Real Estate Rookie

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Latest Episodes:

31: Partnering Up, Part 2: Two Real-World Case Studies with Amy Swayze and Chris Lawrence Sep 30, 2020

Show notes

So... how do partnerships work in real life? Today, you'll learn how – from two new(ish) real estate investors: Amy Swayze and Chris Lawrence.

Amy breaks down her partnership with her adult son, who used his retirement fund to jumpstart their investing career earlier this year (right before COVID hit!). Here's the arrangement: Amy's son brings the money and crunches the numbers; she manages rehabs and gets tenants in their BRRRR rental properties.

Chris is a more experienced investor, having left his sales job to start investing full-time in the Rochester, NY area. Still – when he first jumped into real estate investing, he realized he was missing a few pieces of the puzzle (including liquid $$$).

So what did he do? He found a partner!

Like Amy, Chris and his partner split everything 50/50. They use a HELOC to borrow money at a low interest rate... so they can make cash offers when they're looking for flips and wholesale deals.

This is a real-life look behind the curtain to see how two rookie investors are running their business, and using partnerships to supercharge their wealth-building. Don't miss it... and if you enjoy it, share it with a friend or family member. Who knows, he or she might want to partner up with you someday!

In This Episode We Cover:

How Amy partnered 50/50 with her son, an electric line worker who likes the tax advantages of real estate
How she and her son divide duties
Using hard money to fund their BRRRR deals
Starting out in real estate investing right before COVID-19 hit
How Chris' partner complements his skill set
How he evaluates various exit strategies
A deep dive into one of Chris and his partner's recent fix-and-flips
And SO much more!

Check the full show notes here: https://www.biggerpockets.com/rookie31

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30: How to Structure a Partnership, Part 1 with Felipe & Ashley Sep 23, 2020

Show notes

"I know partnerships can help me build wealth, but how do they actually work in practice?" This is one of the most common questions we get... and today Felipe and Ashley outline 6 rules for partnering on your real estate investments.

From identifying the missing piece that's holding you back, to defining clear lanes and avoiding common pitfalls... this show is a must-listen for any new investor who realizes she can't do it all herself.

Be sure to come back next week for Part 2 – where you'll hear the details of real-world partnership case studies, as told by a handful of investors who have made it work!

In This Episode We Cover:

Identifying the "missing piece" to get a deal done
Knowing your numbers and being prepared
Making your official presentation (finances, experience, deal analysis)
Offering an opportunity rather than begging for help
Various financial structures you can use
How Felipe found a partner to do the books
Why Ashley partnered with a construction expert on a full gut remodel
And SO much more!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/rookie30

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29: Growing Your Portfolio with Turnkey Investing with Whitney Hutten and Lance Robinson Sep 16, 2020

Show notes

Expensive market? Busy with a career and other priorities? There are a lot of compelling reasons to consider turnkey investing in a more affordable area – where a local "operator" sells you a tenanted property designed to pump out cashflow from day one.

All you have to do is "turn the key," hand things off to a property manager and... voilà! You're rich. You can now kick back and sip margaritas on the beach. Right?

Well, it's a little more complicated... as you'll learn today from seasoned turnkey investors Whitney Hutten and Lance Robinson. Both have bought rental properties from turnkey operators in several different markets, and they tell us all about the highs and lows, reveal what they wish they would have known, and offer candid advice for anyone considering this niche.

When you're done with this show, you'll know the exact questions savvy investors ask prospective turnkey providers about neighborhoods, construction warranties, property management contracts, and how operators handle evictions and major repairs. You'll also know how to handle a home inspection to ensure you know exactly what you're getting into!

Look – there are a lot of turnkey operators active on the BiggerPockets forums. A lot of them are great teachers, too. But this episode is told from the investor/customer's perspective... and it's well worth a listen – or two!

In This Episode We Cover:

What turnkey investing is
Doing due diligence to find a trusted turnkey operator
Why it's always worth flying out to walk the property before purchasing
Hiring your own home inspector!
Whitney and Lance's turnkey winners and losers
Managing your property manager
Handling an eviction
The role of cash reserves when buying turnkey properties
The "BRRRR-key" business model
And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie29

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28: Balancing 8 Properties with a Full-Time Career and Family with "Property Pastor" Marsay Winder Sep 09, 2020

Show notes

We all have the same 24 hours per day... so be like Marsay Winder and make the most of them!

He calls himself the "Property Pastor," and he owns 8 properties (24 units) in the Virginia Beach, VA area. Marsay juggles his business with his family life and a full-time career in manufacturing, so landlording systems are a must – and he breaks them down for us in this episode.

You'll also hear about his MVP mentor, how he avoids time-wasting distractions, and the books and resources that helped him build a formidable portfolio in just 3 years.

Enjoy this one... and if you're getting value out of the content here, please do us a favor and give us a rating and review on Apple Podcasts. It takes less than 30 seconds, and it really helps us climb the rankings and spread the gospel of financial independence through real estate investing!

In This Episode We Cover:

Working on his properties on nights and weekends while working full-time
Going big on his first deal: a 4-unit building bought from a wholesaler
Buying from tired landlords
How to frame a rent increase with tenants
Using Cozy and QuickBooks to manage his rentals
Hiring a property management company
How to successfully approach a real estate mentor
Involving his kids in his real estate investing business
What happened when his tenant joined his church, then stopped paying rent
And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie28

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

27: 5 Doors by Using Seller Financing for the First Time with Aaron Chapman Sep 02, 2020

Show notes

Aaron Chapman ran into major obstacles on his first 2 real estate deals... obstacles you might face as you launch your own investing career. Wouldn't you like to know how to react when you're turned down for a loan? Today, you'll learn how!

From a duplex purchase that seemed doomed when he lost his job while in escrow... to a triplex purchase that a bank wouldn't touch, this Louisville, KY investor breaks down how he reached 5 doors by age 24 – and his exact roadmap to reach financial independence by age 30!

Oh, and don't miss the story of how Aaron wound up on the show (hint: his fiance is the real MVP!). Before you go, here's a challenge for you: who in your market would make a great guest for this show? Send them over to biggerpockets.com/guest and we'll take a look at their application.

In This Episode We Cover:

His "work backwards" plan for achieving financial freedom ($10k/month) by age 30
Aaron's process for "driving for dollars"
Living for free through house hacking
Buying a "1% rule" triplex using seller financing
How he achieved a 47% cash-on-cash return
How he and his fiance adjusted when he lost his job while under contract on his first deal!
Getting your spouse or partner interested in investing
And SO much more!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/rookie27

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

26: Mindset Shift at 40 to Start Real Estate Investing with Derek Tellier Aug 26, 2020

Show notes

Derek Tellier didn’t start investing in real estate until he was over 40. Unhappy with what was going on in his life, a friend plugged him into healthy eating, exercising, and long-distance running. Once his health was back on track, he realized he didn’t like the trajectory his life was on, and made major changes.

That same running friend introduced him to real estate investing. Derek got licensed, joined his friend’s real estate team, and bought his first real estate deal - a cabin that he rents out short-term in the Smoky Mountains.

Derek has parlayed that into a career, helping people invest in short term rentals in the Smoky Mountains

Derek’s Rookie Deal is a BRRRR property that needed a LOT of work. He financed it using private money and after his rehab he was able to pull out ALL of the money he had into the deal. It even cashflows $350 per month!

Derek has had some growing pains along the way, like a true real estate investor. He shares tips for finding contractors, finding lenders, and finding deals in this episode, along with discussing numbers and the importance of having reserves.

If you think you waited too late to start investing in real estate, this episode can help change your mindset and show you that it’s never too late to get started.

In This Episode We Cover:

How a midlife crisis made him start investing in his 40s
Buying short-term rentals during COVID
How he funds deals using private money
His BRRRR strategy
How his mentor helped him get 7 deals in 6 months
How he got the word out there by starting his own meetup
And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie26

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

25: What Appraisers Look For and What it Means for You with Investor/Appraiser Josiah Smelser Aug 19, 2020

Show notes

Here, by popular demand: the Appraisal Episode!

Josiah Smelser – podcaster, two-time BiggerPockets Real Estate Podcast guest, and Certified General Appraiser – is here to answer your many questions, and he delivers the goods.

We played some questions from the Rookie Request Line and touched on subjects like which data and documents you can provide an appraiser, how to challenge an appraisal, and how to keep your emotions in check when estimating After Repair Value.

Whether you're a rookie who plans to flip, BRRRR, or invest in rental properties, understanding how properties are appraised – and the mindset of an appraiser – is key to coming out on top. So enjoy this episode, and tell Josiah what you think in the show notes at biggerpockets.com/rookie25.

In This Episode We Cover:

Getting inside the mind of an appraiser
What information you can and should provide an appraiser
The top 3 variables that determine value
Approaching the appraisal process with "data and humility"
How appraisals vary by market
The Sales Comparison Approach vs. the Income Approach
Kitchens, bathrooms, and added square footage
How doing unpermitted work can come back to bite you
Why you should never outright ask an appraiser to come back with a specific number
The right way to challenge a low appraisal
And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie25

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

24: 13 Units Despite Being Stationed 5,000 Miles Away with Naaman Taylor Aug 12, 2020

Show notes

On today's show: how U.S. Army Staff Sgt. Naaman Taylor is combining house hacking, partnerships, and VA loans to build himself a comfy retirement... all while serving his country overseas!

This episode has something for everyone – from structuring partnerships to stretch your dollar farther, to hiring property managers and identifying a trustworthy mentor.

Be sure to let Naaman (he said we could call him "Taylor") what you thought of the show by visiting our show notes page at biggerpockets.com/rookie24 and leaving a comment... or sharing your thoughts in a post in the Real Estate Rookie Facebook Group.

In This Episode We Cover:

Planning for a financially secure retirement while working a steady military job
How to use VA loans more than once
Common mistakes when using a VA loan
Duplexes vs. single family homes
Overcoming an early bad experience with a tenant
Using Dave Ramsey's principles to save money for down payments
The advantages of a 50/50 partnership
Generating "truly passive income" rather than creating a job for himself
How to interview property management companies
Taking advantage of the "2 in 5" tax rule with your primary residences
How to vet a potential real estate investing mentor
And SO much more!

Check the full show notes here:https://www.biggerpockets.com/rookie24

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23: From Dave Ramsey Disciple to No-Money-Down Real Estate Investor with Sarah Brandenberger Aug 05, 2020

Show notes

Interested in real estate investing... but wary of taking on debt?

That's the situation Sarah Brandenberger found herself in, and today shares her journey from a staunchly anti-debt "penny pincher" to a creative financier raising private money!

Sarah also gives us the goods on portfolio loans – including a ninja tip that allowed her to tap the equity in multiple properties and use those funds to take advantage of a smokin' deal. You'll learn what documents to bring when asking for a loan – whether you're meeting with a bank or a private individual. And Felipe throws in a Home Depot shopping hack for good measure.

Give Sarah a follow on Instagram (@nerdsguidetoFI) and let her know what you thought of this episode... and share this episode with a friend or family member who would find it inspiring.

In This Episode We Cover:

How Sarah changed her mindset about "good debt"
15-year vs. 30-year mortgages
The data and documents she shares with potential lenders
House hacking by turning her basement into a rental
Unlocking "the power of a cash offer" with private money
Tapping the equity on multiple properties at once
The loan that's invisible to other banks
Using checklists to estimate rehab costs (even when you're brand new)
Using Avail to manager her rentals
And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie23

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

22: 5 Rentals on Autopilot with Full-Time Highway Patrolman Ruben Galindo Jul 29, 2020

Show notes

Curious how to manage a rental portfolio in your limited free time?

Learn from today's guest Ruben Galindo, who had his hands full managing hundreds of law enforcement officers in Texas... but didn't let that stop him.

Ruben is 48 years old, and in the past five years, he's acquired five rental properties that require about an hour of his time each week. In this episode, he'll teach you how he uses Cozy and Docusign to do everything virtually, how door knocking led to one of his best deals, and how he leverages his 401(k) in his real estate business.

Ruben didn't jump in until his 40s, but he already has experience with buying a foreclosure, helping a seller avoid foreclosure, a short sale, and a straightforward live-in flip (where he currently lives). Not bad for a relative rookie!

If you pick up any tips from Ruben or have questions for him, leave a comment in the show notes at biggerpockets.com/rookie22. And if you're feeling extra generous, leave us a rating and review in Apple Podcasts.

In This Episode We Cover:

How Ruben automates his rental property management
Building and maintaining a network of contractors
The accounts where Ruben, Ashley, and Felipe hold their reserve funds (Rookie Request Line question! 1-888-5-ROOKIE)
Buying a HUD foreclosure
Helping a family avoid foreclosure by temporarily taking over payments
Hiring an attorney on a tricky pre-foreclosure deal
How door-knocking helped him beat his competition
How to avoid over-leveraging yourself as a rookie
And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie22

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

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