Real Estate Rookie

This week’s question comes from Brandon through Ashley’s Instagram direct messages (follow her @wealthfromrentals). Brandon is asking: I live in a great neighborhood where my rent is less than a potential mortgage. I’m looking to invest in a different town experiencing great growth, but I would live there myself. Is it a bad idea to purchase a rental property before purchasing my primary residence? Both Ashley and Tony had to ask themselves this same question as they started their real estate investing careers. While they took different approaches, in the end, they both agree that this decision is far more subjective than many people think, and it will entirely depend on your family plans, cash flow, and net worth calculations.Here are some suggestions:Ask “will this home purchase contribute faster to my cash flow or net worth goals?”Decide on the importance of having a “home base” in your nameUnderstand how your financing options may change after buying the propertyCalculate how long it will take you to invest/buy your primary after your purchaseMake the decision through a five-year lensAnd 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 Rookie Facebook GroupReal Estate Rookie Youtube ChannelCheck the full show notes here: https://www.biggerpockets.com/rookie148 Learn more about your ad choices. Visit megaphone.fm/adchoices

To be a successful entrepreneur and investor, you need to learn how to turn a no into a yes. Today’s guest, Anthony Michael, has earned his title as a successful entrepreneur from doing just that. Through determination, calculated risk, and finding ways to create value, Anthony has done thirteen flips while also becoming a trusted lender.  Anthony’s real estate investing journey started when he realized he needed to gain control of his money. After his first flip, a live in flip on the house he and his wife had just bought, he knew flipping was something he could do for profit. From there he found his first partner, one of his co-workers, and began to flip even more houses. The second partner he found rejected him at first, even though his online profile (with no profile picture) was pretty much anonymous. Despite this, Anthony was drawn to this mystery partner and his alleged “400 flips” so he flew out to meet this so-called legend and was pleasantly surprised when he was exactly who he said he was.Anthony could have stopped there but he decided to tap into a new source of income; lending. It started with him asking his neighbor what he did for a living and now he’s the top-rated lender on BiggerPockets. The ability to create value and persist has allowed Anthony to become not only a great real estate investor but an amazing entrepreneur. In This Episode We CoverVA loans and why they’re powerful home buying toolsHow to navigate partnerships and find the right partnership structure for both partiesPromissory notes and the importance of having legitimate legal documents in placeHow to establish a strong partnership foundation in the beginningHow to bounce back from losing money and prevent it from happening againHard money loans and why you shouldn’t automatically write them offAnd So Much More!Links from the ShowReal Estate Rookie Youtube ChannelAshley's InstagramTony's InstagramReal Estate Rookie Facebook GroupBiggerPockets PodcastAshley Wilson's InstagramBiggerPockets Radio Podcast 001: Building a Successful House Flipping Business and Losing Millions with Marty BoardmanDavid Greene's InstagramLowesThe Home DepotGrant Cardone's WebsiteBiggerPocketsCheck the full show notes here: https://www.biggerpockets.com/rookie147 Learn more about your ad choices. Visit megaphone.fm/adchoices

Getting fired usually isn’t a good thing. But in retrospect, it was arguably one of the best things to ever happen to Tony Robinson. Before being the internet’s poster boy for short-term rental investing, Tony Robinson spent his days working for someone else while climbing up the corporate ladder. When he unexpectedly got fired (2 days before Christmas), he had to reimagine what his life would and could look like.Tony took a chance on himself and his real estate business, a chance that has paid off massive dividends to this day. He now lives life on the schedule he wants, spending time with his wife and son, without having to worry about a boss one day letting him go.Maybe getting fired (while owning real estate) isn’t such a bad thing!Thinking of leaving your job? If so, prepare like Tony did:Have a healthy safety reserve before you decide to leaveUnderstand the job market for your specific position and whether or not you could be rehiredUse your W2 income to invest in cash-flowing assets like real estateUnderstand the difference between “job security” and “wealth building security”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 Rookie Facebook GroupReal Estate Rookie Youtube ChannelBiggerPockets Real Estate Investing BootcampBiggerPockets PodcastCheck the full show notes here: https://www.biggerpockets.com/rookie146 Learn more about your ad choices. Visit megaphone.fm/adchoices

Most people describe their start in real estate investing as a thought-through process. It usually includes a tedious plan with an incredible amount of time spent gaining background knowledge—but that’s not always the case. Today’s guest, Jan Trisler, stumbled into real estate investing by accident but hasn’t been able to look back after having four successful flips, while currently working on her fifth. Now, she has hopes of getting into rental properties in the upcoming year.Jan was already in a transition period in her life as she was moving from Nebraska to Arizona as a divorcee but she decided to take it one step further and trade her 9-5 for real estate. It started with purchasing her primary residence from an auction, then later rehabbing it to realize she could do this for a profit. From there, she made the transition from rehabbing to flipping and bought two more properties from an auction.Once Jan realized that flipping was not only a sustainable source of income but something she genuinely enjoyed, she formed an LLC with her daughter and made things official. While some are hesitant to work with family, Jan and her daughter have created a great system where work is allocated fairly, their wages are paid hourly and the financial investment works perfectly for them. By taking the investing “plunge”, Jan has been able to live and finance her ideal life while doing it with the people she cares about most.In This Episode We CoverHouse hacking and how to get your start in real estate investingWholesaling and whole-tailing and what that meansHow to make sure the job you work at matches your ideal lifeHow to set long-term and short-term goals and how to approach themBuilding processes and incorporating systems that help your business prosperOutsourcing and how to train employees (even if you’ve never been a boss)And So Much More!Links from the ShowReal Estate Rookie Youtube ChannelAshley's InstagramTony's InstagramReal Estate Rookie Facebook GroupAuction.comMLSHours Tracker AppTime Clock AppQuickbooksQuickbooks Time TrackingRookie Podcast 109: From Sleeping in His Car to Multi-Unit Landlord & The “Nomad” StrategySara's InstagramZillowRealtorCheck the full show notes here: https://www.biggerpockets.com/rookie145 Learn more about your ad choices. Visit megaphone.fm/adchoices

From time to time, Ashley and Tony both have questions they need answering. And thankfully, they both host a show with a real estate investor in complementary niches. This week, Ashley is prepping to scale her short-term rental empire, so she wants to know from Tony what his six top tips for vacation rentals would be.Although Tony has only been hosting for a few years now, he has a sizable portfolio that was built fast and efficiently. He’s able to charge top dollar on his vacation rentals due to his management, rehabs, and pricing strategies. If you want to max out your vacation rental income, Tony is the guy to listen to!Here are some suggestions for Ashley:Utilize comparable data to match region-standard checkout policies, nightly pricing, and minimum stays on bookingsFind the niche that you can fill and will allow your rental to stand outDo whatever you can to ensure the guest leaves a positive review on your propertyCommunicate with guests in a systematized, timely mannerAnd 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 Rookie Facebook GroupReal Estate Rookie Youtube ChannelBiggerPockets Real Estate Investing BootcampAirbnbVrboRobuilt Youtube ChannelHospitableiGMSYourPorterCheck the full show notes here: https://www.biggerpockets.com/rookie144 Learn more about your ad choices. Visit megaphone.fm/adchoices

When you think about your ideal life in 5,10 or even 15 years, what do you see? When you think about your finances, what is it that you want your money to do for you? As today’s guest, Aaron Latal, so elegantly put it, when setting goals it is best to start backwards.After graduation, Aaron landed a high-paying job as an engineer and genuinely enjoyed the work he was doing, yet he felt like something was missing. Besides his job, he had nothing to fill his free time, so he turned to real estate investing. He began to read, listen to BiggerPockets and do anything he could to educate himself. Once he felt like he had a good understanding, he started his real estate journey by rehabbing the property he lived in and eventually house hacking a duplex he purchased.Shortly after that, he realized this is what he was meant to be doing. He then quit his job despite enjoying it because he knew that engineering didn’t fit the life he envisioned for himself. From there on he poured everything into real estate and wholesaling. He soon noticed that he had more of an interest in the business and process side of things so that’s what he focused on. As business picked up, he was able to outsource certain aspects of his job and focus on his strengths and what he enjoys. By working backward and understanding what he wants his life to look like in the future, Aaron is not only building his ideal life but living it. In This Episode We CoverHouse hacking and how to get your start in real estate investingWholesaling and whole-tailing and what that meansHow to make sure the job you work at matches your ideal lifeHow to set long-term and short-term goals and how to approach themBuilding processes and incorporating systems that help your business prosperOutsourcing and how to train employees (even if you’ve never been a boss)And So Much More!Links from the ShowReal Estate Rookie Youtube ChannelAshley's InstagramTony's InstagramReal Estate Rookie Facebook GroupAlpha Geek CapitalThe One ThingPodioForefrontBiggerPockets Podcast 494: The Five F-Words Every Real Estate Investor Needs to MasterBiggerPockets PodcastBiggerPockets Podcast 480: Making $200k a Month After Being on the Verge of BankruptcyScott TrenchLoomReadymodeCallRailCheck the full show notes here: https://www.biggerpockets.com/rookie143 Learn more about your ad choices. Visit megaphone.fm/adchoices

This week’s question comes from Mack through Ashley's Slack channel in the Real Estate Rookie Bootcamp. Mack is asking: How can I buy an investment property without putting 20% down?Mack has the question that many real estate investors do: how to buy with low or no money down? Thankfully, the world of real estate has a plethora of financing options from low down payment conventional and FHA loans to zero percent down loans from certain providers. Granted, you do need to check a few boxes before you can get these.Here are some suggestions:Understand the main differences between FHA loans and conventional loansUse house hacking as a way to qualify for owner-occupied financingCalculate out your PMI beforehand so you know the true cost of a sub-20% percent down loanUse a HELOC on your current properties as the down payment for new onesAnd 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 Rookie Facebook GroupReal Estate Rookie Youtube ChannelReal Estate Rookie BootcampBiggerPockets ForumsNACACheck the full show notes here: https://www.biggerpockets.com/rookie142 Learn more about your ad choices. Visit megaphone.fm/adchoices

We usually get to hear from our amazing guest speakers, but as the year comes to an end, it’s time to hear directly from our dynamic show hosts. Besides hosting rookie podcasts, Tony and Ashley are living proof of how lucrative real estate can be when done right. In this end of the year special we explore Tony and Ashley’s business goals, challenges, and motivations.While it might be hard to imagine, Tony and Ashley started exactly where everyone else did, at the beginning. Before they each had their own successful businesses, they had to develop a plan, make connections, build a strong reputation, and find the confidence and motivation to keep going even through failure. In fact, despite their current success they still have to do all these things and more. Real estate investing isn’t stagnant and in order to get to or stay on top you have to be willing to evolve, change and take risks.Tony and Ashley break today’s episode into three categories: business development, partnerships and motivation/inspiration. In each category they talk about their current and past business ventures and their big takeaways. We usually get to hear small snippets about what they’re doing and how they’re doing it, but today it’s just them and it’s something you don’t want to miss!In This Episode We CoverThe BRRRR strategy and how lucrative it can be for investorsThe importance of constantly challenging yourself and finding something you’re passionate about The benefits of finding your niche market and becoming “known” for somethingWhy goal setting and vision planning is essential (even if you don’t know your end goal)Building your internal team and the difference between your internal and external partnersThe different types of partnerships and finding the right partnership structure for youAnd So Much More!Links from the ShowReal Estate Rookie Youtube ChannelReal Estate Rookie Facebook GroupBrandon Turner's InstagramThe Real Estate Robinsons Youtube ChannelAJ Osborne's Self Storage ConferenceAJ Osborne's InstagramJames Dainard's InstagramCheck the full show notes here: https://www.biggerpockets.com/rookie141 Learn more about your ad choices. Visit megaphone.fm/adchoices

Once again, Ashley’s DMs are open for questions! This week, Brendan direct messaged Ashley asking: I’m looking at a 10-unit property at $1.9M. The current owner only has 4/10 units rented, but banks require 75% occupancy to finance. The seller would be interested in owner financing. Where do I start?It’s good to note that no two seller financing deals are the same. Different sellers want different things out of a sale and it’s up to you, as the buyer, to find the things they really need to get the deal done. If you’re able to do that, you could get a great property under contract with little-to-no money down!Here are some suggestions for owner financing:Use PropStream or county records to see whether or not the seller has a mortgage/lien on the propertyCalculate how much you’d be comfortable putting down and relay that in your offerRun the numbers with current/Pro forma occupancy to see what the property could cash flowKnow that (almost) everything is negotiable, don’t be scared to ask for flexible optionsAnd 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 Rookie Facebook GroupReal Estate Rookie Youtube ChannelBPCON2021PropstreamCheck the full show notes here: https://www.biggerpockets.com/rookie140 Learn more about your ad choices. Visit megaphone.fm/adchoices

Ana Klein, a CPA specializing in real estate tax savings, shares tips on maximizing tax benefits through rental properties. Topics include shifting to an entrepreneurial mindset, converting properties for profit, 2022 tax code changes, and when to consult a CPA for tax filing.