254: Rookie Reply: Can You Put Offers on Multiple Houses? w/Jake Kain
01/21/23 • 31 min
Need to know whether flipping vs. renting makes more sense for your market? Don’t know if you can put offers on multiple houses simultaneously? Itching to hear how your flipping profits will affect your financeability on your next property? We’ve got time-tested real estate experts here to help you out! As always, Ashley and Tony are here to host this week’s Rookie Reply, but we’re also joined by Jake Kain, Arizona investor and agent who left the W2 life to start building a rental property and live in flip empire!
Jake lends a helping hand in answering this week’s questions but also shares his own story about following your fire, starting a community, and how to become the “quarterback” of any real estate meetup. He’s expanded his network at lightning speed, allowing him to grow his portfolio to five units, all while flipping his own primary residences along the way. Jake helps answer questions about making offers on multiple houses, flipping vs. renting, how your DTI (debt-to-income ratio) could be impacted when house flipping, and where to find general contractors who will show up on time!
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).
In This Episode We Cover
Starting your own real estate meetup and how it makes you the most popular person in the room
Leaving your nine-to-five to invest in real estate and becoming a real estate agent
Debt-to-income ratios and whether or not selling a fixer-upper could help or hurt yours
The art of making offers on multiple houses and what to do if they all accept
Flipping vs. renting and why different real estate markets require different strategies
How to find contractors for home renovations and why the quickest workers are rarely the best
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Real Estate Rookie Facebook Group
Connect with Jake:
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-254
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
Need to know whether flipping vs. renting makes more sense for your market? Don’t know if you can put offers on multiple houses simultaneously? Itching to hear how your flipping profits will affect your financeability on your next property? We’ve got time-tested real estate experts here to help you out! As always, Ashley and Tony are here to host this week’s Rookie Reply, but we’re also joined by Jake Kain, Arizona investor and agent who left the W2 life to start building a rental property and live in flip empire!
Jake lends a helping hand in answering this week’s questions but also shares his own story about following your fire, starting a community, and how to become the “quarterback” of any real estate meetup. He’s expanded his network at lightning speed, allowing him to grow his portfolio to five units, all while flipping his own primary residences along the way. Jake helps answer questions about making offers on multiple houses, flipping vs. renting, how your DTI (debt-to-income ratio) could be impacted when house flipping, and where to find general contractors who will show up on time!
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).
In This Episode We Cover
Starting your own real estate meetup and how it makes you the most popular person in the room
Leaving your nine-to-five to invest in real estate and becoming a real estate agent
Debt-to-income ratios and whether or not selling a fixer-upper could help or hurt yours
The art of making offers on multiple houses and what to do if they all accept
Flipping vs. renting and why different real estate markets require different strategies
How to find contractors for home renovations and why the quickest workers are rarely the best
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Real Estate Rookie Facebook Group
Connect with Jake:
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-254
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
253: How to Build Your Financial Foundation BEFORE Investing in Real Estate w/Malia Gudenkauf
Personal finance is what most twenty-something-year-olds overlook. Why invest, save, or cut back spending when you finally have the money that a college degree or diploma promised you? For those who have just started working, spending all your hard-earned money on a bigger apartment, a nicer car, or a luxurious trip can be enticing. But, you could also be using your paychecks to multiply your wealth, set yourself up for financial freedom, and lock in early retirement while most are focused on barely paying their bills.
This personal finance-first attitude is what Malia Gudenkauf adopted early on. After attending basic personal finance classes, she realized the disservice many young people did to themselves. So, Malia started developing financial literacy skills, from focusing on becoming debt-free to later investing in passive income streams like real estate. Thankfully, her sister, Grace (you can hear her episode here), was just starting as a landlord and needed a partner she later found in Malia.
In this episode, Malia details everything you want to know to get your finances in order, how to avoid getting caught in analysis paralysis, reverse engineering your income goals when buying a rental property, and advice on how and who to form partnerships with. Whether in high school, college, the working world, or close to traditional retirement age, the advice Malia gives is crucial if you want to start your real estate investing journey.
In This Episode We Cover
Building a solid financial foundation and the basic personal finance steps anyone can follow
How to “reverse engineer” your goals and buy the properties that fit them best
Small multifamily investing and how to purchase multiple doors at once
Real estate partnerships and tips for finding a partner who will help you grow without causing your headaches
Real estate vs. stocks and why the passivity of rental properties is often overstated
Defeating analysis paralysis and how leveraging partnerships gets you past rental property roadblocks
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Real Estate Rookie Facebook Group
Real Estate Rookie Youtube Channel
The BiggerPockets Money Podcast
Using Calculated Risk to Acquire 17 Doors In Under a Year (at Age 24!) w/ Grace Gudenkauf
Semi-Retired at 30 Thanks to One Year’s Worth of Real Estate Investing
Connect with Malia:
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-253
Interested in learning more about today’s sponsors o...
Next Episode
255: How to (Legally) Avoid Taxes by Investing in Real Estate w/Amanda Han
Everyone wants to know how the rich avoid taxes. You hear about it on the news, “billionaire pays zero dollars in taxes this year,” or “this real estate tycoon made millions but gets a tax refund!” This can seem like blatant tax abuse for those not in the investing game. Why do some people get to pay no taxes while others are stuck with a sky-high return just for working their W2 job? The answer lies in the assets you invest in.
Real estate investing is one of the most tax-advantaged assets around. As a real estate investor, you can almost automatically count on lower income taxes while making more money. Don’t believe us? We brought Amanda Han, CPA to top investors, on the show to explain how investors avoid taxes while still striking it rich in real estate. Amanda understands the ins and outs of the tax code, and as a real estate investor, she benefits from knowing real estate write-offs and deductions better than the rest!
On today’s show, Amanda will walk through the top real estate tax deductions and how rookie real estate investors can start paying less in taxes. She’ll also explain real estate professional status (REPS) and using it to lower your taxable income and how to find the perfect tax advisor for you and your properties. If you want to start using the same strategies that the wealthy use to avoid taxes, this is the episode to tune into!
In This Episode We Cover
The biggest real estate tax deductions and some that many investors often miss
Depreciation explained and how this paper loss can help you keep your passive income
The best tax strategies for investors trying to minimize their taxable W2 income
How to find the right tax advisor and what they MUST know about real estate
Tracking expenses and making it easy on yourself during tax time
LLCs for rental properties and whether you even need one in the first place
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Real Estate Rookie Facebook Group
Connect with Amanda:
Amanda's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-255
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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