Real Estate Rookie

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

10 Income Streams on 1 Property by “Land Hacking” w/ Andrew Kai

Achieving FI with Fewer Doors: The Small and Mighty Real Estate Portfolio w/ Chad Carson

$11,000/Month with One VERY Unique Rental Property w/ Garrett Brown

Connect with Zoey:

Zoey's Instagram

Zoey's Website

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-337

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336: Rookie Reply: What is ARV in Real Estate & Why It’s Crucial to Get Right Nov 04, 2023

Show notes

What is ARV in real estate? You’ve heard the term before but might not know what it means. ARV stands for after repair value, the value of a property AFTER you rehab, renovate, or upgrade it. While this metric may seem like something that only house flippers should care about, ARV is something that ANY rental property investor should pay close attention to because if you get it wrong, you could lose tens of thousands of dollars.

In this Rookie Reply, we’ll show you how to estimate ARV and what common mistakes rookies make when calculating this crucial number. Then we answer how to write off repairs vs. CapEx (capital expenditures) on your taxes, and Ashley’s easy answer when you don’t know the difference between the two! Plus, why you should ALWAYS check your breakers when something goes wrong.

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:

ARV (after repair value) explained and why it’s so useful when buying rental property

How to estimate ARV and pull comps from nearby sold properties

Rookie mistake you might make when estimating ARV and how to know your calculations are correct

When ARV is (and isn’t) important, plus, why purchase price isn’t everything

CapEx (capital expenditures) vs. repairs and how to write these common expenses off

Why Ashley can’t ever just relax on the weekends

And So Much More!

Links from the Show

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

Hear Our Recent Episode with Pace Morby

Follow Grant Warrington, the Apartment Investor Expert, on Instagram

Books Mentioned in the Show:

Real Estate Rookie by Ashley Kehr & Tony Robinson

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-336

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335: 8 Rentals in UNDER 1 Year: A Rental Property Financing Masterclass w/Tim Yu Nov 01, 2023

Show notes

Buying eight rental units in under one year—how is that even possible? By the time you’re done with this episode, you’ll know how to fund any rental property purchase, no matter how much money or experience you have. And if Tim Yu can build a rental property portfolio AND do multiple house flips in less than twelve months when he had close to nothing in his bank account this time last year, you can, too.

Tim is a true Real Estate Rookie. He spent over a year listening to every episode of the show on his way to and from work. After getting fed up with analysis paralysis, Tim threw in a lowball offer on a potential BRRRR (buy, rehab, rent, refinance, repeat) property. His offer was accepted! The problem? He had NO money to buy it. Fast forward a year; Tim has done ten deals, owns eight rental units, and is getting closer to leaving his W2 job.

In this episode, Tim reviews EVERY (and we mean EVERY) type of rental property financing. From hard money loans to credit cards, selling off retirement accounts, and partnerships. Whether you’ve got the funds or not, Tim will walk through EXACTLY how to get your first (or next) rental property!

In This Episode We Cover:

Rental property financing 101 and how to invest in real estate with no money

Creative financing, subject to, and doing deals WITHOUT using banks

How to instantly boost the cash flow on your long-term rental property

Investing with partners and where to meet the most legit ones

Crooked contractors and how to avoid getting scammed on your first rehab

And So Much More!

Links from the Show

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

Real Estate Rookie Podcast 329 on VA Loans

Real Estate Rookie Podcast 330 with Serena Norris

Books Mentioned in the Show:

Real Estate Partnerships by Ashley Kher & Tony Robinson

Rich Dad Poor Dad by Robert Kiyosaki

Who Not How by Dan Sullivan

Connect with Tim:

Tim's BiggerPockets Profile

Tim's Instagram

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-335

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334: Rookie Reply: Non-Renewal Notices, Rental Arbitrage, and Hard Money 101 Oct 28, 2023

Show notes

If a potential tenant approaches you about Airbnb rental arbitrage, you may wonder if there’s a catch. Are you responsible for damages? What if you encounter a noisy guest? As a landlord, there are all kinds of pros and cons you need to consider before letting someone else lease out your home. But, not to worry—our hosts are here to spell them out!

Welcome back to the Real Estate Rookie podcast! In this episode, Ashley and Tony deliver some critical advice to landlords. In addition to rental arbitrage, they discuss non-renewal notices—when and how to deliver them! For first-time investors, they also provide a step-by-step process for creating an offer letter. What’s more, they break down the biggest differences between hard money loans and construction loans and which one is the better option for a BRRRR (buy, rehab, rent, refinance, repeat). Finally, they touch on structuring partnerships and all of the details you MUST flesh out before making one official!

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:

The pros and cons of allowing Airbnb rental arbitrage in your units

How to deliver a non-renewal notice to a tenant (properly and legally!)

How to make an offer on an investment property (step by step!)

Key differences between hard money loans and construction loans

The BEST ways to structure a real estate investing partnership

And So Much More!

Links from the Show

Grab Your Copy of “Real Estate Partnerships” Today

Rookie Reply: How to Structure a Real Estate Partnership

Rookie Reply: Airbnb Arbitrage, Turnkey Rentals, and When to Use a HELOC

Rookie Reply: How to Make an Offer on a House (Even If It’s Off-Market)

How to Find Your Perfect First Rental Property (Even in an Expensive Area) w/Lyrva Sanchez

How to Use Construction Loans to Get 100% Financing on Your Next Deal

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-334

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333: How to Turn Your Rental Property Profits into a Huge Real Estate Portfolio w/Kevin Cullen Oct 25, 2023

Show notes

Your real estate business has come across a little money. Maybe you’ve just sold an investment property for a large profit or increased your W2 income. In any case, how should you go about investing your small fortune? Like any investor, you want your money to help you scale your real estate business faster. Today’s guest is here to lend a hand!

Welcome back to the Real Estate Rookie podcast! Usually, Ashley and Tony are the ones asking the questions, but in this very special episode, THEY are being interviewed by rookie investor Kevin Cullen. On the brink of selling one of his three investment properties, Kevin has a handful of burning questions for our hosts. How should he spend his newfound capital? Should he get a partner for his next deal? What are the best ways to structure his first partnership?

In this episode, Kevin hits on several important topics that rookies often wonder about. Stick around for the biggest “red flags” to look out for in a potential investing partner, key terms to include in a partnership agreement, and when to get an attorney involved as you’re forming your partnership. You’ll even learn how to reinvest your money into real estate and three ways to find off-market properties!

In This Episode We Cover:

How to reinvest your money and scale your real estate portfolio faster

The best ways to structure your first real estate investing partnership

Roles and responsibilities you MUST include in your partnership agreement

How to restructure an existing partnership agreement

The biggest “red flags” to look out for when vetting a potential partner

Finding the best off-market deals with three clever sourcing strategies

And So Much More!

Links from the Show

Grab Your Copy of “Real Estate Partnerships” Today

Double Your Cash Flow Overnight (In ANY Market) with Medium-Term Rentals

Using OnlyFans to Fund Ownership in Her First BRRRR w/ Brin Amberlee

Achieving FI with Fewer Doors: The Small and Mighty Real Estate Portfolio w/ Chad Carson

A Step-by-Step Guide to Finding the BEST Off-Market Real Estate Deals w/ Nate Robbins

Connect with Kevin:

Kevin's BiggerPockets Profile

Kevin's Instagram

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-333

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

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332: Rookie Reply: First Rental? Security Deposits, Credit Checks, & Evictions 101 Oct 21, 2023

Show notes

First rental property? Security deposits, credit checks, and home renovations can seem DAUNTING when it’s your first real estate rodeo. How much do you charge, which tenant do you select, and will refreshing the grout allow you to double your passive income? These are just some of the questions you’ll have before you collect your first rent check. But don’t worry about answering them yourselves; we have the experts to help!

Welcome to this week’s Rookie Reply! If you’re just starting your real estate investing journey, this is the place to be! Ashley and Tony go through some VERY common questions, such as what to do if your tenant terminates their lease early, how much to charge for security deposits, and how to run your first credit/background check. For those who are a bit more experienced in the investing game, we also chat about HELOCs, rental renovations (and if they’re worth the cost), and moving properties into an LLC.

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:

What to do when your tenant leaves in the middle of their lease

Using a HELOC to buy a new home and what happens when you move

Security and pet deposits, plus how much you can charge for each

Best tenant screening and background check software for rookie landlords

Moving properties into an LLC and whether you REALLY need an attorney to do so

Rental renovations and when your upgrade ISN’T worth the cost

And So Much More!

Links from the Show

Hear About Tyler Madden’s HELOC Investing

The Landlord’s Guide to Rental Property Security Deposits

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-332

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331: How to Find Your Perfect First Rental Property (Even in an Expensive Area) w/Lyrva Sanchez Oct 18, 2023

Show notes

Your first rental property is the hardest; trust us on that. You go through SO many strategies, different markets, and emotions throughout the process. Most wannabe investors get fed up and quit before they can build any real wealth, but those with a strong reason behind their dreams of rental property ownership make it and seldom regret it. Lyrva Sanchez’s “why” was taking care of her two boys while being present as a single mom.

Shortly after her separation, Lyrva knew she didn’t want to sacrifice any quality of her children’s lives. She still wanted them to go to the best schools in the safest areas, but in Southern California, even the most basic property was pricey. She tried several strategies to get her first rental property and create extra income, but none cemented. One day, a light bulb went off, and she came up with the PERFECT first rental property strategy.

If you’re struggling with analysis paralysis and don’t know which way to turn in your investing journey, hear Lyrva out. She flew across the country just to realize what she wanted was in her own backyard. Now, she makes life-changing side income and doesn’t have to sacrifice time with her kids to get it!

In This Episode We Cover:

The perfect first rental property strategy that Lyrva calls “the best of both” way to invest

Out-of-state investing and when purchasing properties from afar is NOT the right move to make

Investing during tough times in your life and using your “why” to keep hunting for property #1

ADU (accessory dwelling unit) investments and how to turn extra space into a serious stream of income

How to find underpriced, off-market real estate deals as a COMPLETE beginner

And So Much More!

Links from the Show

The 6-Step Guide to Buying Your FIRST Rental Property

Book Mentioned in the Show

Real Estate Partnerships by Ashley Kehr and Tony Robinson

Connect with Lyrva:

Lyrva's Facebook

Lyrva's Instagram

Lyrva's Website

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-331

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

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330: The Rookie’s Step-by-Step Guide to Home Renovation Projects w/Serena Norris Oct 14, 2023

Show notes

When done well, home renovations can help you make a SERIOUS profit on your properties. Whether it’s a simple fix or a complex rehab, having a few systems and processes in place will go a long way toward ensuring your success. The best part? Any rookie can implement them!

Welcome back to the Real Estate Rookie podcast! Today, we’re chatting with graphic designer turned full-time investor, Serena Norris. After a friend introduced her to the book Rich Dad Poor Dad, real estate quickly became Serena’s new obsession. She quit her job to spend the following months networking and attending meetups until, naturally, she found a mentor to show her the ins and outs of investing. At first, she was willing to take on all kinds of mundane tasks and soak up as much information as possible. In no time, Serena was running her own BRRRRs (buy, rehab, rent, refinance, repeat)!

Whether you need help convincing a mentor to invest in you or managing your own home renovation projects, Serena’s got you covered! In this episode, she delivers a thorough breakdown of how to estimate rehab costs and find a good contractor for your home renovations—as well as some of the invaluable systems, tools, and templates you’ll need along the way! If you’re EVER going to do a home renovation (which you probably will), DO NOT skip out on this!

In This Episode We Cover:

How to manage a home renovation project from start to finish

Finding a real estate mentor (and how to provide value to them!)

Systems, processes, and templates that EVERY rookie investor needs

Building the perfect scope of work for your home renovation job

Hiring the right contractor for your project (and how to make sure you’re covered!)

Everything you need to complete a home renovation project remotely

And So Much More!

Links from the Show

Submit Your Real Estate Rookie Question!

The Step-by-Step Guide to Finding the BEST Off-Market Real Estate Deals w/Nate Robbins

How to Work LESS and Earn MORE by Putting “Profit First” in Real Estate w/Mike Michalowicz

How to Renovate a House — Step by Step

Book Mentioned in the Show

The Book on Estimating Rehab Costs by J Scott

Rich Dad Poor Dad by Robert Kiyosaki

Connect with Serena:

Serena's Instagram

Serena's Email

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-330

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

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329: Buying a Rental Property for $80 with This Loan w/Clint Campbell Oct 11, 2023

Show notes

Buying a rental property for just eighty bucks? There’s no way that’s possible. How can you close on a rental for the same amount of money it takes to fill up a tank of gas? Surprisingly, one type of mortgage lets you come to the closing table with no money down, no PMI (private mortgage insurance), and, if you play your cards right, (almost) no closing costs. Clint Campbell even used it on his recent house hack.

Thanks to serving in the military, Clint had his college paid for by Uncle Sam. When the opportunity to be deployed came up, Clint took it, knowing he’d make more while spending less. He was able to save up a nice chunk of change and used it to buy a rushed first rental property. But then, Clint realized he could pay almost NOTHING for a home he would live in, so he looked around for just that, and the eighty-dollar house hack came to be!

In today’s episode, you’ll learn all about the VA loan Clint used to pay just eighty dollars for his first house hack, the limitations to this loan that service members MUST know about, and how to turn your girlfriend into a handyman and tenant combo who still loves you.

In This Episode We Cover:

The VA loan explained and using it to buy a house for NO money down

Building your credit from scratch and quick tips to boost your credit score

Why you MUST get pre-approved before buying a property (ALWAYS do this)

Seller credits and using them to lower your closing costs

Partnering with a spouse or romantic partner on your next property

Passive real estate investing and how to make money in real estate WITHOUT doing the work

And So Much More!

Links from the Show

Submit Your Real Estate Rookie Question!

VA Loans: How Eligibility & Funding Works in 2023

How to Invest in Real Estate with No Money Down

AnnualCreditReport.com

AUNT KARA

Credit Karma

ThePointsGuy.com

Book Mentioned in the Show

Real Estate Partnership by Ashley Kehr & Tony Robinson

Connect with Clint:

Clint's TikTok

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-329

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

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328: David Greene on The 3 "Pillars" of Wealth That Lead to Financial Freedom Oct 07, 2023

Show notes

If you dream of becoming a successful real estate investor, there are three “pillars” of wealth you must build in your own life. What are these keys to financial freedom? Well, fortunately, today’s guest has written an entire book about them!

Welcome back to the Real Estate Rookie podcast! Today, we’re speaking with none other than David Greene—host of the BiggerPockets Real Estate podcast and author of SIX top real estate investing books—the latest of which is titled Pillars of Wealth. Far too often, rookie investors dive into the world of real estate without having mastered the three areas they need to succeed—making, saving, and investing their money. Then, they are gutted when real estate doesn’t work out for them. The truth is that the money habits you build today will follow you throughout life. Work hard, foster a healthy money mindset, and master one challenge before advancing to the next. This is the real path to financial freedom.

In this episode, David shares his own experiences with money—including how he was able to steadily increase his income over time, save over $100K while in college, and find success as a real estate investor. You’ll learn about the true cost of financial freedom, how to play offense AND defense with your money, and why you MUST work the long game with real estate—prioritizing delayed gratification over immediate cash flow!

In This Episode We Cover:

Succeeding in real estate by building the three “pillars” of wealth

How to increase your income so that you can invest in real estate

Why you NEED to measure and track your net worth, cash flow, and quality of life

Building wealth by playing offense AND defense with your money

Achieving financial freedom by choosing delayed gratification over quick cash flow

And So Much More!

Links from the Show