Real Estate Rookie

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(00:00) Intro

(01:06) Ditching Stocks for Rentals

(03:57) Buying a Rental in 90 Days!

(08:49) First Rental ($500/Month Cash Flow!)

(13:47) Market Research

(16:02) Second Rental ($800+/Month Cash Flow!)

(21:24) How to Pick a Property Manager

(28:58) Next Steps and Rookie Advice

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How to Find Off-Market Properties WITHOUT Cold Calling! (Rookie Reply) Oct 25, 2024

Show notes

Want to know how to find off-market properties WITHOUT cold calling and talking to sellers all day? Where is the best place to find furniture for your short-term rental or Airbnb? Is real estate wholesaling nearing its end as buyers and sellers get frustrated with these middlemen? It’s another Rookie Reply, so we’re taking these questions (and a few others) and answering them on this episode!

First, if you have a long-term and short-term rental on the same lot, how do you keep the tenants and the guests from creating conflict? Plus, how do you furnish a short-term rental so you aren’t replacing couches every few months? To get a great deal like this in the first place, you might need to find off-market properties with undervalued prices. Do you go through a wholesaler or find off-market real estate deals yourself? We’ll share our advice for both!

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

In This Episode We Cover:

The MANY ways to find off-market real estate deals that don’t include cold calling

Why investors and sellers are starting to get frustrated with real estate “wholesalers”

Ashley and Tony’s favorite stores to find durable furnishings for your short-term rental

Tony’s quick tip to avoid bed bugs in your rental property (it’s easy and cheap!)

The first thing you should say when approaching a potential seller

And So Much More!

Links from the Show

Real Estate Rookie 468 - How to Start, Manage, and Scale an Airbnb Business in 2024

Real Estate Rookie 326 - The Step-by-Step Guide to Finding the BEST Off-Market Real Estate Deals

Ready to Find Deals? Grab the Book “Real Estate Deal Maker”

A New South Carolina Law Would Severely Crack Down on Wholesaling

(00:00) Intro

(01:14) STR and LTR on the Same Lot?

(05:50) Best Furniture for Short-Term Rentals

(09:30) How to Avoid Bed Bugs!

(10:47) Is It WRONG to Wholesale Real Estate?

(21:28) Advice for Wholesaling

(23:35) How to Find Off-Market Deals

(29:43) How to Approach Sellers

(32:37) Post Your Question!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-475

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Renting WHILE Building Wealth by Buying Properties Close and Far from Home Oct 23, 2024

Show notes

This rookie investor decided that instead of purchasing her own home, she’d buy rental properties in other areas, helping offset her high cost of living. Within just around a year, Mary Ho has bought a run-down property, performed a six-figure renovation project, got her first renters, refinanced the property, and then bought ANOTHER rental right after! Now, she’s sitting on two properties with three units in total, managing her rentals remotely and building wealth without the traditional boundaries.

Mary and her family live in Manhattan, an infamously expensive real estate market. She and her husband wanted to invest, but there was no way they could do it locally. So, she decided to start investing with “training wheels”—investing in a market she was familiar with that was within driving distance of her. She went WAY over budget on this first property, but it worked out in a way that would help her with deal number two!

From there, she went much farther, buying a multifamily property over a thousand miles away from home. How did she handle renovating, furnishing, and finding tenants, all while she was so far from her new property? How does she juggle it all with her job and kids to take care of? What’s the secret to her productivity? She’s sharing it all in this episode!

In This Episode We Cover:

Where mortgage rates are right now for refinances and HELOCs

The HELOC hack that greatly minimizes your interest in your next equity line

Caeli’s interest rate forecast and where she thinks rates could be in the near future

When waiting to refinance could cost you, and whether rates may go UP again

The metrics that influence where mortgage rates will go next (what to pay attention to)

And So Much More!

Links from the Show

Find Trusted Property Managers with BiggerPockets Property Manager Finder

Get the Book on BRRRR “Buy, Rehab, Rent, Refinance, Repeat”

Should You Invest Locally or Long Distance?

Connect with Mary

Mary’s Instagram

(00:00) Intro

(01:52) Interest Rate Update

(06:34) Why Rates Went UP

(11:59) Should You Refinance?

(18:17) Current Refi Rates

(19:37) Best HELOC Hack

(29:01) Interest Rate Forecast

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-474

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Moving 1,500 Miles Away to Buy His First Rental with Just $25,000 Oct 21, 2024

Show notes

Your first rental property is out there; it just may not be where you live. Austin Wolff came to this conclusion quickly. After paying his “cheap” rent of $1,600 per month for a small place in Los Angeles, he knew he needed to start saving up the money to buy his first investment property if he was ever going to afford to live in Southern California full-time. So, he began compiling a list of America’s most affordable, growing real estate markets. He found what he believed to be the best bet, packed up his bags, and moved 1,500 miles away to get the deal done.

He left behind his friends, girlfriend (don’t worry, they’re just doing long-distance now), and filmmaking passion temporarily to do what he felt was best to build wealth. What was the real estate market so good he couldn’t let it pass him by? How did he get into his first property with just five percent down and only $25,000 in cash? And why does he believe NOW is the time to buy?

Stick around to hear why this real estate-focused data scientist made such a radical move in the name of financial freedom and exactly how he analyzes markets and rental properties to see whether they’re worth the effort.

In This Episode We Cover:

Moving 1,500 miles away to “house hack” in a much cheaper market

Ranking the top affordable, growing real estate markets in the country

How to get into your first investment property for just five percent down!

Conventional vs. FHA loans and what Austin thinks is the better option for rookies

Austin’s deal analysis formula that will get you more accurate cash flow estimates

Serious advice for rookies and why waiting on the sidelines could cost you

And So Much More!

Links from the Show

BiggerPockets Deal Finder

BiggerPockets Lender Finder

Find Your Perfect Market with “BiggerPockets Market Finder”

Grab “The House Hacking Strategy” Book

The 10 Best Markets for Your First House Hack

Connect with Austin

(00:00) Intro

(01:01) Film Director to Data Scientist

(03:56) Ranking the BEST Markets

(09:41) Saving Money EVEN in LA

(12:32) Moving 1,500 Miles for First Deal

(20:59) Financing, Rent, and Management

(25:32) Future Goals and Next Steps

(28:35) Advice for Rookies

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-473

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How to Comp Rent/Home Prices and Why Going SMALL May Make You More (Rookie Reply) Oct 18, 2024

Show notes

Let’s say you’ve got $40,000 to invest. You could split the money into two down payments and buy more properties or partner with someone with money and build a bigger real estate portfolio. But even though you CAN do this, it might be a better idea to stay a small investor. Why? We’re talking about it in this episode, along with some of the regrets we have from scaling far too fast.

Welcome back to another Rookie Reply! Today, we’re showing you how to run real estate “comps” to find the right rent and asking prices for properties, plus whether or not your new rental will have enough demand to stay occupied. We’ll also discuss when a house is TOO big to house hack and how to find tenants for a rent-by-the-room investing strategy. Finally, can you buy more than one rental a year? Yes! But be careful, doing this could put you in a dangerous spot (we’ll explain why).

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

In This Episode We Cover:

How to run “comps” in real estate and estimate rent prices accurately

Whether or not a neighborhood is worth investing in with many units for rent already

Why you may NOT need to buy a huge house for house hacking

Finding tenants when using the rent-by-the-room investing strategy

How to build a real estate portfolio with $30,000 - $40,000

And So Much More!

Links from the Show

Try the BiggerPockets Rent Estimator

Learn the Real Estate Formulas with “Real Estate by the Numbers”

Find Investor-Friendly Lenders

Real Estate Rookie 287 - From 70 Hour/Week Burnout to Getting Paid to Buy Properties w/Danielle Daly

(00:00) Intro

(00:44) Comping Rent/Home Prices

(08:21) Too Big House to Hack?

(16:25) Starting with $40K and Scaling SMALL

(26:23) Post Your Question!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-472

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$30K/Year Cash Flow from 2 Properties by Doing What Other Investors Won’t Oct 16, 2024

Show notes

Has the Airbnb market become TOO saturated? It might not matter if you can rise above the competition and make your property stand out like Katie Cline did. Thanks to luxury amenities, personalized touches, and an unforgettable guest experience, her two rental properties bring in a whopping $30,000 in annual cash flow!

Welcome back to the Real Estate Rookie podcast! When Katie saw a golden opportunity to combine her extensive background in hospitality with real estate investing, she bought two short-term rentals and focused all of her energy on creating places where she would want to vacation. In just eighteen months, this move has already paid off, as this pair of New York properties generates constant five-star reviews and a huge amount of profit that helps build her real estate portfolio!

In this episode, Katie offers some game-changing advice that will elevate your property, increase your bookings, and boost your cash flow. Tune in to learn about the “little” details that will raise your bottom line, using social media as a powerful marketing tool for your business, and the two things Katie believes will set new investors up for success!

In This Episode We Cover:

How Katie makes $30,000 in annual cash flow from just TWO rentals

Making your vacation rental stand out in a saturated market

The keys to crafting an unforgettable guest experience for your Airbnb

The luxury amenities and personalized details that will explode bookings

How to use the power of social media to grow your Airbnb business

Two types of short-term rental portfolios (and which one you should build!)

And So Much More!

Links from the Show

Try Baselane, the One Platform for All Your Property Banking & Finances

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

Property Manager Finder

The “Luxury” Rental Property That Brings in $150K/Year of Pure Profit

Connect with Katie

Katie’s Instagram

(00:00) Intro

(01:35) Hospitality in Real Estate

(03:02) The Lake George Property

(06:54) Making Your Rental Stand Out

(13:23) Airbnb Strategy & Using Social Media

(19:52) The Saratoga Property

(23:53) Katie’s Investing Goals

(28:45) HUGE Cash Flow Numbers

(32:13) Connect with Katie!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-471

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Buying Her First Rental (on a Teacher’s Wage) by Looking Beyond Her Backyard w/Lauren Mattina Oct 14, 2024

Show notes

Do you want to buy your first rental property but can’t find affordable real estate in your area? You’re not alone! As a science teacher living in New York City, Lauren Mattina was priced out of her own market. But a simple move helped her find a cash-flowing property and brought her one step closer to financial freedom, and YOU could do the same!

Welcome back to the Real Estate Rookie podcast! Lauren never had a high-paying job, but she knew that real estate investing could give her the option of early retirement. So, she continued living below her means and saved for her first property. With NYC out of the question, she turned her attention to Oklahoma City, where she found, bought, rehabbed, and rented out her first single-family home!

Are you being priced out of your own backyard? In this episode, Lauren will show you the steps she took to choose an out-of-state market, analyze her first deal, and build an out-of-state investing team. You’ll learn the secret to overcoming analysis paralysis, how to properly vet a property manager, and how to get your offers accepted in a hot market!

In This Episode We Cover:

How Lauren bought her first rental property (on a teacher’s salary)

Analyzing rental properties (and markets) as a complete beginner

How to find up-and-coming, out-of-state markets to invest in

The number one thing that will help you overcome analysis paralysis

The “rule of three” to follow when building your real estate investing team

How to make your offers more enticing in a competitive market

And So Much More!

Links from the Show

BiggerPockets Team Builder

Buy the Book “Long-Distance Real Estate Investing”

How to Choose an Out-of-State Market for Investment (in 3 Easy Steps!)

Connect with Lauren

(00:00) Intro

(01:13) Why Real Estate?

(06:55) Lauren’s First Deal

(13:25) Out-of-State Investing 101

(20:34) How to Build Your Team

(25:12) Buying the Next Property

(28:35) Advice for New Investors

(29:20) Connect with Lauren!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-470

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Cash Flow or Equity: Which One Should Beginners Invest for? (Rookie Reply) Oct 11, 2024

Show notes

Investing for cash flow or equity is an age-old debate, but what’s the best approach for a new investor? Should you focus on making a monthly profit right off the bat or play the long game with equity growth and appreciation? You might be surprised to hear where Ashley and guest co-host Noah Bacon land on this topic!

Welcome back to another Rookie Reply! How much money do you actually need to buy your first rental property? Should you put down as little as possible and use debt to get your foot in the door, or is it best to save enough cash for a large down payment, closing costs, and reserves? We’ll break down your best options. Finally, house hacking can help you get started in real estate, but eventually, you may want to move out and put your unit up for rent. We’ll discuss whether you should get a property manager or self-manage from afar when that time comes!

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

In This Episode We Cover:

Cash flow versus equity (and which one new investors should focus on!)

Which property types deliver the highest cash flow (or appreciation)

Leveraging the power of partnerships to help fund your first deal

How much money you need to save before buying your first property

How to transition out of a house hack (and whether you need a property manager)

And So Much More!

Links from the Show

Buy Ashley’s Book “Real Estate Rookie”

Find Investor-Friendly Lenders

Should You Invest for Equity or Cash Flow?

Connect with Noah

(00:00) Intro

(01:31) Cash Flow vs. Equity

(11:26) Replacing Your W2 Income

(14:43) Saving Cash & Using Debt

(24:59) How Much Money Do I Need?

(28:32) Exiting a House Hack

(36:03) Post Your Question!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-469

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How to Start, Manage, and Scale an Airbnb Business in 2024 (Step-by-Step) Oct 09, 2024

Show notes

Do you want to break into the short-term rental space? It’s not as simple as picking a popular market, buying a rental property, and listing it online. To have a successful Airbnb business, there are three crucial steps you need to take, and we’re going to break them down in this episode!

Welcome back to the Real Estate Rookie podcast! In just four years, Tony and Sara Robinson have built a very successful vacation rental portfolio that is on track to make over two million dollars in revenue in 2024. Today, they’re going to discuss the most important components of their business, what they wish they had known before they started, some of the biggest mistakes they’ve made along the way, and what has allowed them to scale so quickly.

We’ll start at square one, helping you devise a game plan and analyzing markets to invest in. Then, we’ll show you how to make your property stand out with several helpful (and affordable) furnishing and design tips. Finally, we’ll show you how to craft systems and processes that will allow you to streamline management and scale your portfolio to multiple properties across several states!

In This Episode We Cover:

Three steps to build and scale a successful Airbnb business

The most crucial data points to consider when analyzing rental markets

When to buy the “cheaper” property and budget for design and amenities instead

Affordable furnishing and design hacks that will elevate your property

The best tips, tools, and tech for streamlining short-term rental management

Investing in an out-of-state market (and why it’s easier than you think!)

And So Much More!

Links from the Show