Real Estate Rookie

Want to quit your job with real estate investing? Rookie investor Miller McSwain has a strategy anyone can copy to make serious cash flow. This investing strategy is rookie-friendly and allows you to learn the real estate investing ropes while making serious money. Miller now has six properties with forty-one units in total, and today, he’s sharing this easily repeatable strategy for quickly building wealth. Miller will be the first to tell you that his “coliving” strategy is not rocket science. He should know—he’s a former rocket scientist. After house hacking and renting out the rooms in his home, he realized how much cash flow the rent-by-the-room strategy makes. But instead of buying houses with as many rooms as possible, he began focusing on community living and homes with inviting common spaces, allowing for higher rents. So, how do you start with this strategy? Miller explains, in detail, precisely what makes a great coliving investment property, how to market your rooms to get the most tenants possible, and what to do when conflict arises between roommates. After six properties, he’s still hunting for more, and if you’re looking for higher cash flow rentals, this is a strategy you should definitely try. In This Episode We Cover: How to quit your job and become a full-time real estate investor with “coliving” Coliving explained and why it is NOT the same as renting by the room Miller’s exact “buy box” and what makes a property perfect for coliving Marketing your rooms online and how to quickly screen tenants without taking a hundred phone calls Handling tenant conflict and what to do when roommates aren’t getting along The easiest (and arguably cheapest) way to invest in your first coliving property And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group Real Estate Rookie YouTube Miller’s Instagram Supply Mate Start Your Real Estate Portfolio with “The House Hacking Strategy” Find an Investor-Friendly Agent in Your Area What is Co-Living and How Can It Help Your Multifamily Property? Connect with Miller (00:00) Intro (03:09) Quitting His Job! (07:01) Current Portfolio + Coliving 101 (16:56) How to Handle Coliving (24:16) Marketing Your Rooms (26:11) Screening Roommates (34:26) Full-Time Investor Life! (36:13) Tips to Start Coliving (37:32) Connect with Miller! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-486 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 rookie has grown his real estate portfolio to seven properties, $5,000 in monthly cash flow, and over $1 million in total equity in just SIX years. His strategy isn’t flashy or sexy, but it’s highly repeatable. Even the greenest investor can use it to snowball one rental property into the next! Jefferson Calloway was plunged into the world of real estate after meeting the world’s best tenant—an investor and mentor who not only sold Jefferson his first property but also moved in and knowingly rented it from him for a profit! Through this experience, Jefferson quickly learned the incredible scalability of buying properties owner-occupied, converting them into rentals, and repeating the formula. Now, through the power of delegation and automation, he earns active income from near-passive investments that require just one hour of his time each week. This allows him to focus on his home remodeling business, where he earns even more income to pour into real estate! As you’re about to learn, you can find great investment properties in virtually any market, but you’re going to need the right people in place when investing out of state. In today’s episode, Jefferson provides the blueprint for finding more on-market and off-market real estate deals in competitive markets, building out teams, and mitigating risk within your portfolio! In This Episode We Cover: The formula Jefferson used to scale to seven properties in just six years Cash flow versus appreciation (and why you DON’T have to choose one!) The best ways to find better on-market and off-market real estate deals Why you should always analyze your short-term rentals as long-term rentals The investing strategy that can help you mitigate risk within your portfolio The key to turning your rental properties into near-passive investments And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group Real Estate Rookie YouTube Buy the Book “Scaling Smart” Property Manager Finder Traveling the World Thanks to One $6,500/Month Rental Property Connect with Jefferson (0:00) Intro (00:39) Buying His First Property (05:54) Jefferson’s Portfolio (10:10) Sourcing Deals in Hot Markets (15:37) Jefferson’s Buy Box (21:11) Cash Flow vs. Appreciation (30:18) How to Find a Property Manager (34:09) Equity and Cash Flow Numbers (39:33) Connect with Jefferson! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-485 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 much should your down payment for investment property be? Should you increase your down payment to maximize cash flow, or does putting all your financial eggs in one basket limit your ability to build and scale your real estate portfolio? Or should you instead pay off that high-interest-rate mortgage early to keep all the cash flow at the end of the month? We’re answering these questions in today’s Rookie Reply! With high mortgage rates, one rookie asks whether it’s better to pay off their home with a seven percent rate INSTEAD of investing in more rentals. Paying off that loan gets you an automatic return, but there’s a strong argument as to why it isn’t the best move. Are you doing your first house flip? Another rookie wonders whether they can negotiate when taking on a hard money loan and if the juice is worth the squeeze for a $50,000 profit on their first flip. Looking to invest? Need answers? Ask your question on the BiggerPockets Forums! In This Episode We Cover: Investment property down payments and how much you should put down to prioritize cash flow Whether to keep investing or start paying off your high-interest-rate mortgages Why you can’t just look at the cash flow when analyzing a potential investment Financing a house flip and negotiating with a hard money lender (should you negotiate?) What you should ALWAYS do before you take on a house flip to ensure your numbers are right And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group Real Estate Rookie YouTube Protect Your Properties with an LLC through Corporate Direct Ask Your Question on the BiggerPockets Forums Grab the New Book, “The House Flipping Framework” Find Investor-Friendly Lenders Stop! Before Making a Large Down Payment, Read This (00:00) Intro (01:00) How Much to Put Down? (11:42) Pay Off High Rate Mortgage? (17:49) Financing a House Flip (24:47) Is This Deal Worth It? (29:24) Ask Your Question! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-484 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

Can you still make huge profits from real estate in today’s market? While high interest rates and inflated home prices can make it difficult to find a cash-flowing rental property, there’s another strategy that delivers big returns—if you can stomach the extra risk: house flipping! Welcome back to the Real Estate Rookie podcast! James Dainard is a master house flipper, co-host of the On the Market podcast, and, most recently, author of The House Flipping Framework. With over eighteen years of real estate investing experience and more than 3,500 projects under his belt, James knows more than a thing or two about this lucrative investing strategy. Today, he joins the show to share a few tips from his new book—like how to find the right deal, choose high-quality contractors, and keep your project on budget! Whether you’re new to flipping houses or you need help with home renovations, this episode is loaded with advice to help you start and stand out. You’ll learn everything from choosing a market and analyzing distressed properties to building your team, estimating rehab costs, and more! In This Episode We Cover: How to start flipping houses and stand out in a tough housing market The “biggest lie” in real estate that will stop you from making a profit Why finding a flip-friendly real estate broker is crucial to your success How to calculate your annualized return (and why it matters for house flips) How to choose the right market and build your team for out-of-state projects The step-by-step process for building out an accurate scope of work Staying on budget (and on schedule) with cost-effective home renovation tips And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group Real Estate Rookie YouTube Put Your Vacation Rental on Autopilot with Hospitable Buy James’ New Book “The House Flipping Framework” Find an Investor-Friendly Agent in Your Area Flipping Houses: How to Get Started and Everything You Should Know Connect with James (00:00) Intro (01:11) Planning Your Project (05:48) House Flipping Returns (14:39) How to Choose a Market (19:11) Building Your Team (26:06) Estimating Rehab Costs (36:09) 3 Tips for Selling Flips (39:49) Connect with James! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-483 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

Can you still find great deals in today’s cutthroat housing market? Of course! But you may need to go off the beaten path. Rookie investor Karl Denton looks beyond the MLS (multiple listings service), focuses on undervalued and distressed properties, and even does his own home renovations to create value. If he can do it, YOU can, too! Welcome back to the Real Estate Rookie podcast! Karl has a superpower—finding hidden gems that other investors overlook. And he’s not doing anything that you can’t. Even as a full-time firefighter, he still finds time to attend meetups, go to foreclosure auctions, build his own lists, and contact homeowners about their properties. So far, this strategy has allowed him to find, buy, and fix three properties in three years! Want to replicate his success? Tune in as Karl walks you through each step of the BRRRR method (buy, rehab, rent, refinance, repeat). Along the way, you’ll learn where to find undervalued properties, how to manage out-of-state renovations, and when to do a cash-out refinance. You’ll also hear about Karl’s big pivot from long-term rentals to short-term rentals and the huge cash flow boost that came with it! In This Episode We Cover: How to find, fund, and fix distressed or undervalued homes in 2024 Why the BRRRR method still works in today’s challenging market Three ways to buy properties with tax liens (and why they make GREAT investments) Crucial tips for managing an out-of-state home renovation project When to pivot from one investing strategy to another based on your market Why you should focus on stabilizing your real estate portfolio before scaling it And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group Real Estate Rookie YouTube Buy the Book “Buy, Rehab, Rent, Refinance, Repeat” Find an Investor-Friendly Agent in Your Area Making $300K+ Profit Per Rental and Scaling FAST with “DADUs” Connect with Karl (00:00) Intro (00:46) Buying His First Property (03:55) The BRRRR Strategy (11:37) Karl’s Portfolio & Auctions 101 (20:40) DIY & Out-of-State Renovations (29:54) When Should You Refinance? (33:55) Switching to Short-Term Rentals (41:35) Revenue & Tips for Rookies (47:47) Connect with Karl! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-482 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 planning to move soon and are asking yourself, “Should I sell or rent my house?” What if you’ve got little-to-no cash flow potential? Is future appreciation worth betting on? Maybe you need to renovate before you sell or rent; now, the question becomes, “How to finance home renovations?” Don’t stress; we’ve got you covered on all fronts in this episode as we walk through how to decide whether to sell or rent, the best ways to fund home renovations, and answer the mother of all rookie questions, “Is house hacking dead?” With mortgage rates rising yet again and home prices still unaffordable in many areas of the country, does house hacking (renting out other rooms/units to pay your mortgage) still make sense? What if you can’t live for free anymore? Should you abandon the house hacking strategy entirely? We have some interesting thoughts on why we would or wouldn’t house hack in this housing market. Looking to invest? Need answers? Ask your question on the BiggerPockets Forums! In This Episode We Cover: Whether you should sell or rent your primary residence once you move out  The math behind house hacking and whether high interest rates ruined this strategy  How to finance home renovations on your next rehab project  Taking out a line of credit on your investment properties to fund future investments  Whether to convert your property into a short-term rental (more work) or keep it as a long-term rental (less work)  And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group Real Estate Rookie YouTube Protect Your Properties with an LLC through Corporate Direct Ask Your Question on the BiggerPockets Forums Grab “The House Hacking Strategy” Book Find Investor-Friendly Lenders Should You Sell Your House or Rent It Out? (00:00) Intro (00:49) Sell or Rent Out Your House? (07:12) Short-Term vs. Long-Term Rentals (08:47) Bet on Appreciation? (12:41) How to Finance Home Renovations (18:48) Is House Hacking Dead? (26:41) Ask Your Question! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-481 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 investing could help you achieve your financial goals, whether it’s to make enough cash flow to replace your W2 income or build wealth for an early retirement. Like many, today’s guest is chasing financial freedom, and thanks to a unique property that brings in $5,000 in monthly cash flow, he’s well on his way! Welcome back to the Real Estate Rookie podcast! Rocky Gibson knew he wanted to invest in real estate since his college days, so after landing his first “real” job out of school, he wasted no time buying his first property. Since then, it’s been full speed ahead for Rocky, and in just five years, he has built and scaled his real estate portfolio from zero to fifteen units and two flips. His main investment property, an eleven-unit RV park, nets $5,000 per month alone! In this episode, Rocky talks about the power of renting by the room, leveraging your personal network, and using home equity to grow your portfolio and get access to private deals. You’ll even hear about the $100,000 mistake that Rocky almost made and how altering his strategy allowed him to not only salvage the deal but also make a profit! In This Episode We Cover: How Rocky built his real estate portfolio up to fifteen units (and two flips) in just five years The unique property that can give you $5,000 in monthly cash flow Why house hacking is the BEST investing strategy when you’re just starting out How to achieve financial freedom through real estate investing Creative ways to fund more rental properties without traditional bank financing How altering his strategy on the fly helped Rocky avoid a $100,000 mistake And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group Put Your Vacation Rental on Autopilot with Hospitable Buy the Book “Real Estate Campgrounds” Find an Investor-Friendly Agent in Your Area How to Start Making Millions from These Overlooked RV Park Investments Connect with Rocky (00:00) Intro (00:31) Why Real Estate? (04:23) House Hacking 101 (12:01) Building the RV Park (19:47) Tapping Into His Network (27:28) Funding the Campers (30:17) Cash Flow & Investing Goals (34:57) Cash Flow & Investing Portfolio (35:49) Connect with Rocky! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-480 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

Can you start investing in real estate WITHOUT a stable W2 job? How will you get a loan? What happens if you have a fluctuating income? Are you completely out of luck? Not at all! Today’s guest, David Sladewski, proves that you can STILL invest in real estate no matter your age, experience, or whether you have a “stable” job. At just twenty years old, he already has three rental units and a live in flip; plus, he did it all while self-employed. At the age of seventeen, David learned about real estate from his brother. Poised to become his own boss and make money without an earning “ceiling,” he decided that getting his real estate license and becoming an agent was the best bet. Within half a year, he went from having no money to building a solid real estate agent business and was ready to invest. The problem? Lenders WON’T give you a loan without multiple years of income history.  But that didn’t stop David. He was able to buy a great first rental property, a duplex, thanks to one brilliant move. David then found other lender “loopholes” that helped him close on his dream rental property and a flip he’s working on as we speak. How did he get around the seemingly impossible task of finding funding WITHOUT a W2 job? Stick around to find out! In This Episode We Cover: Why you DON’T need a W2 job to start investing in real estate  Doing your first real estate deal with ZERO experience and why you MUST “bet on yourself” Real estate partnerships for beginners and how to invest without having a ton of money  The lender “loophole” David found after going through FOUR different mortgage lenders (try this, too!) Why you should live in your rental property BEFORE you rent it out  Doing a “live in flip” and home renovation mistakes that David learned the hard way  And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group Easily Identify Great Investing Markets with BiggerPockets Market Finder Grab Ashley and Tony’s Book, “Real Estate Partnerships” Find Investor-Friendly Lenders BiggerNews: This Area Has the BEST Cash Flow Potential in the Country Connect with David (00:00) Intro (01:08) Starting at Just 17 (06:04) First Deal WITHOUT Stable W2 (13:15) Structuring a Partnership (14:43) Finding a Lender Loophole (20:53) Home Run Rental in THIS Neighborhood (24:52) Trying to Flip a House (33:48) Future Goals and Advice Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-479 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 to build your rental portfolio FAST? Today, we’re teaching you how to buy multiple rental properties per year, the best tips to raise rents while keeping tenant turnover low, and what to know before you start buying houses at auction. Each of these topics will help you not only build a real estate portfolio but also keep it profitable so you can reach financial freedom and realize your goals faster! Since it’s a Rookie Reply, you know that these are all real questions coming directly from real estate rookies, just like you. First, an investor wants to know how to buy multiple houses per year, especially when you’re locked into an owner-occupied mortgage. While you may not be allowed to move for at least a year, we’ve got some strategies to help you buy rentals on the side. Next, what happens when you’ve inherited tenants paying under-market rent? How do you raise rents without increasing vacancy? Finally, buying homes at auction may be a killer strategy to find deeply discounted real estate deals, but there are some red flags you MUST know about before you bid... Looking to invest? Need answers? Ask your question on the BiggerPockets Forums! In This Episode We Cover: How to buy multiple houses a year using primary and investment property loans  Our best tips to make (or keep) more money so you can invest even faster  Inheriting tenants and how to raise rents without causing tenant turnover Buying properties at auction and the non-refundable deposit that you must be aware of Why you always (always!) should budget more for home renovations on auction-bought houses  And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group Rookie 463 - The “Lazy” Landlord’s Guide to Finding (And Keeping) Tenants & Raising Rents Real Estate Rookie YouTube Protect Your Properties with an LLC through Corporate Direct Grab the Book “Real Estate Partnerships” Find Investor-Friendly Lenders Rookie 127 - Buying Property While Stationed Overseas (and a $40k Rookie Mistake!) w/Angel Garcia (00:00) Intro (00:57) Buy Multiple Rental Properties a Year? (06:39) How to Raise Rents (14:13) Buying a House at Auction Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-478 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 to know how to flip a house in 2024? We brought on a rookie with a real-life deal to walk through every beginner step of flipping houses so you can go out and make money, too! We know Rene Hosman as our community manager here at BiggerPockets, but she’s also a brand new house flipper! She just got her first house flip under contract, so we’ll be bringing her on the show to share her progress and teach YOU how to do it today. In part one, Rene describes how she found this deal in the pricey and competitive Denver, Colorado, area. Next, when she wanted to make an offer on the property, she realized it HAD to be made in cash, but she didn’t have the funds. What did she do? She found a lender who lent her the money in just around twenty-four hours! Don’t think it’s possible? Rene shares exactly how she found this lender, how much they charge, and why she went with them. Next, how do you estimate rehab costs for a home renovation? Rene brings her ACTUAL house flipping budget to show off in today’s episode, plus where she’s finding materials and how much of a financial “buffer” she’s giving herself (in case something goes wrong). In This Episode We Cover: How to flip your first house in 2024 by following Rene’s basic steps  Flipping a condo and how already owning in the building can be a HUGE advantage  Private money lenders and how to fund your first flip in just twenty-four hours! How to estimate rehab costs and why you MUST give yourself a “buffer” The exact costs Rene will pay to fund this $190,000 flip  And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group Start with Strategy House Flipping Investing Calculator Rehab Cost Estimate Calculator Follow Rene’s ACTUAL House Flipping Budget Learn How to Flip Houses with “The House Flipping Framework” Find Investor-Friendly Lenders Flipping Houses: How to Get Started and Everything You Should Know Connect with Rene (00:00) Intro (02:49) Buy the Whole Building? (07:14) Making a QUICK Offer (10:37) Finding $190K in 24 Hours (17:20) Private Money Lending Numbers (21:03) Renovation Budgeting (25:49) Renovation Timeline and Plans   Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-477 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

Today’s guest bought his first rental property within just ninety days of learning about real estate investing. So, if you’re wondering how to buy a rental property or get started with out-of-state real estate investing ASAP, Jeff Costa is the person to listen to. Instead of sitting in analysis paralysis, Jeff knew it was CRUCIAL to pull the trigger on an investment property once he had heard the podcasts, read the books, and felt educated enough. Within just two years, Jeff has bought two small multifamily rental properties, with a combined four units total, bringing in $1,300/month in cash flow! He was EVEN able to do this recently with higher mortgage rates, and shares EXACTLY what he was looking for, how much money the properties cost, where he chose to invest in real estate, and every FREE tool he uses to do market research BEFORE buying from a distance. If you’re tired of waiting to get in the game but still feel nervous to invest in your first rental, you NEED to listen to this episode. Jeff describes, in detail, each step he took that allowed him to build his rental portfolio fast and a few tips that’ll stop you from choosing the WRONG property manager on your first or next rental property purchase. In This Episode We Cover: How to start buying out-of-state rental properties in the next ninety days  The free tools that Jeff uses to scope out a market before he invests in it Why Jeff went “turnkey” on his first investment property (and why you should, too) How to pick a property manager and red flags to look for when interviewing for one  Why you must (MUST!) have emergency reserves before you buy your first rental  And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group Try BiggerPockets Property Manager Finder Grab the Book on “Long-Distance Real Estate Investing” Property Manager Finder 78 Questions To Ask A Property Manager Before Hiring Them Connect with Jeff (00:00) Intro (01:06) Ditching Stocks for Rentals (03:57) Buying a Rental in 90 Days! (08:49) First Rental ($500/Month Cash Flow!) (13:47) Market Research (16:02) Second Rental ($800+/Month Cash Flow!) (21:24) How to Pick a Property Manager (28:58) Next Steps and Rookie Advice Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-476 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 to know how to find off-market properties WITHOUT cold calling and talking to sellers all day? Where is the best place to find furniture for your short-term rental or Airbnb? Is real estate wholesaling nearing its end as buyers and sellers get frustrated with these middlemen? It’s another Rookie Reply, so we’re taking these questions (and a few others) and answering them on this episode! First, if you have a long-term and short-term rental on the same lot, how do you keep the tenants and the guests from creating conflict? Plus, how do you furnish a short-term rental so you aren’t replacing couches every few months? To get a great deal like this in the first place, you might need to find off-market properties with undervalued prices. Do you go through a wholesaler or find off-market real estate deals yourself? We’ll share our advice for both! Looking to invest? Need answers? Ask your question on the BiggerPockets Forums! In This Episode We Cover: The MANY ways to find off-market real estate deals that don’t include cold calling  Why investors and sellers are starting to get frustrated with real estate “wholesalers”  Ashley and Tony’s favorite stores to find durable furnishings for your short-term rental Tony’s quick tip to avoid bed bugs in your rental property (it’s easy and cheap!) The first thing you should say when approaching a potential seller  And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group Real Estate Rookie 468 - How to Start, Manage, and Scale an Airbnb Business in 2024 Real Estate Rookie 326 - The Step-by-Step Guide to Finding the BEST Off-Market Real Estate Deals Ask Your Question on the BiggerPockets Forums Ready to Find Deals? Grab the Book “Real Estate Deal Maker” Find an Investor-Friendly Agent in Your Area A New South Carolina Law Would Severely Crack Down on Wholesaling (00:00) Intro (01:14) STR and LTR on the Same Lot? (05:50) Best Furniture for Short-Term Rentals (09:30) How to Avoid Bed Bugs! (10:47) Is It WRONG to Wholesale Real Estate? (21:28) Advice for Wholesaling (23:35) How to Find Off-Market Deals (29:43) How to Approach Sellers (32:37) Post Your Question! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-475 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 rookie investor decided that instead of purchasing her own home, she’d buy rental properties in other areas, helping offset her high cost of living. Within just around a year, Mary Ho has bought a run-down property, performed a six-figure renovation project, got her first renters, refinanced the property, and then bought ANOTHER rental right after! Now, she’s sitting on two properties with three units in total, managing her rentals remotely and building wealth without the traditional boundaries. Mary and her family live in Manhattan, an infamously expensive real estate market. She and her husband wanted to invest, but there was no way they could do it locally. So, she decided to start investing with “training wheels”—investing in a market she was familiar with that was within driving distance of her. She went WAY over budget on this first property, but it worked out in a way that would help her with deal number two! From there, she went much farther, buying a multifamily property over a thousand miles away from home. How did she handle renovating, furnishing, and finding tenants, all while she was so far from her new property? How does she juggle it all with her job and kids to take care of? What’s the secret to her productivity? She’s sharing it all in this episode!  In This Episode We Cover: Where mortgage rates are right now for refinances and HELOCs The HELOC hack that greatly minimizes your interest in your next equity line  Caeli’s interest rate forecast and where she thinks rates could be in the near future  When waiting to refinance could cost you, and whether rates may go UP again  The metrics that influence where mortgage rates will go next (what to pay attention to) And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group Find Trusted Property Managers with BiggerPockets Property Manager Finder Get the Book on BRRRR “Buy, Rehab, Rent, Refinance, Repeat” Find an Investor-Friendly Agent in Your Area Should You Invest Locally or Long Distance? Connect with Mary Mary’s Instagram (00:00) Intro (01:52) Interest Rate Update (06:34) Why Rates Went UP (11:59) Should You Refinance? (18:17) Current Refi Rates (19:37) Best HELOC Hack (29:01) Interest Rate Forecast Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-474 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

Your first rental property is out there; it just may not be where you live. Austin Wolff came to this conclusion quickly. After paying his “cheap” rent of $1,600 per month for a small place in Los Angeles, he knew he needed to start saving up the money to buy his first investment property if he was ever going to afford to live in Southern California full-time. So, he began compiling a list of America’s most affordable, growing real estate markets. He found what he believed to be the best bet, packed up his bags, and moved 1,500 miles away to get the deal done. He left behind his friends, girlfriend (don’t worry, they’re just doing long-distance now), and filmmaking passion temporarily to do what he felt was best to build wealth. What was the real estate market so good he couldn’t let it pass him by? How did he get into his first property with just five percent down and only $25,000 in cash? And why does he believe NOW is the time to buy? Stick around to hear why this real estate-focused data scientist made such a radical move in the name of financial freedom and exactly how he analyzes markets and rental properties to see whether they’re worth the effort.  In This Episode We Cover: Moving 1,500 miles away to “house hack” in a much cheaper market  Ranking the top affordable, growing real estate markets in the country  How to get into your first investment property for just five percent down! Conventional vs. FHA loans and what Austin thinks is the better option for rookies  Austin’s deal analysis formula that will get you more accurate cash flow estimates  Serious advice for rookies and why waiting on the sidelines could cost you  And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group BiggerPockets Deal Finder BiggerPockets Lender Finder Find Your Perfect Market with “BiggerPockets Market Finder” Grab “The House Hacking Strategy” Book Find an Investor-Friendly Agent in Your Area The 10 Best Markets for Your First House Hack Connect with Austin (00:00) Intro (01:01) Film Director to Data Scientist (03:56) Ranking the BEST Markets (09:41) Saving Money EVEN in LA (12:32) Moving 1,500 Miles for First Deal (20:59) Financing, Rent, and Management (25:32) Future Goals and Next Steps (28:35) Advice for Rookies Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-473 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

Let’s say you’ve got $40,000 to invest. You could split the money into two down payments and buy more properties or partner with someone with money and build a bigger real estate portfolio. But even though you CAN do this, it might be a better idea to stay a small investor. Why? We’re talking about it in this episode, along with some of the regrets we have from scaling far too fast. Welcome back to another Rookie Reply! Today, we’re showing you how to run real estate “comps” to find the right rent and asking prices for properties, plus whether or not your new rental will have enough demand to stay occupied. We’ll also discuss when a house is TOO big to house hack and how to find tenants for a rent-by-the-room investing strategy. Finally, can you buy more than one rental a year? Yes! But be careful, doing this could put you in a dangerous spot (we’ll explain why).  Looking to invest? Need answers? Ask your question on the BiggerPockets Forums! In This Episode We Cover: How to run “comps” in real estate and estimate rent prices accurately  Whether or not a neighborhood is worth investing in with many units for rent already  Why you may NOT need to buy a huge house for house hacking  Finding tenants when using the rent-by-the-room investing strategy  How to build a real estate portfolio with $30,000 - $40,000  And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group Try the BiggerPockets Rent Estimator Ask Your Question on the BiggerPockets Forums Learn the Real Estate Formulas with “Real Estate by the Numbers” Find Investor-Friendly Lenders Real Estate Rookie 287 - From 70 Hour/Week Burnout to Getting Paid to Buy Properties w/Danielle Daly (00:00) Intro (00:44) Comping Rent/Home Prices (08:21) Too Big House to Hack? (16:25) Starting with $40K and Scaling SMALL (26:23) Post Your Question! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-472 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

Has the Airbnb market become TOO saturated? It might not matter if you can rise above the competition and make your property stand out like Katie Cline did. Thanks to luxury amenities, personalized touches, and an unforgettable guest experience, her two rental properties bring in a whopping $30,000 in annual cash flow! Welcome back to the Real Estate Rookie podcast! When Katie saw a golden opportunity to combine her extensive background in hospitality with real estate investing, she bought two short-term rentals and focused all of her energy on creating places where she would want to vacation. In just eighteen months, this move has already paid off, as this pair of New York properties generates constant five-star reviews and a huge amount of profit that helps build her real estate portfolio! In this episode, Katie offers some game-changing advice that will elevate your property, increase your bookings, and boost your cash flow. Tune in to learn about the “little” details that will raise your bottom line, using social media as a powerful marketing tool for your business, and the two things Katie believes will set new investors up for success! In This Episode We Cover: How Katie makes $30,000 in annual cash flow from just TWO rentals Making your vacation rental stand out in a saturated market The keys to crafting an unforgettable guest experience for your Airbnb The luxury amenities and personalized details that will explode bookings How to use the power of social media to grow your Airbnb business Two types of short-term rental portfolios (and which one you should build!) And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group Try Baselane, the One Platform for All Your Property Banking & Finances Buy the Book “Short-Term Rental, Long-Term Wealth” Property Manager Finder The “Luxury” Rental Property That Brings in $150K/Year of Pure Profit Connect with Katie Katie’s Instagram   (00:00) Intro (01:35) Hospitality in Real Estate (03:02) The Lake George Property (06:54) Making Your Rental Stand Out (13:23) Airbnb Strategy & Using Social Media (19:52) The Saratoga Property (23:53) Katie’s Investing Goals (28:45) HUGE Cash Flow Numbers (32:13) Connect with Katie! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-471 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 want to buy your first rental property but can’t find affordable real estate in your area? You’re not alone! As a science teacher living in New York City, Lauren Mattina was priced out of her own market. But a simple move helped her find a cash-flowing property and brought her one step closer to financial freedom, and YOU could do the same! Welcome back to the Real Estate Rookie podcast! Lauren never had a high-paying job, but she knew that real estate investing could give her the option of early retirement. So, she continued living below her means and saved for her first property. With NYC out of the question, she turned her attention to Oklahoma City, where she found, bought, rehabbed, and rented out her first single-family home! Are you being priced out of your own backyard? In this episode, Lauren will show you the steps she took to choose an out-of-state market, analyze her first deal, and build an out-of-state investing team. You’ll learn the secret to overcoming analysis paralysis, how to properly vet a property manager, and how to get your offers accepted in a hot market! In This Episode We Cover: How Lauren bought her first rental property (on a teacher’s salary) Analyzing rental properties (and markets) as a complete beginner How to find up-and-coming, out-of-state markets to invest in The number one thing that will help you overcome analysis paralysis The “rule of three” to follow when building your real estate investing team How to make your offers more enticing in a competitive market And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group Ask Your Question on the BiggerPockets Forums BiggerPockets Team Builder Buy the Book “Long-Distance Real Estate Investing” Find an Investor-Friendly Agent in Your Area How to Choose an Out-of-State Market for Investment (in 3 Easy Steps!) Connect with Lauren (00:00) Intro (01:13) Why Real Estate? (06:55) Lauren’s First Deal (13:25) Out-of-State Investing 101 (20:34) How to Build Your Team (25:12) Buying the Next Property (28:35) Advice for New Investors (29:20) Connect with Lauren! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-470 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

Investing for cash flow or equity is an age-old debate, but what’s the best approach for a new investor? Should you focus on making a monthly profit right off the bat or play the long game with equity growth and appreciation? You might be surprised to hear where Ashley and guest co-host Noah Bacon land on this topic! Welcome back to another Rookie Reply! How much money do you actually need to buy your first rental property? Should you put down as little as possible and use debt to get your foot in the door, or is it best to save enough cash for a large down payment, closing costs, and reserves? We’ll break down your best options. Finally, house hacking can help you get started in real estate, but eventually, you may want to move out and put your unit up for rent. We’ll discuss whether you should get a property manager or self-manage from afar when that time comes! Looking to invest? Need answers? Ask your question on the BiggerPockets Forums! In This Episode We Cover: Cash flow versus equity (and which one new investors should focus on!) Which property types deliver the highest cash flow (or appreciation) Leveraging the power of partnerships to help fund your first deal How much money you need to save before buying your first property How to transition out of a house hack (and whether you need a property manager) And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group Ask Your Question on the BiggerPockets Forums Buy Ashley’s Book “Real Estate Rookie” Find Investor-Friendly Lenders Should You Invest for Equity or Cash Flow? Connect with Noah (00:00) Intro (01:31) Cash Flow vs. Equity (11:26) Replacing Your W2 Income (14:43) Saving Cash & Using Debt (24:59) How Much Money Do I Need? (28:32) Exiting a House Hack (36:03) Post Your Question! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-469 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 want to break into the short-term rental space? It’s not as simple as picking a popular market, buying a rental property, and listing it online. To have a successful Airbnb business, there are three crucial steps you need to take, and we’re going to break them down in this episode! Welcome back to the Real Estate Rookie podcast! In just four years, Tony and Sara Robinson have built a very successful vacation rental portfolio that is on track to make over two million dollars in revenue in 2024. Today, they’re going to discuss the most important components of their business, what they wish they had known before they started, some of the biggest mistakes they’ve made along the way, and what has allowed them to scale so quickly. We’ll start at square one, helping you devise a game plan and analyzing markets to invest in. Then, we’ll show you how to make your property stand out with several helpful (and affordable) furnishing and design tips. Finally, we’ll show you how to craft systems and processes that will allow you to streamline management and scale your portfolio to multiple properties across several states! In This Episode We Cover: Three steps to build and scale a successful Airbnb business The most crucial data points to consider when analyzing rental markets When to buy the “cheaper” property and budget for design and amenities instead Affordable furnishing and design hacks that will elevate your property The best tips, tools, and tech for streamlining short-term rental management Investing in an out-of-state market (and why it’s easier than you think!) And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group Breezeway Stessa Easily Identify Your Next Market to Invest in With the BiggerPockets Market Finder Buy the Book “Short-Term Rental, Long-Term Wealth” Property Manager Finder Investing in Short-Term Rental Properties: A Beginner’s Guide & How to Get Started (00:00) Intro (01:08) Keys to a Successful Airbnb (06:00) Step 1. Analyze Your Market (09:48) Step 2. Make Your Airbnb Stand Out (16:17) Step 3. Scale Your Business (24:44) Tips for New Investors (27:24) Check Out the Forums! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-468 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

Three years ago, Luke Otto knew next to nothing about rental properties. His interest was instantly piqued when he got into a conversation about real estate investing with an old friend. He went home and immediately started reading The Book on Rental Property Investing, and from there, he knew what his next move was. Shortly after, he was at the closing table, feeling the “fear” of putting a five-figure down payment on a rental property. Did it work out for Luke? It did, indeed! Fast forward to today, Luke has an eight-unit rental property portfolio and has become the investing “expert” in his group. He’s done what most rookies wouldn’t even think of, taking on renovations of old, outdated homes and turning them into performing rental properties for his portfolio. He’s done seller financing, got five percent interest rates (yes, even in TODAY’s market), and did most of it while self-managing his portfolio remotely and working a full-time nine-to-five. Luke has taken the right risks, leveled up his skills to scale the right way, and made massive progress in a short amount of time. Today, he shares how he pushed through fear to build wealth, when to hire a property manager, and how having the right agent can help you explode your real estate portfolio. In This Episode We Cover The “fear” of investing in your first rental property (and why it’s OKAY to be scared) Real estate partnerships and how to invest even when you’re low on cash Why you DO NOT need to quit your job to build a sizable real estate portfolio The gold of old and why outdated homes may make great renovation projects HELOCs, seller financing, and other creative ways to buy more real estate  How to get deals sent straight to you by having an investor-friendly agent  And So Much More! (00:00) Intro (01:14) Finding Real Estate 3 Years Ago (05:36) First Deal FEAR (08:11) First Deal Numbers (13:37) Scaling to 8 Properties! (18:52) Get Properties Sent to YOU! (22:10) Restoring Old Homes (24:42) Seller Financing Deals (28:56) Creating a 5% Interest Rate (32:33) Balancing a W2 and Real Estate (35:02) Advice for Rookies Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-467 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