Real Estate Rookie

Pace Morby’s name is synonymous with creative financing. In fact, you could say that he’s brought back a revival of strategies like subject to and seller financing. He’s been so successful with these strategies that Pace has been able to buy over six hundred rental units this year without using a single bank loan! He believes that now, even with rising interest rates and high inflation, rookie investors have a chance to get better deals than ever before!Welcome to this week’s episode, where we’re live from BPCon2022! We’ve brought in Pace Morby, friend of BiggerPockets, to talk about everything related to creative finance. If you’re brand new to this topic, don’t be alarmed. While some of Pace’s methods may sound complicated, they aren’t actually so difficult in practice. And in just one episode with Pace, you could be convinced to try them out on your next deal!Pace shares how he’s finding deals, where he’s buying, the negotiation tactics he uses, and why now may be one of the best times to buy. He also discusses why sellers are so open to trying alternative financing options, how you can pick up real estate deals for zero dollars down, and why creative finance options offer far better returns than bank financing in 2022, 2023, and beyond!In This Episode We CoverCreative finance explained and why now is a great time to try itSeller financing vs. subject to, and when to go after pain vs. gainHow creative financing builds a win-win scenario for buyers and sellersWhether or not rising interest rates and a shaky housing market affect these strategiesNegotiating with a seller and how to sweeten your offers so you get deals on your termsWhere to find the deals best-suited for seller financing and subject toAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentAshley's InstagramTony's InstagramReal Estate Rookie Facebook GroupZillowMLSAirbnbCraigslistKelly Blue BookOfferUpFacebook MarketplaceLeasetraderOpendoorLandWatchListSourcePropStreamWeststar Loan ServicingAirDNA300 Doors, 100% Creative Financing with Pace MorbyThe Essential Elements of the Creative Financing ToolboxConnect with Pace:Pace's InstagramCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-236Interested 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

To have something you’ve never had, you have to be willing to do something you’ve never done before. Today’s guests, Amy Wright and Mitch Mathern are doing something most people haven’t seen before, a twist on the BRRRR method. They’ve closed on three properties in three years, and all their properties are over 100 years old!Amy and Mitch started their real estate journey right before COVID and went into contract on their first property in February 2020. They started investing when Amy was fresh out of college, and with no money to buy an investment property, they bought a primary residence instead. Since they purchased the home as a primary residence, they used an FHA loan and came to the closing table with only $7,000! Their first property marked the beginning of their strategy: purchase as a primary, rehab, and rent—the PRR.But buying older homes isn’t a drawback to this strategy, it’s a benefit! Amy and Mitch refer to themselves as restorers instead of flippers. While they rehab their homes, they do their best to keep the character and history alive. Their unique strategies have helped them differentiate themselves in their market and succeed. They hope to keep up their current pace of one property a year and eventually increase the number of properties per year as they continue to scale.In This Episode We CoverThe benefits of a live in flip and how to pace yourself when doing the rehabFHA lending and how to take advantage of all its benefits when you first get into real estateHow to spot renovation red flags when walking a potential property and how to DIY your rehabInvesting in older homes and how to rehab an outdated property while keeping its history aliveHow to attract a top-tier tenant and screening tips that will save you a LOT of timeHow to structure your “buy box” and shift it as needed so you can grow your real estate portfolio fasterAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentAshley's InstagramTony's InstagramReal Estate Rookie Facebook GroupReal Estate Rookie PodcastRentRediZillowBiggerPockets ProMLS6 Ways to Invest in Real Estate with Little Money or ExperienceConnect with Amy & Mitch:Amy & Mitch's InstagramAmy's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-235Interested 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 you invest in real estate, everything can seem new and confusing. Bidding on houses, renovation budgets, finding tenants—these are all skill sets you must acquire to become a financially independent real estate investor. But that doesn’t mean you need to be a pro before buying your first property. Just ask Brittany Arnason, AKA InvestorGirlBritt, the Canadian real estate superstar who started BRRRR-ing her way to wealth at just eighteen.We brought Britt onto the show to help us dive deeper into a question we received on the Real Estate Rookie Facebook Group. This question came from JP, asking: How do you network and partner with more experienced investors when you feel you have nothing to add value? Most investors never feel like they know enough, and this is especially true if you’ve never done a deal before. But, Britt may serve as the perfect person to share her experience with JP, as she went from knowing nothing about real estate to becoming a multi-million dollar commercial investor all before the age of thirty!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 CoverWhy ability often trumps experience and understanding that you don’t need to know everything all at onceHow food poisoning turned into a rental property portfolio for InvestorGirlBrittOutsourcing, delegating, and hiring the people that can help you growSurrounding yourself with better investors that push you higher so you can build your own portfolioImposter syndrome and why almost every investor does NOT feel like an expertContent creation, digital detoxes, and why you should always be building an online brand And So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentAshley's InstagramTony's InstagramReal Estate Rookie Facebook GroupReal Estate Rookie PodcastThe 7 Tips @investorgirlbritt Used to Go from Amateur to Pro InvestorHow to Become a Real Estate Millionaire (NO Experience Necessary)Connect with Brittany:Britanny's BiggerPockets ProfileBritanny's InstagramCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-234Interested 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 path to financial freedom is a marathon, not a sprint. It requires patience, discipline, sacrifice, and a long-term mindset. Today’s guest, Logan Kohn, is on his way to financial freedom with over one million dollars of real estate with three properties at only twenty-one years old!Logan planned to invest in real estate later in life, but COVID forced him to rethink his timeline. Since interest rates were at an all-time low during the pandemic and his income took a hit, Logan decided to expedite his investing journey. For his first investment property, he looked at his county, but it wasn’t affordable, so he looked at the next county over. It wasn’t the best area, but he saw the opportunity for growth, and now his first property has already appreciated over thirty percent!Logan bought his first property and his other two properties in the span of one year, which required extreme financial discipline and frugality. Logan has been interested in growing his money since he was a child. From the age of ten to the end of his teenage years, he started various side hustles to make money. He’s done magic on the street, dropshipping, affiliate marketing, and email marketing. At seventeen, he discovered stocks and started stacking his money and letting it grow. Now he invests his money while having few expenses to be as frugal as possible so he can multiply his wealth through real estate!In This Episode We CoverHow to spot a growing market through real estate market analysisThe importance of a long-term mindset and how to use it to find financial freedom Living frugally and how to cut back on your expenses (it’s easier than you think!)The process of self-managing your rental properties and building good rapport with your tenantsFlood Insurance and insurance options for those affected by Hurricane IanAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentAshley's InstagramTony's InstagramReal Estate Rookie Facebook GroupReal Estate Rookie Podcast ChannelBiggerpocketsFacebook GroupsBiggerPockets ForumsDesigning a Frugal But Luxurious FI Life by Age 32Should You Self-Manage Your Properties or Hire a Pro? Here’s How to TellConnect with Logan:Logan's BiggerPockets ProfileLogan's InstagramLogan's Youtube ChannelCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-233Interested 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

Medium-term rentals are not new to real estate investing, but most investors have hardly heard of them. For years, corporate travelers would rent a room, apartment, or small property for a year or less. These travelers would pay a premium to avoid long-term leases and stay close to their work. But, with the rise of traveling nurses and digital nomads, the medium-term rental strategy is in a revival when investors need it most.Joining us on today’s show are investors, coaches, and authors, Sarah Weaver and Zeona McIntyre. Their new book, 30-Day Stay, is a masterclass in the wonderful world of medium-term rentals, walking new investors through everything they need to double their cash flow almost overnight. This strategy sounds too good to be true, but even a short-term rental king like Tony Robinson says that he’s intrigued. So is there a catch to this no vacancy, high cash flow, and often headache-free type of housing?In this episode, you’ll learn the pros (and very limited cons) of investing in medium-term rentals. You’ll also hear which markets this strategy works best in, what type of software you’ll need to run one, and how medium-term rentals are starting to rival vacation rentals! If you’re looking for an investment with a high ROI, that doesn't need to be minutes from a beach, this strategy is for you!In This Episode We CoverThe medium-term rental strategy explained and why it’s become so popular in 2023Short-term rental regulations and whether or not they affect medium-term rentalsHow to analyze a medium-term rental and what to look for in an investing areaTenant screening tips and building your lease agreements for medium-term tenantsWhich real estate markets work best for medium-term rentals (and which to avoid)Running your medium-term rental hands-free and the best software picks to chooseAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentAshley's InstagramTony's InstagramAirbnbReal Estate Rookie Facebook GroupReal Estate Rookie PodcastSemi-Retired at 30 Thanks to One Year’s Worth of Real Estate InvestingEarly Retirement Through Short-Term Rental Properties with Zeona McIntyreW2 Retired and Traveling the World with Just 15 Units w/Sarah WeaverPriceLabsAirDNAFurnished FinderVrboHospitableGoogle voiceFacebook GroupsMonday.comTrelloAsanaAvailConnect with Sarah & Zeona:Sarah's InstagramSarah's BiggerPockets ProfileZeona's InstagramZeona's BiggerPockets ProfileCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-232Interested 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

If early retirement seems out of reach right now, try semi-retirement. Once you get there, you’ll only be halfway to early retirement, just like today’s guest, Jessie Dillion. At only thirty years old, she is semi-retired and has scaled her real estate portfolio to almost two million dollars in nine months, with five properties total!When people think about high returns, they often think about a high unit count—but why have a lot when you can do the same with a few? Jessie is strategic about each property purchase she makes and has made a goal to make one smart investment each quarter. She currently has a single-family home and two duplexes. One of her duplexes is a house hack, and her portfolio sports a mix of long-term, short-term, and mid-term tenants.Jessie’s success is due to how responsible she is with her finances. To finance her first property, she built up her savings to ensure she had enough to cover any surprises. As Jessie continues to scale, she has gotten more creative with her financing. She has formed great relationships with her lenders because of her ability to ask questions and carefully choose where and how she gets her funding. Now she is semi-retired at thirty years old and pays a measly fifty dollars a month towards her mortgage!In This Episode We CoverThe FIRE movement and how to start your early retirement journey todayHow to use transferable skills from other jobs to make investing easierBuilding trust with your spouse and getting them on board with your investing journeyGetting the funding for your first rental property and how to use creative financing for the restBrilliant savings tips and how to rapidly increase your savingsThe loan process and how to build a strong relationship with lendersAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentAshley's InstagramTony's InstagramReal Estate Rookie Facebook GroupOn the Market PodcastJamil Damji's BiggerPockets ProfilePace Morby's InstagramBrittany Arnason's InstagramAshley Hamilton's Biggerpockets Profile10 Deals on a $20K Waitress Salary With Ashley HamiltonRachel Richard's InstagramHenry Washington's InstagramZillowFurnished FinderCraigslistFacebook GroupsAirDNAPriceLabsData.rabbuMonday.comConnect with Jessie:Jessie's BiggerPockets ProfileJessie's InstagramCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-231Interested 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

Is the 1% rule in real estate still relevant? Who shouldn’t be buying turnkey rentals? And why is an escrow account favorable for scaling real estate investors? All these questions and more are coming up in this Rookie Reply.We’re back at BPCon 2022, and joining us is fellow investor and turnkey operator, Zach Lemaster. You may have heard Zach’s episode on the BiggerPockets Real Estate Podcast or maybe you’ve used his turnkey company, Rent to Retirement, before!Zach helps us answer an array of questions, some from semi-passive turnkey investors and some from active investors. We touch on investor lines of credit and how to secure them, the 1% rule’s relevance in 2022, whether or not to get preapproved before finding a deal, buying off-market, and much more! Zach also poses three questions every investor should ask BEFORE investing in turnkey 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 CoverWhere to find investor lines of credit and which banks are your best betShould you get an appraisal on an off-market property?The 1% rule explained and how it’s holding up in 2022 (and beyond)Escrow accounts and which types of investors should optionally enroll in themWho should (and shouldn’t) invest in turnkey rentals and the questions you should ask your turnkey providerAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentAshley's InstagramTony's InstagramBiggerPocketsReal Estate Rookie Facebook GroupReal Estate Rookie PodcastHow “Turnkey” Rentals Can Help You Build Real Estate Riches FasterThe One Mistake That Almost Put My House in ForeclosureRent to RetirementBiggerPockets CalculatorConnect with Zach:Zach's BiggerPockets ProfileCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-230Interested 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

Your network can be your most powerful tool inside and outside of real estate. Today’s guest, Ryan John, started his real estate investing journey after seeing his friends succeed in the investing space—including his childhood friend, Ashley Kehr. Ryan has been in the real estate game for a year and a half and has closed on two off-market deals—a house hack and a duplex. As all rookies know, trying to find and close on your first deal can be a mix of emotions. From excitement to fear to anxiousness and fulfillment, you go through various emotions when trying something you’ve never done before. While Ryan wanted to get started right away, he experienced a lot of nervousness regarding his first deal—waking up at three in the morning, scared he was missing something. But, unlike many other investors, he didn’t allow this to deter him from accomplishing his goals.Ryan prefers off-market deals because he doesn’t have to go through a realtor. An off-market deal requires more legwork but often comes with significantly better numbers. Becoming an investor has also given Ryan the freedom to make big life changes. Ryan went to his first real estate investor meetup and met investors with a wide range of experience. After attending, an incident at work prompted him to quit. Since he lives below his means and has cash-flowing rentals, he has the time and ability to breathe and explore his options before deciding his next steps.In This Episode We CoverHow to overcome analysis paralysis and the fear of your first dealThe pros and cons of off-market deals and how to find them in today’s marketHow to buy a small multi-family property and why they’re worth investing inHouse hacking 101 and how to make money using unused space on your property or in your homeTime value vs. opportunity cost and how to know when it’s time to outsourceThe power of real estate meetups and being surrounded by motivated investorsAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentAshley's InstagramTony's InstagramAirbnbReal Estate Rookie Facebook GroupThe Real Estate PodcastReal Estate Rookie PodcastRentRediConnect with Ryan:Ryan's BiggerPockets ProfileRyan's InstagramCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-229Interested 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

A cash offer almost always gets a seller's attention. Whether someone comes in low or high, the prospect of a smooth closing without any loan contingencies is often more than enough to get a deal done. But what if you don’t have stacks of cash lying around? Maybe you’re trying to get your first rental property or house hack with a conventional, FHA, or VA loan. How do you set yourself apart from the hotshot who roles in and offers all cash without any appraisal necessary? Worry not because Ashley and Tony have done it dozens of times before.Welcome back to this week’s Rookie Reply, where we take questions directly from Instagram, Facebook, the BiggerPockets Forums, and our Rookie Request Line. This week, we talk about how to beat cash offers, what to do when tenants in the same property start disputing, and appraisal tips to get your home valued higher. We also touch on how to network, make better connections, and build genuine relationships with other investors in your 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 CoverWhat to do when an appraisal comes back lower than you expectedUsing comps (comparable properties) to boost your home’s value in an appraiser’s eyeHandling tenant disputes, and whether or not you’re liable if the argument gets physicalThe three things that motivate a seller when listing a property (and how to use them to get better deals)Beating cash buyers and using speed and price to your advantageNetworking tips for new investors (even if you’ve never been to a real estate meetup)And So Much More!Links from the ShowAirbnbBiggerPocketsReal Estate Rookie Facebook GroupReal Estate Rookie PodcastOn the Market PodcastThanks for Visiting PodcastVrboMLSConnect with Ashley and Tony:Ashley's InstagramTony's InstagramCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-228Interested 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

Who says you can’t have it all? The career, the love, the wealth—it can all be yours if you want it and work for it. Today’s guest, Mackenzie Grate, works hard so she can have it all. Working full-time as an assistant middle school principal, Mackenzie spends her nights and weekends as a real estate investor and agent. She owns two single-family homes, a fourplex, a duplex, a short-term rental, and her primary residence. Mackenzie’s real estate investing journey started in 2017. While living in her apartment, she rented out her extra room and decided to buy a home once rent prices became a little too high to handle. From there, she started looking for her first deal by googling the three fastest-growing job markets in New York. She then chose the market she wanted to invest in, asked a friend to go upstate with her, and started driving for dollars. She put in an offer on the first house she saw and closed on the home. But was she doing it alone?There is a common misconception that when you invest with a significant other, they have to be involved to be on board. Mackenzie’s relationship with her husband proves that involvement doesn’t equate to support. He supports what she’s doing, but he isn’t an active part of her investing journey, and for them, that works. He shows support by doing other everyday tasks at home, giving Mackenzie more time to work and pursue real estate. This freed-up time is essential for Mackenzie as she juggles all her endeavors and earns her nickname, the "Mack of All Trades."In This Episode We CoverThe pros and cons of getting your real estate license and how to determine whether becoming an agent is for youThe benefits of owning a co-op and what it means to “own a share” of a buildingHow to find and capitalize on emerging markets that have strong rental demandInvesting with a spouse and how to find the right balance for your relationshipProperty management vs. self-management and how to weigh the pros and cons for bothManaging a short-term rental and automating your processes to become the ultimate hostAnd So Much More!Links from the ShowAshley's InstagramTony's InstagramAirbnbBiggerPocketsReal Estate Rookie Facebook GroupThe Real Estate PodcastBiggerPockets ForumsReal Estate Rookie PodcastZoomRentRediDigital Nomad-ing and Answering All Your FIRE Healthcare Questions w/ Amy & Tim from GoWithLessConnect with Mackenzie:Mackenzie's InstagramMackenzies BiggerPockets ProfileMackenzie's WebsiteCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-227Interested 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