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Today’s guest, Alicia Marks, started real estate investing unintentionally in 2011 when she became an accidental landlord. It wasn’t until eight years later, in late 2019, that she decided to intentionally invest in hopes of reaching her financial goals faster. Since then she has closed on five doors, has done one live in flip, and has six more under contract.Besides being a part-time investor, Alicia is also the BiggerPockets Community Manager. This direct connection to the BiggerPockets community has allowed Alicia to get more exposure to the world of real estate investing while also knowing first-hand how useful all the BiggerPockets tools can be. Alicia even found her partner through BiggerPockets! They started with only one deal to test the waters and had a very clear exit strategy in case it didn’t work out. Thankfully they discovered the partnership worked well for both of them, but if it hadn’t, Alicia would have been perfectly fine because of the exit strategy she put in place.After some major life changes, Alicia thought she’d pursue a dental career until she realized the people in the dental field were trying to get out and pursue real estate. It was then that she decided instead of accruing massive debt in hopes of reaching financial freedom, she’d return to real estate after an eight-year hiatus and begin her financial freedom journey right away!In This Episode We CoverThe importance of finding a solution-based property manager and how to maintain long-distance communication with themHow to find, manage, and build a lasting, beneficial relationship with contractorsExit strategies and why it’s important to have them in placeHow to plan your exit strategies and how to know when it’s time to implement themThe importance of structuring your partnership in a way that aligns with the strengths of you and your partnerHow to use private lender meetups to your full advantage and finding the perfect private money lender for youAnd So Much More!Links from the ShowAshley's InstagramTony's InstagramBiggerPocketsReal Estate Rookie Youtube ChannelReal Estate Rookie PodcastReal Estate Rookie Facebook GroupReal Estate Rookie BootcampBiggerPockets ForumsOn The Market PodcastJames Deinard's InstagramDave Meyers' InstagramOn The Market YouTube ChannelIs College Worth the Cost? This 30,000 Variable Study Says “Sometimes…”How to Retire Early With Real Estate & Do What Matters More with Chad CarsonOuch! Brandon & David’s 10 Biggest Investing Mistakes (& How to Avoid Them)AsanaConnect with Alicia:Alicia's BiggerPockets ProfileAlicia's InstagramCheck out the full show notes here: https://biggerpocket.com/blog/rookie-185See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Andrew on the Real Estate Rookie Facebook Group. Andrew is asking: How would you handle a prospective tenant that has a bankruptcy on their record? Tenant screening is almost as important as rental property screening. A bad tenant can not only cost you potential rent but cause thousands or tens of thousands in damages if not handled correctly. This is why landlords are so strict when evaluating tenants, as a good tenant can mean next-to-nothing maintenance and a bad tenant can mean habitual headaches. It’s up to you whether or not a potential tenant meets your criteria. When evaluating, remember to stay within your legal limits!Got a tenant with some questionable financial history? Here’s how to proceed:Speak with the applicant and get their side of the story while trusting your gutVerify the applicant is truthful by running a credit check and background checkUse a property management software that allows you to report a tenant’s monthly payments to credit bureausLook at the applicant’s job history, debt-to-income ratio, and if they have any repossessionsKnow that people who have filed bankruptcy may only have the option to rent (for a while)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 ShowReal Estate Rookie PodcastReal Estate Rookie Youtube ChannelReal Estate Rookie Facebook GroupAlpha Geek CapitalBelmont Housing AuthorityRentRediCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-184See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
In today’s episode, you’ll get to see the third major reason why Alpha Geek Capital, Tony’s fast-scaling real estate company, is so successful. Omid Tehranirad is the third partner in the group, acting as the first layer of protection, or as he puts it, the “chastity belt”, of the partnership. Omid is the head of investor relations and splits operational duties with Sara, Tony’s wife.  He discovered real estate after being unfulfilled by the typical “American Dream'' job. His parents encouraged him to pursue the tried and true traditional path that leads to retirement at sixty-five, but after sixteen years at a corporate job, he needed something to change. Omid was looking for something new when he stumbled upon BiggerPockets and discovered the power of real estate investing. He already knew Tony since he was Sara's cousin, but it wasn’t until they found out they both followed David Greene that they realized they could be making money together. From there, they did their first deal and as the saying goes, the rest is history.Omid and Tony work well together because they complement each other’s skillsets. Where Tony is idealistic, Omid is realistic and together they reach each goal they set. Omid has been able to leave his corporate nine to five of eighteen years and increase his wealth overall—his financial wealth, social wealth, time wealth, and physical wealth. For the first time in years, he’s able to drop his kids off at school, prioritize his physical health, and travel while still making money. Omid serves as proof that we all need to stop classifying wealth as just financial and realize true wealth is about finding your freedom.In This Episode We CoverBreaking away from the traditional “American Dream” (and finding something even better)The BRRRR method and how to a find low-risk rehabHow to prepare to transition from a fixed income to a variable income How to structure a partnership and prioritize partner alignment Understanding cash flow and making the numbers work for youIdentifying a client’s need and how to create a mutually beneficial relationship and partnershipAnd So Much More!Links from the ShowAshley's InstagramTony's InstagramBiggerPocketsReal Estate Rookie Youtube ChannelReal Estate Rookie PodcastReal Estate Rookie Facebook GroupReal Estate Rookie BootcampAirbnbBiggerPockets ForumsAlpha Geek CapitalDavid Greene's BiggerPockets ProfileMonday.comWrikeRookie Reply: How Much Cash Flow Do You Need to Quit Your W2? w/Daryl ClinchDaryl Clinch's InstagramFind Money, Partners, & Deals Using The “D.A.D System” w/ Mike MichalowiczMike Michalowicz's WebsiteHospitableRod Khleif's WebsiteConnect with Omid:Omid's InstagramCheck out the full show notes here: https://biggerpocket.com/blog/rookie-183See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Brandi through Ashley’s Instagram direct messages. Brandi is asking: Our current home could give us about $260,000 in net proceeds if sold. We plan to purchase rentals with those proceeds. But, our home is in a good location with good appreciation. Should we sell our primary to buy properties or refi and make it a rental?The sell vs. refi argument is back once again! In this hot housing market, it’s no surprise that homeowners want to take advantage of their growing equity by selling their properties. But, doing so could cause you to lose one property only to have to go out and find another. Although the sell vs. refi answer is specific to each investors’ situation, there are a few quick ways you can establish which is a good move for you.Here are some suggestions:Ask “what’s going to give me a higher ROI?” and look at metrics like cash-on-cash return and return on equity (ROE)Take out a home equity line of credit (HELOC) instead of refinancing and BRRRR your next rental to pay back the loanDon’t forget to factor in future appreciation that you could miss out on by sellingDouble-check your interest rate on your primary residence (it may be too good to give up!)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 ShowReal Estate Rookie PodcastReal Estate Rookie Youtube ChannelReal Estate Rookie Facebook GroupAlpha Geek CapitalTyler Madden's BiggerPockets ProfileCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-182See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
When you think about long-distance investing, what comes to mind? People usually have reservations about investing out-of-state, but today’s guests took it a step further and invested from halfway across the world. Today’s guest, Caleb Drake, has closed on nine doors with one flip underway.Caleb was active duty military for fourteen years, and once he joined special ops he was deployed for six months at a time. During those six months, his house would sit, unused, and that’s when he saw an opportunity. Caleb decided to rent out his house through Airbnb. As a new landlord and Airbnb host, Caleb had to learn by doing, a task that was increasingly more difficult since he was self-managing from Iraq, Afghanistan, and Africa. Caleb was able to combat this challenge by building a team that could handle what he couldn’t.After a few years of investing solo, Caleb joined a partnership to expand his portfolio and increase his profit. His partner was also out of the country, so they switched off who was “on-call” and figured out how to automate their check-in and check-out processes. As the business grew, the partnership adjusted to ensure its longevity. Caleb now hopes to continue to scale his business, add to his personal portfolio, and build wealth in the background.In This Episode We CoverThe importance of building a self-sufficient team and how to do soVetting your guests/tenants and how to target your ideal tenants How to invest out-of-state or overseas and automating your check-in processesResidential loans vs. commercial loans and how to figure out which one to useHow to balance and adjust your partnership(s) as your business growsThe importance of having a real estate agent with an investor mindset, plus how to find oneAnd So Much More!Links from the ShowAshley's InstagramTony's InstagramBiggerPocketsReal Estate Rookie Youtube ChannelReal Estate Rookie PodcastReal Estate Rookie Facebook GroupReal Estate Rookie BootcampAirbnbBiggerPockets ForumsThe BiggerPockets Conference 2022IGMSAlpha Geek CapitalRentometer BiggerPockets Calculators BiggerPockets Insights Connect with Caleb:Caleb's EmailCaleb's InstagramCheck out the full show notes here: https://biggerpockets.com/blog/rookie-181See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Rodney through Tony’s Instagram direct messages. Rodney, like many investors, has been told that you need twenty percent down to buy a rental property. Rodney wants to know the best way to fund a property without breaking the bank. He's asking: Should I save for a down payment or is there a way to get a rental without the twenty percent down?It’s not uncommon for real estate investors to get into deals with far less than 20% down. But, for a beginner, this type of task can seem a bit intimidating, especially if you’re looking at your first investment property. Thankfully, the world of real estate presents investors like us with many ways to creatively fund deals!Here are some suggestions:Purchase a vacation rental using a second home loan that only requires ten percent downPitch seller financing to the seller and walk them through the tax benefits of financing the property to youPartner up with an investor who can provide the down payment on the dealSign a joint venture agreement with another investor who can split the down payment with youRemember: if you find a deal you can (probably) find the money for it!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 ShowReal Estate Rookie PodcastReal Estate Rookie Youtube ChannelBiggerPockets ForumsReal Estate Rookie Facebook Group Check the full show notes here: https://www.biggerpockets.com/blog/rookie-180See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Financial literacy is the first step to becoming a millionaire. Unfortunately, the US is a (relatively) financially illiterate country, so to become financially independent and add more zeros to your net worth, you have to self-educate. Fortunately, today’s guest has published a book and workbook that lays out exactly how to become a millionaire, even at a young age. Dan Sheeks lives and breathes all things personal finance. He has been a high school teacher for twenty years and teaches young people everything he wishes he would have known about financial literacy. He teaches a variety of different business classes, ranging from entrepreneurship to personal finance to marketing. His passion for working with young people is what inspired him to write his book, First to a Million. In this book, Dan details nineteen “freakish” phrases to get you to your first million. Throughout the book, Dan emphasizes the need to be “freakish” and be willing to do the work everyone else won’t.Besides his role as a teacher and an author, Dan is also an investor. He house hacked his first property in 2004 but he didn’t truly get into investing until he met his wife seven years ago. Together they have expanded their real estate operation and have closed on seventeen units. Dan has dedicated his life to personal finance and financial literacy so if there’s a man to learn from— it’s him.In This Episode We CoverAchieving early financial independence and the steps you need to take to get thereGood debt vs bad debt and how to use good debt to reach financial freedom How to use First to a Million and the First to a Million Workbook to reach your financial goalsThe four mechanisms of financial independence and how to implement them in your lifeNavigating all nineteen phases of First to a Million and their timelines (it’s easier than you think!)How to introduce and entice your child about the world of personal finance & financial independenceAnd So Much More!Links from the ShowAshley's InstagramTony's InstagramBiggerPocketsReal Estate Rookie Youtube ChannelReal Estate Rookie PodcastReal Estate Rookie Facebook GroupThe Real Estate Robinsons Youtube ChannelThe BiggerPockets PodcastBiggerPockets BookstoreAJ Osbourne's InstagramAllyReal Estate Rookie BootcampAirbnbTurnoverBnBBiggerPockets Forums Connect with Dan:Dan's EmailDan's BiggerPockets ProfileDan's Linkedin Dan's InstagramDan's WebsiteCheck out the full show notes here: https://biggerpockets.com/blog/rookie-179See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Jessica through Tony’s Instagram direct messages. Jessica has seen what Tony and his wife Sara have been doing while building their short-term rental empire. But, Jessica is having some doubts. She’s asking: How do you invest in real estate when the idea of debt scares you? Many new investors have this fear. If you’re buying your first property, the thought of five or six-figure debt may seem like a massive weight on your shoulders. After all, isn’t the goal to be debt-free? Fortunately for real estate investors, the answer is no. Using leverage to buy properties makes your investing far more profitable and can help you get comfortable when taking on good debt.Here are some suggestions:Scared of debt? Pay off your personal debt before you invest in rental properties Think of debt as a tool that can help you build wealth with real estate Know the difference between good debt and bad debt and how to use bothDefine your “worst-case scenario” if you’re unable to pay your rental mortgage Use the BiggerPockets Calculators to calculate your rental property profits (especially when taking on debt!) 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 ShowReal Estate Rookie PodcastReal Estate Rookie Youtube ChannelBiggerPockets ForumsReal Estate Rookie Facebook Group Real Estate Rookie Podcast in Apple PodcastIrvine CompanySam Zell's WebsiteCheck the full show notes here: https://www.biggerpockets.com/blog/rookie-178See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Someone has to step up to the plate when a challenge presents itself, and today’s guest always does. Tammy Skeath began her real estate journey in 2018, and despite being faced with several unique obstacles, she has found immense success. She currently has seventeen units and plans on expanding exponentially within the next few years.Tammy was inspired to get started after watching her cousin continue to build wealth through real estate. Her first deal was a carbon copy of one of his deals. By doing this, she learned the ins and outs while having a step-by-step real estate guide she could reference. Despite replicating his deal, she encountered various problems that made the process more difficult. The city she invested in has strict rules to protect endangered animals, and instead of investing elsewhere she decided to do more research on the issue. From her research she was able to find a unique solution and complete the project.She did this again when she bought a gang house with twenty-seven code violations. Most people would say this type of property isn’t worth the hassle, but it was for her. She was able to double her initial investment, and pull out $600,000 from this one deal. Now real estate allows her to bring in a large amount of income, reach her goals faster and still have the time to spend with her kids.In This Episode We CoverGoal setting—how to define your goal, pursue it, and pivot once you achieve itHow to become good at and capitalize on something everyone’s scared of (it’s not as hard as you think)Spec builds—how to find a contractor & ask the right questions1031 exchanges, how to perform one, and why they’re an underrated investment toolHow to use cash for keys as a tool to help you and your tenant part ways peacefullyAnd So Much More!Links from the ShowAshley's InstagramTony's InstagramBiggerPocketsReal Estate Rookie Youtube ChannelReal Estate Rookie PodcastReal Estate Rookie Facebook GroupAlpha Geek CapitalMLSYelpApartments.comStride: Mileage & Tax TrackerWave FinancialConnect with Tammy:Tammy's InstagramTammy's EmailTammy's BiggerPockets ProfileCheck out the full show notes here: https://biggerpockets.com/blog/rookie-177See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Every week, Ashley and Tony reply to a frequently asked question from the BiggerPockets community. But, this week, they’ve decided to finally answer the most asked question yet: what happened with Tony’s Shreveport deal? If you’re an avid Rookie Reply listener, you’ve probably heard Tony talk about one property that he has been trying to sell for over a year. Well, it’s finally sold, and Tony’s here to share all the details, mistakes, and numbers so you can do better on your next deal.While this wasn’t Tony’s first deal, it did provide him with a strong foundation of knowledge to pursue bigger and better real estate investments. So, if you find yourself looking for deals, or stuck with a bad deal, take some of Tony’s suggestions to heart:Avoid buying properties in flood zones unless you’ve fully calculated the cost of flood insurance Be highly selective of your property’s location and get to know the neighborhood you’re buying inHave multiple exit strategies for every property (rental, flip, BRRRR, etc.)See money spent on a deal as “real estate education” that will make you richer!Know that as an investor, you’re not going to get everything right all the timeAnd 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 ShowReal Estate Rookie PodcastReal Estate Rookie Youtube ChannelOmid's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-176See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
There are those who accept their circumstances and then there are those like today’s guests —the Donis Brothers (Jeffrey, Kenneth, and Kerwin). These three brothers have created immense success for themselves at only twenty & twenty-three years old through self-education, network building, and hard work. They’ve done seventeen wholesale deals and co-sponsored three multifamily syndications with a total of 636 units between them in a mere two years.They got their start in college when the oldest brother, Kenneth, heard about wholesaling while watching The Breakfast Club. After taking a humbling trip to Guatemala and realizing how many opportunities they had access to, they knew they had to pursue real estate. Once they decided to pursue real estate, each brother separately came to the same conclusion—college wasn’t for them. They collectively decided to focus on building their business so they could reach their ultimate goal of financial freedom and retiring their mom. They started their real estate journey with single-family homes but quickly realized multifamily properties aligned more with their goals. During their transition, it took six months of straight cold calling before they got their first deal. While working to get their first deal they also joined a mastermind and spent time expanding their network. They actively sought out people in spaces they were trying to penetrate which led them to their current mentorship program. Their ability to scale their business and network simply proves they are a force to be reckoned with. Make sure to listen closely because the Donis Brothers could be the next big thing.In This Episode We CoverHow to invest at a young age and turn being young into an advantage Networking events and how to extract true value from each one you attendCold calling, its importance, and how to effectively nurture leadsHow to make the transition from single-family to multifamily propertiesBuilding a powerful real estate network of mentors, investors, deal finders, and friendsSyndications and how to use them to broaden your investing opportunitiesBuilding a social media platform to expand your network and reachAnd So Much More!Links from the ShowAshley's InstagramTony's InstagramBiggerPocketsReal Estate Rookie Youtube ChannelReal Estate Rookie PodcastBiggerPockets BootcampThe BiggerPockets Conference 2022Max Maxwell's WebsiteMeetupEventbritePodioSubto Real EstatePropStreamListSourceBatchLeadsMojo DialerGrant Cardone's WebsiteBiggerPockets ForumsYour First Real Estate Investment PodcastIs This Deal Worth My Time? The 6 Crucial Steps to Vet a Multifamily DealThe 8 Steps That Will Stop You From Getting Burnt on Multifamily Deals w/Andrew CushmanPitchstackBar Down InvestmentsTyler CombsRare Bird Real EstateBiggerPockets Real Estate PodcastReal Estate Rookie Facebook GroupBooks Mentioned in this Show:Rich Dad Poor Dad by Robert T. KiyosakiBest Ever Apartment Syndication Book by Joe Fairless and Theo HicksConnect with The Donis Brothers:The Donis Brothers's WebsiteThe Donis Brothers's InstagramThe Donis Brothers's Facebook PageThe Donis Brothers's TwitterThe Donis Brothers's Tiktok The Donis Brothers's Youtube ChannelThe Donis Brothers's PodcastCheck out the full show notes here: https://biggerpockets.com/blog/rookie-175See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Kurt through Ashley’s Instagram direct messages. Kurt is asking: We’d like to buy a vacation property with my brother and sister-in-law. My wife and I would handle the management while my brother would bring the down payment to the table. How do we quantify each party’s contribution when dividing profit and equity in the property? Real estate partnerships can be a huge help to rookie investors, especially for those who have the experience but lack the cash to invest by themselves. It’s important to note that real estate partnerships can be set up in any way you prefer⁠—as long as both parties agree that the split is fair⁠—you have full reign of your partnership structure.Ready to partner up on a deal? Here are some suggestions:Clearly define responsibilities so that both parties are happy with the agreementHave a predetermined exit strategy for the partnership and propertyProvide interest to whoever is putting down the money and pay fees to whoever manages the propertySet limits to when partners can use the property for their personal use (if it’s a short-term rental)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 ShowReal Estate Rookie PodcastReal Estate Rookie Youtube ChannelRookie Podcast 170: Rookie Reply: ARM vs. Fixed-Rate Mortgages (Which Is Better For Cash Flow?) Check the full show notes here: https://www.biggerpockets.com/blog/rookie-174See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Investing in rental properties can be challenging at first, which is why so many investors tend to take it slow. Tyler Madden had the luxury of NOT being able to do this, and it’s worked out well in his favor. Just over a year ago, we interviewed Tyler on episode fifty-five of the Real Estate Rookie Podcast. At the time, Tyler was an “accidental landlord”, but a lot has changed since then.Tyler found himself in the position to purchase seven units, a mere $1,000,000 or so in real estate, right as his wife was due to deliver their first-born child. While he didn’t necessarily want to handle a full rehab of so many units, he took a “why not?” approach and found a way to make both properties work. Through a lot of sweat equity, Tyler was able to rehab, rent, and refinance these units and come out with a crazy amount of monthly cash flow!If you want to expand your real estate portfolio as Tyler did, listen to this episode intently. Tyler dives deep into the numbers, work, and lessons he learned along the way as he turned seven underperforming rental units into a portfolio any investor would dream of!In This Episode We CoverRelying on data vs. emotions when buying your first rental propertyWhether or not now is the right time to buy real estate What’s impacting today’s housing market and using uncertainty to your advantageThe best investing moves to make if a recession (or crash) is on the horizonWhat rookies should look for in a real estate investing market Buying real estate with a long-term outlook (so you can handle the dips!)And So Much More!Links from the ShowAshley's InstagramTony's InstagramBiggerPocketsReal Estate Rookie Youtube ChannelReal Estate Rookie PodcastRookie Podcast 55: Combining House Hacking and Live in Flips with Tyler MaddenAirbnbAsanaMonday.comBiggerPockets BootcampZoomConnect with TylerTyler's InstagramTyler's WebsiteCheck out the full show notes here: https://biggerpockets.com/blog/rookie-173See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Today’s episode is all about understanding yourself. Nick Baumgart, an Enneagram expert, explains how to use the information from the Enneagram in your everyday life. The Enneagram test is used as a way to understand your emotional habits. Unlike other popular personality tests, the Enneagram focuses less on what you do and more on who you are.The test breaks down your motivations into three parts: fear, body, and mind. When you truly understand what motivates you, you're able to see why you act the way you do and can start taking steps to fix any destructive behaviors. This knowledge also goes a long way when interacting with other people. This test is ideal for teams because instead of putting yourself in their shoes and still looking at problems from your perspective you can “understand them in their shoes." Nick talks about how powerful of a tool this test is and how it could have changed his life if he had found it earlier, so do yourself a favor and let this test change your life today!Links from the ShowAshley's InstagramTony's InstagramTyler Madden's BiggerPockets ProfileThe Myers Briggs CompanyThe Narrative EnneagramTony Robbins' Profile DISC Assessment Check the full show notes here: https://www.biggerpockets.com/blog/rookie-172See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
The 2022 housing market is off to a wild start. We’ve seen home inventory at decade lows, interest rates have finally started to rise, and more homebuyers are looking at fewer houses. As a real estate investor, it can be tough to navigate a market like this, especially when you’ve never bought a rental property before. What you need is data behind the decision making, and today, we’ve got just that!Joining us today is Dave Meyer (@thedatadeli), VP of Data and Analytics at BiggerPockets, and host of the brand new podcast, On The Market. Dave has spent the last decade analyzing real estate data so he and the BiggerPockets community as a whole can invest smarter. Today, Dave dives deep into the most pressing matters of the real estate market, ranging from topics like interest rates, to housing crash indicators, determining the best rental market, and more.If you want to hear a high-level update on everything happening within the world of real estate investing, plus some predictions for this year’s housing market, stick around! Dave will give you all the analytics-based insight you need!In This Episode We CoverRelying on data vs. emotions when buying your first rental propertyWhether or not now is the right time to buy real estate What’s impacting today’s housing market and using uncertainty to your advantageThe best investing moves to make if a recession (or crash) is on the horizonWhat rookies should look for in a real estate investing market Buying real estate with a long-term outlook (so you can handle the dips!)And So Much More!Links from the ShowAshley's InstagramTony's InstagramScott Trench's BiggerPockets Profile Josh Dorkin's BiggerPockets ProfileJames Dainard's BiggerPockets ProfileBrandon Turner's BiggerPockets ProfileHenry Washington's BiggerPockets ProfileKathy Fettke's BiggerPockets ProfileDavid Greene's BiggerPockets ProfileJamil Damji's LinkedIn ProfileDaryl's instagramReal Estate Rookie Facebook GroupBiggerPocketsBiggerPockets ForumsReal Estate Rookie Youtube ChannelThe Rookie InvestorReal Estate Rookie PodcastBiggerPockets BlogAJ Osborne PodcastRedfinFREDBiggerPockets Rent EstimatorFundRiseStop Waiting for a Housing Crash (Do This Instead)Connect with DaveOn The MarketDave's InstagramCheck out the full show notes here: https://biggerpockets.com/blog/rookie-171See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week’s question comes from Channa through Ashley’s Instagram direct messages. Channa is asking: I have three rental properties and am looking to refinance them all. Should I do an adjustable-rate portfolio loan on all three or do separate fixed-rate loans on each property? As real estate investors, we tend to have many different options when financing rental properties. Some, like adjustable-rate mortgages (ARMs), may come with lower closing costs and slightly lower interest rates, while fixed-rate mortgages have slightly higher interest rates but boast the added security of long-term financing for a property or properties. While both have definitive pros and cons, the implications of both types of loans must be understood before you reach the closing table.Here are some suggestions when making the choice:Understand your long-term strategy for the property and which loan works for which exit strategyRun an amortization schedule on both loans to see the difference in your monthly paymentIf you decide to go with an ARM, make sure you know what you’ll do once your low-interest rate endsCalculate total closing costs to see if you have the reserves ready to go through with each loanAnd 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 ShowReal Estate Rookie PodcastThe BiggerPockets Money Podcast Check the full show notes here: https://www.biggerpockets.com/blog/rookie-170See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Stacey Stegenga wasn’t always a landlord, she was a nurse. But not just any nurse, Stacey was a flight nurse, helping transport military patients across the US. When she stepped away from flight-nursing, she picked up travel nursing, moving around the US for months at a time to provide medical care wherever needed. She finally ended up in Denver, where her pay was cut in half and her expenses saw a drastic boost.This was a massive change for Stacey. She wasn’t the best at budgeting and knew she needed more income. After stumbling upon the book Set for Life, by our own Scott Trench, she knew that the most logical conclusion to fix her financial troubles was saving, house hacking, and real estate investing. But at the age of thirty-three, Stacey questioned whether or not she was too late to get in on the cash-flowing action.After educating herself intensely, she took the risk and jumped into real estate. Stacey was able to build a seven-unit portfolio in just two years! She’s tried her hand at out-of-state investing, raising private capital, partnering on deals, and mid-term rentals, all of which have worked out generously in her favor. She shares the exact steps she took to build her portfolio as fast as she did, so you can do the same! In This Episode We CoverFixing your personal finances before trying to invest in real estate Building a “financial runway” that allows you to buy properties, stress-free In-state investing vs. out-of-state investing and the best choice for those in pricey marketsScaling your real estate portfolio using cash offers (even if you don’t have the money)Using mid-term rentals as a way to keep rent stability while boosting your profit The risk vs. reward of buying properties sight unseen when investing out of stateAnd So Much More!Links from the ShowAshley's InstagramTony's InstagramScott Trench's BiggerPockets Profile Tyler Madden's BiggerPockets ProfileReal Estate Rookie Facebook GroupBiggerPocketsBiggerPockets ForumsBiggerPockets BootcampReal Estate Rookie Youtube ChannelMLSThe War RoomPropStreamDirectSkipBatchLeadsAppfolioConnect with StaceyStacey's InstagramCheck out the full show notes here: https://biggerpockets.com/blog/rookie-169See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
How much cash flow do you need to quit your day job and go full-time into real estate investing? You may have a big number in your head when we ask that. Maybe you’re thinking of replacing a six-figure salary with six-figure cash flow, but that's probably far from what you truly need to quit. In fact, you can quit with a lot less cash flow than what you’re being paid today!Joining us again is Daryl Clinch, who recently went full-time into real estate investing with his mentor and partner, Ashley Kehr. Daryl transitioned from seasonal employment to full-time investor after working at his job for sixteen years and deciding he needed a change. In today’s show, Daryl breaks down exactly how he prepared to quit, the cash savings he had, and the surprising amount of cash flow that allowed him to achieve occupation-independence!Looking to do the same as Daryl? Here are some suggestions:Find a mentor who can fast-track your knowledge and learn from themPartner up on deals with other investors and provide value whenever possibleCalculate your true cost of living to find your minimum cash flow to quit Keep a strong safety reserve so you can focus on getting deals (not paying bills!)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 ShowRookie Podcast 164: Rookie Reply: How Do I Escape My 9-5 with Real Estate Investing?Real Estate Rookie Facebook GrouRookie Podcast 147: 13 Flips as a Full-Time Flight Mechanic and Part-Time Lender w/ Anthony MichaelReal Estate Rookie PodcastDaryl's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-168See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
As a dreamer and life-long learner, Hashim Ismail makes it a goal to push himself. Hashim officially started his real estate investing journey eleven months ago but began learning about real estate just two years ago. He dealt with analysis paralysis, but after making a goal to start in 2021, he decided to jump in with both feet. Through hard work, dedication, and optimism, Hashim has closed on seven properties in eleven months.Since Hashim invests out-of-state he dealt with a whole new set of obstacles apart from the usual challenges new investors face. He combatted this by using the BiggerPockets forums to learn and network as much as possible. Hashim used keyword research on the site to find and connect with key players in the Memphis market. Through the new connections he made, Hashim educated himself on the area, without having to physically visit! Investing out-of-state can be risky within itself, so Hashim has created a series of processes to mitigate risk as much as possible. While redundancy is a large part of his process to reduce and catch errors, Hashim has found immense success simply by stepping out of his comfort zone.In This Episode We CoverAnalysis paralysis and how to use goal-setting to overcome itHow to use the BiggerPockets Forums to build your investor networkOut-of-state investing and how to penetrate a market you know nothing aboutUsing processes to mitigate risk and how to make a repeatable investing systemDesk appraisals and why they’re worth every pennyHow to approach networking and get the most out of every interactionAnd So Much More!Links from the ShowAshley's InstagramTony's InstagramTyler Madden BiggerPockets ProfileReal Estate Rookie Facebook GroupBiggerPocketsBiggerPockets ConferenceBiggerPockets ForumsFacebook Business AdsReal Estate Rookie PodcastBiggerPockets Investment Calculators BiggerPockets BootcampFixated On Real EstateCardone CapitalGrant CardoneGoogle MapsZillow RedfinStarbucksWalmartJames' InstagramJames' Youtube ChannelRookie Podcast 165: A Step-by-Step Guide to Estimating Rehab Costs w/ Master Flipper & Investor James Dainard (Part 1)Rookie Podcast 166: Finding Contractors, Renovation Red Flags, and Estimating Rehab Costs (Part 2) w/ James DainardStessaInstagramRentometerConnect with HashimHashim's Linkedin ProfileCheck out the full show notes here: https://biggerpockets.com/blog/rookie-167See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Welcome to part two of a rehab estimation masterclass with real estate mogul James Dainard! As mentioned in part one, James has created a multi-level brokerage where he has been involved in 3,000 transactions. His excess experience has allowed him to create an almost scientific process for his flips. In today’s podcast, James builds off part one and gives you a step-by-step guide on how to emulate the process that has given him his success.James goes over what and who to bring when visiting a property, closing on a property, writing a contractor contract, and finalizing a project to perfection. Each process includes tedious details that may seem daunting at first, but as the saying goes, the devil is in the details. While the initial steps may seem meticulous, once you begin making the process repeatable and do it continuously, it's second nature. James perfected his flipping and renovation processes through trial and error, and if you listen closely you can avoid commonly made mistakes and have an advantage over most new investors. To be the best you have to learn from the best—so listen closely!Links from the ShowAshley's InstagramTony's InstagramBiggerPocketsReal Estate Rookie PodcastRookie Podcast 165: A Step-by-Step Guide to Estimating Rehab Costs w/ Master Flipper & Investor James Dainard (Part 1)Biggest Red Flags When Buying a House (Flips and Rentals)AppleBiggerPockets Youtube ChannelBiggerPocketsLuxury Farmhouse Flip | Breakdown Walkthrough - w/ Ashley Kehr Check out the full show notes here: https://biggerpockets.com/blog/rookie-166See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Comments (18)

Jenniferann Rieger

it's hard to hear Tony.

Nov 18th
Reply

Gus

Exactly 45% of this episode is advertisements. Content begins at 3:50

Sep 25th
Reply

Jayclay Mac

I absolutely love this podcast cast and this episode is so valuable. It answers the question I cannot get away from; I love Real Estate... and working with people!

Jun 5th
Reply

Jordyn Moreno

it's a buyer rep agreement

Feb 4th
Reply (1)

Ryan Copeland

Asana - I have to look up that project management tool

Dec 17th
Reply

Joseph O'kray

This dude just admitted to fraud

Nov 4th
Reply

Krystyan

Great Podcast

Oct 25th
Reply

Braan Anderson

can you explain what counting meters does?

Oct 5th
Reply (1)

Nameuser

recession proof real estate investing

Aug 27th
Reply

Nameuser

nvm he has a book lmao

Aug 27th
Reply

Nameuser

anyone that knows when a recession starts and ends either trying to sell something or just delusional. Great to know that! should I get a econmic degree?

Aug 27th
Reply

David D Carroll

Another fantastic podcast. I'm still househacking as my first deal.

Jun 4th
Reply

David D Carroll

Great explanation of when balloon payments are useful. Thanks!

Apr 16th
Reply

John Rice

love the channel appreciate you guys so much. I have a question about flipping. when your planning out your renovations and additions how do you estimate or appraise how much equity you'll create or how much profit you'll achieve?

Apr 4th
Reply (1)

Rick Doctor

I am super excited for this show. Can't wait!

Mar 4th
Reply
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