263: Rookie to Real Estate Investor: House Offer Accepted! Now What?

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 22 February 2023

⏱️ 65 minutes

🔗️ Recording | iTunes | RSS

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Summary

Offer accepted! Now what? As a rookie real estate investor, it can be anxiety-inducing to hear that a seller accepts your house offer. You’ve been working so hard to get up to this point, and now, you’re one step closer to closing on your first rental property. But what happens next? Are there steps that you should be following? And what should you be doing in the meantime as your closing date starts to creep closer and closer? If you’re in this situation (or are about to be), stick around! We’re back with our “Rookie to Real Estate Investor in 90 Days” series, as our mentees join us for some exciting news. Last time around, much of the advice from Ashley and Tony was “make more offers!” Well, the mentees have delivered, so much so that one of our rookies already has a house under contract just a month or so after starting this series! We first talk to Melanie, who began submitting short-term rental offers in Savannah, Georgia. She’s got some solid takeaways but is having trouble finding someone who will accept seller financing. Next, Brandon hops on as the first rookie to get a property under contract! With only a few offers sent out, Brandon has already agreed with a seller on terms but has questions about when to get a home inspection and whether title insurance is worth it. Finally, Lawrence joins us with a copy of Ashley’s newest book, Real Estate Rookie: 90 Days to Your First Investment. Lawrence has been making aggressive offers but couldn’t match a seller’s counteroffer with high-interest rate financing terms. All our rookies are inches away from getting their first (or next) rental property, and this could be the most pivotal point! In This Episode We Cover How to make an aggressive offer on a house and negotiating with a seller Short-term rental data and how to use tools like AirDNA to find occupancy rates What to do once you’re under contract for a new rental property Home inspections and when it’s worth waiving one (plus when you DEFINITELY should get one done) Title insurance vs. an attorney's opinion and which one is a better bet Seller financing and how to find the perfect terms a seller will accept How to target motivated sellers to find better real estate deals at lower prices And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram Airbnb AirDNA BiggerPockets Rental Property Calculator Data.rabbu PriceLabs Real Estate Rookie Facebook Group Real Estate Rookie Podcast 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-263 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 263.
0:05.0	The more offers you put out, the easier it is going to become for you to find a deal that makes sense.
0:11.5	If I only submit two or three offers a week, most likely most of those offers are going to be rejected.
0:18.0	If I submit 200 offers a week, I'm probably going to get at least two or three deals that actually makes sense.
0:23.5	So yeah, I think that's a fantastic thing.
0:26.5	My name is Ashley Care and I'm here with my co-host Tony Robinson.
0:30.5	And welcome to the Real State Rookie podcast where every week, twice a week we give you the inspiration, motivation and stories you need to hear to kick start your investing journey.
0:39.0	And today I want to shout out someone by the username of Jay Biddle1.
0:44.0	And this person says, fun, educational, motivational, Ashley and Tony bring fun and motivational dynamic to the world of real estate investing.
0:51.5	I enjoy their personal stories, especially when they don't go as planned.
0:55.5	They continuously show you how you need to work through issues that pop up and not give up, keep up the great work.
1:01.5	So Jay Biddle1, we appreciate you and if you haven't yet left us an honest rating review on Apple Podcasts or Spotify or whatever platform is you're listening to, please do us a huge favor and do that.
1:09.5	The more reviews we get, the more folks we can help.
1:11.5	And I honestly love being able to start the episodes by reading some of these awesome five star reviews.
1:17.5	So Ashley Care, what's up? How you doing today?
1:19.5	Good, pretty good. You know, it's just a gloomy chilly day in Buffalo, New York.
1:25.5	But it's playoffs for the bills. So by the time this airs, though, we will know what has happened.
1:33.5	But yeah, so it's exciting time in Buffalo.
1:37.5	You know, we just had the everything that happened with Demar Hamlin and just the bills mafia is just amazing support.
1:44.5	And you know, I was talking to someone the other day about like how tragedy burns people together. And I think that brought the NFL together, all the different teams, but like bills mafia.
1:54.5	They've already been so united and like such like a great community that it didn't really need to bring everyone together because everybody was so.
2:04.5	I think just having, you know, something like that happen really puts into to check how like short life can be scared can be and also reinforces your why as to why we're all doing this why you guys are listening to this podcast right now like what you want to happen.
	...

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