Real Estate Rookie

Find Money, Partners, & Deals Using The “D.A.D System” w/ Mike Michalowicz

BiggerPockets Bookstore

Real Estate Rookie Youtube Channel

The Science Behind Setting and Achieving Big Goals

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-239

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238: Rookie Reply: Section 8 Investing and Which Cash Flow Markets Make Sense w/Ashley Hamilton Nov 26, 2022

Show notes

Section 8 investing isn’t as scary as it seems. Most landlords will opt to not rent to section 8 tenants, fearing non-payment or just getting stuck with a bad renter. But, this means that the tens of thousands of potential tenants, waiting with guaranteed rent, have nowhere to stay, while you struggle to fill an empty unit. Ashley Hamilton, Detroit-based investor, thinks that not renting to section 8 tenants could be a huge mistake.

Welcome back to this week’s Rookie Reply! This time, we’ve got Cullen asking: Is it a bad idea to invest in properties out of state where the housing market is cheaper and more affordable for us? Or would it be better to save more money and invest in the market we are currently living in?

Good news for Cullen, we’ve got a cash flow market expert here to help answer his question!

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

Cash flow vs. appreciation and when to start investing out-of-state

Buying in affordable real estate markets and what to look for before you invest

Section 8 investing and how “guaranteed rent” can help boost your property profits

Action steps to take when identifying a rental market or potential investment property

Tenant screening tips that’ll keep your portfolio at 100% occupancy

The one thing you’ll need if you want to be financially free through real estate

And So Much More!

Links from the Show

The BiggerPockets Real Estate Podcast

BiggerPockets

MLS

10 Deals on a $20K Waitress Salary With Ashley Hamilton

Investor Update: The “10 Deals on $20K/Year” Investor’s Explosive Growth

BiggerPockets Forums

BiggerPockets Calculators

Connect with Ashley:

Ashley's BiggerPockets Profile

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-238

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237: The Cash-Flowing Car Wash and Early Retirement Through Creative Real Estate w/Daniel Schiermeyer Nov 23, 2022

Show notes

The beautiful thing about building wealth is there’s not just one way to reach your financial goals. This is where your creativity and ambition come into play. Today’s guest, Daniel Schiermeyer, built his residential portfolio and then leveraged that to buy businesses, with more ways to cash flow than we can count!

Daniel started getting into real estate after college when he read The Automatic Millionaire. He prioritized living cheaper, and in Charlotte, it was cheaper to buy a house than to rent, so he bought his first house at twenty-nine. With a thirty-year mortgage on his first house, Daniel realized if he bought a house every year or two, by the time he was sixty, he could pay off all the houses and have a strong retirement plan. His real estate portfolio consists of two townhomes, a duplex, a self-storage facility, and businesses to boot!

Sticking to residential real estate was the plan until Daniel drove by a car wash for sale with his brother. His brother encouraged him to pursue it, so they called the number on the “For Sale” sign. Once they talked to the broker, ran the numbers, and walked the property, they realized the numbers made sense. Now, he’s got a cash-flowing car wash and residential and commercial real estate all while chasing financial freedom!

In This Episode We Cover

Using real estate to build a retirement planand why real estate is the ultimate payday

Analyzing commercial real estate deals and how to determine potential growth

Purchasing land vs. purchasing a business and why it’s beneficial to buy both

How to run a business and why self-education is essential

Self-storage investing 101 and how to create value in the self-storage space

Building areal estate investing business planand the key things you need to succeed

And So Much More!

Links from the Show

Airbnb

$13M in Equity from One Deal & Cash Flowing Despite Being Comatose with AJ Osborne

AJ Osborne’s Instagram

The BiggerPockets Real Estate Podcast

Self Storage: The Misunderstood Money Maker Most Investors Overlook

4 Key Ways to Build Wealth in Real Estate

Connect with Daniel:

Daniel's Instagram

Daniel's Facebook Profile

Daniels BiggerPockets Profile

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-237

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236: Rookie Reply: Creative Financing 101 with No Cash, Credit, or Credentials w/Pace Morby Nov 19, 2022

Show notes

Pace Morby’s name is synonymous with creative financing. In fact, you could say that he’s brought back a revival of strategies like subject to and seller financing. He’s been so successful with these strategies that Pace has been able to buy over six hundred rental units this year without using a single bank loan! He believes that now, even with rising interest rates and high inflation, rookie investors have a chance to get better deals than ever before!

Welcome to this week’s episode, where we’re live from BPCon2022! We’ve brought in Pace Morby, friend of BiggerPockets, to talk about everything related to creative finance. If you’re brand new to this topic, don’t be alarmed. While some of Pace’s methods may sound complicated, they aren’t actually so difficult in practice. And in just one episode with Pace, you could be convinced to try them out on your next deal!

Pace shares how he’s finding deals, where he’s buying, the negotiation tactics he uses, and why now may be one of the best times to buy. He also discusses why sellers are so open to trying alternative financing options, how you can pick up real estate deals for zero dollars down, and why creative finance options offer far better returns than bank financing in 2022, 2023, and beyond!

In This Episode We Cover

Creative finance explained and why now is a great time to try it

Seller financing vs. subject to, and when to go after pain vs. gain

How creative financing builds a win-win scenario for buyers and sellers

Whether or not rising interest rates and a shaky housing market affect these strategies

Negotiating with a seller and how to sweeten your offers so you get deals on your terms

Where to find the deals best-suited for seller financing and subject to

And So Much More!

Links from the Show

300 Doors, 100% Creative Financing with Pace Morby

Weststar Loan Servicing

AirDNA

The Essential Elements of the Creative Financing Toolbox

Connect with Pace:

Pace's Instagram

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-236

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235: Investing in 100-Year-Old Homes Straight Out of College and the "PRR" Method w/Amy Wright and Mitch Mathern Nov 16, 2022

Show notes

To have something you’ve never had, you have to be willing to do something you’ve never done before. Today’s guests, Amy Wright and Mitch Mathern are doing something most people haven’t seen before, a twist on the BRRRR method. They’ve closed on three properties in three years, and all theirproperties are over 100 years old!

Amy and Mitch started their real estate journey right before COVID and went into contract on their first property in February 2020. They started investing when Amy was fresh out of college, and with no money to buy an investment property, they bought a primary residence instead. Since they purchased the home as a primary residence, they used an FHA loan and came to the closing table with only $7,000! Their first property marked the beginning of their strategy: purchase as a primary, rehab, and rent—the PRR.

But buying older homes isn’t a drawback to this strategy, it’s a benefit! Amy and Mitch refer to themselves as restorers instead of flippers. While they rehab their homes, they do their best to keep the character and history alive. Their unique strategies have helped them differentiate themselves in their market and succeed. They hope to keep up their current pace of one property a year and eventually increase the number of properties per year as they continue to scale.

In This Episode We Cover

The benefits of a live in flipand how to pace yourself when doing the rehab

FHA lendingand how to take advantage of all its benefits when you first get into real estate

How to spot renovation red flagswhen walking a potential property and how to DIY your rehab

Investing in older homes and how to rehab an outdated property while keeping its history alive

How to attract a top-tier tenantand screening tips that will save you a LOT of time

How to structure your “buy box” and shift it as needed so you can grow your real estate portfolio faster

And So Much More!

Links from the Show

6 Ways to Invest in Real Estate with Little Money or Experience

Connect with Amy & Mitch:

Amy & Mitch's Instagram

Amy's BiggerPockets Profile

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-235

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

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234: Rookie Reply: You DON'T Need Experience to Invest in Real Estate w/InvestorGirlBritt Nov 12, 2022

Show notes

Before you invest in real estate, everything can seem new and confusing. Bidding on houses, renovation budgets, finding tenants—these are all skill sets you must acquire to become a financially independent real estate investor. But that doesn’t mean you need to be a pro before buying your first property. Just ask Brittany Arnason, AKA InvestorGirlBritt, the Canadian real estate superstar who started BRRRR-ing her way to wealth at just eighteen.

We brought Britt onto the show to help us dive deeper into a question we received on the Real Estate Rookie Facebook Group. This question came from JP, asking: How do you network and partner with more experienced investors when you feel you have nothing to add value?

Most investors never feel like they know enough, and this is especially true if you’ve never done a deal before. But, Britt may serve as the perfect person to share her experience with JP, as she went from knowing nothing about real estate to becoming a multi-million dollar commercial investor all before the age of thirty!

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

Why ability often trumps experience and understanding that you don’t need to know everything all at once

How food poisoning turned into a rental property portfolio for InvestorGirlBritt

Outsourcing, delegating, and hiring the people that can help you grow

Surrounding yourself with better investors that push you higher so you can build your own portfolio

Imposter syndrome and why almost every investor does NOT feel like an expert

Content creation, digital detoxes, and why you should always be building an online brand

And So Much More!

Links from the Show

The 7 Tips @investorgirlbritt Used to Go from Amateur to Pro Investor

How to Become a Real Estate Millionaire (NO Experience Necessary)

Connect with Brittany:

Britanny's BiggerPockets Profile

Britanny's Instagram

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-234

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

233: $1.1M in Real Estate at 21 WITHOUT a W2, Tax Return, or Degree! w/Logan Kohn Nov 09, 2022

Show notes

The path to financial freedom is a marathon, not a sprint. It requires patience, discipline, sacrifice, and a long-term mindset. Today’s guest, Logan Kohn, is on his way to financial freedom with over one million dollars of real estate with three properties at only twenty-one years old!

Logan planned to invest in real estate later in life, but COVID forced him to rethink his timeline. Since interest rates were at an all-time low during the pandemic and his income took a hit, Logan decided to expedite his investing journey. For his first investment property, he looked at his county, but it wasn’t affordable, so he looked at the next county over. It wasn’t the best area, but he saw the opportunity for growth, and now his first property has already appreciated over thirty percent!

Logan bought his first property and his other two properties in the span of one year, which required extreme financial discipline and frugality. Logan has been interested in growing his money since he was a child. From the age of ten to the end of his teenage years, he started various side hustles to make money. He’s done magic on the street, dropshipping, affiliate marketing, and email marketing. At seventeen, he discovered stocks and started stacking his money and letting it grow. Now he invests his money while having few expenses to be as frugal as possible so he can multiply his wealth through real estate!

In This Episode We Cover

How to spot a growing market through real estate market analysis

The importance of a long-term mindset and how to use it to find financial freedom

Living frugally and how to cut back on your expenses (it’s easier than you think!)

The process of self-managing your rental properties and building good rapport with your tenants

Flood Insurance and insurance options for those affected by Hurricane Ian

And So Much More!

Links from the Show

Real Estate Rookie Podcast Channel

Biggerpockets

Facebook Groups

BiggerPockets Forums

Designing a Frugal But Luxurious FI Life by Age 32

Should You Self-Manage Your Properties or Hire a Pro? Here’s How to Tell

Connect with Logan:

Logan's BiggerPockets Profile

Logan's Instagram

Logan's Youtube Channel

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-233

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

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232: Double Your Cash Flow Overnight (In ANY Market) with Medium-Term Rentals w/Sarah Weaver and Zeona McIntyre Nov 05, 2022

Show notes

Medium-term rentals are not new to real estate investing, but most investors have hardly heard of them. For years, corporate travelers would rent a room, apartment, or small property for a year or less. These travelers would pay a premium to avoid long-term leases and stay close to their work. But, with the rise of traveling nurses and digital nomads, the medium-term rental strategy is in a revival when investors need it most.

Joining us on today’s show are investors, coaches, and authors, Sarah Weaver and Zeona McIntyre. Their new book, 30-Day Stay, is a masterclass in the wonderful world of medium-term rentals, walking new investors through everything they need to double their cash flow almost overnight. This strategy sounds too good to be true, but even a short-term rental king like Tony Robinson says that he’s intrigued. So is there a catch to this no vacancy, high cash flow, and often headache-free type of housing?

In this episode, you’ll learn the pros (and very limited cons) of investing in medium-term rentals. You’ll also hear which markets this strategy works best in, what type of software you’ll need to run one, and how medium-term rentals are starting to rival vacation rentals! If you’re looking for an investment with a high ROI, that doesn't need to be minutes from a beach, this strategy is for you!

In This Episode We Cover

The medium-term rental strategy explained and why it’s become so popular in 2023

Short-term rental regulations and whether or not they affect medium-term rentals

How to analyze a medium-term rental and what to look for in an investing area

Tenant screening tips and building your lease agreements for medium-term tenants

Which real estate markets work best for medium-term rentals (and which to avoid)

Running your medium-term rental hands-free and the best software picks to choose

And So Much More!

Links from the Show

Airbnb

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

Early Retirement Through Short-Term Rental Properties with Zeona McIntyre

W2 Retired and Traveling the World with Just 15 Units w/Sarah Weaver

Connect with Sarah & Zeona:

Sarah's Instagram

Sarah's BiggerPockets Profile

Zeona's Instagram

Zeona's BiggerPockets Profile

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-232

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

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231: Semi-Retired at 30 Thanks to One Year’s Worth of Real Estate Investing w/Jessie Dillion Nov 02, 2022

Show notes

If early retirement seems out of reach right now, try semi-retirement. Once you get there, you’ll only be halfway to early retirement, just like today’s guest, Jessie Dillion. At only thirty years old, she is semi-retired and has scaled her real estate portfolio to almost two million dollars in nine months, with five properties total!

When people think about high returns, they often think about a high unit count—but why have a lot when you can do the same with a few? Jessie is strategic about each property purchase she makes and has made a goal to make one smart investment each quarter. She currently has a single-family home and two duplexes. One of her duplexes is a house hack, and her portfolio sports a mix of long-term, short-term, and mid-term tenants.

Jessie’s success is due to how responsible she is with her finances. To finance her first property, she built up her savings to ensure she had enough to cover any surprises. As Jessie continues to scale, she has gotten more creative with her financing. She has formed great relationships with her lenders because of her ability to ask questions and carefully choose where and how she gets her funding. Now she is semi-retired at thirty years old and pays a measly fifty dollars a month towards her mortgage!

In This Episode We Cover

The FIRE movement and how to start your early retirement journey today

How to use transferable skills from other jobs to make investing easier

Building trust with your spouse and getting them on board with your investing journey

Getting the funding for your first rental property and how to use creative financing for the rest

Brilliant savings tips and how to rapidly increase your savings

The loan process and how to build a strong relationship with lenders

And So Much More!

Links from the Show

Jamil Damji's BiggerPockets Profile

On the Market Podcast

Pace Morby's Instagram

Brittany Arnason's Instagram

Ashley Hamilton's Biggerpockets Profile

10 Deals on a $20K Waitress Salary With Ashley Hamilton

Rachel Richard's Instagram

Henry Washington's Instagram

Connect with Jessie:

Jessie's BiggerPockets Profile

Jessie's Instagram

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-231

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

230: Rookie Reply: The 1% Rule, Turnkey Rentals, and Escrow Accounts Explained w/Zach Lemaster Oct 29, 2022

Show notes

Is the 1% rule in real estate still relevant? Who shouldn’t be buying turnkey rentals? And why is an escrow account favorable for scaling real estate investors? All these questions and more are coming up in this Rookie Reply.

We’re back at BPCon 2022, and joining us is fellow investor and turnkey operator, Zach Lemaster. You may have heard Zach’s episode on the BiggerPockets Real Estate Podcast or maybe you’ve used his turnkey company, Rent to Retirement, before!

Zach helps us answer an array of questions, some from semi-passive turnkey investors and some from active investors. We touch on investor lines of credit and how to secure them, the 1% rule’s relevance in 2022, whether or not to get preapproved before finding a deal, buying off-market, and much more! Zach also poses three questions every investor should ask BEFORE investing in turnkey rentals.

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

Where to find investor lines of credit and which banks are your best bet

Should you get an appraisal on an off-market property?

The 1% rule explained and how it’s holding up in 2022 (and beyond)

Escrow accounts and which types of investors should optionally enroll in them

Who should (and shouldn’t) invest in turnkey rentals and the questions you should ask your turnkey provider

And So Much More!

Links from the Show