Real Estate Rookie BiggerPockets

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
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Finding and funding real estate deals are the two biggest obstacles new investors face today. Are these skills preventing you from building your portfolio? You’re in luck. Today’s expert will show you how to find, analyze, and finance deals like the smartest investors do!
 
Welcome back to the Real Estate Rookie podcast! Henry Washington is not only a big-time investor with well over 100 doors but also a fellow podcast host and new author here at BiggerPockets. In anticipation of his upcoming book, Real Estate Deal Maker, he joins the show to discuss the common challenges of finding and funding deals. Henry is bringing you expert tips for all situations, whether you’re trying to pin down your sourcing strategy or find creative ways to buy rental properties.
 
In this episode, Henry will not only explain why finding a rental property is FAR more important than funding it but also share his most effective strategy for sourcing GREAT deals. He also walks you through an initial call with a seller, where you’ll learn how to build trust and present seller financing as a win-win for both sides!

In This Episode We Cover
The two biggest obstacles new investors face (and how to solve them!)
Why finding a deal is FAR more important than funding a deal
How to choose the right strategy for sourcing deals
Seller financing explained and how to build trust with sellers
What you MUST find out about a property during an initial call
How to use seller motivation to help you land a GREAT deal
And So Much More!

(00:00) Intro 
(00:59) How to FIND Deals
(08:51) Henry’s Go-To Sourcing Strategy
(13:49) What Makes a “Great” Deal?
(20:17) The Motivation to Sell
(24:20) Building Trust with Sellers
(27:48) How to FUND Deals
(34:26) Seller Financing 101
(38:16) Connect with Henry!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-416
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Real estate investing and contracting go hand in hand, but not many investors are bold enough to tackle their own home renovations. Today’s guest is, however, and he’s about to show you the business model he uses to create a ton of cash flow, scale his portfolio, and save a fortune on taxes!
 
Welcome back to the Real Estate Rookie podcast! Today, we’re joined by Riley McFarland, who happens to be one of Ashley’s general contractors, as well as an investor closing in on twenty doors. Having grown up around real estate, Riley knew that owning rental properties was one of the best ways to build wealth. But after taking a few contracting jobs, he discovered a knack for home renovations as well. By combining the two, Riley has a thriving business that brings in $9,000 in monthly cash flow and more in tax benefits!
 
In this episode, Riley talks about how he runs his investing-contracting business like a developer and buys MORE rentals in the process. He also shares the best value-adds for boosting equity and why he prefers to buy the “ugliest” rentals he can find. He even gets into the process of estimating rehab costs during an initial walkthrough and leaves you with several crucial questions to ask before hiring a general contractor!

In This Episode We Cover
The benefits of being a general contractor who also invests in real estate
How to turn a HUGE profit by buying, fixing, and flipping “ugly” rentals
Tax advantages of having your own investing/contracting business
How to save a fortune on your rehab projects with DIY home renovations
Key questions to ask when vetting an investor-friendly contractor
The BEST and most affordable value-adds for growing equity
And So Much More!

(00:00) Intro
(00:48) Growing Up with Real Estate
(07:06) Why Investing AND Contracting?
(13:40) Walking Properties & Finding Contractors
(20:30) Project Management 101
(25:54) The BEST Rental Value-Adds
(28:38) Vetting Contractors & DIY
(32:03) Investing Tips for Contractors
(35:42) Connect with Riley!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-415
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Do you dream of building a real estate empire and reaching financial independence but stop short due to the “tenants and toilets” problem? The irony wasn't lost on twenty-nine-year-old Dillon Leonard when a renter accidentally burned the roof off one of his properties. This incident, along with several others, prompted him to explore self-storage investing as a way to escape residential rentals while still allowing him exposure to real estate.

Knowing little to nothing about this often-forgotten segment of the market, Dillon sought expert advice by taking local self-storage owners out for coffee. He soon took action on a 12,000 sq. ft. property for around $300,000 and tripled his investment in a year’s time. Encouraged, he scaled his portfolio over the next three years and now receives approximately $70,000 in gross monthly revenue from 800 units!

Dillon’s self-storage success story has allowed him to build a team and implement systems to run day-to-day operations. Not yet thirty, he now enjoys options that many twice his age wish they had, including potentially retiring from the fire department, spending more time with family, and leaving a property package as a legacy. Tune into this episode to explore the nuts and bolts of the self-storage industry as well as the inspiring mindset realizations that Dillon has experienced in his journey!

In This Episode We Cover
Finding financial freedom by investing in often-overlooked assets (like self-storage!) 
The exact method Dillon used to find the most lucrative self-storage properties
How to scale in self-storage using a variety of financing methods
The due diligence practices you MUST utilize to be successful
How to know when hiring a team becomes essential – and how to pull it off
Why an entrepreneurial mindset frees you from financial fear no matter what happens
Why it’s never too soon to start crafting your exit strategy 
And So Much More!

(00:00) Intro
(01:14) Residential Rental Woes
(05:09) Escaping Tenants & Toilets
(07:38) 1st Self-Storage Deal
(10:34) Financing Self-Storage
(12:53) Self-Storage vs. Rentals
(19:13) Growing His Self-Storage Business
(22:47) Time Management Tips & Tricks
(26:04) Scaling through Creative Financing
(27:50) Hitting Financial Freedom!
(31:09) Acquisitions and Due Diligence
(34:55) Systems and Processes
(37:23) Quitting His Job

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-414
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com.
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