Real Estate Rookie

Want to invest but fear you don’t have enough money to get started? Building a profitable real estate business could be the answer. This strategy allowed today’s guest to not only scale her portfolio but also develop skills to level up her own rental properties AND bring in $600,000/year! Welcome back to the Real Estate Rookie podcast! Today, we’re joined by the “accidental investor,” Terri-Leigh Huleis. Married with three children, Terri and her husband didn’t have enough money to buy a house…or so they thought. After moving from California to a more affordable market, Terri was able to make her dream of homeownership a reality. Little did she know that this was just the beginning of her real estate journey. It wasn’t long before Terri had turned her passion for interior design into a $600,000/year business—one that has allowed her and her husband to scale in very little time! After being diagnosed with a brain tumor in 2016, Terri lives every day as if it’s her last. This self-starter’s story is filled with all kinds of helpful nuggets you can use on your own journey—from finding creative ways to fund home renovation projects to setting up an Airbnb in four weeks or less. Stick around until the end to hear about the top amenities you’ll want to add to your short-term rental in 2024! In This Episode We Cover How Terri grew an interior design business that pulls in $600,000 per year Using credit card rewards to fund an ENTIRE home renovation project How to start a business that allows you to buy even MORE real estate Landing your first interior design clients (even if you don’t have a portfolio!) How to design an Airbnb, step by step, in just four weeks or less The hottest amenities to add to your short-term rental in 2024 And So Much More! (00:00) Intro (00:42) Buying Their First House (09:52) Starting an Interior Design Business (18:18) Making $600K/Year?! (26:43) Short-Term Rental Design 101 (35:24) Money-Making Airbnb Tips (38:12) Connect with Terri! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-412 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 willing to get your hands dirty, new builds and home renovations can deliver a HUGE return on investment (ROI). Just ask today’s guest! After passing up on a deal that became a cash cow for another investor, he decided to put an end to his analysis paralysis, earn his general contracting license, and get right to work! Today, we’re joined by a former The Bachelorette contestant, NCAA Division I quarterback, and new investor. Despite many years in the spotlight, Tyler Cameron doesn’t plan to escape the public eye just yet—trading a rose for a hammer in his latest show, Going Home with Tyler Cameron. In today’s episode, he discusses his journey into real estate, which began shortly after inheriting his childhood home. Wanting to honor his late mother, Tyler completed several renovations—making his fair share of mistakes along the way. Even with some tough lessons learned, the property rents for a pretty penny, giving him and his brothers another reliable stream of income. Tune in to learn why Tyler got started in real estate (and why he almost didn’t), what drew him to new construction, and how he has built a three-million-dollar portfolio in only THREE years. He also offers his best short-term rental tips and shares why so many investors are flocking to his hometown of Jupiter, Florida—a growing market where high appreciation is the norm! In This Episode We Cover How Tyler built a three-million-dollar portfolio in just THREE years Why market uncertainty shouldn’t stop you from investing in real estate The keys to a successful home renovation project or new build Why new construction might offer you the BEST return on investment (ROI) Short-term rental tips for new investors (and why the customer is “always right”) Why MORE investors are buying rental properties in Jupiter, Florida And So Much More! (00:00) Intro (01:02) Renovating His Childhood Home (04:47) $3M in 3 Years?! (09:29) Life in the Spotlight (13:42) KEY Lessons Learned (21:57) Short-Term Rental Tips (25:38) Investing in Jupiter, Florida (30:28) New Builds vs. Renovations (32:38) “Going Home with Tyler Cameron” (36:08) Connect with Tyler! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-411 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

Private money is a “secret weapon” for real estate investing, allowing you to dodge the major banks and fund real estate deals on your terms. But just how easy is it to get this type of funding? The answer might surprise you. You don’t want to miss this masterclass on direct lending!   Welcome back to the Real Estate Rookie podcast! Concluding our three-part miniseries on the fundamentals of funding, we’re diving into direct lending with investor and fellow BiggerPockets host Henry Washington. In this episode, he covers the different types of direct lending options that are available to new investors—including private money and hard money—and discusses the many reasons why he uses them to build his own real estate portfolio!   Unfortunately, too many investors adopt a scarcity mindset and throw themselves at the mercy of any big bank that might finance their deals. Henry’s about to prove why lenders need YOU more than you might think and teach you how to craft the perfect private lending pitch from that position! He also shows you how to properly vet a lender and shares what you can do today to build relationships with the smaller lenders in your community! In This Episode We Cover How to obtain private money and get funding on your terms Why lenders need YOU just as much (if not more) than you need them Hard money versus private money (and which type of loan is right for you!) How to properly vet a lender before giving them your business How to craft the perfect pitch to a private money lender The BEST ways to build relationships with smaller, local lenders And So Much More! (00:00) Intro (01:17) What Is Direct Lending? (05:53) Building Relationships (11:55) How to Vet a Lender (20:17) Working with Private Money (28:14) The Perfect Private Money “Pitch” (33:59) What If You Can’t Pay? (40:00) Connect with Henry! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-410 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

Knowing how to get a mortgage is a crucial step in your journey to buy a rental property. Of course, the money side of things can be intimidating. How do you find a lender? What type of mortgage do you need? When should you get a preapproval? You likely have all sorts of questions…and we have answers! Welcome back to the Real Estate Rookie podcast! In part two of our fundamentals of funding miniseries, certified mortgage advisor Jeff Welgan joins the show to share his lending expertise and equip rookies with some golden financing tips. In this episode, he debunks some of the most common misconceptions about real estate lending and shares some of the biggest red flags to watch out for in a lender. But that’s not all. Jeff will show you an EASY way to build an entire portfolio with very little money—a lesser-known strategy that allows you to use down payment assistance programs and first-time home buyer loans to your advantage. Jeff also talks about the biggest differences between conventional and non-conventional loans, what to expect during the underwriting process, and where he expects mortgage rates to be in the not-so-distant future! In This Episode We Cover: The EASY way to build your rental portfolio with low money The mortgage approval timeline and what to expect during the underwriting process How to get 100% financing (or more!) with down payment assistance programs The biggest red flags to watch for in a lender (and key questions to ask!) How to get a first-time home buyer loan (even if it’s NOT your first property!) The most common misconceptions surrounding real estate lending Conventional loans versus non-conventional loans (and which one YOU need) And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Get Tips, Advice, & Support in the BiggerPockets Forums Join the Real Estate Rookie Bootcamp Grab the BiggerPockets Investing Books Property Manager Finder Real Estate Rookie 408 – Fundamentals of Funding: How to Find the Right Lender for Your Next Rental w/Joe Coleman BiggerPockets Real Estate 939 – BiggerNews: 100% Financing for First-Time Home Buyers is HERE BiggerPockets Real Estate 943 – BiggerNews: Can’t Qualify for Another Mortgage? Try THESE Investor Loans w/Jeff Welgan Connect with Jeff: Jeff's BiggerPockets Profile (00:00) Intro (01:09) Funding Challenges & Lender Red Flags (07:00)) Common Financing Misconceptions (12:10) Kicking Off the Lending Process (17:26) Getting a Loan with an LLC (22:50) The Lending Timeline & Credit Pulls (28:48) Mortgage Underwriting 101 (35:23) Conventional vs. Non-Conventional Loans (41:30) Where Are Mortgage Rates Headed? (46:54) Connect with Jeff! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-409 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

Financing rental properties is a common roadblock that prevents many rookies from investing in real estate, but finding a great lender doesn’t have to be difficult! We’ve got some timely tips, tricks, and tools that will make funding ALL of your real estate deals easier than ever! Welcome back to the Real Estate Rookie podcast! Today, we’re bringing you part one of a three-part miniseries on the fundamentals of funding. We’re joined by investor concierge at BiggerPockets, Joe Coleman, who shares some of his best advice for financing your first (or next!) rental property. In this episode, he peels back the curtain to reveal some of the nuances of financing—including when to start engaging lenders while analyzing rental properties and how to find an investor-friendly lender. Wish you could compare several loans at once? Joe shares a powerful tool that will help you do just that. He also talks about the differences between consumer-purpose and business-purpose loans and why you should be familiar with the different types of lenders and loan products that are available. Finally, stick around until the end to learn about the ONE question your lender doesn’t want you to ask—one that could help you save thousands of dollars on your investment property! In This Episode We Cover How to find funding for your first (or next!) real estate deal The ONE question you must ask your lender (that will save you a TON of money) The different types of lenders and loans you NEED to know about The easiest way to compare multiple lenders at the same time Why you should know a lender’s source of capital before borrowing from them Consumer-purpose versus business-purpose loans (and which one YOU need) And So Much More! (00:00) Intro (03:53) WHEN Do You Need a Lender? (07:26) Common Financing Misconceptions (11:50) Different Types of Lenders & Loans (20:08) Loan Requirements & Speaking with Lenders (28:26) The EASY Way to Compare Lenders (39:01) Lock In Your Interest Rate! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-408 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

Are you tired of paying someone else’s mortgage? Then you’re in the right place. In today’s show, we’re sharing how to buy a home in 2024, even as a complete beginner, as we walk through a rookie’s step-by-step journey to purchasing his first primary residence, which could also become a rental! If you feel like you’re in the same position and want to be the receiver, not the sender, of monthly rent checks, tune in as we walk through how today’s rookie is gearing up to become a first-time homebuyer! Aaron Mann was tired of renting. After being around real estate investors at his day job, he started to feel like he was missing out. Meanwhile, his wife was reading a slew of BiggerPockets books and told Aaron it was time to look into buying—he agreed! This couple is now beginning their house-hunting journey and has already zeroed in on their strategy, investing area, and what they want to buy. With the help of our own Ashley Kehr in the BiggerPockets Real Estate Rookie Bootcamp, Aaron is set to close on his first home in the near future. Want to get YOUR first rental property or primary residence this year? Tune in and start taking these beginner steps! Sign up for a BiggerPockets Bootcamp today to get on the path to buying your FIRST or next rental property!  In This Episode We Cover How to buy your first home or rental property within the next year! The “house hacking” strategy that allows you to significantly save on your mortgage payment  How to save for a down payment and the basics of budgeting for first-time homebuyers The one program that helps you to find discounted properties in your area Getting a mortgage and the steps to take to see how much you can afford  The one zero-percent-down loan that most homebuyers have no idea about  And So Much More! (00:00) Intro (01:26) Deciding to Invest (07:09) Best Beginner Investing Strategy  (12:23) Finding Properties  (13:41) Saving for a Down Payment  (26:56) Picking a Market  (29:29) Getting a Mortgage  (35:04) Join the Rookie Bootcamp! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-407 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

What goes into a commercial real estate deal? You’re about to find out! Fortunately, buying one of these properties isn’t quite the jump from residential real estate as you might expect it to be. Whether you’re a new investor or own several rentals, YOU, too, can buy a commercial property! Welcome back to the Real Estate Rookie podcast! A few months back, we chatted with Tony about his new thirteen-unit hotel in Utah. Since then, the hotel has officially launched, and today, we’re joined by not only Tony but also his wife, Sara, to discuss the ins and outs of this enormous project. With months of planning, rehabbing, and problem-solving in the rearview, they break down the deal from start to finish—sharing some of their biggest successes, as well as some important lessons learned. If you’re interested in commercial real estate investing, you don’t want to miss this episode! You’ll learn how to create a budget for a large renovation project, choose a model for paying contractors, get better reviews for your short-term rental, and form a seamless partnership with your spouse! In This Episode We Cover How the Robinsons planned, rehabbed, and launched a thirteen-unit hotel Implementing self-check-in convenience on a commercial property How to create a watertight budget for a large renovation project Effective strategies for managing and paying your contractors How to divvy up responsibilities when investing with your spouse How to get MORE bookings (and keep your property occupied year-round!) And So Much More! (00:00) Intro (02:43) Managing & Paying Contractors (09:43) Numbers on the Hotel (15:37) HUGE Lessons Learned (18:49) Self-Check-In Challenges (25:11) Building a Team & Getting Reviews (28:41) Working with Your Spouse (35:17) Connect with the Robinsons! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-406 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

MANY people invest in real estate for financial freedom. Unfortunately, not all investors get there. The truth is that a little cash flow won’t allow you to quit your W2 job or support an early retirement. You need a LOT of cash flow, or you need a bigger portfolio! Welcome back to the Real Estate Rookie podcast! With two college degrees and a successful career, Dan Marklin had what many people envy in life. But one day, after realizing that the top rung of the corporate ladder wasn’t as glamorous as it seemed, he began to dream of something more—a job that would afford him total financial freedom and allow him to spend more time with loved ones. It wasn’t long before Dan had dived headfirst into the world of real estate investing, buying his very first rental property. In this episode, Dan will show you the method he used to scale his portfolio from zero units to over ninety doors in just THREE years! Along the way, you’ll learn the differences between cash flow, cash-on-cash return, and an even MORE important data point to consider when analyzing rental properties. But that’s not all. Dan spares no detail when recalling one of his real estate horror stories and shares how YOU can overcome the challenges of multifamily property investing! In This Episode We Cover: How to achieve financial freedom by investing in real estate Why YOU should start investing in small multifamily in 2024 Cash flow, cash-on-cash return, and internal rate of return explained The MOST important data point to consider when analyzing properties How to scale your portfolio WITHOUT sacrificing time or cash flow And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Get Tips, Advice, & Support in the BiggerPockets Forums Analyze Your Rental Property with the BiggerPockets Calculator Real Estate Rookie 346 – The Multifamily Investing Masterclass: How to Get Started in 2024 BiggerPockets Real Estate 496 – Become a (Small) Multifamily Millionaire in 7 Steps w/ Brian Murray and Brandon Turner Books Mentioned in This Episode: Buy, Rehab, Rent, Refinance, Repeat by David Greene The Book on Managing Rental Properties by Brandon & Heather Turner Connect with Dan: Dan's BiggerPockets Profile Dan's Instagram Profile Dan's Facebook Profile (00:00) Intro (01:05) The Journey to Financial Freedom (07:55) EASY First Steps (13:02) How to Analyze Rentals (19:52) Buying the First Property (23:45) Dan’s “Horror” Deal (33:14) Finishing the Rehab & Scaling (39:38) Connect with Dan! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-405 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

How do you know if a rental property will make enough cash flow before you buy? Budgeting is KEY. When breaking down a deal, it’s critical that you account for the costs of all capital expenditures (CapEx), maintenance, and repairs. Overlooking an important line item could easily put you in the red!   Welcome back to another Rookie Reply! In today’s episode, we’re going to show you how to budget for the everyday operating costs that come with owning rental properties, as well as how to set minimum cash flow requirements when analyzing a rental. Should you find a partner for your next house hack? We get into the potential advantages and disadvantages of joining forces with other investors. We also talk about the many tax benefits in real estate and whether you need a limited liability company (LLC) to maximize them! 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 budget for everyday rental expenses, maintenance, and repairs How to set minimum cash flow requirements when analyzing deals The pros and cons of forming a real estate investing partnership for a house hack How to distinguish capital expenditures from repairs and maintenance Whether you NEED an LLC to reap all of the tax benefits of real estate investing And So Much More! (00:00) Intro (00:31) Claiming Tax Write-Offs (04:02) Budgeting for Property Expenses (15:45) Partnering on a House Hack? (23:42) CapEx vs. Repairs & Maintenance (26:37) How Much Cash Flow Do You Need? (32:37) Send Us Your Question! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-404 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 small multifamily properties is an easy way to build a portfolio, and with a little creativity, you don’t even need a ton of money! Despite a rocky start to his real estate journey, today’s guest was able to take advantage of a HUGE investing opportunity and buy several properties in very little time. Welcome back to the Real Estate Rookie podcast! Like many new investors, Sean Reischel started out using the house hacking strategy. Unfortunately, things didn’t go to plan, as an incident involving spaghetti and his garbage disposal ultimately drove a tenant out of his property. However, Sean was able to turn this bad situation into a golden opportunity by renovating the unit, raising rents, and placing a new tenant quickly. Fast forward only a few years, and Sean and his wife own five small multifamily properties worth a combined $2.7 million! Whether you need help with financing or partnerships, this episode is loaded with practical tips that even the greenest investor can use. Sean shares how he teams up with other investors to buy properties faster, as well as how rehabbing and refinancing properties has increased his buying power. He even dives into his main markets—Salt Lake City, Utah and Louisville, Kentucky—and the investing strategies he deploys in these areas! In This Episode We Cover How Sean turned a house hacking “hiccup” into $2.7 million in small multifamily How to analyze real estate deals using the one-percent rule What to look for when choosing a new market to invest in Using the power of refinancing to buy MORE rental properties How to scale your real estate portfolio faster with partnerships And So Much More! (00:00) Intro (01:11) Sean’s FIRST House Hack (06:55) The “Spaghetti” Fiasco (12:49) Renovating the Damaged Unit (21:33) The Louisville, KY Market (27:22) Finding & Funding Deals (33:26) Changing Roles & the Investor “Pitch” (38:16) Connect with Sean! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-403 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

The hardest part of real estate investing is, of course, getting started. Once you have your first rental property, it’s much easier to scale your real estate portfolio than you might think—even if you don’t have much money to your name!   Earning modest salaries from their nine-to-five teaching jobs, Rob Schou and his wife couldn’t afford a large down payment on an expensive property. But by starting multiple side hustles and sharpening their DIY home renovation skills, they were able to purchase a cheaper property and add value to it. The best part? This created a “domino effect,” giving them more capital and momentum for future deals. Even when they didn’t have everything figured out, taking action and having multiple exit strategies meant they always turned a profit—even when a project didn’t go to plan!   In this episode of the Real Estate Rookie podcast, you’ll hear about some creative side hustle ideas you can use to fund your next down payment. You’ll also learn how to choose a niche that aligns with your long-term goals, as well as how to build your “buy box” and find the right market. But that’s not all. Rob even dives into new construction, showing you how to buy land, vet builders, and more! In This Episode We Cover The “domino effect” and how ONE deal can help you land your next deal How to find the perfect investing strategy for your long-term goals How to build your “buy box” and choose a market to invest in Lucrative side hustles that can help fund your next down payment Why you MUST have multiple exit strategies for every new deal How to properly vet a builder for new construction projects And So Much More! (00:00) Intro (00:58) Buying the Vacation Home (10:51) Side Hustling for Down Payments (16:39) Analysis Paralysis & Finding Your Niche (24:16) New Construction 101 (28:26) How to Vet a Builder (36:17) Choosing Your “Buy Box” & Market (42:37) Connect with Rob! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-402 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

Want more cash flow with less stress while running your rental property portfolio? Then you need self-management! Amelia McGee and Grace Gudenkauf, seasoned investors and the minds behind BiggerPockets’ newest book, The Self-Managing Landlord, show you exactly how to do it. This episode peels back the curtain on the misconceptions that scare most investors away from self-managing their properties (like those feared 2 AM toilet emergencies!). Amelia and Grace expose how these scenarios are less frequent than most people think and offer smart strategies to handle them effortlessly. The duo dives into the financial perks of taking the reins on property management, from dramatically cutting costs to boosting tenant retention and cash flow. They lay out a spectrum of management models—from DIY to hiring a dedicated team—and share their personal triumphs (and trials) within each approach. This is THE practical playbook for making property management a cornerstone of your real estate success. You’ll learn how to establish effective systems for tenant onboarding, routine maintenance, and urgent repairs, ensuring your property management is both stress-free and profitable. Whether you’re just dipping your toes into real estate investing with your first property or looking to refine your existing portfolio, this episode is packed with actionable tips that promise to make your portfolio more passive!  In This Episode We Cover: How to lower your costs and boost your cash flow significantly with self-management What being a landlord is actually like, and why it’s not all 2 AM toilet calls  Building your real estate team so you can handle less of the day-to-day and focus on the big picture Practical advice for setting up systems that streamline tenant onboarding and property maintenance Grace’s $8,500 bookkeeping mistake that you CAN NOT afford to make Tips for handling urgent property issues with WAY less stress  And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Get Tips, Advice, & Support in the BiggerPockets Forums Get RentRedi Property Management for FREE with a BiggerPockets Pro Membership: BiggerPockets Pro RentRedi Real Estate Rookie 111 - 26 Doors in 1 Year? Here’s How You Can Do It Too! w/Amelia McGee Real Estate Rookie 161 - Using Calculated Risk to Acquire 17 Doors In Under a Year (at Age 24!) w/ Grace Gudenkauf BiggerPockets Real Estate 938 - Scaling from 0 to 20+ Doors Using These “Self-Management” Tools & Tips w/Amelia McGee and Grace Gudenkauf Tools Mentioned in Today’s Show: Loom Monday.com Connect with Amelia: Amelia's BiggerPockets Profile Amelia's Instagram WIRE (Women Invest In Real Estate) Connect with Grace: Grace's BiggerPockets Profile Grace's Instagram (00:00) Intro (01:10) The Right Way to Manage Rentals (04:42) What Being a Landlord is Like (08:20) Why You MUST Self-Manage (14:42) Onboarding Tenants 101 (20:41) Lease Agreements (26:56) The $8,500 Mistake (30:08) Do This RIGHT Now! (35:09) Building Your Team (41:40) Grab the Book! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-401 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

This episode could make you $40,000. Seriously, one property management mistake cost our own expert investor, Dave Meyer, anywhere from $30,000 to $40,000, BUT it’s easier to avoid than you think. If you’re a rookie real estate investor, this single mistake could sink your portfolio and put you back years on your journey to financial freedom. So, what’s the mistake you must avoid, and how do you circumvent it to make more money while having less stress? It’s Real Estate Rookie episode 400, so let’s save you $40,000! Dave has been investing for over a decade, and he’s made his fair share of mistakes, but this one takes the cake. One simple property management judgment error sent his short-term rental trajectory off a cliff, with a filthy house, no bookings during the peak season, safety problems that left his property in jeopardy, and guests leaving less-than-flattering reviews. But this is a mistake anyone can make, so how do you avoid it? In today’s episode, we’ll get into the nitty-gritty of what cost Dave $30,000 - $40,000, the exact way he’d prevent this from ever happening again, what you should look for in a property manager BEFORE you hire them, and the contract clause that could kill your cash flow! In This Episode We Cover The one property management mistake that could cost you up to $40,000 Property management fees and how to tell a company is a little too cheap Signs you need to fire your property manager before it’s too late  The one short-term rental contract clause that could ruin your entire year  How Dave’s house almost froze thanks to overlooking one BIG utility  And So Much More! (00:00) Intro (03:12) Buying a Property ASAP! (06:57) Great Property, But… (12:23) One Big Mistake  (16:05) Things Go Really Wrong  (20:07) Losing A TON of Rent  (22:48) Costly Lessons Learned  (28:43) Get a REAL Property Manager  Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-400 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

What’s YOUR reason for investing in real estate? For today’s guest, it was to achieve financial freedom and have a flexible schedule. By focusing on education, forming partnerships, and, most importantly, taking action, she was able to quit her job and acquire seven properties in just THREE years! Welcome back to the Real Estate Rookie podcast! Sarah Msuya was firmly entrenched in her successful banking career when life threw her a series of curveballs. After her son was born prematurely and complications caused her to miss nine months of work, Sarah knew that a traditional nine-to-five was no longer an option for her and her family. She spent the next three years learning as much as she could about real estate and building a portfolio that provides $80,000 in cash flow per year! Like many new investors, Sarah has dabbled in several investing strategies on her journey to financial freedom—from house hacking to flipping houses and everything in between. Eventually, she was able to pin down her niche—the BRRRR method. In this episode, you’ll learn how to find the best strategy for YOU and scale your portfolio through partnerships and creative financing! In This Episode We Cover: How Sarah brings in $80,000 cash flow each year from seven properties Why you DON’T need to look ten years ahead before investing in real estate How to cover your mortgage payment with the house hacking strategy Three property management strategies you can use for your rental property How to scale your portfolio FAST with partnerships, creative financing, and more FHA loan limits explained (and how to avoid a surprise at closing!) And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Get Tips, Advice, & Support in the BiggerPockets Forums Grab Your Copy of “Real Estate Partnerships Real Estate Rookie 207 - Working Towards Time Freedom “In the Trees” with 3 Treehouse Rentals: Real Estate Rookie 742 - How to Achieve Financial Freedom Through Real Estate in 4 Steps: Connect with Sarah: Eileen's BiggerPockets Profile Sarah's Bigger Pockets Profile Sarah's Facebook Sarah's Instagram Sarah's LinkedIn Jump to topic: (00:00) Intro (00:50) HUGE Life Changes (06:42) $80K/Year Cash Flow! (13:31) Sarah’s First House Hack (20:52) How to Scale FAST (27:51) Property Management 101 (31:57) Connect with Sarah! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-399 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

Small multifamily real estate investing can lead you to financial freedom faster than you think. Compared to traditional single-family rental properties, small multifamily properties often offer more cash flow, the ability to scale quicker, and less competition than the properties every first-time home buyer is looking for. Small multifamily investing is so good that it remains seasoned investor Dave Meyer’s favorite way to invest after over a decade of investing in rental properties. So, how do you get started? In this episode, we’ll walk through the three beginner steps anyone can take to start investing in small multifamily real estate. We’ll show you how ANYONE can get into this asset class, even with ZERO experience, why small multifamily is the perfect “sweet spot” for rental property investing, and how to overcome the biggest challenges to getting your first deal. But that’s not all. We found a small multifamily rental property for sale and go step-by-step through it, analyzing it within minutes so YOU can do the same for your first or next property. Small multifamily is the perfect place to start your real estate investing journey, and after you watch this episode, you’ll have EVERYTHING you need to start investing! Ready to become a BiggerPockets Pro? Click here to sign up and use code “MULTIPOD24” for a special discount! In This Episode We Cover: Why small multifamily real estate is the perfect “sweet spot” for rookie investors How to get to financial independence faster than you think with duplexes, triplexes, and quadplexes The easiest way to find deals in your target market (for FREE!) How to analyze a real estate deal from start to finish in just minutes The #1 challenge to real estate investing and a simple solution to overcome it Our favorite real estate investing tool that’ll help you do your first or next deal even faster And So Much More! Links from the Show Find an Agent Find a Lender Dave's BiggerPockets Profile Dave's Instagram Real Estate Rookie Facebook Group Get 20% Off a BiggerPockets Pro Membership with Code “YTMULTI24” Analyze Deals in 5 Minutes or Less with Our Rental Property Calculator Determine Monthly Rent with Our Rent Estimator Tool Join a BiggerPockets Bootcamp “On the Market” Podcast Book Mentioned in the Show Real Estate by the Numbers by Dave Meyer and J Scott Jump to topic: (00:00) Intro (05:43) Want Financial Freedom? (10:11) ANYONE Can Do It (11:47) The Investing "Sweet Spot" (12:57) Why Small Multifamily?  (16:16) 1. Where to Find Properties  (20:09) 2. How to Analyze Multifamily  (31:23) 3. How to Get Financing  (36:08) Scared to Invest? (38:44) The One Tool You NEED Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-398 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 own a rental property, it’s YOUR responsibility to provide a safe environment for tenants. This starts with things like tenant screening, security upgrades, and most importantly, acting swiftly when a resident is in danger! Welcome back to the Real Estate Rookie podcast! Eileen Daugherty is not only the property management business consultant here at BiggerPockets but also a fellow real estate investor, and today, she joins the show to talk about property management, new construction homes, and the importance of tenant safety. Eileen even shares her own real estate horror story, which occurred shortly after buying her first rental property and renting it out. You’ll hear how a neighbor’s seemingly innocent “crush” quickly escalated into a situation where her new tenant was being stalked, hacked, and harassed! In this episode, Eileen shares the biggest learning lessons from this unfortunate experience and the MAJOR changes she made to improve tenant safety at her properties—from installing security cameras to providing virtual private networks (VPNs) and much more. But that’s not all! Stick around until the end to learn what it’s like to invest in the fast-growing market of Asheville, North Carolina! In This Episode We Cover: How to keep your tenants safe with landlord best practices Why it’s worth building relationships with your neighbors and tenants How to find an investor-friendly property manager for your rental properties The three most important factors for choosing an investing strategy How to scale your portfolio FAST with new construction homes The pros and cons of investing in the Asheville, North Carolina market And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Get Tips, Advice, & Support in the BiggerPockets Forums Real Estate Rookie 203 – The Ultimate Property Management Masterclass Real Estate Rookie 389 – Rookie Reply: How to Find a Property Manager & Set Up Rentals Out of State 3 Ways to Enhance Rental Property Security Connect with Eileen: Eileen's BiggerPockets Profile (00:00) Intro (50:00) Eileen’s Investing Portfolio (05:17) The Asheville Horror Story (08:23) Stalked, Hacked, & Harassed! (17:12) Relisting the Property (20:27) The BEST Security Additions (27:21) Building a Team & New Construction (32:02) Investing in Asheville, NC (35:26) Connect with Eileen! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-397 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 want to invest in real estate, but you don’t have the money. Are you out of luck? Good news—money is NOT a dealbreaker. There are several levers you can pull to get the capital you need, and today’s guest is going to share them with you! Welcome back to the Real Estate Rookie podcast! Shortly after being cut, former professional football player Darnell Leslie was determined to try his hand at real estate investing. There was only one problem: he needed money. But, after convincing some family members to partner with him, Darnell quickly realized that he could use other people’s money to fund ALL of his real estate deals. He started building his network and found private money and hard money lenders, using a polished private capital “pitch” to bring them on board. Over the last few years, he has completed five deals using very little of his own money! Is money the ONE thing stopping you from buying real estate? In this episode, you’ll learn everything you need to know to start using other people’s money instead. From structuring private money and hard money agreements to buying materials for your renovation projects, Darnell walks you through each step! In This Episode We Cover: How Darnell uses other people’s money to fund his real estate deals How to start raising private money today (tips for new investors!) Why you MUST have multiple exit strategies when buying property The private capital “pitch” to help you raise funds for your next investment How to structure your private money and hard money agreements The interest-free way to buy materials for your rehab projects And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Get Tips, Advice, & Support in the BiggerPockets Forums Rookie Podcast 275 - From $40K Debt to 4 Doors and Six-Figure Net Worth (In 1 Year!) BiggerPockets Podcast 334 - Using Other People’s Money to Fund Flips, Multifamily, & Self-Storage Deals With Ben Lapidus Book Mentioned in the Show Rich Dad Poor Dad by Robert Kiyosaki Raising Private Capital by Matt Faircloth Connect with Darnell: Darnell's BiggerPockets Profile Darnell's Facebook Darnell's Instagram Darnell's LinkedIn (00:00) Intro (01:23) Football Player to Investor (09:26) The Private Capital “Pitch” (17:39) Structuring an Agreement (23:44) Using OPM & Choosing a Strategy (31:59) How to Find & Analyze Deals (40:46) Funding Rehab Projects (50:04) Connect with Darnell! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-396 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

House hacking and renting by the room are two of the easiest ways for rookies to dive into the world of real estate investing. Both investing strategies are affordable, low-risk, and easy to implement. The best part? They can help cover your mortgage payment each month and give you MORE money to invest! Welcome back to another Rookie Reply! Want to earn some extra cash flow by adding an accessory dwelling unit (ADU) to your rental property? In this episode, we’ll show you how to present your plan to the city and get your new unit approved. If you need money for a down payment, you’ll want to hear about the creative method one of our recent guests used to come up with funds. We even talk about buying abandoned houses—how to locate the “missing” owner and swoop in with your irresistible offer! 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 House hacking explained (collecting rents, renovations, and tax benefits!) How to add an accessory dwelling unit (ADU) to an existing property Creative ways to fund the down payment for your next rental property How to find the owner of an abandoned house and make an offer Why you MUST have a lease agreement in place when renting by the room How to remove squatters from your property (with a 100% success rate!) And So Much More! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-395 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

Added home renovation costs can ruin your plans to own the perfect rental property. When this happens, how do you come up with the extra funds? More importantly, how do you prevent this from happening altogether? We’ve got plenty of answers for you in today’s episode! Welcome back to the Real Estate Rookie podcast! Jessica Bryant Walton owns several doors in Anchorage, Alaska. As you’re about to find out, investing where winters are long, water damage is common, and frozen pipes are everyday occurrences isn’t for the faint of heart. Jessica and her husband had just bought a duplex, only to find out that the previous owner had disguised a MAJOR leak and extensive damage with a second roof. What they anticipated would be a $40,000 rehab ended up costing over $130,000! Fortunately, Jessica and her husband came up with creative ways to fund their renovations, increase rents, and lower their overhead by self-managing the property. But there are valuable lessons to take away from their experience. You’ll learn why you should consider getting your real estate license, how to find the best contractors for your rehab projects, and the importance of always keeping a paper trail! In This Episode We Cover: How Jessica’s $40K renovation turned into a $130K+ “nightmare” rehab Self-management tips for long-term and short-term rentals The BEST way to source contractors for your renovation projects Why you shouldn’t speak with your tenants over the phone What you need to know before investing in an Alaska rental market Why you should get your real estate license (even if you don’t plan to use it!) And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Rookie Podcast 277 - Leaks, Surprise Rehabs, and the Reality of Buying Your First Rental Property Rookie Podcast 313 - The REAL Side of Real Estate: When Rehabs and Rentals Go Wrong The Difficult Path to Wealth: Losing Money on Your First Real Estate Deal w/ JL Collins Connect with Jessica: Jessica's BiggerPockets Profile Jessica's Instagram Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-394 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 your rental property to succeed, you’ve got to give people a reason to keep coming back. That’s exactly what today’s guest is doing—creating a one-of-one experience that people can’t get anywhere else. It’s what keeps his property booked year-round! Welcome back to the Real Estate Rookie podcast! Just three years ago, Chase Charifa bought his first rental property—a black, mid-century cabin tucked away in Big Bear, California. By engaging each of the guest’s five senses and adding intrigue with a “secret” amenity, Chase and his wife, April, have created an unforgettable guest experience that allows them to stand out in their market. As a result, this short-term rental brings in about $120,000 per year! But that’s not all. Since launching his Airbnb, Chase has taken on another four rentals, three new construction projects, and a parcel of land. How has Chase been able to scale his portfolio in only a few years? In this episode, he shares how he was able to fund several deals using creative financing and smart tax strategies. He also talks about the huge opportunity that exists with real estate development. You’ll learn how to find land, get approved for a construction loan, and build your own development team! In This Episode We Cover: How Chase brings in $120,000 per year from ONE rental property The best way to get FREE real estate marketing for your short-term rental How to create an unforgettable experience for your Airbnb guests Scaling your portfolio with creative financing and tax strategies How to incorporate a creative skill set into your real estate business Getting started in real estate development and building your team How to get approved for a construction loan (in three steps!) And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Protecting Your Future in Short-Term Rentals: It Starts By Providing a Powerful Guest Experience The “Luxury” Rental Property That Brings in $150K/Year of Pure Profit How to Start an Airbnb Business in a Brand New Market $11,000/Month with One VERY Unique Rental Property Connect with Chase Chase's BiggerPockets Profile Chase's Facebook Chase's Instagrams: @lightfootcabin @janchasecharifa Chase's LinkedIn Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-393 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