Real Estate Rookie

The Real Estate Robinsons Youtube Channel

The BiggerPockets Podcast

BiggerPockets Bookstore

AJ Osbourne's Instagram

Ally

Real Estate Rookie Bootcamp

Airbnb

TurnoverBnB

Dan's BiggerPockets Profile

Connect with Dan:

Dan's Email

Dan's Linkedin

Dan's Instagram

Dan's Website

Check out the full show notes here: https://biggerpockets.com/blog/rookie-179

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178: Rookie Reply: Why Real Estate Debt Isn’t So Scary Apr 30, 2022

Show notes

This week’s question comes from Jessica through Tony’s Instagram direct messages. Jessica has seen what Tony and his wife Sara have been doing while building their short-term rental empire. But, Jessica is having some doubts. She’s asking: How do you invest in real estate when the idea of debt scares you?

Many new investors have this fear. If you’re buying your first property, the thought of five or six-figure debt may seem like a massive weight on your shoulders. After all, isn’t the goal to be debt-free? Fortunately for real estate investors, the answer is no. Using leverage to buy properties makes your investing far more profitable and can help you get comfortable when taking on good debt.

Here are some suggestions:

Scared of debt? Pay off your personal debt before you invest in rental properties

Think of debt as a tool that can help you build wealth with real estate

Know the difference between good debt and bad debt and how to use both

Define your “worst-case scenario” if you’re unable to pay your rental mortgage

Use the BiggerPockets Calculators to calculate your rental property profits (especially when taking on debt!)

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

Real Estate Rookie Podcast in Apple Podcast

Irvine Company

Sam Zell's Website

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-178

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177: Gang Houses, Animals, and 17 Units by Capitalizing on Properties People Avoid Apr 27, 2022

Show notes

Someone has to step up to the plate when a challenge presents itself, and today’s guest always does. Tammy Skeath began her real estate journey in 2018, and despite being faced with several unique obstacles, she has found immense success. She currently has seventeen units and plans on expanding exponentially within the next few years.

Tammy was inspired to get started after watching her cousin continue to build wealth through real estate. Her first deal was a carbon copy of one of his deals. By doing this, she learned the ins and outs while having a step-by-step real estate guide she could reference. Despite replicating his deal, she encountered various problems that made the process more difficult. The city she invested in has strict rules to protect endangered animals, and instead of investing elsewhere she decided to do more research on the issue. From her research she was able to find a unique solution and complete the project.

She did this again when she bought a gang house with twenty-seven code violations. Most people would say this type of property isn’t worth the hassle, but it was for her. She was able to double her initial investment, and pull out $600,000 from this one deal. Now real estate allows her to bring in a large amount of income, reach her goals faster and still have the time to spend with her kids.

In This Episode We Cover

Goal setting—how to define your goal, pursue it, and pivot once you achieve it

How to become good at and capitalize on something everyone’s scared of (it’s not as hard as you think)

Spec builds—how to find a contractor & ask the right questions

1031 exchanges, how to perform one, and why they’re an underrated investment tool

How to use cash for keys as a tool to help you and your tenant part ways peacefully

And So Much More!

Links from the Show

Stride: Mileage & Tax Tracker

Wave Financial

Connect with Tammy:

Tammy's Instagram

Tammy's Email

Tammy's BiggerPockets Profile

Check out the full show notes here: https://biggerpockets.com/blog/rookie-177

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176: Rookie Reply: Tony’s Troublesome Shreveport Deal ($29k LOSS) Apr 23, 2022

Show notes

Every week, Ashley and Tony reply to a frequently asked question from the BiggerPockets community. But, this week, they’ve decided to finally answer the most asked question yet: what happened with Tony’s Shreveport deal? If you’re an avid Rookie Reply listener, you’ve probably heard Tony talk about one property that he has been trying to sell for over a year. Well, it’s finally sold, and Tony’s here to share all the details, mistakes, and numbers so you can do better on your next deal.

While this wasn’t Tony’s first deal, it did provide him with a strong foundation of knowledge to pursue bigger and better real estate investments. So, if you find yourself looking for deals, or stuck with a bad deal, take some of Tony’s suggestions to heart:

Avoid buying properties in flood zones unless you’ve fully calculated the cost of flood insurance

Be highly selective of your property’s location and get to know the neighborhood you’re buying in

Have multiple exit strategies for every property (rental, flip, BRRRR, etc.)

See money spent on a deal as “real estate education” that will make you richer!

Know that as an investor, you’re not going to get everything right all the time

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

Omid's Instagram

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-176

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175: Changing Their Family's Fate by Building a 600+ Unit Portfolio (At Age 20!) Apr 20, 2022

Show notes

There are those who accept their circumstances and then there are those like today’s guests —the Donis Brothers (Jeffrey, Kenneth, and Kerwin). These three brothers have created immense success for themselves at only twenty & twenty-three years old through self-education, network building, and hard work. They’ve done seventeen wholesale deals and co-sponsored three multifamily syndications with a total of 636 units between them in a mere two years.

They got their start in college when the oldest brother, Kenneth, heard about wholesaling while watching The Breakfast Club. After taking a humbling trip to Guatemala and realizing how many opportunities they had access to, they knew they had to pursue real estate. Once they decided to pursue real estate, each brother separately came to the same conclusion—college wasn’t for them. They collectively decided to focus on building their business so they could reach their ultimate goal offinancial freedom and retiring their mom.

They started their real estate journey with single-family homes but quickly realized multifamily properties aligned more with their goals. During their transition, it took six months of straight cold calling before they got their first deal. While working to get their first deal they also joined a mastermind and spent time expanding their network. They actively sought out people in spaces they were trying to penetrate which led them to their current mentorship program. Their ability to scale their business and network simply proves they are a force to be reckoned with. Make sure to listen closely because the Donis Brothers could be the next big thing.

In This Episode We Cover

How to invest at a young age and turn being young into an advantage

Networking events and how to extract true value from each one you attend

Cold calling, its importance, and how to effectively nurture leads

How to make the transition from single-family to multifamily properties

Building a powerful real estate network of mentors, investors, deal finders, and friends

Syndicationsand how to use them to broaden your investing opportunities

Building a social media platform to expand your network and reach

And So Much More!

Links from the Show

The BiggerPockets Conference 2022

BiggerPockets Bootcamp

Max Maxwell's Website

Grant Cardone's Website

Your First Real Estate Investment Podcast

Is This Deal Worth My Time? The 6 Crucial Steps to Vet a Multifamily Deal

The 8 Steps That Will Stop You From Getting Burnt on Multifamily Deals w/Andrew Cushman

Pitchstack

Bar Down Investments

Tyler Combs

Rare Bird Real Estate

BiggerPockets Real Estate Podcast

The Donis Brothers's Website

Books Mentioned in this Show:

Rich Dad Poor Dad by Robert T. Kiyosaki

Best Ever Apartment Syndication Book by Joe Fairless and Theo Hicks

Connect with The Donis Brothers:

The Donis Brothers's Instagram

The Donis Brothers's Facebook Page

The Donis Brothers's Twitter

The Donis Brothers's Tiktok

The Donis Brothers's Youtube Channel

The Donis Brothers's Podcast

Check out the full show notes here: https://biggerpockets.com/blog/rookie-175

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174: Rookie Reply: How to Structure a Real Estate Partnership Apr 16, 2022

Show notes

This week’s question comes from Kurt through Ashley’s Instagram direct messages. Kurt is asking: We’d like to buy a vacation property with my brother and sister-in-law. My wife and I would handle the management while my brother would bring the down payment to the table. How do we quantify each party’s contribution when dividing profit and equity in the property?

Real estate partnerships can be a huge help to rookie investors, especially for those who have the experience but lack the cash to invest by themselves. It’s important to note that real estate partnerships can be set up in any way you prefer⁠—as long as both parties agree that the split is fair⁠—you have full reign of your partnership structure.

Ready to partner up on a deal? Here are some suggestions:

Clearly define responsibilities so that both parties are happy with the agreement

Have a predetermined exit strategy for the partnership and property

Provide interest to whoever is putting down the money and pay fees to whoever manages the property

Set limits to when partners can use the property for their personal use (if it’s a short-term rental)

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

Rookie Podcast 170: Rookie Reply: ARM vs. Fixed-Rate Mortgages (Which Is Better For Cash Flow?)

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-174

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173: $1M in Real Estate in Just 1 Year (and How You Can Do It Too!) Apr 13, 2022

Show notes

Investing in rental properties can be challenging at first, which is why so many investors tend to take it slow. Tyler Madden had the luxury of NOT being able to do this, and it’s worked out well in his favor. Just over a year ago, we interviewed Tyler on episode fifty-five of the Real Estate Rookie Podcast. At the time, Tyler was an “accidental landlord”, but a lot has changed since then.

Tyler found himself in the position to purchase seven units, a mere $1,000,000 or so in real estate, right as his wife was due to deliver their first-born child. While he didn’t necessarily want to handle a full rehab of so many units, he took a “why not?” approach and found a way to make both properties work. Through a lot of sweat equity, Tyler was able to rehab, rent, and refinance these units and come out with a crazy amount of monthly cash flow!

If you want to expand your real estate portfolio as Tyler did, listen to this episode intently. Tyler dives deep into the numbers, work, and lessons he learned along the way as he turned seven underperforming rental units into a portfolio any investor would dream of!

In This Episode We Cover

Relying on data vs. emotions when buying your first rental property

Whether or not now is the right time to buy real estate

What’s impacting today’s housing market and using uncertainty to your advantage

The best investing moves to make if a recession (or crash) is on the horizon

What rookies should look for in a real estate investing market

Buying real estate with a long-term outlook (so you can handle the dips!)

And So Much More!

Links from the Show

Rookie Podcast 55: Combining House Hacking and Live in Flips with Tyler Madden

Airbnb

Asana

Monday.com

BiggerPockets Bootcamp

Zoom

Connect with Tyler

Tyler's Instagram

Tyler's Website

Check out the full show notes here: https://biggerpockets.com/blog/rookie-173

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172: Understand ANYONE Around You (Including Yourself!) Using One Simple Tool w/Nick Baumgart Apr 09, 2022

Show notes

Today’s episode is all about understanding yourself. Nick Baumgart, an Enneagram expert, explains how to use the information from the Enneagram in your everyday life. The Enneagram test is used as a way to understand your emotional habits. Unlike other popular personality tests, the Enneagram focuses less on what you do and more on who you are.

The test breaks down your motivations into three parts: fear, body, and mind. When you truly understand what motivates you, you're able to see why you act the way you do and can start taking steps to fix any destructive behaviors. This knowledge also goes a long way when interacting with other people. This test is ideal for teams because instead of putting yourself in their shoes and still looking at problems from your perspective you can “understand them in their shoes." Nick talks about how powerful of a tool this test is and how it could have changed his life if he had found it earlier, so do yourself a favor and let this test change your life today!

Links from the Show

Tyler Madden's BiggerPockets Profile

The Myers Briggs Company

The Narrative Enneagram

Tony Robbins' Profile DISC Assessment

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-172

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171: The 2022 Housing Market Explained: Is Now a Good Time to Buy? w/Dave Meyer Apr 06, 2022

Show notes

The 2022 housing market is off to a wild start. We’ve seen home inventory at decade lows, interest rates have finally started to rise, and more homebuyers are looking at fewer houses. As a real estate investor, it can be tough to navigate a market like this, especially when you’ve never bought a rental property before. What you need is data behind the decision making, and today, we’ve got just that!

Joining us today is Dave Meyer (@thedatadeli), VP of Data and Analytics at BiggerPockets, and host of the brand new podcast, On The Market. Dave has spent the last decade analyzing real estate data so he and the BiggerPockets community as a whole can invest smarter. Today, Dave dives deep into the most pressing matters of the real estate market, ranging from topics like interest rates, to housing crash indicators, determining the best rental market, and more.

If you want to hear a high-level update on everything happening within the world of real estate investing, plus some predictions for this year’s housing market, stick around! Dave will give you all the analytics-based insight you need!

In This Episode We Cover

Relying on data vs. emotions when buying your first rental property

Whether or not now is the right time to buy real estate

What’s impacting today’s housing market and using uncertainty to your advantage

The best investing moves to make if a recession (or crash) is on the horizon

What rookies should look for in a real estate investing market

Buying real estate with a long-term outlook (so you can handle the dips!)

And So Much More!

Links from the Show

Scott Trench's BiggerPockets Profile

Josh Dorkin's BiggerPockets Profile

James Dainard's BiggerPockets Profile

Brandon Turner's BiggerPockets Profile

Henry Washington's BiggerPockets Profile

Kathy Fettke's BiggerPockets Profile

David Greene's BiggerPockets Profile

Jamil Damji's LinkedIn Profile

Daryl's instagram

The Rookie Investor

BiggerPockets Rent Estimator

FundRise

Stop Waiting for a Housing Crash (Do This Instead)

Connect with Dave

On The Market

Dave's Instagram

Check out the full show notes here: https://biggerpockets.com/blog/rookie-171

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

170: Rookie Reply: ARM vs. Fixed-Rate Mortgages (Which Is Better For Cash Flow?) Apr 02, 2022

Show notes

This week’s question comes from Channa through Ashley’s Instagram direct messages. Channa is asking: I have three rental properties and am looking to refinance them all. Should I do an adjustable-rate portfolio loan on all three or do separate fixed-rate loans on each property?

As real estate investors, we tend to have many different options when financing rental properties. Some, like adjustable-rate mortgages (ARMs), may come with lower closing costs and slightly lower interest rates, while fixed-rate mortgages have slightly higher interest rates but boast the added security of long-term financing for a property or properties. While both have definitive pros and cons, the implications of both types of loans must be understood before you reach the closing table.

Here are some suggestions when making the choice:

Understand your long-term strategy for the property and which loan works for which exit strategy

Run an amortization schedule on both loans to see the difference in your monthly payment

If you decide to go with an ARM, make sure you know what you’ll do once your low-interest rate ends

Calculate total closing costs to see if you have the reserves ready to go through with each loan

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