7: 6 Things New Investors Should Be Doing Right Now

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 15 April 2020

⏱️ 75 minutes

🔗️ Recording | iTunes | RSS

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Summary

If you've been telling yourself, "I'll invest in real estate when prices come down," well... that time may be coming. So, what should rookie real estate investors be doing now to prepare? Today we outline six action items—from shoring up your financial position to making yourself an attractive partner. Also, we bring back the "Rookie Request Line" so you can hear Ashley and Felipe's answers to a few questions from the audience. If you feel stuck, fearful, or just restless while you're cooped up inside... then check out this episode and take action! If you're enjoying the show, please take 30 seconds to give us an honest review on Apple Podcasts. See you next Wednesday! In This Episode We Cover: How to secure long-term debt now How to make yourself bankable Why now is the perfect time to practice analyzing deals Why you should take a fresh look at your tenants' leases How to make yourself an attractive real estate partner What balloon payments are and how to plan for them Emergency preparedness procedures Getting your mindset right before jumping into real estate investing And SO much more! Links from the Show Real Estate Rookie Facebook Group Dave Ramsey Apartments.com Rookie Podcast 03: Coronavirus Crash? Dos and Don’ts from Recession Veterans Joe Asamoah and Steve Rozenberg Rookie Podcast 06: The Ultimate Beginners Guide to Tenant Screening with Lucas Hall Check the full show notes here: http://biggerpockets.com/rookie7 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Real Estate Rookie Show, number seven.
0:04.4	I have a property right now under contract for 185.
0:13.0	So I feel like the market's shifting a little, but it's because I know that area.
0:17.0	My realtor sent me the listing and I didn't even have to fully look at the property.
0:20.0	I said I know what street that is, I know what houses are built on that street I know it works for my portfolio
0:25.0	She said the price is one ninety nine I said offer one eighty five and they took it right so deal analysis right now is very important because if you are bankable, if you have cash reserves,
0:35.1	if you're securing a long-term debt, you are able to continue to purchase properties. Hi, I am your co-host Ashley Kerr, and I am here with my co-host Felipe Mejia.
0:50.0	And unfortunately, I have nothing witty to say today.
0:53.9	Oh, I'm like, waiting in anticipation for you to say something.
0:56.5	I'm like, okay, what, is she going to call me?
0:58.2	If you guys listen to the last episode, episode six,
1:00.2	she's like, oh, look, a gap model for Felipeer day
1:02.4	or something, and I got tons of funny comments about that.
1:05.0	Yeah, I even offered for Felipe to do the intro today.
1:09.0	I said this is a one-time deal because I don't have anything witty to say when I introduce you
1:14.3	and he turned me down so you will never ever get to introduce the show again.
1:18.6	Oh gosh see that's what happens when you're not prepared just like in real estate if you
1:22.9	got to take it when you can. So today we're doing the show a little bit
1:27.3	differently. Fleepy and I just talk about six things rookie should be doing right now.
1:33.4	Did you write down six things? Are you prepared?
1:36.8	I wrote down four things I thought.
1:38.8	No, just kidding.
	...

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