Real Estate Rookie

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Latest Episodes:

21: 5 Frequently Asked Questions When Starting Out with Felipe and Ashley Jul 22, 2020

Show notes

Rookie FAQ time!

Today Ashley and Felipe run through the top 5 questions from the Real Estate Rookie Facebook Group and the Rookie Request Line (leave us a voicemail at 1-888-5-ROOKIE).

From finding and financing deals to the infamous LLC question and beyond, our co-hosts offer their advice and discuss various approaches new investors can use to build momentum. Plus, former BiggerPockets Real Estate Podcast guest Whitney Hutten makes a cameo to offer her two cents on how to properly vet turnkey providers.

What did we miss? Let us know, and make sure you're subscribed to the show so you won't miss an episode.

In This Episode We Cover:

Various approaches to financing a deal
Methods for finding deals when you're new to the game
The one question you should ask every turnkey company (you probably haven't thought of it)
Owning property an in LLC
How to decide whether to get your real estate license
And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie21

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20: Using Lines of Credit to Kickstart Your Investing Career with Charlie Ashley Jul 15, 2020

Show notes

Today: how Lexington, KY investor Charlie Ashley uses lines of credit and construction loans to build his portfolio while working full-time.

Charlie walks us through his year-long education phase, his first couple deals, and the expensive lessons he learned while renovating a property he lovingly calls "The Pit"!

Sure... finding deals is important. But today you'll learn how understanding financing has helped Charlie gain a lot of momentum quickly – and how every new investor can do the same.

Thanks for spending time with us every Wednesday. If you like what you hear, let us know with a rating and review in Apple Podcasts... or share this episode with a friend or family member!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie20

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19: Going Full-Time as a Rookie Right Out of College With Arvi Carkanji and Dave Arlaud Jul 08, 2020

Show notes

In today's episode, you'll meet a power couple who both immigrated to the U.S. seven years ago and soon decided real estate would be their path to financial freedom.

Arvi Carkanji and Dave Arlaud are Nashville-based flipper-investors, who are dividing and conquering to run a successful business while building a stable of rental properties. Arvi handles acquisitions (listen for the Rookie Request Line about direct mail), while Dave is a licensed contractor who takes charge of construction.

Together they walk us through their approach to renovating houses and working with subcontractors and dive into the deal that motivated Arvi to quit her first (and quite possibly last) "real job."

If you're thinking about taking on "value-add" projects—and you probably should be—listen close to hear these two rookies walk us through their process!

In This Episode We Cover:

How Arvi and Dave wound up as real estate investors just a year out of college
How they work with contractors, step by step
Dave's "25-25-50" payment plan for contractors
The different stages involved in renovating a house
Red flags to look for when inspecting work
Due diligence and permits
Transforming a single-family home into a duplex
Raising private money as a newbie
Renting staging furniture from companies like Rent-A-Center
And SO much more!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/rookie19

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18: Starting at Age 45 With a "1% Rule" Property (in New Jersey!) With Tricia Baxter Jul 01, 2020

Show notes

She read Rich Dad Poor Dad, got angry at herself for not having built multiple income streams... and decided to do something about it!

Tricia Baxter is a real estate rookie who got in the game in her mid-40s. In this episode, she shares how she built a healthy portfolio of small multifamily properties on the Jersey Shore.

Tricia's a busy professional with her own law practice, but she still decided to self-manage when she got started—namely, to learn the ropes and create standard operating procedures, which came in handy when she eventually hired a property manager (spoiler: that's her MVP!).

This episode is full of great tips for anyone who aspires to treat their real estate investing like the business it is!

In This Episode We Cover:

Self-managing your first property as a learning exercise
Why Tricia chose to buy long-term rentals in a touristy area
How she finds great vendors using private Facebook groups
How to handle raising below-market rents
Her tips for financing deals creatively
Juggling real estate with a demanding career
The importance of multiple income streams
And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie18

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17: 3 Rentals in His First Year & the Power of a Real-Life 'Rich Dad' Mentor with Derrick Ziglar Jr. Jun 24, 2020

Show notes

From humble beginnings... to Division 1 football, military service, and now three rental properties in his 20s!

Derrick Ziglar Jr. is a man on a mission, and today he shares how he converted a wrong turn into a $30K duplex purchase that kick-started his journey toward generational wealth.

If you're interested in securing your financial future, then don't miss Derrick's tips on how he finds deals, how he uses a personal line of credit, and the lessons he's learned about managing contractors.

Plus, we go in-depth on how he built a life-changing relationship with a mentor/father figure and the importance of casting a long-term vision for your real estate business—no matter your goals.

Derrick is an impressive rookie investor, and he doesn't hold back in this one... so hit play now. And if you enjoy this episode, please leave us a rating and review in Apple Podcasts!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie17

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16: How to Pick Your Perfect Market: Cleveland vs. Columbus Case Study! with Dave Meyer and Jamie Gallagher Jun 17, 2020

Show notes

What better way to learn a concept than a real-life, real-time case study?

Today, we listen in on rookie investor Jamie Gallagher as he compares and contrasts two markets. Meanwhile, BiggerPockets' data wiz David Meyer is there to walk him (and us) through the numbers.

You'll learn how to use population growth, rent-to-price ratio, rent-to-income ratio, and historical performance to weigh the pros and cons of various markets so you can compare apples to apples.

These aren't the only factors to consider, but this episode will give you a solid grasp of the basics and put you way ahead of most investors in your search for a market that makes sense for you and your goals.

Be sure to check out BPInsights, the new Pro member benefit bringing you fresh, local real estate data, at biggerpockets.com/insights (use the promo code "ROOKIES" for a discount if you're upgrading to Pro!). And you can find more of David's work in BiggerPockets Wealth magazine at biggerpockets.com/magazine.

In This Episode We Cover:

The most important data points to consider when choosing a market
What rent-to-price ratio is
What rent-to-income ratio is
How to look at a market's performance throughout economic cycles
How job and population growth affects appreciation
What types of employers to look for
Quality of life factors
Analysis of Cleveland vs. Columbus, Ohio
Advice for a future house hacker
And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie16

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15: 5 Steps to Reach Financial Freedom in 15 Years Through Long-Distance Investing With Elyse Rasmussen Jun 10, 2020

Show notes

In 2017, she had done zero deals. Today, she's got 20 units and is nearing her goal of financial freedom by age 45.

In this episode, Elyse Rasmussen shares five tips for rookies interested in long-distance investing... although each can easily be applied to investing in your own backyard, too.

Check out her Instagram page @investingforfinancialfreedom for some #landlordmemes, and be sure to join the Real Estate Rookie Facebook group to tell us what you think of this episode!

In This Episode We Cover:

Elyse and her husband's plan to reach financial freedom by age 45
What to look for when choosing a market out of state (climate, natural hazards, tax policies, etc.)
Joining a network of long-distance investors to find referrals
Finding and vetting a dual property manager/real estate agent
Her approach to insurance policies for 19 properties
Buying properties at online auction, step by step
And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie15

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14: 4 Keys to Building a Portfolio While Working Full-Time With Robert Leonard Jun 03, 2020

Show notes

Between his career and a podcasting side hustle, Robert Leonard's a busy guy. So how does he—and how can you—build a small but mighty rental portfolio in your spare time?

For Robert, it comes down to 4 major elements:

1. Use a series of house hacks to lower expenses and build equity.

2. Find an MVP real estate agent.

3. Align with a partner.

4. Invest out-of-state.

In this episode, Robert goes into detail on each of the above and explains how they helped him break through "analysis paralysis" in his early 20s. If you pick just one of these strategies and do it well, you'll be way ahead of the game. When you combine several, you're on your way to financial freedom.

Be sure to check out Robert's two podcasts, Millennial Investing and Real Estate Investing over on The Investor's Podcast Network, and subscribe to Real Estate Rookie so you won't miss our next show.

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie14

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13: How Drew Pulled 6 Deals From His First Direct Mail Campaign With Ryan Dossey (Mentor) and Drew Wiard (Mentee)—Part 2 May 27, 2020

Show notes

Everything you've ever wanted to know about direct-to-homeowner marketing... but may have been afraid to ask!

From exactly what Drew writes in a letter, to how he builds rapport when running an appointment, to making offers and getting to the closing table, it's all here in plain English.

This episode follows up on show #9, where mentor/mentee duo Ryan Dossey and Drew Wiard broke down how Drew built a brand and zeroed in on his target market. Today, they walk us through everything that happens after a lead comes in, including how Drew was able to close three deals and get three more under contract in the past three months—despite the pandemic.

If you're tired of seeing all the good deals go to other investors, take matters into your own hands and put some of their tips into action! And be sure to subscribe to Real Estate Rookie in your favorite podcast app so you won't miss the next one.

In This Episode We Cover:

Drew's results from his first direct mail campaign
Marketing to an "absentee owners with equity" list
Keeping your marketing message simple
Why Drew's letters don't acknowledge the homeowner's hardship
Why response rate is the wrong metric to focus on
Using "75% of ARV minus repairs" to formulate offers
Overcoming objections when you're negotiating a price
Putting an inspection period in your contract
Finding real estate agents who work with cash buyers
Drew and Ryan's personal real estate investing MVPs
And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie13

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12: What Works (and Doesn't) in a Recession & the Untold Story of J Scott's Messy First Flip May 20, 2020

Show notes

BiggerPockets legend J Scott was once a rookie, and he's got the stories (and scars) to prove it!

Today J stops by to give us a primer on economic cycles and how they impact real estate investors. You'll learn what to expect when housing prices soften and which strategies work best in each economic phase. Plus, J shares the tale of his first (years-long) flip, tells us what he's learned along the way, and delivers a surprising top tip for today's rookie real estate investor.

For more on this topic, pick up a copy of J's newly updated book Recession-Proof Real Estate Investing here.

In This Episode We Cover: