428: Rookie Reply: How to Analyze Rentals for Cash Flow & Manage a Rehab Project

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 5 July 2024

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Most investors buy rental properties for cash flow, and the fear of losing money keeps many rookies on the sidelines. How can you be certain that you’re going to make a profit before you buy? Today, Ashley and Tony will show you how to do your due diligence so you don’t get stuck with a problematic property! Welcome to another Rookie Reply! Property expenses are a necessary evil of real estate investing, but in this episode, we’ll show you how to stop these costs from ruining your cash flow. But that’s not all. We also offer tips for managing rehab projects and staying on budget, from building a detailed scope of work to implementing tools and software that will help you stay organized throughout your project. Should you list your rental property online? We discuss the benefits of creating a Google Business profile, and finally, we settle the great debate between paying cash for a property and taking out a mortgage! 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). Support Today's Show Sponsor, Hospitable! In This Episode We Cover How to ensure a deal will cash flow before buying the property Building a scope of work (step-by-step) and tools to keep your rehab project on track The pros and cons of paying cash for a property versus getting a mortgage How to get your rental property to show up on Google Maps Why you NEED to create a Google Business profile for your Airbnb How to prevent capital expenditure (CapEx) from eating into your cash flow And So Much More! (00:00) Intro (01:25) Will My Deal Cash Flow? (08:17) How to Manage a Rehab Project (17:14) Listing Your Property on Google (26:04) Paying Cash vs. Getting a Mortgage (37:12) Send Us Your Question! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-428 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 128.
0:04.6	Let's get your questions answered.
0:07.4	My name is Ashley Care and I'm here with Tony J Robinson.
0:11.0	And welcome to the Real Estate Rookie podcast where every week, three times a week,
0:14.8	we're bringing you the inspiration, motivation, and stories you need to hear to kick start your
0:18.9	investing journey. Now today we're diving into the Bigger Pockets forums,
0:24.0	and that's right, you heard me correctly,
0:25.1	the Bigger Pockets forums.
0:26.8	Okay, so if you didn't know,
0:27.7	there's a tremendous amount of information
0:29.2	on the Bigger Pockets forms.
0:30.2	So we're gonna start using some of those questions
0:31.9	here in the Ricky reply.
0:33.0	And we're going to use the forms today to get your questions answered.
0:35.0	Now, again, the form is the best place for you to quickly get all of your real estate investing questions answered by tons and tons of real estate investing experts all who are present on those forms themselves.
0:46.2	So today we're going to discuss how to set up your rentals on Google Maps.
0:49.8	How do you actually make a profit on a rental property?
0:53.0	And then what is the best way to manage a vacation home?
0:55.1	And then we're gonna finish off
0:56.0	by talking about our favorite friend, Dave Ramsey,
0:58.9	and see if he's right with his strategy
1:00.7	about going all cash.
	...

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