Real Estate Rookie

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Latest Episodes:

428: Rookie Reply: How to Analyze Rentals for Cash Flow & Manage a Rehab Project Jul 05, 2024

Show notes

Most investors buy rental properties for cash flow, and the fear of losing money keeps many rookies on the sidelines. How can you be certain that you’re going to make a profit before you buy? Today, Ashley and Tony will show you how to do your due diligence so you don’t get stuck with a problematic property!

Welcome to another Rookie Reply! Property expenses are a necessary evil of real estate investing, but in this episode, we’ll show you how to stop these costs from ruining your cash flow. But that’s not all. We also offer tips for managing rehab projects and staying on budget, from building a detailed scope of work to implementing tools and software that will help you stay organized throughout your project. Should you list your rental property online? We discuss the benefits of creating a Google Business profile, and finally, we settle the great debate between paying cash for a property and taking out a mortgage!

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).

Support Today's Show Sponsor, Hospitable!

In This Episode We Cover

How to ensure a deal will cash flow before buying the property

Building a scope of work (step-by-step) and tools to keep your rehab project on track

The pros and cons of paying cash for a property versus getting a mortgage

How to get your rental property to show up on Google Maps

Why you NEED to create a Google Business profile for your Airbnb

How to prevent capital expenditure (CapEx) from eating into your cash flow

And So Much More!

(00:00) Intro

(01:25) Will My Deal Cash Flow?

(08:17) How to Manage a Rehab Project

(17:14) Listing Your Property on Google

(26:04) Paying Cash vs. Getting a Mortgage

(37:12) Send Us Your Question!

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427: Is Rent-to-Own the Easiest and Most “Passive” Way to Scale Your Portfolio? w/Jenn & Joe Delle Fave Jul 03, 2024

Show notes

Do you have a cash flow problem? Maybe property management fees are setting you back, or you’re spending too much on repairs and maintenance. Today, we’re bringing you a powerful solution that will not only solve your cash flow problems but also help you scale your portfolio faster than you ever thought possible!

Welcome back to the Real Estate Rookie podcast! Jenn and Joe Delle Fave were content with buying one rental per year, an impressive feat for any rookie investor. But then they discovered an investing strategy that gave them even more buying power and the ability to take down several deals each year. Since pivoting to this business model, they spend less time managing their properties, enjoy three different types of cash flow, and help renters become homeowners in the process!

In this episode, Jenn and Joe will tell you everything you need to know about the rent-to-own strategy and how to get started without buying any new rentals. Along the way, you’ll learn about building your buy-box, finding and screening high-quality tenant-buyers, and creating option and lease agreements. They will even walk you through one of their deals and share some potential rent-to-own pitfalls to avoid!

In This Episode We Cover

The most “passive” way to get MORE cash flow from your rentals

The three types of cash flow that come with rent-to-own homes

Why the rent-to-own strategy is the easiest way to scale your portfolio

How to build your rent-to-own buy box and find high-quality tenant-buyers

The two agreements you NEED when placing a new tenant-buyer

And So Much More!

(00:00) Intro

(01:05) What Is Rent-to-Own?

(08:34) THREE Types of Cash Flow?!

(16:58) Lease & Option Agreements

(26:00) The Renter's Path to Homeownership

(33:34) Getting Started & Common Pitfalls

(38:58) Where to Find Tenant-Buyers

(44:32) Connect with Jenn & Joe!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-427

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426: 6 Properties & Financially Free in Just 3 Years ($20K/Year from ONE Rental) w/Jayson Ewert Jul 01, 2024

Show notes

Do you dream of becoming a full-time real estate investor? Having the financial stability to leave your W2 job might seem like an eternity away, but if you start investing now, it doesn’t have to take as long as you think. Just ask today’s guest, who was able to achieve financial freedom in just THREE years!

Welcome back to the Real Estate Rookie podcast! Jayson Ewert spent six years in the U.S. Army before realizing he didn’t want to be a military man forever. While renting a house with a few friends, he was amazed by how well his landlord was doing and wondered whether real estate investing might be an option for him. Before long, Jayson had read Rich Dad Poor Dad cover to cover and was determined to start buying small multifamily properties. Six deals later, Jayson has completely replaced his W2 income, allowing him to commit his time and energy to managing his portfolio and finding more deals!

In this episode, Jayson dives into house hacking, an investing strategy he uses to help cover his living expenses. He also shares some of his biggest lessons learned, including what he wishes he had known before dealing with vacancies, evictions, and other unforeseen expenses. If you have an Airbnb, you won’t want to miss the pro tip that will ensure you stay competitive!

In This Episode We Cover

How to become a full-time real estate investor (and finally leave your W2 job!)

Covering your mortgage payment and living expenses by house hacking

What you must do each month to make sure your Airbnb stands out

How to squeeze MORE cash flow from your portfolio with short-term rentals

What you can do today to prepare for vacancies, evictions, and major repairs

Why choosing the “right market” isn’t as important as you probably think

And So Much More!

(00:00) Intro

(00:50) Life Before Real Estate

(07:29) Jayson’s Portfolio & FIRST Deal

(12:36) Becoming a Full-Time Investor

(16:49) Costly Vacancies & Evictions

(25:00) Managing His Portfolio

(27:52) House Hacking 101

(34:38) $20K/Year from ONE Rental!

(39:34) Connect with Jayson!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-426

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425: Rookie Reply: How to Pass Down Generational Wealth & Top Airbnb Amenities Jun 28, 2024

Show notes

You’re working hard to build generational wealth. But have you thought about a succession plan for your growing real estate portfolio? Today, we’re going to show you several ways to create a better life for your children while reinforcing the values of hard work, sacrifice, and entrepreneurship!

Welcome back to another Rookie Reply! Want to get more Airbnb bookings? In today’s episode, we’ll show you how to choose short-term rental amenities that will improve your bottom line. We also dive into seller financing and how to make your lender whole if you need to sell the property. We even discuss a unique type of real estate business that allows you to make a huge profit without owning any property. Finally, should you ever buy rental property if it won’t cash flow on day one? Stay tuned 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

How to create generational wealth through real estate and pass it down to your children

A “unique” real estate business that lets you make money without owning rentals

How to choose amenities that will help you get MORE Airbnb bookings

Whether you should ever buy a rental property that won’t cash flow right away

Seller financing explained and how to make your lender whole if you sell a property

And So Much More!

(00:00) Intro

(00:44) Passing Down Generational Wealth

(10:05) Choosing Airbnb Amenities

(15:28) Seller Financing 101

(19:33) Making Money Without Rentals

(26:49) Does It NEED to Cash Flow?

(32:42) Send Us Your Question!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-425

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424: 5 “Tactical” Tips to Boost Rents, Cash Flow, and Property Value w/Angel Garcia Jun 26, 2024

Show notes

If you want higher rents, more cash flow, and fewer hiccups, you DON’T need to buy more rental properties. You need better systems and processes. By implementing tactics, strategies, and procedures he learned from the military, today’s guest has achieved enormous success in his real estate business and is going to show YOU how to do the same!

Welcome back to the Real Estate Rookie podcast! Angel Garcia has a modest real estate portfolio of five properties and is in no hurry to buy more. Meanwhile, he has managed to optimize each one of his units for the highest possible rent, cash flow, and appreciation. His secret? Taking the knowledge he has learned as a lieutenant colonel in the U.S. Army and applying it to real estate investing. With standards and protocols for every scenario and a team that is always dialed in, Angel’s business runs on autopilot!

Whether you’re still trying to pin down your investing strategy or looking to stabilize your portfolio with better systems, you don’t want to miss out on this episode! Angel equips you with all of the know-how, tools, and resources you might need to get the most out of your portfolio, regardless of how many rentals you own. Apply Angel’s five “tactical” tips and watch your business take off!

In This Episode We Cover

How to improve your real estate portfolio for higher rents and better cash flow

The one thing you MUST do before buying more rental properties

“Battle drills,” “battle rhythms,” and other “tactical” tips for running your business

Must-have systems and processes for out-of-state investing

How to create effective standard operating procedures (SOPs) for your business

And So Much More!

(00:00) Intro

(00:57) Stabilizing His Portfolio

(08:19) Must-Have Systems & Processes

(18:00) “Battle Drills” & PACE Plans

(27:50) “Battle Rhythms” & SOPs

(42:26) Executing the Mission!

(46:20) Connect with Angel!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-424

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423: Making $15K/Year & Living with His Mom to 5 Deals in 5 Years with LOW Money w/Todd Fullerlove Jr. Jun 24, 2024

Show notes

You DON’T need a ton of money to find and fund real estate deals. Despite earning just $15,000 per year, today’s guest found the perfect property for him and scrounged the money to close. If you’re willing to learn, network, and put yourself out there, you can do the same!

Todd Fullerlove Jr. had recently graduated college, gotten married, and welcomed his first child when the reality of starting a family hit him like a ton of bricks. Living paycheck to paycheck, his little family was forced to move in with his mom. Todd knew something had to change and decided to give real estate investing a try. The only problem? He had no money! Fortunately, Todd had learned that you don’t need to be sitting on a pile of cash to get started. So, Todd did what every smart investor does—he found the deal first! From there, he built relationships and raised capital. Just by taking action, Todd has completed five deals in five years!

In this episode, Todd will show you how to find and fund off-market deals through the power of private money. You’ll also get a full breakdown of the short sale process, from working with banks to navigating home appraisals and broker price opinions (BPOs). Stick around until the end to hear about the loan Todd used to buy his first rental property with low money down!

In This Episode We Cover

How Todd went from making $15,000 per year to landing five real estate deals

How to get 100% funding for your deals through the power of private money

Short sales explained and why banks are motivated to work with you

What you NEED to know before tackling DIY home renovation projects

The BIG difference between a home appraisal and a broker price opinion (BPO)

Buying rental properties with low money down using USDA loans

And So Much More!

(00:00) Intro

(01:02) Making $15K/Year?!

(07:36) Finding His First Deal

(13:30) How to Find Private Money

(22:10) Structuring a Private Money Deal

(26:40) DIY Home Renovations

(32:49) Buying Rentals & Todd’s Portfolio

(39:45) Connect with Todd!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-423

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422: Rookie Reply: How to Invest with $100K & Managing Home Renovations Jun 21, 2024

Show notes

You have home renovations in the pipeline…but who’s going to manage them? Do you need the expertise of a general contractor, or can you manage tradespeople yourself? With so much at stake, including your budget and timeline, we’re here to help you make the right choice!

Welcome back to another Rookie Reply! In today’s episode, we’re bringing you expert tips to help with your renovations, from hiring general contractors to structuring agreements and more. We also talk about what to do when you’ve got around $100,000. Between house hacking, flipping houses, the BRRRR method, and other tactics, the sheer number of options can seem overwhelming. But not to worry—we’ll point you in the right direction! Feel like it’s too late to invest? We’ve got some expert investing strategies to share, even for a late starter. Finally, we discuss some creative ways to buy rental properties, including seller financing, DSCR loans, and more!

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

Hiring a general contractor versus self-managing your home renovations

How to choose your investing strategy (for new investors and late starters!)

Three types of general contractors (and which one to hire for YOUR project)

How to structure a general contractor agreement (and what to include)

Creative ways to buy rental properties with a high debt-to-income (DTI) ratio

The advantages of seller financing and DSCR loans over conventional loans

And So Much More!

(00:00) Intro

(00:41) How to Invest $100K

(07:14) Hiring General Contractors vs. Self-Managing

(16:34) General Contracting Agreements

(22:39) Is It Ever TOO Late to Invest?

(29:06) Investing with a High DTI Ratio

(36:45) Send Us Your Question!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-422

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421: Turning a “Failed” Property Into a $7K/Month Rental by Doing THIS Instead w/Kayley George Jun 19, 2024

Show notes

A rental property that doesn’t cash flow can be a nightmare for new investors. But when the numbers no longer work, remember that not all is lost. Pivoting to another investing strategy can help save your property and get you right back in the green!

Welcome back to the Real Estate Rookie podcast! Investor Kayley George had already built a small portfolio when she stumbled across an old, colonial-style home on the multiple listings service (MLS). With big plans to convert it into a fourplex, Kayley bought the property at a huge discount and got right to work—teeing up a hard money lender and kicking off renovations—only to uncover several MAJOR issues with the house. Fortunately, tuning into a previous Rookie episode helped her find another strategy and SAVE the “misfit” property. Today, this unique house brings in over $7,000 each month!

Not sure what to do with your rental? In this episode, you’ll learn about a business model that allows you to not only make a huge difference in your community but also boost your monthly cash flow—sober living. Along the way, Kayley will show you how to get bank financing for a sober living house, partner with nonprofits, find a property manager, screen tenants, and more!

In This Episode We Cover

Boosting your cash flow and helping others with THIS business model

The power of partnering with nonprofits for property management

How to properly source and screen tenants for a sober living home

Setting expectations for tenants (and what to include in your lease agreements)

Common mistakes and financing challenges you’ll face with sober living

And So Much More!

(00:00) Intro

(01:03) Doubling Her Cash Flow?!

(09:19) Sober Living 101

(17:30) Partnering with Nonprofits

(23:57) How to Screen Tenants

(30:20) Expectations & Lessons Learned

(35:21) TOUGH Financing Challenges

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-421

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420: From Pizza Delivery Driver to 11 Rental Units Using Savvy Seller Financing w/Greyden Piechnick Jun 17, 2024

Show notes

Most real estate investors wait to save significant down payments on every property to grow their portfolios. But twenty-four-year-old Greyden Piechnick didn’t have time to wait. He knew creative financing was the only way. Troubled by his father’s serious health woes while still a high school senior, Greyden became extremely motivated to find financial freedom to spend quality time with his loved ones, and multifamily investing was the fastest way to reach this goal.

Greyden delivered pizzas, worked twelve-hour factory shifts, and lived at home to save $20,000, his first down payment on a duplex in 2021. Using the BiggerPockets podcasts and Facebook groups to level up his investing knowledge, he later closed on a nine-unit building using negotiating finesse and seller financing. Despite some BIG issues, Greyden’s efforts have yielded serious results with sizable cash flow at both properties!

Greyden’s real estate journey illustrates the power of creative financing and how anyone, starting from ANY point, can invest! Through hard work, he’s crafted a lifestyle that fits his vision of what’s truly important. If you don’t want to wait another second to get on track to financial freedom, follow in Greyden’s footsteps!

In This Episode We Cover

How to start investing in real estate at a young age, even with NO experience and little money

The power of creative financing and using it to buy bigger, better properties

One expensive lesson Greyden had to learn that YOU should avoid at all costs

How to negotiate seller financing terms that are a win-win for you AND the seller

Funding your down payments with private money (and how to find private money lenders!)

And So Much More!

(00:00) Intro

(01:03) A Huge Wake-Up Call

(02:29) Delivering Pizzas and Factory Shifts

(05:51) Buying the First Rental Property

(08:30) 9-Unit Seller Finance Deal!

(15:30) Negotiating the Price and Down

(22:59) Finding Private Money

(24:19) Real Estate Negotiation Tips

(27:14) ash Flow Numbers!

(28:13) Expensive Lessons Learned

(31:02) Self-Managing vs. Property Management

(33:57) What's Next for Greyden?

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-420

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419: How to Use Science to Find the Right People for Your Real Estate Business w/Richard Davis, Ph.D Jun 14, 2024

Show notes

Real estate is a people business. You could buy several rental properties, but without the right people in the right roles, you’re going to be swimming upstream. Today’s guest has dedicated many years of study to this problem and is here to help you make better people decisions!

Welcome back to the Real Estate Rookie podcast! The success of your real estate business largely depends on the people around you, from partners to property managers. Ahead of the release of his new book, Good Judgment, industrial-organizational psychologist Richard Davis, Ph.D joins the show to share his perspective on the crucial decisions that could make or break your real estate journey. Whether you’re looking to form investing partnerships, find good contractors, or hire property managers, this is an episode you won’t want to miss!

Tune in as Richard talks about the five main personality traits and how they predict behavior. Along the way, he busts some of the myths surrounding emotional intelligence (EQ) and shares the most important questions you should ask someone to determine if they are the right fit for your team. You’ll even learn about the power of perceptivity and why it’s SO important for you to keep this “cognitive muscle” strong!

In This Episode We Cover

Why behavioral psychology plays a HUGE role in real estate investing

How to make better people decisions in your real estate business

KEY questions to ask potential partners, contractors, property managers, and employees

The five main personality traits explained (and Richard’s take on them)

Why emotional intelligence (EQ) is not a good predictor of behavior

And So Much More!

(00:00) Intro

(01:17) What Is Behavioral Psychology?

(08:26) The Emotional Intelligence “Myth”

(14:22) Perceptivity & Good Judgments

(23:44) “Power” Questions to Ask