This week’s question comes from Aaron on the Real Estate Rookie Facebook Group . Aaron is asking: What paperwork do I need to close an off-market deal? If presenting a cash offer, can it all be done between me and the seller? Do you typically ask for an inspection period? Off-market real estate deals can seem tricky when you’ve never done one before. For the most part, investors only deal with on-market deals where their real estate agent walks them through the closing process . When you’re purs...
May 28, 2022•11 min•Ep. 186
Today’s guest, Alicia Marks , started real estate investing unintentionally in 2011 when she became an accidental landlord . It wasn’t until eight years later , in late 2019, that she decided to intentionally invest in hopes of reaching her financial goals faster. Since then she has closed on five doors, has done one live in flip , and has six more under contract . Besides being a part-time investor, Alicia is also the BiggerPockets Community Manager. This direct connection to the BiggerPockets ...
May 25, 2022•48 min•Ep. 185
This week’s question comes from Andrew on the Real Estate Rookie Facebook Group . Andrew is asking: How would you handle a prospective tenant that has a bankruptcy on their record? Tenant screening is almost as important as rental property screening. A bad tenant can not only cost you potential rent but cause thousands or tens of thousands in damages if not handled correctly. This is why landlords are so strict when evaluating tenants, as a good tenant can mean next-to-nothing maintenance and a ...
May 21, 2022•15 min•Ep. 184
In today’s episode, you’ll get to see the third major reason why Alpha Geek Capital , Tony’s fast-scaling real estate company, is so successful. Omid Tehranirad is the third partner in the group, acting as the first layer of protection, or as he puts it, the “chastity belt”, of the partnership. Omid is the head of investor relations and splits operational duties with Sara , Tony’s wife . He discovered real estate after being unfulfilled by the typical “American Dream'' job. His parents encourage...
May 18, 2022•1 hr 3 min•Ep. 183
This week’s question comes from Brandi through Ashley’s Instagram direct messages. Brandi is asking: Our current home could give us about $260,000 in net proceeds if sold . We plan to purchase rentals with those proceeds. But, our home is in a good location with good appreciation. Should we sell our primary to buy properties or refi and make it a rental? The sell vs. refi argument is back once again! In this hot housing market, it’s no surprise that homeowners want to take advantage of their gro...
May 14, 2022•11 min•Ep. 182
When you think about long-distance investing , what comes to mind? People usually have reservations about investing out-of-state, but today’s guests took it a step further and invested from halfway across the world . Today’s guest, Caleb Drake , has closed on nine doors with one flip underway . Caleb was active duty military for fourteen years , and once he joined special ops he was deployed for six months at a time . During those six months, his house would sit, unused , and that’s when he saw ...
May 11, 2022•55 min•Ep. 181
This week’s question comes from Rodney through Tony’s Instagram direct messages. Rodney, like many investors, has been told that you need twenty percent down to buy a rental property. Rodney wants to know the best way to fund a property without breaking the bank. He's asking: Should I save for a down payment or is there a way to get a rental without the twenty percent down? It’s not uncommon for real estate investors to get into deals with far less than 20% down . But, for a beginner, this type ...
May 07, 2022•11 min•Ep. 180
Financial literacy is the first step to becoming a millionaire . Unfortunately, the US is a (relatively) financially illiterate country, so to become financially independent and add more zeros to your net worth, you have to self-educate . Fortunately, today’s guest has published a book and workbook that lays out exactly how to become a millionaire, even at a young age. Dan Sheeks lives and breathes all things personal finance. He has been a high school teacher for twenty years and teaches young ...
May 04, 2022•54 min•Ep. 179
This week’s question comes from Jessica through Tony’s Instagram direct messages. Jessica has seen what Tony and his wife Sara have been doing while building their short-term rental empire. But, Jessica is having some doubts. She’s asking: How do you invest in real estate when the idea of debt scares you? Many new investors have this fear. If you’re buying your first property, the thought of five or six-figure debt may seem like a massive weight on your shoulders. After all, isn’t the goal to be...
Apr 30, 2022•11 min•Ep. 178
Someone has to step up to the plate when a challenge presents itself , and today’s guest always does. Tammy Skeath began her real estate journey in 2018, and despite being faced with several unique obstacles , she has found immense success. She currently has seventeen units and plans on expanding exponentially within the next few years . Tammy was inspired to get started after watching her cousin continue to build wealth through real estate. Her first deal was a carbon copy of one of his deals ....
Apr 27, 2022•1 hr 1 min•Ep. 177
Every week, Ashley and Tony reply to a frequently asked question from the BiggerPockets community. But, this week, they’ve decided to finally answer the most asked question yet: what happened with Tony’s Shreveport deal? If you’re an avid Rookie Reply listener, you’ve probably heard Tony talk about one property that he has been trying to sell for over a year . Well, it’s finally sold, and Tony’s here to share all the details, mistakes, and numbers so you can do better on your next deal . While t...
Apr 23, 2022•17 min•Ep. 176
There are those who accept their circumstances and then there are those like today’s guests —the Donis Brothers ( Jeffrey, Kenneth, and Kerwin). These three brothers have created immense success for themselves at only twenty & twenty-three years old through self-education, network building, and hard work. They’ve done seventeen wholesale deals and co-sponsored three multifamily syndications with a total of 636 units between them in a mere two years. They got their start in college when the o...
Apr 20, 2022•1 hr 3 min•Ep. 175
This week’s question comes from Kurt through Ashley’s Instagram direct messages. Kurt is asking: We’d like to buy a vacation property with my brother and sister-in-law. My wife and I would handle the management while my brother would bring the down payment to the table. How do we quantify each party’s contribution when dividing profit and equity in the property? Real estate partnerships can be a huge help to rookie investors, especially for those who have the experience but lack the cash to inve...
Apr 16, 2022•18 min•Ep. 174
Investing in rental properties can be challenging at first, which is why so many investors tend to take it slow. Tyler Madden had the luxury of NOT being able to do this, and it’s worked out well in his favor. Just over a year ago, we interviewed Tyler on episode fifty-five of the Real Estate Rookie Podcast . At the time, Tyler was an “ accidental landlord ”, but a lot has changed since then. Tyler found himself in the position to purchase seven units , a mere $1,000,000 or so in real estate , r...
Apr 13, 2022•55 min•Ep. 173
Today’s episode is all about understanding yourself . Nick Baumgart , an Enneagram expert , explains how to use the information from the Enneagram in your everyday life. The Enneagram test is used as a way to understand your emotional habits . Unlike other popular personality tests, the Enneagram focuses less on what you do and more on who you are . The test breaks down your motivations into three parts: fear , body, and mind . When you truly understand what motivates you, you're able to see why...
Apr 09, 2022•47 min•Ep. 172
The 2022 housing market is off to a wild start. We’ve seen home inventory at decade lows, interest rates have finally started to rise, and more homebuyers are looking at fewer houses. As a real estate investor, it can be tough to navigate a market like this , especially when you’ve never bought a rental property before. What you need is data behind the decision making, and today, we’ve got just that! Joining us today is Dave Meyer (@thedatadeli), VP of Data and Analytics at BiggerPockets , and h...
Apr 06, 2022•58 min•Ep. 171
This week’s question comes from Channa through Ashley’s Instagram direct messages. Channa is asking: I have three rental properties and am looking to refinance them all. Should I do an adjustable-rate portfolio loan on all three or do separate fixed-rate loans on each property? As real estate investors, we tend to have many different options when financing rental properties. Some, like adjustable-rate mortgages (ARMs) , may come with lower closing costs and slightly lower interest rates, while f...
Apr 02, 2022•13 min•Ep. 170
Stacey Stegenga wasn’t always a landlord, she was a nurse. But not just any nurse, Stacey was a flight nurse , helping transport military patients across the US . When she stepped away from flight-nursing, she picked up travel nursing, moving around the US for months at a time to provide medical care wherever needed. She finally ended up in Denver, where her pay was cut in half and her expenses saw a drastic boost. This was a massive change for Stacey. She wasn’t the best at budgeting and knew s...
Mar 30, 2022•53 min•Ep. 169
How much cash flow do you need to quit your day job and go full-time into real estate investing ? You may have a big number in your head when we ask that. Maybe you’re thinking of replacing a six-figure salary with six-figure cash flow, but that's probably far from what you truly need to quit. In fact, you can quit with a lot less cash flow than what you’re being paid today! Joining us again is Daryl Clinch , who recently went full-time into real estate investing with his mentor and partner, Ash...
Mar 26, 2022•25 min•Ep. 168
As a dreamer and life-long learner, Hashim Ismail makes it a goal to push himself. Hashim officially started his real estate investing journey eleven months ago but began learning about real estate just two years ago. He dealt with analysis paralysis , but after making a goal to start in 2021, he decided to jump in with both feet. Through hard work, dedication, and optimism, Hashim has closed on seven properties in eleven months . Since Hashim invests out-of-state he dealt with a whole new set o...
Mar 23, 2022•54 min•Ep. 167
Welcome to part two of a rehab estimation masterclass with real estate mogul James Dainard ! As mentioned in part one, James has created a multi-level brokerage where he has been involved in 3,000 transactions . His excess experience has allowed him to create an almost scientific process for his flips . In today’s podcast, James builds off part one and gives you a step-by-step guide on how to emulate the process that has given him his success. James goes over what and who to bring when visiting ...
Mar 19, 2022•41 min•Ep. 166
Welcome to part one of a rehab-estimation masterclass with real estate mogul James Dainard ! James has earned his title by being involved in 3,000 transactions over the past fifteen years and creating a multi-level real estate brokerage . He has mastered the art of estimating rehab costs which has allowed him to invest on a seriously large scale. Currently, he is working on thirty flips and has 400 apartment doors under construction , so not only has he had past successes, but he is consistently...
Mar 16, 2022•52 min•Ep. 165
This week’s question comes from Nash through Ashley’s Instagram direct messages. Nash is asking: How do I quit my job and become a full-time real estate investor? Nash isn’t alone in asking this question. Almost every Real Estate Rookie Podcast listener has pondered this as well. Even our hosts, Ashley and Tony, asked themselves this before leaving their jobs to pursue real estate investing full-time . What makes today's episode even more special is that Ashley’s partner, Daryl Clinch , just lef...
Mar 12, 2022•14 min•Ep. 164
Despite what most people would like to think, success has no timeline . There will be some "perfect" opportunities that don’t work out, which is why you must persist . You can either become stuck in one failure or use that failure to propel you forward. Our guest, Andrew Bresee , has learned to use missed opportunities to propel him forward . Andrew was infected with the “real estate bug” in his teenage years after reading Rich Dad Poor Dad . While he didn't start his real estate journey that yo...
Mar 09, 2022•58 min•Ep. 163
This week’s question comes from Carlos , who directly messaged Ashley on the BiggerPockets Real Estate Rookie Bootcamp ! Carlos is asking: Do you recommend, or is it even possible, to use a hard money lender from a different state? Hard money lenders and hard money loans are a crucial part of real estate investing for many real estate investors. If you’re a rehabber, flipper, or BRRRR -er, there’s most likely a chance you’ll need hard money in the future. But how do you find a hard money lender ...
Mar 05, 2022•15 min•Ep. 162
Real estate favors those who value risk. An investor’s willingness to take a calculated risk separates the good from the great. And today’s guest, Grace Gudenkauf, is definitely on her way to greatness. This ambitious 24-year-old has managed to get seventeen doors between eight properties under her belt in less than a year, and she shows no signs of slowing down. She was first introduced to real estate when her boyfriend decided to flip a house . It didn’t pique her interest until she reviewed t...
Mar 02, 2022•43 min•Ep. 161
This week’s question comes from AJ through Ashley’s Instagram direct messages. AJ is asking a question many new investors have: If I borrow down payment money from friends or family, what’s the best way to pay back the down payment while cash flowing on the property? For many rookie investors who don’t have large cash sums sitting around , much of their initial investment has to be done through borrowed money . This means not only getting a conventional loan from a bank but privately financing t...
Feb 26, 2022•10 min•Ep. 160
Knowing how to find a real estate agent is one thing. Knowing how to find a truly investor-friendly agent i s another. While most real estate agents and realtors can show you homes on the market, send you MLS listings, and do the needed paperwork, investor-friendly agents do much, much more. These types of agents are so important to a real estate investor , that they can be thought of as a more permanent part of your team. They’ll find deals, leads, help you run numbers, and give you what you ne...
Feb 23, 2022•46 min•Ep. 159
This week’s question comes from Ryan through Ashley’s Instagram direct messages. Ryan is asking: What job would be best for real estate investors? I’m currently doing maintenance for a contractor, but am having minimal takeaway. What’s the best move for financial freedom ? Real estate side hustles and full-time jobs come in all different shapes and sizes. What one job path may lack in salary, it may make up for in experience and connections . What’s more important than immediately jumping ship a...
Feb 19, 2022•17 min•Ep. 158
Property management is a difficult yet crucial part of real estate investing. In today’s episode, our guest, Adam Widder , who was a former property manager , shares his four guiding principles that make property management more manageable. Adam got his start after college while stationed in Kansas. A fellow ROTC member advised him to start investing, and following his advice, Adam tried to find a property near Kansas State . Unfortunately, he couldn’t find anything that cash flowed, so he did a...
Feb 16, 2022•49 min•Ep. 157
