Real Estate Rookie

If you’re unsure about real estate, run the numbers. It’s that simple. Once you run the numbers, you’ll have clarity on which decisions to make and tangible reassurance that you made the right ones. Today’s guest, actress Brec Bassinger, shares how focusing on the numbers has given her the confidence to become the successful investor she is today.Brec’s name may sound familiar to some of you. She’s been the star of Bella and the Bulldogs and the new hit show, DC’s Stargirl. Brec’s interest in real estate began after a trip to Big Bear with her boyfriend when she realized the earning potential of short-term rentals. She decided to buy a condo and had her first short-term rental within six months. The speed at which she got her first deal may seem intimidating, but Brec’s confidence came from the numbers she calculated and the profits she knew she could make.During her first season of Stargirl, Brec had to share a small apartment with her coworker because that’s all she could afford with her fluctuating income. Now she makes more money by living in an expensive high-rise apartment while renting out her old space. Real estate has allowed Brec to supplement her fluctuating income without a W-2 and the freedom to live the life she wants. And even though she plays a superhero, her story proves that you don’t have to be one to invest in real estate. In This Episode We CoverHow to confidently close on your first investment property and move past fearBecoming more financially stable by supplementing your income with a passive income streamThe importance of running the numbers and how to use the simple rental calculations to make profitable decisionsBuilding a relationship with your property manager and eye-opening questions to ask themHow to qualify for loans without a “steady” incomeAnd So Much More!Links from the ShowAshley's InstagramTony's InstagramBiggerPocketsReal Estate Rookie Youtube ChannelReal Estate Rookie PodcastReal Estate Rookie Facebook GroupAirbnbBPCON202220 Deals in a Year as a Professional Basketball Player w/ Terry HarrisTerry Harris' InstagramZillowAirDNABiggerPockets CalculatorMLSFrom Sleeping in His Car to Multi-Unit Landlord & The “Nomad” StrategyNick Cooley's InstagramConnect with Brec:Brec's InstagramCheck out the full show notes here: https://biggerpockets.com/blog/rookie-197Interested 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

This week’s question comes from Tony’s Instagram direct messages! This rookie real estate investor is asking: I have a good chunk of equity in my home, should I pull out cash to purchase a rental property? If not, what should I do with the equity?If you want to know how to use home equity to buy real estate, you need to know your options first. As many homeowners are sitting on massive equity gains, thanks to the past two years worth of price run-ups, they’re asking how they can use this equity to their advantage. For most investors, you’ll have two options in how you take this equity out of your home’s value. But, both of them need to be intelligently evaluated before you make a decision.Here are some suggestions:Look at your current mortgage rate and see if it’s higher or lower than today’s average interest rate to refinance Ask your lender about a HELOC (home equity line of credit) as well as the terms, interest rates, and duration offeredInterest rates are likely to rise, so locking down a great rate now may help you in the futureKnow your exit strategy (flip vs. BRRRR vs. buy and hold) for each different kind of financing optionAnd more in the episode…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).Links from the ShowReal Estate Rookie PodcastReal Estate Rookie Youtube ChannelReal Estate Rookie Facebook GroupBiggerPockets ForumsCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-196Interested 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 often hear about house hacking as a means to an end, a simple way to start your real estate journey, but what if it could be more? What if house hacking could be your ticket to financial freedom? Today’s guest, Craig Curelop, author of The House Hacking Strategy, shares how he reached financial freedom through house hacking and how to follow along in his footsteps.Craig started where most do, hating his W-2 and working too much. He began researching how to earn a passive income and came across BiggerPockets. Within six months, Craig started working at BiggerPockets, moved to Denver, and decided to start living his life the way he wanted. Using his house hacking strategy, he went from being $30,000 in debt to financial freedom in two and a half years. Before you get into house hacking, you need to understand the basics, and today Craig breaks them down. He goes over the different ways to house hack and its advantages and disadvantages. Craig also talks about how to live with your tenants and the boundaries needed for your ideal house hacking situation. Craig paints the whole picture so you can make an informed decision and decide if house hacking is the way for you to become financially free too (or at least build more passive income)!In This Episode We CoverWhy house hacking is ideal for new and young investors and how to get started The different ways to house hack and how to turn an unused space into an income-generating areaThe noteworthy advantages and disadvantages of house hacking and how to decide if house hacking is for youLiving with tenants and how to set landlord boundaries for you and your tenant’s comfortHow to vet tenants and red flags to look out for before offering them a leaseCollecting rent and the processes to have in place to help you stay in “landlord mode”And So Much More!Links from the ShowAshley's InstagramTony's InstagramBiggerPocketsReal Estate Rookie Youtube ChannelReal Estate Rookie PodcastReal Estate Rookie Facebook GroupAirbnbAJ Osborne's WebsiteThe CRE CircleRentRediThe Real Estate PodcastCostco10 Income Streams on 1 Property by “Land Hacking” w/ Kai AndrewKai Andrew's WebsiteApartments.comConnect with Craig:Craig's InstagramThe FI TeamInvest2FI PodcastCheck out the full show notes here: https://biggerpockets.com/blog/rookie-195Interested 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 best real estate investing apps are ones you could not live without. Whether you’re a full-time real estate investor, managing a few properties, or still trying to get your first deal done, these apps can help you find, manage, and cash flow your rentals quicker. Ashley and Tony both use these apps daily and probably couldn’t run their real estate investment portfolios without them.To help you scale up your real estate investing, Ashley and Tony have written down their most-used real estate investing apps. Now, anytime you see a potential deal, need to chat with a team member, or simply want to time how long you’ve been working at a rental property, you can. Most of these apps are free, so you can download them today, try them out, and buy your first (or next) deal faster!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).Links from the ShowReal Estate Rookie PodcastReal Estate Rookie Youtube ChannelReal Estate Rookie Facebook GroupBuilding an Out-of-State Empire by Using the Right Type of Real Estate Agent w/ Sarah WeaverZillowRealtor.comLandGlidePopStreamOnXDealCheckMLSHomesnapPersonal CapitalEasy CalculatorGoogle taskGoogle CalendarGoogle DocsSpliceQuickbooks TimeMileIQSchlageRingLoom MobileLoomMonday.comWrikeMiroCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-194Interested 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 connections and relationships are invaluable in real estate, so how do you get to know the right people? How do you build a lasting, mutually beneficial relationship? The answer is simple—you show up, get your name and face out there, and listen. Building a network can seem intimidating, especially starting from scratch, but today’s guest, Jeffrey Donis, breaks it down step-by-step.Jeffrey Donis of the Donis Brothers is in charge of nurturing investor relations, so networking is his bread and butter. At twenty-three, he has helped his brothers raise enough money to co-sponsor 600 units worth of deals in the last two years. This would have been nearly impossible to achieve in such a short time without the network they built and the relationships they nurtured. Their network didn’t come automatically, and similar to everyone else, they started from scratch and were able to find a way to get themselves out there.The first step is to build your credibility. While there are many ways to do so, Jeffrey explains how to use social media to document your journey and build trust. He also goes into how to navigate networking events and bring value no matter your experience level. The Donis Brothers have become widely successful in a record amount of time, and the way they built their network and brand is a large part of that.In This Episode We CoverBuilding credibility and how to use social media to do soThe 80/20 rule and why it’s an effective way to network and build relationshipsHow to bring value to others (without money!) and maintain a good reputationOvercoming imposter syndrome and how to be more confident in your abilitiesHow to vet potential investors and red flags you should look out forThe importance of constant self-education through real estate courses and classesAnd So Much More!Links from the ShowAshley's InstagramTony's InstagramBiggerPocketsReal Estate Rookie Youtube ChannelReal Estate Rookie PodcastReal Estate Rookie Facebook GroupChanging Their Family’s Fate by Building a 600+ Unit Portfolio (At Age 20!)How to Find Free Money to Finance Your Education & Avoid Extensive Student DebtStudent Loans Update: Repayment, Refinancing, and Potential Forgiveness w/ Robert FarringtonRobert Farrington's WebsiteYour First Real Estate Investment PodcastTyler Madden's BiggerPockets ProfileSyndicationProJoe Polish's WebsiteInvestNextSubtoMeetupEventbriteCitrix PodioConnect with Jeffrey:The Donis Brothers' Website Jeffrey Donis' InstagramJeffrey Donis' TwitterThe Real Estate Monopoly Podcast Check out the full show notes here: https://biggerpockets.com/blog/rookie-193Interested 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

This week’s question comes from Natalie on the Real Estate Rookie Facebook Group. Natalie is asking: How did you narrow your focus to determine your strategy? And how do you get good at analyzing real estate deals? This is one of the most-asked questions we receive. When you’re starting as a rookie real estate investor, every strategy seems like a good one. You may hear a guest on the Real Estate Rookie show talk about wholesaling or flipping or short-term rentals. Before long, you’re already planning your next exciting purchase even if you had another one already in the works. This “shiny object syndrome” is common when getting started, and while it’s good to know about many different investing strategies, changing yours too often can lead you well off the path to financial freedom.Here are some suggestions if you’re torn between strategies and need to up your analysis game:Look at your resources and base your investing strategy upon what makes sense for you specificallyPledge to become an expert in a certain strategy and don’t try building too many bridgesSet up a strong foundation in your current investing strategy, then you can pivot wherever you wantPractice your deal analysis daily and send your calculations to other investors as a pulse checkGet to know your investing area as much as you can (even if you’re remote investing!)And more in the episode…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).Links from the ShowReal Estate Rookie PodcastReal Estate Rookie Youtube ChannelReal Estate Rookie Facebook GroupBPCON2022Check the full show notes here: https://www.biggerpockets.com/blog/rookie-192Interested 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 differentiates a top producer from everyone else? The most common answer is hard work, ambition, and charisma, but what does that even mean? Hard work, while a universal concept, changes depending on the context, so what does hard work entail in real estate? Today’s familiar guest, David Greene, answers all these questions and more in today’s episode and his new book, SKILL.SKILL is only part two in his three-part book series where David teaches you how to excel as an agent or investor. It follows SOLD, which is all about gaining confidence by learning and understanding the fundamentals of real estate. SKILL then teaches you how to become a top producer and make more money through intelligent negotiation, building trust with clients, and becoming an expert in your field. Ideally, this book is for those with a little experience who want to take their career to the next level.In today’s episode, David shares some of the characteristics of a top producer. He goes over the importance of generating leads and how to do so, building your marketing funnel, and the metrics you should be tracking to find and convert more leads. Instead of telling you how to get better through abstract concepts, David provides concrete step-by-step examples on how to differentiate yourself, so you can beat out the other agents in your area.In This Episode We CoverHow to decide if getting your real estate license would be beneficial for you (it’s not the answer you think)Lead generation and how to get your name known How to improve investor and agent communications and find deals that align with your criteriaThe most important metrics to track if you want to scale your businessLead vs. lag measures and why tracking lead measures get you results soonerListing presentations, how to hold one, and why they make you stand out as an agentAnd So Much More!Links from the ShowAshley's InstagramTony's InstagramBiggerPocketsReal Estate Rookie Youtube ChannelReal Estate Rookie PodcastReal Estate Rookie Facebook GroupMLSOn The Market PodcastBiggerPockets CalculatorBiggerPockets Agent FinderAJ Osborne's WebsiteThe CRE CircleBiggerPockets Real Estate PodcastBiggerPockets BookstoreFTXZillowRobert Abasolo's InstagramConnect with David:David's InstagramDavid Greene Real Estate Youtube ChannelCheck out the full show notes here: https://biggerpockets.com/blog/rookie-191Interested 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 is due diligence in real estate? If you ask most new investors, they’ll have some sense of what due diligence is, but may be confused about what it really means. Is due diligence when you analyze your deal? Who should you be in contact with during due diligence? How long does a due diligence period usually last? And what happens if your deal turns out to be a dud in due diligence?In reality, due diligence isn’t all that confusing. It’s simply the time that you, and your partners (if you have them), spend inspecting, double-checking, and re-analyzing the deal. The due diligence period is there for the protection of the investor, so you can use everything in your power to confirm that you truly are getting a great deal. But, before you start calling inspectors, make sure you follow some of these more granular steps that could save you a fortune in the future.Never done due diligence before? Here are some suggestions:Work with a seasoned real estate broker, agent, or attorney who can catch things you won'tDouble-check that your financing options still stand if you find anything wrong with the propertyTalk to the local city government or code enforcer to ensure prior work on the property was done correctlyCalculate out what the cost of repairs will be for the property once you’ve gotten an inspectionDon’t fall in love with a deal and be prepared to walk away if you find something that’ll kill your exit strategiesAnd more in the episode…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).Links from the ShowReal Estate Rookie PodcastReal Estate Rookie Youtube ChannelReal Estate Rookie Facebook GroupRyan Dossey's InstagramBallpoint MarketingAirbnbAlphaGeekCapitalMLSCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-190 Learn more about your ad choices. Visit megaphone.fm/adchoices

House hacking is one of the easiest ways to get into real estate investing. Thanks to its flexible financing options, low down payment loans, and ability to cut your rent in half (or eliminate it), house hacking is truly a phenomenal investing strategy. In short, house hacking is when a homeowner or investor buys a house or multifamily and rents out the other rooms or units while they live in one of them.The house hacking strategy can be mixed and matched in any way you like. Want to live with a bunch of friends? Buy a three or four-bedroom house and rent out the rooms. Want to have a private space for you and your family? Buy a small multifamily and rent out the other units. No matter what you choose to do, house hacking can help speed up your journey to financial freedom. This is done by reducing the amount of money you spend on rent/a mortgage while also giving you serious tax benefits, instant cash flow, and appreciation so you can build wealth in the background.In this how-to episode, Ashley and Tony give you everything you need to find, analyze, finance, and buy a house hack. They go over in-depth real estate analysis so you can confidently bring a deal to your lender, partner, or just have peace of mind that you’re making a smart investment. This single home purchase could change your financial future forever, so what are you waiting for?In This Episode We CoverWhat is house hacking and the major benefits of hacking your houseThe four ways to build wealth in real estate and three common rookie mistakesThe best ways to fund your real estate deals or house hack propertyHow to analyze your next property using the BiggerPockets real estate calculatorsProperty management 101 and how to manage a rental propertyHow to get your first real estate deal faster with BiggerPockets tools and expert guidanceAnd So Much More!Links from the ShowBiggerPocketsReal Estate Rookie Youtube ChannelReal Estate Rookie PodcastReal Estate Rookie Facebook GroupThe Real Estate Robinsons Youtube ChannelBiggerPockets ForumsJames Dainard's InstagramOn The Market PodcastProjectRE Youtube ChannelBiggerPockets CalculatorDan Sullivan's LinkedInWho Not How: Stop Doing the Things You Hate, Free Up Time, Be Happier and Richer with Dan SullivanBiggerPockets Agent FinderCraigslistFacebook MarketplaceMLSBiggerPockets Rent EstimatorBiggerPockets MarketplaceBrandon Turner's BiggerPocket's ProfileBiggerPockets Pro MembershipDavid Greene's BiggerPocket's ProfileCraig Curelop's InstagramConnect with Ashley and Tony:Ashley's InstagramTony's InstagramCheck out the full show notes here: https://biggerpockets.com/blog/rookie-189 Learn more about your ad choices. Visit megaphone.fm/adchoices

Networking tips only matter as long as they work. Everyone knows the classic ones—bring a business card, wear a nametag, and look people in the eye. But, when you’re meeting with investors who have big portfolios, it can be easy to get flustered all of a sudden. Maybe you run into your dream mentor at your next real estate meetup—what do you do?Both Ashley and Tony were able to buy their first rentals and grow their portfolios thanks to networking. At first, they didn’t know what to do or say, and didn’t have many deals to speak of. But, over time, their net worth grew with their networking skills, allowing them to connect with more investors, find more deals, and build lifelong friendships. They’re testaments that even if you don’t have any deals yet, networking could be what brings you your first!Not used to networking? Here are some suggestions for your next meetup:Sign up for a BiggerPockets meetup in your city and get your tickets to BPCon2022!Don’t stick with your clique, remember that networking is there for you to meet new peopleRehearse the question you want to ask if a mentor, speaker, or inspiring investor is at the eventTake a break from networking to write down names, lessons learned, and takeaways from conversationsDon’t know anyone at the meetup? Join a group (they’ll almost always welcome you openly)And more in the episode…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).Links from the ShowReal Estate Rookie PodcastReal Estate Rookie Youtube ChannelReal Estate Rookie Facebook GroupBiggerPocketsBiggerPockets BootcampsBiggerPockets ForumsBPCON2022Alex Sabio's InstagramDaryl Clinch's InstagramBrandon Turner's LinkedInTyler Madden's BiggerPockets ProfileCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-188 Learn more about your ad choices. Visit megaphone.fm/adchoices