230: Rookie Reply: The 1% Rule, Turnkey Rentals, and Escrow Accounts Explained w/Zach Lemaster

Real Estate Rookie

BiggerPockets

How To, Entrepreneurship, Business, Education, Investing

4.7 • 1.8K Ratings

🗓️ 29 October 2022

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

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Summary

Is the 1% rule in real estate still relevant? Who shouldn’t be buying turnkey rentals? And why is an escrow account favorable for scaling real estate investors? All these questions and more are coming up in this Rookie Reply. We’re back at BPCon 2022, and joining us is fellow investor and turnkey operator, Zach Lemaster. You may have heard Zach’s episode on the BiggerPockets Real Estate Podcast or maybe you’ve used his turnkey company, Rent to Retirement, before! Zach helps us answer an array of questions, some from semi-passive turnkey investors and some from active investors. We touch on investor lines of credit and how to secure them, the 1% rule’s relevance in 2022, whether or not to get preapproved before finding a deal, buying off-market, and much more! Zach also poses three questions every investor should ask BEFORE investing in turnkey rentals. 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 Where to find investor lines of credit and which banks are your best bet Should you get an appraisal on an off-market property? The 1% rule explained and how it’s holding up in 2022 (and beyond) Escrow accounts and which types of investors should optionally enroll in them Who should (and shouldn’t) invest in turnkey rentals and the questions you should ask your turnkey provider And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram BiggerPockets Real Estate Rookie Facebook Group Real Estate Rookie Podcast How “Turnkey” Rentals Can Help You Build Real Estate Riches Faster The One Mistake That Almost Put My House in Foreclosure Rent to Retirement BiggerPockets Calculator Connect with Zach: Zach's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-230 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

Transcript

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0:00.0	This is Real Estate Rookie, Episode 230.
0:05.4	I think we're a lot of people start shopping for investment property, especially the review
0:09.0	investor that's just building up their criteria. It's okay not to have all of your
0:13.7	criteria in the very beginning because I think that's a dynamic process. But often they're looking
0:17.8	at performance and looking at properties and saying, you know, trying to match that to make sense
0:23.2	for them instead of coming up with their criteria first. And I think you build that over time.
0:28.2	But it's all about taking action with one of the day, you know, protecting your investing goals.
0:34.0	My name is Ashley Care and I'm here with my co-host, Tony Robinson.
0:37.9	And welcome to the Real Estate Rookie podcast where every week, twice a week, we bring you the
0:42.1	inspiration, information, and stories you need to hear to kickstart your investing journey.
0:46.0	And we always like to start these episodes by shouting on some folks in the rookie audience.
0:50.6	And this week we want to give a shout out to someone who left a five-star review on Apple
0:54.7	podcast. This is Big Brown Investor. So this person said, I'm a motivated rookie and I just wanted
0:59.9	to say this is by far the greatest platform I utilize on a daily basis. The information you guys
1:06.0	provide for rookie investors, so invaluable. I look forward to getting my first property. Thank you
1:11.2	with three praise hand emojis. So Big Brown Investor, we appreciate you. And if you haven't yet,
1:16.8	please do leave us an honest rating review on whatever podcast platform did you listen to.
1:20.9	So Ashley Care, what's up? How are you? And if you leave us a five-star review, Tony will read it.
1:25.6	I will read it. Yeah, if you leave a one-star review, I will delete it. So
1:30.8	I wish you could actually do that, but it said I was just be crying.
1:35.2	So hold on, before we dive into today's episode, let's take a quick break.
1:38.4	So we are at the Bigger Pockets Conference live in San Diego. Beautiful, sunny,
	...

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