302: Rookie Reply: How to Get 100% Financing for ALL of Your Real Estate Deals

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 8 July 2023

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

100% financing for ALL of your real estate deals? Without thousands of dollars saved up, many people assume there’s no way for them to invest in real estate. But that’s far from true. Today, you can fund your entire real estate deal—including purchase price, down payment, closing costs, and rehab costs—using other people’s money! Welcome back to another Rookie Reply! If you don’t have the funds to invest in real estate, hear Ashley and Tony share their best strategies for getting deals done with creative financing. They also discuss rehab costs and provide a three-step plan for estimating them. Hiring a property manager is a daunting task for any rookie, but our hosts share the biggest red flags to watch out for when vetting a property management company. Finally, they discuss the touchy subject of rental repairs—who’s responsible and how to keep the peace with tenants! If you want Ashley and Tony to answer a real estate question, you can submit a question here, 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 get financing for 100% of your deals (purchase price AND rehab costs!) Four EASY ways to find private money lenders for your real estate deals The three-step plan you NEED to accurately estimate rehab costs Red flags to look out for when hiring a property management company How to determine who is responsible for repairs (without upsetting your tenants!) And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Private Capital Explained: The 4-Second Pitch to Unlock Unlimited Funds (Part 1) Private Money Explained: 5 Simple Ways to Find Private Money Today (Part 2) Private Money Explained Part 3: The “Credibility Pieces” Lenders Love to See Private Money Explained Part 4: Rates, Returns, and Protecting Investors A Step-by-Step Guide to Estimating Rehab Costs w/ Master Flipper & Investor James Dainard (Part 1) Finding Contractors, Renovation Red Flags, and Estimating Rehab Costs (Part 2) w/ James Dainard Follow Amy Mahjoory on Instagram to Learn More About Raising Private Capital Book Mentioned in this Episode: Raising Private Capital by Matt Faircloth The Book on Estimating Rehab Costs by J Scott Check the full show notes here: https://www.biggerpockets.com/blog/rookie-302 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 City Rookie, episode 300 and 2.
0:04.6	There's a few different types of lenders here.
0:07.2	I love small local credit unions because they tend to have a little bit more flexibility
0:11.0	than your kind of larger national banks and the credit union that I used,
0:16.3	they allowed me to fund 100% of both the purchase price and the rehab.
0:22.7	I think that it's very much doable to find that person.
0:26.5	You just got to kind of spend the time to build those relationships and identify the right.
0:30.7	My name is Ashley Care and I'm here with my co-host, Tony Robinson.
0:34.5	And welcome to the Real Estate Rookie podcast where every week,
0:37.4	twice a week, we're being you the inspiration, motivation, and stories you need to hear to kick
0:41.4	start your investing journey. And we are back today with another Rookie Reply episode.
0:45.5	We're going to answer some questions from the Rookie audience and we've got four really
0:49.1	cool questions today. First, you talk about private money lending and we're actually talking
0:53.2	about lending in general, but then kind of how private money lending plays role in that
0:56.7	and how you can fund 100% of your deals using other people's capital.
1:02.4	We talk a little bit about estimated rehab costs, which is one of the hardest things for a new
1:06.5	real estate investor to do and we give you some pretty simple tools and tactics for exploring
1:11.2	how to estimate those costs. Then we will go through red flags when hiring a property manager.
1:18.7	So Daniel asked a couple of questions of things that incurred while he was looking into hiring
1:24.7	a property manager and we go through if these are red flags or green flags and if you should
1:29.2	continue dating this property manager. And the last thing we do is going over your lease agreements
1:36.5	and stating what you should and shouldn't include as the landlord that is your responsibility
	...

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