Real Estate Rookie

10 Income Streams on 1 Property by “Land Hacking” w/ Kai Andrew

The Real Estate Podcast

Costco

Connect with Craig:

Check out the full show notes here: https://biggerpockets.com/blog/rookie-195

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189: House Hacking: How to Live for Free and Build Wealth in The Background

Real Estate Rookie

06/08/22 • 66 min

House hacking is one of the easiest ways to get into real estate investing. Thanks to its flexible financing options, low down payment loans, and ability to cut your rent in half (or eliminate it), house hacking is truly a phenomenal investing strategy. In short, house hacking is when a homeowner or investor buys a house or multifamily and rents out the other rooms or units while they live in one of them.

The house hacking strategy can be mixed and matched in any way you like. Want to live with a bunch of friends? Buy a three or four-bedroom house and rent out the rooms. Want to have a private space for you and your family? Buy a small multifamily and rent out the other units. No matter what you choose to do, house hacking can help speed up your journey to financial freedom. This is done by reducing the amount of money you spend on rent/a mortgage while also giving you serious tax benefits, instant cash flow, and appreciation so you can build wealth in the background.

In this how-to episode, Ashley and Tony give you everything you need to find, analyze, finance, and buy a house hack. They go over in-depth real estate analysis so you can confidently bring a deal to your lender, partner, or just have peace of mind that you’re making a smart investment. This single home purchase could change your financial future forever, so what are you waiting for?

In This Episode We Cover

What is house hacking and the major benefits of hacking your house

The four ways to build wealth in real estate and three common rookie mistakes

The best ways to fund your real estate deals or house hack property

How to analyze your next property using the BiggerPockets real estate calculators

Property management 101 and how to manage a rental property

How to get your first real estate deal faster with BiggerPockets tools and expert guidance

And So Much More!

Links from the Show

The Real Estate Robinsons Youtube Channel

BiggerPockets Forums

James Dainard's Instagram

On The Market Podcast

ProjectRE Youtube Channel

BiggerPockets Calculator

Dan Sullivan's LinkedIn

Who Not How: Stop Doing the Things You Hate, Free Up Time, Be Happier and Richer with Dan Sullivan

BiggerPockets Agent Finder

Craigslist

Facebook Marketplace

MLS

BiggerPockets Rent Estimator

BiggerPockets Marketplace

Brandon Turner's BiggerPocket's Profile

BiggerPockets Pro Membership

David Greene's BiggerPocket's Profile

Craig Curelop's Instagram

Connect with Ashley and Tony:

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197: From the Screen to Short-Term Rentals and How "Stargirl" Started Investing w/Brec Bassinger

Real Estate Rookie

07/06/22 • 57 min

If you’re unsure about real estate, run the numbers. It’s that simple. Once you run the numbers, you’ll have clarity on which decisions to make and tangible reassurance that you made the right ones. Today’s guest, actress Brec Bassinger, shares how focusing on the numbers has given her the confidence to become the successful investor she is today.

Brec’s name may sound familiar to some of you. She’s been the star of Bella and the Bulldogs and the new hit show, DC’s Stargirl. Brec’s interest in real estate began after a trip to Big Bear with her boyfriend when she realized the earning potential of short-term rentals. She decided to buy a condo and had her first short-term rental within six months. The speed at which she got her first deal may seem intimidating, but Brec’s confidence came from the numbers she calculated and the profits she knew she could make.

During her first season of Stargirl, Brec had to share a small apartment with her coworker because that’s all she could afford with her fluctuating income. Now she makes more money by living in an expensive high-rise apartment while renting out her old space. Real estate has allowed Brec to supplement her fluctuating income without a W-2 and the freedom to live the life she wants. And even though she plays a superhero, her story proves that you don’t have to be one to invest in real estate.

In This Episode We Cover

How to confidently close on your first investment property and move past fear

Becoming more financially stable by supplementing your income with a passive income stream

The importance of running the numbers and how to use the simple rental calculations to make profitable decisions

Building a relationship with your property manager and eye-opening questions to ask them

How to qualify for loans without a “steady” income

And So Much More!

Links from the Show

20 Deals in a Year as a Professional Basketball Player w/ Terry Harris

Airbnb

BPCON2022

Terry Harris' Instagram

Zillow

AirDNA

BiggerPockets Calculator

MLS

From Sleeping in His Car to Multi-Unit Landlord & The “Nomad” Strategy

Nick Cooley's Instagram

Connect with Brec:

Brec's Instagram

Check out the full show notes here: https://biggerpockets.com/blog/rookie-197

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231: Semi-Retired at 30 Thanks to One Year’s Worth of Real Estate Investing w/Jessie Dillion

Real Estate Rookie

11/02/22 • 61 min

If early retirement seems out of reach right now, try semi-retirement. Once you get there, you’ll only be halfway to early retirement, just like today’s guest, Jessie Dillion. At only thirty years old, she is semi-retired and has scaled her real estate portfolio to almost two million dollars in nine months, with five properties total!

When people think about high returns, they often think about a high unit count—but why have a lot when you can do the same with a few? Jessie is strategic about each property purchase she makes and has made a goal to make one smart investment each quarter. She currently has a single-family home and two duplexes. One of her duplexes is a house hack, and her portfolio sports a mix of long-term, short-term, and mid-term tenants.

Jessie’s success is due to how responsible she is with her finances. To finance her first property, she built up her savings to ensure she had enough to cover any surprises. As Jessie continues to scale, she has gotten more creative with her financing. She has formed great relationships with her lenders because of her ability to ask questions and carefully choose where and how she gets her funding. Now she is semi-retired at thirty years old and pays a measly fifty dollars a month towards her mortgage!

In This Episode We Cover

The FIRE movement and how to start your early retirement journey today

How to use transferable skills from other jobs to make investing easier

Building trust with your spouse and getting them on board with your investing journey

Getting the funding for your first rental property and how to use creative financing for the rest

Brilliant savings tips and how to rapidly increase your savings

The loan process and how to build a strong relationship with lenders

And So Much More!

Links from the Show

Find an Investor-Friendly Real Estate Agent

Jamil Damji's BiggerPockets Profile

On the Market Podcast

Pace Morby's Instagram

Brittany Arnason's Instagram

Ashley Hamilton's Biggerpockets Profile

10 Deals on a $20K Waitress Salary With Ashley Hamilton

Rachel Richard's Instagram

Henry Washington's Instagram

Connect with Jessie:

Jessie's BiggerPockets Profile

Jessie's Instagram

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-231

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13: How Drew Pulled 6 Deals From His First Direct Mail Campaign With Ryan Dossey (Mentor) and Drew Wiard (Mentee)—Part 2

Real Estate Rookie

05/27/20 • 66 min

Everything you've ever wanted to know about direct-to-homeowner marketing... but may have been afraid to ask!

From exactly what Drew writes in a letter, to how he builds rapport when running an appointment, to making offers and getting to the closing table, it's all here in plain English.

This episode follows up on show #9, where mentor/mentee duo Ryan Dossey and Drew Wiard broke down how Drew built a brand and zeroed in on his target market. Today, they walk us through everything that happens after a lead comes in, including how Drew was able to close three deals and get three more under contract in the past three months—despite the pandemic.

If you're tired of seeing all the good deals go to other investors, take matters into your own hands and put some of their tips into action! And be sure to subscribe to Real Estate Rookie in your favorite podcast app so you won't miss the next one.

In This Episode We Cover:

Drew's results from his first direct mail campaign
Marketing to an "absentee owners with equity" list
Keeping your marketing message simple
Why Drew's letters don't acknowledge the homeowner's hardship
Why response rate is the wrong metric to focus on
Using "75% of ARV minus repairs" to formulate offers
Overcoming objections when you're negotiating a price
Putting an inspection period in your contract
Finding real estate agents who work with cash buyers
Drew and Ryan's personal real estate investing MVPs
And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie13

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192: Rookie Reply: How to Choose Your Real Estate Investment Strategy

Real Estate Rookie

06/18/22 • 15 min

This week’s question comes from Natalie on the Real Estate Rookie Facebook Group. Natalie is asking: How did you narrow your focus to determine your strategy? And how do you get good at analyzing real estate deals?

This is one of the most-asked questions we receive. When you’re starting as a rookie real estate investor, every strategy seems like a good one. You may hear a guest on the Real Estate Rookie show talk about wholesaling or flipping or short-term rentals. Before long, you’re already planning your next exciting purchase even if you had another one already in the works. This “shiny object syndrome” is common when getting started, and while it’s good to know about many different investing strategies, changing yours too often can lead you well off the path to financial freedom.

Here are some suggestions if you’re torn between strategies and need to up your analysis game:

Look at your resources and base your investing strategy upon what makes sense for you specifically

Pledge to become an expert in a certain strategy and don’t try building too many bridges

Set up a strong foundation in your current investing strategy, then you can pivot wherever you want

Practice your deal analysis daily and send your calculations to other investors as a pulse check

Get to know your investing area as much as you can (even if you’re remote investing!)

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

BPCON2022

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-192

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190: Rookie Reply: What is Due Diligence in Real Estate?

Real Estate Rookie

06/11/22 • 26 min

What is due diligence in real estate? If you ask most new investors, they’ll have some sense of what due diligence is, but may be confused about what it really means. Is due diligence when you analyze your deal? Who should you be in contact with during due diligence? How long does a due diligence period usually last? And what happens if your deal turns out to be a dud in due diligence?

In reality, due diligence isn’t all that confusing. It’s simply the time that you, and your partners (if you have them), spend inspecting, double-checking, and re-analyzing the deal. The due diligence period is there for the protection of the investor, so you can use everything in your power to confirm that you truly are getting a great deal. But, before you start calling inspectors, make sure you follow some of these more granular steps that could save you a fortune in the future.

Never done due diligence before? Here are some suggestions:

Work with a seasoned real estate broker, agent, or attorney who can catch things you won't

Double-check that your financing options still stand if you find anything wrong with the property

Talk to the local city government or code enforcer to ensure prior work on the property was done correctly

Calculate out what the cost of repairs will be for the property once you’ve gotten an inspection

Don’t fall in love with a deal and be prepared to walk away if you find something that’ll kill your exit strategies

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

Ryan Dossey's Instagram

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-190

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193: How a College Dropout Got a Seat at the Millionaire Investor Table

Real Estate Rookie

06/22/22 • 62 min

Your connections and relationships are invaluable in real estate, so how do you get to know the right people? How do you build a lasting, mutually beneficial relationship? The answer is simple—you show up, get your name and face out there, and listen. Building a network can seem intimidating, especially starting from scratch, but today’s guest, Jeffrey Donis, breaks it down step-by-step.

Jeffrey Donis of the Donis Brothers is in charge of nurturing investor relations, so networking is his bread and butter. At twenty-three, he has helped his brothers raise enough money to co-sponsor 600 units worth of deals in the last two years. This would have been nearly impossible to achieve in such a short time without the network they built and the relationships they nurtured. Their network didn’t come automatically, and similar to everyone else, they started from scratch and were able to find a way to get themselves out there.

The first step is to build your credibility. While there are many ways to do so, Jeffrey explains how to use social media to document your journey and build trust. He also goes into how to navigate networking events and bring value no matter your experience level. The Donis Brothers have become widely successful in a record amount of time, and the way they built their network and brand is a large part of that.

In This Episode We Cover

Building credibility and how to use social media to do so

The 80/20 rule and why it’s an effective way to network and build relationships

How to bring value to others (without money!) and maintain a good reputation

Overcoming imposter syndrome and how to be more confident in your abilities

How to vet potential investors and red flags you should look out for

The importance of constant self-education through real estate courses and classes

And So Much More!

Links from the Show

Changing Their Family’s Fate by Building a 600+ Unit Portfolio (At Age 20!)

How to Find Free Money to Finance Your Education & Avoid Extensive Student Debt

Student Loans Update: Repayment, Refinancing, and Potential Forgiveness w/ Robert Farrington

Robert Farrington's Website

Your First Real Estate Investment Podcast

Tyler Madden's BiggerPockets Profile

Connect with Jeffrey:

The Donis Brothers' Website

Jeffrey Donis' Instagram

Jeffrey Donis' Twitter

The Real Estate Monopoly Podcast

Check out the full show notes here: https://biggerpockets.com/blog/rookie-193

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219: 3 Rentals Right Out of College as a Young Dad and First-Time Landlord w/Hunter Lewis

Real Estate Rookie

09/21/22 • 57 min

A successful investor finds their “why” where other people find excuses. Real estate investing isn’t without its challenges, but as you overcome more challenges, you become a better investor. Today’s guest’s strong “why” led him to real estate, and it’s what pushes him to break through barriers, overcome obstacles, and build the life he’s dreamed of.

Hunter Lewis’ "why" came two weeks before his senior year of college when he found out his girlfriend was pregnant. Knowing he was to become a father forced him to get serious about his future. He found a college mentor that was successful in the commercial real estate space and began working for his company. Hunter then saved up enough to buy his first property in July 2020. Since then, he’s closed on two other doors and is working on his fourth!

Hunter became a first-time landlord with his second property, and while it was a challenge initially, he learned more about property management and how to compromise. Becoming a father at a young age also taught him how to take advantage of opportunities and reframe obstacles. As a real estate investor, he’s learned how to structure partnerships with family and the benefits of patience. Hunter is now working towards his five-year goal—$10,000 of passive income per month.

In This Episode We Cover

Taking advantage of opportunity and finding ways to advance your career

Finding your “why” and reframing your obstacles

How to structure partnerships with family and significant others

Becoming a first-time landlord and how to self-manage your rentals

The importance of understanding and watching the market

Investing while working full-time and how to use your job to help you invest

And So Much More!

Links from the Show