277: Leaks, Surprise Rehabs, and the Reality of Buying Your First Rental Property w/Sara Plaisted

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 12 April 2023

⏱️ 53 minutes

🔗️ Recording | iTunes | RSS

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Summary

You don’t need to look very far to find a real estate success story, but it’s not every day that you hear from someone who is currently in the trenches of their very first real estate investment. The truth is that there are all types of hurdles to overcome during an investing journey, and today, you’re going to hear from someone who is still in the thick of it. For years, interior designer Sara Plaisted dreamed of investing in real estate. But like many real estate rookies, analysis paralysis prevented her from taking action. Having built up a network of people to lean on, however, Sara eventually drummed up the courage to dive in. It wasn’t long before she landed her very first property—a two-story cabin tucked away in four-seasons vacation spot Julian, California. Unfortunately, the story doesn’t end there. Rather than enjoying consistent cash flow and great tenants, Sara was dealt a steep learning curve that involved persistent water leaks, excessive rehab costs, and other issues. If you’re struggling at any point in your real estate journey, you’ll want to tune in to this episode and hear Sara’s story. She shares about her initial fears surrounding real estate, how she was able to land her first deal, and how she is currently dealing with all of the unexpected hurdles that her new property has thrown her way! In This Episode We Cover How to get past analysis paralysis and finally buy your first property The importance of building your own real estate investing network Finding the right contractor to walk your new property with you When you should ask the seller to make repairs rather than making them yourself Three types of software you MUST have to manage your property How using virtual assistants can help you scale your investing business much faster And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE BiggerPockets Forums BiggerPockets Bootcamps Property Management Software for Short-Term Rentals: Hospitable, Guesty, OwnerRez Dynamic Pricing Tools for Short-Term Rentals: PriceLabs, AirDNA, Wheelhouse Digital Guidebooks for Short-Term Rentals: Create on Canva, Hostfully, Breezeway, RemoteLock Software for Long-Term Rentals: RentRedi, Avail, Apartments.com, Zillow Software for Scaling Long-Term Rentals: AppFolio, Buildium, Propertyware Find Virtual Assistants at: Fiverr, Upwork Books Mentioned in This Episode: Real Estate Rookie: 90 Days to Your First Investment by Ashley Kehr Connect with Sara: Sara's BiggerPockets Profile Sara's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-277 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Real Estate Ricky Podcast, episode 277.
0:06.7	You've learned so much on this first deal, Sarah, that I'm sure if we talk to Sarah today
0:12.0	versus Sarah six months ago, you're two totally different people when it comes to your knowledge
0:16.7	of real estate investing. So even if you're able to walk away from this deal, eventually down the
0:21.6	road at a break even, it's still the multiple the return on that is 10x 100x because you've been
0:28.3	able to learn and give yourself the tools you need to keep growing. Thank you. Yeah, I knew that
0:33.0	this was just going to hopefully be in a break like just of growing in equity and break even for
0:38.2	a few years. So that's fine. It's the dig in myself into a hole right now. It's just what's...
0:44.0	My name is Ashley Care and I'm here with my co-host Tony Robinson.
0:47.8	And welcome to the Real Estate Ricky Podcast where every week, twice a week, we've been you the
0:52.2	inspiration, motivation, and stories you need to hear to kickstart your investing journey.
0:56.5	And today I want to give a shout out to someone who gets by the name of Andrew and you'd love to
1:00.4	say five star review on Apple Podcasts and his review reads, great host, amazing company,
1:06.8	unforgettable information. Bigger pockets is one of the most altruistic companies I know.
1:12.0	They provide so much value free of charge and this podcast is not disappoint. Very knowledgeable
1:18.8	guests and amazing hosts definitely worth checking out. If you haven't yet, if you're a part of the
1:24.5	Ricky community and you have not yet left an honest rating and review whenever platform is you
1:28.9	you're listening to please take the few minutes takes to do that. The more folks or the more reviews we
1:34.8	get, the more folks we can reach and the more folks we reach, more folks we can help. And that's
1:39.1	what we love doing here. I feel like we've been getting like a string of really positive reviews
1:43.2	as of late Ashley and it really helps my super tiny ego, my super sensitive ego when I hear
1:49.6	of this positive feedback. Sarah is a special guest today because I did a giveaway on the pre-order
	...

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