Real Estate Rookie

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Latest Episodes:

11: Using Home Inspections to Spot "Deal Killers" and Negotiate Better Prices with Rose Buckley May 13, 2020

Show notes

OK, you've got a property under contract. Now the real work begins!

In today's episode, you'll learn all about about a crucial step in the home-buying process: home inspections.

Find out how they work, how much they cost, and how they could wind up saving you a boatload of cash—or help you negotiate a sweet deal!

Rose Buckley is a certified home inspector who has walked 1,000-plus homes. And with her background in teaching and translating, she enjoys breaking down this part of the business for up-and-coming investors.

Rose shares her tips for finding a great local inspector and reveals which defects are no biggie, which are challenging, and which ones can be "deal killers."

And yes. We, too, noticed Rose is a female in a male-dominated profession. That led to a great discussion about how she approaches that challenge, how sometimes it's actually an opportunity, and why training as a home inspector—regardless of your gender—may get you closer to your investing goals.

Subscribe to Real Estate Rookie in your favorite podcast app, and if you enjoyed this episode, please pass it on to just ONE friend or family member who might, too.

In This Episode We Cover:

What makes a great home inspector
Using an inspection report in price negotiations
The most common issues Rose runs into
Why water is the real estate investor's No. 1 enemy
The time she spent 8 hours inspecting a single house
How to spot sloppy work in a house that's been flipped
Termite and pest infestations
GFCI outlets in bathrooms and kitchens
Rose's experience as a female in a male-dominated industry
How becoming a licensed inspector could make you a savvier investor
And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie11

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10: 2 Long-Distance Rentals with $0 Down with Tony Robinson May 06, 2020

Show notes

Tony Robinson had every excuse NOT to invest.

Expensive local market? Demanding full-time job? Family responsibilities?

Check, check, and check.

So, how did he pull off his first two deals in a cash flow-friendly market 1,500 miles away?

Today, Tony spills the beans: how he got a bank to loan him 100% of purchase AND rehab cost, how he managed contractors from afar, two crucial lessons he learned on his first deal, and much more.

Tony shares tip after tip for investors like you—especially if you live in a pricey area (he lives in Southern California and invests in Shreveport, Louisiana).

Plus, he dives into the mindset shifts that helped him break through—and how becoming a father at a young age led to a goal of achieving financial independence.

We guarantee you'll get value out of this episode. If you agree, subscribe to the show and give us a rating and review in Apple Podcasts. See you next Wednesday!

In This Episode We Cover:

How Tony got past a failed first deal
Zeroing in on one zip code when looking for deals
Why he chose to invest in Shreveport, LA
How he pulled his money out by refinancing
Why real estate is "80% mental"
Finding a real estate agent and property manager out-of-state
Managing renovations remotely using FaceTime
How a local bank funded 100% of his projects
How a construction loan works and what "draws" are
Analyzing local rents
Why he locked in his tenants on a 2-year lease
And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie10

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9: Finding Off-Market Deals, Step-by-Step with Ryan Dossey (Mentor) and Drew Wiard (Mentee): Part 1 Apr 29, 2020

Show notes

Can't find deals on the MLS? Dreaming about off-market deals, but not sure how to go after them?

Today's show lays out a step-by-step, repeatable strategy for those of you who have what it takes to approach homeowners directly. It's not easy. It takes patience. And It costs money (or time). But for those precise reasons, it's where the real money is.

Today we bring in Drew Wiard, a Fort Wayne, IN investor with a family and a full-time job. He's joined by his mentor, Ryan Dossey, a former BiggerPockets Podcast guest who built his 100+ unit portfolio by creating a pipeline of off-market deals.

The guys walk us through how to build a brand that stands out from the competition, how to establish authority online, and how to pull lists full of juicy leads. This is not vague advice... they reveal the exact systems and resources they're using to find and contact sellers (not all of whom fit the "desperate/distressed" stereotype, by the way)!

Plus, we have a great conversation about mentoring in general – how to find and vet teachers, how to deliver value, and how to hold one another accountable along the way.

This is actually Part 1 in a series; we're going to invite Drew and Ryan back next month to tackle the second piece of this puzzle: handling leads, negotiating with sellers, and crafting your exit strategy.

If you think you have what it takes to find off-market deals, this episode is a perfect starting point. Be sure to subscribe to the show in your favorite app, and we'll see you next Wednesday!

In This Episode We Cover:

Building a local community-oriented brand when marketing to sellers
How to differentiate yourself from other "We Buy Houses" competitors
Setting up a Carrot website
Creating a web presence to build authority
How to identify the hottest zip codes in your area
Building "niche" marketing lists using online public records
How to generate off-market leads without quitting your day job
Eye-catching direct mail pieces
The Customer Relationship Management (CRM) system Ryan and Drew use
How Ryan holds Drew accountable to his goals
How to bring value to your mentor
How Drew makes time for investing despite having a demanding job and a family
And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie9

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8: Why Pay Someone Else's Mortgage? Ditching $20k/Year Rent with Mallori and Lucas Apr 22, 2020

Show notes

Banks tend to love a certain type of borrower... and Mallori and Lucas don't quite fit the mold.

They're not 9-to-5ers. They rely on tips and seasonal work. And they live modestly but aren't swimming in cash. So, when they took the plunge into real estate investing—in pricey Tacoma, Washington—they had some work to do to become "bankable."

Today you'll learn how despite a few roadblocks, they dumped their rent payment and pulled off their first-ever home purchase: a house hack in an up-and-coming area. From shopping around between banks, to securing a "rehire" letter to verify employment, to negotiating "early access" to the property and doing some repairs before closing, this episode is full of great tips for those just starting out.

Also—it's a reminder that "sweat equity" doesn't always mean physical labor. Sometimes it's just as important to stay focused and organized when it comes to the huge amounts of paperwork involved in a real estate transaction!

Let us know what you think of the show in our Facebook group (just search "Real Estate Rookie"), and subscribe so you won't miss out next week. See you Wednesday!

In This Episode We Cover:

What Mallori and Lucas learned from a first-time homebuyer class
The mindset shift that helped them overcome their fears
How they avoided analysis paralysis
Getting access to a property to do repairs before closing
How they ensured their property passed the appraisal
How they got free carpet for their rehab
How blue-collar workers can be real estate investors, too
How seasonal workers can make themselves more bankable
What a "rehire letter" is
How they analyzed several house hack deals
Why listings with one Google Street View photo can be hidden gems
Websites where they check rent comps
Why their real estate agent turned out to be their "MVP"
And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie8

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7: 6 Things New Investors Should Be Doing Right Now Apr 15, 2020

Show notes

If you've been telling yourself, "I'll invest in real estate when prices come down," well... that time may be coming.

So, what should rookie real estate investors be doing now to prepare?

Today we outline six action items—from shoring up your financial position to making yourself an attractive partner. Also, we bring back the "Rookie Request Line" so you can hear Ashley and Felipe's answers to a few questions from the audience.

If you feel stuck, fearful, or just restless while you're cooped up inside... then check out this episode and take action!

If you're enjoying the show, please take 30 seconds to give us an honest review on Apple Podcasts.

See you next Wednesday!

In This Episode We Cover:

How to secure long-term debt now
How to make yourself bankable
Why now is the perfect time to practice analyzing deals
Why you should take a fresh look at your tenants' leases
How to make yourself an attractive real estate partner
What balloon payments are and how to plan for them
Emergency preparedness procedures
Getting your mindset right before jumping into real estate investing
And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie7

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

6: The Ultimate Beginners Guide to Tenant Screening with Lucas Hall Apr 08, 2020

Show notes

Today we tackle the often-overlooked -- but perhaps most important -- element of real estate investing: actually placing a (great!) resident in your property.

Our guest Lucas Hall built website Landlordology.com (which he later sold to Cozy, where he now works) and is an expert on best practices for landlords self-managing small portfolios (that's you!).

Lucas walks us through his exact process from the moment he lists a property for rent, to the moment he signs a lease -- AND explains what's changed (and what hasn't) since the COVID-19 outbreak began.

Want to avoid evictions and vacancy? Listen up...⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀

Lucas has been a landlord for 10+ years, owns 4 properties across 3 states. Yet he still hasn't had to evict anybody. That's not an accident; it's the result of a firm but fair process he follows every time there's a vacancy.

Plus, we add a fun twist toward the end of the episode when a rookie investor -- Andrés Bustamante -- jumps on the call to ask some GREAT questions about his own current search for a tenant.

This is a timeless episode that will be just as relevant years in the future. Check it out now, and subscribe to Real Estate Rookie so you won't miss the next one.

See you next Wednesday!

In This Episode We Cover:

- The importance of "pre-screening" over the phone

- Online tools to run background and credit checks

- Why you should always check an applicant's social media profiles

- The income-to-rent ratio Lucas uses to qualify tenants

- Why gathering social security numbers is overrated

- Photo ID checks

- Where to find classes on how to be a fair, ethical landlord

- How to follow fair housing laws

- What Lucas thinks of "cash for keys"

- Whether to accept pre-payment of rent

- Co-signing/guarantor arrangements when a tenant has no income

- How to show properties during the COVID-19 quarantine

- Handling late and non-payment of rent

And much more!

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5: Doing Deals While Quarantined with Jeremy, Kristen, and Rafael Apr 01, 2020

Show notes

Yes, newbies ARE still closing deals out there.

This week, we talk to three up-and-coming investors who either recently closed or are currently under contract on investment properties.

Despite entire parts of the economy being shut down, real estate continues to be classified as "essential" -- and Jeremy Goldizen (Avon, OH), Kristen Johnson (Columbia, SC), and Rafael Estrada (Denver, CO) are all taking advantage.

This episode was streamed as a Facebook live, so our audience pitches in and puts some timely questions to our guests and hosts.

How did Jeremy score a 55% discount on a house he plans to BRRRR?

How did Kristen find the wholesaler who brought her the perfect rental property?

And how did Rafael shift his strategy when coronavirus hit and flipping no longer looked like such a great idea?

Hit play, and get answers to all those questions and more.

Next week, we'll be talking about how to screen and work with tenants in the current environment.

You won't want to miss that one... so subscribe to Real Estate Rookie in your favorite podcast app, and we'll see you next Wednesday!

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4: Start Now, or Wait This Thing Out? Live Audience Q&A Mar 25, 2020

Show notes

In this episode, we hand the mic over to YOU.

Yesterday (March 24) Ashley and Felipe took took live listener calls and real-time questions from Real Estate Rookie Facebook group members.

"Should I go through with my deal?" "How do I handle my short-term rental?" "How are more experienced investors shifting their big-picture strategy?"

Those are just FEW of the questions we take on in this fast-paced episode.

What do you think of this format? Let us know in the Real Estate Rookie Facebook group -- and tell us what topics you want us to tackle next week.

This are disorienting times for investors of ALL skill levels... but by sharing information and resources, we put ourselves in the best possible position to build wealth throughout good markets AND bad.

See you next Wednesday.

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3: Coronavirus Crash? Do's and Don'ts from Recession Veterans Joe Asamoah and Steve Rozenberg Mar 18, 2020

Show notes

It's a new week... and, seemingly, a new world.

So -- we've got a new (and very fresh) episode for you... with a twist on our usual format.

On Tuesday, March 17, Ashley and Felipe sat down with Joe Asamoah and Steve Rozenberg to discuss the topic on everyone's mind: the COVID-19 outbreak and its inevitable impact on real estate investors.

Think of it as a virtual coaching session with two seasoned, successful investors who have withstood several downturns and lived to tell about it.

Joe and Steve have a combined 50 years of experience under their belts, so they offer a valuable perspective to younger or less experienced investors -- our fearless co-hosts included -- who haven't yet seen a full real estate cycle.

This episode covers it all -- from the mindset successful investors use to accelerate wealth-building through downswings, to the shifting competition you're likely to face, to how to whip your finances into shape and secure lines of credit BEFORE you need them.

Plus -- Joe breaks down how renting to Section 8 voucher holders can be a lifeline during a recession (assuming you do a few things exactly right), and Steve shares his tips for designing systems and checklists (he's a pilot after all!) so you can think clearly... even when you're steering into economic headwinds.

This episode is GOLD for investors on the hunt for their first, second, or third deal in 2020... Stay safe, everyone -- and we'll see you next Wednesday.

In This Episode We Cover:

Why the first thing we should all do is "take a breath"
The importance of a well-thought-out business plan
Learning from local investors who thrived during past crashes
Why you're likely to see more flippers leasing out houses
Why taking out a HELOC may make sense right now
Treating tenants like customers to reduce turnover
Why Joe believes "your tenant is the true asset"
What Steve learned from 9/11 and Hurricane Harvey
Learning from your own (and others') failures
And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie3

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

2: Going All Out to Secure Deal #1 (For Sale By Owner!) with Tim Goutos Mar 11, 2020

Show notes

Ever felt like you're close to breaking into real estate investing, but not quite getting anywhere?

Today's guest, Tim Goutos, was right there with you. But after taking a trip abroad to clear his head, Tim narrowed his focus and went ALL-OUT in pursuit of his first deal.

He talked to everybody about his goal. He went driving for dollars in his hometown of Lake George, NY. Then, after seeing a For Sale By Owner (FSBO) sign, he called the owner on the spot.

What happened next? You'll hear the story in today's episode of the Real Estate Rookie Podcast.

We'll cover how to manage fear when making a cold call, how to crunch the numbers using government tax records, and how to protect yourself against the worst-case scenario.

Plus -- if you know anyone who got burned in 2007-08.. or worry you'll meet the same fate... you'll connect with Tim's story. He had a close relative who lost out in the last downturn, so he had every reason to stay far away. Instead, Tim learned all he could and put together a more conservative game plan.

"Captain Tim" is a relatable, down-to-earth guy... and you can learn a lot from his approach of looking to "get on base" rather than hit a home run right away.

Tell us what you think of this episode in the Real Estate Rookie Facebook group, and subscribe to the podcast in your favorite podcast app so you won't miss the next show!

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