313: The REAL Side of Real Estate: When Rehabs and Rentals Go Wrong w/Tyrin Tyson

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 16 August 2023

⏱️ 70 minutes

🔗️ Recording | iTunes | RSS

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Summary

No real estate investing journey is ever sunshine and rainbows, but some are certainly more difficult than others. Many rookie investors are either so fearful of making a mistake that they experience “analysis paralysis” or are so eager to own property that they rush into several costly mistakes. Today’s guest fell into the latter camp! Welcome back to the Real Estate Rookie podcast! Today, we’re joined by Tyrin Tyson, a travel nurse who made his fair share of mistakes on the way to his first deal. After working tirelessly to save up extra cash for real estate, Ty hastily bought two properties at an auction. Come to find out, they weren’t exactly as advertised. To make matters worse, some bad advice led to a nightmare rehab project that went $20,000 over budget and took nearly two years to complete. If you want a realistic picture of the average real estate journey, this is an episode you won’t want to miss! Hear how Ty earned the capital to invest (including a fun side hustle!), weathered the storms of his first deal, and found a real estate community that pushed him to keep going when giving up seemed like the best option. In This Episode We Cover: Why you MUST have a game plan before buying real estate The two challenges you are likely to face without a real estate community How to find a mentor who will point you in the right direction The pros and cons of long-distance investing vs. staying in your market How to spot a nightmare renovation project when estimating rehab costs Creative side hustle ideas you can use to fund your real estate deals 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! Manage Your Rental Property with Stessa Books Mentioned in This Episode The Book on Tax Strategies for the Savvy Real Estate Investor by Amanda Hann & Matt MacFarland Real Estate Partnerships by Ashley Kehr & Tony Robinson The Cashflow Quadrant by Robert Kiyosaki Connect with Tyrin: Tyrin's YouTube Tyrin's Instagram Tyrin's LinkedIn Check the full show notes here: https://www.biggerpockets.com/blog/rookie-313 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 313.
0:05.0	In my mind, it was already set up two different properties ready to go.
0:08.6	Just needed some cosmetic finishups,
0:10.8	but once we then got into it,
0:12.5	and a professional was actually able to go through the process the right way.
0:16.0	I ended up spending maybe $20,000 extra out of pocket,
0:19.5	because I'm thinking three to six months is a typical renovation.
0:22.7	And then I could refile out because I had ended up going through a hard money lender,
0:26.1	and it ended up actually taking two years.
0:29.1	So, yeah, yeah, yeah.
0:31.8	My name is Ashley Care, and I am here with my co-host, Tony Robinson.
0:35.6	And welcome to the Real Estate Rookie Podcast,
0:37.8	where every week, twice a week,
0:39.4	grouping the inspiration, motivation, and stories you need to hear to kickstart
0:43.0	your investing journey.
0:44.2	And today's episode, a little bit different from what we usually do.
0:47.5	You're still going to get a healthy dose of inspiration,
0:49.8	but today's episode is kind of more so focused on the turbulent side
0:54.3	of becoming a Real Estate investor.
0:56.2	And our guest today, Ty Tyson, he shares his story about investing in Baltimore
1:00.8	and kind of some of the challenges that came along with those first two deals.
1:03.9	Yeah, here's a couple things that I pulled out from my notes that I really wanted to highlight.
	...

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