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 Reply: Analyzing a Short-Term Rental Market
Today, we have a question from Ashley to Tony, on a subject he has a lot of experience in. Ashley wants to know: How do you analyze a market for short-term rentals? Which factors come into play and how can you stay away from the markets that won’t work for short-term rentals?
This is a perfect time to ask Tony, especially since he’s looking to find a third market to invest in (outside of Joshua Tree and the Smoky Mountains).
Here are some suggestions from Tony:
Make sure you aren’t buying in an area that heavily relies on seasonality
Focus on mature vacation rental markets that have the infrastructure for short-term rentals
Double check regulations and zoning laws so you know you’re allowed to host a short-term rental
Look at the availability in the current market (are there any houses to buy?)
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/rookie88
Rookie Podcast 87: Couple Leaves Their W2s (During COVID!) To Go Full Time in Real Estate
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
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
Rookie Reply: What Should I Look Out for on Mobile Home Parks?
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 parkFind out who owns the trailers/mobile homes and evaluate whether the current ownership is advantageous to youIf 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 ShowReal Estate Rookie Facebook GroupRookie Podcast 65: Multifamily, Mobile Home Parks, and Commercial Deals: All in 2 Years! with Tommy PoliseCheck the full show notes here: https://www.biggerpockets.com/rookie86
Stop Creating Your Own Roadblocks to Investing with Justin Munk
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 ShowReal Estate Rookie Facebook GroupAshley's InstagramTony's InstagramBiggerPockets PodcastBrandon Turner InstagramBiggerPockets AgentsBiggerPockets Podcast 212: Buying a 115-Unit Apartment Complex for No Cash Out of Pocket with Brian MurrayBiggerPockets Podcast 126: From 0 to 400+ Units Through Value-Add Investing with Brian MurrayBiggerpockets ForumsCheck the full show notes here: https://www.biggerpockets.com/rookie85
Rookie Reply: Pros & Cons of Inherited Tenants
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 wantIf there isn’t a lease in place, make sure you get an estoppel agreement signedRequest rent rolls from the seller to make sure tenants are payingYou can raise the rent once a lease is up, but be sure to check with local laws on how quickly you can do soIf 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
College Coach with 10 "Doors" Renting By the Room to Students
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 CoverHow to manage, rehab, and rent out student rentals Using the BiggerPockets calculator reports to secure financing Never buying as much house as you can affordWhy inspections are almost always worth the priceThe screening process for students when renting by the roomAnd So Much More!Links from the ShowReal Estate Rookie Facebook GroupAshley's InstagramTony's InstagramBiggerPockets BusinessBiggerPockets PodcastBiggerPockets MoneyCozyJames Dainard's InstagramBiggerPockets InstagramBiggerPockets FacebookRealtorBuildiumRentRediStessaTurbo TenantBiggerpockets.com/proBiggerpockets.com/calcReal Estate Rookie YoutubeCheck the full show notes here: https://www.biggerpockets.com/rookie83