312: Rookie Reply: The Seller Hasn't Responded...What Do I Do?

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 12 August 2023

⏱️ 40 minutes

🔗️ Recording | iTunes | RSS

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Summary

You recently submitted an offer on a house, but you haven’t heard back from the seller. Now what? As an eager rookie investor, the waiting game can be painful. You may already have an eye on other properties but need the capital to invest. Should you withdraw your original offer? Fortunately, Ashley and Tony have a few helpful tips to make your decision a little easier. Welcome back to another Rookie Reply! In this episode, our hosts tackle several important topics—including when to pull an offer on a house and whether you should create an LLC when buying your first property. They also discuss the biggest differences between single-family and multifamily real estate and which type of property is best for rookie investors to target. Finally, they talk about how to become a private money lender and the two important documents that should be in place before you lend a penny! 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: Rescinding an offer on a house when you don’t hear from the seller Whether to buy a single-family or multifamily property for your first deal LLCs and whether you need one when buying your first property How to become a private money lender (and what you need to protect yourself!) The two documents that MUST be in place before lending money 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! Hear Our Full Episode on Real Estate Partnerships Grab Your Copy of “Real Estate Partnerships” Today How to Protect Your Rental from Fires, Floods, Lawsuits, and Liability Follow Mindy Templeton on Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-312 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 312.
0:06.0	When I first got started investing as well, I had my first deal under contract.
0:10.0	And then a deal that I had offered on like months before.
0:13.0	The seller finally came back to me and said,
0:15.0	we'd like to accept your offer.
0:17.0	I was like, what the heck?
0:18.0	I went from zero deals to two in the span of like a couple of weeks.
0:21.0	And it was a little nerve-wracking, so what I did was I partnered with someone else
0:24.0	to help me get approved for that second mortgage
0:26.0	and just kind of bear the burden of managing the second property.
0:29.0	So don't be afraid of getting too many deals under contract at once.
0:32.0	That's a good problem to have.
0:33.0	My name is Ashley Care.
0:35.0	And I am sitting here next to my wonderful co-host, Tony Robinson.
0:40.0	And welcome to the Real Estate Rookie Podcast,
0:43.0	where every week, twice a week, we're bringing the inspiration,
0:46.0	motivation and stories.
0:47.0	You need to hear to kickstart your investing journey.
0:49.0	And like Ashley said, we're sitting here in our new studio.
0:53.0	Well, not ours, I guess mine.
0:55.0	But Ashley's hanging out with me.
0:58.0	But my wife and I, if you guys know, Sarah's pregnant
	...

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