Greg Schwartz didn’t plan on getting into real estate, he was keen on becoming a private pilot. He figured he’d make $200k-$300k per year and that would be enough money to help him retire . That was until he talked to a real estate investor who told him about the potential to make 7-figures in a month . Greg knew that the investor was on to something and he took some time convincing his wife, Rachel , to start investing in real estate. They both went in on a rental property in Alabama, but after...
Jul 21, 2021•1 hr 7 min•Ep. 97
This week’s question comes from Lisa on the Real Estate Rookie Facebook Group . Lisa is asking all about property management this week: I’ve never had a property manager, what are the responsibilities of one? I was recommended a manager and was told he charges 10%. What is the average pay for a manager? What questions should I ask when I speak with him? While there is no standard on fees or responsibilities across all property managers, they tend to follow certain averages. Both Tony and Ashley ...
Jul 17, 2021•18 min•Ep. 96
When most people think of USDA loans , they tend to think of farmland or some very, very rural house in the middle of nowhere. While this can be the case for many USDA loans, it isn’t the standard for all of them. As today’s guest Holly Barrett describes, USDA-applicable properties can be outside city centers and just a bit rural . Not only that, these loans provide homeowners with the chance to get a 0% down loan ! This is exactly what Holly did with her first home, later turning it into a rent...
Jul 14, 2021•54 min•Ep. 95
This week’s question comes from Ben , who actually direct messaged Ashley and asked her a pretty personal question. Ben is asking: As someone with student debt, should I start investing in rentals or wait until I’ve paid off my student loans ? It goes without saying that this is a very personal question, especially since it has to do with personal (not business related) debt. Everyone is different in their willingness to take on debt . While some people don’t mind having lots of low interest deb...
Jul 10, 2021•12 min•Ep. 94
In this hot housing market, it seems like almost everyone is telling you to make offers on anything that could be a potential deal. But Erik Wright , founder of New Horizon Home Buyers , poses a different strategy. Erik has been getting more and more off market deals in Chattanooga, Tennessee without offering a single dollar to potential sellers . He has a specific way of negotiating that allows him to get tens of thousands of dollars off of properties , making the deals even sweeter for him. Er...
Jul 07, 2021•55 min•Ep. 93
This week’s question comes from Shantay on the Real Estate Rookie Facebook Group . Shantay is asking: We are about to close on a duplex. It is going to need a $6k-$10k upgrade. What are some options for funding the rehab cost? Different investors have different preferred methods of funding rehabs of this size/price point. Both Ashley and Tony have renovated numerous properties and used the below methods to raise the funds they needed without dipping into their own pockets! Here are some suggesti...
Jul 03, 2021•8 min•Ep. 92
Lili Thompson didn’t plan on getting into real estate investing, she was supposed to be a WNBA prospect . After tearing her ACL in college, she was brought onto the Harlem Globetrotters to showcase her skills across the country. One of her teammates started talking to her about real estate investing, specifically wholesaling . This happened at the perfect time since she was closing on her house hack around the time COVID-19 lockdowns began. But now Lili was stuck with a house hack property and n...
Jun 30, 2021•53 min•Ep. 91
This week’s question comes from Joey on the Real Estate Rookie Facebook Group . Joey is asking: Was driving in a new part of town and came across a house that had a yard that hasn’t been maintained in months and the house looks unkept. Any suggestions on how I should go about finding the owner and asking if they would be interested in selling? We had a ton of great responses in the Facebook group, but Ashley and Tony will do their best to answer based on their own experience and their preferred ...
Jun 26, 2021•13 min•Ep. 90
Sometimes, new real estate investors tend to forget about the other types of real estate investing outside of single-family and multifamily homes. What about self-storage , or commercial , or in Matt Racker ’s case, warehouses ? All these options can make you passive income, sometimes with far less hassle than managing residential properties. Matt caught the real estate bug doing his first live in flip . He saw a house being remodeled , took a look inside, and decided he could finish the job. Ju...
Jun 23, 2021•51 min•Ep. 89
Today, we have a question from Ashley to Tony , on a subject he has a lot of experience in. Ashley wants to know: How do you analyze a market for short-term rentals ? Which factors come into play and how can you stay away from the markets that won’t work for short-term rentals? This is a perfect time to ask Tony, especially since he’s looking to find a third market to invest in (outside of Joshua Tree and the Smoky Mountains). Here are some suggestions from Tony: Make sure you aren’t buying in a...
Jun 19, 2021•12 min•Ep. 88
Young love is beautiful, but what’s even more beautiful is young love that produces residual income together! That’s exactly what Sam and Nick of Eagle Hill Homes have done. Even though they have been together since their teenage years , Sam still had to be nudged by Nick to get into real estate investing . Once Sam started designing, planning, and executing on rehabs , she knew that this was the life for them. Now, Sam is a certified general contractor and Nick is a loan officer . But these wer...
Jun 16, 2021•56 min•Ep. 87
This week’s question comes from Adri on the Real Estate Rookie Facebook Group . Adri is asking: I came across a seller financed mobile home park, this would be my first out of state investment. What should I be looking out for on MHP (mobile home parks) and is this a huge jump to make while still being a rookie? While we can’t answer how ready Adri is for investing in a mobile home park (we believe in you), we can answer questions about what to look for when evaluating a MHP deal . Before you co...
Jun 12, 2021•9 min•Ep. 86
Coming up with capital isn’t easy when you’re just starting out. How are you supposed to get 20% down for one property , let alone multiple when trying to grow your portfolio. This was the predicament Justin Munk was in until he found out about the BRRRR strategy . When implementing the BRRRR strategy, Justin was able to use a fraction of the money he would need as a down payment to get a renovated, highly desirable rental property. Justin invests over 1,000 miles away in Ohio and manages all hi...
Jun 09, 2021•1 hr 3 min•Ep. 85
This week’s question comes from Joaquin on the Real Estate Rookie Facebook Group . Joaquin is asking: When you purchase a property with a tenant already in the middle of their lease can you increase their rent or do you have to wait until their lease is up? Inevitably, you’re going to come across some deals that have renters in place , but whether you want to keep them on as tenants is up to you. During this time of eviction moratoriums , you may be questioning whether or not an inherited tenant...
Jun 05, 2021•11 min•Ep. 84
Many landlords decide to switch from renting by the unit to renting by the room in order to maximize cash flow per unit . Renting by the room is usually best situated for students and for properties nearby sizable universities. This type of strategy is exactly what Hastings College track and field coach, Ryan Mahoney , has done with his 2 units that have a combined 10 rooms being rented out . After a bit of over-leveraging in the early 2000s, Ryan found BiggerPockets and knew landlording was som...
Jun 02, 2021•1 hr 6 min•Ep. 83
This week’s question comes from Jimmy on the Real Estate Rookie Facebook Group . Jimmy is asking a couple of great questions about those in partnerships going in on a property: 1. How do we split the cost of buying a property 50/50 and keep the funds in one place? 2. How would it work right now as 50% of the money is with him and 50% of the money is with me? Many real estate investors will come across the same question that Jimmy has, especially since partnerships and joint ventures are common a...
May 29, 2021•12 min•Ep. 82
A familiar voice pops in for this episode of the Rookie Podcast, it’s David Greene ! The real estate agent, investor, entrepreneur, and co-host of the BiggerPockets Real Estate podcast joins us to talk about making the transition to top real estate agent and what new investors can do to find better deals and a great agent . Most newbie investors want to be hand-held, which makes sense when you’re just starting out. That being said, that may not be the best way to find a great agent who can help ...
May 26, 2021•1 hr 2 min•Ep. 81
This week’s question comes from Bryan on the Real Estate Rookie Facebook Group . Bryan is asking: How do PM (property management) companies handle maintenance? Do they fix the issue and submit invoices to the owner or withhold the amount from monthly payments to the owner? This is a great question for those who want to transition from self-management to hiring property managers . Both Ashley and Tony have the same type of payment setup with their property managers, but it can vary company to com...
May 22, 2021•13 min•Ep. 80
Wholesaling is a tough game. Most investors who try their hand at wholesaling quit after only a few months , while those who have the grit to stick it out can end up making a much-deserved profit . Even real estate veterans have a hard time getting into wholesaling, but what about a 19-year old college student without experience in real estate? Isabelle Zukowski just happens to be that 19-year old college student wholesaler. Isabelle had been working at a local restaurant when the COVID shutdown...
May 19, 2021•51 min•Ep. 79
This week’s question comes from Gre on the Real Estate Rookie Facebook Group . Gre is asking: How do you find accurate property tax info, including school taxes, when running numbers on a potential investment property? Great question Gre! Running your numbers accurately is super important when making sure a deal will be profitable, thankfully, there are many online (and in person) resources where you can find accurate property taxes within minutes. Here are some suggestions: Find the county asse...
May 15, 2021•17 min•Ep. 78
Amanda Han is a familiar face to the BiggerPockets audience. She’s been featured on the BiggerPockets podcasts before and has written multiple books published by BiggerPockets ( The Book on Tax Strategies for the Savvy Real Estate Investor & The Book on Advanced Tax Strategies ). Amanda has worked with lots of real estate investors and invests in real estate herself , so she’s answering some common questions that rookie investors have about taxes . We run through a mix of topics such as dedu...
May 12, 2021•57 min•Ep. 77
Before cooking at Michelin star restaurants, Ellen Bennett worked as a lottery announcer, an English tutor, and a “booth babe”. All of these jobs taught her to be comfortable in uncomfortable positions . When her head chef told her that he needed new aprons for all the cooks, Ellen took to the challenge, with no business plan , no connections, and no experience designing aprons. The deadline, uncomfortability, and challenge pushed her to deliver the aprons on time, and start Hedley & Bennett...
May 08, 2021•42 min•Ep. 76
Travis Watts grew up with frugal parents. They taught him about coupons, buying the off-brand products, and basic financial 101, but never taught him about real estate investing. In 2009, as the market was hitting unprecedented lows, he decided to start investing in real estate . He purchased a single family home to start, then started house hacking , moved on to some fix and flips , bought some vacation rentals , and before he knew it, he was a very active real estate investor . There was one p...
May 05, 2021•54 min•Ep. 75
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 inve...
May 01, 2021•17 min•Ep. 74
Believe it or not, Tony and Ashley haven’t met each other in real life...until now! They’re recording from the BiggerPockets headquarters in Denver , and they brought their partners! Tony’s wife Sarah and Ashley’s business partner Joe are here to answer the most common questions about partnerships and investing with someone else. What makes a great partner? Tony, Sarah, Ashley, and Joe all agree that a good partner has to have complementary strengths to you. Do you know how to do financing but a...
Apr 28, 2021•55 min•Ep. 73
This week’s question comes from Ricky on the Real Estate Rookie Facebook Group. Ricky is asking about the pros and cons of using a cash out refinance vs. using a HELOC (home equity line of credit) , especially since you can pay down a HELOC and use it over and over again. Many real estate investors take advantage of HELOCs since you can get them for your primary residence or a rental property. That being said, HELOCs can come with variable interest rates and can be closed once up for renewal. He...
Apr 24, 2021•11 min•Ep. 72
Martin Neal started his career as a police officer during the great recession. His family convinced him to buy a condo since prices were near rock bottom , this is when Martin was bit by the real estate bug. When he was transferred to another police station, thus doubling his salary, he knew it was time to do something with the condo. He paid off the loan and set up a HELOC (home equity line of credit) so he could purchase cash flowing rentals ! Now Martin uses the BRRRR strategy to buy homes th...
Apr 21, 2021•1 hr 3 min•Ep. 71
This week’s question comes from Dane through Ashley’s DMs on Instagram (you can find her @wealthfromrentals). Dane is asking: should I sell or rent out my primary residence? Whenever you’re moving from your current home to a new home, you have the option to sell or rent. While there isn’t one solid answer for everyone, you can find out whether selling or renting is the best option by looking at your market and your specific financial situation . Here are some suggestions: Get comps (comparables)...
Apr 17, 2021•12 min•Ep. 70
Becky Nova didn’t have a linear path to real estate like many others. She’s had times in her life when she was poor and times in her life when she was rich. Becky knew that she didn’t want to go back to those poorer times in her life, so when she was about to marry her husband, she was pushed to get herself out of debt and into a much more stable position. She worked a consulting gig, got herself debt-free, and decided she wanted to start house hacking ! Now, Becky is off in the Dominican Republ...
Apr 14, 2021•1 hr 8 min•Ep. 69
It’s not uncommon that we make excuses for ourselves , especially when it comes to our businesses. A contractor may have let us down , or a tenant took advantage of a poorly-written lease , or our partner isn’t doing a job as well as we’d like . Are these problems fully forming because of the other person, or ourselves? Today we talk to Julia Galef , author of The Scout Mindset and host of the “ Rationally Speaking ” podcast. Julia is trying to answer a big question: how do we improve our reason...
Apr 10, 2021•31 min•Ep. 68
