437: Rookie Reply: What EVERY Rookie Must Learn Before Investing in Real Estate

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 26 July 2024

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

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Summary

Not quite ready to invest in real estate? Maybe you’re still getting your finances in check or saving for a bigger down payment. In any case, don’t sit on your hands! While you wait, there are plenty of things you can do to become a more knowledgeable investor and prepare for your first deal! Welcome back to another Rookie Reply! Today’s episode is jam-packed with essential tips for those who are just starting out. First, what market should you invest in? Ashley and Tony will show you how to identify up-and-coming neighborhoods before they explode! Most investors will also need to furnish a short-term rental or renovate a distressed property at some point in their journey. We’ll show you a hack that could help you save thousands of dollars when buying materials, furniture, and décor. At what point should you hire a bookkeeper? Can you manage your own books? Tune in for a few real estate accounting tips! Looking to invest? Need answers? Ask your question on the BiggerPockets Forums! In This Episode We Cover What EVERY rookie must learn before investing in real estate How to save thousands of dollars when furnishing (or renovating) your rentals When to hire a bookkeeper for your real estate business (and how to do it yourself!) How to analyze a market and niche down on up-and-coming neighborhoods Required reading for new investors (and the best skills to learn!) And So Much More! (00:00) Intro (00:49) Do I Need a Bookkeeper? (06:43) Finding Up-and-Coming Neighborhoods (12:48) The BEST Way to Fund Your Projects (20:48) What to Know BEFORE You Invest (30:18) Send Us Your Question! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-437 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	Let's get your questions answered on today's rookie reply. My name is Ashley
0:05.2	Care and I am here with Tony J Robinson. And welcome to the Real Estate
0:09.8	Ricky podcast where every week or three times a week we bring you the inspiration, motivation, and
0:14.6	stories you need to hear to kick start your investing journey.
0:17.5	Now today we're going back into the bigger pockets forums to get your questions answered.
0:21.5	And again guys, the forums are the absolute best place to go for you to get your questions answered. Again guys the forums are the absolute best
0:23.5	place to go for you to get quick answers to all of your real estate
0:26.5	investing questions. So today we're going to hit questions like how to furnish a
0:30.8	rental and get credit card points. How do you find up-and-coming
0:34.3	neighborhoods for your real estate investing, what you need to know before you
0:37.9	start investing, and when should Ricky's hire a bookkeeper? So Tony, let's go first into the starting out discussions. Do you
0:46.0	see a question in there? That would be a good one. I do. I got one from
0:49.6	Tyler and Tyler says I'm in my first house hack in Austin Tech because I have two 12 month
0:56.1	room leases and a midterm rental in an ADU. Now I get my midterm rental leads from
1:01.5	Airbnb and do bookings through the Airbnb platform and then I use
1:05.2	apartments.com to manage my long-term tenants and collect rent.
1:09.1	Now the question is what do I need to keep in mind for starting off on the right foot for bookkeeping?
1:14.8	Any recommendations on software or recommendations on content to watch slash read to learn the
1:20.6	essentials as a beginner?
1:22.3	Any feedback will be appreciated. Thanks. All right, so first,
1:26.4	Tyler, I want to say congratulations, man. I mean, you got a two room rentals going on and you got an ADU.
1:32.1	So I got to imagine you're probably getting a
	...

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