284: Rookie Reply: What You Need to Know Before Buying Your First Rental

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 6 May 2023

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

Still waiting to buy your first rental property? Everyone’s been there. It can be nerve-racking not knowing where to buy, what makes a “good deal,” and whether or not all your hard work will go to waste. Even investing experts like Ashley and Tony were nervous about taking their first step, which is exactly what they’ll walk through on today’s episode! If you’re a rookie sitting on the sidelines, waiting to get into real estate, this is the episode for you! Welcome back to another Rookie Reply! In this episode, we share exactly how to close an off-market deal when there’s no real estate agent involved. Ever wondered how our hosts went from real estate rookies to real estate pros? Today, they share their first deal diaries. Learn how Ashley ended up buying the first property she EVER looked at and how Tony bought his first two properties with ZERO money down. Finally, we touch on the struggles of analyzing deals when you’re just starting out, as well as choosing the right insurance policies for short-term rentals! 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 close an off-market deal with no real estate agent involved Key takeaways from our hosts’ very first real estate deals Landing your first real estate deal (with as little as NO money down!) How to analyze a property and know when you’re getting a GREAT deal! The differences between renters and homeowners insurance (and which one you need) The best ways to insure a short-term rental (STR) property 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 BiggerPockets Rental Calculator 2 Long-Distance Rentals with $0 Down with Tony Robinson Don’t Lose Your Portfolio to Lawsuits! Here’s How to Protect Yourself Asset Protection for Rookies: 7 Wealth-Saving Answers from an Expert How to Buy a Rental Property with NO Money OR Credit Get Competitive Insurance Options for Your Short-Term Rental: BiggerPockets, Steadily and Proper Insurance 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-284 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 284 I really focused in on not just one city
0:07.7	But I was looking at specific zip codes within that city and within those zip codes
0:12.0	I knew the street boundaries that I wanted to stay within to make sure I was super laser focused on one little niche
0:18.5	And that allowed me to get much much better much faster and much more accurate at analyzing deals in those markets
0:24.4	Because instead of looking at this big large set of potential properties
0:28.0	It was just kind of smaller micro set that was easier to digest
0:31.8	My name is Ashley Care and I'm here with my co-host Tony Robinson
0:35.6	And welcome to the real estate rookie podcast where every week
0:38.3	Twice a week we can bring you the inspiration, motivation, and stories you need to hear to kickstart your investing journey
0:43.5	And I love the rookie replies because it takes obviously we've got amazing guests on all the other episodes
0:48.8	But it's cool to kind of hear what our audience, what our rookie audience is thinking about
0:52.7	And what's kind of stopping them from getting started or keeping going
0:56.1	And being able to dive into those questions had on
0:58.4	Yeah so today's question we talk about a lot of different things
1:03.4	For our rookie replies and if you guys want to have your question submitted on here
1:08.9	You can always leave us a voicemail at 1-888-5-Rookie
1:13.7	You can write your question in the real estate rookie Facebook group
1:18.5	Or you can send up myself or Tony a DM at Wealth From Rentals
1:23.0	Or at Tony J Robinson on Instagram and we may play your question on the show
1:30.1	So the first thing we're going to do today, the question is kind of our first deal diary
1:35.9	As Tony had called it, we break down the first deals that we ever did
1:40.9	We talk about partnerships and then we also talk about closing off market
	...

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