285: 3 Rentals (While in College!) and Turning a Horrific House into a Cash Cow

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 10 May 2023

⏱️ 58 minutes

🔗️ Recording | iTunes | RSS

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Summary

Buying your first long-term rental property sight unseen? What could go wrong? While alarms might be going off in your head right now, they weren’t for today’s guest. What seemed like the “perfect” rental property turned into a major headache once he arrived to check it out four months after closing. Welcome back to another episode of the Real Estate Rookie podcast! After completing multiple wholesale deals, Hudson Jump’s real estate investing journey was off to a blazing start. He figured it was time to try his hand at long-term rentals next, and it wasn’t long before he came across a potential cash cow! Unfortunately, when Hudson was finally able to check out the property he had bought, the door had been kicked in, there was trash up to the ceiling, the toilet and shower were missing, and there were squatters on the property! While this nightmare scenario would have been enough to make any real estate rookie throw in the towel, Hudson instead found a partner who was able to help him salvage the property and transform it into a rental that generates $1,400 monthly cash flow! If a bad deal has ever caused you to question your future in real estate, tune in to hear Hudson speak on the advantages of partnerships. As always, our hosts Ashley and Tony are here to help as well—offering invaluable advice on buying properties sight unseen, leveraging direct mail, and the value of building lists! In This Episode We Cover The risks of buying a property sight unseen with existing tenants How bringing an experienced partner on board can help salvage a bad deal Why wholesaling is GREAT first step for new real estate investors The differences between wholesaling and whole-tailing Building lists to weed out bad leads and keep track of potential properties Leveraging direct mail to find exclusive wholesale deals And So Much More! Links from the Show Find an Agent Find a Lender Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Propstream Making $71K on ONE Deal After 5 Failed House Flips and Six-Figure Debt BiggerPockets Forums Create Your Own Standard Operating Procedures (SOPs): Record Videos with Loom and Use Monday’s Free SOP Template Alex Camacho's Instagram Connect with Hudson: Hudson's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-285 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 State Rookie Episode 285.
0:05.0	I swear to God, I was just so brutally honest.
0:08.0	I was like, I am screwed, I need your help.
0:11.0	You can have the property if you want.
0:13.0	I'll just eat the holding costs, I'll lose whatever.
0:15.0	And she was like, settle down, we just met.
0:18.0	What are you talking about?
0:19.0	I met her there the next day.
0:21.0	And she was like, yeah man, you messed up.
0:24.0	I was like, yeah.
0:25.0	And now we actually own that unit as a rental property.
0:28.0	We have operating agreement, we split it 50-50.
0:31.0	So like everything's good now.
0:33.0	My name is Ashley Care and I am here with my co-host, Tony Robinson.
0:37.0	And welcome to the Real State Rookie Podcast,
0:39.0	where every week, twice a week, we bring you the inspiration, motivation,
0:43.0	and stories you need to hear to kickstart your investing journey.
0:46.0	And we've got a heck of an episode for you guys today.
0:49.0	We've got Hudson Jump, J-U-M-P first.
0:52.0	He's got a pretty cool name.
0:53.0	I don't think I've ever met anyone with the last name Jump.
0:56.0	But he's also a senior in college and he's about to graduate right now.
	...

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