Real Estate Rookie

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Rookie Reply: What to Do When an Appraisal Comes Back Low?

Do You Know the Fundamentals of Zoning Rules? Here’s What You Need to Know

Wait: Don’t Get Started On Your Development Project Unless You Have Zoning in Place

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387: The Step-by-Step Guide to Flipping Houses and High-ROI Home Renovations w/James Dainard Apr 01, 2024

Show notes

Want to begin flipping houses in 2024? With this popular investing strategy, you could build a lucrative and flexible real estate business. All any rookie needs to get started is a few skills and a little know-how, and there’s no better person to get you up to speed than today’s special guest!

Welcome back to the Real Estate Rookie podcast! Today, we’re joined by James Dainard, investor, master house flipper, and co-host of the On the Market podcast. James has flipped over 3,000 homes to date, and in this episode, he’s going to show you how to flip your first house, step by step, from start to finish. From creating an accurate budget (and sticking to it!) to choosing home renovation projects that deliver the highest return on investment (ROI), this masterclass has everything you need to make your first flip a successful one.

You’ll learn how to find the best contractors for your rehab, strategies to keep your project on track, and why you should involve your real estate agent throughout the entire project—not just when it comes time to list your property for sale. James even shares his own flipping horror story that cost him hundreds of thousands of dollars and the biggest lessons learned from that experience!

In This Episode We Cover:

How to ensure that your BRRRR property will cash flow before AND after refinancing

Creative financing solutions to use when hard money becomes due

What you NEED to know before getting into commercial real estate investing

How to fully furnish your short-term rentals on a tight budget

Addressing rent increases and maintenance issues with difficult tenants

And So Much More!

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A Step-by-Step Guide to Estimating Rehab Costs w/ Master Flipper & Investor James Dainard (Part 1)

Finding Contractors, Renovation Red Flags, and Estimating Rehab Costs (Part 2) w/ James Dainard

Rookie Reply: Estimating Rehab Costs, Finding “Hard Money,” & Tax Planning

Watch James on the “On The Market” YouTube Channel

Hear James on the “On The Market” Podcast Wherever You Listen to Podcasts

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386: Rookie Reply: Will It Cash Flow? Analyzing BRRRRs, Hotels, & Commercial Deals Mar 29, 2024

Show notes

To land a great investment property, a true diamond in the rough, you’re going to need to master the art of analyzing deals. Whether you plan to use the BRRRR method or buy commercial real estate, we’ve got several tips, tricks, and tools to help you find the perfect property!

Welcome back to another Rookie Reply! Not sure whether a property will cash flow? In today’s episode, we’ll help you distinguish a great deal from a not-so-great deal. Do you need to pay back a hard money lender? You’ll want to hear about the creative solutions you can use to get out of short-term debt when refinancing isn’t an option. We also talk about short-term rentals and the best ways to furnish your Airbnb on a budget. Finally, we’ll show you how to manage difficult tenants when they push back against rent increases and damage your rental!

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 ensure that your BRRRR property will cash flow before AND after refinancing

Creative financing solutions to use when hard money becomes due

What you NEED to know before getting into commercial real estate investing

How to fully furnish your short-term rentals on a tight budget

Addressing rent increases and maintenance issues with difficult tenants

And So Much More!

Links from the Show

Apply to Be a Guest on the “Real Estate Rookie” Podcast

Analyze Your BRRRR Deals with the BiggerPockets Calculators

How to Buy a Hotel: Breaking Down Tony’s FIRST Commercial Real Estate Deal

Making $160K/Year From ONE “Rare” Property Thanks to Seller Financing

Financial Freedom in 10 Years and $200K Cash Flow with a Small Portfolio

Analyze Commercial Real Estate Deals

Rental Management Tools Mentioned in This Episode:

AppFolio

Breezeway

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385: How to Save Your Rental Property When “Good” Tenants Turn BAD w/Chelsea Borden Mar 27, 2024

Show notes

Could your rental property be occupied by bad tenants masquerading as good residents? After an incident that led to thousands in property damage, a complex insurance claim, and an eviction, today’s guest learned the importance of a watertight tenant screening process. And YOU can, too—without all the drama!

Welcome back to the Real Estate Rookie podcast! Chelsea Borden owns four duplexes in Buffalo, New York—an investing market with a low barrier to entry, where new investors can achieve the one-percent rule with relative ease. What Chelsea learned, however, is that it only takes one bad tenant to disrupt an otherwise-smooth long-term rental operation. In this episode, she shares how a family friend caused $11,000 in damage. By acting swiftly, Chelsea was ultimately able to evict the tenant, rehab the property, and place a new tenant.

Tune in as Chelsea shares her biggest lessons learned from this costly experience. You’ll learn the ins and outs of filing insurance claims, why you should require your tenants to carry renters insurance, and how to get the ball rolling when evicting a tenant. Chelsea also shares her best tips on home renovation projects, screening tenants, and homeowners insurance policies!

In This Episode We Cover:

How ONE bad tenant caused $11,000 in rental property damage

Why you MUST make renters insurance a requirement for tenants

How to start the process of evicting a tenant (and prevent delays!)

The many benefits of investing in the Buffalo, New York market

How to get high-quality tenants for your long-term rentals

The most important factor in any successful home renovation project

The insurance “pro tip” that could save you thousands of dollars

And So Much More!

Links from the Show

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The REAL Cost of Bad Tenants and “Cheap” Contractors (Mistakes to Avoid!)

The $150K “Stolen” Rental Property and How to Avoid a Real Estate Scam

Making $115K From a Nightmare First Deal (Cops, Evictions, and Break-Ins!)

How to Protect Your Rental from Fires, Floods, Lawsuits, and Liability

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384: The “Luxury” Rental Property That Brings in $150K/Year of Pure Profit w/Veronica Garreton Mar 25, 2024

Show notes

Making six figures from one rental property is every investor’s dream, but to achieve this, you need to choose the right investing market, buy the right property, and create luxurious “moments” that other rentals don’t offer. Today’s guest is going to show you the ropes of luxury real estate investing!

Welcome back to the Real Estate Rookie podcast! When Veronica Garreton decided to try her hand at short-term rentals, she went straight for the big fish—a $750,000 rental property in Joshua Tree, California. At the time, it was the area’s most expensive property listed for sale, and in year one, the rental barely broke even. Using her background in architecture, however, Veronica identified creative value-adds that would attract more guests and allow her to charge her ideal nightly rate. The very next year, she pocketed a whopping $150,000 in pure profit!

Whether you own a basic rental or a “luxury” property, there is plenty of wisdom to glean from today’s episode. Veronica talks about analyzing deals, using the power of influencer marketing to get more bookings, and the small touches ANY property owner can make to enhance the guest experience!

In This Episode We Cover:

How Veronica pocketed $150,000 in profit from a single rental (in one year!)

Enhancing your guest experience with simple but effective property additions

How to transform your rental property into a “luxury” stay

Raising your bottom line and standing out with luxury rentals

How to get MORE bookings for your rental with influencer marketing

The “rule of three” Veronica uses to analyze luxury short-term rentals

And So Much More!

Links from the Show

Apply to Be a Guest on the “Real Estate Rookie” Podcast

How to Start an Airbnb Business in a Brand New Market

Should You Convert Your Rental Property Into An Airbnb? 6 Factors to Consider

Protecting Your Future in Short-Term Rentals: It Starts By Providing a Powerful Guest Experience

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Veronica's BiggerPockets Profile

Veronica's Instagram

Portfolio

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383: Rookie Reply: “Managing” Your Property Manager & How to Invest While in Debt w/Tiamo Wright and Mindy Jensen Mar 22, 2024

Show notes

A property manager can alleviate the burden of screening tenants, collecting rents, and maintaining your property. But if you’re not careful, exorbitant fees and unexpected charges can quickly eat away at your cash flow. Today, you’re going to learn how to navigate this relationship and ensure that you’re getting these services at fair value!

In this Rookie Reply, Mindy Jensen from the BiggerPockets Money podcast and Tiamo Wright, Director of Product and Marketplaces at BiggerPockets, are joining us to help field your recent questions. First, we discuss medium-term rentals and how they differ from both long-term and short-term rentals, as well as whether you should invest in real estate while you’re in debt. We also get into real estate development and some of the different ways to fund larger projects. Looking to buy your first short-term rental property but don’t know where to start? Our experts will point you in the right direction!

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 “manage” your property manager (and approach conflict!)

Whether you can invest in real estate while carrying student loan debt

Creative ways to get financing for a new construction project

How to buy and launch a short-term rental property

The very FIRST step you should take when buying a rental property

Mindy’s and Tiamo’s best real estate investing tips for rookies

And So Much More!

Links from the Show

Apply to Be a Guest on the “Real Estate Rookie” Podcast

Tune in to the “BiggerPockets Money” Podcast

Hacking Your Life to Live for (Almost) Free with Craig Curelop

How Nancy Rodriguez from ‘Love Is Blind’ Hit Financial Freedom BEFORE Fame

‘Building’ Wealth as a 24-Year-Old with 12 New Construction Projects

Build Your Investor-Friendly Team

The SMARTER Way to Invest in Real Estate

Find Out if You’re Eligible for a NACA Loan

Connect with Mindy & Tiamo

Mindy's BiggerPockets Profile

Tiamo's BiggerPockets Profile

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382: The REAL Cost of Bad Tenants and “Cheap” Contractors (Mistakes to Avoid!) w/Dan Stowell Mar 20, 2024

Show notes

Want a successful, cash-flowing rental property? Make sure you don’t overlook the tenant screening process or hire the “cheap” contractor. Otherwise, you could be dealing with floods, evictions, project delays, and other issues. Fortunately, today’s guest has already dealt with these headaches so that YOU don’t have to!

Welcome back to the Real Estate Rookie podcast! Investor Dan Stowell has endured not one but TWO horror stories during his real estate journey. As you’re going to learn today, the consequences of placing a bad tenant or hiring the wrong contractor can be severe. After a tenant caused $47,000 in water damage (and didn’t have renters insurance!) and a renovation on his primary residence turned into a 1,000-day rehab, Dan had every reason to give up on real estate investing. Instead, he tackled each challenge and used these expensive lessons to make him an even better investor!

In this episode, Dan offers several tips that will prepare you for anything that could be thrown your way. You’ll learn how to screen a tenant, how to avoid bad contractors, and, most importantly, how to react when things go south. Stay tuned until the very end to find out what became of Dan’s problematic properties!

In This Episode We Cover:

How Dan survived $47K in water damage and a 1,000-day rehab (on two different projects!)

The REAL cost of placing a bad tenant in your rental property

How to improve your tenant screening process (and red flags to watch out for!)

The BEST way to build out a scope of work for your next rehab project

Why you shouldn’t hire the “cheap” contractor for your home renovation project

Why documentation is key when dealing with tenant and contractor issues

And So Much More!

Links from the Show

Apply to Be a Guest on the “Real Estate Rookie” Podcast

The REAL Side of Real Estate: When Rehabs and Rentals Go Wrong

Leaks, Surprise Rehabs, and the Reality of Buying Your First Rental Property

How to Protect Your Rental from Fires, Floods, Lawsuits, and Liability

Connect with Dan

Dan's BiggerPockets Profile

Dan's Instagram

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381: Making $7K/Month in PURE Cash Flow with Only 3 Rental Properties w/Bailey Kramer Mar 18, 2024

Show notes

Many people buy rental properties for the cash flow, but today’s guest took it to another level—dropping out of college to go all-in on real estate investing. Find out how he brings in several thousand dollars of profit each month and how YOU can replicate his investing strategy!

Welcome back to the Real Estate Rookie podcast! Like many new investors, Bailey Kramer started out small—converting long-term rentals into Airbnbs and co-hosting these properties for someone else. After seeing how much money this investor was raking in, Bailey decided that he wanted his own piece of the short-term rental pie. Within eighteen months, he had built his own small portfolio with a focus on cash flow. Today, his three properties bring in a total of $7,000 each month in addition to all of his co-hosting profits!

Tune in as Bailey delivers the blueprint he uses to maximize his cash flow. The best part? This strategy is EASY to implement, whether you’re investing in your own backyard or another market entirely. We also get into DSCR (debt service coverage ratio) loans, how to build an out-of-state investing team, and the method Bailey uses to find the perfect neighborhoods to invest in!

In This Episode We Cover:

The strategy YOU can use to maximize cash flow across your portfolio

How to get approved for a mortgage without paystubs or tax returns

The low-cost, low-risk way to get into real estate—co-hosting!

Why you NEED to build your team before investing out of state

Finding the right neighborhood to invest in with the “reverse review” method

And So Much More!

Links from the Show

Apply to Be a Guest on the “Real Estate Rookie” Podcast

Making $8K/Month from 2 Doors and How to Get HUGE Cash Flow with Fewer Units

Seeing Greene: How to Make Even MORE Cash Flow Off Your Rental Properties

Cash Flow for Rental Properties: What Is Average or Good?

Find a DSCR Loan with OfferMarket

Connect with Bailey

Bailey's BiggerPockets Profile

Bailey's Facebook

Bailey's Instagram

Bailey's YouTube

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380: Rookie Reply: How to Start Investing, Walking Away from Deals, & Co-hosting Mar 15, 2024

Show notes

You want to start real estate investing, but where should you start? Should you buy a course, join a mastermind, or do your own research? There’s no one-size-fits-all approach to investing, but we can point you in the direction that aligns with your investing goals!

Welcome back to another Rookie Reply! In this episode, we’re going to start at square one of your real estate journey. We also get into investing partnerships and how to work “sweat equity” into your partnership agreements. Have you ever come across a property with red flags? Learn when to walk away from a deal and when to double down instead. Finally, stick around until the end as we bring repeat guest Nicole Rutherford on to talk about starting a co-hosting business, vetting co-hosts, and finding a short-term rental market!

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 and where to begin your real estate investing journey

When to walk away from a deal (and when to double down!)

How to structure a real estate partnership (and account for “sweat equity”)

Finding the right co-host to help manage your rental property

Expert tips for finding a new short-term rental market

And So Much More!

Links from the Show

Apply to Be a Guest on the “Real Estate Rookie” Podcast

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379: How to Buy Your First or Next Rental Property in 90 Days (or Less!) w/Dave Meyer Mar 13, 2024

Show notes

Want to know how to buy your first rental property? You’ve come to the right place! It’s no secret that investing in real estate is one of the best ways to achieve financial freedom, yet only a few ever take action. Today, we’re going to provide everything needed to land your next rental property faster than you thought possible!

Welcome back to the Real Estate Rookie podcast! In this special episode, Dave Meyer, Vice President of Market Intelligence at BiggerPockets, is teaching you how to buy your first (or next) rental property in just ninety days. This all-in-one beginner course covers everything from analyzing rental properties to financing deals and much more.

Whether you’re brand new to the world of real estate investing or looking for an easy way to add another rental to your budding portfolio, this episode is loaded with actionable steps you can take. We’ll even point you to calculators, software, and other tools that will make your job that much easier. So, what are you waiting for? Your ninety-day challenge starts NOW!

Ready to become a BiggerPockets Pro? Click here to sign up and use code “ROOKIECHALLENGE” for a special discount!

In This Episode We Cover:

How to buy your first (or next) rental property in ninety days or less

The three core steps to buying long-term rental properties

How to analyze deals (in five minutes or less!) like an investing PRO

Tools and resources to help you fast-track the buying process

The best and most creative ways to find GREAT real estate deals

How to unlock financial independence through the power of real estate

The most common roadblocks rookies face on their real estate journey

And So Much More!

Links from the Show