Real Estate Rookie

Today's guest is Gary Janica, a Jacksonville, FL investor who loves his "stress-free job"... but realized he needed side hustle income to better support his family. Enter real estate investing!Gary's portfolio is on the smaller side – he owns 2 duplexes – but he's been able to drastically change his financial picture by house hacking and extracting hidden value with "garage apartments."If you share similar goals, check out this episode to get inspired and learn something new – and connect with Gary by leaving a comment on the show notes page.Links from the Show Real Estate Rookie Facebook Group Felipe's Instagram Ashley's Instagram BiggerPockets Forums BiggerPockets Podcast Bailey's Health and Fitness Realtor.com Zillow The Stack: The Perfect Blueprint To Scale Quickly In Real Estate by Brandon Turner BiggerPockets Youtube Channel Impact Theory Simon Sinek Marcus by Goldman Sachs BiggerPockets Podcast 365: Ret. Navy SEAL Jocko Willink on Embracing Discomfort and Leading Through Extreme Ownership (+ His Real Estate Investing Tips!) Buildium Check the full show notes here: http://biggerpockets.com/rookie36 Learn more about your ad choices. Visit megaphone.fm/adchoices

From $25,000 purchase prices last week to $300,000+ group houses this week!We head to the Bay Area today to meet pharmacist Ryan Chaw, who ventured about an hour away from his hometown and began buying 1 house per year and renting them by the room to college students.Ryan collects nearly $11,000/month from 18 tenants, and is creating the kind of generational wealth his grandfather used to put both him and a sibling through college.Does renting to college kids sound like a disaster waiting to happen? Well... Ryan has found several ways around this, and in this episode he outlines the checklists, systems, and "personal touches" he uses to self-manage without the headaches.Ryan opens up about an early failure, too. He wasn't getting all his rooms filled, and he realized he wasn't doing a good enough job advertising. So he developed step-by-step, "P.R.I.M.E." marketing method to attract a steady stream of qualified applicants... and you'll learn each step today.If you're struggling how to figure out just how to create cashflow in a spendy market, follow Ryan's lead! Get creative, consider rent-by-the-room and other outside-the-box strategies, and reap the rewards of greater appreciation and stability that come with high-priced areas.In This Episode We Cover: How Ryan is succeeding in one of the most expensive markets in the country, the Bay Area Using his job as a pharmacist to get conventional financing Creating generational wealth through real estate How he saved up to buy 1 property per year, 4 years in a row Why he rents his houses to college students The systems he uses to manage 18 tenants and avoiding roommate drama Unlocking hidden value and boosting rental income by adding bedrooms Lessons learned from a difficult tenant who smoked weed and played loud music Why "buy then wait" beats "wait then buy" And SO much more! Links from the Show Real Estate Rookie Facebook Group Felipe's Instagram Ashley's Instagram BiggerPockets Forums BiggerPockets Podcast Rentometer Yelp Zillow Check the full show notes here: https://www.biggerpockets.com/rookie35 Learn more about your ad choices. Visit megaphone.fm/adchoices

What do you get when you combine Dave Ramsey-style frugality with aggressive deal-finding tactics? You get teacher Amy Barber and her fiancé, Jay – and their $6,000 monthly cashflow in rural Iowa.In this episode, Amy shares her strategies for buying foreclosed ranch houses in cash, cleaning them up, then refinancing so she can repeat the process again and again.Think no one's doing deals during the pandemic? Well, she's bought 4 houses in the past 4 months, and plans to keep going until she's making enough to comfortably leave her W-2 job.If you're looking for guidance on how to build the financial foundation so you can invest in real estate from a position of strength, Amy's story will fire you up and get you ready to take that most important next step toward "getting rich slowly" just like her.By the way, Amy came to our attention through the Real Estate Rookie Facebook group. If you find other awesome investors who would make a great fit for the show, tag us or send them to biggerpockets.com/guest so they can apply.In This Episode We Cover: How Amy got started as an "accidental landlord" during the Great Recession Buying 4 properties in the last 4 months Finding deals through her fiancé's job in foreclosure preservation How they bought a foreclosed house and created $50k in equity Taking Dave Ramsey's course to get her finances under control Delaying gratification and making sacrifices to create enough cashflow to quit her W-2 job Working 2 jobs and doing real estate on the side And SO much more! Links from the Show Real Estate Rookie Facebook Group Felipe's Instagram Ashley's Instagram BiggerPockets Forums BiggerPockets Podcast Financial Peace University by Dave Ramsey Airbnb Outdoorsy Mint Cozy Stessa Apartments.com Asana Zillow Brandon's BiggerPockets Profile BiggerPockets Money Podcast Check the full show notes here: https://www.biggerpockets.com/rookie34 Learn more about your ad choices. Visit megaphone.fm/adchoices

Today we bring you another mentor/mentee conversation, where Joe Roberts shares his experience working alongside Steve Rozenberg to buy his first long-distance investment property.Joe is a U.S. Marine helicopter pilot who regularly deploys to combat zones, so efficient systems are a must for him. Steve, a commercial airline pilot and experienced investor, loves designing standard operating procedures. Perfect fit!The two got paired up when Joe won Mynd Property Management's $20,000 mentorship contest, and today they reveal how Joe found the perfect market, neighborhood, and property for his first BRRRR.You'll love hearing how Joe and Steve developed their strategy based on Joe's goals for appreciation, equity, and cashflow; how he analyzed the numbers in several markets before settling on Atlanta; how he documented his process to he can repeat the process over and over again (even while deployed)... and why he'd rather hire property management than deal with tenants himself.This show gives you a peek into a real-world mentorship and breaks down the mistakes and lessons learned along the way. Let us know what you think of this episode in the comments at biggerpockets.com/rookie33, and we'll see you next week!In This Episode We Cover: How Joe got started in real estate while serving as a Marine helicopter pilot Why Steve chose Joe as the winner of the $20,000 Mynd mentorship contest Why Steve and Joe chose to buy a long-distance deal in Atlanta, GA How they crunched the numbers once they chose a market Why they pulled out of two deals after bad inspections Getting aligned with your spouse or partner regarding your real estate goals Using BiggerPockets' market-specific sub-forums to find an agent Time management strategies for busy people (you!) And SO much more! Links from the Show Real Estate Rookie Facebook Group Felipe's Instagram Ashley's Instagram BiggerPockets Forums BiggerPockets Podcast BiggerPockets Conference BiggerPockets Podcast 352: No Driver’s License, No Money, No Excuses: How Diego Corzo Blazed a Trail to 18 Doors BiggerPockets Agents Cozy BiggerPockets Youtube Channel Check the full show notes here: http://biggerpockets.com/rookie33 Learn more about your ad choices. Visit megaphone.fm/adchoices

Frontline healthcare worker... Air Force Reservist... real estate investor!24-year-old Prescott Williams is a renaissance man committed to building real wealth through real estate while serving his community and his country. Today he walks us through his first 2 deals, and the 3 deals he's currently working on in the Hattiesburg, Mississippi area.Prescott shares some great shortcuts for investors who work full-time – from creating a "rental requirement list" with your personalized criteria to publicly posting your real estate goals (you never know who will send you a lead!).A lot of our guests choose their real estate agent as their MVP, but for Prescott it's his mortgage lender. You'll learn how he finances his rehabs and new construction deals by partnering with a small local bank – a strategy you can model (if you're willing to put in a little legwork!)Give Prescott a follow on Instagram @prescott_williams -- and follow us by joining our Real Estate Rookie Facebook Group: just search "Real Estate Rookie" and answer the screening questions to join 15,000 other like-minded investors.In This Episode We Cover: Prescott's strategy for graduating college debt-free Finding a flexible local "portfolio" lender Persuading his parents to take out a HELOC to help him get started in real estate investing Sleeping on an air mattress while renovating a house His "rental requirement list" criteria How he uses the "1% rule" (rent = 1% of purchase price) to guide his purchasing decisions The stress-free way to handle maintenance calls How he's gotten deals just be posting his goals on social media And SO much more! Links from the Show Real Estate Rookie Facebook Group Felipe's Instagram Ashley's Instagram BiggerPockets Forums BiggerPockets Podcast BiggerPockets Podcast 348: Full-Time Job, Full-Time Mom, and Full-Time Wealth From Rentals with Ashley Kehr BiggerPockets Podcast 329: Financial Freedom Before 30 Through Just 10 Deals With Felipe Mejia BiggerPockets Podcast 012 : Wholesaling and Marketing with Sharon Vornholt Zillow  Check the full show notes here: http://biggerpockets.com/rookie32 Learn more about your ad choices. Visit megaphone.fm/adchoices

So... how do partnerships work in real life? Today, you'll learn how – from two new(ish) real estate investors: Amy Swayze and Chris Lawrence.Amy breaks down her partnership with her adult son, who used his retirement fund to jumpstart their investing career earlier this year (right before COVID hit!). Here's the arrangement: Amy's son brings the money and crunches the numbers; she manages rehabs and gets tenants in their BRRRR rental properties.Chris is a more experienced investor, having left his sales job to start investing full-time in the Rochester, NY area. Still – when he first jumped into real estate investing, he realized he was missing a few pieces of the puzzle (including liquid $$$).So what did he do? He found a partner!Like Amy, Chris and his partner split everything 50/50. They use a HELOC to borrow money at a low interest rate... so they can make cash offers when they're looking for flips and wholesale deals.This is a real-life look behind the curtain to see how two rookie investors are running their business, and using partnerships to supercharge their wealth-building. Don't miss it... and if you enjoy it, share it with a friend or family member. Who knows, he or she might want to partner up with you someday!In This Episode We Cover: How Amy partnered 50/50 with her son, an electric line worker who likes the tax advantages of real estate How she and her son divide duties Using hard money to fund their BRRRR deals Starting out in real estate investing right before COVID-19 hit How Chris' partner complements his skill set How he evaluates various exit strategies A deep dive into one of Chris and his partner's recent fix-and-flips And SO much more! Check the full show notes here: https://www.biggerpockets.com/rookie31 Learn more about your ad choices. Visit megaphone.fm/adchoices

"I know partnerships can help me build wealth, but how do they actually work in practice?" This is one of the most common questions we get... and today Felipe and Ashley outline 6 rules for partnering on your real estate investments.From identifying the missing piece that's holding you back, to defining clear lanes and avoiding common pitfalls... this show is a must-listen for any new investor who realizes she can't do it all herself.Be sure to come back next week for Part 2 – where you'll hear the details of real-world partnership case studies, as told by a handful of investors who have made it work!In This Episode We Cover: Identifying the "missing piece" to get a deal done Knowing your numbers and being prepared Making your official presentation (finances, experience, deal analysis) Offering an opportunity rather than begging for help Various financial structures you can use How Felipe found a partner to do the books Why Ashley partnered with a construction expert on a full gut remodel And SO much more! Links from the Show Real Estate Rookie Facebook Group BiggerPockets Podcast 352: No Driver’s License, No Money, No Excuses: How Diego Corzo Blazed a Trail to 18 Doors BiggerPockets Podcast Investor Girl Britt's Instagram BiggerPockets Podcast 320: Hands-On BRRRR Investing and DIY Secrets with Instagram Star Brittany Arnason Rookie Podcast 25: What Appraisers Look For and What it Means for You with Investor/Appraiser Josiah Smelser Check the full show notes here: https://www.biggerpockets.com/rookie30 Learn more about your ad choices. Visit megaphone.fm/adchoices

Expensive market? Busy with a career and other priorities? There are a lot of compelling reasons to consider turnkey investing in a more affordable area – where a local "operator" sells you a tenanted property designed to pump out cashflow from day one.All you have to do is "turn the key," hand things off to a property manager and... voilà! You're rich. You can now kick back and sip margaritas on the beach. Right?Well, it's a little more complicated... as you'll learn today from seasoned turnkey investors Whitney Hutten and Lance Robinson. Both have bought rental properties from turnkey operators in several different markets, and they tell us all about the highs and lows, reveal what they wish they would have known, and offer candid advice for anyone considering this niche.When you're done with this show, you'll know the exact questions savvy investors ask prospective turnkey providers about neighborhoods, construction warranties, property management contracts, and how operators handle evictions and major repairs. You'll also know how to handle a home inspection to ensure you know exactly what you're getting into!Look – there are a lot of turnkey operators active on the BiggerPockets forums. A lot of them are great teachers, too. But this episode is told from the investor/customer's perspective... and it's well worth a listen – or two!In This Episode We Cover: What turnkey investing is Doing due diligence to find a trusted turnkey operator Why it's always worth flying out to walk the property before purchasing Hiring your own home inspector! Whitney and Lance's turnkey winners and losers Managing your property manager Handling an eviction The role of cash reserves when buying turnkey properties The "BRRRR-key" business model And SO much more! Links from the Show Real Estate Rookie Facebook Group Felipe's Instagram Ashley's Instagram BiggerPockets Podcast Quickbooks BiggerPockets Calculators David Greene Turnkey Reviews BiggerPockets BiggerPockets Forums Appfolio Buildium Zillow Apartments.com FEMA Deal Check  Stessa Quickbooks Check the full show notes here: http://biggerpockets.com/rookie29 Learn more about your ad choices. Visit megaphone.fm/adchoices

We all have the same 24 hours per day... so be like Marsay Winder and make the most of them!He calls himself the "Property Pastor," and he owns 8 properties (24 units) in the Virginia Beach, VA area. Marsay juggles his business with his family life and a full-time career in manufacturing, so landlording systems are a must – and he breaks them down for us in this episode.You'll also hear about his MVP mentor, how he avoids time-wasting distractions, and the books and resources that helped him build a formidable portfolio in just 3 years.Enjoy this one... and if you're getting value out of the content here, please do us a favor and give us a rating and review on Apple Podcasts. It takes less than 30 seconds, and it really helps us climb the rankings and spread the gospel of financial independence through real estate investing!In This Episode We Cover: Working on his properties on nights and weekends while working full-time Going big on his first deal: a 4-unit building bought from a wholesaler Buying from tired landlords How to frame a rent increase with tenants Using Cozy and QuickBooks to manage his rentals Hiring a property management company How to successfully approach a real estate mentor Involving his kids in his real estate investing business What happened when his tenant joined his church, then stopped paying rent And SO much more! Links from the Show Real Estate Rookie Facebook Group Felipe's Instagram Ashley's Instagram BiggerPockets Podcast Robert Kiyosaki Cozy Deal Machine Quickbooks BiggerPockets Calculators Rookie Podcast 12: What Works (and Doesn’t) in a Recession & the Untold Story of J Scott’s Messy First Flip Google Forms Google Voice Cashflow Board Game Check the full show notes here: http://biggerpockets.com/rookie28 Learn more about your ad choices. Visit megaphone.fm/adchoices

Aaron Chapman ran into major obstacles on his first 2 real estate deals... obstacles you might face as you launch your own investing career. Wouldn't you like to know how to react when you're turned down for a loan? Today, you'll learn how!From a duplex purchase that seemed doomed when he lost his job while in escrow... to a triplex purchase that a bank wouldn't touch, this Louisville, KY investor breaks down how he reached 5 doors by age 24 – and his exact roadmap to reach financial independence by age 30!Oh, and don't miss the story of how Aaron wound up on the show (hint: his fiance is the real MVP!). Before you go, here's a challenge for you: who in your market would make a great guest for this show? Send them over to biggerpockets.com/guest and we'll take a look at their application.In This Episode We Cover: His "work backwards" plan for achieving financial freedom ($10k/month) by age 30 Aaron's process for "driving for dollars" Living for free through house hacking Buying a "1% rule" triplex using seller financing How he achieved a 47% cash-on-cash return How he and his fiance adjusted when he lost his job while under contract on his first deal! Getting your spouse or partner interested in investing And SO much more! Links from the Show Real Estate Rookie Facebook Group Felipe's Instagram Ashley's Instagram BiggerPockets Podcast BiggerPockets Money BiggerPockets Business BiggerPockets Podcast 329: Financial Freedom Before 30 Through Just 10 Deals With Felipe Mejia Robert Kiyosaki Cozy Stessa Deal Check Deal Machine Zillow Check the full show notes here: https://www.biggerpockets.com/rookie27 Learn more about your ad choices. Visit megaphone.fm/adchoices