Real Estate Rookie

The Real Estate Podcast

BiggerPockets Forums

BiggerPockets Bootcamps

On The Market Podcast

Connect with Henry:

Henry's Instagram

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-218

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

217: 16 Units in 3 States as a BiggerPockets Power Couple Working Full-Time w/Evan and Katie Miller Sep 14, 2022

Show notes

Successful real estate investors don't find success alone. Real estate is a relationship business, so eventually, you need someone— an agent, contractor, cleaning lady, or handyman. At times, your success depends on these people, so you need to build a relationship with them. Once you cultivate a relationship, maintenance becomes the next step, but how do you do that? How do you find the balance between too friendly and impersonal? How do you turn a transactional relationship into a transformational one?

Today’s guests, Evan and Katie Miller, have prioritized relationship building in their business and have seen tremendous success. The advantage of investing as a couple is they balance each other out. Evan enjoys numbers, while Katie enjoys working with people—creating the balance they need to be a well-oiled real estate machine. They have sixteen units amongst seven properties in Florida, Denver, and Nebraska.

While growing their real estate business, they both work full-time jobs with a baby at home. Katie is the general manager at the BiggerPockets publishing division, which motivated her to invest because she sees the power of real estate every day. Since they still work full-time, they prioritize time management, relationship building, and organization. Evan and Katie hope to hit fifty properties in five years while keeping their full-time jobs.

In This Episode We Cover

Investing with a spouse or a significant other and how to find balance and set boundaries

Appraisal issues and finding creative solutions vs. knowing when it’s time to step away

Self-management vs. property management and whether outsourcing is worth it

Vetting and finding the right property manager in a new market

How to cultivate and maintain relationships both professionally and personally

Out-of-state investing, learning how to invest in new markets, and the criteria you should have

And So Much More!

Links from the Show

BiggerPockets Bookstore

The Official BiggerPockets Facebook Group

The Money Podcast

The Real Estate Podcast

AirDNA

MLS

LoopNet

BiggerPockets Forums

BiggerPockets Free Membership

Real Estate Rookie Youtube Channel

Connect with Evan and Katie:

Evan's Instagram

Katie's Instagram

Evan's BiggerPockets Profile

Katie's BiggerPockets Profile

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-217

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

216: What Makes Rookies Into Millionaires? Quitting What You Hate! w/Pat Hiban and Tim Rhode Sep 10, 2022

Show notes

Real estate investors are a hard-working bunch. They put in long hours every day to create passive income and find financial freedom. Many investors resort to doing what they hate, day in and day out, simply to escape the clutches of a nine-to-five job. If you’re a rookie real estate investor, you’re probably the property manager, head of acquisitions, tenant contact, and accountant all rolled into one. But this “all or nothing” way of working could slow you down faster than you know.

If you want to take your wealth to the next level, try quitting—it’s what Pat Hiban and Tim Rhode have been doing for decades. As two successful real estate agents, they enjoyed the negotiation games that eventually led to large commission checks. But as the years went by, this non-stop grind took its toll—so much that they both gave up very profitable professions to do what they love. Surprisingly, the “do what you love” lifestyle made them even more money than before!

This is all well and good for a couple of veteran investors, but what about our real estate rookies? What about you, listening to this with one, two, or ten deals? How do you take a step back and become a quitter like Pat and Tim? Can you really make more money by doing less, and even if you could, how do you take the first step? In their new book, The Quitter’s Manifesto, Pat and Tim lay out the exact team and strategy you need to go from burnout to big checks with far less effort.

In This Episode We Cover

How two formal education failures became multimillionaires

Going from 100% “obligation” work to 100% “interest” work by doing what you love

Finding the “quiet” that brings your best ideas to light

Building your team of quitters who will hold you accountable to do less and make more

How to find a world-class real estate mentor who will speed up your growth substantially

The financial position you should be in before you contemplate quitting

And So Much More!

Links from the Show

BiggerPockets Bookstore

Building 61 Different Passive Streams of Income with Pat Hiban

Turning $5K Into $5K/Month and Retiring at 40 with Tim Rhode

9 Simple Steps to Finding the Best Real Estate Mentor for You

Book Mentioned in this Show

The Quitter's Manifesto by Tim Rhode and Pat Hiban

Connect with Pat and Tim:

Pat's LinkedIn

Pat's BiggerPockets Profile

Tim's Website

Tim's LinkedIn

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-216

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

215: How to Become a Real Estate Millionaire (NO Experience Necessary) w/Dave Meyer Sep 07, 2022

Show notes

Want to become a millionaire? After this episode, you’ll have everything you need to start your journey to a seven-figure net worth through real estate investing. Most people think that to become a millionaire you need to have a high-paying job, a large inheritance, or hundreds of rental properties. This couldn’t be further from the truth, as regular real estate investing allows almost anyone to build wealth, attain financial freedom, and live the life they dream of in only a matter of years.

For those who haven’t bought their first investment property, or only have a few, this webinar with Dave Meyer will provide the step-by-step system that’ll take you from onlooker to investor. Dave takes you through the math behind making millions, how to find investment properties worth buying, analyzing real estate in just minutes, and finally, how to repeat the system so you can continuously build wealth no matter what life position you’re in.

Stick around until the end as Dave throws in a special gift for our viewers that will help take you from rookie to veteran investor in no time at all. The tools, information, and data found in this episode could help slingshot your wealth to levels you’ve never imagined. So, are you ready to start?

In This Episode We Cover

How to become a real estate millionaire no matter where you’re starting from

Defining your “why” and knowing how much money you want to make

How an economic recession could affect real estate investors in 2022

The “crystal clear criteria” every investor must know before buying a rental property

Building your real estate “stack” that can make you rich in only a few years

How to analyze rental properties for complete confidence in the deal

Finding, funding, and financing investment property purchases

The fastest way to level up your real estate investing skills so you can reach financial freedom

And So Much More!

Links from the Show

BiggerPockets Calculators

On the Market Podcast

BiggerPockets Pro

MLS

BiggerPockets Agent Finder

BiggerPockets Rental Property Calculator

Craigslist

BiggerPockets Bootcamps

Connect with Dave:

Dave's BiggerPockets Profile

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-215

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

214: Rookie Reply: How to Build Your Dream Short-Term Rental Team Sep 03, 2022

Show notes

This week’s question comes from Ricky through Ashley’s direct messages on Instagram. Ricky is asking: I’m about to start my investing journey with short-term rentals. How do I build a real estate team, and which positions should I look for first?

On your way to building a short-term rental empire, you’ll need to build out your real estate investment team. These are the people who will help you scale, manage your properties, and handle host headaches that come up, so you can focus on finding better vacation rental properties. If you want to scale like Tony, who’s already at sixteen short-term rental units, you’ll need to invest in the four “buckets." Doing this will free up time for you to run a better business and source bigger deals.

Here are some suggestions:

Start making checklists, notes, and training videos as soon as you buy your first property

Find the things you hate doing and offload them sooner, rather than later

Build out your short-term rental core four who can help manage the property while you source deals

Start small with a cleaner or maintenance worker and slowly hire out from there

And more in the episode…

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).

Links from the Show

BiggerPockets Agent Finder

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

21 Real Estate Professionals You Need on Your Team (Updated 2021)

Connect with Ashley and Tony:

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-214

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

213: Living for “Free” with 63 Self-Storage Units w/Nate Weintraub Aug 31, 2022

Show notes

The older you get, the more you realize how much life costs. As a kid, it's easy to take for granted the free rent and free meals, but what if you could get back to that? What if you could live mortgage or rent-free as an adult? What if you could have your meals paid for on someone else’s dime? In today’s episode, our guest, Nate Weintraub, shares how he lives for “free” with his three properties that total sixty-five units.

With a real estate investor as a father, Nate has always been around rental property investing. Henever saw himself getting into real estate until he worked his first W-2. After seeing the realities of a nine-to-five, Nate decided to buy a property after college and pursue real estate. In March of 2020, he put a house under contract in Rochester, New York. Since then, he has purchased a sixty-three-unit storage facility in Alabama and is currently house hacking in Florida.

As Nate works toward financial freedom, he has made steps toward reducing his cost of living while still living a life he loves. In addition to being an investor, he does what he loves as a self-employed copywriter—BiggerPockets’ copywriter in fact. At only twenty-four, Nate lives rent-free in his house hack, his rental property covers most of his food, and his real estate investment trusts pay for his car.

In This Episode We Cover

Analyzing andchoosing an out-of-state market to invest in (w/o visiting them)

Self-managing and how to build a trusting relationship with your tenants

House hacking and how to use it to live rent-free while building wealth

Self-storage investing and how to break into a newer, bigger asset class

Finding reliable and trustworthy partners and how to manage your partnerships

The importance of talking about your real estate aspirations and how to generate more business through conversation

And So Much More!

Links from the Show

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

Zillow

How to Cut Expenses for a Faster Route to Financial Freedom

BiggerPockets Calculators

Easy Storage Solutions

On the Market Podcast

Connect with Nate:

Nate's Email

Check out the full show notes here: https://biggerpockets.com/blog/rookie-213

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

212: Rookie Reply: Why "First-Time Home Buyer Loans" Aren’t What You Think Aug 27, 2022

Show notes

This week’s question comes from Carolyn through Ashley’s direct messages on Instagram. Carolyn is asking: I just bought my first investment property in cash. Am I still considered a first-time homebuyer? What happens if I take out a mortgage on that property?

First-time homebuyer loans tend to confuse many real estate rookies. When it comes to first-time homebuyer loans and programs, what options do you have? Some investors think that they can only use loans like the FHA loan for their first home, while others may be enticed by first-time homebuyer programs that boast a lot of benefits, but with a ton of red tape. Which loans work for which investors, and what happens when you want to refinance?

Here are some suggestions:

Remember that loans like the FHA loan are not reserved for first-time homebuyers

Special loan programs designed for first-time buyers could help you fund your down payment, but you’ll want to read the fine print

Look for state-specific grants when buying your first home (you could come across some free funds!)

If you are going to refinance after a cash purchase, be sure to double-check the “seasoning” period with your lender

And more in the episode…

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).

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-212

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

211: Turning Their Basement Into a $4,500/Month Money Making Machine w/Simon Murillo & Kristina Vaio Aug 24, 2022

Show notes

While constantly hearing success stories can be encouraging, it can also start to seem unattainable when you don’t know where to start. How did all these successful investors get to where they wanted to be? And if they can do it, why can’t you? Today’s guests, Simon Murillo and Kristina Vaio adjusted their mindset from “why them?” to “why not us?,” which resulted in some serious short-term rental success.

It took a while for Simon and Kristina to become cohesive in their real estate partnership. Simon has been interested in house hacking since 2018, but Kristina couldn’t envision sharing her home with strangers. For his first investment, Simon wanted to invest long-distance in his hometown, but Kristina had reservations about investing in a property she couldn’t physically manage. Despite their opposing views on what their first investment would look like, through a lot of communication, education, trust, and compromise, they found an investment they agreed on—their basement.

With the help of a rockstar real estate agent, they were able to close on a house in December of 2021. It took a few months of blood, sweat, and tears to set up their basement rental, but within just thirty minutes of posting their short-term rental listing, they got their first booking! Now, they’re averaging about $4,500 each month and are looking for their next home to house hack. They plan on doing this at least two or three times until they’re financially free in their forever home—and you can do it too!

In This Episode We Cover

Convincing a skeptical partner and how to find compromise through mutual goals

How to ease into investing through small steps and self-education

Building a team that can help you with your vision—from investor-friendly real estate agents to reliable contractors

The benefits of going to investor meetups and being surrounded by similar people with similar goals

Managing your short-term rental while balancing your full-time W-2

Increasing the value of your property through unique upgrades and renovations

And So Much More!

Links from the Show

Real Estate Rookie Bootcamp

BiggerPockets Forums

Alpha Geek Capital

Airbnb

Sarah Robinson's Instagram

BiggerPockets Agents Finder

Hospitable

Simon's BiggerPockets Profile

Connect with Simon and Kristina:

Simon's Instagram

Kristina's Instagram

Check out the full show notes here: https://biggerpockets.com/blog/rookie-211

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

210: The Rookie’s Guide to Finding Private Money for Your Next Property w/Alex Breshears and Beth Johnson Aug 20, 2022

Show notes

The term “other people’s money” is common in the rental property industry. You may hear successful investors use it all the time—but what does it mean? Who are these “other people,” and why are they giving out money so freely? Don’t worry—rich relatives are not necessary for this episode of the Real Estate Rookie Podcast. We’re not talking about taking money from your Grandma. We’re talking about private money lending.

Who better to bring on to the show than Alex Breshears and Beth Johnson, authors of the new BiggerPockets book, Lend to Live: Earn Hassle-Free Passive Income in Real Estate with Private Money Lending? Although tailored towards would-be passive private money lenders, Lend to Live drops some serious knowledge that the everyday investor can use. If you’ve ever wanted to know where to find private money, how it works, and how you can use it to grow your real estate portfolio, this episode is a great place to start.

Alex and Beth break down the fundamentals behind private money lending, what makes a great private money lender, and how to vet yours when accepting money. Private money can create phenomenal opportunities for active investors, but it comes with legal landmines that are easily activated if you don’t know what to look for. So, before you start accepting money from a local lender, be sure you read Lend to Live first!

In This Episode We Cover

What makes a great private money lender and the qualifications they should possess

Why become a private money lender and who private lending is best suited for

How to find private money even if you’re just starting to grow your network

Structuring a private money loan and keeping yourself legally protected

Private money red flags and what investors and lenders should look out for

Points, rates, and other lending lingo you need to know before taking a loan

And So Much More!

Links from the Show