Real Estate Rookie

Buy the Book “The House Hacking Strategy”

Build a Six-Figure Student Housing Portfolio with These Simple Steps

(00:00) Intro

(00:49) Living for FREE in College

(05:24) Student Housing 101

(12:13) Building the DADU

(19:09) Making a $300K Profit?!

(27:11) Adding Value & Finding Deals

(30:38) How to Find Your Niche

(35:20) Connect with the Nossums!

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4 Properties in 4 Years and Saving $40K on ONE Deal by Doing This w/Joe Schmitt Aug 19, 2024

Show notes

Can rookies find rental properties that cash flow in today’s housing market? Yes! But you may need to get creative. This investor made the numbers work by discovering extra income streams in his own backyard, making a cross-country move, and using artificial intelligence (AI) to find better deals!

Welcome back to the Real Estate Rookie podcast! Joe Schmitt has built a modest real estate portfolio of four properties in four years, but the journey hasn’t been easy. His very first deal saw him tackling home renovations and building a second rental unit on his property, an effort that allowed him to force appreciation and create more cash flow. The only problem? Joe was quickly being priced out of his Los Angeles market. So, he took his operation to the East Coast instead!

There are many levers you can pull to make a deal work for you, and in today’s episode, you’re going to hear about all the different investing strategies Joe used to his advantage—from building accessory dwelling units (ADUs) and investing out-of-state to using Chat GPT to negotiate a $40,000 discount on one deal!

In This Episode We Cover:

How Joe built his portfolio of four rental properties in four years

Boosting your home equity and cash flow with accessory dwelling units (ADUs)

The benefits of visiting a new real estate market before investing in it

Using ChatGPT to research property data, analyze deals, and negotiate with sellers

When to refinance your home (and when to keep your current rate instead!)

What you must know before getting a home equity line of credit (HELOC)

Private mortgage insurance (PMI) explained and how to avoid (or eliminate!) it

And So Much More!

Links from the Show

Buy “The Book on Negotiating Real Estate”

Investing in Real Estate Out of State: What You Need to Know

Connect with Joe

(00:00) Intro

(00:44) Joe’s FIRST Deal

(07:01) Building the ADU

(16:17) Moving to Nashville!

(26:47) Saving $40K by Using AI?!

(32:48) 3 Tips for New Investors

(35:33) Connect with Joe!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-446

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Rookie Reply: Preparing for a Market Crash, Ending Leases, & Building Teams Aug 16, 2024

Show notes

As a new investor, a strong real estate team is crucial to your success—especially when you’re looking to land your first deal, complete your first rehab project, or invest out-of-state. In today’s episode, we’ll show you how to find investor-friendly agents, lenders, contractors, and other key players!

Welcome back to another Rookie Reply! What should you do when a tenant wants to break their lease? We’ll provide you with a plan of action, as well as some necessary terms to include in your lease agreements so that you’re protected in the future. Next, could we be headed for another housing market crash? No one knows for certain, but Ashley and Tony will show you how to prepare for the worst and adjust your investing strategy during a downturn. Finally, you always need an exit strategy when working with partners or private money lenders. Stay tuned for some creative ideas that will keep you from getting in hot water!

In This Episode We Cover:

How to build your own real estate investing team from scratch

What to do when a tenant wants to terminate their lease

Why fear of an economic downturn shouldn’t stop you from investing

Whether we’re headed for another housing market crash (and how to prepare)

Why you always need an exit strategy for partnerships and financing

And So Much More!

Links from the Show

Build Your Investor-Friendly Team

Buy “The Book on Rental Property Investing”

Build Your Team for Real Estate Investing

(00:00) Intro

(00:54) How to Build Your Team

(08:02) Terminating a Lease

(14:17) Is a Housing Crash Incoming?

(22:15) Exit Strategies 101

(29:12) Send Us Your Question!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-445

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The Rookie’s Secret Weapon for Creating Cash Flow in ANY Real Estate Market w/Jean Augustin Aug 14, 2024

Show notes

Anyone can get into real estate investing. Seriously, anyone! With today’s high interest rates, it may be more difficult to find a rental property that cash flows, but even if you’re in a white-hot real estate market or don’t have much money, there are still many creative ways to get started!

Welcome back to the Real Estate Rookie podcast! From the moment his $22,000 military bonus hit his bank account, soldier Jean Augustin knew exactly how he’d be using the cash. After a few months of education and research, the perfect first property fell in his lap—a duplex that hadn’t even reached the multiple listing services (MLS). This 2020 deal was a home run by today’s standards, but as market competition increased and interest rates rose, Jean found that great deals were becoming scarce. Rather than switching markets or giving up on real estate, he pivoted to another investing strategy!

In this episode, you’re going to learn that you don’t need to find the perfect market—you just need to find the right strategy. Tune in as Jean shares his journey from long-term rentals to short-term rentals to medium-term rentals. Along the way, you’ll learn all about VA loans and their benefits, mistakes to avoid when analyzing an Airbnb, and how to make money without owning rentals!

In This Episode We Cover:

How to find the perfect investing strategy for your real estate market

Snatching up a GREAT deal before it reaches the multiple listing service (MLS)

How to create your own income stream from someone else’s property

The VA loan and its benefits (and a similar loan for non-veterans!)

Critical mistakes to avoid when analyzing a rental property

How to make more money from your Airbnb during slow months

And So Much More!

Links from the Show

Buy the Book “Start with Strategy”

Property Manager Finder

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

Jean’s LinkedIn

(00:00) Intro

(00:55) Investing His Work Bonus!

(07:04) Landing His First Deal

(12:58) Numbers on the Duplex

(16:28) VA Loan Pros & Cons

(21:31) Airbnb Arbitrage 101

(26:32) Critical Airbnb Mistakes!

(31:25) Pivoting to Medium-Term Rentals

(37:38) Connect with Jean!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-444

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How to Use “Asset Management” to Build Wealth (Even with a Small Portfolio!) w/Ashley Wilson Aug 12, 2024

Show notes

You DON’T need to scale your real estate portfolio to start building wealth. Whether you own a single rental property or one hundred doors, the size of your portfolio isn’t as crucial as your ability to manage it. Today’s guest is bringing you a masterclass on a fundamental skill that new investors often overlook—one that will help you get the most out of your portfolio and maximize your profits!

Welcome back to the Real Estate Rookie podcast! Ashley “BadAsh” Wilson is a big-time investor and long-time friend of the show who has perfected the art of asset management, having managed over 1,500 units to date! In this episode, she’s going to show you why this skill matters, how it differs from property management, and how to use it to gain a competitive advantage in your investing journey—even if you don’t have a large portfolio or have only just landed your first deal!

New investors must wear many hats, but Ashley shares three things ALL rookies can do to better manage their portfolios without outsourcing. She also walks you through the process of evaluating a multifamily property and even shows you how to execute a value-add strategy that brings bigger and faster returns!

In This Episode We Cover:

Asset management explained and why it’s the differentiator for building wealth

Skills you MUST cultivate to effectively manage your real estate portfolio

Three things ALL rookies can do to become better asset managers

How to evaluate a multifamily investment property (step by step)

Key differences between asset management and property management

How to create and execute a value-add strategy for any property

And So Much More!

Links from the Show

Become a BiggerPockets PRO Member and Get RentRedi for $1

Buy the Book “The Multifamily Millionaire, Volume 1"

Property Manager Finder

BiggerPockets Real Estate - Episode 412: Start Investing in Large Multifamily? How to Do It, and Why (or Why Not) with Ashley Wilson

Connect with Ashley Wilson

(00:00) Intro

(00:53) Asset Management 101

(09:58) Essential Skills for Asset Managers

(16:27) 3 Keys to Asset Management

(20:53) How to Evaluate Multifamily

(29:08) Executing a Value-Add Strategy

(35:50) Don’t Get Comfortable!

(38:25) Connect with Ashley!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-443

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Rookie Reply: How to Screen Tenants for Free & When to Cash-Out Refinance Aug 09, 2024

Show notes

Screening tenants is a necessary but expensive part of real estate investing. In some cases, property managers charge as much as one month’s rent to place a tenant. What if there was a way to build a pool of high-quality tenants for free? In this episode, you’ll learn how to screen your own tenants (fairly and legally) and keep more of your cash flow!

Welcome back to another Rookie Reply! After showing you how to create your own backlog of potential tenants, we dive into house hacking—the rookie-friendly investing strategy that helps pay for your mortgage—and a creative way to squeeze even more monthly income from your property. Cash-out refinancing is a popular way to access your home equity and reinvest it. But is this a good idea with today’s high interest rates? Ashley and Tony will crunch the numbers and help you make the right decision. Finally, we discuss the ins and outs of eviction day and what you need to know before the sheriff arrives at your property.

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

In This Episode We Cover:

How to build a pool of high-quality tenants for your rental property (for free!)

Mastering the tenant screening process without a property manager

Creative ways to maximize your cash flow with the house hacking strategy

When to do a cash-out refinance and roll your home equity into a new deal

What you NEED to know before evicting a tenant from your property

And So Much More!

Links from the Show

Become a BiggerPockets PRO Member and Get RentRedi for $1

Buy “The Book on Managing Rental Properties”

Property Manager Finder

Real Estate Rookie - Episode 6: The Ultimate Beginner’s Guide to Tenant Screening with Lucas Hall

(00:00) Intro

(00:54) Building Your Tenant Pool

(13:36) House Hacking from Your Garage?!

(20:13) Should I Do a Cash-Out Refi?

(25:58) Evicting a Tenant

(35:14) Send Us Your Question!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-442

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441: Turning $5,000 Into 50+ Doors and a 7-Figure Net Worth Before the Age of 30 w/Cody Caswell Aug 07, 2024

Show notes

You don’t need a huge inheritance or nest egg to start investing in real estate. Just ask Cody Caswell, who landed his first deal at sixteen years old with only $5,000. This property gave him instant cash flow, but more importantly, it gave him a launchpad to develop his skills, find better deals, and scale from mobile homes to multifamily!

Welcome back to the Real Estate Rookie podcast! Cody started small, but today, he flips fifteen houses per year, owns a fifty-six-unit apartment complex, and even runs an interior design business—all before the age of thirty. The secret to his seven-figure success? He spent most of his twenties dabbling in virtually every investing strategy until he found the one that aligned with his strengths and interests. The best part? His approach is relatively low-risk and highly repeatable!

In this episode, Cody will share the best entry points for buy and hold investing, the BRRRR method, and flipping houses. Whether you’re brand-new to the world of real estate or you’re ready to pull the trigger on your first property, tune in to hear about his real estate journey, some critical mistakes to avoid, and what makes a “good” deal!

In This Episode We Cover:

How Cody turned a $5,000 investment into a portfolio of over fifty units

How to build and scale your real estate business from little or no money

The perfect starter investment properties (and how to find them!)

The fastest way to double your cash and get MORE money to scale

Why time in the market is more important than timing the market

And So Much More!

Links from the Show

Noah's BiggerPockets Profile

Buy “The Book on Flipping Houses”

See Ashley and Noah at BPCON2024 in Cancun!

Investing in Mobile Homes: What Investors Need to Know

(00:00) Intro

(01:29) Investing at 16?!

(06:47) BRRRRing & Scaling at 18

(10:23) Flipping Houses & Cody’s Strategy

(15:41) Advice for New Investors

(19:19) Connect with Cody!

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BiggerPockets Real Estate Episode 1,000: Real Estate Is Changing, and So Is BiggerPockets Aug 05, 2024

Show notes

For the past 999 episodes of the BiggerPockets Real Estate Podcast, we’ve heard stories from investors who have achieved financial freedom through rental property investing. However, when we started this podcast in 2013, it was a different time. The housing market had crashed just years earlier, prices were still recovering, and cash flow was abundant in many markets. But things have changed, and now we’re changing, too. Welcome to our 1,000th episode and your first look at the new BiggerPockets Real Estate Podcast.

We’re getting back to the basics, sharing investor strategies that work in today’s market and showcasing the data investors need to know now so they can reach financial freedom faster. Our first guest on this new wealth-building journey is Scott Trench, CEO of BiggerPockets and rental property investor.

Today, we ask Scott, “Is financial freedom still possible through real estate, and if so, how do investors achieve it in this housing market?” Scott shares what both beginner and experienced investors must do now to reach financial freedom, who should even be investing in the first place, and the best beginner investment EVERYONE listening to this should be taking full advantage of.

Ready to start building your path to financial freedom today? The BiggerPockets Real Estate Podcast is the best place to be!

We also want to thank David Greene and Rob Abasolo for their massive contributions—David Greene for nearly 7 years as a host and co-host of the podcast, and Rob Abasolo for many of the past 250 episodes. They did a fantastic job building on the foundations poured by our Founder, Josh Dorkin, and Brandon Turner and continued the work of changing millions of lives.

While we had hoped that Rob and David would continue to stay on as hosts in this rotational capacity, we completely understand their desire to move on to their next adventures, and wish them success in those endeavors, knowing that they will continue to change many lives with their thought leadership. We wish them the best of luck in their next endeavors.

In This Episode We Cover

The new BiggerPockets Real Estate Podcast and what we’re changing starting today

Whether you can still achieve financial freedom through real estate in 2024

The best beginner strategy to start building wealth, EVEN with little money

Who should begin investing in real estate and whether you have what it takes

The problem with “passive income” and why hands-on rentals beat it

Investing in affordable markets and who should start with out-of-state investing

How you can become a millionaire without having a huge rental portfolio

And So Much More!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-1000th-episode-of-bpre

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440: Rookie Reply: Rent-Raising Renovations, the 1% Rule, & Quitting Real Estate Aug 02, 2024

Show notes

Real estate investing offers a roadmap to financial freedom, but it’s far from easy. If you’re feeling the stress of ownership, whether it’s due to a difficult tenant or unforeseen expenses, you may be ready to throw in the towel. But before you sell your investment property out of frustration, you’ll want to hear what Ashley and Tony have to say!

Welcome back to another Rookie Reply! Are you looking to increase rents? Choosing the right renovations is key, and in today’s episode, we’ll help you determine which projects to prioritize. We also talk about the one-percent rule—a popular benchmark investors use to determine whether a deal is good or bad. Should you buy a rental property that falls short of this golden number? Our answer might surprise you! Finally, we dive into turnkey properties, their pros and cons, and what you should know about them before you buy!

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

In This Episode We Cover

What to do when you feel like quitting real estate investing altogether

When to sell a rental property (and where to redeploy your home equity!)

The BEST home renovation projects for raising rents

Whether you should buy a property that doesn’t meet the one-percent rule

The pros and cons of investing in turnkey rental properties

And So Much More!

(00:00) Intro

(00:55) Rent-Raising Renovations

(08:30) Should I QUIT Real Estate?

(18:14) When to Sell a Property

(29:46) Breaking the 1% Rule!

(37:13) Buying Turnkey Rentals

(44:39) Send Us Your Question!

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439: Real Estate Bookkeeping: A Crash Course for Getting Your Financials in Check w/Sarah Bratcher Jul 31, 2024

Show notes

Real estate bookkeeping is one of the tedious but necessary tasks that comes with owning a rental property. Unsurprisingly, it’s one of the things that can make or break your real estate business. Can you do your own accounting? Should you hire a bookkeeper? It’s easy to become overwhelmed by your financials, which is why we’ve brought in a specialist to deliver a crash course on this crucial topic!

Welcome back to the Real Estate Rookie podcast! Today, we’re joined by certified public account (CPA) Sarah Bratcher, who is going to share five things every investor should know about bookkeeping. Along the way, you’ll learn the differences between CPAs, bookkeepers, and financial planners so that you can make the right hire for your real estate business. Sarah also shares some of the biggest red flags to watch out for when hiring a CPA, as well as some telltale signs that it’s time to let your current CPA go!

But that’s not all! Commingling personal and business income is an issue that gets investors in hot water with the IRS, but fortunately, Sarah has a simple solution that will help you avoid legal pitfalls altogether. You’ll also learn how to set up software, systems, and accounts that make your life easier!

In This Episode We Cover

Five things every rookie investor should know about bookkeeping

How to choose an accounting software that best aligns with your investing goals

Red flags to look for when hiring (or firing!) a certified public accountant (CPA)

Why you NEED an investor-friendly tax preparer (and how to find one!)

Preventing liability issues by separating your personal and business income

The differences between CPAs, bookkeepers, and financial planners (and which one to hire!)

And So Much More!

Links from the Show

Ask Your Question on the BiggerPockets Forums