361: How to Buy Your First Rental Property When You CAN’T Get Approved for a Loan w/Mike Previtera

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 30 January 2024

⏱️ 54 minutes

🔗️ Recording | iTunes | RSS

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Summary

Want to know how to buy your first rental property without money getting in the way? For years, Mike wanted to invest in real estate, but banks wouldn’t give him a loan. If you’re having the same issue, we’re here to help! Welcome back to the Real Estate Rookie podcast! After multiple deals fell through during the financing stage, Mike Previtera realized he needed to work on his finances. So, he and his wife trimmed the fat from their budget and aggressively paid off bad debts. Mike even made changes to his lawnmowing business—raising rates and working extra hours to increase his income. Within one year, all of the hard work had paid off, as Mike was able to get financing for not only his first deal but also the deals that followed! If your financial situation is holding you back from buying real estate, this episode is for you! Mike recalls the exact steps he took to get his finances in order. He also shares how he grew his network, which allowed him to find more deals and financing opportunities. Finally, he talks about some of his biggest investing mistakes—mistakes that YOU can avoid! In This Episode We Cover How to buy your first rental property when you can’t get a loan Finding deals, connections, and mentors through the power of networking Why hustling for a season could help kickstart your real estate journey How to lay your financial foundation before investing in real estate The BEST strategies for finding deals as a new investor The most common real estate investing pitfalls (and how to AVOID them!) And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/rookie-361 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 361.
0:04.4	You can fail, you can make mistakes, but with persistence,
0:08.0	you will always succeed when it comes to real estate investing.
0:11.0	As always, I'm Ashley Kerr, and I'm joined with my co-host Tony J Robinson.
0:16.9	And welcome to the Real Estate Rookie podcast where every week, twice a week we're bringing you the
0:21.4	inspiration, motivation, and stories you need to hear to
0:24.4	kick start your investing journey. And today we have a guest by the name of Mike Preveritera and he's been cutting grass for the last three decades,
0:31.6	but he finally decided to get his financial
0:33.7	house in order and because of that he's been creatively taken down deals left
0:38.1	and right Mike super excited to have you on the show brother welcome to the real estate
0:42.2	rookie podcast thank you very
0:43.4	much Tony actually it's good to see you too thank you I'm very excited to be here I I want to kind of
0:49.6	jump right in and I want to know is there a moment in time where you decided that you would do anything to invest in real estate?
1:00.0	Well, it started with it when I was I was driving home from went back to college, was getting my degree, and halfway through my last semester I'm like, I cannot do this. So I tried to get started in real estate but I found that I
1:18.0	couldn't get I could find the deals but I couldn't put them I couldn't keep them
1:21.9	together because of my finances.
1:25.0	I had a deal that I found driving for dollars.
1:28.8	I negotiated a sale price on this house for $80,000.
1:32.1	I knew I couldn't get the deal together. It ended up that fell apart and it was
1:37.3	sold on the MLS for $120,000 and out of fit of frustration I was complaining to my life. I'm like, you know,
1:47.0	nobody will help me. And but then it began to I realized I was, nobody will help me because I'm not helping myself.
1:54.4	So that feeling of anger changed into this like steel resolve where I was like, I have to make some changes.
	...

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