Real Estate Rookie

Someone has to step up to the plate when a challenge presents itself, and today’s guest always does. Tammy Skeath began her real estate journey in 2018, and despite being faced with several unique obstacles, she has found immense success. She currently has seventeen units and plans on expanding exponentially within the next few years.Tammy was inspired to get started after watching her cousin continue to build wealth through real estate. Her first deal was a carbon copy of one of his deals. By doing this, she learned the ins and outs while having a step-by-step real estate guide she could reference. Despite replicating his deal, she encountered various problems that made the process more difficult. The city she invested in has strict rules to protect endangered animals, and instead of investing elsewhere she decided to do more research on the issue. From her research she was able to find a unique solution and complete the project.She did this again when she bought a gang house with twenty-seven code violations. Most people would say this type of property isn’t worth the hassle, but it was for her. She was able to double her initial investment, and pull out $600,000 from this one deal. Now real estate allows her to bring in a large amount of income, reach her goals faster and still have the time to spend with her kids.In This Episode We CoverGoal setting—how to define your goal, pursue it, and pivot once you achieve itHow to become good at and capitalize on something everyone’s scared of (it’s not as hard as you think)Spec builds—how to find a contractor & ask the right questions1031 exchanges, how to perform one, and why they’re an underrated investment toolHow to use cash for keys as a tool to help you and your tenant part ways peacefullyAnd So Much More!Links from the ShowAshley's InstagramTony's InstagramBiggerPocketsReal Estate Rookie Youtube ChannelReal Estate Rookie PodcastReal Estate Rookie Facebook GroupAlpha Geek CapitalMLSYelpApartments.comStride: Mileage & Tax TrackerWave FinancialConnect with Tammy:Tammy's InstagramTammy's EmailTammy's BiggerPockets ProfileCheck out the full show notes here: https://biggerpockets.com/blog/rookie-177 Learn more about your ad choices. Visit megaphone.fm/adchoices

Every week, Ashley and Tony reply to a frequently asked question from the BiggerPockets community. But, this week, they’ve decided to finally answer the most asked question yet: what happened with Tony’s Shreveport deal? If you’re an avid Rookie Reply listener, you’ve probably heard Tony talk about one property that he has been trying to sell for over a year. Well, it’s finally sold, and Tony’s here to share all the details, mistakes, and numbers so you can do better on your next deal.While this wasn’t Tony’s first deal, it did provide him with a strong foundation of knowledge to pursue bigger and better real estate investments. So, if you find yourself looking for deals, or stuck with a bad deal, take some of Tony’s suggestions to heart:Avoid buying properties in flood zones unless you’ve fully calculated the cost of flood insurance Be highly selective of your property’s location and get to know the neighborhood you’re buying inHave multiple exit strategies for every property (rental, flip, BRRRR, etc.)See money spent on a deal as “real estate education” that will make you richer!Know that as an investor, you’re not going to get everything right all the timeAnd 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 ChannelOmid's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-176 Learn more about your ad choices. Visit megaphone.fm/adchoices

There are those who accept their circumstances and then there are those like today’s guests —the Donis Brothers (Jeffrey, Kenneth, and Kerwin). These three brothers have created immense success for themselves at only twenty & twenty-three years old through self-education, network building, and hard work. They’ve done seventeen wholesale deals and co-sponsored three multifamily syndications with a total of 636 units between them in a mere two years.They got their start in college when the oldest brother, Kenneth, heard about wholesaling while watching The Breakfast Club. After taking a humbling trip to Guatemala and realizing how many opportunities they had access to, they knew they had to pursue real estate. Once they decided to pursue real estate, each brother separately came to the same conclusion—college wasn’t for them. They collectively decided to focus on building their business so they could reach their ultimate goal of financial freedom and retiring their mom. They started their real estate journey with single-family homes but quickly realized multifamily properties aligned more with their goals. During their transition, it took six months of straight cold calling before they got their first deal. While working to get their first deal they also joined a mastermind and spent time expanding their network. They actively sought out people in spaces they were trying to penetrate which led them to their current mentorship program. Their ability to scale their business and network simply proves they are a force to be reckoned with. Make sure to listen closely because the Donis Brothers could be the next big thing.In This Episode We CoverHow to invest at a young age and turn being young into an advantage Networking events and how to extract true value from each one you attendCold calling, its importance, and how to effectively nurture leadsHow to make the transition from single-family to multifamily propertiesBuilding a powerful real estate network of mentors, investors, deal finders, and friendsSyndications and how to use them to broaden your investing opportunitiesBuilding a social media platform to expand your network and reachAnd So Much More!Links from the ShowAshley's InstagramTony's InstagramBiggerPocketsReal Estate Rookie Youtube ChannelReal Estate Rookie PodcastBiggerPockets BootcampThe BiggerPockets Conference 2022Max Maxwell's WebsiteMeetupEventbritePodioSubto Real EstatePropStreamListSourceBatchLeadsMojo DialerGrant Cardone's WebsiteBiggerPockets ForumsYour First Real Estate Investment PodcastIs This Deal Worth My Time? The 6 Crucial Steps to Vet a Multifamily DealThe 8 Steps That Will Stop You From Getting Burnt on Multifamily Deals w/Andrew CushmanPitchstackBar Down InvestmentsTyler CombsRare Bird Real EstateBiggerPockets Real Estate PodcastReal Estate Rookie Facebook GroupBooks Mentioned in this Show:Rich Dad Poor Dad by Robert T. KiyosakiBest Ever Apartment Syndication Book by Joe Fairless and Theo HicksConnect with The Donis Brothers:The Donis Brothers's WebsiteThe Donis Brothers's InstagramThe Donis Brothers's Facebook PageThe Donis Brothers's TwitterThe Donis Brothers's Tiktok The Donis Brothers's Youtube ChannelThe Donis Brothers's PodcastCheck out the full show notes here: https://biggerpockets.com/blog/rookie-175 Learn more about your ad choices. Visit megaphone.fm/adchoices

This week’s question comes from Kurt through Ashley’s Instagram direct messages. Kurt is asking: We’d like to buy a vacation property with my brother and sister-in-law. My wife and I would handle the management while my brother would bring the down payment to the table. How do we quantify each party’s contribution when dividing profit and equity in the property? Real estate partnerships can be a huge help to rookie investors, especially for those who have the experience but lack the cash to invest by themselves. It’s important to note that real estate partnerships can be set up in any way you prefer⁠—as long as both parties agree that the split is fair⁠—you have full reign of your partnership structure.Ready to partner up on a deal? Here are some suggestions:Clearly define responsibilities so that both parties are happy with the agreementHave a predetermined exit strategy for the partnership and propertyProvide interest to whoever is putting down the money and pay fees to whoever manages the propertySet limits to when partners can use the property for their personal use (if it’s a short-term rental)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 ChannelRookie Podcast 170: Rookie Reply: ARM vs. Fixed-Rate Mortgages (Which Is Better For Cash Flow?) Check the full show notes here: https://www.biggerpockets.com/blog/rookie-174 Learn more about your ad choices. Visit megaphone.fm/adchoices

Investing in rental properties can be challenging at first, which is why so many investors tend to take it slow. Tyler Madden had the luxury of NOT being able to do this, and it’s worked out well in his favor. Just over a year ago, we interviewed Tyler on episode fifty-five of the Real Estate Rookie Podcast. At the time, Tyler was an “accidental landlord”, but a lot has changed since then.Tyler found himself in the position to purchase seven units, a mere $1,000,000 or so in real estate, right as his wife was due to deliver their first-born child. While he didn’t necessarily want to handle a full rehab of so many units, he took a “why not?” approach and found a way to make both properties work. Through a lot of sweat equity, Tyler was able to rehab, rent, and refinance these units and come out with a crazy amount of monthly cash flow!If you want to expand your real estate portfolio as Tyler did, listen to this episode intently. Tyler dives deep into the numbers, work, and lessons he learned along the way as he turned seven underperforming rental units into a portfolio any investor would dream of!In This Episode We CoverRelying on data vs. emotions when buying your first rental propertyWhether or not now is the right time to buy real estate What’s impacting today’s housing market and using uncertainty to your advantageThe best investing moves to make if a recession (or crash) is on the horizonWhat rookies should look for in a real estate investing market Buying real estate with a long-term outlook (so you can handle the dips!)And So Much More!Links from the ShowAshley's InstagramTony's InstagramBiggerPocketsReal Estate Rookie Youtube ChannelReal Estate Rookie PodcastRookie Podcast 55: Combining House Hacking and Live in Flips with Tyler MaddenAirbnbAsanaMonday.comBiggerPockets BootcampZoomConnect with TylerTyler's InstagramTyler's WebsiteCheck out the full show notes here: https://biggerpockets.com/blog/rookie-173 Learn more about your ad choices. Visit megaphone.fm/adchoices

Today’s episode is all about understanding yourself. Nick Baumgart, an Enneagram expert, explains how to use the information from the Enneagram in your everyday life. The Enneagram test is used as a way to understand your emotional habits. Unlike other popular personality tests, the Enneagram focuses less on what you do and more on who you are.The test breaks down your motivations into three parts: fear, body, and mind. When you truly understand what motivates you, you're able to see why you act the way you do and can start taking steps to fix any destructive behaviors. This knowledge also goes a long way when interacting with other people. This test is ideal for teams because instead of putting yourself in their shoes and still looking at problems from your perspective you can “understand them in their shoes." Nick talks about how powerful of a tool this test is and how it could have changed his life if he had found it earlier, so do yourself a favor and let this test change your life today!Links from the ShowAshley's InstagramTony's InstagramTyler Madden's BiggerPockets ProfileThe Myers Briggs CompanyThe Narrative EnneagramTony Robbins' Profile DISC Assessment Check the full show notes here: https://www.biggerpockets.com/blog/rookie-172 Learn more about your ad choices. Visit megaphone.fm/adchoices

The 2022 housing market is off to a wild start. We’ve seen home inventory at decade lows, interest rates have finally started to rise, and more homebuyers are looking at fewer houses. As a real estate investor, it can be tough to navigate a market like this, especially when you’ve never bought a rental property before. What you need is data behind the decision making, and today, we’ve got just that!Joining us today is Dave Meyer (@thedatadeli), VP of Data and Analytics at BiggerPockets, and host of the brand new podcast, On The Market. Dave has spent the last decade analyzing real estate data so he and the BiggerPockets community as a whole can invest smarter. Today, Dave dives deep into the most pressing matters of the real estate market, ranging from topics like interest rates, to housing crash indicators, determining the best rental market, and more.If you want to hear a high-level update on everything happening within the world of real estate investing, plus some predictions for this year’s housing market, stick around! Dave will give you all the analytics-based insight you need!In This Episode We CoverRelying on data vs. emotions when buying your first rental propertyWhether or not now is the right time to buy real estate What’s impacting today’s housing market and using uncertainty to your advantageThe best investing moves to make if a recession (or crash) is on the horizonWhat rookies should look for in a real estate investing market Buying real estate with a long-term outlook (so you can handle the dips!)And So Much More!Links from the ShowAshley's InstagramTony's InstagramScott Trench's BiggerPockets Profile Josh Dorkin's BiggerPockets ProfileJames Dainard's BiggerPockets ProfileBrandon Turner's BiggerPockets ProfileHenry Washington's BiggerPockets ProfileKathy Fettke's BiggerPockets ProfileDavid Greene's BiggerPockets ProfileJamil Damji's LinkedIn ProfileDaryl's instagramReal Estate Rookie Facebook GroupBiggerPocketsBiggerPockets ForumsReal Estate Rookie Youtube ChannelThe Rookie InvestorReal Estate Rookie PodcastBiggerPockets BlogAJ Osborne PodcastRedfinFREDBiggerPockets Rent EstimatorFundRiseStop Waiting for a Housing Crash (Do This Instead)Connect with DaveOn The MarketDave's InstagramCheck out the full show notes here: https://biggerpockets.com/blog/rookie-171 Learn more about your ad choices. Visit megaphone.fm/adchoices

This week’s question comes from Channa through Ashley’s Instagram direct messages. Channa is asking: I have three rental properties and am looking to refinance them all. Should I do an adjustable-rate portfolio loan on all three or do separate fixed-rate loans on each property? As real estate investors, we tend to have many different options when financing rental properties. Some, like adjustable-rate mortgages (ARMs), may come with lower closing costs and slightly lower interest rates, while fixed-rate mortgages have slightly higher interest rates but boast the added security of long-term financing for a property or properties. While both have definitive pros and cons, the implications of both types of loans must be understood before you reach the closing table.Here are some suggestions when making the choice:Understand your long-term strategy for the property and which loan works for which exit strategyRun an amortization schedule on both loans to see the difference in your monthly paymentIf you decide to go with an ARM, make sure you know what you’ll do once your low-interest rate endsCalculate total closing costs to see if you have the reserves ready to go through with each loanAnd 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 PodcastThe BiggerPockets Money Podcast Check the full show notes here: https://www.biggerpockets.com/blog/rookie-170 Learn more about your ad choices. Visit megaphone.fm/adchoices

Stacey Stegenga wasn’t always a landlord, she was a nurse. But not just any nurse, Stacey was a flight nurse, helping transport military patients across the US. When she stepped away from flight-nursing, she picked up travel nursing, moving around the US for months at a time to provide medical care wherever needed. She finally ended up in Denver, where her pay was cut in half and her expenses saw a drastic boost.This was a massive change for Stacey. She wasn’t the best at budgeting and knew she needed more income. After stumbling upon the book Set for Life, by our own Scott Trench, she knew that the most logical conclusion to fix her financial troubles was saving, house hacking, and real estate investing. But at the age of thirty-three, Stacey questioned whether or not she was too late to get in on the cash-flowing action.After educating herself intensely, she took the risk and jumped into real estate. Stacey was able to build a seven-unit portfolio in just two years! She’s tried her hand at out-of-state investing, raising private capital, partnering on deals, and mid-term rentals, all of which have worked out generously in her favor. She shares the exact steps she took to build her portfolio as fast as she did, so you can do the same! In This Episode We CoverFixing your personal finances before trying to invest in real estate Building a “financial runway” that allows you to buy properties, stress-free In-state investing vs. out-of-state investing and the best choice for those in pricey marketsScaling your real estate portfolio using cash offers (even if you don’t have the money)Using mid-term rentals as a way to keep rent stability while boosting your profit The risk vs. reward of buying properties sight unseen when investing out of stateAnd So Much More!Links from the ShowAshley's InstagramTony's InstagramScott Trench's BiggerPockets Profile Tyler Madden's BiggerPockets ProfileReal Estate Rookie Facebook GroupBiggerPocketsBiggerPockets ForumsBiggerPockets BootcampReal Estate Rookie Youtube ChannelMLSThe War RoomPropStreamDirectSkipBatchLeadsAppfolioConnect with StaceyStacey's InstagramCheck out the full show notes here: https://biggerpockets.com/blog/rookie-169 Learn more about your ad choices. Visit megaphone.fm/adchoices

How much cash flow do you need to quit your day job and go full-time into real estate investing? You may have a big number in your head when we ask that. Maybe you’re thinking of replacing a six-figure salary with six-figure cash flow, but that's probably far from what you truly need to quit. In fact, you can quit with a lot less cash flow than what you’re being paid today!Joining us again is Daryl Clinch, who recently went full-time into real estate investing with his mentor and partner, Ashley Kehr. Daryl transitioned from seasonal employment to full-time investor after working at his job for sixteen years and deciding he needed a change. In today’s show, Daryl breaks down exactly how he prepared to quit, the cash savings he had, and the surprising amount of cash flow that allowed him to achieve occupation-independence!Looking to do the same as Daryl? Here are some suggestions:Find a mentor who can fast-track your knowledge and learn from themPartner up on deals with other investors and provide value whenever possibleCalculate your true cost of living to find your minimum cash flow to quit Keep a strong safety reserve so you can focus on getting deals (not paying bills!)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 ShowRookie Podcast 164: Rookie Reply: How Do I Escape My 9-5 with Real Estate Investing?Real Estate Rookie Facebook GrouRookie Podcast 147: 13 Flips as a Full-Time Flight Mechanic and Part-Time Lender w/ Anthony MichaelReal Estate Rookie PodcastDaryl's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-168 Learn more about your ad choices. Visit megaphone.fm/adchoices