338: Rookie Reply: How to Find RARE Rentals by Buying Properties in Preforeclosure

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 11 November 2023

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

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Summary

Finding an investment property in preforeclosure can feel like uncovering a diamond in the rough, as the seller may be more motivated to get a deal done faster and for less. However, there’s one crucial thing you should be aware of BEFORE you take action on your end. Hint: you could pay a few extra costs to score a RARE deal! Welcome back to another Rookie Reply! In this episode, Ashley and Tony talk about buying properties in preforeclosure—including when it makes sense to buy a property “subject to.” They also go over the most important data points to analyze when choosing your market, as well as how to avoid jumping the gun when listing a new property for rent. Finally, home renovation projects can be tricky when you’re an out-of-state investor. Our hosts share how they purchase materials, as well as their go-to investing hack that will save you a fortune! 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 What you MUST know before buying a property in preforeclosure When it makes sense to buy a property subject to (and pay the extra costs!) Critical data points you MUST include in your market analysis How to buy materials for home renovation projects when investing out-of-state How to list your investment property for rent (and pitfalls to avoid!) The investing hack that will save you a TON of money on materials And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/rookie-338 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 338.
0:05.0	My name is Ashley Kerr and I'm here with my co-host Tony J Robinson.
0:09.0	And welcome to the real estate Podcast, where every week,
0:12.7	twice a week we're being you the inspiration, motivation,
0:15.6	and stories you need to hear to kick start
0:17.2	your investing journey.
0:18.3	And if you're watching this on YouTube,
0:20.4	I might look a little bit different today.
0:22.3	I'm pulling a bit of a Clark
0:23.2	Kent brought out my glasses actually didn't even recognize me today she hopped on and she
0:27.1	was like who who is this person and where is my co-host I mean you're saying Clark
0:31.4	Kent but I'm pretty sure I said nerdy or dorky but okay.
0:35.0	There were one in the same.
0:38.0	One of them sayer.
0:39.0	But no, we all jokes aside guys we got a good episode today. We're we're hitting you guys another Ricky reply and we've got four questions that we're going to cover today. We talk a little bit about like hey if you're in that stage of choosing your market what are those data
0:54.1	points that you should be looking at to know if a market is a good market or not which is an
0:57.8	important thing to consider today especially in 2023
1:00.1	everything about investing we talk a little bit about paying contractors.
1:03.4	What's the right way to do that without getting maybe scammed by a contractor and
1:08.0	how do you make it easy on yourself as well?
1:09.5	Yeah, and we talk a little bit about credit card hacking and how you can incorporate that into your
1:15.2	contractors paying for materials for your rehabs and your projects.
	...

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