Rookie Reply: Buying Your First Rental & the BEST Properties for Appreciation

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 6 September 2024

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

You’re trying to buy your first rental property, but you keep losing out to buyers making cash offers and waiving inspections. Are you doing something wrong? In this episode, we’ll show you how to find more deals, improve your offers, and even be the first one to the party! Welcome back to another Rookie Reply! One of the biggest perks of real estate investing is the home equity you build through loan paydown—money you can use to grow your real estate portfolio. But between cash-out refinancing, a home equity line of credit (HELOC), and selling your property, what’s the best way to pull your money out? Ashley and Tony are here to break down your options. Next, we’ll discuss the best properties to buy with appreciation as your main goal. Should you buy the cheaper home that needs renovations or the move-in-ready rental? Stick around as we compare these properties head-to-head! Looking to invest? Need answers? Ask your question on the BiggerPockets Forums! In This Episode We Cover: How to calculate your purchasing power and build your buy box How to find deals on the MLS (multiple listings service) that match your criteria Creative strategies to help you source more off-market properties Software, tools, and tips to help you manage and follow up on leads Using the skip tracing method to find off-market property owners And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Ask Your Question on the BiggerPockets Forums Join BiggerPockets for FREE Buy the Book “Real Estate Rookie: 90 Days to Your First Investment” Find an Investor-Friendly Agent in Your Area See Ashley and Tony at BPCON2024 in Cancun! Real Estate Rookie - Episode 447: Making $300K+ Profit Per Rental and Scaling FAST with “DADUs” (00:00) Intro (00:41) apping Into Home Equity (08:33) Investing for Appreciation (14:24) How to Land Your First Property (22:20) Where to Find Deals (27:32) Send Us Your Question! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-454 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	Okay, you guys, let's get your questions answered.
0:03.6	I'm Ashley Kerr and I'm here with Tony J Robinson.
0:07.2	And welcome to the podcast where every week, three times a week,
0:10.1	we bring you the inspiration, motivation, and stories you need to hear to
0:13.7	kick-start your investing journey. Today, we're diving back into the bigger pockets
0:17.2	forms to get your questions answered. Now, guys, the forms are the absolute best place.
0:22.0	To quickly get all of your real estate investing questions
0:25.3	answered by tons of real estate investing experts. So today we're going to discuss cash out
0:30.1	refinance versus selling what's most effective what property type will yield the
0:34.4	best appreciation and where to find your. All right Dash so what question do you got
0:39.9	pulled up for us? So I'm actually looking one about tapping into the equity in your
0:46.2	property. So this question is I'm considering two options for my property and
0:51.2	would appreciate some advice.
0:53.8	So the first option is to do a cash out refinance
0:57.5	on the property and then sell.
1:00.5	So the cash out refinance to access some of the equity, then sell the property to get the remaining equity.
1:07.0	Number two option is sell the property directly, skip the refinance and sell the property outright.
1:14.0	My main concerns are fees.
1:17.0	Are there more fees involved with doing a cash out refi and then selling compared to just selling directly?
1:22.0	Next is taxes. Could this strategy... selling compared to just selling directly.
1:22.8	Next is taxes.
1:24.2	Could this strategy help in saving on taxes
	...

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