Rookie Reply: Preparing for a Market Crash, Ending Leases, & Building Teams

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 16 August 2024

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

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Summary

As a new investor, a strong real estate team is crucial to your success—especially when you’re looking to land your first deal, complete your first rehab project, or invest out-of-state. In today’s episode, we’ll show you how to find investor-friendly agents, lenders, contractors, and other key players! Welcome back to another Rookie Reply! What should you do when a tenant wants to break their lease? We’ll provide you with a plan of action, as well as some necessary terms to include in your lease agreements so that you’re protected in the future. Next, could we be headed for another housing market crash? No one knows for certain, but Ashley and Tony will show you how to prepare for the worst and adjust your investing strategy during a downturn. Finally, you always need an exit strategy when working with partners or private money lenders. Stay tuned for some creative ideas that will keep you from getting in hot water! In This Episode We Cover: How to build your own real estate investing team from scratch What to do when a tenant wants to terminate their lease Why fear of an economic downturn shouldn’t stop you from investing Whether we’re headed for another housing market crash (and how to prepare) Why you always need an exit strategy for partnerships and financing And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Build Your Investor-Friendly Team Buy “The Book on Rental Property Investing” Find an Investor-Friendly Agent in Your Area See Ashley and Tony at BPCON2024 in Cancun! Build Your Team for Real Estate Investing (00:00) Intro (00:54) How to Build Your Team (08:02) Terminating a Lease (14:17) Is a Housing Crash Incoming? (22:15) Exit Strategies 101 (29:12) Send Us Your Question! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-445 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. I'm Ashley Carer and I'm here with Tony J Robinson.
0:06.4	And welcome to the Real Estate Working Podcast where every week, three times a week we bring you the
0:10.7	inspiration, motivation, and stories you need to hear to
0:13.6	kick start your investing journey. Today we're going back into the BiggerPockets
0:16.9	forums to get all of your questions answered. Now, guys, if you're listening to
0:20.5	this podcast, you should also be in the bigger pockets
0:22.6	forum, because that is the place to go to get quick answers to all of your most
0:26.4	pressing questions. Now in today's work you reply, we're going to be talking
0:29.2	about how to build a real estate team for your investing portfolio, whether or not there's a real estate
0:35.2	crash coming, a tenant who terminates at least after eight days on how to handle that,
0:39.6	and what is the absolute best exit strategy to pay partners on a deal?
0:44.4	Yeah, so Tony, I'm in the general real estate
0:47.6	discussions in the bigger pockets forum.
0:50.6	So I wanted to start here and just pick one of these questions to start with.
0:55.0	Yeah, so I've actually got one from Carlo here and he asks, I'm curious how people here built their teams.
1:01.0	Was it just through the bigger pockets resources like Agent
1:03.6	Finder, referrals? What were some of the questions you asked to be able to
1:07.6	determine if this person was someone you'd actually want to work with? Thank
1:10.9	you in advance. And well I guess maybe first let's define who should be on someone's team as they're just getting started.
1:17.2	So for our rookies that are out there, Ashley, what are some of the folks that should be adding to their team as I look to get started.
1:22.5	Well, first of all, there's tremendous resources on bigger pockets.
1:26.7	So if you go to bigger pockets.com slash teams, you can find all the different team members
	...

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