222: Rookie Reply: The One Mistake That Almost Got My House Foreclosed
10/01/22 • 18 min
A rental property falling into foreclosure is a sad sign. “What happened to that landlord?” you might ask. Did a tenant do extensive damage, leaving them with a too burdensome repair bill? Did the landlord forget to pay their mortgage? What could have caused this? Well, if you’re like Ashley Kehr, someone else may have caused your home to (almost) slide into foreclosure, without you knowing.
Welcome back to this week’s Rookie Reply. Wait, scratch that. This week’s Rookie Confession, featuring our own Ashley Kehr! Many listeners know Ashley as a fast-moving, quick-thinking, real-life monopoly player, but in this episode, she opens up about a mistake that almost lost her multiple properties. It was an easy real estate mistake to make, but even veterans in the game get caught now and again. Want to avoid what happened to Ashley? Tune into this 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 Facebook Group
Real Estate Rookie Youtube Channel
Rookie Reply: How Do I Estimate Property Taxes?
Connect with Ashley and Tony:
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-222
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
A rental property falling into foreclosure is a sad sign. “What happened to that landlord?” you might ask. Did a tenant do extensive damage, leaving them with a too burdensome repair bill? Did the landlord forget to pay their mortgage? What could have caused this? Well, if you’re like Ashley Kehr, someone else may have caused your home to (almost) slide into foreclosure, without you knowing.
Welcome back to this week’s Rookie Reply. Wait, scratch that. This week’s Rookie Confession, featuring our own Ashley Kehr! Many listeners know Ashley as a fast-moving, quick-thinking, real-life monopoly player, but in this episode, she opens up about a mistake that almost lost her multiple properties. It was an easy real estate mistake to make, but even veterans in the game get caught now and again. Want to avoid what happened to Ashley? Tune into this 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 Facebook Group
Real Estate Rookie Youtube Channel
Rookie Reply: How Do I Estimate Property Taxes?
Connect with Ashley and Tony:
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-222
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
221: From Corporate Cog to 10-Unit Landlord in Just 2 Years! w/Brandon Rush
If you’re hesitant to start your real estate investing journey, ask yourself this—where would you be now if you started ten years ago, and where could you be in ten years if you started today? As today’s guest, Brandon Rush, said, “everything you enjoy today, is the result of something you did five to ten years ago.” Brandon currently has three multi-family homes with a total of ten units.
Brandon started his investing journey when he couldn’t see the light at the end of the tunnel with his W-2. He couldn’t imagine himself working a nine-to-five until sixty-five, so he decided to take his future into his own hands and started house hacking. After two years of hard work and planning, he was able to quit his W-2 a month ago to be a full-time real estate agent.
Brandon’s success is not without sacrifice. He moved out of his single-family home and moved an hour away from work for his first house hack. And, of course, after his first house hack, he moved to his second house hack! Moving required Brandon and his wife to get rid of most of their things and travel lightly. Although moving and getting rid of material things can be difficult, for Brandon, getting rid of clutter helped clear his mind and reinforced the idea that he was on the right path. Brandon is confident in his investing choices because he surrounds himself with like-minded people, has built an investor-friendly network, and knows that all his decisions now will benefit his future self.
In This Episode We Cover
House hacking 101—how to get started and why it’s a great way to start investing
How to build an investor-friendly network and the importance of surrounding yourself with like-minded people
Self-managing your tenants—how to set boundaries and expectations from the start
Creating your lease agreement and how to properly screen tenants
Why cash flow is the most overrated metric of success and how to accurately measure your property's performance
And So Much More!
Links from the Show
Real Estate Rookie Facebook Group
Connect with Brandon:
Brandon's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-221
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
223: Play the Game or Get Played: Using Paternal Instincts to Close on 17 Units w/Nick Troutman
If you pay attention, you’ll notice there is a game being played. The sooner you realize this, the sooner you can play to win. The game of life has various components, but the top one percent has mastered the game of money and finance. Once you start playing, your financial fear becomes irrelevant. After all, it is a game—and you’re supposed to have fun.
Today’s guest, Nick Troutman, started playing the game after his second child was born. His fatherly instinct kicked in, and he had a deep desire to provide. He started researching investing, money, and finance—his friend recommended BiggerPockets, and the rest was history. Now, Nick has four rental properties with seventeen units, including a nine-unit apartment.
As a professional athlete, Nick is on the road for six to ten months, which exposes him to various housing markets. This exposure helped him narrow down his scope of locations to invest in. Ultimately he decided to invest in Tennessee and Georgia. Nick’s open and optimistic approach to life has helped him create his dream life as a father, husband, professional athlete, and investor.
In This Episode We Cover
The “game” of money and finance and how to play to win
Overcoming provider syndrome and how to use it to your advantage
The BRRRR Method and why it’s one of the best ways to get into real estate
What to consider before investing in a new market and why you should invest in familiar markets
Price-to-rent ratio and making sure you’re charging the right amount for rent
Fear vs. danger analysis and how to use it to start eliminating fear in your life
And So Much More!
Links from the Show
Real Estate Rookie Facebook Group
16 Units in 3 States as a BiggerPockets Power Couple Working Full-Time
Connect with Nick:
Great Family Adventure's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-223
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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