Real Estate Rookie

$1M in Real Estate in Just 1 Year (and How You Can Do It Too!)

How a College Dropout Got a Seat at the Millionaire Investor Table

Lili Thompson's Youtube Channel

On the Market Podcast

BiggerPockets Forums

Pat Flynn's Website

Smart Passive Income

Your First Real Estate Investment Podcast

Derrick Acuff's Instagram

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

Grant Cardone's Website

Venmo

How to NOT Go Bankrupt: 5 Mistakes New Investors Make

Connect with Kerwin:

Kerwin's Instagram

The Donis Brothers Website

The Donis Brothers Instagram

The Real Estate Monopoly Podcast

The Donis Brothers Youtube Channel

Check out the full show notes here: https://biggerpockets.com/blog/rookie-199

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198: Rookie Reply: What To Do When an Appraisal Comes Back Low? Jul 09, 2022

Show notes

This week’s question comes from Mantas on the Real Estate Rookie Facebook Group. Mantas is asking: My buddy placed an offer substantially above asking price and the seller, before accepting the offer, asked my friend if he would pay the difference if the appraisal came in lower than the offer. Anyone encountered this situation and what would be the best response if any?

Ah, the classic appraisal gap/appraisal contingency. During hot housing markets (like we’ve been experiencing over the past two years), these types of offers have become more and more common. A seller wants to be sure that they can get the sales price they want and the buyer often has to pay the price to cover the appraisal difference. But what are some ways to get around this if your appraisal comes back low?

Here are some suggestions:

Do as much research beforehand so you know an appropriate appraisal value before the appraisal

Run comps using real estate data tools (like PropStream) or look up comparable home sales in your area using a listing service

Challenge the appraisal buy checking for discrepancies and running comps

Get a different appraisal ordered or switch to a more flexible lender if all else fails

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-198

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197: From the Screen to Short-Term Rentals and How "Stargirl" Started Investing w/Brec Bassinger Jul 06, 2022

Show notes

If you’re unsure about real estate, run the numbers. It’s that simple. Once you run the numbers, you’ll have clarity on which decisions to make and tangible reassurance that you made the right ones. Today’s guest, actress Brec Bassinger, shares how focusing on the numbers has given her the confidence to become the successful investor she is today.

Brec’s name may sound familiar to some of you. She’s been the star of Bella and the Bulldogs and the new hit show, DC’s Stargirl. Brec’s interest in real estate began after a trip to Big Bear with her boyfriend when she realized the earning potential of short-term rentals. She decided to buy a condo and had her first short-term rental within six months. The speed at which she got her first deal may seem intimidating, but Brec’s confidence came from the numbers she calculated and the profits she knew she could make.

During her first season of Stargirl, Brec had to share a small apartment with her coworker because that’s all she could afford with her fluctuating income. Now she makes more money by living in an expensive high-rise apartment while renting out her old space. Real estate has allowed Brec to supplement her fluctuating income without a W-2 and the freedom to live the life she wants. And even though she plays a superhero, her story proves that you don’t have to be one to invest in real estate.

In This Episode We Cover

How to confidently close on your first investment property and move past fear

Becoming more financially stable by supplementing your income with a passive income stream

The importance of running the numbers and how to use the simple rental calculations to make profitable decisions

Building a relationship with your property manager and eye-opening questions to ask them

How to qualify for loans without a “steady” income

And So Much More!

Links from the Show

20 Deals in a Year as a Professional Basketball Player w/ Terry Harris

Airbnb

BPCON2022

Terry Harris' Instagram

Zillow

AirDNA

BiggerPockets Calculator

MLS

From Sleeping in His Car to Multi-Unit Landlord & The “Nomad” Strategy

Nick Cooley's Instagram

Connect with Brec:

Brec's Instagram

Check out the full show notes here: https://biggerpockets.com/blog/rookie-197

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196: Rookie Reply: How to Use Home Equity to Buy Rentals Jul 02, 2022

Show notes

This week’s question comes from Tony’s Instagram direct messages! This rookie real estate investor is asking: I have a good chunk of equity in my home, should I pull out cash to purchase a rental property? If not, what should I do with the equity?

If you want to know how to use home equity to buy real estate, you need to know your options first. As many homeowners are sitting on massive equity gains, thanks to the past two years worth of price run-ups, they’re asking how they can use this equity to their advantage. For most investors, you’ll have two options in how you take this equity out of your home’s value. But, both of them need to be intelligently evaluated before you make a decision.

Here are some suggestions:

Look at your current mortgage rate and see if it’s higher or lower than today’s average interest rate to refinance

Ask your lender about a HELOC (home equity line of credit) as well as the terms, interest rates, and duration offered

Interest rates are likely to rise, so locking down a great rate now may help you in the future

Know your exit strategy (flip vs. BRRRR vs. buy and hold) for each different kind of financing option

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 Forums

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-196

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195: Financially Free in 2.5 Years by Buying “Low Risk” Rental Properties w/Craig Curelop Jun 29, 2022

Show notes

You often hear about house hacking as a means to an end, a simple way to start your real estate journey, but what if it could be more? What if house hacking could be your ticket to financial freedom? Today’s guest, Craig Curelop, author of The House Hacking Strategy, shares how he reached financial freedom through house hacking and how to follow along in his footsteps.

Craig started where most do, hating his W-2 and working too much. He began researching how to earn a passive income and came across BiggerPockets. Within six months, Craig started working at BiggerPockets, moved to Denver, and decided to start living his life the way he wanted. Using his house hacking strategy, he went from being $30,000 in debt to financial freedom in two and a half years.

Before you get into house hacking, you need to understand the basics, and today Craig breaks them down. He goes over the different ways to house hack and its advantages and disadvantages. Craig also talks about how to live with your tenants and the boundaries needed for your ideal house hacking situation. Craig paints the whole picture so you can make an informed decision and decide if house hacking is the way for you to become financially free too (or at least build more passive income)!

In This Episode We Cover

Why house hacking is ideal for new and young investors and how to get started

The different ways to house hack and how to turn an unused space into an income-generating area

The noteworthy advantages and disadvantages of house hacking and how to decide if house hacking is for you

Living with tenants and how to set landlord boundaries for you and your tenant’s comfort

How to vet tenants and red flags to look out for before offering them a lease

Collecting rent and the processes to have in place to help you stay in “landlord mode”

And So Much More!

Links from the Show

10 Income Streams on 1 Property by “Land Hacking” w/ Kai Andrew

The Real Estate Podcast

Costco

Connect with Craig:

Check out the full show notes here: https://biggerpockets.com/blog/rookie-195

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194: Rookie Reply: 19 Best Real Estate Investing Apps We Couldn’t Live Without Jun 25, 2022

Show notes

The best real estate investing apps are ones you could not live without. Whether you’re a full-time real estate investor, managing a few properties, or still trying to get your first deal done, these apps can help you find, manage, and cash flow your rentals quicker. Ashley and Tony both use these apps daily and probably couldn’t run their real estate investment portfolios without them.

To help you scale up your real estate investing, Ashley and Tony have written down their most-used real estate investing apps. Now, anytime you see a potential deal, need to chat with a team member, or simply want to time how long you’ve been working at a rental property, you can. Most of these apps are free, so you can download them today, try them out, and buy your first (or next) deal faster!

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

Building an Out-of-State Empire by Using the Right Type of Real Estate Agent w/ Sarah Weaver

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-194

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193: How a College Dropout Got a Seat at the Millionaire Investor Table Jun 22, 2022

Show notes

Your connections and relationships are invaluable in real estate, so how do you get to know the right people? How do you build a lasting, mutually beneficial relationship? The answer is simple—you show up, get your name and face out there, and listen. Building a network can seem intimidating, especially starting from scratch, but today’s guest, Jeffrey Donis, breaks it down step-by-step.

Jeffrey Donis of the Donis Brothers is in charge of nurturing investor relations, so networking is his bread and butter. At twenty-three, he has helped his brothers raise enough money to co-sponsor 600 units worth of deals in the last two years. This would have been nearly impossible to achieve in such a short time without the network they built and the relationships they nurtured. Their network didn’t come automatically, and similar to everyone else, they started from scratch and were able to find a way to get themselves out there.

The first step is to build your credibility. While there are many ways to do so, Jeffrey explains how to use social media to document your journey and build trust. He also goes into how to navigate networking events and bring value no matter your experience level. The Donis Brothers have become widely successful in a record amount of time, and the way they built their network and brand is a large part of that.

In This Episode We Cover

Building credibility and how to use social media to do so

The 80/20 rule and why it’s an effective way to network and build relationships

How to bring value to others (without money!) and maintain a good reputation

Overcoming imposter syndrome and how to be more confident in your abilities

How to vet potential investors and red flags you should look out for

The importance of constant self-education through real estate courses and classes

And So Much More!

Links from the Show

Changing Their Family’s Fate by Building a 600+ Unit Portfolio (At Age 20!)

How to Find Free Money to Finance Your Education & Avoid Extensive Student Debt

Student Loans Update: Repayment, Refinancing, and Potential Forgiveness w/ Robert Farrington

Robert Farrington's Website

Your First Real Estate Investment Podcast

Tyler Madden's BiggerPockets Profile

Connect with Jeffrey:

The Donis Brothers' Website

Jeffrey Donis' Instagram

Jeffrey Donis' Twitter

The Real Estate Monopoly Podcast

Check out the full show notes here: https://biggerpockets.com/blog/rookie-193

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192: Rookie Reply: How to Choose Your Real Estate Investment Strategy Jun 18, 2022

Show notes

This week’s question comes from Natalie on the Real Estate Rookie Facebook Group. Natalie is asking: How did you narrow your focus to determine your strategy? And how do you get good at analyzing real estate deals?

This is one of the most-asked questions we receive. When you’re starting as a rookie real estate investor, every strategy seems like a good one. You may hear a guest on the Real Estate Rookie show talk about wholesaling or flipping or short-term rentals. Before long, you’re already planning your next exciting purchase even if you had another one already in the works. This “shiny object syndrome” is common when getting started, and while it’s good to know about many different investing strategies, changing yours too often can lead you well off the path to financial freedom.

Here are some suggestions if you’re torn between strategies and need to up your analysis game:

Look at your resources and base your investing strategy upon what makes sense for you specifically

Pledge to become an expert in a certain strategy and don’t try building too many bridges

Set up a strong foundation in your current investing strategy, then you can pivot wherever you want

Practice your deal analysis daily and send your calculations to other investors as a pulse check

Get to know your investing area as much as you can (even if you’re remote investing!)

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

BPCON2022

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-192

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

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191: Expedite Retirement & Learn the Secret to Becoming a Top Producer (Quickly) w/David Greene Jun 15, 2022

Show notes

What differentiates a top producer from everyone else? The most common answer is hard work, ambition, and charisma, but what does that even mean? Hard work, while a universal concept, changes depending on the context, so what does hard work entail in real estate? Today’s familiar guest, David Greene, answers all these questions and more in today’s episode and his new book, SKILL.

SKILL is only part two in his three-part book series where David teaches you how to excel as an agent or investor. It follows SOLD, which is all about gaining confidence by learning and understanding the fundamentals of real estate. SKILL then teaches you how to become a top producer and make more money through intelligent negotiation, building trust with clients, and becoming an expert in your field. Ideally, this book is for those with a little experience who want to take their career to the next level.

In today’s episode, David shares some of the characteristics of a top producer. He goes over the importance of generating leads and how to do so, building your marketing funnel, and the metrics you should be tracking to find and convert more leads. Instead of telling you how to get better through abstract concepts, David provides concrete step-by-step examples on how to differentiate yourself, so you can beat out the other agents in your area.

In This Episode We Cover

How to decide if getting your real estate license would be beneficial for you (it’s not the answer you think)

Lead generation and how to get your name known

How to improve investor and agent communications and find deals that align with your criteria

The most important metrics to track if you want to scale your business

Lead vs. lag measures and why tracking lead measures get you results sooner

Listing presentations, how to hold one, and why they make you stand out as an agent

And So Much More!

Links from the Show

BiggerPockets Agent Finder

MLS

On The Market Podcast

BiggerPockets Calculator

AJ Osborne's Website

The CRE Circle

BiggerPockets Real Estate Podcast

BiggerPockets Bookstore

FTX

Zillow

Robert Abasolo's Instagram

Connect with David:

David's Instagram

David Greene Real Estate Youtube Channel

Check out the full show notes here: https://biggerpockets.com/blog/rookie-191

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

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190: Rookie Reply: What is Due Diligence in Real Estate? Jun 11, 2022

Show notes

What is due diligence in real estate? If you ask most new investors, they’ll have some sense of what due diligence is, but may be confused about what it really means. Is due diligence when you analyze your deal? Who should you be in contact with during due diligence? How long does a due diligence period usually last? And what happens if your deal turns out to be a dud in due diligence?

In reality, due diligence isn’t all that confusing. It’s simply the time that you, and your partners (if you have them), spend inspecting, double-checking, and re-analyzing the deal. The due diligence period is there for the protection of the investor, so you can use everything in your power to confirm that you truly are getting a great deal. But, before you start calling inspectors, make sure you follow some of these more granular steps that could save you a fortune in the future.

Never done due diligence before? Here are some suggestions:

Work with a seasoned real estate broker, agent, or attorney who can catch things you won't

Double-check that your financing options still stand if you find anything wrong with the property

Talk to the local city government or code enforcer to ensure prior work on the property was done correctly

Calculate out what the cost of repairs will be for the property once you’ve gotten an inspection

Don’t fall in love with a deal and be prepared to walk away if you find something that’ll kill your exit strategies

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