358: Rookie Reply: Loan Pre-Approvals & Picking an Out-of-State Investing Market

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 18 January 2024

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Out-of-state investing is a great option if you’re looking to venture beyond your backyard, but finding the perfect market can be a challenge. Not to worry—our hosts have been in your shoes before and are here to help you navigate this big decision! Welcome back to another Rookie Reply! In this episode, Tony and Ashley offer their best tips, tricks, and tools for choosing a real estate market. They also get into the nitty-gritty of the mortgage pre-approval process. What is a pre-approval, when should you get one, and does it affect your credit score? Stay tuned to find out! Next, they discuss holding costs, including some of the different ways to fund these expenses. Finally, they talk about security cameras, and Tony even shares two instances when they helped save the day on his properties! 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: Finding the perfect market for investing out-of-state When to start the pre-approval process for a new home loan How to pay for holding costs (and which lenders will fund them!) How to land the IDEAL loan for your real estate niche When to install security cameras across your rental properties 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 Ask Us Your Investing Question Apply to Be a Guest on the “Real Estate Rookie” Podcast Grab Your Copy of “Start with Strategy” and Use Code “STRATEGY356” for a 10% Discount Sign Up for the Real Estate Investing Virtual Summit Your Step-by-Step Guide to Buying Out-of-State Investment Properties Looking to Invest Out-of-State? Here’s How to Pick and Analyze a City Tools to Help You Find Your Market: NeighborhoodScout BrightInvestor Check the full show notes here: https://www.biggerpockets.com/blog/rookie-358 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

Click on a timestamp to play from that location

0:00.0	This is real estate rookie episode 358.
0:05.0	My name is Ashley Kerr and I am here with my co-host Tony J Robinson.
0:09.6	And welcome to the real estate Podcast, where every week,
0:12.8	twice a week we're bringing you the inspiration, motivation,
0:15.5	and stories you need to hear to kick start your investing
0:17.4	journey.
0:18.5	And as always, we've got a lot of good questions
0:20.3	for today's Ricky reply episode. We're going to talk about the best time to
0:24.0	get pre-approved and I guess what a pre-approval is and why you need it. We'll talk a little bit
0:28.1	about how to calculate the holding costs on your loan and what are holding costs and why are they important.
0:34.5	So we're going to talk about out of state investing and some tools and resources that you guys can
0:39.2	use to become the best out of state real estate investor or even in-state investing these skills
0:44.9	are definitely transferable and then lastly we're gonna be talking about
0:49.0	security cameras Tony do you have any security cameras in your rentals? Well, not in them probably, but outside.
0:57.0	Yeah, so we have security cameras at every single property of ours. There isn't a single one that we have that doesn't have a security
1:03.2	camera, some have multiple. And they've definitely saved our butts a few times, both in getting
1:08.8	guests to leave and making sure the guests were safe.
1:13.4	So yeah, we got a lot of stories about cameras
1:16.4	within the short-term rental business.
1:17.8	Okay, well, when we get to that question,
1:19.2	I want to hear at least one of them.
1:20.7	You got a good juicy one.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from BiggerPockets, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of BiggerPockets and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.