251: Rookie to Real Estate Investor in 90 Days: LIVE Mentorship Calls

Real Estate Rookie

BiggerPockets

How To, Education, Entrepreneurship, Investing, Business

4.7 • 1.8K Ratings

🗓️ 11 January 2023

⏱️ 62 minutes

🔗️ Recording | iTunes | RSS

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Summary

Becoming a real estate investor isn’t complex. Find a property, buy the property, and rent it out. While this formula may be easy to write down, putting it into practice is much more complicated. This is why many wannabe investors never make the jump to buy their first investment property. But, with the right advice, mentorship, and mindset, anyone can become a passive-income generating real estate investor, with a path laid for financial freedom and early retirement. Today, Ashley and Tony combine their real estate knowledge to help three investors buy their first or next rental property. First, we talk to Brandon, a future house hacker who struggled to buy a home last year and is now looking for his first primary residence that can help subsidize his mortgage. Next, we speak with Lawrence, an investor who bought two rental properties within six months but wants to expand quicker with the help of creative financing. Finally, Melanie joins us to discuss her plans for a short-term rental property, but she still doesn’t know the best place to buy. If you’re finding the 2023 housing market a tough nut to crack but know that you want to invest in real estate, this is the episode for you. We’ll follow along with our three mentees over the next ninety days as Ashley and Tony give strategic advice on what they should do next to get a profitable rental property under contract. So follow along, and you too could get your next property in ninety days (or less!). In This Episode We Cover High interest rates and how more expensive mortgages have caused many investors to pause Building your “buy box” and how to come up with your exact rental property criteria Creative financing and how to buy a bigger rental property even if you don’t have the money for it Generational wealth and using real estate investing to put your family in a better position Short-term rental markets and how to analyze a vacation rental from afar What to do when inflated rental property data isn’t adding up to today’s rates Finding financial freedom and leaving your W2 desk job behind And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram Airbnb AirDNA BiggerPockets Calculator BiggerPockets Forums BiggerPockets Pro Invelo MLS Real Estate Rookie Facebook Group Rookie Reply: Creative Financing 101 with No Cash, Credit, or Credentials Creative Financing: 2022’s Antidote to High Interest Rates 300 Doors, 100% Creative Financing with Pace Morby Connect with Brandon, Lawrence and Melanie: Brandon's BiggerPockets Profile Brandon's Instagram Lawrence's BiggerPockets Profile Lawrence's Instagram Melanie's BiggerPockets Profile Melanie's LinkedIn Check the full show notes here: https://www.biggerpockets.com/blog/rookie-251 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 251.
0:05.0	Every recession, going back to the 60s, most of them lasted just under on average just under 12 months.
0:13.0	So it's like, can you buy this property?
0:15.0	And even if it isn't a home run over those first 12 months,
0:19.0	while there's all this economic uncertainty, what happens in year two and in year five and in year ten
0:24.0	as you own the short-term rental?
0:26.0	And if you kind of check those boxes that we talked about where you're hitting the location,
0:30.0	you're hitting the value, you're hitting the amenities, more likely than not,
0:33.0	that listing is going to continue to do well.
0:36.0	So there will probably be some uncertainty in the short term,
0:39.0	but I think it's Real Estate investors.
0:40.0	We have to roll with those punches.
0:41.0	And remember that we're really invested for that long-term appreciation and casual as well.
0:45.0	My name is Ashley Care, and I'm here with my co-host, Tony Robinson.
0:50.0	And welcome to the Real Estate Rookie Podcast,
0:52.0	where every week, twice a week, we bring you the inspiration, motivation, and stories you need to hear to kickstart your investing journey.
0:58.0	And I want to start today's episode by shouting out someone by the username of E Shazam.
1:03.0	Shazam looks to say, five star review and Apple podcasts that says,
1:07.0	all of these real-life stories are so inspiring.
1:10.0	I love knowing all of these people jumped in without being experts.
1:14.0	They're learning along the way, and they exemplify that there are many ways to approach Real Estate investing.
1:20.0	The guests aren't always necessarily practice interviewees,
	...

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