250: Rookie Reply: 2023 Risks, The True Cost of Owning Rentals, and Live Q&A w/Pace Morby & Jamil Damji

Real Estate Rookie

BiggerPockets

How To, Education, Entrepreneurship, Investing, Business

4.7 • 1.8K Ratings

🗓️ 7 January 2023

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

The real estate market is changing, especially in high-appreciation cities like Phoenix, Arizona. This week, Ashley and Tony made the journey to the Valley of the Sun to visit real estate rookies for a live podcast recording. But it wasn’t just the rookies coming out; expert investors like Jamil Damji and Pace Morby also swung around to answer questions about creative financing, the 2023 housing market, multifamily investing, and more. They give some killer insight that only off-market masters know, and their input could help you score better deals over the next year. As always with a Rookie Reply, we also take questions from the Real Estate Rookie Facebook group, the Rookie Request Line, and Instagram to see what’s on investors’ minds. This time, we’ve got questions on how real estate wholesaling works, the best way to reject an agent or lender (without burning bridges), the true cost of owning a rental property, and the risks and rewards of using a dual real estate agent. This episode comes packed with rental property gold, so stick around! 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 Creative financing strategies in 2023 and how investors are starting to take advantage How to find a real estate investing partner that will grow your business faster The safest way to invest in multifamily real estate (without using your own money) The best place to find real estate and housing market data (check out On the Market) Costs that go into owning a rental property and what many rookies overlook The dangers and benefits of using a dual agent on your next real estate deal How real estate wholesaling works and the two ways to close a wholesale deal 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 Airbnb Dave Meyer's Instagram BiggerPockets Rental Property Calculator On The Market Podcast 5 Tools To Unlock Your “Ideal Life” w/ “Traction” Author Gino Wickman LandWatch Privy Zillow Crexi Connect with Pace & Jamil: Jamil's BiggerPockets Profile Pace's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-250 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 State Rookie episode 250.
0:04.1	Right now the lenders are all tricking us into thinking that 85% is going to be a blessing.
0:09.9	So when we hit 7-8% where we're at right now and they finally start creeping down towards 5-5 and a half,
0:16.7	do you know what kind of pressure cooker is going to exist in this market?
0:20.0	So all the real smart investors, they are buying cheap and they're holding.
0:25.6	They're buying cheap and they're holding. They're just waiting for this
0:28.5	12-18 month cycle to do its thing and then as soon as the rates go back somewhere around 5%,
0:35.0	it is going to be bananas.
0:37.0	My name is Ashley Care and I am here in person with my co-host, Tony Robinson.
0:42.6	And welcome to the Real State Rookie podcast where every week,
0:45.6	twice a week we give you the inspiration, motivation and stories you need to hear to kick start
0:49.2	your investing journey and I want to start today's episode by shouting out someone from the
0:52.6	rookie audience that goes by the username Kiss the Newbie, which I like that all I've done
0:57.6	but anyway Kiss the Newbie gives a 5-star review on Apple podcasts and this person said I've
1:01.7	been researching the wrong way for way too long. YouTube and Google are not always as helpful as it
1:06.5	seems. The information is mostly brief and summed up. Listening to other points of view and scenarios
1:10.7	helps a lot. The episodes in particular, Doug and Disman questions I had been looking for.
1:14.7	So Kiss the Newbie would appreciate the 5-star review and if you haven't yet,
1:17.9	please leave us an honest rating review on Apple podcasts.
1:20.2	Spotify or whatever it is, you're listening.
1:21.7	All right, cool. Ashley Care, what's going on here in person?
1:24.4	Yeah, we are in Phoenix, Arizona for a meetup tonight.
	...

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