Real Estate Rookie

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Latest Episodes:

438: House Flipping 101: How to Find Deals, Vet Contractors, & Manage a Rehab w/Sean & Ann Wayne Jul 29, 2024

Show notes

Every real estate deal is hard work, whether your investing strategy is house flipping, buy and hold, or even wholesaling. If your goal is to not only get a great deal under contract but also make money after closing, you won’t want to miss this episode!

Welcome back to the Real Estate Rookie podcast! When we last spoke with husband-and-wife investing duo Sean and Ann Wayne, they had completed twelve deals—an impressive feat for any new investor. But over the last three years, they have discovered all kinds of tips, tricks, and strategies that have helped them triple their output in that time. How did they do it? In today’s episode, they’re going to update you on their investing journey and share their findings with you!

Tune in as Sean and Ann teach you about flipping houses and home renovations. Along the way, you’ll learn about the importance of design proposals—your secret weapon for organizing rehab projects, managing your timeline, and keeping your budget in check. You’ll also learn how to save money on materials, the biggest dos and don’ts when working with contractors, and some of the biggest rookie mistakes to avoid on any project!

In This Episode We Cover

What you must know before starting your own house flipping business

Why crafting a design proposal is crucial before kicking off a rehab project

The number one mistake rookies make between contract and closing

Why it’s so important to define roles within your real estate business

How to find and keep a good contractor (and the dos and don’ts of managing them)

Why you can’t afford NOT to have a survey done before a house flip

And So Much More!

Links from the Show

Real Estate Rookie Facebook Group

Ask Your Question on the BiggerPockets Forums

Join BiggerPockets for FREE

Buy “The Book on Flipping Houses”

Find an Investor-Friendly Agent in Your Area

See Ashley and Tony at BPCON2024 in Cancun!

Real Estate Rookie – Episode 63: Diverging From Corporate Life to Flip Houses Full-Time with Sean and Ann Wayne

(00:00) Intro

(00:44) Current Portfolio & Strategy

(05:55) How to Find Deals

(09:30) Working with the City

(15:24) Design Proposals 101

(17:52) Saving Money on Materials

(26:11) Getting Creative with Design

(30:41) KEY Advice for Rookies

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-438

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437: Rookie Reply: What EVERY Rookie Must Learn Before Investing in Real Estate Jul 26, 2024

Show notes

Not quite ready to invest in real estate? Maybe you’re still getting your finances in check or saving for a bigger down payment. In any case, don’t sit on your hands! While you wait, there are plenty of things you can do to become a more knowledgeable investor and prepare for your first deal!

Welcome back to another Rookie Reply! Today’s episode is jam-packed with essential tips for those who are just starting out. First, what market should you invest in? Ashley and Tony will show you how to identify up-and-coming neighborhoods before they explode! Most investors will also need to furnish a short-term rental or renovate a distressed property at some point in their journey. We’ll show you a hack that could help you save thousands of dollars when buying materials, furniture, and décor. At what point should you hire a bookkeeper? Can you manage your own books? Tune in for a few real estate accounting tips!

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

In This Episode We Cover

What EVERY rookie must learn before investing in real estate

How to save thousands of dollars when furnishing (or renovating) your rentals

When to hire a bookkeeper for your real estate business (and how to do it yourself!)

How to analyze a market and niche down on up-and-coming neighborhoods

Required reading for new investors (and the best skills to learn!)

And So Much More!

Links from the Show

Real Estate Rookie Facebook Group

Ask Your Question on the BiggerPockets Forums

Join BiggerPockets for FREE

Find an Investor-Friendly Agent in Your Area

See Ashley and Tony at BPCON2024 in Cancun!

Real Estate Rookie – Episode 429: The Investing “Map” You NEED to Uncover Hot Markets, Neighborhoods, & Deals w/ Ariel Herrera

Check Out the BiggerPockets Market Finder Tool

(00:00) Intro

(00:49) Do I Need a Bookkeeper?

(06:43) Finding Up-and-Coming Neighborhoods

(12:48) The BEST Way to Fund Your Projects

(20:48) What to Know BEFORE You Invest

(30:18) Send Us Your Question!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-437

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436: “Snowballing” to 12 Doors in 4 Years & Replacing TWO Six-Figure Salaries w/Emily Love Jul 24, 2024

Show notes

Owning rentals could help you become financially free, afford you more time with family, and allow you to travel the world. Whether you’re stuck in a career you dislike or you need a more flexible job, you’re about to learn that real estate investing could be your golden ticket!

Welcome back to the Real Estate Rookie podcast! Despite earning six-figure salaries as engineers, Emily Love and her husband were stressed, exhausted, and dissatisfied at their nine-to-five jobs. So, with the goal of one day trading their W2s for financial freedom, they set out to buy their first rental property. Little did they know that ONE deal would quickly snowball into a real estate portfolio with twelve doors—allowing them to leave their engineering careers behind and replace their income with a concoction of cash flow from rentals, co-hosting, and consulting!

Do you dream of leaving your job and becoming a full-time real estate investor? You won’t want to miss this episode! Emily shares how she reverse-engineered her cost-of-living number to set clear investing goals, used the profits from her first property to build her portfolio, and created multiple streams of income in her real estate business!

In This Episode We Cover

How Emily and her husband replaced TWO six-figure salaries with real estate

Why your FIRST real estate deal is so important for achieving your investing goals

How to scale a portfolio that allows you to leave your nine-to-five job

Reverse-engineering your cost-of-living figure to find your investing strategy

How to start (and scale!) your own co-hosting business from scratch

The BEST ways to find high-quality contractors for your renovation projects

How to extract multiple income streams from your real estate business

And So Much More!

Links from the Show

Real Estate Rookie Facebook Group

Try Hospitable, The Highest-Rated Vacation Rental Software

Join BiggerPockets for FREE

Buy the Book “Start with Strategy”

Find an Investor-Friendly Agent in Your Area

See Ashley at BPCON2024 in Cancun!

Real Estate Rookie – Episode 347: How to Quit Your W2 Job and Become a Full-Time Real Estate Investor

(00:00) Intro

(00:48) Life Before Real Estate

(07:31) Current Portfolio & First Deal

(15:16) “Snowballing” with Rentals

(21:28) Leaving Her W2 Job

(26:58) Creating Other Income Streams

(34:59) How to Start Today!

(36:54) Connect with Emily!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-436

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435: Transforming a Risky First Rental Into a Profitable Property by Doing THIS w/Noreen & Derek Eddy Jul 22, 2024

Show notes

If you’re holding out for the “perfect” deal, you’ll always be on the sidelines. Today’s guests weren’t afraid to take on a challenge with their first rental property, and it paid HUGE dividends. Not even an expensive market or extensive rehab could stop them from making money and reaching their investing goals!

Welcome back to the Real Estate Rookie podcast! Noreen and Derek Eddy are a real estate investing power couple who took a big risk with their first deal—a distressed, multifamily property that had recently been foreclosed on. To make matters worse, they were forced to turn their renovation project into a live-in flip once their contractor didn’t hold up his end of the bargain. Rather than straining their relationship, this DIY project brought them closer together, and today, the property’s revenue covers most of their mortgage!

In this episode, you’ll learn all about the low-money-down loan you can use to finance your property and renovation costs, as well as a lesser-known strategy you can use to find rare deals in a competitive market. Finally, Noreen and Derek will offer advice on dealing with tenants and how to get along while living under the same roof!

In This Episode We Cover

Whether you should buy a multifamily property as your FIRST investment

203(k) loans explained, their pros and cons, and when to get one

How to cover your mortgage using the house hacking strategy

Finding rare deals outside of the multiple listings service (MLS)

How to become a landlord and what to include in your lease agreements

Why tenant placement is the KEY to a successful house hack

And So Much More!

(00:00) Intro

(00:53) Finding a RARE First Deal

(13:07) 203(k) Loans Explained

(18:28) Investing with Your Spouse

(20:46) Numbers on the Property

(25:29) House Hacking with Tenants

(32:38) 2AM Police Visits!?

(39:11) What’s Next for the Eddys?

(42:43) Connect with Noreen & Derek!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-435

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434: Rookie Reply: Buying Your NEXT Rental & How to Save a Fortune on Renovations Jul 19, 2024

Show notes

Home renovation projects aren’t cheap, and it’s easy to let your budget spiral out of control if you’re not careful. Fortunately, we have several tips, tricks, and hacks that will help you save a fortune on your rehabs—from finding deals on materials to an investor hack that gives you money back every time you place an order!

Welcome back to another Rookie Reply! Are you investing out-of-state? We’ll show you how to find, vet, and manage contractors from miles away in today’s episode. Not sure if you’re ready to buy your next rental property? In this episode, we’ll break down a listener’s financials and help them (and you!) make the right choice. But that’s not all. Perhaps you’ve thought about renting by the room to help cover your mortgage but don’t know whether house hacking is for you. Make sure you listen to Ashley and Tony’s advice before diving in!

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

In This Episode We Cover

The BEST places to find materials for your home renovation projects

How to save money on material orders with THIS investor hack

When to buy your NEXT property (and why you always need an exit strategy!)

How to find, vet, and manage contractors when investing out-of-state

What you MUST know before using the rent-by-the-room investing strategy

And So Much More!

(00:00) Intro

(01:01) Rent-By-The-Room Strategy

(08:30) BEST Places to Buy Materials

(16:35) Should I Buy Another Property?

(21:39) Managing Contractors Remotely

(34:32) Send Us Your Question!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-434

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433: The Million-Dollar Real Estate Business YOU Can Start Today with Just $150 w/Brittany Hailey Jul 17, 2024

Show notes

Starting a real estate business is one of the best ways to achieve financial freedom, replace your W2 income, and leave your nine-to-five. Why? Because you don’t need a ton of money OR a rental property to get started. Today’s guest built a million-dollar business with just $150, and in this episode, she provides the blueprint for you to do the same!

Brittany Hailey and her husband were living in an expensive market and working low-paying jobs when they were introduced to short-term rentals. They eagerly bought a house and turned their mother-in-law suite into an Airbnb, and right off the bat, this tiny rental skyrocketed to the top of the listings and covered 100% of their monthly mortgage payment. With proof of concept, Brittany decided to launch her own management side hustle with just $150. Little did she know that this fledgling business would soon allow her to quit her W2 job and bring in over $1,000,000 in annual revenue!

Ready to launch your own profitable real estate business from scratch, just like Brittany did? Tune in as she shows you how to start a vacation rental management company with little to no money and scale it into a wealth-building machine. Along the way, you’ll learn which services to offer, how to compete with national brands, and how to keep homeowners and guests happy!

In This Episode We Cover

How Brittany started a real estate business with $150 (and grew it to over $1,000,000!)

Covering your entire mortgage payment by converting extra space into rentals

How to create multiple streams of income within your real estate business

The FIRST hire you should make when building your real estate team

The advantages small businesses have over national vacation rental brands

How to keep homeowners and guests happy when managing a short-term rental

And So Much More!

Links from the Show

Join BiggerPockets for FREE

Join the Real Estate Rookie Facebook Group

Find Investor-Friendly Lenders

Property Manager Finder

See Tony and Ashley at BPCON2024 in Cancun!

Grab Your Copy of “Short-Term Rental, Long-Term Wealth”

Real Estate Rookie - Episode 373: Wiping Out $130K of Debt in ONE Year With THIS “Steady” Real Estate Business with Nicole Rutherford

(00:00) Intro

(00:48) Launching Her Airbnb

(05:22) Leaving Her Nine-to-Five

(12:41) Vacation Rental Management 101

(18:44) What Services Should You Offer?

(23:30) Competing with National Brands

(26:19) Creating Multiple Income Streams

(35:12) How to Build Your Team

(40:52) Over $1 Million in Revenue?!

(44:12) Connect with Brittany!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-433

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432: From Losing Her Health, Home, & Marriage to Chasing Financial Freedom (5 Doors!) Jul 15, 2024

Show notes

Anyone can buy rentals, whether you have some money to deploy or very little to your name. With seemingly everything working against her, today’s guest managed to buy not one, not two, but THREE properties to support her and her daughter on their journey to financial freedom!

Welcome back to the Real Estate Rookie podcast! Bella and River are a mother-daughter investing duo who, just a few years ago, were facing dire circumstances. In a short amount of time, Bella lost her eyesight, foreclosed on her home, and went through a divorce—leaving her with low income and no immediate way to increase it. But when a family member introduced her to real estate investing and brought her a deal, she jumped at the opportunity. Today, this duo has a small portfolio of three rental properties and five doors!

In this episode, you’ll hear about the unique strategies Bella and River are using to choose their markets, vet contractors, screen tenants, complete home renovations, and manage their portfolio. Stick around until the end to hear how they plan to take down their next property, a short-term rental in Indiana, and achieve financial freedom within the next five years!

In This Episode We Cover

How THIS investing duo built a small real estate portfolio from scratch

Putting no money down on an investment property with seller financing

Creative strategies for vetting contractors and screening tenants

What to do when a rental property isn’t projected to cash flow

How to assemble and manage a team when investing out-of-state

How Bella and River are on track to reach financial freedom in FIVE years

And So Much More!

Links from the Show

Join BiggerPockets for FREE

Find an Investor-Friendly Agent in Your Area

Find Investor-Friendly Lenders

Property Manager Finder

See Tony and Ashley at BPCON2024 in Cancun!

Real Estate Rookie – Episode 415: $9K/Month Cash Flow, Scaling FAST, & Saving Thousands in Taxes by Doing THIS w/Riley McFarland

Buy the Book on Medium-Term Rentals, “30-Day Stay”

00:00 Intro

00:41 Losing Her Health, Home, & Marriage

04:15 Discovering Real Estate

10:43 Current Portfolio & FIRST Deal

17:32 Building Teams (Out-of-State!)

22:54 Finding New Markets

29:04 How to Vet a Contractor

33:54 How to Vet a Contractor

35:21 Connect with Bella & River!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-432

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431: Rookie Reply: Build Your Portfolio OR Pay Off Debt & Tenant Conflict 101 Jul 12, 2024

Show notes

Buying a house is a HUGE decision, whether you’re an experienced investor or a first-time homebuyer. The last thing you want is to get in over your head with a property you can’t afford. In this Rookie Reply, Ashley and Tony are going help one of our listeners crunch the numbers and point them in the right direction!

Dealing with tenants can be difficult, especially as a new landlord. What should you do when your tenant wants to make repairs or changes to their unit? How should you react when a tenant wrongly accuses you of something? The truth is that landlord-tenant relationships are tricky to navigate, but in today’s episode, we’ll lay out a game plan for managing conflict. Finally, we’ll discuss an issue you might encounter with your short-term rentals. When should you cancel an Airbnb reservation and issue a refund to your guest? Stick around to find out!

If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE).

In This Episode We Cover

Whether you should buy a house before paying off debt

How to determine whether you can actually afford a property before you buy

How to negotiate rental property repairs with your tenants

When you should cancel an Airbnb stay (and refund your guest!)

The BEST strategies for managing conflict with your tenants

And So Much More!

(00:00) Intro

(00:56) Negotiating Repairs with Tenants

(06:49) I’m Being Accused of Theft!?

(13:10) Can I Afford This House?

(20:10) Canceling an Airbnb Stay

(32:11) Send Us Your Question!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-431

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430: My Rental Burned Down! What I Wish I Knew Before It Happened w/Aaron Sallade Jul 10, 2024

Show notes

You get a call one day from the fire department, telling you, “You’ve had a house fire that’s destroyed your rental property.” What do you do first? Check on the tenants, call the insurance company, or start thinking of ways to financially recover? Your tenant has lost all their belongings; you’ve lost an investment you worked hard to acquire. If everyone is safe, what’s the next step you should take? Or, a more important question: what would you have wished you knew BEFORE this happened?

If you think the elite investors at BiggerPockets are immune to these tragedies, you’re wrong. BiggerPockets CFO Aaron Sallade was in this exact position earlier this year when he got a phone call no one wants to receive. His property was destroyed, but thankfully, his tenant walked away unscathed. He now needed to go through the next steps: submitting insurance claims, getting restoration quotes, and, if he chose to do so, selling the property.

Aaron shares the entire timeline from the rental burning down to reaching out to insurance, getting restoration quotes, and eventually deciding what to do with the property. He even dives into what he wishes he had known BEFORE this tragic event, and not hearing his advice could cost you!

In This Episode We Cover

What to do when a tenant accidentally burns down your rental property

Why you MUST require renters insurance on every property in your portfolio

Filing rental property insurance claims and how long it’ll take to get paid for the damages

Rebuilding vs. selling and whether it’s worth the time to renovate a burnt-down home

The rarely discussed “1033 exchange” that can help you during a tragic event like a house fire

The two things you NEED before you can get reimbursed from your insurance company

And So Much More!

(00:00) Intro

(01:05) First Rental Property Numbers

(03:55) "Your House Was Destroyed"

(06:49) Getting the Tenant Settled

(09:10) Working with Insurance

(13:15) Restoration Timeline and Insurance Payout

(14:47) What to Know BEFORE This Happens

(18:53) Rebuild or Sell?

(22:52) Other Options to Sell

(26:46) Final Numbers On the Rental

(28:32) Insurance Rate Changes

(30:50) Worst Case Scenario Resolved!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-430

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429: The Investing “Map” You NEED to Uncover Hot Markets, Neighborhoods, & Deals w/Ariel Herrera Jul 08, 2024

Show notes

Harnessing the power of data gives you an enormous advantage in your real estate investing journey, allowing you to discover up-and-coming markets or find deals that are flying under the radar. While crunching the numbers might seem like hard work, there are all kinds of software, tools, and templates to lighten the load!

Welcome back to the Real Estate Rookie podcast! Today, data scientist Ariel Herrera returns to the show to offer more advice for investors who want to find the next BIG market (before it takes off!) and source better real estate deals. Whether you’re just getting started or already have a few rental properties under your belt, this episode is brimming with helpful tips—from niching down to specific neighborhoods to using artificial intelligence (AI) tools for EASY market research!

Tune in to learn which data points are most important when choosing a market and how to use “census tracts” to make an informed decision. You’ll also learn about the three biggest competitive edges you can gain in real estate (even as a complete rookie!). But that’s not all. Ariel will even show you how to craft a “map” of up-and-coming areas that best align with your investing strategy, long-term goals, and personal preferences!

In This Episode We Cover

The MOST important data points to consider when choosing your market

Why census tracts are your “secret weapon” for neighborhood analysis

Harnessing the power of artificial intelligence (AI) to streamline market research

How to create a “map” that helps you identify up-and-coming areas to invest

How to leverage data science and automation to find better real estate deals

And So Much More!

(00:00) Intro

(01:26) 3 Ways to Gain a Competitive Edge

(10:15) Which Data Points Are Important?

(17:31) Strategy-Dependent Data

(20:14) Other Crucial Data Points