Real Estate Rookie

Check the full show notes here: https://www.biggerpockets.com/rookie120

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119: A Single-Mom’s Second Chance at Success with Real Estate Investing Oct 06, 2021

Show notes

Susan Reehill has defied the odds time and time again. She was a teenage mother, having her first son at the young age of sixteen. For most young and single mothers, the chance of becoming a homeowner, let alone an investor is slim, to say the least. At forty-two years old, Susan decided to make two big jumps in her life and career: graduate from college and buy her first home. She succeeded at accomplishing both.

As the years passed by, Susan wanted to be a closer distance to her local downtown area. So, she decided to look at buying a new home. When her old home was having a hard time selling, she decided to try and rent it out, which she did with very little property management knowledge or landlording skills. Her tenant brought in ten different individuals to live with her, half of which weren’t authorized on the lease. In only six months, her tenant did more damage to her house than Susan had done in the several years she lived there.

But, this didn’t stop Susan’s will to create long-lasting wealth. She began listening to more real estate podcasts, one of which was the Real Estate Rookie podcast. She ended up joining Ashley’s first round of the Real Estate Rookie Bootcamp, where after 90 days Susan was able to score a phenomenal deal, over $100k+ under the asking price!

In This Episode We Cover

Breaking through the societal norms of who you’re supposed to be at a certain age

Becoming an “accidental landlord” and what everyone should know before they rent their home

Making it known that you’re an investor who is actively looking for good deals

Why a deal is still a deal even if you have to pay PMI (private mortgage insurance)

Finding contractors through meetups, fellow investors, and Facebook groups

Why you don’t need to be rich to start investing in real estate

And So Much More!

Links from the Show

Real Estate Rookie Bootcamp

Rookie Podcast 109: From Sleeping in His Car to Multi-Unit Landlord & The “Nomad” Strategy

Investor Girl Britt's Instagram

BiggerPockets

Check the full show notes here: https://www.biggerpockets.com/rookie119

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118: Stop Scrolling, Start Posting: Social Media for Real Estate Investors Oct 02, 2021

Show notes

Social media investors are becoming the new normal. Whether you’re on Instagram, Facebook, TikTok, Clubhouse, or Twitter you can find successful entrepreneurs giving tips on real estate, stock trading, or investing in general. So, as an aspiring real estate investor, it would only make sense for you to use these platforms to lock down more deals, find more partners, and maybe even entice some private investors.

Katie Brinkley from Next Step Social Communications is a master of optimizing social media posts for her clients. As a real estate investor herself, she understands why it’s so crucial to not only post consistently, but with the highest possible quality content. She also encourages investors on social media to start engaging with their customers, allowing relationships to grow organically.

Even if you’re just getting started in real estate investing or if you haven’t even got a deal under your belt, it can be a phenomenal future-proofing strategy to get your social media profile started now!

In This Episode We Cover

The benefit of using social media as an investor

What platforms work best for real estate and which to avoid

Planning out a content strategy for maximum engagement with your followers

How to automate your posts, interactions, and more

The rise of video-only platforms like TikTok and who should use them

Sharing your struggles, wins, and client stories with the world

And So Much More!

Links from the show

Gary Vaynerchuk's Website

InShOt

Check the full show notes here: https://www.biggerpockets.com/rookie118

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117: From 0 to 12 Units Overnight and House Hacking a...Farm? Sep 29, 2021

Show notes

Amanda Bolan, like many of us, had a “pressure cooker” moment where she realized that becoming a real estate tycoon was part of her future. At the time, she was working in the oil and gas industry without real estate investing experience. She took a leap of faith and decided to flip her first house in 2018, then flip another in 2019, then buy a 12-unit apartment in 2020, and another in 2021. Did we mention she was buying a 61-acre land development deal in between these time periods?

While Amanda was searching for rentals she saw more and more expensive multifamily deals come up. At first, she had “sticker shock”, but ran the numbers and realized that a good deal in real estate is a good deal for her, no matter the price. She got to work underwriting, financing, and partnering to close on this seven-figure property. Even with some hiccups along the way (financing falling through, environmental flags going off), she was able to close on the deal and became a commercial real estate owner.

Part of her fearlessness in taking on these big, and often unconventional deals is looking at what could go right, not just what could go wrong. Instead of being stuck in analysis paralysis, Amanda made moves to secure properties that would scare rookie investors and made them her own.

In This Episode We Cover

Buying a large multifamily property as your first rental

What to do when financing falls through at the last moment

Running the numbers before you run away from a potential deal

Learning to self-manage at scale without any experience

Buying farmland and holding land for future development

Pushing past fear and making large deals work in your favor

And So Much More!

Links from the show

Buildium

Check the full show notes here: https://www.biggerpockets.com/rookie117

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116: Rookie Reply: Can Agents Help You Find Off-Market Deals? Sep 25, 2021

Show notes

This week’s question comes from Mel on the Real Estate Rookie Facebook Group. Mel is asking: When working with agents, do your agents help in finding off-market deals, or do you mainly look for those as they send you on-market deals?

While it isn’t uncommon for agents to have “pocket listings” (pre-market listings), most agents deal solely with on-market deals, working with buyers and sellers based on MLS listings. If you’re looking to find more off-market deals, you may have to incorporate some deal hunting strategies like driving for dollars, sending out direct mail, cold-calling, and door-knocking.

Here are some suggestions:

Look for investor-friendly agents who can bring “pocket listings” to you

Even if you find your own deals, agents can help draft up purchasing documents

Find agents who may have new construction contacts that can bring you pre-market offerings

Ask buyers to split commission payments or offer to pay in full to sweeten the deal

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

BPCON2021

MLS

Check the full show notes here: https://www.biggerpockets.com/rookie116

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115: The BRRRRent-to-Own Strategy: A Win-Win for Tenants and Landlords Sep 22, 2021

Show notes

What if you could own rental properties without the responsibility of landlording? Not only that, what if you were paid a hefty, non-refundable deposit for your home, minimizing your risk? Would you start investing under these circumstances?

If you like the sound of that, you’ll love the rent-to-own strategy, or as Today’s guest Jessica likes to call her framework, the BRRTOR (Buy, Rehab, Rent-to-Own, Repeat). Most landlords won’t offer rent-to-own to their tenants, not because they don’t want to, but because they don’t know it’s a possibility. This type of seller financing is what Jessica’s entire portfolio is built off of, and it has some major benefits for not only the landlord but the tenant.

Jessica also gives some great advice in our mindset segment, specifically relaying that a big part of real estate is making mistakes. Jessica has had some great deals in her real estate investing career, but not every one of them has turned out to be a superstar. The big takeaway for investors should be to start, make mistakes, learn from them, and do better!

In This Episode We Cover

Combining the BRRRR strategy and the rent-to-own strategy

How to vet tenants to find the best candidates for seller financing

The importance of putting ownership in the hands of a tenant

Finding homes that will profit in this highly competitive market

What to look out for when interviewing hard money lenders

Understanding that the first deal probably won’t be a home run

And So Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/rookie115

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

114: Rookie Reply: Should I Get Preapproved From Multiple Lenders? Sep 18, 2021

Show notes

This week’s question comes from Roosevelt on the Real Estate Rookie Facebook Group. Roosevelt is asking: I’m currently preapproved with one lender but another lender has a loan option my current one isn't offering. Can you be preapproved with multiple lenders at once? And are there any issues I could run into with this?

It’s commonplace in the real estate investing world to be preapproved by multiple lenders, that way, you’re never stuck without an option to finance a deal. Many investors also opt to use a mortgage broker that can help shop for loans on your behalf. If you’re worried about your credit score dropping because of preapprovals, try to apply for your loan applications within thirty days so credit bureaus count the multiple hard credit pulls as a singular instance.

Here are some suggestions:

Get preapproval from multiple banks (small, local, national, etc.)

Apply within the same thirty day period to minimize effects on your credit

Use a mortgage broker to save time when applying for loans

Ask what the lender has to offer, they may have custom loans for investors

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

Airbnb

BiggerPockets Calculator

Check the full show notes here: https://www.biggerpockets.com/rookie114

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113: The 6 Traits Every New Real Estate Investor Needs to Succeed Sep 15, 2021

Show notes

When you get started in real estate investing, you often don’t know what you’re doing. Is this deal going to work out? Am I choosing the right materials for my flip or BRRRR? Will this appraise at what I need it to? All these types of questions can flow through a rookie investor’s mind in the first months or even years of investing. But, if you’re making the right progress and doing what needs to be done, you’re probably miles ahead of the competition.

Today we talk to Brian Davila, a real estate investor and coach who helps his students answer the same questions like the ones above. Brian has identified the six key traits of a successful real estate investor. You may have been born with some of these, but almost every real estate investor needs to make a conscious effort to become a master of all six.

If you’re able to capitalize on the advice from Brian, you’ll score more deals, connect with more investors, raise more money, and maybe make an extra few hundred thousand dollars a year!

In This Episode We Cover

Why every investor needs to take calculated risks frequently

Becoming a problem solver so you can get deals others will pass up

Using resources like BiggerPockets and Facebook Groups to find deals

Choosing the activities that will set you closer to your goal

Having faith even when you’re low on energy (or money)

Building relationships and developing basic sales skills

And So Much More!

Links from the Show

BiggerPockets Podcast 407: Buying 100+ Houses/Year in 4 Hours/Week Using Teams, Traction, and (Get this…) TikTok with Ryan Pineda

BPCON2021

BiggerPockets Calculator

Podio

Rookie Podcast 91: 8 Units, 10 Wholesale Deals, and $0 Spent on Marketing w/ @Liliinvests

MLS

Check the full show notes here: https://biggerpockets.com/rookie113

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112: Rookie Reply: Should You Invest in an Expensive Real Estate Market? Sep 11, 2021

Show notes

This week’s question comes from Scott (@hotdads1) through Tony’s direct messages on Instagram! Scott is asking: How are expensive properties profitable? Is it a mindset shift to buy expensive properties, or should I look in cheaper areas? Should I purchase in a quickly appreciating market?

This is a very 2021-type question. We’ve seen numerous markets around the United States (and the world) see massive appreciation over the past year and a half. Now, real estate investors wonder if it’s even worth pursuing deals on the market. Although prices may be higher than they were before, you still have numerous options when trying to purchase a profitable rental property.

Here are some suggestions:

Price becomes irrelevant when looking at cash on cash return and true cash flow

Look at creative financing solutions (like FHA loans) to close on a home with low money down

Calculate your numbers for the long term to get rid of any short-term price dropping fears

Stop looking at past prices and ask: “Is it a good deal today?”

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

Scot Morris's Instagram

Check the full show notes here: https://biggerpockets.com/rookie112

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111: 26 Doors in 1 Year? Here’s How You Can Do It Too! Sep 08, 2021

Show notes

Purchasing one rental property is an accomplishment in itself, but what about purchasing 26 units in your first year of real estate investing? Not many do it, but someone who has is Amelia McGee. Amelia didn’t have any formal training on real estate investing. She wasn’t a broker, an agent, or a contractor; none of her family invested in real estate either. You could say that Amelia had to take a ‘’leap of faith” to begin her real estate investing career, a leap that has paid off quickly.

Amelia had exhausted much of her funds after investing in her first deals, but through leveraging her social media she was able to find partners who funded the down payment for an 11-unit apartment complex. She received equity for her hard work and her financers received equity for their risk, a true win-win!

Now, Amelia is helping others purchase their first deals by TA-ing for Ashley during BiggerPockets Rookie Boot Camp. If you weren’t able to get in on the Bootcamp this time, fill out this form to be notified when sessions open up next!

In This Episode We Cover

How to acquire deal #1 without any background in real estate investing

The best resources rookies can use to get a home-run deal on their first try

Partnering with family to flip or a BRRRR a property

Why local banks may be an underappreciated way to affordably finance your deals

Using social media as a way to generate property leads, partnerships, and more

The systems and software you need to scale FAST as a rookie

And So Much More!

Links from the Show

Real Estate Rookie Podcast