Real Estate Rookie

Not quite ready to invest in real estate? Maybe you’re still getting your finances in check or saving for a bigger down payment. In any case, don’t sit on your hands! While you wait, there are plenty of things you can do to become a more knowledgeable investor and prepare for your first deal! Welcome back to another Rookie Reply! Today’s episode is jam-packed with essential tips for those who are just starting out. First, what market should you invest in? Ashley and Tony will show you how to identify up-and-coming neighborhoods before they explode! Most investors will also need to furnish a short-term rental or renovate a distressed property at some point in their journey. We’ll show you a hack that could help you save thousands of dollars when buying materials, furniture, and décor. At what point should you hire a bookkeeper? Can you manage your own books? Tune in for a few real estate accounting tips! Looking to invest? Need answers? Ask your question on the BiggerPockets Forums! In This Episode We Cover What EVERY rookie must learn before investing in real estate How to save thousands of dollars when furnishing (or renovating) your rentals When to hire a bookkeeper for your real estate business (and how to do it yourself!) How to analyze a market and niche down on up-and-coming neighborhoods Required reading for new investors (and the best skills to learn!) And So Much More! (00:00) Intro (00:49) Do I Need a Bookkeeper? (06:43) Finding Up-and-Coming Neighborhoods (12:48) The BEST Way to Fund Your Projects (20:48) What to Know BEFORE You Invest (30:18) Send Us Your Question! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-437 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Owning rentals could help you become financially free, afford you more time with family, and allow you to travel the world. Whether you’re stuck in a career you dislike or you need a more flexible job, you’re about to learn that real estate investing could be your golden ticket!   Welcome back to the Real Estate Rookie podcast! Despite earning six-figure salaries as engineers, Emily Love and her husband were stressed, exhausted, and dissatisfied at their nine-to-five jobs. So, with the goal of one day trading their W2s for financial freedom, they set out to buy their first rental property. Little did they know that ONE deal would quickly snowball into a real estate portfolio with twelve doors—allowing them to leave their engineering careers behind and replace their income with a concoction of cash flow from rentals, co-hosting, and consulting!   Do you dream of leaving your job and becoming a full-time real estate investor? You won’t want to miss this episode! Emily shares how she reverse-engineered her cost-of-living number to set clear investing goals, used the profits from her first property to build her portfolio, and created multiple streams of income in her real estate business! In This Episode We Cover How Emily and her husband replaced TWO six-figure salaries with real estate Why your FIRST real estate deal is so important for achieving your investing goals How to scale a portfolio that allows you to leave your nine-to-five job Reverse-engineering your cost-of-living figure to find your investing strategy How to start (and scale!) your own co-hosting business from scratch The BEST ways to find high-quality contractors for your renovation projects How to extract multiple income streams from your real estate business And So Much More! (00:00) Intro (00:48) Life Before Real Estate (07:31) Current Portfolio & First Deal (15:16) “Snowballing” with Rentals (21:28) Leaving Her W2 Job (26:58) Creating Other Income Streams (34:59) How to Start Today! (36:54) Connect with Emily! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-436 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

If you’re holding out for the “perfect” deal, you’ll always be on the sidelines. Today’s guests weren’t afraid to take on a challenge with their first rental property, and it paid HUGE dividends. Not even an expensive market or extensive rehab could stop them from making money and reaching their investing goals!   Welcome back to the Real Estate Rookie podcast! Noreen and Derek Eddy are a real estate investing power couple who took a big risk with their first deal—a distressed, multifamily property that had recently been foreclosed on. To make matters worse, they were forced to turn their renovation project into a live-in flip once their contractor didn’t hold up his end of the bargain. Rather than straining their relationship, this DIY project brought them closer together, and today, the property’s revenue covers most of their mortgage!   In this episode, you’ll learn all about the low-money-down loan you can use to finance your property and renovation costs, as well as a lesser-known strategy you can use to find rare deals in a competitive market. Finally, Noreen and Derek will offer advice on dealing with tenants and how to get along while living under the same roof! In This Episode We Cover Whether you should buy a multifamily property as your FIRST investment 203(k) loans explained, their pros and cons, and when to get one How to cover your mortgage using the house hacking strategy Finding rare deals outside of the multiple listings service (MLS) How to become a landlord and what to include in your lease agreements Why tenant placement is the KEY to a successful house hack And So Much More! (00:00) Intro (00:53) Finding a RARE First Deal (13:07) 203(k) Loans Explained (18:28) Investing with Your Spouse (20:46) Numbers on the Property (25:29) House Hacking with Tenants (32:38) 2AM Police Visits!? (39:11) What’s Next for the Eddys? (42:43) Connect with Noreen & Derek! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-435 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Home renovation projects aren’t cheap, and it’s easy to let your budget spiral out of control if you’re not careful. Fortunately, we have several tips, tricks, and hacks that will help you save a fortune on your rehabs—from finding deals on materials to an investor hack that gives you money back every time you place an order!   Welcome back to another Rookie Reply! Are you investing out-of-state? We’ll show you how to find, vet, and manage contractors from miles away in today’s episode. Not sure if you’re ready to buy your next rental property? In this episode, we’ll break down a listener’s financials and help them (and you!) make the right choice. But that’s not all. Perhaps you’ve thought about renting by the room to help cover your mortgage but don’t know whether house hacking is for you. Make sure you listen to Ashley and Tony’s advice before diving in! Looking to invest? Need answers? Ask your question on the BiggerPockets Forums! In This Episode We Cover The BEST places to find materials for your home renovation projects How to save money on material orders with THIS investor hack When to buy your NEXT property (and why you always need an exit strategy!) How to find, vet, and manage contractors when investing out-of-state What you MUST know before using the rent-by-the-room investing strategy And So Much More! (00:00) Intro (01:01) Rent-By-The-Room Strategy (08:30) BEST Places to Buy Materials (16:35) Should I Buy Another Property? (21:39) Managing Contractors Remotely (34:32) Send Us Your Question! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-434 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Starting a real estate business is one of the best ways to achieve financial freedom, replace your W2 income, and leave your nine-to-five. Why? Because you don’t need a ton of money OR a rental property to get started. Today’s guest built a million-dollar business with just $150, and in this episode, she provides the blueprint for you to do the same!   Brittany Hailey and her husband were living in an expensive market and working low-paying jobs when they were introduced to short-term rentals. They eagerly bought a house and turned their mother-in-law suite into an Airbnb, and right off the bat, this tiny rental skyrocketed to the top of the listings and covered 100% of their monthly mortgage payment. With proof of concept, Brittany decided to launch her own management side hustle with just $150. Little did she know that this fledgling business would soon allow her to quit her W2 job and bring in over $1,000,000 in annual revenue!   Ready to launch your own profitable real estate business from scratch, just like Brittany did? Tune in as she shows you how to start a vacation rental management company with little to no money and scale it into a wealth-building machine. Along the way, you’ll learn which services to offer, how to compete with national brands, and how to keep homeowners and guests happy! In This Episode We Cover How Brittany started a real estate business with $150 (and grew it to over $1,000,000!) Covering your entire mortgage payment by converting extra space into rentals How to create multiple streams of income within your real estate business The FIRST hire you should make when building your real estate team The advantages small businesses have over national vacation rental brands How to keep homeowners and guests happy when managing a short-term rental And So Much More! Links from the Show Join BiggerPockets for FREE  Join the Real Estate Rookie Facebook Group Find Investor-Friendly Lenders Property Manager Finder See Tony and Ashley at BPCON2024 in Cancun! Grab Your Copy of “Short-Term Rental, Long-Term Wealth” Real Estate Rookie - Episode 373: Wiping Out $130K of Debt in ONE Year With THIS “Steady” Real Estate Business with Nicole Rutherford (00:00) Intro (00:48) Launching Her Airbnb (05:22) Leaving Her Nine-to-Five (12:41) Vacation Rental Management 101 (18:44) What Services Should You Offer? (23:30) Competing with National Brands (26:19) Creating Multiple Income Streams (35:12) How to Build Your Team (40:52) Over $1 Million in Revenue?! (44:12) Connect with Brittany! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-433 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Anyone can buy rentals, whether you have some money to deploy or very little to your name. With seemingly everything working against her, today’s guest managed to buy not one, not two, but THREE properties to support her and her daughter on their journey to financial freedom! Welcome back to the Real Estate Rookie podcast! Bella and River are a mother-daughter investing duo who, just a few years ago, were facing dire circumstances. In a short amount of time, Bella lost her eyesight, foreclosed on her home, and went through a divorce—leaving her with low income and no immediate way to increase it. But when a family member introduced her to real estate investing and brought her a deal, she jumped at the opportunity. Today, this duo has a small portfolio of three rental properties and five doors! In this episode, you’ll hear about the unique strategies Bella and River are using to choose their markets, vet contractors, screen tenants, complete home renovations, and manage their portfolio. Stick around until the end to hear how they plan to take down their next property, a short-term rental in Indiana, and achieve financial freedom within the next five years! In This Episode We Cover How THIS investing duo built a small real estate portfolio from scratch Putting no money down on an investment property with seller financing Creative strategies for vetting contractors and screening tenants What to do when a rental property isn’t projected to cash flow How to assemble and manage a team when investing out-of-state How Bella and River are on track to reach financial freedom in FIVE years And So Much More! Links from the Show Join BiggerPockets for FREE  Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder See Tony and Ashley at BPCON2024 in Cancun! Real Estate Rookie – Episode 415: $9K/Month Cash Flow, Scaling FAST, & Saving Thousands in Taxes by Doing THIS w/Riley McFarland Buy the Book on Medium-Term Rentals, “30-Day Stay” 00:00 Intro 00:41 Losing Her Health, Home, & Marriage 04:15 Discovering Real Estate 10:43 Current Portfolio & FIRST Deal 17:32 Building Teams (Out-of-State!) 22:54 Finding New Markets 29:04 How to Vet a Contractor 33:54 How to Vet a Contractor 35:21 Connect with Bella & River! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-432 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Buying a house is a HUGE decision, whether you’re an experienced investor or a first-time homebuyer. The last thing you want is to get in over your head with a property you can’t afford. In this Rookie Reply, Ashley and Tony are going help one of our listeners crunch the numbers and point them in the right direction! Dealing with tenants can be difficult, especially as a new landlord. What should you do when your tenant wants to make repairs or changes to their unit? How should you react when a tenant wrongly accuses you of something? The truth is that landlord-tenant relationships are tricky to navigate, but in today’s episode, we’ll lay out a game plan for managing conflict. Finally, we’ll discuss an issue you might encounter with your short-term rentals. When should you cancel an Airbnb reservation and issue a refund to your guest? Stick around to find out! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover Whether you should buy a house before paying off debt How to determine whether you can actually afford a property before you buy How to negotiate rental property repairs with your tenants When you should cancel an Airbnb stay (and refund your guest!) The BEST strategies for managing conflict with your tenants And So Much More! (00:00) Intro (00:56) Negotiating Repairs with Tenants (06:49) I’m Being Accused of Theft!? (13:10) Can I Afford This House? (20:10) Canceling an Airbnb Stay (32:11) Send Us Your Question! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-431 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

You get a call one day from the fire department, telling you, “You’ve had a house fire that’s destroyed your rental property.” What do you do first? Check on the tenants, call the insurance company, or start thinking of ways to financially recover? Your tenant has lost all their belongings; you’ve lost an investment you worked hard to acquire. If everyone is safe, what’s the next step you should take? Or, a more important question: what would you have wished you knew BEFORE this happened? If you think the elite investors at BiggerPockets are immune to these tragedies, you’re wrong. BiggerPockets CFO Aaron Sallade was in this exact position earlier this year when he got a phone call no one wants to receive. His property was destroyed, but thankfully, his tenant walked away unscathed. He now needed to go through the next steps: submitting insurance claims, getting restoration quotes, and, if he chose to do so, selling the property. Aaron shares the entire timeline from the rental burning down to reaching out to insurance, getting restoration quotes, and eventually deciding what to do with the property. He even dives into what he wishes he had known BEFORE this tragic event, and not hearing his advice could cost you! In This Episode We Cover What to do when a tenant accidentally burns down your rental property  Why you MUST require renters insurance on every property in your portfolio  Filing rental property insurance claims and how long it’ll take to get paid for the damages  Rebuilding vs. selling and whether it’s worth the time to renovate a burnt-down home The rarely discussed “1033 exchange” that can help you during a tragic event like a house fire  The two things you NEED before you can get reimbursed from your insurance company And So Much More! (00:00) Intro (01:05) First Rental Property Numbers  (03:55) "Your House Was Destroyed"  (06:49) Getting the Tenant Settled  (09:10) Working with Insurance  (13:15) Restoration Timeline and Insurance Payout (14:47) What to Know BEFORE This Happens (18:53) Rebuild or Sell? (22:52) Other Options to Sell (26:46) Final Numbers On the Rental (28:32) Insurance Rate Changes  (30:50) Worst Case Scenario Resolved!  Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-430 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Harnessing the power of data gives you an enormous advantage in your real estate investing journey, allowing you to discover up-and-coming markets or find deals that are flying under the radar. While crunching the numbers might seem like hard work, there are all kinds of software, tools, and templates to lighten the load!   Welcome back to the Real Estate Rookie podcast! Today, data scientist Ariel Herrera returns to the show to offer more advice for investors who want to find the next BIG market (before it takes off!) and source better real estate deals. Whether you’re just getting started or already have a few rental properties under your belt, this episode is brimming with helpful tips—from niching down to specific neighborhoods to using artificial intelligence (AI) tools for EASY market research!   Tune in to learn which data points are most important when choosing a market and how to use “census tracts” to make an informed decision. You’ll also learn about the three biggest competitive edges you can gain in real estate (even as a complete rookie!). But that’s not all. Ariel will even show you how to craft a “map” of up-and-coming areas that best align with your investing strategy, long-term goals, and personal preferences! In This Episode We Cover The MOST important data points to consider when choosing your market Why census tracts are your “secret weapon” for neighborhood analysis Harnessing the power of artificial intelligence (AI) to streamline market research How to create a “map” that helps you identify up-and-coming areas to invest How to leverage data science and automation to find better real estate deals And So Much More! (00:00) Intro (01:26) 3 Ways to Gain a Competitive Edge (10:15) Which Data Points Are Important? (17:31) Strategy-Dependent Data (20:14) Other Crucial Data Points (26:15) Building Your Investing “Map” (31:41) Using Market Data to Find Deals (35:09) Connect with Ariel! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-429 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Most investors buy rental properties for cash flow, and the fear of losing money keeps many rookies on the sidelines. How can you be certain that you’re going to make a profit before you buy? Today, Ashley and Tony will show you how to do your due diligence so you don’t get stuck with a problematic property! Welcome to another Rookie Reply! Property expenses are a necessary evil of real estate investing, but in this episode, we’ll show you how to stop these costs from ruining your cash flow. But that’s not all. We also offer tips for managing rehab projects and staying on budget, from building a detailed scope of work to implementing tools and software that will help you stay organized throughout your project. Should you list your rental property online? We discuss the benefits of creating a Google Business profile, and finally, we settle the great debate between paying cash for a property and taking out a mortgage! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). Support Today's Show Sponsor, Hospitable! In This Episode We Cover How to ensure a deal will cash flow before buying the property Building a scope of work (step-by-step) and tools to keep your rehab project on track The pros and cons of paying cash for a property versus getting a mortgage How to get your rental property to show up on Google Maps Why you NEED to create a Google Business profile for your Airbnb How to prevent capital expenditure (CapEx) from eating into your cash flow And So Much More! (00:00) Intro (01:25) Will My Deal Cash Flow? (08:17) How to Manage a Rehab Project (17:14) Listing Your Property on Google (26:04) Paying Cash vs. Getting a Mortgage (37:12) Send Us Your Question! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-428 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Do you have a cash flow problem? Maybe property management fees are setting you back, or you’re spending too much on repairs and maintenance. Today, we’re bringing you a powerful solution that will not only solve your cash flow problems but also help you scale your portfolio faster than you ever thought possible!   Welcome back to the Real Estate Rookie podcast! Jenn and Joe Delle Fave were content with buying one rental per year, an impressive feat for any rookie investor. But then they discovered an investing strategy that gave them even more buying power and the ability to take down several deals each year. Since pivoting to this business model, they spend less time managing their properties, enjoy three different types of cash flow, and help renters become homeowners in the process!   In this episode, Jenn and Joe will tell you everything you need to know about the rent-to-own strategy and how to get started without buying any new rentals. Along the way, you’ll learn about building your buy-box, finding and screening high-quality tenant-buyers, and creating option and lease agreements. They will even walk you through one of their deals and share some potential rent-to-own pitfalls to avoid! In This Episode We Cover The most “passive” way to get MORE cash flow from your rentals The three types of cash flow that come with rent-to-own homes Why the rent-to-own strategy is the easiest way to scale your portfolio How to build your rent-to-own buy box and find high-quality tenant-buyers The two agreements you NEED when placing a new tenant-buyer And So Much More! (00:00) Intro (01:05) What Is Rent-to-Own? (08:34) THREE Types of Cash Flow?! (16:58) Lease & Option Agreements (26:00) The Renter's Path to Homeownership (33:34) Getting Started & Common Pitfalls (38:58) Where to Find Tenant-Buyers (44:32) Connect with Jenn & Joe! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-427 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Do you dream of becoming a full-time real estate investor? Having the financial stability to leave your W2 job might seem like an eternity away, but if you start investing now, it doesn’t have to take as long as you think. Just ask today’s guest, who was able to achieve financial freedom in just THREE years!   Welcome back to the Real Estate Rookie podcast! Jayson Ewert spent six years in the U.S. Army before realizing he didn’t want to be a military man forever. While renting a house with a few friends, he was amazed by how well his landlord was doing and wondered whether real estate investing might be an option for him. Before long, Jayson had read Rich Dad Poor Dad cover to cover and was determined to start buying small multifamily properties. Six deals later, Jayson has completely replaced his W2 income, allowing him to commit his time and energy to managing his portfolio and finding more deals!   In this episode, Jayson dives into house hacking, an investing strategy he uses to help cover his living expenses. He also shares some of his biggest lessons learned, including what he wishes he had known before dealing with vacancies, evictions, and other unforeseen expenses. If you have an Airbnb, you won’t want to miss the pro tip that will ensure you stay competitive! In This Episode We Cover How to become a full-time real estate investor (and finally leave your W2 job!) Covering your mortgage payment and living expenses by house hacking What you must do each month to make sure your Airbnb stands out How to squeeze MORE cash flow from your portfolio with short-term rentals What you can do today to prepare for vacancies, evictions, and major repairs Why choosing the “right market” isn’t as important as you probably think And So Much More! (00:00) Intro (00:50) Life Before Real Estate (07:29) Jayson’s Portfolio & FIRST Deal (12:36) Becoming a Full-Time Investor (16:49) Costly Vacancies & Evictions (25:00) Managing His Portfolio (27:52) House Hacking 101 (34:38) $20K/Year from ONE Rental! (39:34) Connect with Jayson! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-426 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

You’re working hard to build generational wealth. But have you thought about a succession plan for your growing real estate portfolio? Today, we’re going to show you several ways to create a better life for your children while reinforcing the values of hard work, sacrifice, and entrepreneurship!   Welcome back to another Rookie Reply! Want to get more Airbnb bookings? In today’s episode, we’ll show you how to choose short-term rental amenities that will improve your bottom line. We also dive into seller financing and how to make your lender whole if you need to sell the property. We even discuss a unique type of real estate business that allows you to make a huge profit without owning any property. Finally, should you ever buy rental property if it won’t cash flow on day one? Stay tuned to find out! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover How to create generational wealth through real estate and pass it down to your children A “unique” real estate business that lets you make money without owning rentals How to choose amenities that will help you get MORE Airbnb bookings Whether you should ever buy a rental property that won’t cash flow right away Seller financing explained and how to make your lender whole if you sell a property And So Much More! (00:00) Intro (00:44) Passing Down Generational Wealth (10:05) Choosing Airbnb Amenities (15:28) Seller Financing 101 (19:33) Making Money Without Rentals (26:49) Does It NEED to Cash Flow? (32:42) Send Us Your Question! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-425 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

If you want higher rents, more cash flow, and fewer hiccups, you DON’T need to buy more rental properties. You need better systems and processes. By implementing tactics, strategies, and procedures he learned from the military, today’s guest has achieved enormous success in his real estate business and is going to show YOU how to do the same! Welcome back to the Real Estate Rookie podcast! Angel Garcia has a modest real estate portfolio of five properties and is in no hurry to buy more. Meanwhile, he has managed to optimize each one of his units for the highest possible rent, cash flow, and appreciation. His secret? Taking the knowledge he has learned as a lieutenant colonel in the U.S. Army and applying it to real estate investing. With standards and protocols for every scenario and a team that is always dialed in, Angel’s business runs on autopilot! Whether you’re still trying to pin down your investing strategy or looking to stabilize your portfolio with better systems, you don’t want to miss out on this episode! Angel equips you with all of the know-how, tools, and resources you might need to get the most out of your portfolio, regardless of how many rentals you own. Apply Angel’s five “tactical” tips and watch your business take off! In This Episode We Cover How to improve your real estate portfolio for higher rents and better cash flow The one thing you MUST do before buying more rental properties “Battle drills,” “battle rhythms,” and other “tactical” tips for running your business Must-have systems and processes for out-of-state investing How to create effective standard operating procedures (SOPs) for your business And So Much More! (00:00) Intro (00:57) Stabilizing His Portfolio (08:19) Must-Have Systems & Processes (18:00) “Battle Drills” & PACE Plans (27:50) “Battle Rhythms” & SOPs  (42:26) Executing the Mission! (46:20) Connect with Angel! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-424 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

You DON’T need a ton of money to find and fund real estate deals. Despite earning just $15,000 per year, today’s guest found the perfect property for him and scrounged the money to close. If you’re willing to learn, network, and put yourself out there, you can do the same!   Todd Fullerlove Jr. had recently graduated college, gotten married, and welcomed his first child when the reality of starting a family hit him like a ton of bricks. Living paycheck to paycheck, his little family was forced to move in with his mom. Todd knew something had to change and decided to give real estate investing a try. The only problem? He had no money! Fortunately, Todd had learned that you don’t need to be sitting on a pile of cash to get started. So, Todd did what every smart investor does—he found the deal first! From there, he built relationships and raised capital. Just by taking action, Todd has completed five deals in five years!   In this episode, Todd will show you how to find and fund off-market deals through the power of private money. You’ll also get a full breakdown of the short sale process, from working with banks to navigating home appraisals and broker price opinions (BPOs). Stick around until the end to hear about the loan Todd used to buy his first rental property with low money down! In This Episode We Cover How Todd went from making $15,000 per year to landing five real estate deals How to get 100% funding for your deals through the power of private money Short sales explained and why banks are motivated to work with you What you NEED to know before tackling DIY home renovation projects The BIG difference between a home appraisal and a broker price opinion (BPO) Buying rental properties with low money down using USDA loans And So Much More! (00:00) Intro (01:02) Making $15K/Year?! (07:36) Finding His First Deal (13:30) How to Find Private Money (22:10) Structuring a Private Money Deal (26:40) DIY Home Renovations (32:49) Buying Rentals & Todd’s Portfolio (39:45) Connect with Todd! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-423 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

You have home renovations in the pipeline…but who’s going to manage them? Do you need the expertise of a general contractor, or can you manage tradespeople yourself? With so much at stake, including your budget and timeline, we’re here to help you make the right choice!   Welcome back to another Rookie Reply! In today’s episode, we’re bringing you expert tips to help with your renovations, from hiring general contractors to structuring agreements and more. We also talk about what to do when you’ve got around $100,000. Between house hacking, flipping houses, the BRRRR method, and other tactics, the sheer number of options can seem overwhelming. But not to worry—we’ll point you in the right direction! Feel like it’s too late to invest? We’ve got some expert investing strategies to share, even for a late starter. Finally, we discuss some creative ways to buy rental properties, including seller financing, DSCR loans, and more! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover Hiring a general contractor versus self-managing your home renovations How to choose your investing strategy (for new investors and late starters!) Three types of general contractors (and which one to hire for YOUR project) How to structure a general contractor agreement (and what to include) Creative ways to buy rental properties with a high debt-to-income (DTI) ratio The advantages of seller financing and DSCR loans over conventional loans And So Much More! (00:00) Intro (00:41) How to Invest $100K (07:14) Hiring General Contractors vs. Self-Managing (16:34) General Contracting Agreements (22:39) Is It Ever TOO Late to Invest? (29:06) Investing with a High DTI Ratio (36:45) Send Us Your Question! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-422 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

A rental property that doesn’t cash flow can be a nightmare for new investors. But when the numbers no longer work, remember that not all is lost. Pivoting to another investing strategy can help save your property and get you right back in the green!   Welcome back to the Real Estate Rookie podcast! Investor Kayley George had already built a small portfolio when she stumbled across an old, colonial-style home on the multiple listings service (MLS). With big plans to convert it into a fourplex, Kayley bought the property at a huge discount and got right to work—teeing up a hard money lender and kicking off renovations—only to uncover several MAJOR issues with the house. Fortunately, tuning into a previous Rookie episode helped her find another strategy and SAVE the “misfit” property. Today, this unique house brings in over $7,000 each month!   Not sure what to do with your rental? In this episode, you’ll learn about a business model that allows you to not only make a huge difference in your community but also boost your monthly cash flow—sober living. Along the way, Kayley will show you how to get bank financing for a sober living house, partner with nonprofits, find a property manager, screen tenants, and more! In This Episode We Cover Boosting your cash flow and helping others with THIS business model The power of partnering with nonprofits for property management How to properly source and screen tenants for a sober living home Setting expectations for tenants (and what to include in your lease agreements) Common mistakes and financing challenges you’ll face with sober living And So Much More! (00:00) Intro (01:03) Doubling Her Cash Flow?! (09:19) Sober Living 101 (17:30) Partnering with Nonprofits (23:57) How to Screen Tenants (30:20) Expectations & Lessons Learned (35:21) TOUGH Financing Challenges Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-421 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Most real estate investors wait to save significant down payments on every property to grow their portfolios. But twenty-four-year-old Greyden Piechnick didn’t have time to wait. He knew creative financing was the only way. Troubled by his father’s serious health woes while still a high school senior, Greyden became extremely motivated to find financial freedom to spend quality time with his loved ones, and multifamily investing was the fastest way to reach this goal. Greyden delivered pizzas, worked twelve-hour factory shifts, and lived at home to save $20,000, his first down payment on a duplex in 2021. Using the BiggerPockets podcasts and Facebook groups to level up his investing knowledge, he later closed on a nine-unit building using negotiating finesse and seller financing. Despite some BIG issues, Greyden’s efforts have yielded serious results with sizable cash flow at both properties!  Greyden’s real estate journey illustrates the power of creative financing and how anyone, starting from ANY point, can invest! Through hard work, he’s crafted a lifestyle that fits his vision of what’s truly important. If you don’t want to wait another second to get on track to financial freedom, follow in Greyden’s footsteps!  In This Episode We Cover How to start investing in real estate at a young age, even with NO experience and little money  The power of creative financing and using it to buy bigger, better properties  One expensive lesson Greyden had to learn that YOU should avoid at all costs How to negotiate seller financing terms that are a win-win for you AND the seller  Funding your down payments with private money (and how to find private money lenders!) And So Much More! (00:00) Intro (01:03) A Huge Wake-Up Call (02:29) Delivering Pizzas and Factory Shifts (05:51) Buying the First Rental Property (08:30) 9-Unit Seller Finance Deal! (15:30) Negotiating the Price and Down (22:59) Finding Private Money (24:19) Real Estate Negotiation Tips (27:14) ash Flow Numbers! (28:13) Expensive Lessons Learned (31:02) Self-Managing vs. Property Management (33:57) What's Next for Greyden? Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-420 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Real estate is a people business. You could buy several rental properties, but without the right people in the right roles, you’re going to be swimming upstream. Today’s guest has dedicated many years of study to this problem and is here to help you make better people decisions!   Welcome back to the Real Estate Rookie podcast! The success of your real estate business largely depends on the people around you, from partners to property managers. Ahead of the release of his new book, Good Judgment, industrial-organizational psychologist Richard Davis, Ph.D joins the show to share his perspective on the crucial decisions that could make or break your real estate journey. Whether you’re looking to form investing partnerships, find good contractors, or hire property managers, this is an episode you won’t want to miss!   Tune in as Richard talks about the five main personality traits and how they predict behavior. Along the way, he busts some of the myths surrounding emotional intelligence (EQ) and shares the most important questions you should ask someone to determine if they are the right fit for your team. You’ll even learn about the power of perceptivity and why it’s SO important for you to keep this “cognitive muscle” strong! In This Episode We Cover Why behavioral psychology plays a HUGE role in real estate investing How to make better people decisions in your real estate business KEY questions to ask potential partners, contractors, property managers, and employees The five main personality traits explained (and Richard’s take on them) Why emotional intelligence (EQ) is not a good predictor of behavior And So Much More! (00:00) Intro (01:17) What Is Behavioral Psychology? (08:26) The Emotional Intelligence “Myth” (14:22) Perceptivity & Good Judgments (23:44) “Power” Questions to Ask (34:13) Forming GREAT Partnerships (39:14) Richard’s New Book! (40:38) Find the Right Fit! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-419 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

If you get your property management wrong, you could lose tens of thousands of dollars. A sketchy property manager could take all your rent and run, leaving you with the bills and no hope of recovering your long-lost rent checks. That’s precisely what happened to today’s guest, a seasoned real estate investor who’s even looked up to as an expert in the industry. Even he made a sizable property management mistake, and in this episode, we’re trying to help you avoid the same fate. The BiggerPockets Podcast Network is bringing you a crossover episode with the Real Estate Rookie podcast’s Ashley Kehr and the BiggerPockets Money podcast’s Scott Trench. Scott is not only the host of BiggerPockets Money but also the CEO of BiggerPockets. And today, he’s sharing every painful detail about how he lost over $40,000 by hiring a bad property manager. This IS an avoidable mistake, but some easily overlooked red flags could put you in the same position as Scott unless you’re very careful. Scott shares the entire story and gives the top red flags to look out for. He’ll explain why he DOESN’T give his whole portfolio to one property manager, why you MUST set communication standards from the start, the questions EVERY investor should ask before hiring a property manager, and the fees you should refuse to pay the next time you outsource your property management. Need a property manager? We’ll share the best tool ANYONE can use to find a property manager TODAY! In This Episode We Cover Deadly property management red flags and signs you should run from a property manager  Why you never, EVER give your entire portfolio to a single property manager/property management company  Simple questions to ask that immediately show if a property manager is legit  Negotiating fees and why Scott is okay with paying a higher monthly rate Communication expectations and what a property manager should be sending you EVERY month The easiest way to find a great property manager wherever you invest  And So Much More! (00:00) Intro (01:31) Hiring the Property Manager (03:48) Things Start Going Wrong (06:23) Losing $40K! (09:43) Property Manager Red Flags (15:50) Questions You MUST Ask (23:45) Negotiating Fees (30:16) Asset Type Matters! (35:05) Communication Expectations (37:40) Vetting for Legitimacy (43:27) Find a GREAT Property Manager Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-418 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices