Real Estate Rookie BiggerPockets

You have home renovations in the pipeline…but who’s going to manage them? Do you need the expertise of a general contractor, or can you manage tradespeople yourself? With so much at stake, including your budget and timeline, we’re here to help you make the right choice!
 
Welcome back to another Rookie Reply! In today’s episode, we’re bringing you expert tips to help with your renovations, from hiring general contractors to structuring agreements and more. We also talk about what to do when you’ve got around $100,000. Between house hacking, flipping houses, the BRRRR method, and other tactics, the sheer number of options can seem overwhelming. But not to worry—we’ll point you in the right direction! Feel like it’s too late to invest? We’ve got some expert investing strategies to share, even for a late starter. Finally, we discuss some creative ways to buy rental properties, including seller financing, DSCR loans, and more!

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

In This Episode We Cover
Hiring a general contractor versus self-managing your home renovations
How to choose your investing strategy (for new investors and late starters!)
Three types of general contractors (and which one to hire for YOUR project)
How to structure a general contractor agreement (and what to include)
Creative ways to buy rental properties with a high debt-to-income (DTI) ratio
The advantages of seller financing and DSCR loans over conventional loans
And So Much More!

(00:00) Intro
(00:41) How to Invest $100K
(07:14) Hiring General Contractors vs. Self-Managing
(16:34) General Contracting Agreements
(22:39) Is It Ever TOO Late to Invest?
(29:06) Investing with a High DTI Ratio
(36:45) Send Us Your Question!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-422
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A rental property that doesn’t cash flow can be a nightmare for new investors. But when the numbers no longer work, remember that not all is lost. Pivoting to another investing strategy can help save your property and get you right back in the green!
 
Welcome back to the Real Estate Rookie podcast! Investor Kayley George had already built a small portfolio when she stumbled across an old, colonial-style home on the multiple listings service (MLS). With big plans to convert it into a fourplex, Kayley bought the property at a huge discount and got right to work—teeing up a hard money lender and kicking off renovations—only to uncover several MAJOR issues with the house. Fortunately, tuning into a previous Rookie episode helped her find another strategy and SAVE the “misfit” property. Today, this unique house brings in over $7,000 each month!
 
Not sure what to do with your rental? In this episode, you’ll learn about a business model that allows you to not only make a huge difference in your community but also boost your monthly cash flow—sober living. Along the way, Kayley will show you how to get bank financing for a sober living house, partner with nonprofits, find a property manager, screen tenants, and more!

In This Episode We Cover
Boosting your cash flow and helping others with THIS business model
The power of partnering with nonprofits for property management
How to properly source and screen tenants for a sober living home
Setting expectations for tenants (and what to include in your lease agreements)
Common mistakes and financing challenges you’ll face with sober living
And So Much More!

(00:00) Intro
(01:03) Doubling Her Cash Flow?!
(09:19) Sober Living 101
(17:30) Partnering with Nonprofits
(23:57) How to Screen Tenants
(30:20) Expectations & Lessons Learned
(35:21) TOUGH Financing Challenges

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-421
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Most real estate investors wait to save significant down payments on every property to grow their portfolios. But twenty-four-year-old Greyden Piechnick didn’t have time to wait. He knew creative financing was the only way. Troubled by his father’s serious health woes while still a high school senior, Greyden became extremely motivated to find financial freedom to spend quality time with his loved ones, and multifamily investing was the fastest way to reach this goal.

Greyden delivered pizzas, worked twelve-hour factory shifts, and lived at home to save $20,000, his first down payment on a duplex in 2021. Using the BiggerPockets podcasts and Facebook groups to level up his investing knowledge, he later closed on a nine-unit building using negotiating finesse and seller financing. Despite some BIG issues, Greyden’s efforts have yielded serious results with sizable cash flow at both properties! 

Greyden’s real estate journey illustrates the power of creative financing and how anyone, starting from ANY point, can invest! Through hard work, he’s crafted a lifestyle that fits his vision of what’s truly important. If you don’t want to wait another second to get on track to financial freedom, follow in Greyden’s footsteps! 

In This Episode We Cover
How to start investing in real estate at a young age, even with NO experience and little money 
The power of creative financing and using it to buy bigger, better properties 
One expensive lesson Greyden had to learn that YOU should avoid at all costs
How to negotiate seller financing terms that are a win-win for you AND the seller 
Funding your down payments with private money (and how to find private money lenders!)
And So Much More!

(00:00) Intro
(01:03) A Huge Wake-Up Call
(02:29) Delivering Pizzas and Factory Shifts
(05:51) Buying the First Rental Property
(08:30) 9-Unit Seller Finance Deal!
(15:30) Negotiating the Price and Down
(22:59) Finding Private Money
(24:19) Real Estate Negotiation Tips
(27:14) ash Flow Numbers!
(28:13) Expensive Lessons Learned
(31:02) Self-Managing vs. Property Management
(33:57) What's Next for Greyden?

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-420
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Real estate is a people business. You could buy several rental properties, but without the right people in the right roles, you’re going to be swimming upstream. Today’s guest has dedicated many years of study to this problem and is here to help you make better people decisions!
 
Welcome back to the Real Estate Rookie podcast! The success of your real estate business largely depends on the people around you, from partners to property managers. Ahead of the release of his new book, Good Judgment, industrial-organizational psychologist Richard Davis, Ph.D joins the show to share his perspective on the crucial decisions that could make or break your real estate journey. Whether you’re looking to form investing partnerships, find good contractors, or hire property managers, this is an episode you won’t want to miss!
 
Tune in as Richard talks about the five main personality traits and how they predict behavior. Along the way, he busts some of the myths surrounding emotional intelligence (EQ) and shares the most important questions you should ask someone to determine if they are the right fit for your team. You’ll even learn about the power of perceptivity and why it’s SO important for you to keep this “cognitive muscle” strong!

In This Episode We Cover
Why behavioral psychology plays a HUGE role in real estate investing
How to make better people decisions in your real estate business
KEY questions to ask potential partners, contractors, property managers, and employees
The five main personality traits explained (and Richard’s take on them)
Why emotional intelligence (EQ) is not a good predictor of behavior
And So Much More!

(00:00) Intro
(01:17) What Is Behavioral Psychology?
(08:26) The Emotional Intelligence “Myth”
(14:22) Perceptivity & Good Judgments
(23:44) “Power” Questions to Ask
(34:13) Forming GREAT Partnerships
(39:14) Richard’s New Book!
(40:38) Find the Right Fit!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-419
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If you get your property management wrong, you could lose tens of thousands of dollars. A sketchy property manager could take all your rent and run, leaving you with the bills and no hope of recovering your long-lost rent checks. That’s precisely what happened to today’s guest, a seasoned real estate investor who’s even looked up to as an expert in the industry. Even he made a sizable property management mistake, and in this episode, we’re trying to help you avoid the same fate.

The BiggerPockets Podcast Network is bringing you a crossover episode with the Real Estate Rookie podcast’s Ashley Kehr and the BiggerPockets Money podcast’s Scott Trench. Scott is not only the host of BiggerPockets Money but also the CEO of BiggerPockets. And today, he’s sharing every painful detail about how he lost over $40,000 by hiring a bad property manager. This IS an avoidable mistake, but some easily overlooked red flags could put you in the same position as Scott unless you’re very careful.

Scott shares the entire story and gives the top red flags to look out for. He’ll explain why he DOESN’T give his whole portfolio to one property manager, why you MUST set communication standards from the start, the questions EVERY investor should ask before hiring a property manager, and the fees you should refuse to pay the next time you outsource your property management. Need a property manager? We’ll share the best tool ANYONE can use to find a property manager TODAY!

In This Episode We Cover
Deadly property management red flags and signs you should run from a property manager 
Why you never, EVER give your entire portfolio to a single property manager/property management company 
Simple questions to ask that immediately show if a property manager is legit 
Negotiating fees and why Scott is okay with paying a higher monthly rate
Communication expectations and what a property manager should be sending you EVERY month
The easiest way to find a great property manager wherever you invest 
And So Much More!

(00:00) Intro
(01:31) Hiring the Property Manager
(03:48) Things Start Going Wrong
(06:23) Losing $40K!
(09:43) Property Manager Red Flags
(15:50) Questions You MUST Ask
(23:45) Negotiating Fees
(30:16) Asset Type Matters!
(35:05) Communication Expectations
(37:40) Vetting for Legitimacy
(43:27) Find a GREAT Property Manager

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-418
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Do you want an asset that offers a TON of cash flow? Multiple income streams? How about forced appreciation? Today, we’ll introduce you to an often-overlooked investing strategy that has something for everyone!
 
In 2018, Dylan Kidd was diligently climbing the corporate ladder. But a grueling schedule meant his family was getting his “leftovers,” and something had to give. Fortunately, he discovered real estate investing at the perfect time. Within only a few months, he had become passionate about small multifamily and bought several properties. But eventually, he saw that these smaller deals could only take him so far, which is when he pivoted to commercial real estate—a move that unlocked all types of investing opportunities and helped him amass over 200 “units”!
 
In this episode, you’ll hear about an “underrated” asset class that offers enormous cash flow and various revenue streams. The best part? This niche has low competition, making it easy for rookie investors to claim a piece of this profitable pie! Now an experienced broker, Dylan will not only show you how to find, analyze, and finance these deals but also teach you the art of sourcing and nurturing leads!

In This Episode We Cover
The “underrated” asset class that offers huge cash flow and MANY income streams
The investing strategy Dylan used to scale to over 200 units in just SIX years
How to find, analyze, and buy your first campground (step by step)
How to build and scale your portfolio FAST with commercial real estate
The art of sourcing commercial real estate leads (expert tips from a real broker!)
Taking down larger deals through the power of partnerships and seller financing
And So Much More!

(00:00) Intro
(00:50) 209 Units in 6 Years!
(06:34) Scaling with Campgrounds
(14:58) Finding & Analyzing Deals
(25:44) Dylan’s FIRST Commercial Deal
(35:02) How to Buy a Campground
(40:34) Sourcing Leads & Cold Calling
(43:09) Connect with Dylan!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-417
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com.
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