Real Estate Rookie

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

Propstream

Real Estate Rookie Youtube Channel

BiggerPockets Bookstore

MLS

Realtor.com

Book Mentioned in This Episode:

The Book on Estimating Rehab Costs by J Scott

Connect with Ashley and Tony:

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-278

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277: Leaks, Surprise Rehabs, and the Reality of Buying Your First Rental Property w/Sara Plaisted Apr 12, 2023

Show notes

You don’t need to look very far to find a real estate success story, but it’s not every day that you hear from someone who is currently in the trenches of their very first real estate investment. The truth is that there are all types of hurdles to overcome during an investing journey, and today, you’re going to hear from someone who is still in the thick of it.

For years, interior designer Sara Plaisted dreamed of investing in real estate. But like many real estate rookies, analysis paralysis prevented her from taking action. Having built up a network of people to lean on, however, Sara eventually drummed up the courage to dive in. It wasn’t long before she landed her very first property—a two-story cabin tucked away in four-seasons vacation spot Julian, California. Unfortunately, the story doesn’t end there. Rather than enjoying consistent cash flow and great tenants, Sara was dealt a steep learning curve that involved persistent water leaks, excessive rehab costs, and other issues.

If you’re struggling at any point in your real estate journey, you’ll want to tune in to this episode and hear Sara’s story. She shares about her initial fears surrounding real estate, how she was able to land her first deal, and how she is currently dealing with all of the unexpected hurdles that her new property has thrown her way!

In This Episode We Cover

How to get past analysis paralysis and finally buy your first property

The importance of building your own real estate investing network

Finding the right contractor to walk your new property with you

When you should ask the seller to make repairs rather than making them yourself

Three types of software you MUST have to manage your property

How using virtual assistants can help you scale your investing business much faster

And So Much More!

Links from the Show

Sara's BiggerPockets Profile

BiggerPockets Forums

BiggerPockets Bootcamps

Property Management Software for Short-Term Rentals: Hospitable, Guesty, OwnerRez

Dynamic Pricing Tools for Short-Term Rentals: PriceLabs, AirDNA, Wheelhouse

Digital Guidebooks for Short-Term Rentals: Create on Canva, Hostfully, Breezeway, RemoteLock

Software for Long-Term Rentals: RentRedi, Avail, Apartments.com, Zillow

Software for Scaling Long-Term Rentals: AppFolio, Buildium, Propertyware

Find Virtual Assistants at: Fiverr, Upwork

Books Mentioned in This Episode:

Real Estate Rookie: 90 Days to Your First Investment by Ashley Kehr

Connect with Sara:

Sara's Instagram

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-277

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276: How to Get Into Commercial Real Estate Investing (For Beginners) Apr 08, 2023

Show notes

Learning how to get into commercial real estate investing seems like a challenging task. With so much industry-specific verbiage and vocabulary like cap rates, pro formas, NOI, triple net, and more, a rookie real estate investor can seem put off by the seemingly tricky world of commercial real estate. But what if we told you that finding, buying, and making money from commercial real estate was much easier than residential real estate? What if you could build wealth quicker, buy more valuable properties, and reach financial freedom faster with just a few deals instead of dozens of single-family homes? Today, we’ll show you how to get started!

New investors often put commercial real estate on the back burner, but nothing stops you from buying a large property right now. To explain how to do it, we brought on Annie Larner, commercial real estate broker based in Northern Colorado. She’s seen everything from warehouse deals to self-storage, retail centers, and office spaces. She knows EXACTLY what a beginner can do to get in the game and why commercial may be a FAR better option than going down the residential route.

In this episode, Annie will explain exactly what commercial real estate is, how it’s valued, and the different types of properties you can buy. She also goes in-depth on why it’s MUCH easier to purchase commercial real estate than residential and how using a broker can help unlock hidden deals that other investors aren’t aware of. So, if you’re still chasing small deals and want to level up to where the real money is made, stick around!

In This Episode We Cover

Commercial vs. residential real estate and why buying bigger properties is easier

Using a commercial real estate broker to find deals that no one else knows about

How to analyze a commercial real estate deal and pro formas explained

Due diligence, inspections, and what to do once you have a property under contract

Cap rates, NOI, and how to value a commercial real estate property

The BEST property type for beginners with the most gradual learning curve

How to find commercial tenants, lease types, and zoning rules you MUST pay attention to

And So Much More!

Links from the Show

Loopnet

Realtor.com

Connect with Annie:

Annie's Email

Annie's Instagram

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-276

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

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275: From $40K Debt to 4 Doors and Six-Figure Net Worth (In 1 Year!) w/Mike Larson Apr 05, 2023

Show notes

Owning multiple properties with no money? While it might sound ludicrous, there are several ways to do it. Money shouldn’t be the barrier preventing you from getting into the world of real estate investing. In fact, many people have been able to turn around their own fortunes by using other people’s money (OPM)—today’s special guest is one of them!

In this episode, we chat with Mike Larson, who found himself in this type of situation only a few years ago. Trapped in over $40,000 of consumer debt and living paycheck to paycheck with zero savings, Mike decided that real estate was going to be his escape rope. Over the next year, he eliminated as many bills as possible, tracked all of his expenses, and worked tirelessly to supplement his W-2 income. Today, Mike owns four long-term properties, has amassed a multiple six-figure net worth, and lives the real estate rookie’s dream by the beach.

Tune into this episode for a classic, feel-good, rags-to-riches story. Mike shares about his real estate investing journey and provides all kinds of helpful tips—including the steps you need to take to fast-track your real estate career, how to use other people’s money to secure your first investment property, and how to get private money lenders to come to you!

In This Episode We Cover

How to get your first investment property with ZERO capital

How identifying as a real estate investor can yield all types of opportunities

Wholesaling for a huge profit without spending any of your own money

Bringing value to private money lenders so that they come to you

Using the BRRRR strategy to generate cash flow from distressed properties

Two steps you MUST take today to fast-track your real estate career

And So Much More!

Links from the Show

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

Real Estate Rookie Podcast

Book Mentioned in This Episode:

Investing in Real Estate with No (and Low) Money Downby Brandon Turner

Connect with Mike:

Mike's Instagram

Valiant Acquisitions Instagram

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-275

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

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274: Rookie Reply: Inheriting Tenants, Getting Pre-Approved, and Raising Rent Apr 01, 2023

Show notes

You’re buying a rental property and, in the process, inheriting tenants. What now? Can you go ahead and start raising rent? Not so fast. Before making any rash decisions, you might want to implement tenant estoppel agreements. These legally binding documents will help you and your tenants get on the same page. And Ashley and Tony are here to break them down!

In this edition of Rookie Reply, we talk about the best practices when inheriting tenants. We also touch on LLCs, umbrella insurance, high-limit liability policies, and other ways to protect yourself. For those who are looking to buy a new home, we discuss working with a realtor versus doing the legwork yourself. We also get into loans, how soon you should get pre-approved, and how to vet hard money lenders. Finally, we talk about property managers. What are their fees, what do they bring to the table, and when do you absolutely need one?

If you want Ashley and Tony to answer a real estate question, you can 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

When it’s time to hire a property management company versus doing the work yourself

Inheriting tenants, raising rent, and why you MUST use estoppel agreements

How to close on an investment property without a realtor

Finding and vetting hard money lenders in your area

Why you should get pre-approved for a loan sooner rather than later in your investing journey

The costs and benefits of creating an LLC versus umbrella insurance

And So Much More!

Links from the Show

Find a Hard Money Lender in Your Area

BiggerPockets Forums

Reduce Your Risk, Use An Estoppel Agreement (Free Form Included)

Connect with Ashley and Tony:

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-274

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

273: Making $100K in 18 Months with “Misfit” Medium-Term Rentals w/David Rosenbeck Mar 29, 2023

Show notes

Over $100,000 from medium-term rentals…in just 18 months?! It’s a pipe dream to many, but it’s reality for today’s guest. After connecting with a few colleagues about real estate investing, David Rosenbeck left his established career as a nurse practitioner to dive headfirst into the investing world—carving out a niche that married his former job with his newfound passion: medium-term rentals for traveling nurses.

David and his wife bought their first rental property, and within 24 hours of going live, it had booked nine months out. The rest is history. David has since replaced his six-figure income with this flexible job that allows him to work fewer hours, stress less, and build the dream lifestyle for him and his family.

If you’re afraid that short-term rental properties are difficult to manage or that long-term properties don’t generate enough monthly income, this is the episode for you. David shares all of the secrets that helped him earn over $100,000 in only 18 months from medium-term rentals. He touches on pitching Airbnb arbitrage to landlords, moving every 12 months to build your real estate portfolio faster, and finding the “misfit” properties that make the PERFECT rentals!

In This Episode We Cover

The advantages of medium-term over short-term and long-term rentals

How to find the best areas to invest in medium-term rental properties

Profiting without owning a property and using Airbnb arbitrage when renting to traveling nurses

Moving every 12 months to get a lower down payment on new properties

Finding the “misfit” properties that make the BEST medium-term rentals

The best places to find medium-term tenants for your rental properties

And So Much More!

Links from the Show

BiggerPockets Calculators

Real Estate Rookie Podcast

Real Estate Rookie Youtube Channel

Will Your Area Work for Medium-Term Rentals?

Vrbo

David's BiggerPockets Profile

Connect with David:

David's Instagram

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-273

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

272: Rookie Reply: How to Get a DEEP DISCOUNT on Properties with Back Taxes Mar 25, 2023

Show notes

While driving for dollars, you stumble across a property with back taxes on it. What do you do? Contact the owner about your interest? Check with the courthouse first? Of course, you don’t want to make a real estate faux pas and miss out on a great deal! Fortunately, Ashley and Tony are here to help you navigate the situation.

Welcome back to another Rookie Reply! Today, we’re addressing properties with tax liens and how to potentially get them below market value. We also talk about buying property as a real estate agent and putting your commission towards a down payment. If home renovations are on your radar, you’ll want to tune in to our discussion on estimating rehab costs and pulling permits. Lastly, you’ll learn about tax strategies for flippers, and why hiring a tax planner is a must, even if you’ve yet to buy your first property!

If you want Ashley and Tony to answer a real estate question, you can 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

Buying a property with back taxes on it and where to find tax lien properties

How to get paid TWICE by wholesaling a property to yourself

Estimating material and labor costs before you commit to a renovation

The best tax strategies for flippers (and why you need a tax planner!)

Whether you can work closing costs into an FHA loan and low/no down payment loan options

Why pulling permits is a MUST if you plan on doing a rehab, renovation, or house flip

And So Much More!

Links from the Show

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

BiggerPockets Forums

How to Legally Avoid Taxes by Investing in Real Estate

From Restaurant Waiter to 100+ Deals in Only 4 Years w/ Derrick Acuff

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

Propstream

Book Mentioned in This Episode:

The Book on Estimating Rehab Costs by J Scott

Connect with Ashley and Tony:

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-272

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

271: $900K in Real Estate at Age 17 by Doing What 99% of Teenagers Won't w/Ava Yuergens Mar 22, 2023

Show notes

$900K in real estate at age 17!? That can’t be possible! If you’re feeling shocked, join the club because today’s episode is something that’ll leave you more fired up than ever before. We talk to Ava Yuergens, a high schooler who’s purchased more real estate than most full-grown adults. Without the ability to even get a credit card of her own, Ava has taken down almost a million dollars in real estate, all thanks to creative financing, hard work, and a determination to build wealth no matter what. Want to repeat her road to success? Stick around!

Like most young entrepreneurs, Ava caught the cash flow bug after reading Robert Kiyosaki’s Rich Dad Poor Dad. This classic book opened her eyes to the world of income-producing assets, catapulting her toward the topic of real estate investing. She was up early before school, reading how to invest, where to find off-market deals, and how to finance a property when you have no full-time income. With some thoughtful planning and serious due diligence, Ava was able to close on not one but two rental properties before graduating high school.

And whether you’re fifteen, twenty-five, or fifty, Ava’s advice is useful for ANY real estate investor in ANY stage of life. She walks through exactly how to find your first real estate deal, getting comfortable with an investing strategy, bringing in partners and funding (when you don’t have the cash), and turning your small side hustles into massive streams of income. With this type of mindset, we know we’ll be hearing back from Ava very soon.

In This Episode We Cover

How to invest in real estate at a young age with no job or credit

Ava’s step-by-step checklist for getting your first real estate deal

Serious side hustles and using part-time work to fund future real estate deals

Real estate partnerships and how to split responsibilities when buying a property

How to find off-market deals, cold-calling, direct mail, and getting properties at a discount

Short-term rental investing and why most rookies choose self-management over third-party property management

And So Much More!

Links from the Show

BiggerPockets Calculators

Alpha Geek Capital

Google Drive

Guesty

Robuilt Youtube Channel

Check Out Tony’s Messaging Guide for Short-Term Rentals

Vrbo

18 Deals in 2 Years AND a Full Time Job with Kevin Christensen

Books Mentioned in This Episode:

Rich Dad Poor Dadby Robert T. Kiyosaki

Short-Term Rental, Long-Term Wealth by Avery Carl

Traction by Gino Wickman

Connect with Ava::

Ava's BiggerPockets Profile

Ava's Instagram

Ava's Tiktok

Ava's Youtube Channel

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-271

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

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270: Rookie Reply: Airbnb Arbitrage, Turnkey Rentals, and When to Use a HELOC Mar 18, 2023

Show notes

Don’t have enough capital to own property? Enter Airbnb arbitrage, the popular investment strategy that allows you to rent out someone else’s property for a profit. Of course, there are a few challenges that come with this. Namely, you’ll need to convince your landlord that it’s a good idea! As always, Ashley and Tony are back with some important tips.

In today’s episode of Rookie Reply, we’re breaking down Airbnb arbitrage, and weighing the pros and cons on both sides of the arrangement. We also touch on the best liability protection strategies, using a HELOC for a down payment, and when it might be advantageous to buy a turnkey property versus a distressed property. Finally, we tackle the subject of tax planning and how hiring a CPA could help you save a fortune come tax season!

If you want Ashley and Tony to answer a real estate question, you can 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 into real estate without owning property

Why a landlord would agree to Airbnb arbitrage (and how to convince them)

The MASSIVE tax savings of hiring a CPA for tax planning

Using a HELOC for a down payment on a long-term rental property

When it makes sense to purchase a turnkey property versus a distressed property

LLCs, umbrella insurance policies, and the best strategies to protect yourself from liability

And So Much More!

Links from the Show

Real Estate Rookie Podcast

Airbnb

BiggerPockets Rental Property Calculator

How to (Legally) Avoid Taxes by Investing in Real Estate

Don’t Lose Your Portfolio to Lawsuits! Here’s How to Protect Yourself

Growing Your Portfolio with Turnkey Investing with Whitney Hutten and Lance Robinson

It’s Not All About Cash Flow: 4 Ways Real Estate Makes You Rich

Asset Protection for Rookies: 7 Wealth-Saving Answers from an Expert

MLS

TurboTax

Connect with Ashley and Tony:

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-270

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

269: Rookie to Real Estate Investor: College Rentals, Airbnbs, & Plumbing Problems Mar 15, 2023

Show notes

Don’t know what to do AFTER closing on a house? You’ve found your market, done your due diligence, passed your inspections, and now you’re asking, “what’s next?” Two of our three mentees are about to close on their first (and next) rental properties, but they don’t have to go in blind, thanks to the expert guidance of experienced investors Ashley and Tony. But we’re not just talking about a post-closing checklist. Instead, we’ll get into the nitty-gritty of getting a new short-term rental, how to handle inherited tenants, when to switch your investing strategy, and what happens when you discover a BIG plumbing problem in a property.

We’re back to conclude our final meeting with our ninety-day mentees. Brandon, Lawrence, and Melanie have made MASSIVE strides to become real estate investors. Brandon and Melanie come back with deals under contract and close to closing, while Lawrence is looking to switch up strategies and potentially re-enter the cash-flowing world of college rentals. All the mentees have taken significant steps to success in just three months, and you can do it too!

Stick around if you’re trying to get your next rental property under contract, as Brandon, Lawrence, and Melanie discuss why having community, accountability, and pressure for success took their investing to the NEXT LEVEL. If you want to break through your biggest goals, sign up for BiggerPockets Pro today and join our next Real Estate Rookie Bootcamp!

In This Episode We Cover

Investing in short-term rentals and how to set your house rules for new guests

Out-of-state investing and closing on a rental property remotely

Home inspections and why they’re almost ALWAYS worth the cost

Inherited tenants, estoppel agreements, and what to do as soon as you buy a rental with tenants

Delayed maintenance and what happens when you uncover pricey plumbing problems in a property

Student rentals and using them to make more cash flow than a regular rental property

Accountability, community, and why investing together can help you build wealth faster

And So Much More!

Links from the Show