395: Rookie Reply: Using a Car as a Down Payment (!?), ADUs, & House Hacking 101

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 19 April 2024

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

House hacking and renting by the room are two of the easiest ways for rookies to dive into the world of real estate investing. Both investing strategies are affordable, low-risk, and easy to implement. The best part? They can help cover your mortgage payment each month and give you MORE money to invest! Welcome back to another Rookie Reply! Want to earn some extra cash flow by adding an accessory dwelling unit (ADU) to your rental property? In this episode, we’ll show you how to present your plan to the city and get your new unit approved. If you need money for a down payment, you’ll want to hear about the creative method one of our recent guests used to come up with funds. We even talk about buying abandoned houses—how to locate the “missing” owner and swoop in with your irresistible offer! 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 House hacking explained (collecting rents, renovations, and tax benefits!) How to add an accessory dwelling unit (ADU) to an existing property Creative ways to fund the down payment for your next rental property How to find the owner of an abandoned house and make an offer Why you MUST have a lease agreement in place when renting by the room How to remove squatters from your property (with a 100% success rate!) And So Much More! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-395 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
0:03.0	375.
0:05.0	Would you consider using a Tesla as a down payment on your house?
0:10.0	We're going to find out today.
0:12.0	My name is Ashley Kerr, and I am here with Tony J Robinson.
0:16.2	And welcome to the Real Estate Ricky Podcast, where every week, three times a week we're bringing you
0:20.6	the inspiration, motivation, and stories you need to hear to
0:23.2	kick start your investing journey and like Ashley said we got some great questions
0:27.1	line up for today. We're going to talk about accessory dwelling units when you can build
0:31.6	them when you can't and what to do if you get stuck
0:33.8	and caught it by the city when they're telling that you can't build one out and
0:37.4	be sure to stick around into the end because we've got a really cool story
0:41.1	about kicking squatters out of your property with a 100% success rate.
0:46.0	The first, let's get into how Tesla's are covering someone's down payment.
0:50.0	So one of the biggest questions that we get from Ricky investors is how do I get the capital to fund
0:55.1	maybe my second, my third, or my fourth deal.
0:57.8	And there are some traditional ways of just saving up your cold hard cash from your jobs, but
1:02.2	there's some more creative ways to do that as well.
1:04.1	So we're bringing back Chase Charefa,
1:06.2	who was on episode 393 to talk about one of the ways
1:10.4	that he creatively financed the cost for one to hit his investment property.
1:14.6	So Chase, welcome back to the show brother, super excited to have you.
	...

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