361: How to Buy Your First Rental Property When You CAN’T Get Approved for a Loan w/Mike Previtera
01/30/24 • 52 min
Want to know how to buy your first rental property without money getting in the way? For years, Mike wanted to invest in real estate, but banks wouldn’t give him a loan. If you’re having the same issue, we’re here to help!
Welcome back to the Real Estate Rookie podcast! After multiple deals fell through during the financing stage, Mike Previtera realized he needed to work on his finances. So, he and his wife trimmed the fat from their budget and aggressively paid off bad debts. Mike even made changes to his lawnmowing business—raising rates and working extra hours to increase his income. Within one year, all of the hard work had paid off, as Mike was able to get financing for not only his first deal but also the deals that followed!
If your financial situation is holding you back from buying real estate, this episode is for you! Mike recalls the exact steps he took to get his finances in order. He also shares how he grew his network, which allowed him to find more deals and financing opportunities. Finally, he talks about some of his biggest investing mistakes—mistakes that YOU can avoid!
In This Episode We Cover:
How to buy your first rental property when you can’t get a loan
Finding deals, connections, and mentors through the power of networking
Why hustling for a season could help kickstart your real estate journey
How to lay your financial foundation before investing in real estate
The BEST strategies for finding deals as a new investor
The most common real estate investing pitfalls (and how to AVOID them!)
And So Much More!
Links from the Show
Ashley's BiggerPockets Profile
Real Estate Rookie Facebook Group
Ask Us Your Investing Question
Apply to Be a Guest on the “Real Estate Rookie” Podcast
‘Building’ Wealth as a 24-Year-Old with 12 New Construction Projects
Rookie Reply: How to Get 100% Financing for ALL of Your Real Estate Deals
Rookie Reply: Networking Tips That’ll Increase Your Net Worth
Connect with Mike:
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-361
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected]
Learn more about ...
Want to know how to buy your first rental property without money getting in the way? For years, Mike wanted to invest in real estate, but banks wouldn’t give him a loan. If you’re having the same issue, we’re here to help!
Welcome back to the Real Estate Rookie podcast! After multiple deals fell through during the financing stage, Mike Previtera realized he needed to work on his finances. So, he and his wife trimmed the fat from their budget and aggressively paid off bad debts. Mike even made changes to his lawnmowing business—raising rates and working extra hours to increase his income. Within one year, all of the hard work had paid off, as Mike was able to get financing for not only his first deal but also the deals that followed!
If your financial situation is holding you back from buying real estate, this episode is for you! Mike recalls the exact steps he took to get his finances in order. He also shares how he grew his network, which allowed him to find more deals and financing opportunities. Finally, he talks about some of his biggest investing mistakes—mistakes that YOU can avoid!
In This Episode We Cover:
How to buy your first rental property when you can’t get a loan
Finding deals, connections, and mentors through the power of networking
Why hustling for a season could help kickstart your real estate journey
How to lay your financial foundation before investing in real estate
The BEST strategies for finding deals as a new investor
The most common real estate investing pitfalls (and how to AVOID them!)
And So Much More!
Links from the Show
Ashley's BiggerPockets Profile
Real Estate Rookie Facebook Group
Ask Us Your Investing Question
Apply to Be a Guest on the “Real Estate Rookie” Podcast
‘Building’ Wealth as a 24-Year-Old with 12 New Construction Projects
Rookie Reply: How to Get 100% Financing for ALL of Your Real Estate Deals
Rookie Reply: Networking Tips That’ll Increase Your Net Worth
Connect with Mike:
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-361
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected]
Learn more about ...
Previous Episode
360: Trespassers Took Over My Property! (How to Get Rid of Squatters ASAP) w/Leka Devatha
If there’s anyone who knows how to get rid of squatters, it’s Leka Devatha. Right before MCing the biggest real estate event of the year, BPCon 2023, Leka got a phone call from her property manager with the words no investor EVER wants to hear, “there are trespassers in the property.” What followed was months of legal back and forth, media attention, and some secret agent work from Leka to get these so-called “tenants” OUT of her property. In the end, Leka lost tens of thousands of dollars, but today, she’s going to share how to avoid the same fate.
Squatters know their rights and how long it takes landlords to kick them out of a property, so they come prepared. With everything from fake leases to moving over utilities, claiming the legitimate owners are liars, and doing ANYTHING they can to prove they belong in the house, modern-day squatters could live in your home for years unless you follow the same steps as Leka.
In today’s episode, Leka shares how she got two trespassers out of her house without going through the long, costly, and often unsuccessful eviction process, how she beat the squatters at their own game, and what YOU should do to stop ANY squatter from even THINKING about stealing from you.
In This Episode We Cover:
How to get squatters out of your house ASAP without waiting on the eviction process
The one type of rental property owner squatters LOVE to target
Hiring attorneys and why your legal team MUST be ready to make moves quickly
Canceling utilities and how to get this done as soon as a squatter takes over your property
“Squatters' rights” and how to beat squatters at their own game
Leka’s BIGGEST pieces of advice to avoid squatters and trespassers in the future
And So Much More!
Links from the Show
Ashley's BiggerPockets Profile
Real Estate Rookie Facebook Group
Ask Us Your Investing Question
Apply to Be a Guest on the “Real Estate Rookie” Podcast
Grab Your Copy of “Start with Strategy” and Use Code “STRATEGY356” for a 10% Discount
Sign Up for the Real Estate Investing Virtual Summit
Creative Ways to Get Rid of Squatters: What’s Legal & What’s Not
What Landlords Need to Know About Squatter’s Rights
Connect with Leka:
Next Episode
362: Rookie Reply: HELOCs Explained and How to Invest with BAD Credit
Getting a home equity line of credit (HELOC) is one of the easiest ways to leverage your home equity and buy your first rental property. But what is the best way to use one? Are there any drawbacks? After today’s deep dive into HELOCs, you’ll have all the answers!
Welcome back to another Rookie Reply! In this episode, we’re not only looking at HELOCs but also comparing them to “evergreen loans” so that you can choose the right financing tool for you. Is bad credit preventing you from investing in real estate? You might have to get creative! Ashley and Tony offer several ways to invest while you’re fixing that credit score. Stick around until the end for the best value-adding home renovation projects that will help you raise rents!
If you want Ashley and Tony to answer a real estate question, you can submit a question here, 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:
How to use a home equity line of credit to buy your first rental property
How to buy an investment property before fixing your credit
The BEST ways to invest in real estate with a small amount of cash
HELOCs vs. evergreen loans (and which one is right for YOU!)
Value-adding home renovation projects for your rental properties
And So Much More!
Links from the Show
Ashley's BiggerPockets Profile
Real Estate Rookie Facebook Group
Ask Us Your Investing Question
Apply to Be a Guest on the “Real Estate Rookie” Podcast
The Step-by-Step Guide to Finding the BEST Off-Market Real Estate Deals
How I’m HELOCing My Way to Wealth
Should I Fix My Credit Before Attempting to Invest in Real Estate?
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-362
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected]
Learn more about your ad choices. Visit megaphone.fm/adchoices
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