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Real Estate Rookie

Ready to build your real estate empire… but not sure where to begin?Think of us as your personal trainer.From detailed breakdowns of real-world deals… to one-on-one coaching sessions and a warm, welcoming community… hosts Ashley Kehr and Tony J Robinson bring on a wide range of guests to tackle the “newbie” questions you've wondered about but might be afraid to ask.Looking to 10X your real estate investing business this year? This show isn’t for you.Looking for your first, second, or third deal -- or envisioning a more modest portfolio? Step right up. Every Wednesday, we’ll arm you with the tips, tools, and roadmaps you'll need as you embark on your journey toward financial freedom.

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Ready to build your real estate empire… but not sure where to begin?Think of us as your personal trainer.From detailed breakdowns of real-world deals… to one-on-one coaching sessions and a warm, welcoming community… hosts Ashley Kehr and Tony J Robinson bring on a wide range of guests to tackle the “newbie” questions you've wondered about but might be afraid to ask.Looking to 10X your real estate investing business this year? This show isn’t for you.Looking for your first, second, or third deal -- or envisioning a more modest portfolio? Step right up. Every Wednesday, we’ll arm you with the tips, tools, and roadmaps you'll need as you embark on your journey toward financial freedom.

Rookie Podcast 87: Couple Leaves Their W2s (During COVID!) To Go Full Time in Real Estate

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Young love is beautiful, but what’s even more beautiful is young love that produces residual income together! That’s exactly what Sam and Nick of Eagle Hill Homes have done. Even though they have been together since their teenage years, Sam still had to be nudged by Nick to get into real estate investing. Once Sam started designing, planning, and executing on rehabs, she knew that this was the life for them.

Now, Sam is a certified general contractor and Nick is a loan officer. But these weren’t the couple’s original jobs, far from it actually. Nick was in corporate insurance sales while Sam was in marketing. Once they had 6 units under their name and they were making enough money to pay for their lifestyle, they quit their W2s and jumped into the real estate industry!

Now they’re rehabbing, renting out, and house hacking anything that has “value add” potential for them. They’ve taken very smart steps to renovate houses for far higher cash flow and ARV, gotten mortgages with 90%+ financing, and used their own specific skills to grow a flourishing rental portfolio!

In This Episode We Cover

Leaving a W2 job to pursue a career in real estate

Finding value add potential in deals

Finding off-market properties and negotiating with sellers

Understand the “why” behind a seller’s reason to offload their property

House hacking tips and how to keep your sanity when living close to tenants

And So Much More!

Links from the Show

Real Estate Rookie Facebook Group

Real Estate Rookie Youtube Channel

Ashley's Instagram

Tony's Instagram

Tony's Podcast

BiggerPockets Podcast

Cozy

MLS

Apartments

Rookie Podcast 02: Going All Out to Secure Deal No. 1 (For Sale By Owner!) with Tim Goutos

Check the full show notes here: https://www.biggerpockets.com/rookie87

Jun 16 2021

53mins

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Rookie Reply: What Should I Look Out for on Mobile Home Parks?

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This week’s question comes from Adri on the Real Estate Rookie Facebook Group. Adri is asking: I came across a seller financed mobile home park, this would be my first out of state investment. What should I be looking out for on MHP (mobile home parks) and is this a huge jump to make while still being a rookie?

While we can’t answer how ready Adri is for investing in a mobile home park (we believe in you), we can answer questions about what to look for when evaluating a MHP deal. Before you consider investing, you’ll need to look at some mobile-home-park-specific factors.

Here are some suggestions:

  • Make sure you get accurate financials, especially a T12 rent roll
  • Look at the utilities and see whether they’re public or private (wells and septics)
  • Look at the capital expenditures (capex) of the entire park
  • Find out who owns the trailers/mobile homes and evaluate whether the current ownership is advantageous to you
  • If you’re still nervous, partner up with someone more experienced!
  • And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/rookie86

Jun 12 2021

6mins

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Stop Creating Your Own Roadblocks to Investing with Justin Munk

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Coming up with capital isn’t easy when you’re just starting out. How are you supposed to get 20% down for one property, let alone multiple when trying to grow your portfolio. This was the predicament Justin Munk was in until he found out about the BRRRR strategy. When implementing the BRRRR strategy, Justin was able to use a fraction of the money he would need as a down payment to get a renovated, highly desirable rental property. 

Justin invests over 1,000 miles away in Ohio and manages all his rehabs remotely. Most investors would stray away from remote rehabs, but Justin has so many “checks and balances” set up that he feels confident to do them. His rehabs have to go through an inspector, a contractor, and a leasing manager before they’re put on the market. This allows Justin to have extreme confidence that he’s rehabbing a property to get the highest rent, with the lowest headache to management. 

Justin gives some valuable advice to new investors that are struggling with analysis paralysis: don’t sabotage your own deals by finding problems in every property! 

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/rookie85

Jun 09 2021

1hr

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Rookie Reply: Pros & Cons of Inherited Tenants

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This week’s question comes from Joaquin on the Real Estate Rookie Facebook Group. Joaquin is asking: When you purchase a property with a tenant already in the middle of their lease can you increase their rent or do you have to wait until their lease is up?

Inevitably, you’re going to come across some deals that have renters in place, but whether you want to keep them on as tenants is up to you. During this time of eviction moratoriums, you may be questioning whether or not an inherited tenant is worth the hassle. Here’s what Tony and Ashley think:

  • An inherited tenant can save you a lot of hassle, but you need to be sure they’re a tenant you want
  • If there isn’t a lease in place, make sure you get an estoppel agreement signed
  • Request rent rolls from the seller to make sure tenants are paying
  • You can raise the rent once a lease is up, but be sure to check with local laws on how quickly you can do so
  • If you’re inheriting problem tenants, make sure you get the property at a deep discount 
  • And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Check the full show notes here: https://www.biggerpockets.com/rookie84

Jun 05 2021

9mins

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College Coach with 10 "Doors" Renting By the Room to Students

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Many landlords decide to switch from renting by the unit to renting by the room in order to maximize cash flow per unit. Renting by the room is usually best situated for students and for properties nearby sizable universities. This type of strategy is exactly what Hastings College track and field coach, Ryan Mahoney, has done with his 2 units that have a combined 10 rooms being rented out.

After a bit of over-leveraging in the early 2000s, Ryan found BiggerPockets and knew landlording was something that could help him reach financial freedom. When some of his athletes started complaining to him about the sub-par conditions they were living in, Ryan decided to start competing with the local student rentals, providing better living conditions at a more manageable price.

Now, Ryan is exclusively renting out his properties to students on 9 to 10-month leases. He’s had to pivot a bit since COVID-19 shutdowns took students off-campus, but has a solid amount of reserves and enough flexibility with students that he doesn’t have to worry. Ryan talks about how he found great contractors, used the BiggerPockets investment calculators to secure financing, and what you should (and shouldn’t) do when renting out to students.

In This Episode We Cover

  • How to manage, rehab, and rent out student rentals 
  • Using the BiggerPockets calculator reports to secure financing 
  • Never buying as much house as you can afford
  • Why inspections are almost always worth the price
  • The screening process for students when renting by the room
  • And So Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/rookie83

Jun 02 2021

1hr 2mins

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Rookie Reply: How To Split Finances in a Partnership/Joint Venture

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This week’s question comes from Jimmy on the Real Estate Rookie Facebook Group. Jimmy is asking a couple of great questions about those in partnerships going in on a property:

1. How do we split the cost of buying a property 50/50 and keep the funds in one place? 

2. How would it work right now as 50% of the money is with him and 50% of the money is with me? 

Many real estate investors will come across the same question that Jimmy has, especially since partnerships and joint ventures are common as you grow your portfolio. Both Ashley and Tony have partnerships and answers to these questions!

Here are some suggestions:

  • Lay out how the responsibilities, costs, and profits will be split
  • Use an attorney to draft up an operating agreement or joint venture agreement
  • Set up a new joint bank account for each property you acquire
  • Make sure your assets are liquid before committing funds to a partnership
  • Follow “seasoning” regulations for any money put into the joint account
  • And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Check the full show notes here: https://www.biggerpockets.com/rookie82

May 29 2021

10mins

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David Greene on Where Rookies Go Wrong When Looking for an Agent

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A familiar voice pops in for this episode of the Rookie Podcast, it’s David Greene! The real estate agent, investor, entrepreneur, and co-host of the BiggerPockets Real Estate podcast joins us to talk about making the transition to top real estate agent and what new investors can do to find better deals and a great agent.

Most newbie investors want to be hand-held, which makes sense when you’re just starting out. That being said, that may not be the best way to find a great agent who can help you find a profitable deal. David talks through why so many new investors never end up buying, why you aren’t “hiring” an agent, and how to work together to achieve a win-win scenario. As he puts it, you’re in a partnership together, meaning it’s a win-win or a lose-lose.

If you’re trying to become a great agent, make sure you jot down some notes on David’s “medicine and delivery system” analogy where he talks about how he had to change his perceptions to succeed as a real estate agent. Many new agents (and investors) want to wait until they get their first sale/deal to become confident, but you’ll need confidence before you can get the first one!

In This Episode We Cover

  • What exactly an “investor-friendly” agent is
  • How David Greene built one of the top real estate teams in America 
  • How new investors should look at their investor/agent relationships 
  • Making sure you manage client expectations as an agent especially when working with investors
  • Who should (and shouldn’t) become a real estate agent 
  • Using social media to boost your credibility and industry presence
  • And So Much More!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie81

May 26 2021

58mins

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Rookie Reply: How Does Property Management Handle Maintenance?

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This week’s question comes from Bryan on the Real Estate Rookie Facebook Group. Bryan is asking:  How do PM (property management) companies handle maintenance? Do they fix the issue and submit invoices to the owner or withhold the amount from monthly payments to the owner?  

This is a great question for those who want to transition from self-management to hiring property managers. Both Ashley and Tony have the same type of payment setup with their property managers, but it can vary company to company.

Here are some answers/suggestions:

  • Both Ashley and Tony have a maintenance threshold for small repairs
  • Anything over the threshold needs to be approved
  • One the job is done, the cost is deducted from the rent 
  • You can always go with a PM’s repair/remodel bid, but it may save you money to hire an outside contractor you know and trust
  • Try and get PM companies with software, so you can see the exact invoice online
  • And more in the episode…

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Check the full show notes here: https://www.biggerpockets.com/rookie80

May 22 2021

11mins

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19 Year Old College Student Making $18,000 Per Deal

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Wholesaling is a tough game. Most investors who try their hand at wholesaling quit after only a few months, while those who have the grit to stick it out can end up making a much-deserved profit. Even real estate veterans have a hard time getting into wholesaling, but what about a 19-year old college student without experience in real estate?

Isabelle Zukowski just happens to be that 19-year old college student wholesaler. Isabelle had been working at a local restaurant when the COVID shutdowns started, she was released from her job and had to go on unemployment. While she was getting her unemployment money, she started listening to stock market, real estate, and business podcasts. She was interested in real estate, and when her friend told her about real estate wholesaling, she decided to try it out.

Isabelle joined a bunch of Facebook groups, contacted well-known agents and wholesalers in her area, and started building out her network. After 3 months of hard work, calling 300+ people a day, she landed her first deal. The wholesale fee? $18,000!

In This Episode We Cover

  • Real estate wholesaling with no experience or money
  • 3 tips for getting your first wholesale deal
  • Skiptracing and the best lists to pull for cold calling
  • Building relationships with everyone in your specific niche/space
  • The best way to estimate rehab costs and ARV
  • And So Much More!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie79

May 19 2021

47mins

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Rookie Reply: How Do I Estimate Property Taxes?

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This week’s question comes from Gre on the Real Estate Rookie Facebook Group. Gre is asking: How do you find accurate property tax info, including school taxes, when running numbers on a potential investment property?

Great question Gre! Running your numbers accurately is super important when making sure a deal will be profitable, thankfully, there are many online (and in person) resources where you can find accurate property taxes within minutes.

Here are some suggestions:

  • Find the county assessor’s online website and look up the property address/parcel number
  • Use third-party tools like Propstream to find property taxes
  • Ask other investors in your area what they are paying in property taxes
  • Call the county office and ask what they think property taxes will be when re-assessed
  • Make sure you’re including school, village, and county taxes (when they apply)
  • And More!

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Check the full show notes here: http://biggerpockets.com/rookie78

May 15 2021

14mins

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CPA Answers Depreciation, House-Hacking, and Rookie Tax Questions

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Amanda Han is a familiar face to the BiggerPockets audience. She’s been featured on the BiggerPockets podcasts before and has written multiple books published by BiggerPockets (The Book on Tax Strategies for the Savvy Real Estate Investor & The Book on Advanced Tax Strategies). Amanda has worked with lots of real estate investors and invests in real estate herself, so she’s answering some common questions that rookie investors have about taxes.

We run through a mix of topics such as deductions, depreciations, home-office write-offs, expenses, legal entities, and when you should get a CPA. Amanda also talks about some of the most common deductions that rookie investors miss. She also talks through different software for tracking your business expenses, recording your mileage, and keeping your business finances up to date.

It may seem like a lot of information to keep track of, especially when you’re in the middle of a rehab/flip or even just managing your rental. Amanda stresses how important it is for you not only to find a high quality, real estate friendly CPA, but also that you keep them in the loop. If you’re thinking of buying, selling, or transferring property, it’s incredibly important to keep your CPA notified on all things related to your real estate business. That way, you keep more money in your pocket and are able to grow your portfolio even faster!

In This Episode We Cover

  • The most common tax mistakes that rookie investors make
  • The best way to track your expenses (and your different options)
  • When you should consider, interview, and hire a CPA 
  • The best questions to ask a CPA if you’re interviewing them
  • Home office deductions, mileage deductions, and more
  • When the best time to form a legal entity is (if needed)
  • What to write off when you’re house hacking
  • And So Much More!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie77

May 12 2021

54mins

Play

From No Experience to Multi-Million Dollar Business with Ellen Bennett

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Before cooking at Michelin star restaurants, Ellen Bennett worked as a lottery announcer, an English tutor, and a “booth babe”. All of these jobs taught her to be comfortable in uncomfortable positions. When her head chef told her that he needed new aprons for all the cooks, Ellen took to the challenge, with no business plan, no connections, and no experience designing aprons. The deadline, uncomfortability, and challenge pushed her to deliver the aprons on time, and start Hedley & Bennett.

Now, Ellen runs this multi-million dollar business that delivers to Michelin star restaurants and at-home cooks alike. Ellen talks about the necessity of committing to something scary, even when you don’t know how to handle it. She used the same approach when buying 3 rental properties nearby her home in Los Angeles, all of which have appreciated dramatically.

The mantra used in creating a successful business, investment, or anything else is Dream First, Details Later, which also happens to be the name of Ellen's new book! An entrepreneur can get bogged down so easily with the details of any venture, so much sometimes that it could push them away from accomplishing something great.

In This Episode We Cover

  • How Ellen accidentally started an incredibly successful apron business 
  • Using the pandemic to think differently about products and needs
  • Looking at challenges as a gift and an excuse to grow
  • How to plan when you know that things won’t go as planned
  • Setting your employees up for a failure-first mindset (so they succeed!)
  • And So Much More!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie76

May 08 2021

39mins

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From Working on Oil Fields to Passively Investing in Real Estate with Travis Watts

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Travis Watts grew up with frugal parents. They taught him about coupons, buying the off-brand products, and basic financial 101, but never taught him about real estate investing. In 2009, as the market was hitting unprecedented lows, he decided to start investing in real estate. He purchased a single family home to start, then started house hacking, moved on to some fix and flips, bought some vacation rentals, and before he knew it, he was a very active real estate investor.

There was one problem though. Travis was working 90+ hour weeks in the oil industry, often working overseas for long periods of time. Travis was trying to run his active investing with his hectic schedule, but often found it hard to put a high level of effort into his rentals when so much of his energy was being exerted from his job. In 2015, Travis made the decision to become a passive investor.

Passive investing isn’t for everyone, especially for those who want to be making the big decisions. Luckily, Travis didn’t mind having general partners make decisions for the syndications he invested in, if anything, he preferred it. Travis walks through what you need to look at before putting money into a syndication, including the general partners, the market, and the deal. He also talks through how to identify whether or not a syndication is being run well, and other passive investing strategies like investing in REITs.

Many real estate investors will find themselves with lots of projects, lots of experience, lots of money, but little to no time. If you feel like this, it may be a good idea to start balancing some of your active investing with more passive cash flow opportunities!

In This Episode We Cover

  • The benefits of passive and active real estate investing
  • Syndications and who they’re meant for
  • 506(b) and 506(c) syndications and the differences between the two
  • How to identify good general partners running syndications
  • Becoming an accredited investor 
  • REITs (real estate investment trusts) and other passive income strategies 
  • How much money passive investors can make
  • And So Much More!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie75

May 05 2021

51mins

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Rookie Reply: Next Steps After Buying Your First Property

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This week’s question comes from Jennsey on the Real Estate Rookie Facebook Group. Jennsey is asking: what’s the next step after your first property, as far as financing and steps to scale to a larger portfolio.

If you’ve gotten your first property, congratulations! Now you have the momentum and experience to go get more! The next steps that are most important are finding the money for your next deal, getting your systems and processes in place, and letting others know you’re a real estate investor looking for deals.

Here are some suggestions:

  • Save up for a conventional mortgage, link up with a partner, find a hard money lender, or find a private money lender
  • Understand the fees and structures in each of these types of financing
  • Put together a binder showing your past deal, your experience, and your goals
  • Know how many doors you want to acquire and lay the foundation for that goal
  • Every time you do something with financing, tenant management, or underwriting, make sure you document how you’re doing it
  • And More!

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Check the full show notes here: https://www.biggerpockets.com/rookie74

May 01 2021

15mins

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Partnerships: What to Do Before You Jump in With Another Investor

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Believe it or not, Tony and Ashley haven’t met each other in real life...until now! They’re recording from the BiggerPockets headquarters in Denver, and they brought their partners! Tony’s wife Sarah and Ashley’s business partner Joe are here to answer the most common questions about partnerships and investing with someone else.

What makes a great partner? Tony, Sarah, Ashley, and Joe all agree that a good partner has to have complementary strengths to you. Do you know how to do financing but are terrible at design? You should find a partner who loves design but doesn’t want to touch financing. Although it may not be the easiest task, one of the best ways to find a partner is to look at your weaknesses, your strengths, and look within your circle to find someone who could be the yin to your yang.

Ashley also talks about the “partner presentation”. You may have heard this term before on the show. A partner presentation is essentially a binder including a bank statement, credit report, personal finance statement, and past deal history. This helps you show a potential partner that you’re coming from a position of strength and that you possess the competence to tag team a deal.

Ashley, Tony and their partners also go over things like goal setting, partnership structures, LLCs, life insurance policies, and more. While many rookies feel they don’t have the experience to bring to a partnership, it’s important to know that you running the numbers, listening to the podcast, and having interest in real estate already puts your skillset above many others!

In This Episode We Cover

  • What Ashley and Tony look for in their partners
  • What a good partner looks like and what you should avoid when partnering up
  • Preparing your “partner presentation” for a prospective partner
  • Setting goals and staying on the same page as a partner
  • How to structure your partnerships so everyone is on the same page
  • Umbrella policies, life insurance policies, and other partner protections
  • And So Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/rookie73

Apr 28 2021

52mins

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Rookie Reply: Cash Out Refinances vs HELOCs | Which Should You Use?

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This week’s question comes from Ricky on the Real Estate Rookie Facebook Group. Ricky is asking about the pros and cons of using a cash out refinance vs. using a HELOC (home equity line of credit), especially since you can pay down a HELOC and use it over and over again.

Many real estate investors take advantage of HELOCs since you can get them for your primary residence or a rental property. That being said, HELOCs can come with variable interest rates and can be closed once up for renewal. 

Here are some points to consider:

  • First see if your primary home qualifies for a HELOC, if not, go the commercial route
  • Primary residences will get better interest rates compared to commercial HELOCs
  • Cash-out refinances are a great way to get equity that's been built over time with a low interest, long-term loan
  • HELOCs may require you to take out from them every year, or be penalized 
  • You may be able to get HELOC closing costs waived, unlike on a refinance 
  • And More!

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Check the full show notes here: http://biggerpockets.com/rookie72

Apr 24 2021

9mins

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Auctions, Section 8 Tenants, and 16 Doors in South Chicago with Martin Neal

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Martin Neal started his career as a police officer during the great recession. His family convinced him to buy a condo since prices were near rock bottom, this is when Martin was bit by the real estate bug. When he was transferred to another police station, thus doubling his salary, he knew it was time to do something with the condo. He paid off the loan and set up a HELOC (home equity line of credit) so he could purchase cash flowing rentals!

Now Martin uses the BRRRR strategy to buy homes that need rehabbing, rehab them, rent them out, and get them into conventional loans. As of now he has 11 properties with 16 doors, most of which was picked up just in the last 3 years.

Martin has done what many investors advise against, worked with his family. He has his dad running management on some of his properties and helps when rehabbing them as well. How did Martin work with his dad without jeopardizing their relationship? He sat down with his father, laid out the roles and responsibilities of the project, and paid him for his time. It’s tough finding trustworthy workers and partners in real estate, so don’t disregard family just because they’re family!

Martin also gives some great advice on finding high-quality section 8 tenants, many of which helped his real estate portfolio through the COVID-19 shutdowns due to their government subsidized rent. He also talks about buying homes off of auction sites, but making sure you’re able to do your due diligence before putting in an offer.

In This Episode We Cover

  • Using HELOCs to fund your future BRRRRs
  • Having a defined plan so you can scale faster and with less headache 
  • Having the bravery to buy more units, even when it pushes you into new territory
  • Why townhouses may be an attractive asset in specific parts of town
  • Working with family (without destroying your relationships)
  • Buying homes at auctions 
  • And So Much More!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie71

Apr 21 2021

1hr

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Rookie Reply: Should I Sell or Rent Out My Primary Residence?

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This week’s question comes from Dane through Ashley’s DMs on Instagram (you can find her @wealthfromrentals). Dane is asking: should I sell or rent out my primary residence?

Whenever you’re moving from your current home to a new home, you have the option to sell or rent. While there isn’t one solid answer for everyone, you can find out whether selling or renting is the best option by looking at your market and your specific financial situation.

Here are some suggestions:

  • Get comps (comparables) on market rents from homes like yours
  • Search through recently sold homes that are comparable to yours and find the median sales prices
  • Pull out a home equity line of credit on your primary home to help buy your next primary home or more rentals
  • Run the numbers as a sale and a rental, does it cash flow?
  • Refinance for a lower mortgage payment and rent it out
  • Run the numbers for EVERY scenario and make long-term decisions
  • And more!

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

Check the full show notes here: http://biggerpockets.com/rookie70

Apr 17 2021

10mins

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Putting Rentals on Autopilot While Living in the Dominican Republic with Becky Nova

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Becky Nova didn’t have a linear path to real estate like many others. She’s had times in her life when she was poor and times in her life when she was rich. Becky knew that she didn’t want to go back to those poorer times in her life, so when she was about to marry her husband, she was pushed to get herself out of debt and into a much more stable position. She worked a consulting gig, got herself debt-free, and decided she wanted to start house hacking!

Now, Becky is off in the Dominican Republic, running her entire portfolio of 10 houses completely remote. Even more impressive, Becky used traditional financing for those rental properties! So how does she manage properties all the way in upstate New York while she’s thousands of miles away on the beach?

Well-tailored systems and procedures is what Becky relies on. She refers to her phone as one of the best tools for real estate, since she can call her agent, her tenant, or her contractor whenever she needs something. Becky proves that you can run a rental portfolio long distance, and do it successfully to boot!

This did take Becky some time, though. She designed the life she wanted and made her rental properties fit around that life, which is sometimes the opposite of what us busy real estate professionals do. Now, she can relax and enjoy her time travelling because she put the systems in place to automate her business!

In This Episode We Cover

  • Understanding what you really want and making your business fit your ideal life
  • Getting off thepaycheck to paycheck” hamster wheel
  • How Becky got 10 units in just over 2 years
  • Joining local networking groups and your chamber of commerce to find deals
  • How to find the best plumbers, contractors, electricians, and more through referrals
  • Having systems in place so your business can run itself
  • And So Much More!

Links from the Show

 Check the full show notes here: http://biggerpockets.com/rookie69

Apr 14 2021

1hr 5mins

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Rookie Reply: Stop Making Excuses in Business & How to Develop a “Scout Mindset”

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It’s not uncommon that we make excuses for ourselves, especially when it comes to our businesses. A contractor may have let us down, or a tenant took advantage of a poorly-written lease, or our partner isn’t doing a job as well as we’d like. Are these problems fully forming because of the other person, or ourselves?

Today we talk to Julia Galef, author of The Scout Mindset and host of the “Rationally Speaking” podcast. Julia is trying to answer a big question: how do we improve our reasoning and our decision making? For her, there is a big difference in mindset. Sometimes we have a scout mindset, which allows us to be more exploratory and see what really is going on. Then we also have a soldier mindset, which is when we’re seeing only our pre-existing beliefs. How do you know if you’re using your scout or soldier mindset? Ask yourself if you’re rationalizing your situation or just making excuses.

This can be hard as business owners and investors because we often are the first to blame someone else for our problems. We even downplay our shortcomings, like when a novice flipper thinks he or she can do the electrical, plumbing, foundation, and flooring work without any prior experience. It’s important for us as people and investors to get honest feedback not only from our clients, tenants, contractors, and partners, but also from ourselves.

In This Episode We Cover

  • The difference between a scout mindset and a soldier mindset
  • How to get out of fooling yourself into believing something that isn't true
  • Jeff Bezos’s “30% Success” story
  • Implementing feedback in a way that is beneficial for you and those around you
  • Leaning into confusion and finding the underlying causes
  • Being a better real estate investor
  • And So Much More!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/rookie68

Apr 10 2021

29mins

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By Tony9121 - May 27 2020
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Great episode as alwayssss. You guys are really helping me a lot. Just adjust audio and bam good

Great advise

By Ramkiss - May 15 2020
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Love these podcasts. Great advise 🙏