422: Rookie Reply: How to Invest with $100K & Managing Home Renovations

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 21 June 2024

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

You have home renovations in the pipeline…but who’s going to manage them? Do you need the expertise of a general contractor, or can you manage tradespeople yourself? With so much at stake, including your budget and timeline, we’re here to help you make the right choice! Welcome back to another Rookie Reply! In today’s episode, we’re bringing you expert tips to help with your renovations, from hiring general contractors to structuring agreements and more. We also talk about what to do when you’ve got around $100,000. Between house hacking, flipping houses, the BRRRR method, and other tactics, the sheer number of options can seem overwhelming. But not to worry—we’ll point you in the right direction! Feel like it’s too late to invest? We’ve got some expert investing strategies to share, even for a late starter. Finally, we discuss some creative ways to buy rental properties, including seller financing, DSCR loans, and more! 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 Hiring a general contractor versus self-managing your home renovations How to choose your investing strategy (for new investors and late starters!) Three types of general contractors (and which one to hire for YOUR project) How to structure a general contractor agreement (and what to include) Creative ways to buy rental properties with a high debt-to-income (DTI) ratio The advantages of seller financing and DSCR loans over conventional loans And So Much More! (00:00) Intro (00:41) How to Invest $100K (07:14) Hiring General Contractors vs. Self-Managing (16:34) General Contracting Agreements (22:39) Is It Ever TOO Late to Invest? (29:06) Investing with a High DTI Ratio (36:45) Send Us Your Question! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-422 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	Is 40 too late to invest in real estate? We're going to debunk that myth.
0:05.5	My name is Ashley Kerr and I'm here with Tony J Robinson.
0:09.6	And welcome to the Real Estate Ricky podcast where every week three times a week are
0:13.8	bringing you the inspiration motivation and stories you need to hear to
0:16.7	kick start your investing journey and today's Ricky reply we're going to talk
0:19.9	about things like DSCR what is it and when should you use it? We'll talk about a
0:24.7	general contractor and what actually should you be expecting from a general
0:28.1	contractor and maybe one does it make sense to not hire one and we'll also be
0:32.4	talking about the questions
0:33.8	you should be asking yourself when you're getting started.
0:35.7	But today, our first question is about how to invest $100,000
0:40.1	in real estate today.
0:41.1	Our first question today is from
0:42.5	C.J. Bennett. If you would like to leave us a question you can do that in
0:46.7	the BiggerPockets forums or you can go to BiggerPockets.com
0:49.6	slash reply or you can leave your question in the real estate
0:52.6	or thief Facebook group.
0:54.1	So CJ's question is, hello everyone,
0:56.2	I'm brand new to bigger pockets.
0:58.3	Welcome, CJ.
0:59.8	But not so brand new to the real estate game. I've flipped two properties and now I'm looking to venture into rentals.
1:06.3	I'm very, very handy, a jack of all trades if you will, so I can renovate properties without breaking the bank and labor costs.
	...

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