Most people drift along life’s current. They work 9-5 jobs, live within 30 miles of where they grew up, and don’t change careers often, if ever. There’s nothing inherently wrong with any of that—if you’ve considered all your options and then intentionally chose that lifestyle. The problem, of course, is that most people living that lifestyle just fell into it. "Keep reading the article here: https://www.biggerpockets.com/blog/the-freedoms-that-make-the-perfect-life Become a member of the BiggerP...
Sep 06, 2024•13 min•Ep. 1423
Landlords can expect two things to be true: The profit potential is exceptional, and tenants will have complaints. Homeownership comes with natural ups and downs, with the ongoing hassle of maintenance issues, frustrating neighbors, and even occasional financial hardship. As a landlord, you get to handle these issues as they arise for your tenants, so knowing how to handle tenant complaints and concerns is essential. "Keep reading the article here: https://www.biggerpockets.com/blog/how-to-deal-...
Sep 05, 2024•15 min•Ep. 1422
As you start to explore real estate investing, one of the first things you’ll hear about is the importance of finding deals. It’s a topic that dominates articles, BiggerPockets forum posts, YouTube videos, and conversations within the industry—and for good reason. Finding deals is the lifeblood of real estate investing. Here are four key reasons why a successful real estate investor focuses so much on finding the deal. Learn more about your ad choices. Visit megaphone.fm/adchoices
Sep 04, 2024•9 min•Ep. 1421
The Fair Housing Act (FHA) ensures any person can buy or rent a house or apartment wherever they want regardless of their race, ethnicity, gender, religious preference, disability, family status, or national origin. In 2015, the United States added discrimination based on sexual orientation or gender identity to the list of protected classes. As a landlord, you should be familiar with the FHA and what it covers. Both federal and local governments have rules regarding fair housing, and you need t...
Sep 03, 2024•21 min•Ep. 1420
Not all tenants work out the way we hope. Maybe a renter is habitually late paying rent, disruptive to other tenants, or engages in illegal activity. Whatever the reason, you may be wondering: “Can a landlord break a lease?” The short answer is—it depends. Before you break a lease agreement, make sure you have a valid reason and that you follow all the legal requirements. Learn more about your ad choices. Visit megaphone.fm/adchoices
Sep 02, 2024•17 min•Ep. 1419
For landlords feeling the pinch of high interest rates or would-be investors wondering how they can cash flow, there’s some good news: Rents will continue to rise. However, for rent-burdened tenants, the outlook is not so rosy. “We’re gonna build 600,000 apartments this year,” Barry Sternlicht, CEO of Starwood Capital, an investment firm specializing in hotels and market-rate multifamily housing, said recently on CNBC about America’s construction of apartments, “and 400,000 the year after and 23...
Sep 01, 2024•15 min•Ep. 1417
Real estate is typically an excellent choice for long-term investment. However, as with any investment, there are potential pitfalls to consider. One is ensuring you make adequate plans to handle the complex web of property tax regulations. The tips we’ll share here will help you make smarter decisions about your property tax strategies to maximize your returns. Learn more about your ad choices. Visit megaphone.fm/adchoices
Aug 31, 2024•12 min•Ep. 1417
The question is asked all the time: How can I estimate average rehab costs? Well, there is no average rehab cost because there is no average rehab. Some properties will need major structural modifications; others just a lipstick approach. Some may have a recently remodeled kitchen, and others may have a 1950s galley kitchen. But since this is such a popular topic, let’s see if we can try to make it at least (a little) feasible for a newbie to the construction world. Learn more about your ad choi...
Aug 30, 2024•12 min•Ep. 1416
I think we can all agree that the economic outlook is uncertain. You can pick almost any economic indicator (inflation, labor market, real GDP, etc.), and find conflicting and confusing signals. As investors, this can be daunting. How can we make wise investing decisions when the economic climate is so murky? Here are four tips on how you can continue to invest successfully in an uncertain economy. Learn more about your ad choices. Visit megaphone.fm/adchoices
Aug 29, 2024•13 min•Ep. 1415
Morgan Stanley real estate analyst Laurel Durkay appeared on CNBC recently to deliver the financial behemoth’s latest housing outlook. It was great news for property owners and a call to action for potential buyers sitting on the fence, waiting for rates to fall. Such is the shortage of inventory; in the next decade, 2 million homes will need to be built to satisfy demand. This means the rental market is set to soar. Learn more about your ad choices. Visit megaphone.fm/adchoices
Aug 28, 2024•16 min•Ep. 1414
You put a lot of time, money, and effort into finding the right tenant. From writing a rental property listing to showing the property, the process can require a lot from you. But that’s OK. The end result is well worth it. With a tenant lined up and a move-in date scheduled, it’s time to take the next step: prepping the property. This move-in checklist for landlords will keep you on track from start to finish. Learn more about your ad choices. Visit megaphone.fm/adchoices
Aug 27, 2024•13 min•Ep. 1413
A lease is a binding legal contract that includes protections for both the landlord and tenant. Just as you are required to uphold your end of the agreement as the landlord, tenants also have certain obligations they are required to uphold. You have discretion in determining what to do when a tenant violates the lease. It doesn’t always have to lead to an eviction. It depends on the severity of the violation and other factors, like a medical emergency, temporary job loss, or something else. Lear...
Aug 26, 2024•18 min•Ep. 1411
HomeRise, a nonprofit housing developer that has received more than $200 million in grants and loans from the city of San Francisco, declares on its website that its mission is “to help people experiencing homelessness secure housing and become self-sufficient.” However, in April, an independent audit revealed questionable spending of the organization’s funds. While the scope of inappropriate spending was not clear due to incomplete record-keeping, the audit found that most of the grant money we...
Aug 25, 2024•20 min•Ep. 1411
As of June 28, Freddie Mac CFO Christian Lown will resign from the government-sponsored enterprise (GSE) mortgage provider to join CoStar, the behemoth real estate listing and data and analytics company valued at around $30 billion. Usually, when someone leaves a government job for the private sector, there’s a tacit understanding that the new position comes with less public scrutiny and more—much more—money. There’s little reason to doubt that is the case here. Learn more about your ad choices....
Aug 24, 2024•12 min•Ep. 1410
Maybe you’re looking to diversify your investment portfolio, or maybe you’ve done your research into real estate investing and just realized you don’t have the time and energy required. Real estate investing is almost nevertruly passive, and it is not immune to problems like reduced cash flow during between-tenant periods. Whether you are a seasoned real estate investor looking for additional revenue streams or you’re looking for opportunities that are less hands-on but still lucrative, these ar...
Aug 23, 2024•17 min•Ep. 1409
Raise your hand if you got burned by real estate in 2008. You can’t see it, but I’m raising my hands, feet, and even the hairs on my neck. United Wholesale Mortgage (UWM) recently made news by launching a 0%-down mortgage program. And it reminds many real estate analysts of the subprime mortgage frenzy that helped fuel the market collapse back in 2008. So, as you scope out the new program, what’s the potential impact on real estate investors? Learn more about your ad choices. Visit megaphone.fm/...
Aug 22, 2024•13 min•Ep. 1408
Over the past 16 years, I’ve worked with nearly 200 first-time investors. From my experience, until they go through our training, most are completely focused on ROI and cash flow. Here are some key points new investors must keep in mind: You’re not buying real estate—you’re buying a lifelong income stream. Vacancy costs can be a killer, so estimating them is critical. ROI and cash flow only predict a property’s performance under ideal conditions on the first day of a lifetime hold. They tell not...
Aug 21, 2024•15 min•Ep. 1407
Last week, the federal government announced plans to block medical debt from credit reports, which are used to evaluate a borrower’s financial fitness for large-ticket items, specifically mortgages and car loans. This would make it easier for folks to acquire more debt and not be “judged” for it. All things being equal, it’s not a good idea. Let’s ignore for now whether this is right or wrong and try to exclude all political thoughts. Let’s just look at the facts. Learn more about your ad choice...
Aug 20, 2024•14 min•Ep. 1406
A housing cartel? No, not in a lawless narco-state, but in major American cities, where corporate landlords have been accused of conspiring with Texas-based real estate software company RealPage to drive up rents. Most recently, Atlanta-based Cortland Management, one of America’s largest landlords, was served a warrant by the FBI concerning an ongoing antitrust investigation into multifamily housing price-fixing by the Department of Justice (DOJ). According to Cortland Management’s website, the ...
Aug 19, 2024•15 min•Ep. 1404
Buying your first rental property is an exciting time. You’re taking an important step that could transform your financial future. But before you invest in a property, it’s a good idea to make sure you are prepared to help you avoid costly mistakes and to maximize your chances of success. Before You Start Renting There are some things you must take care of before you advertise your property. Getting your property ready for tenants will help minimize your liability and ensure you are prepared for...
Aug 18, 2024•18 min•Ep. 1404
On June 11, Amazon announced that it would be contributing another $1.4 billion to its Housing Equity Fund.Amazon created the fund back in 2021, initially giving $2.2 billion “with a commitment to create or preserve 20,000 affordable homes in the Puget Sound, National Capital, and Nashville regions—three communities that Amazon calls home,” according to a report by the company. The three areas are all places where Amazon has major corporate hubs. The new pledge will have a substantial focus on A...
Aug 17, 2024•16 min•Ep. 1403
Just as there is a move-in checklist for landlords, there’s also a move-out checklist to guide you when the time comes. Taking the right steps now will make it easier to market your property and ensure a seamless transition to a new tenant in the future. Communicate to the Tenant Their Responsibilities It’s your responsibility to communicate to the tenant their responsibilities. These are the essential items to include in this section of your move-out checklist. Learn more about your ad choices....
Aug 16, 2024•12 min•Ep. 1402
Are you a new college graduate (or a concerned parent) wondering if it is possible to buy a house? Spoiler alert: It is absolutely possible! It may be easier for someone further along in life, with a more established financial situation, but that does not mean you have no chance of qualifying for your first mortgage right out of college. There are many tactics that college students can actively pursue to improve their financial position, and they can continue the momentum into what I believe to ...
Aug 15, 2024•13 min•Ep. 1401
Are you a new college graduate (or a concerned parent) wondering if it is possible to buy a house? Spoiler alert: It is absolutely possible! It may be easier for someone further along in life, with a more established financial situation, but that does not mean you have no chance of qualifying for your first mortgage right out of college. There are many tactics that college students can actively pursue to improve their financial position, and they can continue the momentum into what I believe to ...
Aug 14, 2024•19 min•Ep. 1400
The pursuit of financial independence (FI) is a journey that promises freedom, security, and the ability to live life on your own terms. However, this path isn’t always straightforward—nor without pitfalls. It’s tempting to focus solely on financial freedom, but obsessing over it can have unexpected downsides that affect your overall happiness and well-being. We’ll discuss the true journey to financial independence and the risks of fixating on it, as well asexplore other ways to lead a balanced,...
Aug 13, 2024•12 min•Ep. 1399
As we all know, one of the main advantages of investing in real estate is the tax benefits. Many of the investors who I meet for the first time are broadly aware of depreciation, expenses incurred through renovations, and operating costs. However, many don’t know about the steps they need to take to maximize their deductions or about costly mistakes that could attract the unwanted interest of the IRS. Learn more about your ad choices. Visit megaphone.fm/adchoices
Aug 12, 2024•16 min•Ep. 1398
Success in real estate does not require securing “great deals.” It requires great fundamentals: location, a reliable tenant segment, and properties that attract those tenants. A Personal Case Study Let me share my own experience. In 2016, my partner and I bought a three-bedroom, two-bathroom, one-story townhome. We paid the asking price of $180,000, which was then the fair market value. Learn more about your ad choices. Visit megaphone.fm/adchoices
Aug 11, 2024•10 min•Ep. 1397
The good news is that the inflation rate is on the decline. The bad news is that it still exceeds the Federal Reserve’s target rate of 2%. As a result, the Federal Reserve announced last week that it will maintain the current interest rate of 5.25% to 5.5%. In a statement, the central bank noted: “Economic activity has continued to expand at a solid pace. Job gains have remained strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated. In re...
Aug 10, 2024•15 min•Ep. 1396
Guru programs are notoriously difficult to assess in terms of quality or outcome for their students. Some students rave about their gurus, while some complain about how they got ripped off by a fake guru. There are a few patterns that raise yellow and/or red flags that I want to call out that are concerning and should make you skeptical when deciding whether to spend thousands (or sometimes tens of thousands) of dollars on guru training. Learn more about your ad choices. Visit megaphone.fm/adcho...
Aug 09, 2024•15 min•Ep. 1395
Since first being introduced in 2023, Florida’s Live Local Act—the $711 million package offering developers tax breaks and bypassing local zoning restrictions to create more affordable and workforce housing—has been a lightning rod for controversy. Local municipalities and residents argued that the increased height of buildings would ruin the character of neighborhoods and that the affordable housing component could cause residents to head to the suburbs. Not surprisingly, it is back in the head...
Aug 08, 2024•14 min•Ep. 1394
