282: Rookie Reply: Should I Switch Markets? (Why You're NOT Finding Deals)

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 29 April 2023

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

How important is the real estate market you’re investing in? You could be searching for deals for months, not finding anything worth buying, and may want to call it quits. But are you following the same steps that expert investors practice, or are you hoping a new housing market will magically give you the deals you need? If you’re struggling to find property with a profit in your housing market, today’s episode will help you out! Welcome back to another Rookie Reply! In this episode, we tackle a handful of key topics—including when it makes sense to buy a property on your own and when to find a partner instead. Tony even shares about his own recent experience with partnerships and how he ended up pulling out of a deal that was headed towards a syndication! We also discuss the differences between real estate investing and REITs, as well as moving on from markets when you aren’t finding deals. Finally, we talk about inheriting tenants and when it’s better to buy a fully vacant property instead! 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 When to go solo on a deal and when to form a partnership LLC operating agreements, joint venture agreements, and terms you MUST include Strategies behind buying vacant properties or inheriting tenants The difference between active real estate investing and REITs Leveraging relationships to find the best markets to invest in And So Much More! Links from the Show Find an Agent Find a Lender Join the Real Estate Rookie Facebook Group Join BiggerPockets for FREE Become a BiggerPockets Pro Member for Premium Market Analysis On The Market Podcast Sign Up for a BiggerPockets Bootcamp Rookie Reply: How to Structure a Real Estate Partnership Rookie Reply: How to Split Finances in a Partnership/Joint Venture Connect with Ashley and Tony: Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-282 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 real estate rookie episode 282 what i tell people that are just starting out is give
0:06.7	yourself 90 days 90 days analyze a hundred deals and if you can analyze a hundred deals over 90 days
0:13.5	you'll know without a shadow of a doubt whether or not that market is a good market or not so there
0:19.0	there has to be a certain threshold that you hit i think before you rule a market out and a lot of
0:24.8	it just comes with like grinding it out analyzing the deals and doing the hard work to to make it happen
0:30.0	my name is Ashley care and i'm here with my co-host Tony Robinson and welcome to the real estate
0:34.6	rookie podcast where every week twice a week we bring you the inspiration motivation and stories
0:39.5	you need to hear to kickstart your investing journey and uh man we got a really good rookie
0:44.4	reply today i liked it because the questions today were a little um kind of a little
0:48.2	spicier a little different from our our normal variety of questions for the the reply episodes
0:52.4	yeah we go through three questions but i feel like we went pretty deep into them really
0:58.1	breaking things down um for one of the things we talk about buying properties with tenants in
1:04.6	place or how to get that property vacant if there are tenants in place when you do want to close
1:10.3	on the property yeah we also talk about REITs versus investing on your own and ash and ash share
1:15.6	what we believe is the like most passive way uh to invest in real estate investing in one of the
1:21.5	things that we uh we built this fire to do and also how my side hustles currently alone shark
1:26.1	so if you have credit card dot contacting and then uh we also touch on partnerships uh and
1:34.7	for some of you that maybe haven't heard yet Tony and i do let out a little secret of something
1:39.2	that we're working on when we do talk about partnerships but uh we go through doing uh first deal
1:45.3	by yourself doing a jv agreement which is a joint venture agreement or creating an LLC with a
1:51.3	partner yeah cool so i just want to share a quick shout out to someone from the working audience
1:55.3	let's say five star review and apple podcast goes by the username vince lr and vincez inspiring and
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