Real Estate Rookie

New construction is an enigma to many real estate investors, and especially to rookies. When building a new house, you need to understand engineering, permitting, construction, and a more complicated funding structure. This didn’t stop Donovan Adesoro, house hacker turned home builder from keeping the investment train going.Although Donovan had a background in engineering, he didn’t have much experience with building homes. He started off buying a duplex property to house hack, which turned out so well that he wanted to buy another. The problem? Not enough cash to make the down payment. So he wondered, “what would it cost if I built one of these?” Donovan discovered that he was able to use raw land as a down payment for a new construction loan. So if he had enough to buy the land, he had enough to build the whole house!Now, at only twenty-four years old, Donovan has twelve lots either ready for a new build, partially through construction, or about to be sold. He’s taken advantage of the huge appreciation we’ve seen in the past two years and makes it clear that even if you don’t have money, you don’t have to give up on a deal.In This Episode We CoverThe many costs that go into developing a new construction homeEngineering, permitting, contracting, and other key parts of home building Using partners to cover costs when you aren’t able to come up with enough cashHouse hacking as a way to get your start in real estate investing Always having multiple different exit strategies so you come out profitableRenting your car for extra cash and passive incomeAnd So Much More!Links from the ShowReal Estate Rookie Youtube ChannelAshley's InstagramTony's InstagramReal Estate Rookie FaceBook GroupBiggerPockets PodcastRoomiesBiggerPockets CalculatorLaw DepotTuroOutdoorsyMLSAirbnbZelleCash AppBiggerPockets Lease AgreementsCheck the full show notes here: https://www.biggerpockets.com/rookie123 Learn more about your ad choices. Visit megaphone.fm/adchoices

Five short years ago, Avery Carl didn’t own ninety-six rental units. She didn’t have her real estate license, she hadn’t founded The Short Term Shop or The Mortgage Shop, and she did not have a book written on short-term rental investing. But now, Avery has all those things, and she did all of them in only half a decade.Avery’s first venture into real estate started by her saving up every penny she could to buy a property in Nashville. After some success, she asked, “what’s the most bang for my buck in real estate?” The answer: short-term rentals. Seven of her units alone brought in over six figures in just July, proving her point that vacation rentals are a necessary part of any investor's asset collection.Now, she manages her own short-term rentals and long-term rentals, she also helps teach others how they too can start investing in short-term rentals and even goes as far as to help them to get financing. All of this was done in a very short time period, and all of it proves that hard work can fuel financial freedom through real estate investing.Click here to listen on Apple Podcasts.In This Episode We CoverWhat to look for in a short-term rental or vacation rental market Why short-term rentals are far more active investing than long-term rentalsStaying up to date on your city’s short-term rental laws and regulationsThe software and systems Avery uses to analyze a deal1031 exchanges and using them to massively grow your portfolio (tax-free!)Getting out of the fear of overpaying for a property through detailed analysisAnd So Much More!Links from the ShowReal Estate Rookie Youtube ChannelAshley's InstagramTony's InstagramReal Estate Rookie FaceBook GroupBiggerPockets PodcastBiggerPockets ForumsBiggerPockets Podcast 364: Snowballing 6-Figure Short-Term Rental Profits Into Passive Investments with Avery CarlThe Short Term ShopThe Mortgage ShopAirbnbVRBOAlpha Geek CapitalAlpha Geek Capital CalculatorYour PorteriGMSSmartbnbAirdnaPriceLabsBiggerPockets PublishingCheck the full show notes here: https://www.biggerpockets.com/rookie122 Learn more about your ad choices. Visit megaphone.fm/adchoices

Marching along Bourbon Street last week was a parade with some of the best real estate investors in the world, celebrating another successful BPCon, ready to take on the world. Throughout the past week, attendees of the conference heard from world-class business leaders, investors, and authors, learning about everything from running a business to short-term rental markets, to self-storage, and more.On this live episode, your hosts, Ashley Kehr and Tony Robinson, are joined by Brandon Turner and David Greene, hosts of the BiggerPockets Podcast, Scott Trench, host of the BiggerPockets Money Podcast, and Liz Faircloth and Andresa Guidelli, hosts of The Real Estate InvestHER Podcast, plus special guest Esther, who has a widely impressive portfolio herself.You’ll hear the hosts talk about topics like how to connect with fellow investors, future trends influencing the real estate market, what’s working today (and what isn’t), plus a live version of the Famous Four and Fire Round. If you weren’t able to make it to this year's BPCon, plug into this episode and get on the waiting list for next year!In This Episode We CoverWhat’s ‘firing up’ the hosts of the BiggerPockets Podcast Network?What investors can do in today’s market to ensure wealth tomorrowFuture trends that allow investors to profitably pivot How BPCon helps connect investors, reshape ideas, and build wealthHow to vet partners before you go in on a deal with themThe top characteristics that contribute to your success as an investor Why you should definitely be at BPCon 2022 And So Much More!Links from the ShowNPR (National Public Radio)Kevin Leahy's BiggerPockets ProfileMark Ferguson's InvestFourMoreWendy Papasan's LinkedIn ProfileNoah Evans's LinkedIn ProfileRickey Rodriguez's BiggerPockets ProfileYour First Real Estate Investment Podcast: How to Recover from the Great Recession and Leverage Creative Financing to Fund Your First DealJoe Asamoah's BiggerPockets Author ProfileAJ Osborne's Personal WebsiteSteve Rozenberg's BiggerPockets ProfileInvestHer's Partnership Question GuideMeetupHal Elrod's Personal WebsiteDave Ramsey's Personal WebsiteCashflow The Board GameMatt Faircloth's BiggerPockets Author ProfileBiggerPockets CalculatorsThe Real Estate InvestHER CommunityConnect with the BiggerPockets Hosts:BiggerPockets Real Estate PodcastListen to the BiggerPockets PodcastBrandon's BiggerPockets ProfileDavid's BiggerPockets ProfileBiggerPockets Money PodcastListen to the BiggerPockets Money PodcastScott's BiggerPockets ProfileMindy's BiggerPockets ProfileReal Estate Rookie PodcastListen to the Real Estate Rookie PodcastTony's BiggerPockets ProfileAshley's BiggerPockets ProfileInvestHER PodcastListen to the Real Estate InvestHER PodcastAndresa's BiggerPockets profileLiz's BiggerPockets profile Learn more about your ad choices. Visit megaphone.fm/adchoices

Tony Robinson has some great ideas, like creating a short-term rental empire in both Joshua Tree, California, and the Smoky Mountains over in Tennessee. Tony talked so highly of the latter investing region, that today’s guest, Cale Delaney decided to pack his whole family into the minivan and make the 10+ hour drive to check out the area. Shortly after, Cale was under contract for not one, not two, but three cabins!This wasn't Cale’s first experience with real estate investing. Back at the beginning of 2020, Cale had a mental shift where he realized that real estate could be the key to setting him financially free. He scoured homes all over his area of Florida until he came across a fourplex which rejected one offer from him but later accepted another. He made three of these units long-term rentals, and the other one a short-term rental.Cale went from zero to ten units in only a year and a half or so, without a ton of management experience of extravagant funding. If he can do it, you can too!In This Episode We CoverHow to get your first property under contract, even if you keep getting rejectedManaging locally before stepping into long-distance investingHow a quick closing can lead to more deals in your pipelineGetting off-market properties under contract even in a competitive areaFinancing real estate investments using conventional loans, HELOCs, and moreScheduling time now to plan for freedom tomorrowAnd So Much More!Links from the ShowReal Estate Rookie Youtube ChannelAshley's InstagramTony's InstagramReal Estate Rookie FaceBook GroupAirbnbGoogle MapsZillowMLSBiggerPockets PodcastHospitablePriceLabsStessaQuickbooksRUBSHost FinancialVisio LendingLendSimpliRookie Podcast 51: 18 Deals in 2 Years AND a Full Time Job with Kevin ChristensenBiggerPockets ForumsFacebook MarketplaceCraigslistCheck the full show notes here: https://www.biggerpockets.com/rookie121 Learn more about your ad choices. Visit megaphone.fm/adchoices

This week’s question comes from Vince on the Real Estate Rookie Facebook Group. Vince is asking: After a 1031 exchange, can I refi/cash-out most of the funds and use it to purchase other property? Will I still be liable for taxes?While neither Tony or Ashley are tax specialists, they have had some experience in the past with 1031 exchanges. Firstly, make sure you understand the rules of a 1031 exchange and use an intermediary to perform one, after that you may be in the clear to refinance!Here are some suggestions:Use the entirety of your 1031 profits to purchase (or subsidize) a new property to limit taxesHarness the power of appreciation to “swap til you drop”Use the same entity to 1031 exchange your property and hold it for at least two yearsUse a trusted intermediary to complete the exchangeAnd 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/rookie120 Learn more about your ad choices. Visit megaphone.fm/adchoices

Susan Reehill has defied the odds time and time again. She was a teenage mother, having her first son at the young age of sixteen. For most young and single mothers, the chance of becoming a homeowner, let alone an investor is slim, to say the least. At forty-two years old, Susan decided to make two big jumps in her life and career: graduate from college and buy her first home. She succeeded at accomplishing both.As the years passed by, Susan wanted to be a closer distance to her local downtown area. So, she decided to look at buying a new home. When her old home was having a hard time selling, she decided to try and rent it out, which she did with very little property management knowledge or landlording skills. Her tenant brought in ten different individuals to live with her, half of which weren’t authorized on the lease. In only six months, her tenant did more damage to her house than Susan had done in the several years she lived there.But, this didn’t stop Susan’s will to create long-lasting wealth. She began listening to more real estate podcasts, one of which was the Real Estate Rookie podcast. She ended up joining Ashley’s first round of the Real Estate Rookie Bootcamp, where after 90 days Susan was able to score a phenomenal deal, over $100k+ under the asking price!In This Episode We CoverBreaking through the societal norms of who you’re supposed to be at a certain ageBecoming an “accidental landlord” and what everyone should know before they rent their homeMaking it known that you’re an investor who is actively looking for good dealsWhy a deal is still a deal even if you have to pay PMI (private mortgage insurance) Finding contractors through meetups, fellow investors, and Facebook groupsWhy you don’t need to be rich to start investing in real estateAnd So Much More!Links from the ShowReal Estate Rookie Youtube ChannelAshley's InstagramTony's InstagramReal Estate Rookie FaceBook GroupReal Estate Rookie BootcampRookie Podcast 109: From Sleeping in His Car to Multi-Unit Landlord & The “Nomad” StrategyInvestor Girl Britt's InstagramBiggerPocketsCheck the full show notes here: https://www.biggerpockets.com/rookie119 Learn more about your ad choices. Visit megaphone.fm/adchoices

Social media investors are becoming the new normal. Whether you’re on Instagram, Facebook, TikTok, Clubhouse, or Twitter you can find successful entrepreneurs giving tips on real estate, stock trading, or investing in general. So, as an aspiring real estate investor, it would only make sense for you to use these platforms to lock down more deals, find more partners, and maybe even entice some private investors.Katie Brinkley from Next Step Social Communications is a master of optimizing social media posts for her clients. As a real estate investor herself, she understands why it’s so crucial to not only post consistently, but with the highest possible quality content. She also encourages investors on social media to start engaging with their customers, allowing relationships to grow organically.Even if you’re just getting started in real estate investing or if you haven’t even got a deal under your belt, it can be a phenomenal future-proofing strategy to get your social media profile started now! In This Episode We CoverThe benefit of using social media as an investorWhat platforms work best for real estate and which to avoidPlanning out a content strategy for maximum engagement with your followersHow to automate your posts, interactions, and more The rise of video-only platforms like TikTok and who should use themSharing your struggles, wins, and client stories with the worldAnd So Much More!Links from the showReal Estate Rookie Youtube ChannelAshley's InstagramTony's InstagramReal Estate Rookie FaceBook GroupMyspaceLinkedinFacebookTwitterClubhouseInstagramLoomlyTiktokGary Vaynerchuk's WebsiteInShOtCheck the full show notes here: https://www.biggerpockets.com/rookie118 Learn more about your ad choices. Visit megaphone.fm/adchoices

Amanda Bolan, like many of us, had a “pressure cooker” moment where she realized that becoming a real estate tycoon was part of her future. At the time, she was working in the oil and gas industry without real estate investing experience. She took a leap of faith and decided to flip her first house in 2018, then flip another in 2019, then buy a 12-unit apartment in 2020, and another in 2021. Did we mention she was buying a 61-acre land development deal in between these time periods?While Amanda was searching for rentals she saw more and more expensive multifamily deals come up. At first, she had “sticker shock”, but ran the numbers and realized that a good deal in real estate is a good deal for her, no matter the price. She got to work underwriting, financing, and partnering to close on this seven-figure property. Even with some hiccups along the way (financing falling through, environmental flags going off), she was able to close on the deal and became a commercial real estate owner.Part of her fearlessness in taking on these big, and often unconventional deals is looking at what could go right, not just what could go wrong. Instead of being stuck in analysis paralysis, Amanda made moves to secure properties that would scare rookie investors and made them her own.In This Episode We CoverBuying a large multifamily property as your first rentalWhat to do when financing falls through at the last momentRunning the numbers before you run away from a potential dealLearning to self-manage at scale without any experienceBuying farmland and holding land for future developmentPushing past fear and making large deals work in your favorAnd So Much More!Links from the showReal Estate Rookie Youtube ChannelAshley's InstagramTony's InstagramReal Estate Rookie Rookie Facebook GroupBuildiumCheck the full show notes here: https://www.biggerpockets.com/rookie117 Learn more about your ad choices. Visit megaphone.fm/adchoices

This week’s question comes from Mel on the Real Estate Rookie Facebook Group. Mel is asking: When working with agents, do your agents help in finding off-market deals, or do you mainly look for those as they send you on-market deals?While it isn’t uncommon for agents to have “pocket listings” (pre-market listings), most agents deal solely with on-market deals, working with buyers and sellers based on MLS listings. If you’re looking to find more off-market deals, you may have to incorporate some deal hunting strategies like driving for dollars, sending out direct mail, cold-calling, and door-knocking.Here are some suggestions:Look for investor-friendly agents who can bring “pocket listings” to youEven if you find your own deals, agents can help draft up purchasing documents Find agents who may have new construction contacts that can bring you pre-market offeringsAsk buyers to split commission payments or offer to pay in full to sweeten the dealAnd 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 ChannelBPCON2021MLSCheck the full show notes here: https://www.biggerpockets.com/rookie116 Learn more about your ad choices. Visit megaphone.fm/adchoices

What if you could own rental properties without the responsibility of landlording? Not only that, what if you were paid a hefty, non-refundable deposit for your home, minimizing your risk? Would you start investing under these circumstances?If you like the sound of that, you’ll love the rent-to-own strategy, or as Today’s guest Jessica likes to call her framework, the BRRTOR (Buy, Rehab, Rent-to-Own, Repeat). Most landlords won’t offer rent-to-own to their tenants, not because they don’t want to, but because they don’t know it’s a possibility. This type of seller financing is what Jessica’s entire portfolio is built off of, and it has some major benefits for not only the landlord but the tenant.Jessica also gives some great advice in our mindset segment, specifically relaying that a big part of real estate is making mistakes. Jessica has had some great deals in her real estate investing career, but not every one of them has turned out to be a superstar. The big takeaway for investors should be to start, make mistakes, learn from them, and do better!In This Episode We CoverCombining the BRRRR strategy and the rent-to-own strategyHow to vet tenants to find the best candidates for seller financingThe importance of putting ownership in the hands of a tenantFinding homes that will profit in this highly competitive marketWhat to look out for when interviewing hard money lendersUnderstanding that the first deal probably won’t be a home runAnd So Much More!Links from the ShowReal Estate Rookie PodcastReal Estate Rookie Youtube ChannelAshley's InstagramTony's InstagramReal Estate Rookie FaceBook GroupBPCON2021FacebookCraigslistMLSZillowCheck the full show notes here: https://www.biggerpockets.com/rookie115 Learn more about your ad choices. Visit megaphone.fm/adchoices