Episodes

  • “BRRRRing” His Way to Financial Independence EVEN in a Tough Housing Market

    “BRRRRing” His Way to Financial Independence EVEN in a Tough Housing Market
    Nov 11 2024
    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
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    55 mins
  • Should I SELL or RENT My House? + How to Finance Home Renovations (Rookie Reply)

    Should I SELL or RENT My House? + How to Finance Home Renovations (Rookie Reply)
    Nov 8 2024
    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
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    34 mins
  • Making $5K/Month Cash Flow from ONE Property (and Dodging a $100K Mistake)

    Making $5K/Month Cash Flow from ONE Property (and Dodging a $100K Mistake)
    Nov 6 2024
    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
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    43 mins
  • Investing in Real Estate WITHOUT a W2? How I Bought 3 Properties in 2 Years!

    Investing in Real Estate WITHOUT a W2? How I Bought 3 Properties in 2 Years!
    Nov 4 2024
    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
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    44 mins
  • How to Buy Multiple Rental Properties a Year + Auctions 101 (Rookie Reply)

    How to Buy Multiple Rental Properties a Year + Auctions 101 (Rookie Reply)
    Nov 1 2024
    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
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    31 mins
  • How to Do Your FIRST House Flip in 2024: Budgets, Renovations, and Loans

    How to Do Your FIRST House Flip in 2024: Budgets, Renovations, and Loans
    Oct 30 2024
    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
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    36 mins
  • How to Buy Your First Rental Property (Out-of-State) in Just 90 Days!

    How to Buy Your First Rental Property (Out-of-State) in Just 90 Days!
    Oct 28 2024
    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
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    39 mins
  • How to Find Off-Market Properties WITHOUT Cold Calling! (Rookie Reply)

    How to Find Off-Market Properties WITHOUT Cold Calling! (Rookie Reply)
    Oct 25 2024
    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
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    40 mins