real Estate Rookie Facebook Group and the Rookie Request Line. In this episode, Ashley and Tony share their best tips on estimating rehab costs, how to structure a partnership when someone brings money and the other brings effort, separating your rental property finances, and how to find a rock-solid CPA before tax time!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 easiest way to estimate rehab costs even if you’re investing from out of stateHow to split expenses on a rental property and which different bank accounts to haveBusiness credit cards and how to make bookkeeping much easier for yourselfWhy expert investors ALWAYS buffer in more money for unexpected rehab costsHow to split roles, responsibilities, and profits in a real estate partnership What to look for in a real estate CPA and questions they MUST be able to answerAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentReal Estate Rookie Facebook GroupQuickBooksStessaMLSLowe's Home ImprovementThe Home DepotFrom Line Cook to Long-Term Investor with 32 Wholesale DealsBiggerPockets BootcampsBiggerPockets ForumsReal Estate Rookie YouTube channelConnect with Ashley And Tony:Ashley's InstagramAshley's BiggerPockets ProfileTony's InstagramTony's BiggerPockets ProfileCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-244Interested 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

Building a short-term rental business is surprisingly simple. You buy a property, furnish it, then throw up some pictures of it onto booking sites like Airbnb and VRBO. After a few weeks, a booking comes in, and from there you’re in the game! This is all great until a poor review comes in, sending your listing to the bottom of the pile and your profit with it. Through no fault of your own, your income stream just got cut off, and now you have a mortgage to pay without a calendar full of bookings.For many hosts, this type of scenario seems like game over for investing. But for Mark Simpson, it’s the start of something even better. Mark grew up in hospitality, marketing his family’s bed and breakfast nestled in the British countryside. His family was frantically cleaning, cooking, and booking with spreadsheets and no system to streamline their business. This ongoing problem led Mark to build Boostly, the software allowing hosts to take their bookings into their own hands.Mark has helped numerous short-term rentals bring in millions in direct bookings, helping hosts and guests minimize the amount spent on fees while maximizing their experience. So how do vacation rental hosts start doing direct bookings? What benefits come from leaving the big booking sites behind? And how can hosts regain autonomy so their business is never forced to stop? Mark answers these questions and more in today’s episode!In This Episode We CoverDirect booking sites explained and why they’re starting to rival online travel agenciesHow bad reviews and unfair algorithm updates can destroy your listing overnightConverting guests from the big sites into direct bookings effortlesslyBuilding a direct booking brand so your short-term rentals become more than just another vacation propertyWhy online travel agencies may start charging hosts to get higher rankings Pricing tools, online accreditation, and other things direct booking hosts need to surviveAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentReal Estate Rookie Facebook GroupBoostly’s Property Management Software ListAirbnbVrboBooking.comExpedia GroupTripadvisorHospitableHostawayHostfullyGuesty For HostUplistingYourPorterOwnerRezStripeI-PRACAirCoverSuperhogAutoCampWhy Hosts Are Backing Away from Travel Sites and Building Direct BookingsDouble Your Cash Flow Overnight (In ANY Market) with Medium-Term RentalsHow Airbnb designs for trust | Joe GebbiaPriceLabsAirDNAWheelhouse PricingBeyond PricingStayfiMailChimpKorona POSConnect with Mark:Mark's InstagramMark's WebsiteCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-243Interested 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

Foreclosures have slowly been creeping up as real estate values get hit hard. With home prices dropping and a tough economic forecast ahead, could a wave of foreclosures be on the horizon? If so, who will this affect the most—residential real estate investors like Ashley and Tony or commercial real estate investors with their million-dollar multifamilies? We’ll get into what exactly could happen in this week’s Rookie Reply!Ashley and Tony have taken four very different questions this week, directly from real estate rookies like you! They touch on how an upcoming foreclosure crisis brings an opportunity to real estate investors, who covers closing costs and where to find a purchase and sale agreement, home appraisals explained, and how to get funding for your home renovation or rehab! These answers are crucial if you’re looking to invest in 2023, so make sure you tune in!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 CoverCould flipping be in danger as interest rates rise and foreclosures start to increase?Where to find a purchase and sale agreement when buying an off-market dealWho pays closing costs and how to negotiate for better terms with a sellerHome appraisals explained and how to ensure the appraiser gives your home the highest value possibleFunding renovations for BRRRRs and flips, and creative ways to finance your dealsAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentReal Estate Rookie Facebook GroupReal Estate Rookie PodcastBiggerPockets ForumsOn The Market PodcastLegaltemplates.netBiggerNews March: How a Surge of Foreclosures Will Impact the Housing Market w/Auction.com’s Daren BlomquistConnect with Ashley and Tony:Ashley's InstagramAshley's BiggerPockets ProfileTony's InstagramTony's BiggerPockets ProfileCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-242Interested 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

Guest Sahleem Lee, experienced real estate investor, shares his journey from being a line cook to successfully wholesaling 32 deals. He emphasizes the importance of mindset and finding a mentor. The podcast also discusses skip tracing to find properties, challenges with trashed properties and property managers, and tips for marketing off-market deals.

Off-market real estate deals can give investors like you HUGE discounts on what would be expensive investment properties. Either due to the property condition or the state of the seller, these real estate deals sell for sometimes hundreds of thousands less than their on-market equivalents. But finding them can be a challenge. As a result, most new investors rely on real estate wholesalers to bring them a deal. But what if the price point still doesn’t make sense?Welcome back to another Rookie Reply, where we’re joined by real estate wholesaling master, Jamil Damji, and newly self-employed investor, Ethan Wilson. Jamil and Ethan both have a taste for off-market, underpriced deals and are here to share their wisdom with you. In this episode, you’ll hear how to negotiate with a wholesaler who’s firm on price, how to find off-market deals WITHOUT cold-calling sellers, and Jamil’s killer deal-finding strategy that costs far less than the competition!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 negotiate with a real estate wholesaler even if they have a set purchase priceInvesting in your early twenties and why partnering up can help you scale fasterCold calling tips and why most investors are too scared to talk to sellersThe EASIEST, cheapest way to find off-market real estate dealsMeth house and mold remediation and why you should ALWAYS google a potential property’s addressAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentReal Estate Rookie Facebook GroupReal Estate Rookie PodcastBiggerPockets ForumsOn The Market PodcastKeyGleeAstroFlippingBiggerPocketsOn The Market Youtube ChannelConnect with Ethan and Jamil:Ethan's InstagramEthan's BiggerPockets ProfileJamil's InstagramJamil's BiggerPockets ProfileJamil's Youtube ChannelCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-240Interested 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

Before the most well-known real estate moguls were moguls, they were rookie investors with a dream. While it took vision to get them to where they are today, they wouldn’t be successful without goals and a plan to achieve their goals. Tony and Ashley, two investing tycoons in their rights, use today’s episode to reflect on their goals from 2022 and start thinking about goals for 2023.One of the most important parts of goal setting is the plan to get your goals accomplished. A goal without a plan is just an unattainable dream, but with a plan, your dreams can become your reality. So how do you intentionally set a goal? You turn your goal into a SMART goal. SMART goals are more achievable since you measure them, and when you start seeing results, it encourages you to keep going and accomplish them.Goals give you something to work towards, but sometimes you don’t meet them, and that’s okay. The beautiful thing is that they can roll over. Missed your goal this year? Try again next year! Tony and Ashely both fell short on a few of their goals for 2022, but that didn’t discourage them. Develop a growth mindset, and a missed goal can turn into an opportunity. So join Tony and Ashely, pull out a notepad, write down your goals and make 2023 the year that everything changes.Links from the ShowFind an Investor-Friendly Real Estate AgentReal Estate Rookie Facebook GroupReal Estate Rookie PodcastBiggerPockets BookstoreAirbnbUpworkPropStreamAlpha Geek CapitalMonday.comFind Money, Partners, & Deals Using The “D.A.D System” w/ Mike MichalowiczReal Estate Rookie Youtube ChannelThe Science Behind Setting and Achieving Big GoalsConnect with Ashley and Tony:Ashley's InstagramAshley's BiggerPockets ProfileTony's InstagramTony's BiggerPockets ProfileCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-239Interested 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

Section 8 investing isn’t as scary as it seems. Most landlords will opt to not rent to section 8 tenants, fearing non-payment or just getting stuck with a bad renter. But, this means that the tens of thousands of potential tenants, waiting with guaranteed rent, have nowhere to stay, while you struggle to fill an empty unit. Ashley Hamilton, Detroit-based investor, thinks that not renting to section 8 tenants could be a huge mistake.Welcome back to this week’s Rookie Reply! This time, we’ve got Cullen asking: Is it a bad idea to invest in properties out of state where the housing market is cheaper and more affordable for us? Or would it be better to save more money and invest in the market we are currently living in?Good news for Cullen, we’ve got a cash flow market expert here to help answer his question!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 CoverCash flow vs. appreciation and when to start investing out-of-stateBuying in affordable real estate markets and what to look for before you investSection 8 investing and how “guaranteed rent” can help boost your property profitsAction steps to take when identifying a rental market or potential investment propertyTenant screening tips that’ll keep your portfolio at 100% occupancyThe one thing you’ll need if you want to be financially free through real estateAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentAshley's InstagramTony's InstagramReal Estate Rookie Facebook GroupBiggerPocketsMLSThe BiggerPockets Real Estate PodcastReal Estate Rookie Podcast10 Deals on a $20K Waitress Salary With Ashley HamiltonInvestor Update: The “10 Deals on $20K/Year” Investor’s Explosive GrowthBiggerPockets ForumsBiggerPockets CalculatorsConnect with Ashley:Ashley's InstagramAshley's BiggerPockets ProfileCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-238Interested 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 beautiful thing about building wealth is there’s not just one way to reach your financial goals. This is where your creativity and ambition come into play. Today’s guest, Daniel Schiermeyer, built his residential portfolio and then leveraged that to buy businesses, with more ways to cash flow than we can count!Daniel started getting into real estate after college when he read The Automatic Millionaire. He prioritized living cheaper, and in Charlotte, it was cheaper to buy a house than to rent, so he bought his first house at twenty-nine. With a thirty-year mortgage on his first house, Daniel realized if he bought a house every year or two, by the time he was sixty, he could pay off all the houses and have a strong retirement plan. His real estate portfolio consists of two townhomes, a duplex, a self-storage facility, and businesses to boot!Sticking to residential real estate was the plan until Daniel drove by a car wash for sale with his brother. His brother encouraged him to pursue it, so they called the number on the “For Sale” sign. Once they talked to the broker, ran the numbers, and walked the property, they realized the numbers made sense. Now, he’s got a cash-flowing car wash and residential and commercial real estate all while chasing financial freedom! In This Episode We CoverUsing real estate to build a retirement plan and why real estate is the ultimate paydayAnalyzing commercial real estate deals and how to determine potential growthPurchasing land vs. purchasing a business and why it’s beneficial to buy bothHow to run a business and why self-education is essentialSelf-storage investing 101 and how to create value in the self-storage spaceBuilding a real estate investing business plan and the key things you need to succeedAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentAshley's InstagramTony's InstagramAirbnbReal Estate Rookie Facebook GroupMonday.comBiggerPocketsLoopNetBizBuySellMLS$13M in Equity from One Deal & Cash Flowing Despite Being Comatose with AJ OsborneAJ Osborne’s InstagramThe BiggerPockets Real Estate PodcastSelf Storage: The Misunderstood Money Maker Most Investors Overlook4 Key Ways to Build Wealth in Real EstateConnect with Daniel:Daniel's InstagramDaniel's Facebook ProfileDaniels BiggerPockets ProfileCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-237Interested 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