246: Rookie Reply: The 3 Signs of a Perfect Rental Property Market

Real Estate Rookie

BiggerPockets

Business, Education, Entrepreneurship, Investing, How To

4.7 • 1.8K Ratings

🗓️ 24 December 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

What makes a great real estate market? If you’re a new investor, you might think that high rents and cheap home prices are all that matter, but you couldn’t be more wrong. Experienced investors search for more than just surface-level pricing when looking into where is worth investing. This is doubly true when you’re investing in short-term rentals and medium-term rentals—both of which require a specific area to succeed. So what would Ashley and Tony look for when scouting a new real estate market? Happy Holidays and welcome back to another Rookie Reply! We hope you’ve got your presents wrapped and are ready for the greatest gift of all—Ashley Kehr’s singing voice…and some advice on real estate. This time around we’ve got a few technical questions that rookies may have trouble answering. These topics range from how to find the zoning on a rental property, whether to furnish your rental when renting by the room, when to hire an attorney for a real estate deal, and what makes the best real estate investing area! 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 Whether or not furnishing a room when house hacking is worth the cost Where to locate your property’s zoning and how to see what counts as “allowable use” How to find out what your town is planning on developing/building so you know where to buy The three signs of a fantastic rental property investing market When it makes sense to hire a buyer’s attorney, and which deals require it What it means when a home is owned by the Chamber of Commissioners 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 Kara Beckmann’s New Christmas Album Tony’s Short-Term Rental Shopping List Facebook Groups BiggerPockets Connect with Ashley And Tony: Ashley's Instagram Ashley's BiggerPockets Profile Tony's Instagram Tony's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-246 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	Happy Holidays!
0:02.0	This is Real State Rookie, episode 246.
0:07.0	In terms of market selection, there's three big buckets that I look at.
0:11.0	I look at permitting, the policies in that market.
0:15.0	I look at popularity, so the traffic of folks coming into that market,
0:20.0	and then last I look at profitability.
0:22.0	If I look at the average return that I'm getting in a market,
0:25.0	versus the average purchase price, what does that ratio look like?
0:28.0	And am I able to kind of hit my return?
0:30.0	My name is Ashley Care, and I'm here with my co-host, Tony Robinson.
0:34.0	And welcome to the Real State Rookie Podcast,
0:37.0	where every week, twice a week, we could bring you the inspiration information
0:40.0	and stories you need to hear to kickstart your investing journey.
0:43.0	And today, I want to shout out someone who lucked with a review on Apple Podcast.
0:47.0	This review says, I'm a real estate agent in Minnesota looking to invest in real estate.
0:51.0	And I think I found the perfect virtual mentor to help me get started.
0:55.0	This is the best place to learn if you're filling overwhelms.
0:58.0	We appreciate that.
0:59.0	If you guys you're listening haven't yet left this anonymous rating review on Apple
1:02.0	or Spotify River, it is you're listening.
1:04.0	Please do the more reviews, the more folks that we can reach,
1:06.0	the more folks we can reach, the more folks we can help.
	...

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