Real Estate Rookie

Buy the Book “Scaling Smart”

The Checklist Manifesto

Find an Investor-Friendly Agent in Your Area

How to Build Effective Systems in Your Real Estate Business

Connect with Steve

(00:00) Intro

(01:22) Starting from Zero

(05:07) Mindset Shift & Critical Mistakes

(10:41) HUGE Lessons Learned

(18:35) The Secret to Scaling

(25:43) Building Systems & Processes

(33:31) The “One-Page” SOP

(40:23) Connect with Steve!

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Paying Off Rentals vs. Buying More and Low-Money-Down Loans (Rookie Reply) Jan 03, 2025

Show notes

What’s the “right” way to build your real estate portfolio? Once you’ve taken down your first rental property, should you focus on paying it off? Or should you buy more properties, even if it means taking on even more debt? You’ll want to hear where we stand in today’s episode!

Welcome back to another Rookie Reply! Today, Tony and Ashley are digging through more of your recent real estate-related questions. First, we’ll discuss paying off your mortgage versus using that money to buy more rental properties. After that, we’ll compare the pros and cons of FHA loans and show you an easy way to estimate closing costs. We’ll also cover some other low-money-down loans that you may have never heard of! Finally, are you struggling to fill vacant units? Tired of apartment tour no-shows? Stay tuned because we’ve got a strategy that makes “serious” applicants stick!

Looking to invest? Need answers? Ask your question here!

In This Episode We Cover:

Whether you should focus on paying off your mortgage or buying MORE rentals

The pros and cons of getting an FHA loan for your rental property

The “hidden” closing costs you CAN’T afford to miss (and how to calculate them!)

The best ways to put low money down on your next property

Finding “serious” applicants for your rentals (and lower vacancy rates!)

How to save time by streamlining your rental application process

And So Much More!

Links from the Show

Sample Closing Disclosure

NACA

USDA Eligibility Map

Ask Your Question for a Future Rookie Reply

Grab “The Book on Rental Property Investing”

Real Estate Rookie 261 – How Nancy Rodriguez from ‘Love Is Blind’ Hit Financial Freedom BEFORE Fame

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How to Find Real Estate Deals Faster Using Data 99% of People Ignore Jan 01, 2025

Show notes

Do you lean into data when analyzing real estate deals? In a competitive market, ANY kind of advantage goes a long way towards helping you land better deals. And guess what? Harnessing the power of data is much easier than you think. Today’s guest delivers a handful of helpful tips, tricks, and tools that all rookie investors can use!

Welcome back to the Real Estate Rookie podcast! Today, we’re joined by Ariel Herrera—data scientist by day and real estate investor by night. Five years ago, Ariel decided that real estate was going to be her path to financial freedom. Like any eager investor, she devoured as many articles, podcasts, videos, and books as she could get her hands on at the time. Once she realized that she could combine her love for data science with real estate, there was no looking back!

In this episode, Ariel shares about the competitive edge you can gain by being a data-driven real estate investor. She recommends several tools and systems, all of which are easy to implement and require ZERO coding. Additionally, you’ll learn how to choose your market, invest out-of-state, and save a ton of time with a few deal analysis shortcuts!

In This Episode We Cover:

How to find better real estate deals through the power of data science

Tools and systems you can use to analyze deals (WITHOUT any coding!)

Leveraging the equity in your portfolio to purchase MORE properties

Creating consistent cash flow with the house hacking strategy

How to find and purchase properties in other states (and countries!)

And So Much More!

Links from the Show

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-504

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HousingWire’s 2025 Housing Market Predictions: Rates, Prices, and More Dec 30, 2024

Show notes

It’s the season for housing market predictions, and we know who to call! Altos Research and HousingWire’s Mike Simonsen joins the show to share where his team thinks mortgage rates, home prices, housing inventory, and buyer demand will be in 2025. Every year, the HousingWire team puts together a phenomenal housing market forecast, touching on the topics investors, agents, lenders, and housing nerds care about while recapping the wildest surprises of the year prior.

Will mortgage rates finally fall below six percent in 2025? Will home prices dip with housing inventory up a substantial percentage year-over-year? And could agents and lenders finally get some relief with home sales, or will we still see sluggish purchasing and buyer activity? Not to spoil it, but Mike is optimistic about the 2025 housing market and what will come over the next twelve months.

Mike breaks down each prediction and what could affect YOU the most, whether you’re buying or selling homes. Plus, he shares the one metric his team is watching carefully to see which direction the 2025 housing market is headed.

In This Episode We Cover:

HousingWire’s 2025 housing market forecast and 2024 housing market recap

The mortgage rate range you can expect over the next twelve months

Home price growth and exactly how much the HousingWire team expects in 2025

Why housing inventory is starting to climb again (and whether it will continue in 2025)

One metric Mike and his team are paying very close attention to in 2025

The market’s reaction to the 2024 election and President-Elect Trump’s win

And So Much More!

Links from the Show

HousingWire’s 2025 Housing Market Forecast

On the Market

Altos Research

Check Out "On the Market"

Get Ready to Invest in 2025 with Dave’s Book, “Start with Strategy”

2025 Housing Market Predictions (+ How’d We Do Last Time?)

Connect with Dave

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Financial Freedom in 2 Years by Scaling Their Rental Portfolio FAST Dec 27, 2024

Show notes

This might be the fastest path to FIRE we’ve ever seen. In just two years, Emily and James were able to retire early and travel the world full-time. They didn’t have a trust fund, some huge inheritance, or a winning lottery ticket. But they did make some serious sacrifices, cutting almost everything unnecessary out of their lives to retire early and quit the jobs they were itching to get out of. How’d they do it?

After realizing they were throwing away every cent they made, James stumbled upon a popular personal finance blog. He devoured it that day at work and came home a changed man. The AC temperature was going up, the restaurant expenses were going down, and he was deadset on achieving financial freedom. His wife, Emily, needed some convincing. But, with time, they both became locked in on FIRE. They moved to a cheaper house, rode bikes to work, and rarely ate out anymore.

Just two years after discovering FIRE, they achieved it, and they did it without millions of dollars in the bank. And here’s the thing: you might be able to do it, too, IF you’re willing to put in the work. How much money are they living on? How did they cut their expenses so significantly? And how do you convince your partner or spouse to follow you on the path to financial independence? Emily and James are showing you how in today’s episode!

In This Episode We Cover:

How NOT to convince your partner/spouse to chase FIRE (do THIS instead)

Cutting your expenses significantly and how to save money every single month

The big lifestyle changes you must be willing to make to retire early

Rental property investing and how to have income property cash flow fuel your FIRE

Why you DON’T need to be a millionaire to retire early

And So Much More!

Links from the Show

The BiggerPockets Money Podcast

Rethink The Rat Race

Check Out "BiggerPockets Money"

Reach FIRE Faster with the Personal Finance Classic “Set for Life”

The Ultimate Beginner’s Guide to Saving Money

Connect with Scott

Connect with Mindy

(00:00) Intro

(01:51) Poverty to Overspending

(06:42) Convincing Your Spouse on FI

(09:39) 0% to 85% Savings Rate

(17:00) Buying $50K Rentals

(23:59) Retiring on $31K/Year

(30:10) The Secret to FIRE

(33:13) Are They Still Retired?

(35:06) Advice for Finding FIRE

(36:54) Connect with James and Emily!

(37:49) Use These FIRE Tips

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Why This Expert Investor Owns Only ONE Rental Property Dec 25, 2024

Show notes

Mike Baum owns just one rental property, but this one property alone has changed his life. It’s allowed him to become such an investing expert that he’s constantly being asked for his opinion on the BiggerPockets forums, and he provides some of the most well-thought-out investing advice on the internet. So why does he have just one rental property, and why doesn’t he grow using his expertise? The answer isn’t that obvious.

You wouldn’t know it, but Mike is permanently disabled. After overworking so hard that he ended up losing his vision, he was placed on disability for the rest of his working career. This high achiever was forced to slow down and find something else that could replace his day job. Shortly after his diagnosis, he found BiggerPockets and turned a family vacation home into a short-term rental.

Now, he’s got systems and processes that help him self-manage with very few headaches, and he will probably keep this property as his one and only rental for life. Why didn’t he “FOMO” in when everyone was gobbling up real estate in 2020? Why didn’t he grow his portfolio to become the next tycoon? Mike has some clear answers for why he did what he did, and after listening to him, you might change what you want, too.

In This Episode We Cover

Why you DON’T need a large real estate portfolio to find financial success when investing

Why Mike tells beginner investors that they should NOT buy a short-term rental property

The systems and processes Mike made to automate his vacation rental self-management (so he works less!)

One thing you should do NOW before you start investing in real estate (it’s free!)

The real result of “FOMO” investing and how to stop shiny object syndrome from blowing you off course

And So Much More!

Links

Short-Term Rental & Airbnb Investing Forum

The BiggerPockets Real Estate Podcast

(00:00) Intro

(03:03) Losing Sight After Overworking

(05:53) Empty Lake House?

(09:21) Managing a Vacation Rental

(12:49) Know This BEFORE You Buy

(18:00) Just ONE Property

(21:25) No-FOMO Investing

(26:49) A “Very Interesting” 2025

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-501

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Covering Her Mortgage in ONE Day with THIS (Up to $16K/Month!) Dec 23, 2024

Show notes

Covering your entire mortgage payment in ONE day?! Today’s guest is proof that you don’t need a full-blown real estate portfolio to start making money. She has only ever owned one property, her primary residence, but it brings in up to $16,000 a month being rented out part-time!

Welcome back to the Real Estate Rookie podcast! When searching for her first home, Nicole Lulinski Weill wanted a property that could bring in some extra income. She started looking at duplexes and homes with accessory dwelling units (ADUs) before stumbling on her dream house—a vintage home that had been used for film productions—and deciding to tap into its money-making potential as well.

Despite not owning any “rentals,” she can pay her mortgage with a single project. The best part? This unconventional strategy is scalable! Now that Nicole has proof of concept, she plans to buy more of these niche investments in emerging markets and rent them out in the same way!

If you want to make money without house hacking or becoming a landlord, you don’t want to miss this episode! Nicole will show you where to find a money-making primary residence, how to rent out your home to film production companies, and steps to protect your home from damage along the way!

In This Episode We Cover:

How this rookie investor covers her entire mortgage payment in ONE day

Why you DON’T need to own rental property to make money in real estate

How to turn your own primary residence into a money-making machine

Renting your home out to film production companies for a huge payday

Crucial steps to protect your house from damage while renting it out

And So Much More!

Links from the Show

Buy the Book “First-Time Home Buyer”

Nicole’s Instagram

Find an Investor-Friendly Agent in Your Area

Real Estate Rookie 497 - $1,000,000/Year with 22 Rentals by Focusing on This Ultra-Profitable Niche

(00:00) Intro

(00:59) Buying (and Renting!) Her Home

(10:51) Permitting & Logistics

(14:42) Paying Her Mortgage in a Day?!

(17:53) Protecting the Property

(22:450 Extra Fees & Rental Rates

(26:27) The Booking Process

(37:08) Connect with Nicole!

(33:39) Scaling & Revenue

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-500

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20+ Rentals in 2 Years but “Stuck” with the Wrong Strategy? (Rookie Reply) Dec 20, 2024

Show notes

What’s the right investing strategy for YOU? In this episode, we’re going to hear from an investor who has scaled their real estate portfolio to twenty rentals in just TWO years! Despite their rapid success, they feel “stuck” and aren’t sure which strategy to use moving forward. Stay tuned as we show you how to choose the right strategy while helping them get unstuck!

Welcome back to another Rookie Reply! Today, Ashley and Tony are diving into the BiggerPockets Forums and Real Estate Rookie Facebook group to answer more of your recent questions. After showing you how to nail down an investing strategy, we’ll get into landlord anonymity and provide you with several creative ways to protect your personal information from tenants. But that’s not all. We’ll also discuss short-term rental rates and share the dynamic pricing tools we use to find the “sweet spot” for ANY property or market!

Looking to invest? Need answers? Ask your question here!

In This Episode We Cover:

How to nail down the perfect real estate investing strategy for YOU

Creative ways to hide your personal information from tenants

How to return security deposits to tenants (while staying anonymous!)

Determining the ideal nightly rate to charge (for your short-term rental and market!)

Maximizing your Airbnb revenue with the BEST dynamic pricing tools

And So Much More!

Links from the Show

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-499

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4 Rentals in 7 Years with LOW Money Down (5% - 10% Down!) Dec 18, 2024

Show notes

Don’t have a ton of money to invest in rental properties? No problem! You don’t need hundreds of thousands of dollars to start building wealth. Chris Young, a (not-so) rookie investor from Southern California, started with just five percent down. He bought a $500,000 home in pricey Los Angeles for just $25,000 out-of-pocket. Now, Chris has four rental properties, one of which he uses as a vacation home, and hundreds of thousands in equity! Plus, he did it all while working a W2!

Chris knew he wanted to invest in real estate early on. So, when he started his full-time job, he also got his real estate agent license, allowing him to have a backup source of income in case his career didn’t work out. But, thankfully, his real estate has been doing more than alright! He performed a “live-in BRRRR” (buy, rehab, rent, refinance, repeat) on his first property, making him hundreds of thousands in equity, then bought another one!

But, after attending BPCon, Chris knew he needed a true investment property. What gets you monthly cash flow and a vacation home to use whenever you want? A short-term rental! But not everything went as planned—one unlucky event put his entire house out of commission for months! However, Chris is still thrilled that he has bought this property. He shares why he picked its specific market, how he dodged local competition, and did it all with just ten percent down!

In This Episode We Cover:

How to start building your real estate portfolio with just five percent down!

The “live-in BRRRR” strategy that made Chris hundreds of thousands of dollars

Picking your vacation rental market and why you DON’T want to go where everyone else is

Using a ten percent down second home loan to buy your first short-term rental

The one very unlucky event that cost Chris $40,000 (you CAN’T avoid it!)

And So Much More!

Links from the Show

Grab the Book, “Short-Term Rental, Long-Term Wealth”

Real Estate Rookie 486 - Quitting His Job with Real Estate After Cracking the Cash Flow Code w/Miller McSwain

Connect with Chris

(00:00) Intro

(02:24) 5% Down First Property

(06:57) Property 2 (Rent-by-Room)

(11:04) Finding 1st Short-Term Rental

(19:36) 10% Down Sequoia Vacation Rental

(29:26) Losing $40K!

(30:01) Setting Yourself Apart

(39:44) Connect with Chris!

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$1,000,000/Year with 22 Rentals by Focusing on This Ultra-Profitable Niche Dec 16, 2024

Show notes

You can make money in real estate—with or without owning rentals! How? There’s a growing segment of the industry that rookies NEED to know about. It’s more lucrative than long-term rentals, more consistent than short-term rentals, and today’s guest is bringing in $1 million a YEAR with it!

Welcome back to the Real Estate Rookie podcast! Jesse Vasquez has mastered the medium-term rental strategy, bringing in over $1 million in revenue each year from twenty-two rentals. But here’s the thing. You don’t need a huge real estate portfolio to use this investing strategy and repeat his success. In fact, you don’t need to own ANY rentals to get started, making it the perfect option for new investors. But make no mistake—you’ll need to roll up your sleeves and get your hands dirty to build this type of real estate business!

In today’s episode, Jesse will show you how to tap into this emerging segment of the market. You’ll learn how to build your network, land your first contract, and become a trusted “broker” for human resource and recruiting companies throughout your market. You’ll also learn the ins and outs of setting up medium-term rentals and how to convert an existing rental property into a thirty-day stay!

In This Episode We Cover:

The corner of the real estate industry that investors are still overlooking

How to set up your own medium-term rental property in 2025

How to build your network, land your first contract, and earn money from referrals

The clients that make the BEST guests (and how to find them!)

Must-have amenities to include with your medium-term rental property

How Jesse makes over $1 million in annual revenue from twenty-two rentals

And So Much More!

Links from the Show