74: Rookie Reply: Next Steps After Buying Your First Property

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 1 May 2021

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

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Summary

This week’s question comes from Jennsey on the Real Estate Rookie Facebook Group. Jennsey is asking: what’s the next step after your first property, as far as financing and steps to scale to a larger portfolio. If you’ve gotten your first property, congratulations! Now you have the momentum and experience to go get more! The next steps that are most important are finding the money for your next deal, getting your systems and processes in place, and letting others know you’re a real estate investor looking for deals. Here are some suggestions: Save up for a conventional mortgage, link up with a partner, find a hard money lender, or find a private money lender Understand the fees and structures in each of these types of financing Put together a binder showing your past deal, your experience, and your goals Know how many doors you want to acquire and lay the foundation for that goal Every time you do something with financing, tenant management, or underwriting, make sure you document how you’re doing it And More! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Check the full show notes here: https://www.biggerpockets.com/rookie74 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:01.0	This is real estate rookie show number 74.
0:08.4	My name is Ashley Care, and I'm here with Tony Robinson.
0:12.2	And today is another rookie reply, though we have a question
0:17.2	from the Facebook group today.
0:19.2	Tony, anything before we jump right into it?
0:22.5	No, just I'm excited.
0:23.7	I mean, I love the interaction we're getting with folks
0:26.3	in the Facebook group.
0:27.1	So for those of you that are listening, if you haven't joined
0:29.6	yet, look up the real estate rookie Facebook group, I think
0:33.0	we're almost at 26,000 members now.
0:35.5	So we're growing every single day, every single week.
0:38.3	And there's a lot of activity in there.
0:39.6	If you post a question, you're going to get tons of responses.
0:42.1	Ash and I will hop in there from time to time as well.
0:44.2	So if you're looking to connect with us, that is the place.
0:48.1	Yeah.
0:48.4	So we actually posted on Facebook this morning and said,
0:52.1	Hey, we're doing a rookie reply.
0:53.7	We need topic ideas.
0:54.9	So we actually just recorded one that you guys probably listened to last
0:58.4	week. So we're pulling another question from the same comments.
	...

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