Real Estate Rookie

Start Your Real Estate Portfolio with “The House Hacking Strategy”

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(00:00) Intro

(03:09) Quitting His Job!

(07:01) Current Portfolio + Coliving 101

(16:56) How to Handle Coliving

(24:16) Marketing Your Rooms

(26:11) Screening Roommates

(34:26) Full-Time Investor Life!

(36:13) Tips to Start Coliving

(37:32) Connect with Miller!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-486

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Snowballing to 7 Properties in 6 Years with This Rinse-and-Repeat Formula Nov 18, 2024

Show notes

This rookie has grown his real estate portfolio to seven properties, $5,000 in monthly cash flow, and over $1 million in total equity in just SIX years. His strategy isn’t flashy or sexy, but it’s highly repeatable. Even the greenest investor can use it to snowball one rental property into the next!

Jefferson Calloway was plunged into the world of real estate after meeting the world’s best tenant—an investor and mentor who not only sold Jefferson his first property but also moved in and knowingly rented it from him for a profit! Through this experience, Jefferson quickly learned the incredible scalability of buying properties owner-occupied, converting them into rentals, and repeating the formula. Now, through the power of delegation and automation, he earns active income from near-passive investments that require just one hour of his time each week. This allows him to focus on his home remodeling business, where he earns even more income to pour into real estate!

As you’re about to learn, you can find great investment properties in virtually any market, but you’re going to need the right people in place when investing out of state. In today’s episode, Jefferson provides the blueprint for finding more on-market and off-market real estate deals in competitive markets, building out teams, and mitigating risk within your portfolio!

In This Episode We Cover:

The formula Jefferson used to scale to seven properties in just six years

Cash flow versus appreciation (and why you DON’T have to choose one!)

The best ways to find better on-market and off-market real estate deals

Why you should always analyze your short-term rentals as long-term rentals

The investing strategy that can help you mitigate risk within your portfolio

The key to turning your rental properties into near-passive investments

And So Much More!

Links from the Show

Buy the Book “Scaling Smart”

Property Manager Finder

Traveling the World Thanks to One $6,500/Month Rental Property

Connect with Jefferson

(0:00) Intro

(00:39) Buying His First Property

(05:54) Jefferson’s Portfolio

(10:10) Sourcing Deals in Hot Markets

(15:37) Jefferson’s Buy Box

(21:11) Cash Flow vs. Appreciation

(30:18) How to Find a Property Manager

(34:09) Equity and Cash Flow Numbers

(39:33) Connect with Jefferson!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-485

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How Much SHOULD You Put Down on an Investment Property? (Rookie Reply) Nov 15, 2024

Show notes

How much should your down payment for investment property be? Should you increase your down payment to maximize cash flow, or does putting all your financial eggs in one basket limit your ability to build and scale your real estate portfolio? Or should you instead pay off that high-interest-rate mortgage early to keep all the cash flow at the end of the month? We’re answering these questions in today’s Rookie Reply!

With high mortgage rates, one rookie asks whether it’s better to pay off their home with a seven percent rate INSTEAD of investing in more rentals. Paying off that loan gets you an automatic return, but there’s a strong argument as to why it isn’t the best move.

Are you doing your first house flip? Another rookie wonders whether they can negotiate when taking on a hard money loan and if the juice is worth the squeeze for a $50,000 profit on their first flip.

Looking to invest? Need answers? Ask your question on the BiggerPockets Forums!

In This Episode We Cover:

Investment property down payments and how much you should put down to prioritize cash flow

Whether to keep investing or start paying off your high-interest-rate mortgages

Why you can’t just look at the cash flow when analyzing a potential investment

Financing a house flip and negotiating with a hard money lender (should you negotiate?)

What you should ALWAYS do before you take on a house flip to ensure your numbers are right

And So Much More!

Links from the Show

Protect Your Properties with an LLC through Corporate Direct

Ask Your Question on the BiggerPockets Forums

Grab the New Book, “The House Flipping Framework”

Stop! Before Making a Large Down Payment, Read This

(00:00) Intro

(01:00) How Much to Put Down?

(11:42) Pay Off High Rate Mortgage?

(17:49) Financing a House Flip

(24:47) Is This Deal Worth It?

(29:24) Ask Your Question!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-484

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How to Start Flipping Houses for Huge Profits in 2025 (Step-by-Step!) Nov 13, 2024

Show notes

Can you still make huge profits from real estate in today’s market? While high interest rates and inflated home prices can make it difficult to find a cash-flowing rental property, there’s another strategy that delivers big returns—if you can stomach the extra risk: house flipping!

Welcome back to the Real Estate Rookie podcast! James Dainard is a master house flipper, co-host of the On the Market podcast, and, most recently, author of The House Flipping Framework. With over eighteen years of real estate investing experience and more than 3,500 projects under his belt, James knows more than a thing or two about this lucrative investing strategy. Today, he joins the show to share a few tips from his new book—like how to find the right deal, choose high-quality contractors, and keep your project on budget!

Whether you’re new to flipping houses or you need help with home renovations, this episode is loaded with advice to help you start and stand out. You’ll learn everything from choosing a market and analyzing distressed properties to building your team, estimating rehab costs, and more!

In This Episode We Cover:

How to start flipping houses and stand out in a tough housing market

The “biggest lie” in real estate that will stop you from making a profit

Why finding a flip-friendly real estate broker is crucial to your success

How to calculate your annualized return (and why it matters for house flips)

How to choose the right market and build your team for out-of-state projects

The step-by-step process for building out an accurate scope of work

Staying on budget (and on schedule) with cost-effective home renovation tips

And So Much More!

Links from the Show

Put Your Vacation Rental on Autopilot with Hospitable

Buy James’ New Book “The House Flipping Framework”

Flipping Houses: How to Get Started and Everything You Should Know

Connect with James

(00:00) Intro

(01:11) Planning Your Project

(05:48) House Flipping Returns

(14:39) How to Choose a Market

(19:11) Building Your Team

(26:06) Estimating Rehab Costs

(36:09) 3 Tips for Selling Flips

(39:49) Connect with James!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-483

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“BRRRRing” His Way to Financial Independence EVEN in a Tough Housing Market Nov 11, 2024

Show notes

Can you still find great deals in today’s cutthroat housing market? Of course! But you may need to go off the beaten path. Rookie investor Karl Denton looks beyond the MLS (multiple listings service), focuses on undervalued and distressed properties, and even does his own home renovations to create value. If he can do it, YOU can, too!

Welcome back to the Real Estate Rookie podcast! Karl has a superpower—finding hidden gems that other investors overlook. And he’s not doing anything that you can’t. Even as a full-time firefighter, he still finds time to attend meetups, go to foreclosure auctions, build his own lists, and contact homeowners about their properties. So far, this strategy has allowed him to find, buy, and fix three properties in three years!

Want to replicate his success? Tune in as Karl walks you through each step of the BRRRR method (buy, rehab, rent, refinance, repeat). Along the way, you’ll learn where to find undervalued properties, how to manage out-of-state renovations, and when to do a cash-out refinance. You’ll also hear about Karl’s big pivot from long-term rentals to short-term rentals and the huge cash flow boost that came with it!

In This Episode We Cover:

How to find, fund, and fix distressed or undervalued homes in 2024

Why the BRRRR method still works in today’s challenging market

Three ways to buy properties with tax liens (and why they make GREAT investments)

Crucial tips for managing an out-of-state home renovation project

When to pivot from one investing strategy to another based on your market

Why you should focus on stabilizing your real estate portfolio before scaling it

And So Much More!

Links from the Show

Buy the Book “Buy, Rehab, Rent, Refinance, Repeat”

Making $300K+ Profit Per Rental and Scaling FAST with “DADUs”

Connect with Karl

(00:00) Intro

(00:46) Buying His First Property

(03:55) The BRRRR Strategy

(11:37) Karl’s Portfolio & Auctions 101

(20:40) DIY & Out-of-State Renovations

(29:54) When Should You Refinance?

(33:55) Switching to Short-Term Rentals

(41:35) Revenue & Tips for Rookies

(47:47) Connect with Karl!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-482

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Should I SELL or RENT My House? + How to Finance Home Renovations (Rookie Reply) Nov 08, 2024

Show notes

You’re planning to move soon and are asking yourself, “Should I sell or rent my house?” What if you’ve got little-to-no cash flow potential? Is future appreciation worth betting on? Maybe you need to renovate before you sell or rent; now, the question becomes, “How to finance home renovations?” Don’t stress; we’ve got you covered on all fronts in this episode as we walk through how to decide whether to sell or rent, the best ways to fund home renovations, and answer the mother of all rookie questions, “Is house hacking dead?”

With mortgage rates rising yet again and home prices still unaffordable in many areas of the country, does house hacking (renting out other rooms/units to pay your mortgage) still make sense? What if you can’t live for free anymore? Should you abandon the house hacking strategy entirely? We have some interesting thoughts on why we would or wouldn’t house hack in this housing market.

Looking to invest? Need answers? Ask your question on the BiggerPockets Forums!

In This Episode We Cover:

Whether you should sell or rent your primary residence once you move out

The math behind house hacking and whether high interest rates ruined this strategy

How to finance home renovations on your next rehab project

Taking out a line of credit on your investment properties to fund future investments

Whether to convert your property into a short-term rental (more work) or keep it as a long-term rental (less work)

And So Much More!

Links from the Show

Protect Your Properties with an LLC through Corporate Direct

Ask Your Question on the BiggerPockets Forums

Grab “The House Hacking Strategy” Book

Should You Sell Your House or Rent It Out?

(00:00) Intro

(00:49) Sell or Rent Out Your House?

(07:12) Short-Term vs. Long-Term Rentals

(08:47) Bet on Appreciation?

(12:41) How to Finance Home Renovations

(18:48) Is House Hacking Dead?

(26:41) Ask Your Question!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-481

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com.

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Making $5K/Month Cash Flow from ONE Property (and Dodging a $100K Mistake) Nov 06, 2024

Show notes

Real estate investing could help you achieve your financial goals, whether it’s to make enough cash flow to replace your W2 income or build wealth for an early retirement. Like many, today’s guest is chasing financial freedom, and thanks to a unique property that brings in $5,000 in monthly cash flow, he’s well on his way!

Welcome back to the Real Estate Rookie podcast! Rocky Gibson knew he wanted to invest in real estate since his college days, so after landing his first “real” job out of school, he wasted no time buying his first property. Since then, it’s been full speed ahead for Rocky, and in just five years, he has built and scaled his real estate portfolio from zero to fifteen units and two flips. His main investment property, an eleven-unit RV park, nets $5,000 per month alone!

In this episode, Rocky talks about the power of renting by the room, leveraging your personal network, and using home equity to grow your portfolio and get access to private deals. You’ll even hear about the $100,000 mistake that Rocky almost made and how altering his strategy allowed him to not only salvage the deal but also make a profit!

In This Episode We Cover:

How Rocky built his real estate portfolio up to fifteen units (and two flips) in just five years

The unique property that can give you $5,000 in monthly cash flow

Why house hacking is the BEST investing strategy when you’re just starting out

How to achieve financial freedom through real estate investing

Creative ways to fund more rental properties without traditional bank financing

How altering his strategy on the fly helped Rocky avoid a $100,000 mistake

And So Much More!

Links from the Show

Put Your Vacation Rental on Autopilot with Hospitable

Buy the Book “Real Estate Campgrounds”

How to Start Making Millions from These Overlooked RV Park Investments

Connect with Rocky

(00:00) Intro

(00:31) Why Real Estate?

(04:23) House Hacking 101

(12:01) Building the RV Park

(19:47) Tapping Into His Network

(27:28) Funding the Campers

(30:17) Cash Flow & Investing Goals

(34:57) Cash Flow & Investing Portfolio

(35:49) Connect with Rocky!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-480

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com.

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Investing in Real Estate WITHOUT a W2? How I Bought 3 Properties in 2 Years! Nov 04, 2024

Show notes

Can you start investing in real estate WITHOUT a stable W2 job? How will you get a loan? What happens if you have a fluctuating income? Are you completely out of luck? Not at all! Today’s guest, David Sladewski, proves that you can STILL invest in real estate no matter your age, experience, or whether you have a “stable” job. At just twenty years old, he already has three rental units and a live in flip; plus, he did it all while self-employed.

At the age of seventeen, David learned about real estate from his brother. Poised to become his own boss and make money without an earning “ceiling,” he decided that getting his real estate license and becoming an agent was the best bet. Within half a year, he went from having no money to building a solid real estate agent business and was ready to invest. The problem? Lenders WON’T give you a loan without multiple years of income history.

But that didn’t stop David. He was able to buy a great first rental property, a duplex, thanks to one brilliant move. David then found other lender “loopholes” that helped him close on his dream rental property and a flip he’s working on as we speak. How did he get around the seemingly impossible task of finding funding WITHOUT a W2 job? Stick around to find out!

In This Episode We Cover:

Why you DON’T need a W2 job to start investing in real estate

Doing your first real estate deal with ZERO experience and why you MUST “bet on yourself”

Real estate partnerships for beginners and how to invest without having a ton of money

The lender “loophole” David found after going through FOUR different mortgage lenders (try this, too!)

Why you should live in your rental property BEFORE you rent it out

Doing a “live in flip” and home renovation mistakes that David learned the hard way

And So Much More!

Links from the Show

Easily Identify Great Investing Markets with BiggerPockets Market Finder

Grab Ashley and Tony’s Book, “Real Estate Partnerships”

BiggerNews: This Area Has the BEST Cash Flow Potential in the Country

Connect with David

(00:00) Intro

(01:08) Starting at Just 17

(06:04) First Deal WITHOUT Stable W2

(13:15) Structuring a Partnership

(14:43) Finding a Lender Loophole

(20:53) Home Run Rental in THIS Neighborhood

(24:52) Trying to Flip a House

(33:48) Future Goals and Advice

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-479

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com.

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How to Buy Multiple Rental Properties a Year + Auctions 101 (Rookie Reply) Nov 01, 2024

Show notes

Want to build your rental portfolio FAST? Today, we’re teaching you how to buy multiple rental properties per year, the best tips to raise rents while keeping tenant turnover low, and what to know before you start buying houses at auction. Each of these topics will help you not only build a real estate portfolio but also keep it profitable so you can reach financial freedom and realize your goals faster!

Since it’s a Rookie Reply, you know that these are all real questions coming directly from real estate rookies, just like you. First, an investor wants to know how to buy multiple houses per year, especially when you’re locked into an owner-occupied mortgage. While you may not be allowed to move for at least a year, we’ve got some strategies to help you buy rentals on the side. Next, what happens when you’ve inherited tenants paying under-market rent? How do you raise rents without increasing vacancy? Finally, buying homes at auction may be a killer strategy to find deeply discounted real estate deals, but there are some red flags you MUST know about before you bid...

Looking to invest? Need answers? Ask your question on the BiggerPockets Forums!

In This Episode We Cover:

How to buy multiple houses a year using primary and investment property loans

Our best tips to make (or keep) more money so you can invest even faster

Inheriting tenants and how to raise rents without causing tenant turnover

Buying properties at auction and the non-refundable deposit that you must be aware of

Why you always (always!) should budget more for home renovations on auction-bought houses

And So Much More!

Links from the Show

Rookie 463 - The “Lazy” Landlord’s Guide to Finding (And Keeping) Tenants & Raising Rents

Protect Your Properties with an LLC through Corporate Direct

Grab the Book “Real Estate Partnerships”

Rookie 127 - Buying Property While Stationed Overseas (and a $40k Rookie Mistake!) w/Angel Garcia

(00:00) Intro

(00:57) Buy Multiple Rental Properties a Year?

(06:39) How to Raise Rents

(14:13) Buying a House at Auction

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-478

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com.

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How to Do Your FIRST House Flip in 2024: Budgets, Renovations, and Loans Oct 30, 2024

Show notes

Want to know how to flip a house in 2024? We brought on a rookie with a real-life deal to walk through every beginner step of flipping houses so you can go out and make money, too! We know Rene Hosman as our community manager here at BiggerPockets, but she’s also a brand new house flipper! She just got her first house flip under contract, so we’ll be bringing her on the show to share her progress and teach YOU how to do it today.

In part one, Rene describes how she found this deal in the pricey and competitive Denver, Colorado, area. Next, when she wanted to make an offer on the property, she realized it HAD to be made in cash, but she didn’t have the funds. What did she do? She found a lender who lent her the money in just around twenty-four hours! Don’t think it’s possible? Rene shares exactly how she found this lender, how much they charge, and why she went with them.

Next, how do you estimate rehab costs for a home renovation? Rene brings her ACTUAL house flipping budget to show off in today’s episode, plus where she’s finding materials and how much of a financial “buffer” she’s giving herself (in case something goes wrong).

In This Episode We Cover:

How to flip your first house in 2024 by following Rene’s basic steps

Flipping a condo and how already owning in the building can be a HUGE advantage

Private money lenders and how to fund your first flip in just twenty-four hours!

How to estimate rehab costs and why you MUST give yourself a “buffer”

The exact costs Rene will pay to fund this $190,000 flip

And So Much More!

Links from the Show