Real Estate Rookie

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

As a new investor, financing can come with a lot of questions. Financing your first property itself seems like a steep learning curve, but once you find a method that works for you, it makes investing a lot easier. Welcome back to this week’s Rookie Reply. But, instead of just answering one question, we’ll be going over multiple to get you on the fastest path to investing in real estate. Today, we’re touching on topics like how much money you'll need to invest in your first property, how to build a lease, recommendations for financing without a W2, and how rising interest rates affect investors.Before you invest, understanding the market you want to invest in is essential. You also have to understand the expenses that come with your property. Once you know these two things, you’ll have a more accurate estimate of your costs. A perk that comes with investing is that the money doesn’t have to be yours. Whether you decide to take out a conventional mortgage loan or partner with another investor, you can creatively finance your deal to have less money come out of your pocket!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 understand the market you’re investing in, the average cost of a property, and the range of expenses you can expectSafety reserves and how much to have on hand before you buy a propertyCreative financing methods that will lessen the amount of capital you’ll need to closeFinancing without a traditional W2 and how small banks, mortgage brokers, and co-signers can be your best friendsEasily building your perfect lease using the BiggerPockets lease agreements!And So Much More!Links from the ShowAirbnbBiggerPocketsBiggerPockets CalculatorReal Estate Rookie Facebook GroupReal Estate Rookie PodcastWhat Makes Rookies Into Millionaires? Quitting What You Hate!BiggerPockets ForumsPolicygeniusBiggerPockets ProRentRediBiggerpockets BootcampsConnect with Ashley and Tony:Ashley's InstagramTony's InstagramCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-226Interested 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

Life is unpredictable, and there's no way to get around that. Instead, you have to learn to pivot and accept where you are, so you can get to where you're going. Today’s guest, Josiah Hein, was hit with life’s unpredictability when he was in a car accident with a drunk driver, resulting in damage to his neck and back. Josiah could have easily used the accident as a reason to give up, but instead, he took it as an opportunity to pivot and build another business. Josiah has closed on three deals, including a tiny home that alone cash flows $6,000 a month!Josiah's first business required strenuous physical labor, so after his accident, he couldn't work as much. He used his newfound time to start learning about real estate. He had always considered real estate as a long-term retirement plan, but his plan suddenly got expedited. He started investing right before COVID by converting his old house into a rental property.His portfolio also includes an out-of-state property and a tiny home. He was inspired to invest out-of-state after reading David Greene’s Long-Distance Real Estate Investing. After five months of researching to find an out-of-state market, he settled on Tulsa, Oklahoma. He also has a lucrative tiny home bringing in some serious cash flow every month!In This Episode We CoverUsing a setback as a setup and how to pivot when life gets unpredictableFinding “hot” markets and what criteria to look forDoing a profitable cash-out refinance and the BRRRR strategySelf-managing short-term rental properties and using listing sites like Airbnb to rent out your propertyTiny homes 101 and the benefits that go beyond having a mini-mortgageBuying out-of-state investment properties and how to manage your rental remotelyAnd So Much More!Links from the ShowAshley's InstagramTony's InstagramAirbnbBiggerPocketsBiggerPockets CalculatorReal Estate Rookie Facebook GroupThe Real Estate PodcastBiggerPockets ForumsReal Estate Rookie PodcastPlay the Game or Get Played: Using Paternal Instincts to Close on 17 UnitsZillowThe Real Estate Robinsons Youtube ChannelVrboCDS Rental CalculatorRobuilt’s Tiny Houses That are Cashing in MASSIVE Profits Every MonthConnect with Josiah:Josiah's InstagramJosiah's BiggerPockets ProfileCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-225Interested 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

Real estate investing is known for one thing: cash flow. No matter who you talk to, investors always seem to be hypnotized by this single metric. Rookie investors love to chase after cash flow and cash flow only—often completely disregarding the much more lucrative benefits of real estate investing for the shiny object of monthly profits getting deposited into your account. But, if you’re buying, analyzing, and negotiating deals based on cash flow only, you could be making a huge mistake.In the new book Real Estate by the Numbers, Dave Meyer and J Scott, both veteran investors in their own regards, give you the numbers behind the NOI and show how real estate will make you rich in much more ways than one. They give you the exact calculations, framework, and mindset to use when analyzing real estate deals, and will show you how you can build wealth faster, smarter, and with less effort than the cash-flow-crazed investor down the street.On today’s show, Dave and J walk through the four ways that investors can build wealth through real estate, which questions real estate rookies should start asking, and debate whether or not the 2022 housing market is one worth buying in. Real estate rookie or not, this show will give you everything you need to start chasing better deals with hidden profits others are too blind to find.In This Episode We CoverWhy real estate rookies should grab the new book, Real Estate by the NumbersRecessions, interest rates, and whether or not 2022 is a good year to buy real estateThe four ways to generate wealth through real estate investing (it’s more than cash flow)Questions real estate rookies should ask when analyzing their first real estate dealsReal estate tax deductions and how investors can pay almost no income tax How to “force” appreciation so you can increase equity faster and walk away with a big paydayAnd So Much More!Links from the ShowAshley's InstagramTony's InstagramAirbnbBiggerPocketsBiggerPockets CalculatorReal Estate Rookie Facebook GroupThe Real Estate PodcastReal Estate Rookie PodcastOn the Market PodcastBiggerPockets Business PodcastBiggerPockets BookstoreHow to Become a Real Estate Millionaire (NO Experience Necessary)What Works (and Doesn’t) in a Recession & the Untold Story of J Scott’s Messy First FlipConnect with Dave and J:Dave's InstagramDave's BiggerPockets ProfileJ's InstagramJ's BiggerPockets ProfileJ's WebsiteCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-224Interested 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 you pay attention, you’ll notice there is a game being played. The sooner you realize this, the sooner you can play to win. The game of life has various components, but the top one percent has mastered the game of money and finance. Once you start playing, your financial fear becomes irrelevant. After all, it is a game—and you’re supposed to have fun.Today’s guest, Nick Troutman, started playing the game after his second child was born. His fatherly instinct kicked in, and he had a deep desire to provide. He started researching investing, money, and finance—his friend recommended BiggerPockets, and the rest was history. Now, Nick has four rental properties with seventeen units, including a nine-unit apartment.As a professional athlete, Nick is on the road for six to ten months, which exposes him to various housing markets. This exposure helped him narrow down his scope of locations to invest in. Ultimately he decided to invest in Tennessee and Georgia. Nick’s open and optimistic approach to life has helped him create his dream life as a father, husband, professional athlete, and investor.In This Episode We CoverThe “game” of money and finance and how to play to winOvercoming provider syndrome and how to use it to your advantageThe BRRRR Method and why it’s one of the best ways to get into real estateWhat to consider before investing in a new market and why you should invest in familiar marketsPrice-to-rent ratio and making sure you’re charging the right amount for rentFear vs. danger analysis and how to use it to start eliminating fear in your lifeAnd So Much More!Links from the ShowAshley's InstagramTony's InstagramMLSAirbnbBiggerPocketsBiggerPockets CalculatorReal Estate Rookie Facebook Group16 Units in 3 States as a BiggerPockets Power Couple Working Full-TimeBiggerPockets InstagramThe Real Estate PodcastBiggerPockets ForumsZillow AppReal Estate Rookie PodcastConnect with Nick:Nick's InstagramNick's PodcastNick's BiggerPockets ProfileGreat Family Adventure's InstagramCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-223Interested 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