Episodes

  • How to Comp Rent/Home Prices and Why Going SMALL May Make You More (Rookie Reply)

    How to Comp Rent/Home Prices and Why Going SMALL May Make You More (Rookie Reply)
    Oct 18 2024
    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
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    34 mins
  • $30K/Year Cash Flow from 2 Properties by Doing What Other Investors Won’t

    $30K/Year Cash Flow from 2 Properties by Doing What Other Investors Won’t
    Oct 16 2024
    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
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    41 mins
  • Buying Her First Rental (on a Teacher’s Wage) by Looking Beyond Her Backyard w/Lauren Mattina

    Buying Her First Rental (on a Teacher’s Wage) by Looking Beyond Her Backyard w/Lauren Mattina
    Oct 14 2024
    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
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    37 mins
  • Cash Flow or Equity: Which One Should Beginners Invest for? (Rookie Reply)

    Cash Flow or Equity: Which One Should Beginners Invest for? (Rookie Reply)
    Oct 11 2024
    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
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    43 mins
  • How to Start, Manage, and Scale an Airbnb Business in 2024 (Step-by-Step)

    How to Start, Manage, and Scale an Airbnb Business in 2024 (Step-by-Step)
    Oct 9 2024
    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
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    35 mins
  • 8 Rentals in 3 Years While Working a Full-Time Job AND Remote Managing w/Luke Otto

    8 Rentals in 3 Years While Working a Full-Time Job AND Remote Managing w/Luke Otto
    Oct 7 2024
    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
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    44 mins
  • 3 Things That Will Kill Your Rental Property Cash Flow (Rookie Reply)

    3 Things That Will Kill Your Rental Property Cash Flow (Rookie Reply)
    Oct 4 2024
    Floods, evictions, and bad property managers on ONE rental property?! These are the kinds of things that spook rookies out of real estate investing altogether. Fortunately, many of these issues are avoidable, and today, we’ll equip you with some property-saving advice that could help you prevent a major blunder! Welcome back to another Rookie Reply! While scouring the BiggerPockets Forums this week, we stumbled on a full-blown horror story that involves several problems with the same property. Tony and guest co-host Noah Bacon have encountered similar issues throughout their investing journeys, and in this episode, they’re going to break them down and show you how to handle them. You’ll learn why you should think twice before passing up on a sewer scope, how to adjust your tenant screening process and avoid evictions, and how to effectively manage your property managers! Looking to invest? Need answers? Ask your question on the BiggerPockets Forums! In This Episode We Cover: Why home inspection packages aren’t just another sales scam to ignore Why doing your due diligence upfront could stop you from buying a “problem” property How to save thousands in eviction costs with a “cash for keys” offer Why you need to create strict tenant screening requirements (and stick to them!) The number one attribute to look for in a property management company How much money a new investor should be keeping in reserves 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 Get Free Property Management Software for Landlords with Hemlane Buy “The Book on Managing Rental Properties” Property Manager Finder See Tony and Noah at BPCON2024 in Cancun! Skipping That Home Inspection? These Horror Stories Will Make You Think Again Connect with Noah (00:00) Intro (01:00) $30K Sewage Repairs! (07:34) HUGE Eviction Costs (20:14) Property Management Woes (27:53) Advice for New Investors (30:53) Post Your Question! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-466 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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    38 mins
  • Buying His First Rental at 19 by Doing What Most Newbies Are Afraid to Do

    Buying His First Rental at 19 by Doing What Most Newbies Are Afraid to Do
    Oct 2 2024
    How hard is it to buy a rental property in 2024? With all the buzz around high interest rates and soaring home prices, you’d think that investing in today’s market is a lost cause. But if a nineteen-year-old can take down his first real estate deal with very little education or experience, there’s no reason why you can’t invest, too! Welcome back to the Real Estate Rookie podcast! After learning about FIRE (financial independence, retire early), Elijah Berg realized that wealthy people had something in common. They weren’t just investing in stocks; they also owned real estate! Determined to follow in their footsteps, Elijah started saving for a down payment and built his buy box. Next, he found an investor-friendly agent and lender to help him find and fund his property. Eventually, he found a diamond in the rough—a duplex in an A-class neighborhood. Tune in as Elijah walks you through his first deal and shares some personal finance tips that helped him prepare for his first investment. In this episode, you’re going to learn why time in the market is still more important than timing the market, and why new investors shouldn’t allow fear of the unknown to stop them from investing in 2024! In This Episode We Cover: How Bryan snowballed $20,000 into eleven properties (in under four years) Building your real estate portfolio faster by moving to a low-cost-of-living area How to get your spouse on board with your real estate investing dream Using a HELOC (home equity line of credit) to fund more real estate deals How to pivot to another investing strategy when things don’t go to plan Why you always need an exit strategy whenever you buy a new 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 Buy the Book “Long-Distance Real Estate Investing” Find an Investor-Friendly Agent in Your Area See Ashley and Tony at BPCON2024 in Cancun! Real Estate Rookie - Episode #452: The Rookie’s Cheat Sheet for Market Research (Find Where to Invest in 2024) Connect with Bryan Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-465 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