Real Estate Rookie

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

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