Real Estate Rookie

Find Insurance For Your Rental Property

The BiggerPockets Guide to Landlord Insurance

Rookie Reply Episode 296

Richer v. Travelers Case

Connect with Christian & Darren:

Christian's BiggerPockets Profile

Christian's Instagram

Christian's Email

Darren's BiggerPockets Profile

Darren's Website

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-307

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306: Achieving FI with Fewer Doors: The Small and Mighty Real Estate Portfolio w/Chad Carson Jul 22, 2023

Show notes

Financial freedom with only a handful of rental properties!? So many real estate investors are convinced that amassing units is the key to bigger profits, but the truth is that a strategy involving fewer doors can be just as—if not more—effective. Today’s guest is an advocate for the “small and mighty” real estate portfolio that allows you to create passive income, pursue your passions, and achieve financial independence on your terms!

Welcome back to another episode of the Real Estate Rookie podcast! Today, we’re sitting down with Chad “Coach” Carson to discuss his latest book, The Small and Mighty Real Estate Investor. Enjoying the flexibility that many rookie investors dream of, Chad and his family live abroad while his property managers handle the day-to-day operations of his rentals stateside—allowing him to spend very little time on his business each week.

If you want to achieve financial freedom without becoming enslaved to your real estate business, this is an episode you won’t want to miss! Chad speaks on creating passive income through real estate, how to enjoy a two-hour workweek, and why accumulating more units shouldn’t be your end goal. He also talks about the three phases in every real estate journey and why the final phase is the key to unlocking your financial independence!

Remember to pick up Chad’s new book and use code “SMALL306” at checkout!

In This Episode We Cover

How to build a small real estate portfolio that supports your financial goals

The three important phases in every real estate journey

Lean FI, fat FI, and why you should know both numbers before investing

The people and systems you NEED to create passive income from your rentals

Arriving at “enough” when scaling your real estate empire

And So Much More!

Links from the Show

Become a (Small) Multifamily Millionaire in 7 Steps w/ Brian Murray and Brandon Turner

Books Mentioned in the Show

Retire Early with Real Estate by Chad Carson

Get Your Copy of “The Small and Mighty Real Estate Investor” and Use Code "SMALL306" for 10% Off

Connect with Chad:

Chad's BiggerPockets Profile

Coach Carson Podcast

Chad's Instagram

Chad's YouTube

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-306

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305: The Rookie’s Guide to Analyzing Rental Properties and Airbnbs in 2023 Jul 19, 2023

Show notes

Don’t know how to analyze a rental property? After this episode, you’ll be a rental property analysis pro, knowing exactly how much money you’ll make on your first, second, or next real estate investment. But don’t worry; you won’t need any complex formulas, dense spreadsheets, or complicated math to calculate how much cash flow you’ll collect from your real estate deal. Instead, you can use the EXACT methods we show to analyze investment properties in minutes, EVEN if you’re a real estate rookie!

In this episode, Ashley and Tony will teach you EXACTLY how to analyze real estate deals in 2023. From long-term to short-term rentals, BRRRR properties, and choosing your real estate market, Ashley and Tony will go through everything you need to ensure your first or next real estate deal is a home run.

Our hosts will go step-by-step through analyzing a real estate investing market, signs of one you should invest in, building your “buy box,” analyzing a long-term, short-term, and BRRRR investment property, and how the 2023 housing market has changed. If you’re still waiting to get a rental property under contract, this is the place to start

In This Episode We Cover

How to analyze a rental property, short-term rental, or BRRRR investment from scratch

2023 housing market updates and what you MUST know before buying

Using the BiggerPockets rental property calculators to analyze properties in minutes

Where to find insurance prices, property taxes, and other KEY variables

The three things you MUST know before analyzing an Airbnb or vacation rental

Financing your real estate deal and rental property loans you can use to purchase an investment property!

And So Much More!

Links from the Show

Grab Tony’s Short-Term Rental Calculator

BiggerPockets Calculators Used in This Episode:

Rental Property

BRRRR

Rent Estimator

Tune into The “Real Estate Rookie” Podcast:

Podcast

YouTube

Investor Shout-Outs:

Zosia Madden (Rookie Ep 301)

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-305

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304: Rookie Reply: Don't Have 20% Down? Here's How to Fund Your Next Investment Jul 15, 2023

Show notes

Want to buy your first investment property? You DON’T need twenty percent down sitting in your bank account. We know; everyone has told you that you need a massive down payment before you buy a property. But did you know that expert investors like Ashley and Tony rarely come to the closing table with their own money? If you know where to find the right funding, you too could buy multiple income properties a year WITHOUT having to scrimp and save up tens, if not hundreds of thousands of dollars!

We’re back with another funding and finance-first Rookie Reply episode. This time, Ashley and Tony will go over how to fund your first BRRRR or fix and flip, EVEN if you don’t have twenty percent down. On a closely related note, we’ll touch on what to show a private money lender when you’re looking for funding and the “private money packet” new investors should start creating TODAY. Then, Ashley and Tony will hit on how to make more offers so you can build wealth faster. Lastly, you’ll hear the differences between small and large multifamily and why experienced investors LOVE larger deals.

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

Reserves, down payments, and how to fund your first BRRRR or fix and flip if you’re low on cash

Unlocking private money lending and exactly what a lender wants to see before they fund your deals

The easiest way to start making more offers and the simple technique that’ll make analyzing deals a breeze

What to know BEFORE you buy a large multifamily property (and laws to pay attention to)

Cap rates, commercial real estate, and why bigger deals are often easier to increase equity

And So Much More!

Links from the Show

Listen to Episode 303 with Spencer Carpenter

Check Out Our Mentee Episodes with Lawrence Briggs:

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-304

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303: How to “Supercharge” Your Real Estate Portfolio with Investor Meetups w/Spencer Carpenter Jul 12, 2023

Show notes

The easiest way to supercharge your real estate portfolio? Host your own real estate meetups to build your network! If that sounds intimidating, you’re not alone! Many rookies let their lack of experience or fear of no one showing up stop them from tapping into this gold mine of a networking strategy. Today’s guest found it to be the fastest and easiest way to find wholesalers, buyers, and lenders for his real estate deals!

Welcome back to the Real Estate Rookie podcast! In this episode, Ashley and Tony are joined by Spencer Carpenter—an investor who got into real estate with the goal of supporting his family members in retirement. After his first deal went south, however, Spencer lost most of his capital and could have easily given up on real estate. Instead, he doubled down and networked his way to a pair of house flips that he was able to sell at a sizable profit.

If you’ve ever wondered how investors grow their networks to find better deals, this is the episode you’ve been waiting for! Spencer provides his step-by-step formula for hosting real estate meetups at little to no cost, while Ashley and Tony offer their best tips for vetting contractors and property managers. They also discuss working with hard money lenders and what can go wrong if you DON'T maintain an open line of communication!

In This Episode We Cover

How to host your very own real estate meetups at no (or low) cost

Harnessing the power of networking to find wholesalers, buyers, lenders, and more

The best ways to find and vet contractors for your rehabs

Weighing your financial risk when analyzing real estate deals

Red flags to look out for when hiring a property management company

Why you NEED to get on the same page with your hard money lender upfront

And So Much More!

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-303

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Bonus: Hiring a Contractor For Your Rental? What You NEED to Know Jul 08, 2023

Show notes

Hiring a contractor doesn’t have to be a guessing game. Most real estate rookies choose the first (or cheapest) contractor that comes their way, but this rarely leads to a home renovation gone right. Instead, you could be looking at tens of thousands in extra costs, poor-quality workmanship, timelines that stretch out months past your projections, and a rental property that almost any tenant will walk away from. So, how do you find the BEST contractors in your area? And what are some signs that a contractor will make your life easier? We’ve got all the answers in this episode.

Rachel Richards is back on the show to talk about her recent renovation done by Zosia Madden’s team over at Laurelless. While Rachel was thousands of miles away traveling, Zosia and her team turned Rachel’s newest property around, staying on budget, on time, and with as little stress as possible. After some tear-inducing past experiences with other, lower quality contractors, Rachel and Zosia go over EXACTLY what makes a contractor the right one, red flags to look out for, software to use, and lessons learned that EVERY investor should take to heart!

Check the full episode here: https://biggerpockets.com/playlist

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302: Rookie Reply: How to Get 100% Financing for ALL of Your Real Estate Deals Jul 08, 2023

Show notes

100% financing for ALL of your real estate deals? Without thousands of dollars saved up, many people assume there’s no way for them to invest in real estate. But that’s far from true. Today, you can fund your entire real estate deal—including purchase price, down payment, closing costs, and rehab costs—using other people’s money!

Welcome back to another Rookie Reply! If you don’t have the funds to invest in real estate, hear Ashley and Tony share their best strategies for getting deals done with creative financing. They also discuss rehab costs and provide a three-step plan for estimating them. Hiring a property manager is a daunting task for any rookie, but our hosts share the biggest red flags to watch out for when vetting a property management company. Finally, they discuss the touchy subject of rental repairs—who’s responsible and how to keep the peace with tenants!

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 get financing for 100% of your deals (purchase price AND rehab costs!)

Four EASY ways to find private money lenders for your real estate deals

The three-step plan you NEED to accurately estimate rehab costs

Red flags to look out for when hiring a property management company

How to determine who is responsible for repairs (without upsetting your tenants!)

And So Much More!

Links from the Show

Private Capital Explained: The 4-Second Pitch to Unlock Unlimited Funds (Part 1)

Private Money Explained: 5 Simple Ways to Find Private Money Today (Part 2)

Private Money Explained Part 3: The “Credibility Pieces” Lenders Love to See

Private Money Explained Part 4: Rates, Returns, and Protecting Investors

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

Follow Amy Mahjoory on Instagram to Learn More About Raising Private Capital

Book Mentioned in this Episode:

Raising Private Capital by Matt Faircloth

The Book on Estimating Rehab Costs by J Scott

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-302

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301: 12 Doors and a $4M Portfolio as a Real Estate Power Couple w/Zosia Madden Jul 05, 2023

Show notes

Significant other not sharing your enthusiasm for real estate? Maybe you have dreams of buying your first property or going full-time with a real estate business, but your partner isn’t on board. You’re not alone! The truth is that investing in real estate is a huge decision, and couples aren’t always on the same page. Fortunately, there are ways to align your goals and build a profitable real estate business together.

In this episode of the Real Estate Rookie podcast, we’re chatting with Zosia Madden. Today, Zosia and her husband Tyler operate two businesses—a successful construction company and a seven-figure real estate business with twelve rental properties. Despite their recent success, the couple faced many challenges before going all-in on real estate—including the question of whether Zosia should leave the stability of her W2 job. As you might expect, they didn’t arrive at this decision overnight. It took multiple conversations—filled with vision-casting, goal-setting, and strategizing—before Zosia was able to put in her two-week notice.

If you and your significant other seem to be on two different wavelengths, you don’t want to miss this episode! Zosia, Ashley, and Tony cover some of the most important questions you’ll want to ask your partner on your journey toward financial freedom. They also discuss topics that many rookie investors struggle with—such as paying yourself, hiring fractional advisors, and the systems and processes that will help you scale your real estate business!

In This Episode We Cover

Questions all couples should ask to help align their long-term goals

The three stages of spouse involvement in real estate investing

How to transition from a stable W2 job to a full-time real estate investor

Fractional advisors and how hiring them can change the trajectory of your business

When to take a salary from your real estate business (and when to reinvest instead!)

Systems and processes you NEED to scale your business

And So Much More!

Links from the Show

The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple

Building and Scaling a Massive Real Estate Business

Real Estate Rookie 300 with Rachel Richards

Real Estate Rookie 55 with Tyler Madden

Real Estate Rookie 173 with Tyler Madden

Books Mentioned in this Episode:

The ONE Thing by Gary Keller with Jay Papasan

Connect with The Maddens:

Zosia's BiggerPockets Profile

Zosia’s Instagram

Tyler’s Instagram

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-301

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300: Making $8K/Month from 2 Doors and How to Get HUGE Cash Flow with Fewer Units w/Rachel Richards Jul 01, 2023

Show notes

Huge cash flow after selling most of your real estate portfolio!? Many rookies assume that having more doors equates to more profit, but that’s not always the case. The truth is, if you start identifying the best investing strategy for your property, you can make more cash flow while owning fewer units. Today’s guest has had small and large portfolios alike and has succeeded with both!

In this 300th episode of the Real Estate Rookie podcast, we catch up with past BiggerPockets guest, full-time real estate investor, and two-time best-selling author Rachel “Money Honey” Richards. After 2022 threw her several curveballs, Rachel made the tough decision to sell her thirty-eight-door real estate portfolio and start over. A nomad at heart, Rachel turned her attention to house hacking—a strategy that gives her a place to live while allowing her the freedom to travel six months each year.

Whether you have one door or one-hundred doors, you won’t want to miss out on the important lessons Rachel shares in this episode! She talks about beating analysis paralysis, using a solutions-oriented approach when looking for deals, and when it makes sense to use multiple rental strategies at once. But that’s not all, we’ll also get into creative financing, choosing a real estate niche, finding the best contractors for rehab projects, and more!

In This Episode We Cover

How to build (or rebuild!) your real estate portfolio from square one

Beating analysis paralysis by finding your real estate niche

How to apply a solutions-oriented approach to analyzing deals

Using multiple rental strategies to maximize your cash flow

Networking to find the best lenders and contractors for your properties

Leveraging creative financing to help fund your real estate deals

And So Much More!

Links from the Show

Retiring in 2 Years Through “Aggressive” Rental Property Investing with Rachel Richards

Early Retirement by 30 with $20K/Month in (Actually) Passive Income

Divorce: The Biggest Marriage and Money Mistakes to Avoid

Rookie Reply: Creative Financing 101 with No Cash, Credit, or Credentials

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

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

Books Mentioned in this Episode:

The House Hacking Strategy by Craig Curelop

Money Honey by Rachel Richards

Passive Income, Aggressive Retirement by Rachel Richards

Connect with Rachel:

Rachel's BiggerPockets Profile

Rachel's Instagram

Grab Your Free Passive Income Starter Kit

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-300

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

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299: The 4 Steps to Financial Freedom Through Rental Property Investing Jun 28, 2023

Show notes

Want financial freedom? We’re not talking about buying yachts, private planes, or million-dollar sports cars. We mean REAL financial freedom. The freedom that lets you work where you want, when you want, and spend time with the ones that matter most, without having to worry about paying the bills or having enough in the bank to make ends meet. That’s what it means to be financially free. And today, we’re here to help you get even closer to achieving that dream.

While Tony and Ashley are living their financially free lives, Dave Meyer, VP of Data and Analytics at BiggerPockets and host of On the Market, stopped by to give you the step-by-step guide to achieving financial freedom. In this episode, Dave will show you how to set goals for a financially free life, calculate your “freedom number,” choose a real estate market to invest in, find the right property, and analyze a real estate deal from scratch.

You DON’T need to be an investing expert to start your journey to financial freedom. Unlock the tools expert real estate investors use daily by becoming a BiggerPockets Pro member. Get 20% off your first year of Pro if you use code “FREEDOM” at checkout and gain access to investment property calculators, lease documents, rent estimators, and more!

In This Episode We Cover

The four steps to financial freedom and how to achieve ultimate independence through real estate investing

Setting SMART goals and calculating your “freedom number”

How to pick the right real estate market and two questions you MUST ask before you do

Four ways you can start finding real estate deals TODAY

Analyzing a real estate deal LIVE (step-by-step) using the BiggerPockets calculators

What expert investors know that most real estate rookies don’t

And So Much More!

Links from the Show