256: Rookie Reply: Escaping the Corporate Rat Race and Property Management Q&As w/Isaac Lane

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 28 January 2023

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Escaping the rat race at 26 isn’t easy, but Isaac Lane, Arizona-based investor and rookie landlord, is doing it through out-of-state investing! Isaac started investing only a couple of years ago, but he’s been scaling quickly as he purchased five rentals in his first year of investing alone. Now, he balances his time between working his day job as an engineer for a commercial real estate firm and managing his properties that are multiple states away! Welcome back to another Rookie Reply, where Isaac is helping us answer some common property management questions. He gives advice on how to start investing out of state and where to begin building your real estate team. And for those who still haven’t done their first deal yet, Isaac talks about property management, maintenance requests, inherited tenants, smart devices, landlord insurance, and why you ALWAYS change your locks during a tenant turnover. 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 How to start escaping the rat race through real estate investing (even at a young age) Long-distance real estate investing and the team you need to succeed from afar How property managers handle maintenance and why you should ask for pictures on every repair What to do when you inherit tenants and whether or not they should re-apply for your rental Landlord vs. homeowners insurance and why tenants should always have a renter’s policy When to change locks on a unit and the big key-code mistake Tony made on his short-term rental And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram BiggerPockets Pro Real Estate Rookie Facebook Group BiggerPockets Bootcamps BiggerPockets Forums RentRedi Builduim Appfolio LandlordLocks Connect with Isaac: Isaac's BiggerPockets Profile Isaac's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-256 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 256.
0:05.0	The biggest thing for me when I was in college, I reached that port ad and really changed my mindset in terms of money,
0:11.0	in terms of building assets and building a passive income.
0:14.0	My parents make pretty good money but they never really had any type of assets or passive income
0:20.0	and they always kind of are like doing the rat race where they constantly have to work to make money
0:25.0	and just seeing like there's another side to it and having that idea where I don't have to actually wake up and work to make money is just a beautiful thing.
0:35.0	So just trying to chase that is kind of my big motivation.
0:38.0	My name is Ashley Care and I'm here with my co-host Tony Robinson.
0:42.0	And welcome to the Real State Rookie podcast where every week, twice a week we bring you the inspiration, motivation and stories you need to hear to kickstart your investing journey.
0:50.0	And today I want to shout out to someone by the user name of Keon DGO.
0:55.0	Keon left a five star review and Apple podcast that says invaluable.
0:59.0	Love hearing different ways to succeed in real estate.
1:01.0	My eyes are now open to the possibilities and have you some of the strategies to get a few slam dunk deals.
1:07.0	I hope young people are listening.
1:09.0	Great job Keon.
1:10.0	We appreciate you.
1:11.0	And if you haven't yet left an honest rating review on whatever podcast platform manager listening to take the time to us at favor because more views we get more folks you reach more folks you reach more folks we hope that's the goal here.
1:22.0	And we're back again live in person.
1:25.0	So we have Isaac joining us this time here in Phoenix and he's going to tell you guys a little bit about himself.
1:33.0	And we are going to do some rookie reply questions.
1:36.0	We talk a lot about being a landlord property management and also lock systems and how to actually handle.
1:45.0	When people break into your units of make sure you stick around for that.
	...

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