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Real Estate Rookie

BiggerPockets

23 episodes

Jan 27, 2021

4 Ways Newbies Can Finance Deals with Richard Kelly 

After Richard Kelly shadowed a veterinarian for the day, he realized that his passion wasn’t performing surgery on animals, it was actually money. This led him to become a banker and after he was given the book Rich Dad Poor Dad, his interest in real estate investing was sparked.

After deciding he wanted to become a landlord, Richard found BiggerPockets and started listening to every episode of the podcast he could. After feeling confident enough in the real estate investing education space, he made his first jump into flipping, buying a short-sale home with some creative financing via hard money loans.

After some very heavy hard money fees paired with long nights working to get his flip finished, he walked away with a solid profit, and knew that he wanted to park it in buy-and-hold investing. Currently, Richard has completed 2 flips and owns 2 rentals (a single family and a duplex), and knows exactly what (and what not) to look for when using hard money and creative financing. Now, he’s here to share the knowledge with all of us.

Richard has done 4 deals, with 4 completely different ways of financing. From private money, to 401(k) loans, and using a fan favorite, the 203(k) construction loan. He also talks through how to find deals, who to partner up with, and why you need a great real estate agent especially when you’re just starting out.

In This Episode We Cover:

  • Why short sale properties may be a great buy for new investors 
  • The importance of having reserves when going through hard money lending
  • How to get comfortable with making offers (before you see the place)
  • Financing through hard money, 401(k) loans, and 203(k) loans 
  • Finding quality partners that make deals easier
  • How to find off-market deals, wherever you are
  • Richard’s favorite tools for finding and managing properties
  • And SO much more!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/rookie48

Jan 20, 2021

0 to 7 Deals in a Year Using Other People's Money with Andres Bernal 

Andres Bernal came to America to play tennis with only $500 in his pocket. He thought that professional tennis is what his life would end up revolving around. After playing for 2 years and being burnt out from work, Andres decided to take some advice from his family members: start buying real estate.

After buying his primary residence, he started looking into multi-family homes that could make him some cash flow each month. He later put down 3.5% with an FHA loan to purchase a triplex, and rented out the bottom 2 units while he lived in the upper 3rd unit. He sold his condo, had some cash, and was ready to start investing more.

Andres had some pretty creative ways of getting funding for his real estate deals. He started calling every contact in his phone, asking if they were interested in real estate, and if they were, he packaged up a deal for them. The trade? He does the work and the analysis, they do the financing.

These types of partnerships have worked well for Andres and they can work for other rookies as well. His advice is to test the partnership, build the trust, and use the BiggerPockets Rental Property Calculator! The rest will fall into place.

In This Episode We Cover:

  • Why FHA loans are a great first financing tool for rookie investors
  • Calculating out your “worst case scenarios” on houses
  • How to treat tenants so they want to stay (and will respect your home)
  • Why investors need to solve a problem for tenants (especially those that cause you the most trouble)
  • Finding local investors and investors within your existing circles
  • The profitability of student housing as an investment
  • Using social media to grow your existing network
  • How to set expectations for contractors
  • And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie47

Jan 13, 2021

How an “I Don’t Want to Invest” Couple Became Successful Long-Distance Landlords with Annie and Trey Johnson 

Most rookie real estate investors want to hit a home run on their first deal, Annie and Trey Johnson did it completely on accident. Neither of them were interested in being landlords or real estate investors, but after they made six figures profits on their first home, they realized there was real money in the real estate game.

Annie and Trey were looking for a home to raise their family in. They found the perfect plot of land which had a new manufactured home and a scenic view. After living in the home for a few years they decided to move elsewhere to be closer to family, and instead of selling it, they decided to rent it out for a year.

Now they were landlords by accident, and as the money started to flow in every month they questioned “is this something people are normally doing to make money?”. Fast forward a year, they subdivided the land, sold the home, and walked away with profits exceeding $200,000. Not bad for a couple of rookies!

Annie and Trey now invest out of state, building up their real estate portfolio by rehabbing inexpensive homes. They’re so into real estate, that Annie even hosted her own socially-distant meetup during 2020!

This investor couple walks through their keys to success, the players on their team that make the biggest difference, and how they went from just homeowners to real estate investors!

In This Episode We Cover:

  • How to use your primary home to make more money
  • The ability to cash flow using ADUs and mother-in-law suites
  • How to parcel out lots of land to sell them separately (and make more money!)
  • Why writing a “love letter” may be a good move when submitting home offers
  • How a good or bad property manager can make or break your long-distance investing
  • What to do when there are no meetups in your area (or COVID has limited them)
  • The best advice for new rookies who are looking to find their first deal
  • How to find funding for your BRRRR
  • And SO much more!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/rookie46

Jan 6, 2021

On-Air 2021 Goal-Setting and Accountability Plans with Rookie Investors Beth Henson, Jackson Seedott, and Jordan Crockett 

Not one, not two, but three real estate rookies join us on the first Real Estate Rookie episode of 2021! Beth Henson, Jackson Seedott, Jordan Crockett all started their real estate investing careers in 2020, but are in different stages of the game. They each have contrasting strategies, goals, and visions for 2021, making this interview even more interesting!

Beth acquired 6 units in 2020! She’s also got 3 more units under contract and is ready to close in early 2021. Beth is also flipping houses as well and has a BIG revenue goal to hit in 2021 for her flipping business.

Jackson is still looking to get his first deal under contract but made a very impressive personal finance transition in the 2020. He doubled down on his side business during COVID-19 and has seen revenue triple, which is going directly into his investing fund. He’s analyzing deals, calling agents, and ready to get his first deal in Q1 of 2021!

After joining the “How to Get Your First Rental in 90 Days” webinar, Jordan made it his mission to get his first rental property under contract. Jordan bought a duplex within that 90 day timespan and house hacks one side of it. He’s looking to add more rentals and start wholesaling in 2021. 

These 3 investors talk about their visions for 2021, how they accomplished success in 2020, and what new investors can do to maximize their efforts for the coming year.

In This Episode We Cover:

  • The importance of having a profitable side business
  • Why daily consistent action is the driving force behind goal accomplishment
  • The reason real estate investors vet contractors, agents, and partners so thoroughly
  • Why it’s okay to not know everything, especially if you’re just getting started
  • Defining your “worst case scenario” and making a plan to tackle it
  • How to follow up on your action items for your 2021 goals
  • And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie45

Dec 30, 2020

The Top 10 Real Estate Rookie Questions Answered by Tony and Ashley 

You asked, we answered! This week we’re tackling the most common and most interesting questions asked on the rookie request line! If you’ve sent in a voicemail, you may be featured on this week’s episode!

Questions such as:

  • What is better, LLCs vs. Sole Proprietorships for buying properties?
  • How to find a great real estate agent
  • What do you do after you’ve bought your first rental?
  • The best investment types that AREN’T real estate
  • How to start buying rentals after bankruptcy
  • And many more great questions!

These will all be answered by our two experienced co-hosts, plus a special cameo from our senior producer, Kevin!

If you’ve been wondering about a certain aspect of real estate or just want to know what you can do to get started, this is the episode for you!

In This Episode We Cover:

  • How LLCs can limit or expand your financing for rental properties 
  • What factors make a great agent (and which one’s definitely don’t)
  • The importance of shopping around for many different financing options
  • What other asset classes real estate professionals invest in
  • Subletting and AirBnB arbitraging
  • How lenders look at income when two different partners are in on a deal
  • Whether you should pay off debt or add more investments
  • And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie44

Dec 23, 2020

Defeating 5 Years of Analysis Paralysis to Do 4 Deals in 2020 with Jacqueline Smith 

Jacqueline Smith knew that she didn’t want to have a big loan on her first house. The way she solved the problem: buy a foreclosed home and do a live in flip! It worked out so well, that she later decided to do it again, on her second home. Her and her husband then had the idea to go at it full time.

Even during COVID-19, Jacqueline and her husband have 4 flips in the making, and are looking to add more when deals pop up. She’s been through a lot in her short flipping career, from a tornado coming through a house she was working on, to builder tools being stolen while they were housed on site. This only made Jacqueline find better and more efficient ways to do her flipping.

Many of the deals Jacqueline has worked on have come from realtors and investors she’s met through organizations like BiggerPockets and her local REIA. She strongly urges any new investor to join their local real estate groups, talk to investors, and present deals to other experienced professionals when they have the ability to.

Jacqueline’s husband now is able to work on their flips as his primary business, plus get paid for the labor! Even in a crazy year like 2020, Jacqueline and her team have decided to go bigger, when many other investors were holding back.

In This Episode We Cover:

  • How to find foreclosed homes that are perfect for flips
  • The importance of building equity in order to fund your future deals
  • How to stop “analysis paralysis” from creeping in
  • Why you should attend meetups and networking events
  • How to introduce yourself to other real estate professionals, whether you’re at a meetup or just getting coffee
  • What to look for in a partner, especially if you’re new to flipping
  • Whether or not to put in an “escalation clause” when submitting an offer
  • Why you should always have security cameras on site
  • And SO much more!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/rookie43

Dec 16, 2020

Bed and Breakfast House Hacking with Lauren Keen Aumond 

Lauren Keen Aumond was only 22 years old when she got her primary residence under contract, and 23 when she purchased it. She realized that the rents in her area were higher than the mortgage payment of buying a house, so she bought a home, leased out a room, and incidentally discovered house hacking. At 23 she was only paying $200 a month to own a home that would appreciate for many years to come.

This is when Lauren decided that real estate would become a bigger part in her life than she had planned. She then spent the next decade buying a second home, selling it, and cashing it in for a duplex. Now she owns a cash-flowing duplex plus her latest purchase, a house hacking bed and breakfast!

This home was situated on a decent sized lot, with a primary home, 2 cottages, and a mobile home! As a resourceful investor, Lauren decided the best way to make this a cash flowing property was to turn the two cottages into short-term rentals and buy a camper as a 4th unit on the property.

Lauren now juggles school, a full time job, small businesses, and her rental portfolio all at once. She goes into some seriously messy situations she’s been in with tenants, from evictions, to break-ins, and even utility siphoning. With all that being said, she still feels confident as ever to be a landlord, and isn’t looking back!

In This Episode We Cover:

  • Why house hacking is great for young real estate investors
  • Why you need to focus on the numbers, not emotions in a deal
  • Different financing options for multi-family properties
  • Creative ways to house hack a property with different units on one lot
  • How to get multiple appraisals (if the first doesn't cut it)
  • Dealing with very troublesome tenants (especially during COVID)
  • Why you shouldn’t give up even if a property’s numbers fall short
  • And SO much more!

Links from the Show

Check full show notes here: http://biggerpockets.com/rookie42

Dec 9, 2020

Using Hard Money & BRRRR to Go From 2 to 80 Units with Kyle Mack 

Kyle Mack was only a senior in college when he bought his first duplex, house hacked it, and caught the real estate bug. Since graduating he’s held a handful of jobs, from retail, to becoming a leasing agent, and even a commercial real estate broker. But that wasn’t what Kyle’s degree was in, he was actually planning on becoming a doctor.

Kyle talks through how he gained the confidence to take on an 18 unit apartment building, not too long after closing on his first property. He also talks about the importance of financing, and how it can help you scale.

Using financing like hard money, credit cards, and cash to close on properties, Kyle has had to think on his feet to get deals done. He walks us through the best way to approach hard money loans, how to have lenders lined up for deals, and what to do when you can’t refinance at the end of a BRRRR deal.

Kyle brings up “imposter syndrome" and how it’s easy to psych yourself out of deals that you can handle. This is a great episode for any new investor who has never used hard money, creative financing, or wants to go from 1 unit, to many.

In This Episode We Cover:

  • How Kyle bought his first duplex before graduating college
  • How to pivot career paths, even if you’re just starting out
  • Why it’s important to do the “hard” parts of real estate, not just busy work
  • What a land contract is, and how it differs from seller financing
  • Using 0% credit cards to finance materials for deals
  • How to prepare your deals for hard money lenders
  • How to find great electricians, general contractors, and other professionals
  • Why you need to ignore the “imposter syndrome” that can creep up during deals
  • And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie41

Dec 2, 2020

Using the “AREA” System to Buy 21 Houses in Just a Few Years with Anam and Aamir 

Investor couple Anam and Aamir have been hard at work during COVID, locking down deals and BRRRR-ing more and more houses. Through years of system-building and deal mistakes/lessons, they were able to create a system that allows them to save time searching for deals and know immediately whether a property is worth the investment or not.

After pinpointing exactly what they wanted in a deal, Anam and Aamir took the time to develop systems and processes that would help them get properties rehabbed and rented faster.

So how did they finance these deals? HELOCs, credit cards, cash, hard money, and other creative financing

This is what allowed them to build a portfolio of 21 units within a few years, all while working full time jobs that take up much of their waking hours.

With their deal criteria system (A.R.E.A), they’ve been able to turn their dreams into reality. Now at only 28 and 30, Anam and Aamir are on track to close more and more deals, securing their financial independence all while building appreciating wealth.

In This Episode We Cover:

  • How you can grow your rental portfolio, even during a pandemic
  • How to get your processes and systems down so they work for you 
  • Using your partner’s strengths/weaknesses to inspire growth 
  • How to use different creative financing strategies to get deals faster
  • How to find a hard money lender that works with your time-frame and ARV
  • What the A.R.E.A system is, and how it can help you find high-quality deals
  • The importance of running accurate comps in a desired area
  • Using your mistakes to make yourself into an educated investor
  • And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie40

Nov 25, 2020

$500 Per Door on Multifamily Properties (During COVID!) with Thomas Tsitouridis 

Thomas Tsitouridis is truly a jack of all trades. As a kid, he was used to helping on the project-management side of his parent’s 64-unit apartment building (taking out the trash, helping with tenants, and so on). He later realized that real estate investing would hold a special place in his future.

Thomas later worked for a construction manager, then chose to start his own construction business, property management business, and long term buy-and-hold business. 

Using the experience and cash flow from his construction business, Thomas found that he could amplify his money by buying deals and using his own team to do the construction and rehab.

Now Thomas (and his partner) are buying multifamily deals, fixing them up, and getting sustainable cash flow, so they can retire early. Within his first year as a real estate investor, he has already learnt a lot. Thomas shares some great tips on tenant management, system automations, construction, and even financing so you can get better ROI earlier on! 

In This Episode We Cover:

  • What to look for when partnering up with other investors
  • The importance of having a great broker on your team
  • Why you need to take action and lock down your first deal 
  • How to facilitate a rent increase while having empathy for tenants
  • How to split responsibility between you and your partner
  • Why ARM loans are a great choice for the BRRRR strategy
  • Managing tenants while controlling your own emotions
  • Why you need to ask the stupid questions to be smarter later on
  • How to start automating everything in your real estate business
  • And SO much more!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/rookie39

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