709: Everything a New Investor Should Know BEFORE Closing on a Property w/Ashley Kehr

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 3 January 2023

⏱️ 63 minutes

🔗️ Recording | iTunes | RSS

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Summary

Before buying a rental property, real estate investing can seem scary. Only experienced landlords know how to deal with closing delays, overbudget rehabs, and tenant issues. But that doesn’t mean you have to come in blind on your first real estate investment. If you have the proper knowledge, expectations, and systems set up, you can build a real estate portfolio faster than the rest, which is what Ashley Kehr, author of Real Estate Rookie: 90 Days To Your First Investment, did. Ashley hosts the Real Estate Rookie Podcast, where she interviews new investors who have had one or a few successful deals. She’s seen what it takes for someone to go from bystander to investor and wants to make sure you can purchase your first investment property too. On today’s show, Ashley walks through her pre-closing checklist, where she details everything from due diligence to budgeting renovations and rehabs, how to negotiate with sellers, where to find insurance and more. This is just a brief glimpse at everything you can find in Ashley’s new book, and combining these golden nuggets with what is shared in Real Estate Rookie will get you on a faster path to landlord life and passive income. So, if you’ve been waiting to invest or feeling like you don’t know what you don’t know, this may be the perfect episode to start. Tune in, grab the new book, and get ready to make some property purchases in 2023! In This Episode We Cover: The pre-closing checklist and everything a new investor should do before they come to closing Due diligence and how to ensure title work, home insurance, and taxes are ready Renovation and rehab budgeting and how to build a scope of work even when investing out of state Negotiating with a seller on both on and off-market deals and the pros/cons of using an agent How to smoothly communicate with a seller or agent so you can get a deal done quicker (and with less stress) Landlord insurance and how to find a policy that works for you before you close And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Youtube Channel BiggerPockets Forums BiggerPockets Pro Membership BiggerPockets Bookstore BiggerPockets Bootcamps BiggerPockets Podcast BiggerPockets Merch Listen to All Your Favorite BiggerPockets Podcasts in One Place Learn About Real Estate, The Housing Market, and Money Management with The BiggerPockets Podcasts Get More Deals Done with The BiggerPockets Investing Tools Find a BiggerPockets Real Estate Meetup in Your Area David's BiggerPockets Profile David's Instagram David’s YouTube Channel Real Estate Rookie Podcast Books Mentioned in the Show Long Distance Real Estate by David Greene Real Estate Rookie by Ashley Kehr You’re Not Listening by Kate Murphy Hug Your Haters by Jay Baer Connect with Ashley: Ashley's BiggerPockets Profile Ashley's Instagram Click here to check the full show notes: https://www.biggerpockets.com/blog/real-estate-709 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Bigger Pockets Podcast Show 709.
0:04.0	What I did was took my experience, everything that I have learned since starting in real estate
0:12.0	in 2013 is when I started and putting that all into a plan.
0:18.0	So, each chapter is basically a step as to it's organizing what you can do.
0:24.0	You can find all this information somewhere else and what I tried to do is kind of build it all together,
0:29.0	take the important pieces and show you how to get your first year in X property.
0:33.0	What's going on everyone, this is David Green, your host of the Bigger Pockets Real Estate Podcast.
0:37.0	Here today with a special episode, I will be joined by fellow real estate investor and Bigger Pockets podcast host, Ashley Care.
0:45.0	Ashley is the co-host of the Real Estate Rookie Podcast,
0:49.0	which she does with Tony Robinson, where they help rookies to buy real estate.
0:53.0	And today, Ashley is going to be talking about the new book she has coming out through Bigger Pockets.
0:57.0	Real Estate Rookie 90 days to your first investment.
1:01.0	So, if you are a real estate investor or a spying real estate investor that wants some help on getting your next property in contract,
1:07.0	this book might be a great move for you.
1:09.0	And today's show, Ashley and I get into a lot of good stuff, including the steps from when you put a property in contract to the closing table
1:17.0	and specifically what you should be looking for during due diligence, the rehab, the insurance provider, the closing table and more.
1:24.0	We give you some really good tips and you want to make sure you catch them all because a lot of these will save you some time and some money, even if you're an experienced investor.
1:31.0	Before we get to Ashley, today's quick tip is, see what is possible in 90 days as you overcome analysis paralysis and set a goal to start making progress on your first or your next deal.
1:43.0	Just consider getting Ashley's book, even if you're someone who already owns some real estate, this book can help you be better at doing it.
1:49.0	And the value you get compared to the price of a book is probably the best ROI you can get in the entire space.
1:55.0	Designed to guide every rookie from goal setting to goal realization in record time, this step-by-step guide will skyrocket you from real estate rookie to real estate rock star within three months.
2:05.0	You can find the book at biggerpox.com slash pod rookie.
	...

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