Real Estate Rookie

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Your Step-by-Step Guide to Buying Out-of-State Investment Properties

Looking to Invest Out-of-State? Here’s How to Pick and Analyze a City

Tools to Help You Find Your Market:

NeighborhoodScout

BrightInvestor

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-358

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357: The $120K Investing Mistake YOU Can Avoid on Your Next Home Renovation w/Justin Noe & Nate Cherubini Jan 16, 2024

Show notes

There are ebbs and flows in every real estate investing journey, but not every home renovation project results in a six-figure loss! Fortunately, today’s guests learned one very expensive lesson so that YOU (hopefully) don’t have to!

Welcome back to the Real Estate Rookie podcast! Justin Noe and Nate Cherubini are real estate investing partnerswith top-notch problem-solving skills. But not even that could stop them from making a MAJOR blunder on one of their real estate deals—a mistake that cost them a whopping $120,000. After dealing with termites, zoning issues, and bad contractors, this dynamic duo had every reason to give up on real estate—but didn’t!

In this episode, Justin and Nate stress the importance of keeping your contractorsin check and fostering healthy relationships in real estate. They also talk about why you should build your buy box early on in your investing journey and how to get your family on board with your real estate investing goals!

In This Episode We Cover:

How this duobounced back after a $120K failed home renovation project

Choosing your buy box early on (and avoiding “shiny object syndrome”)

Why you NEED a good “ground game” when investing out-of-state

The BEST way to use private money or hard money on a house flip

Finding a complementary real estate investing partner

How to get your family on board with real estate investing

And So Much More!

Links from the Show

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

Grab Your Copy of “Start with Strategy” and Use Code “STRATEGY356” for a 10% Discount

How Tony Lost $100K on ONE Real Estate Deal (AVOID These Critical Mistakes)

Making $71K on ONE Deal After 5 Failed House Flips and Six-Figure Debt

Books Mentioned in the Show

Real Estate Partnerships by Ashley Kehr & Tony Robinson

Vivid Vision by Cameron Herold

Connect with Justin:

Justin's BiggerPockets Profile

Justin's Facebook

Justin's Instagram

Justin's LinkedIn

Connect with Nate:

Nate's BiggerPockets Profile

Nate's LinkedIn

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-357

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356: 3 Steps to Start Investing in Real Estate + 2024 Mortgage Rate Predictions Jan 11, 2024

Show notes

If you want to know how to start investing in real estate, you’re in the right place. Today, we’re going to detail the three often-overlooked beginner steps that’ll allow you to build a real estate portfolio, reach financial freedom, and have more time and money than ever before. And no, these steps are NOT the usual “look up properties online, talk to an agent, get pre-approved” advice. Instead, we’re giving you the time-tested expert guidance that leads you to REAL wealth, not just a handful of headache properties.

So, who has the foolproof plan for real estate success? Dave Meyer, BiggerPockets VP of Data and Analytics, host of the On the Market podcast, and author of Start with Strategy. In today’s episode, Dave outlines exactly how he built a life he loves, living abroad with free time to travel, making more than enough to support his adventurous lifestyle, all while spending less than an hour a day on his real estate portfolio. If you’re ready to buy your first or next rental, experience lasting financial freedom, and hear Dave’s 2024 mortgage rate predictions, stick around!

Ready to start investing in 2024? Pick up Start with Strategy and use code “STRATEGY356” at checkout to get 10% off!

In This Episode We Cover:

The three beginner steps to start investing in real estate in 2024

Creating your “vision” of what you want financial freedom to look like for you

Why you should NOT quit your job (yet) to go full-time in real estate

The fastest way to boost your income or get a substantial raise at work

Dave’s 2024 mortgage rate predictions and how low rates could go this year

And So Much More!

Links from the Show

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

Grab Your Copy of “Start with Strategy” and Use Code “STRATEGY356” for a 10% Discount

Book Mentioned in the Show

Real Estate Partnerships by Ashley Kehr & Tony Robinson

Connect with Dave:

Dave's BiggerPockets Profile

Dave's Instagram

Catch Dave on the “On the Market”

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-356

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355: $25K/Month from ONE Property Thanks to a $180K Discount & Creative Finance w/Dayna Hicks Jan 09, 2024

Show notes

Can’t fund your next rental property? Never let a little money get in the way of a great deal! When today’s guest didn’t have the cash to buy the property of her dreams, she negotiated a MASSIVE discount and used creative financing to get it across the finish line.

Welcome back to the Real Estate Rookie podcast! Today, we’re joined by Multifamily Bootcamp graduate Dayna Hicks, a foster parent and investor with a HUGE heart for the less fortunate. After reading Rich Dad Poor Dad and discovering BiggerPockets, Dayna realized that investing in real estate would give her something to pass along to her (many) children. It took her very little time to get started, buying three multifamily properties as a rookie!

In this episode, Dayna shares how she secured her latest deal—a thirteen-unit transitional house designed to help young adults get back on their feet. Dayna was able to negotiate the purchase price down by a whopping $180,000 simply by using her newfound real estate knowledge to her advantage. Now, the property brings in $25,000 per MONTH!

In This Episode We Cover:

How Dayna negotiated $180K off a seller’s asking price

Using creative finance to fund a unique rental property

The MANY advantages of investing in multifamily real estate

Leveraging your primary residence to fund MORE deals

Creative ways to raise rent on a good tenant (and keep them happy!)

Life-saving tips for managing a home renovation project

And So Much More!

Links from the Show

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

Making $90K/Year with Just ONE Rental by Combining Compassion with Cash Flow

How to Negotiate House Prices

Books Mentioned in the Show

Rich Dad Poor Dad by Robert Kiyosaki

One Rental at a Time by Michael Zuber

Connect with Dayna:

Dayna's Email

hicks.dayna@gmail.com

itsyourturnnow2024@gmail.com

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-355

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354: How to Unlock Off-Market Real Estate Deals with This “Personalized Pitch” w/Brett Long Jan 04, 2024

Show notes

Off-market real estate deals allow you to avoid the multiple listings service (MLS) and find RARE properties often at a sizable discount, but many rookie investors are hesitant to send mail or pick up the phone. If that sounds like YOU, we have the tips, tools, and templates to make your life easier!

Welcome back to the Real Estate Rookie podcast! Today’s special guest is Brett Long, a rookie investor who managed to build a valuable portfolio in just three years. At a time when all of his friends and family members told him to avoid real estate investing, Brett went all-in—flipping houses for a HUGE profit. Little did he know that the money he would bring in from this strategy would help him fund buy and hold properties as well.

In this episode, Brett talks about his experience driving for dollars, as well as the “personalized pitch” he included in his direct mail campaigns to generate a TON of interest from sellers. Of course, once the calls started coming in, he still had some convincing to do. Brett provides the template for these productive phone conversations and shares how he was able to turn hesitant homeowners into willing sellers!

In This Episode We Cover:

Finding a TON of off-market properties by driving for dollars

Building the PERFECT buy box for your investing needs

How to beat the competition by investing in “the path of progress”

Using the profits from house flips to fund buy and hold rental properties

How to craft a high-converting mailer to send to sellers

Essential tips and tricks for talking to sellers over the phone

Why NOW is the best time to start flipping houses

And So Much More!

Links from the Show

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

From Sleeping in His Car to Multi-Unit Landlord & The “Nomad” Strategy

Finance Friday: Self-Employed Income and Short-Term Rental Investing

Find Property Information Easily with PropStream

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

Find the Real Estate You Hate (So You Can Buy the Real Estate You Love)

How to Get a Better Price on That Off-Market Property

Cashing In On Overlooked Off-Market Deals & Overcoming Analysis Paralysis

Connect with Brett:

Brett's BiggerPockets Podcast

Brett's Instagram

Brett's Website

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-354

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353: From Rehab to Real Estate Investor Making $71K/Year from ONE Rental w/Matt McDermott Jan 02, 2024

Show notes

Making $71,000 per year from ONE rental property is a huge feat for any real estate investor, but it’s even more impressive when you’ve had to work your way from the very bottom. Although today’s guest had to overcome several challenges on his investing journey, his resiliency paid off in a BIG way!

Only a few years ago, Matt McDermott’s life was unraveling. After hitting rock bottom and going to rehab, Matt realized that he needed to make some serious life changes. Step one was getting sober. Step two was financial freedom through real estate. After an argument in the kitchen one evening, Matt and his wife reached the conclusion that they should buy their first rental property. Since then, they have built a multimillion-dollar painting business and a cash-flowing real estate portfolio!

In this rags-to-riches episode, Matt shares how he worked around several roadblocks to make his real estate dream a reality. He also offers crucial tips for getting your spouse on board with real estate, as well as how to get your family involved in DIY home renovation projects. Finally, if you’re self-employed, Matt talks about creative ways to get financing for your deals—such as using bonus depreciation to boost your buying power!

In This Episode We Cover:

Making $71,000/year from ONE property with the short-term rental strategy

How to get your spouse on board with your real estate dream

How to get financing for your deal when the banks tell you “no”

Increasing your buying power and reducing your tax burden with bonus depreciation

Turning DIY home renovation projects into more quality time with family

Leveraging equity in your portfolio to buy MORE real estate

And So Much More!

Links from the Show

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

From Sleeping in His Car to Multi-Unit Landlord & The “Nomad” Strategy

Finance Friday: Self-Employed Income and Short-Term Rental Investing

Find Property Information Easily with PropStream

Connect with Matt:

Matt's Instagram

Matt's Website

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-353

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352: Rookie Reply: Seller Financing & How to Buy MORE Real Estate on YOUR Terms Dec 28, 2023

Show notes

We got to talk a WHOLE lot of real estate in 2023. With topics ranging from partnerships to home renovation hacks, we covered a ton of ground this year and hope the information helped YOU on your real estate investing journey!

Today, we’re taking a trip down memory lane—reflecting on all of the amazing guests and conversations we had on the show over the last twelve months. For this very special episode, we’ve handpicked a few of our favorite moments to share with you. Whether you’re looking to find your first deal or already own several rental properties, we hope this compilation gives you the inspiration and motivation you need to start the new year off strong!

Tune in to learn everything from getting your spouse on board with real estate to replacing your W2 income with rentals. You’ll find out why house hacking is perhaps the best entry point to real estate investing and why rental arbitrage is a cheat code for easy cash flow. You’ll even learn about the “open house” hack that one rookie investor uses to estimate rehab costs, as well as some clever ways to get more money out of your current portfolio!

Here is the link to the Spotify playlist for the full episodes clipped for this show!

In This Episode We Cover:

The best ways to pitch seller financing (and get your offer accepted!)

Pitfalls to avoid when taking on more real estate debt

Scaling your real estate business faster with UNIQUE loan products

How to negotiate pricing with contractors for your home renovations

Why you MUST build your own scope of work when getting contractor bids

And So Much More!

Links from the Show

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

Why Self-Storage Beats Rental Properties

How to Use Public Data to Find Real Estate Deals That 99% of Investors Miss w/Ariel Herrera

From Prison to Real Estate Investor Making $71K/Year from ONE Rental w/Matt McDermott

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

How to Buy a Rental Property with NO Money OR Credit

The Rookie’s Step-by-Step Guide to Home Renovation Projects

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

Books Mentioned in the Show

The Book on Estimating Rehab Costs by J Scott

The Book on Flipping Houses by J Scott

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-352

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351: The BEST Rookie Investor Tips, Tricks, Hacks, and Advice of 2023 Dec 26, 2023

Show notes

Here is the link to the Spotify playlist for the full episodes clipped for this show!

In This Episode We Cover:

The BEST real estate tips, tricks, hacks, and advice from 2023

How to get your spouse on board with real estate investing

Building your dream lifestyle through the power of house hacking

How to replace your W2 income with rental properties

The “open house” hack for estimating rehab costs

Squeezing more money from your current portfolio

How to attract the right investing partner (hint: find the deal first!)

How to get EASY cash flow through rental arbitrage

Scoring fully-funded vacations by using business credit cards

How to complete home renovation projects remotely

And So Much More!

Links from the Show

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

How to “Layer” Legal Protection So Lawsuits Won’t Touch Your Wealth

Rookie Reply: Do You NEED an LLC for Rental Property?

6 Rental Properties in Just 15 Months (While Working 3 Jobs!)

Rookie to Real Estate Investor in 90 Days: Meet the Mentees

The Perfect First Rental Property That Makes $2,500 Per Month!

From $40K Debt to 4 Rental Units (Using ZERO of His Own Money!)

$6,500/Month from ONE Rental (While Traveling the World!)

When Cash Flow ISN’T Crucial and 3 Creative Financing Tips to Try

$11,000/Month with a VERY Unique Rental Property

Cash-Flowing While in a Coma!? All Thanks to Self-Storage

Escaping the “Grind” with Van Life and 3 Rental Properties

7 Real Estate Deals in 2 Years (4 Rentals with MEGA Cash Flow!)

Making $100K in 18 Months w/ “Misfit” Medium-Term Rental Properties

Real Estate “Travel Hacks” We Use to Score FREE Vacations

The Rookie Blueprint for Money-Making Home Renovation Projects

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-351

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350: Rookie Reply: How to Start an LLC for Real Estate Investing Dec 21, 2023

Show notes

Want to know how to start an LLC for real estate? Whether you’re looking to form investing partnerships or avoid being sued, creating an LLC is one way to protect your personal name and assets. With that said, there are several factors to consider before setting one up!

Welcome back to another Rookie Reply! Each week, our inbox is flooded with questions about LLCs, so we’re dedicating an entire episode to the topic! Tune in as Ashley and Tony share their own experiences with LLCs, their benefits, and issues you might encounter. You’ll learn about the requirements for LLCs, when to put multiple properties under one LLC, how to apply for bank financing, and how to take advantage of business credit cards!

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 start an LLC for your real estate business

Requirements you MUST meet to keep your LLC in “good standing”

How to apply for bank financing as an LLC (and prevent a deal from falling through!)

The hidden mortgage clause you NEED to know about

Alternative asset protection strategies to consider for your real estate business

The biggest differences between an LLC and umbrella insurance

And So Much More!

Links from the Show

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

How to “Layer” Legal Protection So Lawsuits Won’t Touch Your Wealth

Rookie Reply: Do You NEED an LLC for Rental Property?

Get Tips on Maximizing Business Credit Card Points:

The Points Guy

Aunt Kara

Book Mentioned in the Show:

Real Estate Partnerships by Ashley Kehr & Tony Robinson

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-350

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com

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349: How to Use Public Data to Find Real Estate Deals That 99% of Investors Miss w/Ariel Herrera Dec 19, 2023

Show notes

Do you lean into data when analyzing real estate deals? In a competitive market, ANY kind of advantage goes a long way towards helping you land better deals. And guess what? Harnessing the power of data is much easier than you think. Today’s guest delivers a handful of helpful tips, tricks, and tools that all rookie investors can use!

Welcome back to the Real Estate Rookie podcast! Today, we’re joined by Ariel Herrera—data scientist by day and real estate investor by night. Five years ago, Ariel decided that real estate was going to be her path to financial freedom. Like any eager investor, she devoured as many articles, podcasts, videos, and books as she could get her hands on at the time. Once she realized that she could combine her love for data science with real estate, there was no looking back!

In this episode, Ariel shares about the competitive edge you can gain by being a data-driven real estate investor. She recommends several tools and systems, all of which are easy to implement and require ZERO coding. Additionally, you’ll learn how to choose your market, invest out-of-state, and save a ton of time with a few deal analysis shortcuts!

In This Episode We Cover:

How to find better real estate deals through the power of data science

Tools and systems you can use to analyze deals (WITHOUT any coding!)

Leveraging the equity in your portfolio to purchase MORE properties

Creating consistent cash flow with the house hacking strategy

How to find and purchase properties in other states (and countries!)

And So Much More!

Links from the Show