Real Estate Rookie

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

The Difficult Path to Wealth: Losing Money on Your First Real Estate Deal w/ JL Collins

4 Important Steps to Bounce Back After Losing Money on a Deal

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-298

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297: Traveling the World Thanks to One $6,500/Month Rental Property w/Olivia Tati Jun 21, 2023

Show notes

A house hack that covers all living expenses and allows you to travel the world!? Many people dream of making passive income from real estate, but only some take action. After getting her real estate license and immersing herself in the world of investing, today’s guest was chomping at the bit to buy her first property.

In this episode, we’re speaking with Olivia Tati—a former chemical engineer turned nomadic real estate investor! After discovering the freedom and flexibility of working from home, Olivia quickly determined that she no longer wanted to work her corporate W2 job. Fortunately, she had spent months cultivating several side hustles and multiple streams of passive income. With this financial safety net in place, Olivia quickly turned her attention to real estate. It wasn’t long before she landed her first deal—a duplex that rents for up to $6,500/month and allows her to live out her nomadic dream!

Do you aspire to earn enough passive income to quit your nine-to-five, work from home, or travel the world? This is the episode for you! Tune in to hear Olivia, Ashley, and Tony discuss a unique strategy to get a property under contract, various ways to buy real estate with no money down, and creating the perfect guest experience at your short-term rental. They also cover the benefits of getting a real estate license—whether it’s getting your feet wet before investing, saving money on closing costs, or making passive income through referrals!

In This Episode We Cover

How to get a property under contract (without having the most competitive offer!)

Three advantages of getting your real estate license before investing

How to earn thousands of dollars each month through real estate referrals

Multiple strategies you can use to buy real estate with no money down

When to make a rental property short-term, medium-term, or long-term

The keys to providing a world-class guest experience at your short-term rental

And So Much More!

Links from the Show

House Hacking 101: What It Is and How to Get Started

Create Eye-Catching Graphics for Your Real Estate Business

Find and Manage Cleaners for Your Short-Term Rentals:

Turno

Breezeway

Connect with Olivia:

Olivia's Instagram

Olivia's YouTube

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-297

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296: Rookie Reply: Pre-Foreclosures and How to Cut Your Property Management Costs Jun 17, 2023

Show notes

Let’s face it—property management fees aren’t cheap. While you may need to hire a property manager if you’re investing out of state or are unable to self-manage your property, these costs can quickly eat into your profits if you’re not careful. How can you ensure that you’re getting high-quality services for a fair price and keep your overhead under control?

Welcome back to another Rookie Reply! If you’re struggling to pull the trigger on hiring a property management company, we understand why you might be hesitant. Fortunately, Ashley and Tony are here to shed some light on the topic and share their own experiences with property management companies. They also talk about insuring properties during the rehab phase, as well as buying pre-foreclosed properties. Finally, they discuss balloon payments—what they are, how to use them to your advantage, and when it may be risky to get a loan that has them!

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 find the BEST property management company for your rental

Property management fees and how to keep costs down

Why you MUST insure your property during the rehab phase

How to use balloon payments to your advantage (and avoid more risk!)

What you need to know before buying a pre-foreclosed property

And So Much More!

Links from the Show

0 Doors, 100% Creative Financing with Pace Morby

Rookie Reply: Loan Amortization and Balloon Payments Explained

8 Tips for Hiring the Best Property Manager for Your Rentals

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-296

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295: $2 Million in Real Estate in 2 YEARS Thanks to This Strange Side Hustle w/Paul Lee Jun 14, 2023

Show notes

A $100K "exotic plant" side hustle to over $2 million in real estate? The truth is that you can use virtually any side hustle to help kickstart your real estate journey—whether you need capital to invest or want the extra business experience before diving in. While today’s guest may have taken a more unconventional approach to investing in real estate, he now has a portfolio of eight units cash flowing $4,500 each month!

Welcome back to another episode of the Real Estate Rookie podcast! In 2021, when millions of Americans lost their jobs, corporate underwriter Paul Lee came to the realization that relying on his W2 as his only source of income was a risky bet. At a time when mandates were requiring more people to work from home, Paul started flipping exotic house plants for a HUGE profit—netting well over $100,000 in two years! Despite his success, Paul recognized the volatility of the business he had built and turned his attention to a more historically stable side hustle—real estate.

If you’re looking to use a side hustle as your gateway into real estate, you’ll want to hear Paul, Ashley, and Tony share about the importance of having multiple income streams. They also cover several important real estate topics—from house hacking and self-managing properties to exceptions that could make you ineligible for FHA loans. Finally, they discuss private mortgage insurance and how to remove it when it’s hurting your cash flow!

In This Episode We Cover

How to find side hustles with the highest earning potential

The skills you NEED to self-manage your investment properties

Using leverage to spread equity across more properties

The self-sufficiency test your house hack MUST pass to get an FHA loan

How to get private mortgage insurance removed from a loan

When to pull a HELOC (and how to use the money!)

And So Much More!

Links from the Show

No Money for Real Estate? 2 Side Hustles You Can Use to Fund Your First Deal

Compare Market Rents with Rentometer

Connect with Coach Chad Carson on Instagram

Connect with Paul:

Paul's BiggerPockets Profile

Paul's Instagram

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-295

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294: No Money for Real Estate? 2 Side Hustles You Can Use to Fund Your First Deal w/Ava Yuergens and Josh Janus Jun 10, 2023

Show notes

Don’t have enough funds for real estate deals? Today, there’s no excuse. Beyond strategies that allow you to invest in real estate with no money down, you can always start a profitable side hustle and put the earnings towards your next deal.

In this episode of the Real Estate Rookie podcast, we’re chatting with Ava Yuergens and Josh Janus—two young entrepreneurs who managed to launch their own profitable side hustles to help fund their first real estate deals. Shortly after Ava and her fiancé launched their very own couch-flipping side hustle, they were able to generate enough cash to invest in real estate. Josh was a student by day, so he needed a side hustle that he could work outside of school hours. After seeing the schedule flexibility that DoorDash provided, Josh started making food deliveries—often using multiple apps and two phones to maximize his earnings.

If you’ve ever wanted to start your own side hustle, this is the episode for you! You’ll learn how to launch your own successful side hustle from square one, sharpen your entrepreneurial skills, and generate more than enough income for you to put towards your first real estate deal. Finally, Ashley and Tony tie the bow on this showdown-style episode by evaluating these side hustles for upfront capital, earning potential, time commitment, and risk!

In This Episode We Cover

Two side hustles you can start TODAY with little to no money

Using a side hustle to raise capital for your real estate business

Launching a flexible DoorDash side hustle that earns up to $50 an hour

Starting a couch-flipping side hustle that generates $10,000 per month

Side hustle skills that carry over into the real estate world

And So Much More!

Links from the Show

$900K in Real Estate at Age 17 by Doing What 99% of Teenagers Won’t

From DoorDasher to $1.5 MILLION in Real Estate (All at 22 Years Old!)

Connect with Ava & Josh:

Ava's BiggerPockets Profile

Ava's Instagram

Ava's TikTok

Josh's BiggerPockets Profile

Josh's Instagram

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-294

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293: 6 Rental Properties in 15 Months (While Working 3 Jobs!) w/Brandon and Dani Tilson Jun 07, 2023

Show notes

Too busy to buy rental properties? After this episode, you won’t have any more excuses. Brandon and Dani Tilson started building their rental property portfolio just under a year and a half ago and have already acquired six properties while working schedules that would make most people faint. We’re not talking about one job or two; we’re talking about working three jobs while raising a family and self-managing a rental portfolio. So, if you’re working less than eighty hours a week, this is your sign to get started!

After growing up with a struggling single mother, Brandon vowed that his children should never have to worry like he did. After learning about real estate, Brandon was ready to invest, but his wife, Dani, was not. Cash in the bank was a luxury Dani wanted to hold on to, but after many long conversations, the couple agreed to try their hand at rental properties. Their first deal didn’t go as planned, but it helped them build momentum and turn a small sum into a cash-flowing rental portfolio.

In this episode, you’ll hear exactly how Brandon and Dani scaled to six units in just a year and a half, the property management software they use to run their portfolio painlessly, and how to get your spouse on the real estate investing bandwagon. Brandon and Dani are set to retire in just five years, and if you tune in, you can too!

In This Episode We Cover

Building a rental property portfolio that will allow you to retire in five years (or less)

Why you should NOT try to DIY your first rental property renovation

What to do when you want to invest but your spouse or partner isn’t interested

Cash-out refinances vs. HELOCs and which makes more sense with today’s high-interest rates

Property management software and how to run a rental portfolio without pulling your hair out

“Alignment meetings” and how to conquer your craziest goals even with a hectic schedule

And So Much More!

Links from the Show

Analyze Your Own Deals Using the BiggerPockets Rental Property Calculator

Manage Your Property with RentRedi

Hear Our Interview with Husband and Wife Investing Duo Devana and Reid

How to Easily Analyze Rental Properties

Connect with Brandon & Dani:

Brandon & Dani's Instagram

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-293

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292: Rookie Reply: The One Thing You Need to Pay $0 in Income Tax Jun 03, 2023

Show notes

Want to pay ZERO taxes next year? If you own real estate or are building a portfolio, there’s a good chance that you can legally keep your profits away from Uncle Sam. But you’ll need one thing before you can do so. Our own Tony Robinson plans on using this exact strategy to pay $0 in taxes for this most recent tax year. So, why aren’t all real estate investors doing this? And where do you find the income-tax-free-genie who can help you make your tax burden magically disappear?

It’s Saturday, so a new Rookie Reply is headed your way. This time, Ashley and Tony will touch on mitigating MASSIVE tax amounts using this particular service. Next, what can real estate partners expect when one party puts up the money, and the other puts up the work? For the debt-free disciples, you’ll hear about using a credit card for a down payment and when you know you have TOO much real estate debt. If you want to grow your passive income, pay fewer taxes, and ensure your mortgages ALWAYS get paid, stick around!

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 (legally) eliminate income tax when investing in real estate

Down payments and why you (probably) won’t want to use a credit card to fund yours

Real estate partnership responsibilities and what a money partner’s roles are

Listing your own property for sale by owner (FSBO) vs. using a real estate agent

Rental property debt and what to do when tenants refuse to pay rent

The one question you need to ask a realtor that could lead to a reduced commission fee

And So Much More!

Links from the Show

Submit Your Real Estate Rookie Question!

Rich Dad’s CPA Shares 5 Steps to Eliminate Income Taxes through Real Estate

How to Buy Real Estate with Your Credit Card

How Much Do You Need For A Down Payment On A House?

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-292

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

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291: Living for FREE at 22 and Planning to Retire by 30 with Rentals w/Ryan Hughes May 31, 2023

Show notes

Who knew living for free could be as simple as house hacking and renting rooms out to a few college friends? Today’s guest was able to generate enough monthly income from his first real estate deal to cover his mortgage payment each month—and then some!

Welcome back to another episode of the Real Estate Rookie podcast! Ryan Hughes’ real estate investing journey started at the age of fourteen, when his father allowed him to go in on a real estate deal. Naturally, Ryan was ready and eager to start investing in his own rental properties by the time he graduated from college. Within months, he had bought his first investment property, one he conveniently spotted while jogging around his neighborhood. Shortly after closing, Ryan had seven people living in the house and paying rent to fully cover his mortgage payment, utilities, and more.

If you’re interested in living for “free” and attaining financial freedom, you’ll want to hear what Ryan has to share about house hacking, building your real estate network, and how to keep the peace with other tenants. As always, Ashley and Tony have some invaluable insights to share as well—from leveraging debt the right way to finding the best home loan products!

In This Episode We Cover

How to live for FREE by house hacking and renting out rooms

Managing tenants when they live with you (and share your stuff!)

Identifying housing markets where cheap properties will appreciate

Tapping into a real estate agent’s network and leveraging their connections

Using an inspection report to your advantage before closing on a property

How to find a home loan that benefits both the buyer and seller

And So Much More!

Links from the Show

Analyze Your Own Deals Using the BiggerPockets Rental Property Calculator

Living for “Free” with 63 Self-Storage Units

Follow Ana Karina on Instagram for Real Estate, Tax, and Bookkeeping Advice

Connect with Ryan:

Ryan's YouTube

Ryan's TikTok

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-291

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

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290: Rookie Reply: Best HVACs, HELOCs, and Using Home Equity to Buy Rentals May 27, 2023

Show notes

Want to know how to use your home equity to buy your next rental? You could be sitting on tens of thousands in potential funds that’ll make saving for the down payment MUCH easier. But first, you’ll need to know how much equity you have, the amount you can pull out, and whether or not a HELOC (home equity line of credit) is even worth it. So, if you’re itching to get your next deal faster, stick around! Ashley and Tony will give you the info you need to take your money and multiply it!

Welcome back to this week’s Rookie Reply, where Tony wears a hat! Aside from covering up that beautiful bald head, Tony and Ashley have some solid tips for anyone looking to buy a property with tenants in place, debating the value of a whole house HVAC system (heating, ventilation, and air conditioning), or putting up the pros and cons of private lenders vs. bank loans. You’ll learn the many ways to cool your house, how to confirm rent payments before you buy a home with inherited tenants, and how to make passive income by private lending!

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

HELOCs (home equity lines of credit) and using one to buy your next property

HVAC systems vs. window units and which demand higher rent prices

How to make completely passive income by becoming a private money lender

Raising capital vs. taking a bank loan and why big investors ALWAYS raise money

How to confirm rent payments BEFORE you buy a property with tenants in place

And So Much More!

Links from the Show

Connect with Other Investors on the BiggerPockets Forums

BP Pro

Lease Agreements

Submit Your Real Estate Rookie Question!

How to Buy a Rental Property with NO Money OR Credit w/Pace Morby

Follow Rachel Richards (MoneyHoneyRachel) on Instagram

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-290

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

Learn more about your ad choices. Visit megaphone.fm/adchoices

289: $11,000/Month with One VERY Unique Rental Property w/Garrett Brown May 24, 2023

Show notes

A glamping site might sound like a fun real estate investment idea, but how feasible is it? Does it offer enough cash flow potential as a short-term rental property? How do you get a building permit for a unique structure like a geodesic dome!? Today’s guest managed to launch the very first glamping site in his area and make some killer cash flow, but not without jumping a few hurdles along the way.

In this edition of the Real Estate Rookie podcast, we pick the brain of award-winning music producer Garrett Brown, who first decided to get into real estate because of the schedule flexibility it offered. After starting out as a realtor and spending time around investors, Garrett’s eyes were quickly opened to the huge earning potential of investing in real estate. Using the capital he generated from a house flip, Garrett was able to get into the short-term rental space—combining his newfound passion for real estate with his background in hospitality. Today, he talks about his most recent acquisition—a three-door glamping site sandwiched between two regional attractions outside Houston, Texas.

If you’re looking to buy your first short-term rental property, you won’t want to miss out on all that Garrett, Ashley, and Tony unpack in this episode! They’ll discuss their favorite ways to estimate rehab costs, how to find the perfect market for your short-term rental, and the importance of delivering a first-class guest experience as an Airbnb host!

In This Episode We Cover

Garrett’s massive cash flow on a unique “dome” vacation rental

Several creative ways to estimate rehab costs for a house flip

Finding the perfect market for a short-term rental property

Important hospitality tips that will make you a top short-term rental host

Glamping sites, geodesic domes,and other unique short-term rental ideas!

How to underwrite unique properties (and get your county to give you a permit!)

And So Much More!

Links from the Show