Real Estate Rookie

A rental property falling into foreclosure is a sad sign. “What happened to that landlord?” you might ask. Did a tenant do extensive damage, leaving them with a too burdensome repair bill? Did the landlord forget to pay their mortgage? What could have caused this? Well, if you’re like Ashley Kehr, someone else may have caused your home to (almost) slide into foreclosure, without you knowing.Welcome back to this week’s Rookie Reply. Wait, scratch that. This week’s Rookie Confession, featuring our own Ashley Kehr! Many listeners know Ashley as a fast-moving, quick-thinking, real-life monopoly player, but in this episode, she opens up about a mistake that almost lost her multiple properties. It was an easy real estate mistake to make, but even veterans in the game get caught now and again. Want to avoid what happened to Ashley? Tune into this 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 Facebook GroupBiggerPocketsReal Estate Rookie Youtube ChannelAirbnbBiggerNews March: How a Surge of Foreclosures Will Impact the Housing Market w/Auction.com’s Daren BlomquistRookie Reply: How Do I Estimate Property Taxes?Connect with Ashley and Tony:Ashley's InstagramTony's InstagramCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-222Interested 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’re hesitant to start your real estate investing journey, ask yourself this—where would you be now if you started ten years ago, and where could you be in ten years if you started today? As today’s guest, Brandon Rush, said, “everything you enjoy today, is the result of something you did five to ten years ago.” Brandon currently has three multi-family homes with a total of ten units. Brandon started his investing journey when he couldn’t see the light at the end of the tunnel with his W-2. He couldn’t imagine himself working a nine-to-five until sixty-five, so he decided to take his future into his own hands and started house hacking. After two years of hard work and planning, he was able to quit his W-2 a month ago to be a full-time real estate agent.Brandon’s success is not without sacrifice. He moved out of his single-family home and moved an hour away from work for his first house hack. And, of course, after his first house hack, he moved to his second house hack! Moving required Brandon and his wife to get rid of most of their things and travel lightly. Although moving and getting rid of material things can be difficult, for Brandon, getting rid of clutter helped clear his mind and reinforced the idea that he was on the right path. Brandon is confident in his investing choices because he surrounds himself with like-minded people, has built an investor-friendly network, and knows that all his decisions now will benefit his future self.In This Episode We CoverHouse hacking 101—how to get started and why it’s a great way to start investingHow to build an investor-friendly network and the importance of surrounding yourself with like-minded peopleSelf-managing your tenants—how to set boundaries and expectations from the startCreating your lease agreement and how to properly screen tenantsWhy cash flow is the most overrated metric of success and how to accurately measure your property's performanceAnd So Much More!Links from the ShowAshley's InstagramTony's InstagramMLSAirbnbBiggerPocketsFacebook MarketplaceRealtor.comBiggerPockets CalculatorTenantCloudReal Estate Rookie Facebook GroupConnect with Brandon:Brandon's FacebookBrandon's InstagramBrandon's BiggerPockets ProfileCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-221Interested 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 Jerry through Ashley’s Instagram direct messages. Jerry is asking: I’ve finally made the plunge and bought three investment properties. After I rehab, rent, and refinance them, where can I get more money to invest? Is there a type of loan for investors or do I need to look into a hard money lender?Rental property loans are aplenty if you’ve found the right deal. Most veteran investors already know that once you have a good deal, it isn’t hard to find the money to fund it. But, before you build your rental property portfolio, you’ll need to know which options are out there. Don’t worry, you won’t need to spend months or years saving up for another large down payment. There are quicker ways to build a cash-flowing portfolio.Here are some suggestions: Go the commercial lending route and look into DSCR (debt service coverage ratio) loans Partner with another investor or a private money lender to finance your next down payment Cash-out refinance from your previous properties and recycle that money into your next deal Once you have some investing experience, reach out to hard money lenders and ask for their terms and rates 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 Facebook GroupBiggerPocketsBiggerPockets Hard Money LendersConnect with Ashley and Tony:Ashley's InstagramTony's InstagramCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-220Interested 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 successful investor finds their “why” where other people find excuses. Real estate investing isn’t without its challenges, but as you overcome more challenges, you become a better investor. Today’s guest’s strong “why” led him to real estate, and it’s what pushes him to break through barriers, overcome obstacles, and build the life he’s dreamed of.Hunter Lewis’ "why" came two weeks before his senior year of college when he found out his girlfriend was pregnant. Knowing he was to become a father forced him to get serious about his future. He found a college mentor that was successful in the commercial real estate space and began working for his company. Hunter then saved up enough to buy his first property in July 2020. Since then, he’s closed on two other doors and is working on his fourth!Hunter became a first-time landlord with his second property, and while it was a challenge initially, he learned more about property management and how to compromise. Becoming a father at a young age also taught him how to take advantage of opportunities and reframe obstacles. As a real estate investor, he’s learned how to structure partnerships with family and the benefits of patience. Hunter is now working towards his five-year goal—$10,000 of passive income per month.In This Episode We CoverTaking advantage of opportunity and finding ways to advance your careerFinding your “why” and reframing your obstacles How to structure partnerships with family and significant othersBecoming a first-time landlord and how to self-manage your rentals The importance of understanding and watching the marketInvesting while working full-time and how to use your job to help you investAnd So Much More!Links from the ShowAshley's InstagramTony's InstagramMLSAirbnbThe GaryVee PodcastRentRediMonday.comAsanaOn the Market PodcastThe Ultimate Property Management MasterclassConnect with Hunter:Hunter's InstagramHunter's Youtube ChannelHunter's EmailCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-219Interested 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 rental property portfolio isn’t complicated. You find deals, finance them, buy them, manage them, and repeat. What could be easier? For most real estate investors, it’s not the big steps that stop them from scaling. It’s the little ones. Finding deals means looking through the MLS, cold calling, driving for dollars, or door knocking almost daily. Financing means talking to mortgage brokers, local banks, or investment property lenders. These day-to-day tasks are what make or break your portfolio, so how do you get on top of them?Welcome back to this week’s Rookie Reply, where we’re joined by On The Market co-host, Henry Washington. In only a few short years, Henry has grown his portfolio to over seventy-five doors. With kids at home, a family to take care of, and businesses to manage, how did he scale so fast? He gives his secrets in this episode.And as a bonus for our BPCon2022 attendees, we have some tips for you on how to make the most out of the upcoming convention!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 ShowAshley's InstagramTony's InstagramBiggerPocketsBPCON2022Real Estate Rookie Facebook GroupThe Real Estate PodcastBiggerPockets ForumsBiggerPockets BootcampsOn The Market PodcastConnect with Henry:Henry's InstagramCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-218Interested 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

Successful real estate investors don't find success alone. Real estate is a relationship business, so eventually, you need someone— an agent, contractor, cleaning lady, or handyman. At times, your success depends on these people, so you need to build a relationship with them. Once you cultivate a relationship, maintenance becomes the next step, but how do you do that? How do you find the balance between too friendly and impersonal? How do you turn a transactional relationship into a transformational one?Today’s guests, Evan and Katie Miller, have prioritized relationship building in their business and have seen tremendous success. The advantage of investing as a couple is they balance each other out. Evan enjoys numbers, while Katie enjoys working with people—creating the balance they need to be a well-oiled real estate machine. They have sixteen units amongst seven properties in Florida, Denver, and Nebraska. While growing their real estate business, they both work full-time jobs with a baby at home. Katie is the general manager at the BiggerPockets publishing division, which motivated her to invest because she sees the power of real estate every day. Since they still work full-time, they prioritize time management, relationship building, and organization. Evan and Katie hope to hit fifty properties in five years while keeping their full-time jobs.In This Episode We CoverInvesting with a spouse or a significant other and how to find balance and set boundariesAppraisal issues and finding creative solutions vs. knowing when it’s time to step awaySelf-management vs. property management and whether outsourcing is worth itVetting and finding the right property manager in a new marketHow to cultivate and maintain relationships both professionally and personallyOut-of-state investing, learning how to invest in new markets, and the criteria you should haveAnd So Much More!Links from the ShowAshley's InstagramTony's InstagramBiggerPocketsBPCON2022BiggerPockets BookstoreReal Estate Rookie Facebook GroupThe Money PodcastThe Real Estate PodcastAirDNAThe Official BiggerPockets Facebook GroupMLSLoopNetBiggerPockets ForumsBiggerPockets Free MembershipReal Estate Rookie Youtube ChannelConnect with Evan and Katie:Evan's InstagramKatie's InstagramEvan's BiggerPockets ProfileKatie's BiggerPockets ProfileCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-217Interested 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 investors are a hard-working bunch. They put in long hours every day to create passive income and find financial freedom. Many investors resort to doing what they hate, day in and day out, simply to escape the clutches of a nine-to-five job. If you’re a rookie real estate investor, you’re probably the property manager, head of acquisitions, tenant contact, and accountant all rolled into one. But this “all or nothing” way of working could slow you down faster than you know.If you want to take your wealth to the next level, try quitting—it’s what Pat Hiban and Tim Rhode have been doing for decades. As two successful real estate agents, they enjoyed the negotiation games that eventually led to large commission checks. But as the years went by, this non-stop grind took its toll—so much that they both gave up very profitable professions to do what they love. Surprisingly, the “do what you love” lifestyle made them even more money than before!This is all well and good for a couple of veteran investors, but what about our real estate rookies? What about you, listening to this with one, two, or ten deals? How do you take a step back and become a quitter like Pat and Tim? Can you really make more money by doing less, and even if you could, how do you take the first step? In their new book, The Quitter’s Manifesto, Pat and Tim lay out the exact team and strategy you need to go from burnout to big checks with far less effort.In This Episode We CoverHow two formal education failures became multimillionaires Going from 100% “obligation” work to 100% “interest” work by doing what you loveFinding the “quiet” that brings your best ideas to light Building your team of quitters who will hold you accountable to do less and make moreHow to find a world-class real estate mentor who will speed up your growth substantiallyThe financial position you should be in before you contemplate quitting And So Much More!Links from the ShowAshley's InstagramTony's InstagramBiggerPocketsGoBundanceUpworkBPCON2022BiggerPockets BookstoreBuilding 61 Different Passive Streams of Income with Pat HibanTurning $5K Into $5K/Month and Retiring at 40 with Tim Rhode9 Simple Steps to Finding the Best Real Estate Mentor for YouBook Mentioned in this ShowThe Quitter's Manifesto by Tim Rhode and Pat HibanConnect with Pat and Tim:Pat's LinkedInPat's BiggerPockets ProfileTim's WebsiteTim's LinkedInCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-216Interested 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

Want to become a millionaire? After this episode, you’ll have everything you need to start your journey to a seven-figure net worth through real estate investing. Most people think that to become a millionaire you need to have a high-paying job, a large inheritance, or hundreds of rental properties. This couldn’t be further from the truth, as regular real estate investing allows almost anyone to build wealth, attain financial freedom, and live the life they dream of in only a matter of years.For those who haven’t bought their first investment property, or only have a few, this webinar with Dave Meyer will provide the step-by-step system that’ll take you from onlooker to investor. Dave takes you through the math behind making millions, how to find investment properties worth buying, analyzing real estate in just minutes, and finally, how to repeat the system so you can continuously build wealth no matter what life position you’re in.Stick around until the end as Dave throws in a special gift for our viewers that will help take you from rookie to veteran investor in no time at all. The tools, information, and data found in this episode could help slingshot your wealth to levels you’ve never imagined. So, are you ready to start?In This Episode We CoverHow to become a real estate millionaire no matter where you’re starting fromDefining your “why” and knowing how much money you want to makeHow an economic recession could affect real estate investors in 2022The “crystal clear criteria” every investor must know before buying a rental propertyBuilding your real estate “stack” that can make you rich in only a few yearsHow to analyze rental properties for complete confidence in the dealFinding, funding, and financing investment property purchasesThe fastest way to level up your real estate investing skills so you can reach financial freedomAnd So Much More!Links from the ShowAshley's InstagramTony's InstagramBiggerPocketsZillowBiggerPockets CalculatorsOn the Market PodcastBiggerPockets ProMLSBiggerPockets Agent FinderBiggerPockets Rental Property CalculatorCraigslistBiggerPockets BootcampsMashvisorRoofstockAirDNAConnect with Dave:Dave's InstagramDave's BiggerPockets ProfileCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-215Interested 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 Ricky through Ashley’s direct messages on Instagram. Ricky is asking: I’m about to start my investing journey with short-term rentals. How do I build a real estate team, and which positions should I look for first?On your way to building a short-term rental empire, you’ll need to build out your real estate investment team. These are the people who will help you scale, manage your properties, and handle host headaches that come up, so you can focus on finding better vacation rental properties. If you want to scale like Tony, who’s already at sixteen short-term rental units, you’ll need to invest in the four “buckets." Doing this will free up time for you to run a better business and source bigger deals.Here are some suggestions:Start making checklists, notes, and training videos as soon as you buy your first propertyFind the things you hate doing and offload them sooner, rather than laterBuild out your short-term rental core four who can help manage the property while you source dealsStart small with a cleaner or maintenance worker and slowly hire out from thereAnd 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 Facebook GroupBiggerPocketsBPCON22Investor Girl BrittBadAsh InvestorAirbnbLoomBiggerPockets Agent FinderFind Money, Partners, & Deals Using The “D.A.D System” w/ Mike Michalowicz21 Real Estate Professionals You Need on Your Team (Updated 2021)Connect with Ashley and Tony:Ashley's InstagramTony's InstagramCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-214Interested 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 older you get, the more you realize how much life costs. As a kid, it's easy to take for granted the free rent and free meals, but what if you could get back to that? What if you could live mortgage or rent-free as an adult? What if you could have your meals paid for on someone else’s dime? In today’s episode, our guest, Nate Weintraub, shares how he lives for “free” with his three properties that total sixty-five units.With a real estate investor as a father, Nate has always been around rental property investing. He never saw himself getting into real estate until he worked his first W-2. After seeing the realities of a nine-to-five, Nate decided to buy a property after college and pursue real estate. In March of 2020, he put a house under contract in Rochester, New York. Since then, he has purchased a sixty-three-unit storage facility in Alabama and is currently house hacking in Florida.As Nate works toward financial freedom, he has made steps toward reducing his cost of living while still living a life he loves. In addition to being an investor, he does what he loves as a self-employed copywriter—BiggerPockets’ copywriter in fact. At only twenty-four, Nate lives rent-free in his house hack, his rental property covers most of his food, and his real estate investment trusts pay for his car. In This Episode We CoverAnalyzing and choosing an out-of-state market to invest in (w/o visiting them)Self-managing and how to build a trusting relationship with your tenants House hacking and how to use it to live rent-free while building wealthSelf-storage investing and how to break into a newer, bigger asset classFinding reliable and trustworthy partners and how to manage your partnershipsThe importance of talking about your real estate aspirations and how to generate more business through conversationAnd So Much More!Links from the ShowAshley's InstagramTony's InstagramBiggerPocketsReal Estate Rookie PodcastZillow$13M in Equity from One Deal & Cash Flowing Despite Being Comatose with AJ OsborneReal Estate Rookie Facebook GroupHow to Cut Expenses for a Faster Route to Financial FreedomBiggerPockets CalculatorsEasy Storage SolutionsStessaRoomies.comYelpSquareFootQuickBooksOn the Market PodcastBiggerPockets ForumsAirbnbConnect with Nate:Nate's InstagramNate's EmailNate's WebsiteCheck out the full show notes here: https://biggerpockets.com/blog/rookie-213Interested 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