Real Estate Rookie

Bret Daniels' Youtube Channel

Max Maxwell's Youtube Channel

Nate Robbins' Instagram

Connect with Ashley and Tony:

Ashley's BiggerPockets Profile

Tony's BiggerPockets Profile

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-258

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257: Rookie to Real Estate Investor: Seller Financing, STR Markets, & Lowball Offers Feb 01, 2023

Show notes

The “Rookie to Real Estate Investor in 90 Days” series is back, and we’re checking in with three mentees as they go from newbies to high-net-worth through real estate! Our mentees have been busy over the past couple of weeks, so Ashley and Tony dropped in on them to see how their rental property progress was going. They touch on how to make a lowball offer, pushing past the fear of getting an offer accepted, where to find motivated sellers, short-term rental markets, and seller financing Q&As.

First up, Brandon joins us as the newest real estate rookie on the show. He’s yet to get his first deal done and is still looking to buy a property, but he’s finding that the price isn’t matching his profits. Ashley and Tony walk Brandon through how to make a lowball offer and why you should always submit a price that works for your numbers. Next, Lawrence shares how he’s been on the hunt for a seller-financed deal and is looking into new ways to find motivated sellers more likely to sell at a discount or with flexible terms.

Finally, we hear from Melanie, who had a bit of property panic as she searched for more short-term rental markets to add to her list. After some research, she’s settled on a solid one and is currently looking for properties to make offers on. Her only question is how and why she should go for seller financing. Ashley and Tony give her all the details you’d need before going into a direct deal with the seller.

In This Episode We Cover

How to make a lowball offer and why your price point should always reflect your profits

What to do when two offers get accepted (and how to fund both deals)

Seller financing 101 and why (and why not) it’s worth pursuing for an investor

How to find motivated sellers in your market by looking through the MLS

Why you should ALWAYS send in offers (even if they seem unrealistic)

Short-term rental markets and how to measure lead time when looking for deals

Promissory notes, how they work, and risks/benefits of signing one with a seller

And So Much More!

Links from the Show

BiggerPockets Calculator

Rookie to Real Estate Investor in 90 Days: LIVE Mentorship Calls

Zillow

Connect with Brandon, Lawrence and Melanie:

Brandon's BiggerPockets Profile

Brandon's Instagram

Lawrence's BiggerPockets Profile

Lawrence's Instagram

Melanie's BiggerPockets Profile

Melanie's LinkedIn

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-257

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256: Rookie Reply: Escaping the Corporate Rat Race and Property Management Q&As w/Isaac Lane Jan 28, 2023

Show notes

Escaping the rat race at 26 isn’t easy, but Isaac Lane, Arizona-based investor and rookie landlord, is doing it through out-of-state investing! Isaac started investing only a couple of years ago, but he’s been scaling quickly as he purchased five rentals in his first year of investing alone. Now, he balances his time between working his day job as an engineer for a commercial real estate firm and managing his properties that are multiple states away!

Welcome back to another Rookie Reply, where Isaac is helping us answer some common property management questions. He gives advice on how to start investing out of state and where to begin building your real estate team. And for those who still haven’t done their first deal yet, Isaac talks about property management, maintenance requests, inherited tenants, smart devices, landlord insurance, and why you ALWAYS change your locks during a tenant turnover.

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 start escaping the rat race through real estate investing (even at a young age)

Long-distance real estate investing and the team you need to succeed from afar

How property managers handle maintenance and why you should ask for pictures on every repair

What to do when you inherit tenants and whether or not they should re-apply for your rental

Landlord vs. homeowners insurance and why tenants should always have a renter’s policy

When to change locks on a unit and the big key-code mistake Tony made on his short-term rental

And So Much More!

Links from the Show

Isaac's BiggerPockets Profile

BiggerPockets Bootcamps

Connect with Isaac:

Isaac's Instagram

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-256

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255: How to (Legally) Avoid Taxes by Investing in Real Estate w/Amanda Han Jan 25, 2023

Show notes

Everyone wants to know how the rich avoid taxes. You hear about it on the news, “billionaire pays zero dollars in taxes this year,” or “this real estate tycoon made millions but gets a tax refund!” This can seem like blatant tax abuse for those not in the investing game. Why do some people get to pay no taxes while others are stuck with a sky-high return just for working their W2 job? The answer lies in the assets you invest in.

Real estate investing is one of the most tax-advantaged assets around. As a real estate investor, you can almost automatically count on lower income taxes while making more money. Don’t believe us? We brought Amanda Han, CPA to top investors, on the show to explain how investors avoid taxes while still striking it rich in real estate. Amanda understands the ins and outs of the tax code, and as a real estate investor, she benefits from knowing real estate write-offs and deductions better than the rest!

On today’s show, Amanda will walk through the top real estate tax deductions and how rookie real estate investors can start paying less in taxes. She’ll also explain real estate professional status (REPS) and using it to lower your taxable income and how to find the perfect tax advisor for you and your properties. If you want to start using the same strategies that the wealthy use to avoid taxes, this is the episode to tune into!

In This Episode We Cover

The biggest real estate tax deductions and some that many investors often miss

Depreciation explained and how this paper loss can help you keep your passive income

The best tax strategies for investors trying to minimize their taxable W2 income

How to find the right tax advisor and what they MUST know about real estate

Tracking expenses and making it easy on yourself during tax time

LLCs for rental properties and whether you even need one in the first place

And So Much More!

Links from the Show

Amanda's BiggerPockets Profile

Stessa

Quickbooks

BiggerPockets Bookstore

Connect with Amanda:

Amanda's Instagram

Amanda's Website

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-255

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254: Rookie Reply: Can You Put Offers on Multiple Houses? w/Jake Kain Jan 21, 2023

Show notes

Need to know whether flipping vs. renting makes more sense for your market? Don’t know if you can put offers on multiple houses simultaneously? Itching to hear how your flipping profits will affect your financeability on your next property? We’ve got time-tested real estate experts here to help you out! As always, Ashley and Tony are here to host this week’s Rookie Reply, but we’re also joined by Jake Kain, Arizona investor and agent who left the W2 life to start building a rental property and live in flip empire!

Jake lends a helping hand in answering this week’s questions but also shares his own story about following your fire, starting a community, and how to become the “quarterback” of any real estate meetup. He’s expanded his network at lightning speed, allowing him to grow his portfolio to five units, all while flipping his own primary residences along the way. Jake helps answer questions about making offers on multiple houses, flipping vs. renting, how your DTI (debt-to-income ratio) could be impacted when house flipping, and where to find general contractors who will show up on time!

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

Starting your own real estate meetup and how it makes you the most popular person in the room

Leaving your nine-to-five to invest in real estate and becoming a real estate agent

Debt-to-income ratios and whether or not selling a fixer-upper could help or hurt yours

The art of making offers on multiple houses and what to do if they all accept

Flipping vs. renting and why different real estate markets require different strategies

How to find contractors for home renovations and why the quickest workers are rarely the best

And So Much More!

Links from the Show

Jake's BiggerPockets Profile

BiggerPockets Forums

BiggerPockets Bootcamp

Alpha Geek Capital

Facebook Groups

Connect with Jake:

Jake's Instagram

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-254

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

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253: How to Build Your Financial Foundation BEFORE Investing in Real Estate w/Malia Gudenkauf Jan 18, 2023

Show notes

Personal finance is what most twenty-something-year-olds overlook. Why invest, save, or cut back spending when you finally have the money that a college degree or diploma promised you? For those who have just started working, spending all your hard-earned money on a bigger apartment, a nicer car, or a luxurious trip can be enticing. But, you could also be using your paychecks to multiply your wealth, set yourself up for financial freedom, and lock in early retirement while most are focused on barely paying their bills.

This personal finance-first attitude is what Malia Gudenkauf adopted early on. After attending basic personal finance classes, she realized the disservice many young people did to themselves. So, Malia started developing financial literacy skills, from focusing on becoming debt-free to later investing in passive income streams like real estate. Thankfully, her sister, Grace (you can hear her episode here), was just starting as a landlord and needed a partner she later found in Malia.

In this episode, Malia details everything you want to know to get your finances in order, how to avoid getting caught in analysis paralysis, reverse engineering your income goals when buying a rental property, and advice on how and who to form partnerships with. Whether in high school, college, the working world, or close to traditional retirement age, the advice Malia gives is crucial if you want to start your real estate investing journey.

In This Episode We Cover

Building a solid financial foundation and the basic personal finance steps anyone can follow

How to “reverse engineer” your goals and buy the properties that fit them best

Small multifamily investing and how to purchase multiple doors at once

Real estate partnerships and tips for finding a partner who will help you grow without causing your headaches

Real estate vs. stocks and why the passivity of rental properties is often overstated

Defeating analysis paralysis and how leveraging partnerships gets you past rental property roadblocks

And So Much More!

Links from the Show

BiggerPockets Calculator

Real Estate Rookie Podcast

Real Estate Rookie Youtube Channel

The BiggerPockets Money Podcast

BiggerPockets Forums

Using Calculated Risk to Acquire 17 Doors In Under a Year (at Age 24!) w/ Grace Gudenkauf

Semi-Retired at 30 Thanks to One Year’s Worth of Real Estate Investing

Connect with Malia:

Malia's BiggerPockets Profile

Malia's Instagram

Malia's Tiktok

Malia's Website

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-253

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252.5: How to Buy Your First Rental Property in 11 Steps Jan 17, 2023

Show notes

Buying your first rental property doesn’t need to be complicated. With some simple steps, you can go from onlooker to real estate investor, collecting passive cash flow every month! But you’ll never get going if you don’t know where to start. So to make 2023 your best year yet, David Greene, investor, agent, and host of the BiggerPockets Real Estate Podcast, sat down to walk through the eleven steps it takes to go from rookie to real estate investor.

Real estate is NOT a “get rich quick” type of investment, but it can help you build wealth in a surprisingly short amount of time. Just ask David, who spent years working overtime as a cop, slowly building up a real estate portfolio that eventually led him to financial freedom before most people buy their first house! In this episode, David will walk step-by-step through everything a real estate rookie must do to get their first rental property, how to analyze real estate deals once you find them, and how to repeat the system so your passive income stack grows bigger every year!

Ready to become a real estate investing expert in 2023? Sign up for BiggerPockets Pro, where you can access real estate tools and calculators, rookie bootcamps, lease agreement packages for all fifty states, unlimited webinar replays, and exclusive videos. Start 2023 off right, and use code “NEWYEAR” at checkout for a special discount!

In This Episode We Cover

How to buy your first rental property in 2023!

How David went from almost giving up to financial freedom in only a few years

How to analyze a real estate dealin minutes

The eleven steps to success when starting in real estate investing

How to find real estate deals in ANY market using the LAPS funnel

Why so many people fall short of their new year’s resolutions and how you can succeed in 2023

Using BiggerPockets Pro to get your first real estate deal even faster!

And So Much More!

Links from the Show

BiggerPockets Rent Estimator

BiggerPockets Bookstore

BiggerPockets Bootcamps

BiggerPockets Instagram

BiggerPockets Rental Property Calculator

BiggerPockets Podcast Shop

BiggerPockets Pro-Exclusive Videos

Real Estate Rookie Youtube Channel

Connect with David:

David's BiggerPockets Profile

David's Instagram

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

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

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252: Rookie Reply: Tenant Not Paying Rent? Here’s What to Do w/Alexandra Burnham Jan 14, 2023

Show notes

Tenant not paying rent? Debating whether a year-long, six-month, or month-to-month lease is best? Don’t know how to estimate rent for a new unit? On this week’s Rookie Reply, we’re tackling some of the most troublesome yet common questions that rookie real estate investors have. We’ll be going deep into property management, tenant screening, and what to do when a tenant stops paying. So fret not when investing; there’s always a way to make a win-win!

This time around, we’re joined by Alexandra Burnham, live for Phoenix! Alexandra is like many real estate investors, except for one big difference. Alexandra and her partner share over $750,000 of student debt! Talk about a hole in your pocket! But, instead of letting the naysayers convince her that she can’t invest with her debt, Alexandra has flipped the situation on its head, buying five rental properties and tackling her debt faster thanks to multiple income streams. Stick around for her full story and the phenomenal advice she gives to get your property locked up and leased!

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

Paying off massive student loans thanks to real estate investing

What to do when a tenant stops paying rent (and the options you have)

Whether or not to lower your rent price when a unit is sitting vacant

Why even high-earners MUST have a side-income stream to stop constant burnout

Six-month vs. month-to-month leases and why flexibility can be favorable for landlords

What is a healthy ROI (return on investment) for a short-term rental property?

And So Much More!

Links from the Show

BiggerPockets Rent Estimator

The Real Estate Podcast

BiggerPockets Forums

BiggerPockets Lease Agreement Packages

Connect with Alexandra:

Alexandra's Instagram

Alexandra's Facebook

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-252

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

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251: Rookie to Real Estate Investor in 90 Days: LIVE Mentorship Calls Jan 11, 2023

Show notes

Becoming a real estate investor isn’t complex. Find a property, buy the property, and rent it out. While this formula may be easy to write down, putting it into practice is much more complicated. This is why many wannabe investors never make the jump to buy their first investment property. But, with the right advice, mentorship, and mindset, anyone can become a passive-income generating real estate investor, with a path laid for financial freedom and early retirement.

Today, Ashley and Tony combine their real estate knowledge to help three investors buy their first or next rental property. First, we talk to Brandon, a future house hacker who struggled to buy a home last year and is now looking for his first primary residence that can help subsidize his mortgage. Next, we speak with Lawrence, an investor who bought two rental properties within six months but wants to expand quicker with the help of creative financing. Finally, Melanie joins us to discuss her plans for a short-term rental property, but she still doesn’t know the best place to buy.

If you’re finding the 2023 housing market a tough nut to crack but know that you want to invest in real estate, this is the episode for you. We’ll follow along with our three mentees over the next ninety days as Ashley and Tony give strategic advice on what they should do next to get a profitable rental property under contract. So follow along, and you too could get your next property in ninety days (or less!).

In This Episode We Cover

High interest rates and how more expensive mortgages have caused many investors to pause

Building your “buy box” and how to come up with your exact rental property criteria

Creative financing and how to buy a bigger rental property even if you don’t have the money for it

Generational wealth and using real estate investing to put your family in a better position

Short-term rental markets and how to analyze a vacation rental from afar

What to do when inflated rental property data isn’t adding up to today’s rates

Finding financial freedom and leaving your W2 desk job behind

And So Much More!

Links from the Show

BiggerPockets Calculator

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

Creative Financing: 2022’s Antidote to High Interest Rates

300 Doors, 100% Creative Financing with Pace Morby

Connect with Brandon, Lawrence and Melanie:

Brandon's BiggerPockets Profile

Brandon's Instagram

Lawrence's BiggerPockets Profile

Lawrence's Instagram

Melanie's BiggerPockets Profile

Melanie's LinkedIn

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-251

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

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

250: Rookie Reply: 2023 Risks, The True Cost of Owning Rentals, and Live Q&A w/Pace Morby & Jamil Damji Jan 07, 2023

Show notes

The real estate market is changing, especially in high-appreciation cities like Phoenix, Arizona. This week, Ashley and Tony made the journey to the Valley of the Sun to visit real estate rookies for a live podcast recording. But it wasn’t just the rookies coming out; expert investors like Jamil Damji and Pace Morby also swung around to answer questions about creative financing, the 2023 housing market, multifamily investing, and more. They give some killer insight that only off-market masters know, and their input could help you score better deals over the next year.

As always with a Rookie Reply, we also take questions from the Real Estate Rookie Facebook group, the Rookie Request Line, and Instagram to see what’s on investors’ minds. This time, we’ve got questions on how real estate wholesaling works, the best way to reject an agent or lender (without burning bridges), the true cost of owning a rental property, and the risks and rewards of using a dual real estate agent. This episode comes packed with rental property gold, so stick around!

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

Creative financing strategies in 2023 and how investors are starting to take advantage

How to find a real estate investing partner that will grow your business faster

The safest way to invest in multifamily real estate (without using your own money)

The best place to find real estate and housing market data (check out On the Market)

Costs that go into owning a rental property and what many rookies overlook

The dangers and benefits of using a dual agent on your next real estate deal

How real estate wholesaling works and the two ways to close a wholesale deal

And So Much More!

Links from the Show