Real Estate Rookie

Tenant not paying rent? Debating whether a year-long, six-month, or month-to-month lease is best? Don’t know how to estimate rent for a new unit? On this week’s Rookie Reply, we’re tackling some of the most troublesome yet common questions that rookie real estate investors have. We’ll be going deep into property management, tenant screening, and what to do when a tenant stops paying. So fret not when investing; there’s always a way to make a win-win!This time around, we’re joined by Alexandra Burnham, live for Phoenix! Alexandra is like many real estate investors, except for one big difference. Alexandra and her partner share over $750,000 of student debt! Talk about a hole in your pocket! But, instead of letting the naysayers convince her that she can’t invest with her debt, Alexandra has flipped the situation on its head, buying five rental properties and tackling her debt faster thanks to multiple income streams. Stick around for her full story and the phenomenal advice she gives to get your property locked up and leased!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 CoverPaying off massive student loans thanks to real estate investingWhat to do when a tenant stops paying rent (and the options you have)Whether or not to lower your rent price when a unit is sitting vacantWhy even high-earners MUST have a side-income stream to stop constant burnoutSix-month vs. month-to-month leases and why flexibility can be favorable for landlordsWhat is a healthy ROI (return on investment) for a short-term rental property?And So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentAshley's InstagramTony's InstagramBiggerPocketsReal Estate Rookie Facebook GroupThe Real Estate PodcastBiggerPockets ForumsBiggerPockets Rent EstimatorBiggerPockets Lease Agreement PackagesConnect with Alexandra:Alexandra's InstagramAlexandra's FacebookCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-252Interested 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

Becoming a real estate investor isn’t complex. Find a property, buy the property, and rent it out. While this formula may be easy to write down, putting it into practice is much more complicated. This is why many wannabe investors never make the jump to buy their first investment property. But, with the right advice, mentorship, and mindset, anyone can become a passive-income generating real estate investor, with a path laid for financial freedom and early retirement.Today, Ashley and Tony combine their real estate knowledge to help three investors buy their first or next rental property. First, we talk to Brandon, a future house hacker who struggled to buy a home last year and is now looking for his first primary residence that can help subsidize his mortgage. Next, we speak with Lawrence, an investor who bought two rental properties within six months but wants to expand quicker with the help of creative financing. Finally, Melanie joins us to discuss her plans for a short-term rental property, but she still doesn’t know the best place to buy.If you’re finding the 2023 housing market a tough nut to crack but know that you want to invest in real estate, this is the episode for you. We’ll follow along with our three mentees over the next ninety days as Ashley and Tony give strategic advice on what they should do next to get a profitable rental property under contract. So follow along, and you too could get your next property in ninety days (or less!).In This Episode We CoverHigh interest rates and how more expensive mortgages have caused many investors to pauseBuilding your “buy box” and how to come up with your exact rental property criteriaCreative financing and how to buy a bigger rental property even if you don’t have the money for itGenerational wealth and using real estate investing to put your family in a better positionShort-term rental markets and how to analyze a vacation rental from afarWhat to do when inflated rental property data isn’t adding up to today’s ratesFinding financial freedom and leaving your W2 desk job behindAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentAshley's InstagramTony's InstagramAirbnbAirDNABiggerPockets CalculatorBiggerPockets ForumsBiggerPockets ProInveloMLSReal Estate Rookie Facebook GroupRookie Reply: Creative Financing 101 with No Cash, Credit, or CredentialsCreative Financing: 2022’s Antidote to High Interest Rates300 Doors, 100% Creative Financing with Pace MorbyConnect 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-251Interested 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 real estate market is changing, especially in high-appreciation cities like Phoenix, Arizona. This week, Ashley and Tony made the journey to the Valley of the Sun to visit real estate rookies for a live podcast recording. But it wasn’t just the rookies coming out; expert investors like Jamil Damji and Pace Morby also swung around to answer questions about creative financing, the 2023 housing market, multifamily investing, and more. They give some killer insight that only off-market masters know, and their input could help you score better deals over the next year.As always with a Rookie Reply, we also take questions from the Real Estate Rookie Facebook group, the Rookie Request Line, and Instagram to see what’s on investors’ minds. This time, we’ve got questions on how real estate wholesaling works, the best way to reject an agent or lender (without burning bridges), the true cost of owning a rental property, and the risks and rewards of using a dual real estate agent. This episode comes packed with rental property gold, so stick around!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 CoverCreative financing strategies in 2023 and how investors are starting to take advantageHow to find a real estate investing partner that will grow your business fasterThe safest way to invest in multifamily real estate (without using your own money)The best place to find real estate and housing market data (check out On the Market)Costs that go into owning a rental property and what many rookies overlookThe dangers and benefits of using a dual agent on your next real estate dealHow real estate wholesaling works and the two ways to close a wholesale dealAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentAshley's InstagramTony's InstagramBiggerPocketsReal Estate Rookie Facebook GroupAirbnbDave Meyer's InstagramBiggerPockets Rental Property CalculatorOn The Market Podcast5 Tools To Unlock Your “Ideal Life” w/ “Traction” Author Gino WickmanLandWatchPrivyZillowCrexiConnect with Pace & Jamil:Jamil's BiggerPockets ProfilePace's BiggerPockets ProfileCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-250Interested 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 start a real estate business. The cash flow is calling, and whether you’re looking to build passive income, escape the nine-to-five grind, or set yourself up for early retirement, rental property investing is a smart move to make. But, most real estate investors get it all wrong when building their rental property portfolios. They focus on scaling as fast as possible without building the systems to support a thriving business, leaving them burnt out and tired of the real estate game within only a few years.Successful real estate investors like Ashley and Tony know that the key to building an unstoppable, profitable, and enjoyable real estate business is simple. To scale, you need to track, budget, outsource, and minimize the time it takes you to bring home the same amount of bacon every day. Of course, this is easier said than done, and many investors go through a lengthy process of trial and error to get there. But you don’t have to. On today’s show, Ashley will walk through the exact things you need to start, scale, and grow a real estate business.You’ll learn how to track time so you can spend less of your day working, the two most important financial statements you need, budgeting for a business, outsourcing tasks, taking advantage of software, and the apps Ashley and Tony use every day. Want to know more about building a passive-income-generating real estate portfolio? Check out Ashley’s new book Real Estate Rookie: 90 Days To Your First Investment!In This Episode We CoverThe step-by-step process to start investing in real estate (even if you have NO experience)Why tracking your time is crucial if you want to grow and scale your real estate businessThe two most important financial statements every investor MUST knowBudgeting for a rental property and how much to keep in emergency reserves for your propertiesSeparating finances and why every investor needs different bank accounts, credit cards, and moreOutsourcing repeatable tasks and the tradeoff when hiring virtual workersThe best real estate software and apps you should try todayAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentAirbnbAppFolioAsanaAvailBiggerPocketsBiggerPockets BookstoreBiggerPockets BootcampsBiggerPockets CalculatorBiggerPockets ProBuildiumGoogle VoiceGoogle TasksGuestyHospitableHostfullyInveloJamil Damji's InstagramLoomMileIqMonday.comOwnerRezOn The Market PodcastPersonal CapitalPropstreamPunch Lists AppQuickbooksReal Estate Rookie Facebook GroupRentRediStessaTime by QuickbooksConnect 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-249Interested 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

Do you need an LLC for rental property investing? Ask some investors, and they’ll hit back with a resounding “of course!” But ask another group of investors, and they’ll tell you “not at all!” This duality causes many rookie investors to become confused, not knowing when to protect their property with the limits that come with an LLC. So how are millionaire investors setting up their properties and partnerships? Or, more specifically, what are Ashley and Tony doing to protect themselves?Welcome back to this week’s Rookie Reply! We’ve got some great questions queued up for our cabin and campground co-hosts, Ashley and Tony, to answer! First, we take a question about what to ask a seller during a final walkthrough, and how talking to tenants may be worth the extra time. Then, we hint at when to ask a listing agent for financials on a commercial property, the great LLC vs. umbrella insurance debate, and finally how to buy an investment property when you’re strapped for cash!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 during a final property walkthrough and top questions to ask a seller before you closeEstoppel agreements and using them to verify leases on tricky propertiesRental property LLCs and when buying umbrella insurance makes more senseWhen to ask for financials on a commercial property and using them to vet a dealStock portfolio loans and how to borrow against your assets to buy real estatePartnering up to purchase more property even when you have no cashAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentBiggerPocketsReal Estate Rookie Facebook GroupReal Estate Rookie YouTube channelReal Estate Rookie PodcastConnect 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-248Interested 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

Low mortgage rates, sneaky homebuying strategies, and getting into (and out of) debt, Lindsey Iskierka's story has it all. As the lead real estate agent on the SoCal David Greene team, Lindsey is in the thick of real estate day in and day out. But she’s not just helping others buy and sell homes, she also boasts a respectable rental property portfolio, with four units sprawled out across the states in three completely different markets. And even though Lindsey is in the real estate game now, it wasn’t always this way.Back in 2015, Lindsey wasn’t making much after getting her grad degree. With her husband interested in real estate, they decided to go to a seminar, which later turned into a $40K debt they had to climb their way out of. Lindsey decided to get her real estate license to not only help pay off this debt but save enough to buy their first home—a house hack in Long Beach. It didn’t take long for the home to appreciate, leaving Lindsey and her husband with a hard choice—sell or refi the property.We won’t spoil the story, but her choice allowed her to buy multiple other units across the country, which has now become a portfolio of short-term and medium-term rentals. Lindsey also gives some killer advice on how first-time homebuyers and investors can snag rock-bottom mortgage rates in 2023. We’re talking two percent lower than today’s rate! If you want to hear how you can lock in a rate below five percent, we suggest you stick around!In This Episode We CoverAre real estate courses ever worth it, and how much they actually costThe new 2-1 buydown mortgage that'll get you a much lower interest rateGetting past your “worst-case scenario” and how doing so can help you build much biggerThe 1031 exchange explained and using it to multiply your rental property portfolioLong-distance real estate investing and why turnkey rentals may be a better choiceThe VASH program investors can use to help veterans who need housingWhy buying at today’s rates and prices can “only get better” as you holdAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentReal Estate Rookie Facebook GroupBiggerPocketsThe Real Estate PodcastBiggerPockets EventsBiggerPockets InstagramThe Real Estate Rookie PodcastGoBundance WomenPriceLabsGuestyAirbnbThe One BrokerageDavid Greene's Website Connect with Lindsey:Lindsey's BiggerPockets ProfileLindsey's InstagramCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-247Interested 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

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