10: 2 Long-Distance Rentals with $0 Down with Tony Robinson

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 6 May 2020

⏱️ 56 minutes

🔗️ Recording | iTunes | RSS

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Summary

Tony Robinson had every excuse NOT to invest. Expensive local market? Demanding full-time job? Family responsibilities? Check, check, and check. So, how did he pull off his first two deals in a cash flow-friendly market 1,500 miles away? Today, Tony spills the beans: how he got a bank to loan him 100% of purchase AND rehab cost, how he managed contractors from afar, two crucial lessons he learned on his first deal, and much more. Tony shares tip after tip for investors like you—especially if you live in a pricey area (he lives in Southern California and invests in Shreveport, Louisiana). Plus, he dives into the mindset shifts that helped him break through—and how becoming a father at a young age led to a goal of achieving financial independence. We guarantee you'll get value out of this episode. If you agree, subscribe to the show and give us a rating and review in Apple Podcasts. See you next Wednesday! In This Episode We Cover: How Tony got past a failed first deal Zeroing in on one zip code when looking for deals Why he chose to invest in Shreveport, LA How he pulled his money out by refinancing Why real estate is "80% mental" Finding a real estate agent and property manager out-of-state Managing renovations remotely using FaceTime How a local bank funded 100% of his projects How a construction loan works and what "draws" are Analyzing local rents Why he locked in his tenants on a 2-year lease And SO much more! Links from the Show Real Estate Rookie Facebook Group BiggerPockets Podcast Rookie Podcast 08: Why Pay Someone Else’s Mortgage? Ditching $20K/Year Rent with Mallori and Lucas Brandon Turner's Instagram Zillow BiggerPockets Forums Cashflow Game BiggerPockets Conference Check the full show notes here: http://biggerpockets.com/rookie10 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the real estate rookie show number 10.
0:05.0	Say that I'm great at my deputy job, right, and I climbed a corporate ladder and you know, I'm just killing it, right?
0:17.0	Once I'm gone, once I'm gone, right, I can't pass that on to my family, right?
0:21.0	But with real estate, I can build this empire, I can have this machine, and once I'm gone, I know that that's going to keep giving and giving and giving to my family, and that's a big piece for me too. big team. The big ten! I am Ashley Care and I am here with the assistant to the host,
0:46.3	Leipe Mejia and his little hula dancer on his microphone.
0:50.8	That's right, I got my hula-hula here. But yeah finally 10 episodes. Wow I can't believe we've made it this far if people like us. I love it.
0:58.3	Yes, thank you everyone and we love the Facebook group. It is growing, growing. Every day we're almost to
1:04.2	6,000 I believe. Wild. Yeah. So today we have Tony Robinson on the show and we
1:11.0	actually recorded this previously before coronavirus happened and we
1:16.0	reached out to Tony but not a lot has changed for him kind of the same as Mallory and
1:21.0	Lucas on episode 8 they said not a lot had changed for them either.
1:25.6	So Tony talks about a deal that he rehab rented out and so far his tenant has been able to pay
1:31.7	rent. And then he told us when we talked to him that he was
1:36.1	undergoing a rehab right now finished it ready to rent but he can't find anyone to rent it and
1:41.5	he's considering dropping the price.
1:44.0	So what do you think about that?
1:45.0	Leephe, what would be your strategy?
1:47.0	Yeah, I think it's a good strategy.
1:48.0	I think that tells a lot about him.
1:50.0	I always tell my friends and family and family that look if we have to
1:53.0	lower the rent to get people in the rooms or in the houses then that's fine I drop my
1:57.3	ego rent the place that we got to have some cash coming in it's better to do that
	...

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