Real Estate Rookie

Real Estate Rookie Facebook Group

Brandon Turner's Instagram

Grant Cardone Seminars

BiggerPockets

MLS

InvestorGirlBritt's Instagram

Stessa

Quickbooks

Check the full show notes here: https://www.biggerpockets.com/rookie139

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138: Rookie Reply: How Do I Find Rental Comps for My Property? Dec 11, 2021

Show notes

This week’s question comes from Daniel, who reached out directly to Ashley through her Instagram (@wealthfromrentals). Aside from giving Ashley some more movie quotes to use, Daniel is also asking: How do I gather local rent numbers for my rental property?

Landlords can struggle when trying to price a rental appropriately, that’s why rental comparable (comps) research can be so important when looking into a new area or when shopping for properties. Both Ashley and Tony use rental comps daily, so they can calculate the right rent price in their sleep!

Here are some suggestions:

Look at comparable homes in your area and see what they’re renting for on top rental sites

Focus on a zip code and property type, as these will be two important factors when comparing rents

Use the BiggerPockets Rent Estimator to automatically find a comparable rent price

Call a local property manager and ask them what your property would rent for

Start an excel spreadsheet where you can easily track days-on-market and price for rentals

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 Rookie Facebook Group

BiggerPockets Rental Estimator

Zillow

Redfin

Craigslist

Facebook Market Place

Check the full show notes here: https://www.biggerpockets.com/rookie138

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137: Turning $3,000 into 10 Doors (As a Former Parolee) Dec 08, 2021

Show notes

Do you ever feel out of place as an employee? The W2 route isn’t for everyone and maybe you’ve started to feel the entrepreneurial itch. So what steps do you take when it’s time to transition into working for yourself all while building wealth through real estate?

After years of being in and out of the prison system, Sterling Shrout needed a change. His whole life he considered himself a “bad employee” until he finally realized he wasn’t meant to be an employee, so he turned to real estate.

He began by listening to The BiggerPockets Podcast and any other educational material he could find. From there, he became hooked on the idea of creating opportunity and building capital through self-employment. Besides owning his own home, something he never thought he would do, Sterling has now closed on ten doors in less than two years!

We touch on topics like overcoming self-doubt, finding a business partner, going from an employee to an entrepreneur, triple net leases, and operating agreements. If you want to begin the journey to self-employment regardless of your past, this episode is perfect for you!

In This Episode We Cover

Overcoming self-doubt and not letting it keep you from pursuing your dreams

The importance of having the right business partner (and how to find one)

Transitioning from being an employee to an entrepreneur and why you should take the leap

Triple net leases and the massive advantages that come with it as a landlord

How to set up an operating agreement and why they’re essential for partnerships

How to build, find and maintain business relationships (even if you don’t have any yet)

And So Much More!

Links from the Show

Rookie Podcast 129: 5 Properties After Spending 8 Years in Prison (With ZERO Credit!)

BiggerPockets Podcast

Craigslist

Brandon Turner's Instagram

Dayton Real Estate Estate Investors Network Facebook Group

Check the full show notes here: https://www.biggerpockets.com/rookie137

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136: The 6-Step Process for Buying Your First Rental Property Dec 04, 2021

Show notes

If you’re wondering how to buy your first rental property, there is arguably no better place on the internet to learn than BiggerPockets. Ashley Kehr should know, she tripled her portfolio after she found the BiggerPockets forums. But, in order for Ashley to triple her portfolio, she had to make the leap and buy her first deal. Today, she’ll teach you how to do the same, so you can reach financial freedom.

Ashley wasn’t born into a real estate family. She worked a nine-to-five job as an accountant, only to realize she hated it and later quit. She began working for a local investor and started learning the real estate management game. Ashley then partnered with the son of her boss, who provided her the capital to begin investing.

In less than a decade, Ashley was able to reach financial freedom, retire from any possibility of a regular workweek, and spend more time with her children. Now, it’s time for you to do the same!

In This Episode We Cover

The six-step process to go from real estate onlooker to real estate investor

How real estate can help you build long-lasting, generational wealth

Why doesn’t everyone invest in real estate if it’s so great?

The five mistakes that almost every real estate investor makes

Running through the numbers on a live real estate deal analysis

Real estate strategies for every type of rookie investor

And So Much More!

Links from the Show

BiggerPockets MarketPlace

BiggerPockets Bootcamp

BiggerPockets Forums

BiggerPockets Webinars

Joshua Dorkin's Website

BiggerPockets

MLS

BiggerPockets Calculator

BiggerPockets Podcast 348: Full-Time Job, Full-Time Mom, and Full-Time Wealth From Rentals with Ashley Kehr

BiggerPockets AlreadyPro

BiggerPockets Newbie Worksheet

BiggerPockets Newbie Slides

BiggerPockets 7 Years

Realtor Sold Listings

BiggerPockets Conference

Check the full show notes here: https://www.biggerpockets.com/rookie136

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135: 2 Houses Flipped as a Part-Time Real Estate Agent & Full-Time Father Dec 01, 2021

Show notes

Real estate is a relationship-based business. As you establish more relationships within the industry, your job continues to get easier and today’s guest, Jay Simpson, is a prime example of that. With the help of his mentor, he has successfully flipped two houses and already turned one into a rental property.

The primary reason he got into real estate was because he wanted the time to be actively part of his daughter’s life — a freedom his W-2 didn’t allow. His ability to cultivate meaningful relationships is the reason he has been able to find so much success as a real estate agent and investor. Jay heavily emphasizes the role his mentor plays in his real estate career, especially given that when he was new to the industry, he needed someone to show him what the classroom couldn’t. His genuine nature got him his first sale, his first flip, and a continued relationship with his lenders.

Real estate has allowed him to not only free up his time but enjoy the time he has freed up, which to a family man like himself, is the dream. Investing is about more than building wealth, it’s about learning the value of time, especially because you can never get it back.

In This Episode We Cover

Getting your real estate license and how it can be the first step to investing

Working for a broker and what that means for your career as an agent

House flipping and the signs that indicate a great potential flip

How to estimate rehab costs as a first timer

The importance of a detailed scope of work and its benefits

The importance of being genuine and authentic with everyone you encounter

And So Much More!

Links from the Show

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

BiggerPockets Podcast

BiggerPockets Bookstore

BiggerPockets Conference

Check the full show notes here: https://www.biggerpockets.com/rookie135

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134: Rookie Reply: Loan Amortization and Balloon Payments Explained Nov 27, 2021

Show notes

This week’s question comes from Neil on the Real Estate Rookie Facebook Group. Neil is asking: I’m reading a book on financing strategies — if a loan is amortized over thirty years, how is there a balloon payment at fifteen years? What’s the difference between the two?

Most real estate investors don’t run into things like balloon payments until they’ve started taking loans from private lenders or use seller financing. Balloon payments allow investors the chance to refinance earlier or pay off a loan in its entirety while also giving a seller or lender the cash they want.

Considering a balloon loan? Here’s what to know:

A loan is amortized over a set amount of years and interest is usually paid before principal

Balloon payments force the lendee/investor to pay back the unpaid loan amount at a certain year mark

Refinancing, paying off a property, or selling a property are ways to fund a balloon payment

Balloon payments force investors to think further in the future for better 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

Real Estate Rookie Rookie Facebook Group

Check the full show notes here: https://www.biggerpockets.com/rookie134

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

133: From Server to Landlord with 10+ Units at 24 Years Old Nov 24, 2021

Show notes

What if you knew you could be fresh out of college and already owning property? Why wait for a “stable career” to start building wealth when you can dive into real estate investing, whether that be in or out-of-state? Would you start looking into investing earlier if you knew it was without age limitation?

Today’s guest Karina Mejia, a 24-year-old investor, goes over her house hacking journey that helped her go from a server to a landlord. From managing tenants to investing in out-of-state properties, Karina walks through the mindset of investing from a very early age, without the emotional support of those around her.

We touch on topics like house hacking, the BRRRR strategy, investing with a romantic partner, out-of-state investing, and financing your first deal. If you’re a first-time investor or college student, this episode is perfect for you.

In This Episode We Cover

What to do with an unruly tenant while house hacking

How to invest with a romantic partner to ensure asset protection for the both of you

Investing fresh out of college even if you have no experience in real estate

Successfully investing without the support of those around you

How to build a lease for your house hacks so tenants have a positive experience

Finding the best out-of-state market for your investing strategy

How to passively invest and outsource work to maximize time value

And So Much More!

Links from the Show

Rookie Podcast 125: Using OnlyFans to Fund Ownership in Her First BRRRR w/ Brin Amberlee

BiggerPockets Podcast

Check the full show notes here: https://www.biggerpockets.com/rookie133

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132: Find Money, Partners, & Deals Using The “D.A.D System” w/ Mike Michalowicz Nov 20, 2021

Show notes

We often hear entrepreneurs talk about how they want to “be the best” in their field. It’s the same with many real estate investors. They want to be the best wholesaler, flipper, short-term rental host, or landlord. But, does “being the best” really matter much to your customer if they can’t tell the difference between you and your competition? Probably not.

Mike Michalowicz, author of Profit First, is on the show today to discuss his new book, Get Different, and why so many entrepreneurs and real estate investors have marketing all wrong. If you’ve ever tried direct mail, cold calling, or door knocking, you know the sting of quick rejection from a potential seller. Why do they reject so quickly? Because you sound just like every other real estate marketer trying to get to them.

If you’re looking to entice new partners, private lenders, tenants, employees, or sellers, you need to start marketing differently. This is possible through Mike’s “D.A.D Framework” that highlights the three most important factors of marketing successfully to a prospect.

In This Episode We Cover

Why real estate investors need marketing more than they think

Finding your competitive advantage and using it to outsmart other investors

Why having a high-referral rate doesn’t mean you're succeeding at marketing

Who, what, and ‘win’ to target and market to partners, private lenders, and sellers

The “D.A.D Framework” and how you can capitalize on it to score leads

Asking customers “what am I doing right” and making it a crucial part of your brand

And So Much More!

Links from the Show

Zillow

Facebook

Geek Squad

Check the full show notes here: https://www.biggerpockets.com/rookie132

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

131: 4 Units At 20 Years Old & Ditching Med School for Multifamily Nov 17, 2021

Show notes

The more “traditional path” encourages a lot of waiting: waiting to get into the right school, waiting to get the right degree, the right internship, and the right job, but what about the right now? As every current and aspiring entrepreneur knows, time is money so capitalizing on the right now is essential. How do you do that? Real estate investing!

Today’s guest, Rachel Morrow, knew the importance of capitalizing on the right now. At merely 20 years old she was on her way to med school when she realized she wanted to start building wealth. During her warehouse shifts, she began listening to real estate podcasts and recognized real estate was not only something she wanted to do but something she could do. This led to a big transition period in her life from the path she had always known to the path less traveled, but once she made that mindset shift, that was it.

The change didn’t happen instantaneously. She had to completely start anew and work towards her goals which at one point meant working 60 hours a week for a year to get pre-approved for a loan. Her drive and persistence allowed her to close on 4 units with hopes of closing on more single-family homes in the future. We touch on topics like creating value, breaking from the “traditional” path, self-managing a house hack, finding a mentor, and being a young investor.

In This Episode We Cover

Breaking from the “traditional” path and finding what best suits you

Building wealth without prior experience in real estate

How to successfully self-manage a house hack

Using your youth as an advantage when investing in real estate

Getting pre-approved for a loan without high income or long work experience

How to find the right mentor (especially as a newbie)

And So Much More!

Links from the Show