357: The $120K Investing Mistake YOU Can Avoid on Your Next Home Renovation w/Justin Noe & Nate Cherubini

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 16 January 2024

⏱️ 62 minutes

🔗️ Recording | iTunes | RSS

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Summary

There are ebbs and flows in every real estate investing journey, but not every home renovation project results in a six-figure loss! Fortunately, today’s guests learned one very expensive lesson so that YOU (hopefully) don’t have to! Welcome back to the Real Estate Rookie podcast! Justin Noe and Nate Cherubini are real estate investing partners with top-notch problem-solving skills. But not even that could stop them from making a MAJOR blunder on one of their real estate deals—a mistake that cost them a whopping $120,000. After dealing with termites, zoning issues, and bad contractors, this dynamic duo had every reason to give up on real estate—but didn’t! In this episode, Justin and Nate stress the importance of keeping your contractors in check and fostering healthy relationships in real estate. They also talk about why you should build your buy box early on in your investing journey and how to get your family on board with your real estate investing goals! In This Episode We Cover How this duo bounced back after a $120K failed home renovation project Choosing your buy box early on (and avoiding “shiny object syndrome”) Why you NEED a good “ground game” when investing out-of-state The BEST way to use private money or hard money on a house flip Finding a complementary real estate investing partner How to get your family on board with real estate investing And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/rookie-357 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 357.
0:04.7	My name is Ashley Care and I am here with my co-host Tony J Robinson.
0:09.1	And welcome to the Real Estate Rookie podcast where every week week twice a week we bring you the
0:13.4	inspiration motivation and stories you need to hear to kick start your
0:16.8	investing journey and today do we have a story and a little bit of
0:20.8	motivation for you we've got two amazing guests in the show,
0:24.0	Justin Noe and Nature Beanie
0:26.0	and their business partners doing this real estate investing
0:30.0	thing together.
0:31.0	And you know, obviously Ash and I are bigger on partnerships right head over to
0:34.2	bigger pockets dot com slash partnerships learn more about that but I think today
0:37.2	you're going to hear firsthand how partnerships kind of help you as you're going
0:41.6	on this journey especially for those that are new in the business.
0:43.9	So really excited to get into today's conversation.
0:46.2	We have a story today that involves a property and distress, a hometown bar, longtime relationships that turned sour, termites, zoning issues, and a plane ride with a wholesaler.
0:59.0	So stick around how this can all possibly tie together. We will get into how to turn around a bad relationship
1:06.5	with the city, taking extreme ownership and the importance of problem solving today. So Nate and Justin, welcome to the show. We want to hear
1:16.8	about one of your first deals together and why you guys actually decided to do a
1:21.6	deal together.
1:22.6	Thank you Tony and Ashley for having us on here today.
1:25.1	This is huge.
1:26.8	A lot of fun to be here with you guys.
	...

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