197: From the Screen to Short-Term Rentals and How "Stargirl" Started Investing w/Brec Bassinger
07/06/22 • 57 min
1 Listener
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
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
20 Deals in a Year as a Professional Basketball Player w/ Terry Harris
From Sleeping in His Car to Multi-Unit Landlord & The “Nomad” Strategy
Connect with Brec:
Check out the full show notes here: https://biggerpockets.com/blog/rookie-197
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
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
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
20 Deals in a Year as a Professional Basketball Player w/ Terry Harris
From Sleeping in His Car to Multi-Unit Landlord & The “Nomad” Strategy
Connect with Brec:
Check out the full show notes here: https://biggerpockets.com/blog/rookie-197
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
Previous Episode
196: Rookie Reply: How to Use Home Equity to Buy Rentals
This week’s question comes from Tony’s Instagram direct messages! This rookie real estate investor is asking: I have a good chunk of equity in my home, should I pull out cash to purchase a rental property? If not, what should I do with the equity?
If you want to know how to use home equity to buy real estate, you need to know your options first. As many homeowners are sitting on massive equity gains, thanks to the past two years worth of price run-ups, they’re asking how they can use this equity to their advantage. For most investors, you’ll have two options in how you take this equity out of your home’s value. But, both of them need to be intelligently evaluated before you make a decision.
Here are some suggestions:
Look at your current mortgage rate and see if it’s higher or lower than today’s average interest rate to refinance
Ask your lender about a HELOC (home equity line of credit) as well as the terms, interest rates, and duration offered
Interest rates are likely to rise, so locking down a great rate now may help you in the future
Know your exit strategy (flip vs. BRRRR vs. buy and hold) for each different kind of financing option
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
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-196
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
Next Episode
198: Rookie Reply: What To Do When an Appraisal Comes Back Low?
This week’s question comes from Mantas on the Real Estate Rookie Facebook Group. Mantas is asking: My buddy placed an offer substantially above asking price and the seller, before accepting the offer, asked my friend if he would pay the difference if the appraisal came in lower than the offer. Anyone encountered this situation and what would be the best response if any?
Ah, the classic appraisal gap/appraisal contingency. During hot housing markets (like we’ve been experiencing over the past two years), these types of offers have become more and more common. A seller wants to be sure that they can get the sales price they want and the buyer often has to pay the price to cover the appraisal difference. But what are some ways to get around this if your appraisal comes back low?
Here are some suggestions:
Do as much research beforehand so you know an appropriate appraisal value before the appraisal
Run comps using real estate data tools (like PropStream) or look up comparable home sales in your area using a listing service
Challenge the appraisal buy checking for discrepancies and running comps
Get a different appraisal ordered or switch to a more flexible lender if all else fails
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
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-198
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
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