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    How to Buy Your FIRST Rental by The End of THIS Year (Step-by-Step Plan)

    enSeptember 23, 2023

    Podcast Summary

    • BiggerPockets 90-Day Real Estate ChallengeJoin the BiggerPockets 90-day challenge to buy your first or next property within 90 days, with resources and support from experienced real estate investors and a discount on a Pro membership.

      The BiggerPockets Real Estate podcast, hosted by David Green, offers a 90-day challenge to help listeners buy their first or next property within the next 90 days, regardless of experience, time, or money. The podcast provides valuable information on achieving goals with a 90-day plan, determining cash flow potential, funding deals, and creating a long-term wealth strategy. The podcast also offers a discount on a BiggerPockets Pro membership for listeners. The podcast's goal is to help anyone invest in real estate, and the host, David Green, is a successful real estate investor himself, with experience in rental property, flipping houses, commercial real estate, short-term rentals, and holding notes. The BiggerPockets website offers various resources, including a forum, podcasts, webinars, and education, to help individuals learn real estate investing. The webinar covers strategies for building momentum, analyzing deals to gain confidence, and taking consistent action.

    • Journey to Financial Freedom through Real Estate InvestingEducate yourself, surround yourself with like-minded individuals, and consistently put in the work to become a successful real estate investor, focusing on acquiring the right properties for financial freedom.

      Real estate investing is a journey that requires dedication, education, and consistent effort, much like any other endeavor for building wealth. There's no magic or secret formula to becoming a successful real estate investor. Instead, it's essential to have a clear reason or motivation for investing, educate yourself, surround yourself with like-minded individuals, and consistently put in the work. This might involve attending classes, learning proper techniques, and investing in the right tools and resources. The key is to keep pushing forward, even when progress seems slow, and to focus on acquiring the right properties to achieve financial freedom. Remember, it doesn't take many properties to make a significant impact. With the right mindset and approach, anyone can master the art of real estate investing and unlock the door to financial freedom.

    • Passive Real Estate Investment: No Money Down Turnkey Rentals or Private FundsInvest in real estate passively through discounted turnkey rentals or private funds for long-term goals, consistent effort, and compounding benefits.

      There are various ways to invest in real estate passively and securely, either through no or low money down turnkey rental properties or by investing in a private real estate fund. The former offers discounted new construction properties and low-interest investor loans, while the latter provides monthly passive income and a strong track record since 2007. Ultimately, the reasons for investing in real estate should be driven by long-term goals and a commitment to consistent effort, as the rewards come from the compounding benefits over time. It's essential to consider your personal motivations and align them with the patience and dedication required for a successful real estate investment journey.

    • Identify reasons and create a plan for real estate investingStart by identifying your reasons for investing in real estate and creating a solid plan to increase your chances of success

      Investing in real estate is a long-term commitment that can lead to significant benefits, such as leaving a legacy for future generations. To get started, it's essential to identify your reasons for investing and create a plan for how you will do it. There are various ways to invest in real estate, including different niches and strategies, and it's important to choose one and focus on it. Once you have a plan, the next step is to find deals that align with your criteria. This can be done through various methods, such as using real estate websites or working with a real estate agent. Remember, having a clear understanding of your why and a solid plan in place will help you make informed decisions and increase your chances of success.

    • Finding hidden potential in overlooked propertiesSuccessfully investing in real estate requires identifying potential others miss, such as adding square footage, creating rental units, or seeing past unusual floor plans. Building a database of leads through various methods is essential for filling a funnel and negotiating with interested parties.

      Successful real estate investing involves finding hidden potential in properties that others may overlook. This can be achieved through various methods, such as working with a real estate agent, utilizing online resources like Realtor and Zillow, and physically driving around to identify vacant or rundown properties. The key is to see the potential that others may miss, whether it's the ability to add square footage, create rental units, or simply see past a weird floor plan. The speaker emphasizes the importance of developing creative eyes and looking for angles that others have missed. Additionally, building a database of leads through direct mail or driving for dollars can also be effective methods for generating leads. Ultimately, the goal is to fill up a funnel of leads and then negotiate with those who express interest. Regardless of the method used, the fundamental starting point for real estate investing is obtaining leads.

    • Adapting to changing market conditions is key in real estate investingStay informed and adapt strategies to current market conditions for successful real estate investing

      Building wealth in real estate, like winning in sports, requires adapting to changing market conditions. In the early 2000s, having technical skills in website development provided a significant advantage. In 2010, buying undervalued properties was the key to success. In the present day, considering a property's future value and comparing it to other asset classes is crucial. Analyzing leads, finding the right property, and pursuing it are essential steps for real estate investors. The strategies for success evolve with the market, so it's crucial to stay informed and adapt accordingly.

    • From 300 leads to one investmentStarting with 300 leads, analyze 40, secure one investment with monthly cash flow and equity, commit to process, consider strategic partnerships for maximized returns, and explore passive income opportunities through mortgage funds or tax savings via 1031 exchanges.

      Successful real estate investing involves a combination of effort, analysis, and partnership. The speaker shared an example of starting with 300 leads, analyzing 40 of them, and ultimately securing one investment with a monthly cash flow of $14.32 and $100,000 in equity. This process requires commitment and time, but it's not overly complicated. The speaker also emphasized the importance of partnering with trusted companies like BAM Capital for maximized returns and minimized risk. For those not interested in the hands-on aspects of real estate investing, options like Pine Financial Group's mortgage fund offer passive income opportunities. Additionally, tax savings through 1031 exchanges can significantly enhance returns. The key is to commit to the process, analyze opportunities carefully, and consider strategic partnerships to optimize returns.

    • Investing in Real Estate for Financial FitnessResearch market trends, set goals, analyze potential investments, and stay informed to increase chances of financial success in real estate.

      Just as you would plan out a workout routine to get in shape, you should also have a clear plan for investing in real estate to achieve financial fitness. This involves making a consistent effort, setting goals, and analyzing potential investments to maximize returns. The speaker emphasized the importance of researching market trends and comparing properties to determine potential rental income. He also highlighted the value of being skeptical and considering all factors before making an investment. By following a systematic approach and staying informed, you can increase your chances of financial success in real estate.

    • Use software tools to simplify real estate deal analysisBiggerPockets and other tools help investors estimate expenses, income, and cash flow by providing industry averages and calculators, allowing for efficient deal evaluation and comparison.

      Using software tools like BiggerPockets can simplify the process of analyzing real estate deals by allowing users to input key data points and generating estimates for expenses, income, and cash flow. During the initial stages of analysis, users can make educated guesses for certain variables, such as closing costs and property taxes, while relying on industry averages and calculators to provide ballpark figures. By using this approach, investors can quickly assess a property's potential profitability without having to perform extensive calculations or gather exact numbers for every variable. This not only saves time but also allows for more efficient deal evaluation and comparison.

    • Long-term wealth through real estate investingConsistently invest in real estate for long-term wealth growth, focusing on market conditions and taking action regardless.

      Real estate investing is a long-term wealth-building strategy. The graph illustrates the growth of equity and cash flow over a 30-year period. By buying properties and allowing their value to appreciate over time, investors can build significant wealth. The key is consistency and not trying to time the market perfectly. Instead, focus on being in the market consistently, whether it's a buyer's market or a seller's market. Experts recommend putting in the effort, whether it's through finding and buying properties, or through other means of building wealth. For example, in a buyer's market, an investor might focus on buying as many properties as possible. In a seller's market, they might shift their focus to other areas, such as selling houses for clients or building wealth in other ways. The important thing is to keep taking action and not stop investing altogether.

    • Long-term focus and adapting to market conditionsMaintain a long-term perspective, focus on future value, adapt to market conditions, and avoid making decisions based on present market conditions.

      Successful real estate investing involves a long-term perspective and the ability to adapt to market conditions. The speaker emphasizes the importance of focusing on the future value of properties and the potential for appreciation, even in expensive markets. He also suggests that in a competitive market, investors may need to consider more active sources of income or adjust their strategies. It's crucial not to be deterred by current market conditions or short-term challenges, as the value of money decreases over time. Instead, consider the potential for significant returns in the long term. Additionally, the speaker encourages investors to avoid making decisions based on the present snapshot of the market and instead, consider the potential for inflation and the future value of their investments.

    • Start Real Estate Investing Early for Long-Term WealthSecure early entry, acquire multiple properties, explore funding options, and seek support for long-term real estate investment success.

      Real estate investment offers significant long-term potential for wealth creation, but it requires strategic planning, funding, and persistence. The speaker emphasized the importance of getting into the game early and acquiring multiple properties to benefit from their equity growth. He suggested various funding options, including conventional loans, partnerships, hard money lenders, and house hacking. The key is to secure a good deal that generates enough income to cover the cost of ownership and make the property eligible for financing. The speaker also recommended seeking motivation and accountability through mastermind groups or other supportive networks. Real estate investment is a long-term commitment, much like building fitness habits, and the rewards come to those who stay persistent and focused on their goals.

    • 8 steps to real estate successDedicate 15 minutes daily for 90 days to find purpose, plan, deals, analyze, fund, and stay motivated in real estate investing

      Personal growth and success in real estate investing require intentional effort and a proactive mindset. Having a support system, whether it's a workout partner or a coach, can significantly enhance your experience and outcomes. Journaling and tracking your goals are essential reminders of your purpose. Investing in coaching or education may seem expensive, but the returns are worth it. The Real Estate Investor Master Journey consists of six steps: finding your purpose, having a plan, finding deals, analyzing deals, getting funding, and staying motivated. By dedicating just 15 minutes a day, 5 days a week for 90 days, you can make substantial progress. Life doesn't improve by chance; it gets better through intentional change. Instead of waiting for opportunities to come to you, actively seek them out and become the person who deserves them. Don't let fear hold you back from real estate investing – make a choice to change and take responsibility for your success.

    • Navigating the real estate journey with a guide or mentorCommit to the real estate journey with a guide, take daily action, and focus on promising leads to achieve financial freedom.

      Achieving your real estate goals is a step-by-step process, and you don't have to face it alone. A guide or mentor can help you navigate the path and avoid potential pitfalls. The journey involves analyzing leads, moving forward with those that show promise, and dropping those that don't. Each step, from contract negotiation to appraisal, requires commitment to the process but not necessarily to every deal. By breaking down the journey into manageable steps, the risk is decreased, and the path becomes less scary. Remember, it's the action you take that leads to success, not just the information you gather. So, if you're committed to using real estate to obtain financial freedom, take the 90-day challenge and commit to working 15 minutes a day, 5 days a week, pursuing leads and analyzing them.

    • Investing in real estate requires consistent effort and the right resources, like BiggerPockets Pro.BiggerPockets Pro offers valuable tools, educational content, and a network of committed investors to help you make informed decisions, save time and money, and minimize risk in real estate investing.

      Consistent effort and action are key to achieving your goals in real estate investing, just as they are in getting abs. The BiggerPockets community and its resources, particularly BiggerPockets Pro, can help you make informed decisions, save time and money, and minimize risk. Pro members have access to valuable tools, educational content, and a network of committed investors. The calculators and other resources provided by BiggerPockets have helped many investors secure profitable deals. By investing in yourself through BiggerPockets Pro, you'll be better equipped to navigate the real estate market and reach your financial goals.

    • Unlock exclusive resources for your real estate investing journey with a BiggerPockets Pro membershipJoin BiggerPockets Pro for a discounted price of $312/year, accessing valuable resources, tools, and expert Q&A sessions, all considered tax-deductible business expenses for your real estate investing business.

      By becoming a BiggerPockets Pro member, you'll receive a wealth of resources and tools to help advance your real estate investing journey for a relatively low cost. The Pro membership, which is usually $390 a year, can be discounted by 20% with a provided code, bringing the price down to $312. This investment grants you access to exclusive boot camps, workshops, classes, and the intention journal, all valued at over $2,000. Additionally, Pro members can attend weekly Q&A sessions with real estate experts, have access to accountability groups, and receive homework assignments. The Pro membership is also considered a tax-deductible business expense for your real estate investing business. So, if you're serious about investing in real estate, taking advantage of this offer could significantly benefit your journey.

    • Effective real estate tools for Canadian investorsCanadian investors can benefit from the real estate resources discussed in the webinar, with an annual cost that offers potential for significant returns.

      The real estate tools and resources discussed in the webinar are effective for Canadian investors as well, and the annual cost is a worthwhile investment considering the potential returns in real estate. The speaker encouraged those on the fence to try it out and offered a money-back guarantee. For those with equity in properties, the decision to sell or invest more aggressively depends on the specific situation and should be discussed further. Overall, the BiggerPockets community offers valuable resources and support for those seeking financial freedom through real estate investment. The speaker emphasized the importance of taking action and finding an investor-friendly agent to help navigate the market.

    Recent Episodes from BiggerPockets Real Estate Podcast

    993: Seeing Greene: Should I Start Flipping Houses in My Market? (How to Know)

    993: Seeing Greene: Should I Start Flipping Houses in My Market? (How to Know)
    Should I pay off my rentals or scale to more doors? Should I start flipping houses in my local but expensive market or go long-distance? When is the time to move from residential to commercial real estate? We’ve got some crucial questions to answer on today’s Seeing Greene as David and Rob tackle the best ways to build wealth and set yourself up for retirement in 2024. Want to reach financial freedom faster? Then, this is the show for you. First, an investor who eagerly wants to retire asks whether he should flip houses in the expensive San Francisco Bay Area or begin in a lower-priced area. Next, when is it time to scale vs. pay off your rental properties? When partnering on a house hack, who’s responsible for what, and how do you split up the finances? Finally, a return caller asks about the pros and cons of residential vs. commercial real estate and whether bigger properties will help him reach his goal of retiring with a sizable rental portfolio.  Need answers to your real estate investing question? Head over to the BiggerPockets Forums and ask it! We may choose it for our next show!  In This Episode We Cover Where to start flipping houses and whether an expensive market is too risky for rookies When to scale vs. pay off your rental properties (EVEN if they have low interest rates!) Partnering on a house hack and how to split responsibilities/profits when one partner lives in the property  Residential vs. commercial real estate and the pros/cons of buying BIG properties  When to trade your small rentals for larger properties with better potential  And So Much More! (00:00) Intro (01:14) Should I Start Flipping Houses?  (11:37) Scale or Pay Off Properties?  (15:46) Partnering on a House Hack? (21:33) Comment Section Callout  (24:03) Residential vs. Commercial Real Estate (41:37) Share Your Thoughts!  Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-993 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

    992: International Real Estate Investments: Make More by Buying Abroad?

    992: International Real Estate Investments: Make More by Buying Abroad?
    Love traveling? Want to make more money? Looking for real estate with lower price points and higher returns? International real estate investments may be for you. Whether you want to own a home near the mountains of Mexico, the beaches of Belize, or a small seaside town, buying property abroad could make your dreams come true. But is it easy enough for a beginner? And what should you know before making the big jump to out-of-country real estate investing? Michael Cobb, an international real estate investing expert with over three decades of experience investing in Central America, joins us to give his time-tested advice. Michael hits on how these international investments are like “time machines,” allowing you to find the areas that could see significant popularity boosts in the future, pushing YOUR property values higher. He even shares which markets abroad are best for cash flow or appreciation. But before you jump the gun and buy a property abroad after your next cruise, heed Michael’s advice. He shares how to pick a market where investors can find the best returns and what you MUST do before you buy your first investment abroad. In This Episode We Cover International real estate investing 101 and what you can do to find your next market  The “time machine” to cash flow and appreciation that most Americans overlook  “Buyer beware” laws most Americans aren’t used to and why you NEED local help The three trips you should take before buying property abroad  And So Much More! Links from the Show Join BiggerPockets for FREE See Dave at BPCON2024 in Cancun! Try Hospitable, The Highest-Rated Vacation Rental Software Grab the Book “Long-Distance Real Estate Investing” Find an Investor-Friendly Agent in Your Area 3 Things to Consider When Buying Properties Internationally (00:00) Intro (01:45) Why Invest Abroad? (05:51) Buying in Central America (10:50) Easy Enough for Beginners? (20:43) Where Investors Should Buy (26:11) Picking a Market  Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-992 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

    991: A World Without Airbnb & Why "Sinking" Could Cause Your Insurance to Skyrocket

    991: A World Without Airbnb & Why "Sinking" Could Cause Your Insurance to Skyrocket
    Airbnb bans escalate, a “tsunami” could be coming for this real estate niche, and “sinking” cities lead to skyrocketing insurance prices. The housing market changes every week, so we’re here to break down the headlines and sift through the hype so you know what could impact YOU. Dave Meyer and the entire On the Market panel are here to discuss four of the top real estate-related news stories from this week.  First, we discuss the commercial real estate credit crunch that could cause a “tsunami” in the office investing space. Next, one major European city will ban Airbnb by 2028 in an effort to give locals a better chance at buying their first home. Will it work, or is it just a move to get more votes? With the dust of the NAR settlement settling, homebuyers could face thousands in fees to work with an agent, but will this stop homebuying? Before we go over our last headline, make sure you’re standing on solid ground because “sinking” cities are becoming the new norm. Is your home slowly sliding off a cliff? If so, your insurance costs could be rising even higher. We’ll get into this story and the rest of the relevant real estate news on this episode!  In This Episode We Cover A world without Airbnb and whether the newest ban could actually help homebuyers Another “tsunami” coming for real estate and whether there’s truth behind the hype  Private equity’s new plan to gobble up even more real estate as one niche suffers  More fees for homebuyers as agent commissions change, but will this have to be paid out of pocket? “Sinking” cities causing rising insurance costs and sliding home values  And So Much More! (00:00) Intro (02:24) A “Tsunami” Coming? (13:08) The Airbnb Bans Begin  (21:43) New Fees for Homebuyers?  (28:31) Cities Are Sinking  Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-991 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

    How to Find, Evaluate, and Offer on Rental Properties in 2024

    How to Find, Evaluate, and Offer on Rental Properties in 2024
    Want financial freedom through real estate? Then, you’ll need to know how to buy a rental property. Don’t worry; even as a beginner, you can take three basic steps to buy your first rental property and start building the passive income you’ve always dreamed of. To help you out, Dave Meyer, BiggerPockets’ VP of Market Intelligence and a fourteen-year real estate investing veteran, will walk you through finding, evaluating, and offering on rental properties.  Whether you’re a beginner or an active investor, these three steps will help you land more real estate deals with less effort and help you reach your financial goals faster. Not only that, Dave is giving his time-tested tips on how to make an irresistible offer to a seller—something that most real estate investors DON’T know how to do. Dave even shares every tool he uses to find, analyze, and research real estate deals so he can decide on a rental in minutes, NOT hours! Make 2024 the year you start investing for financial freedom. Sign up for BiggerPockets Pro using promo code “EVALPOD24” to get 20% off the industry’s best real estate investing tools.  In This Episode We Cover How to find and buy your first rental property (even if you’re a complete beginner) Using real estate to reach financial freedom faster than you thought possible Finding real estate deals in 2024 and expert-investor tactics most have never heard of  Using the BiggerPockets Rental Property Calculator to analyze deals in minutes  Seven different tips to get a seller to accept your offer (EVEN in a competitive market) The one real estate investing tool that will speed up your path to building a portfolio  And So Much More! (00:00) Intro (02:03) Want Financial Freedom? (09:00) 1. Finding Real Estate Deals (12:37) 2. Evaluating Properties  (24:34) 3. Making Your Offer (29:10) Best Tool for Beginners  (37:00) PRO CODE Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-no-number-3 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

    990: 2 Real Estate Markets We’re Investing in Now (Should You?)

    990: 2 Real Estate Markets We’re Investing in Now (Should You?)
    In this episode, we’re sharing two of the real estate markets we’re investing in NOW. One you may have heard of and one you probably haven’t. Both have strong long-term fundamentals, a sizable renter population, and more demand than meets supply. Which markets are we talking about, and why did we pick them over the thousands of other real estate markets across America? We’ll go into detail on today’s show! Dave and Henry are sharing two of their favorite real estate markets, both seeing sizable returns EVEN in 2024. First, Henry talks about the buy and hold goldmine of a town with low-priced homes, strong rents, and sizable cash flow. Plus, with “opportunistic rehabs,” Henry is seeing his cash flow explode with some basic home renovations. Next, for the passive investors, Dave talks about a syndication deal that’s so good it’s giving him bonus distributions! With many passive investments seeing poor returns this year, Dave may make it rich with this historically relevant real estate market. Don’t know where you should invest next? Stick around to hear the investing experts give their take on finding a market. You can even use our Market Finder to find your perfect market in minutes! Once you’ve found a market, use the Deal Finder to search for rental property investments in the area!  In This Episode We Cover Two real estate markets that Dave and Henry are investing in right now The Southern cash flow market with solid long-term potential  How to use “opportunistic rehabs” to boost your cash flow even higher  Syndication investing and why Dave bet on this one market with growing demand  Four steps to finding your perfect real estate investing market for cash flow, appreciation, or both  And So Much More Links from the Show Join BiggerPockets for FREE Property Manager Finder Find Investor-Friendly Lenders See Dave at BPCON2024 in Cancun! Find Your Perfect Investing Market Today with BiggerPockets Market Finder Find Your Next Investment Property with BiggerPockets Deal Finder Grab Dave’s Latest Book, “Start with Strategy” Find an Investor-Friendly Agent in Your Area How to Choose an Out-of-State Market for Investment (in 3 Easy Steps!) (00:00) Intro (02:31) 1. Joplin, Missouri (05:56) Easy Cash Flow? (09:02) Why Joplin? (12:02) Visiting & Henry's "Cheat Code" (18:18) 2. Williamsburg, Virginia (22:16) Syndication Investing  (28:26) How to Pick YOUR Market Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-989 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

    989: Seeing Greene: Investing with High DTI, When to Refi, & Getting Out of Debt

    989: Seeing Greene: Investing with High DTI, When to Refi, & Getting Out of Debt
    Life happens, and you’ve accumulated some debt. You’re wondering how to buy real estate EVEN with a high DTI (debt-to-income) ratio. Whether it’s good debt, like rental property mortgages, or bad debt, like credit card debt, holding you back, David and Rob have some ideas to help YOU grow your real estate portfolio faster, make more passive income, and get yourself out of the red! In this Seeing Greene, we’re talking about good, bad, and ugly debt. First, a house hacker hits hurdles when trying to buy his next property due to his current mortgage. Thankfully, there’s a way to get around this using the “sneaky rental” strategy. An investor with a growing portfolio struggles to find a bookkeeper who can keep his finances together WITHOUT costing him an arm and a leg; David and Rob give two very different pieces of advice. Got bad debt? We give an investor options on what he should do to consolidate his $40,000 credit card balance. Wondering when to refinance your mortgage? A repeat caller asks whether a cash-out refinance on one of his properties is worth the rate increase and closing costs. Finally, what would you do with two houses on one lot? Renovate them and sell one? Keep them both as rentals? And how would you fund the renovation? David and Rob give their takes and a HUGE red flag that everyone trying to “subdivide” land should know about. In This Episode We Cover How to scale your real estate portfolio FAST with the “sneaky rental” strategy (even if you have debt!) When to refinance your mortgage and whether a higher rate is worth cash in the bank  Bookkeeping for real estate investing beginners and how to not lose yourself in spreadsheets  How to consolidate debt so you can continue to buy rental properties Where David and Rob are investing next, plus a BIG move one of them is making  Subdividing lots and the one thing you MUST do before you even think about it And So Much More! (00:00) Intro (02:03) Scaling with “Sneaky Rentals” (08:02) Can't Keep Up with Bookkeeping!  (14:29) How to Consolidate Debt  (19:31) Where We're Investing  (24:12) When to Refinance? (30:38) How to Fund a BIG Renovation  Links from the Show Ask Your Question and Network with Investors on the BiggerPockets Forums Join BiggerPockets for FREE Property Manager Finder See David and Rob at BPCON2024 in Cancun! Real Estate Podcast 675 – Seeing Greene: When Does It Make Sense to Refi with High Interest Rates? Grab David’s Book on the BRRRR Method Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-989 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

    988: How to Start Making Millions from These Overlooked RV Park Investments w/Heather Blankenship

    988: How to Start Making Millions from These Overlooked RV Park Investments w/Heather Blankenship
    Heather Blankenship has made $10,000,000 alone from just one RV park investment. She got into it with no money and zero experience. While pregnant with her first child, Heather answered the phones, paid the bills, laid mulch, and slept on the office floor, working long days and longer nights to do anything she could to keep the campground running. Over a decade later, she has a $30,000,000 portfolio, with her first campground worth almost half that amount. How did she do it, and can you repeat her same investing strategy? In her new book, Real Estate Campgrounds, Heather dives into the almost unbelievable streams of income you can create from just one campground or RV park investment. In today’s show, she shares the different ways you can make money (and cash flow!) from your first campground investment, what to know before you buy, and how rental property owners can transition from single-family or multifamily rentals to campground investments. We also bust some myths that have probably stopped you from investing in this lucrative asset class before. Do you need a ton of money? Nope. Do you need a HUGE campground? Not really. Should you have hospitality experience? Maybe. Heather started with ZERO real estate investing experience and now is a campground multimillionaire! Want to follow in her footsteps? Don’t miss this episode!  In This Episode We Cover How Heather’s campgrounds create over ten income streams (BIG cash flow!) Making millions by buying overlooked RV parks and campgrounds  The biggest expense of running campgrounds and why you CAN’T get this wrong What you should know BEFORE you buy a campground to ensure you make money Transitioning from rental properties to campgrounds and why it may be easier than you think The common campground investing myths that stop most investors from creating massive wealth with this asset class  And So Much More! Links from the Show Join BiggerPockets for FREE Property Manager Finder Find Investor-Friendly Lenders See Dave and Henry at BPCON2024 in Cancun! Glamping, Campsites, and The Insane RV Park Revenue No One is Talking About w/Heather Blankenship Pre-Order Heather’s New Book, “Real Estate Campgrounds” (00:00) Intro (02:17) Campground Investing 101 (07:36) 10 Streams of Income! (09:37) Making $10M on ONE Park? (13:21) Know BEFORE You Buy  (19:00) From Rentals to Campgrounds  (23:17) Campground Investing Myths  (33:51) Regulations and Local Laws (35:38) Common Campground Pitfalls  (39:42) Grab Heather’s New Book! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-988 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

    987: BiggerNews: Rate Cut Chances Increase as New "Affordable" Markets Emerge

    987: BiggerNews: Rate Cut Chances Increase as New "Affordable" Markets Emerge
    Will the new jobs report finally prompt the Fed to cut rates, leading to you scoring a lower mortgage rate? With multifamily rents still falling, should we fear a nosediving rent trend in the near future? And why are all these traditionally overlooked investing markets becoming the new rental property hot spots? You asked, and on this episode of BiggerNews, we’re answering. We’ve taken top questions from the BiggerPockets forums and are answering them on today’s show! It wouldn’t be a BiggerNews episode without talking about the Federal Reserve. With the latest job numbers pointing in the right direction, is this the final signal the Fed needs before they start cutting rates? Or is there a specific unemployment rate we must hit for the Fed to give us some interest rate relief? Next, we’re talking about the continuously “softening” rents around the country. One sector is actually seeing rents grow, but if you’re not seeing that with your rentals, how do you ensure your tenants stay put and keep paying you rent? We’re giving our expert tips on mitigating falling (or stagnating) rents. Next, we’re highlighting the “affordable” investing hotspots popping up throughout the country as the cost of living increases. Are these markets actually worth investing in, or are the big cities going to have better returns once they bounce back? Finally, should you wait to save up emergency reserves and risk home prices rising OR buy your first property now? We share exactly what we did in the same position when we first started investing.  In This Episode We Cover Fed rate cut updates and how close we could be to mortgage rates finally falling The “softening” rent trend and what you can do NOW to ensure your rent prices stay put  Why the oversupply of multifamily rentals could actually reverse soon  The new “affordable” investing areas that are emerging across the US (and whether we’d buy there) Emergency reserves 101 and whether you should buy now or keep saving  And So Much More! (00:00) Intro (01:54) Rate Cuts Coming? (11:24) Rents Are “Softening”  (19:09) How to Mitigate Falling Rents  (21:36) New Affordable Markets Emerge  (28:20) Emergency Reserves 101  (33:05) Ask Your Question! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-987 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

    986: Are Tiny Homes a Good Investment? How a $50,000 Home Pencils Out

    986: Are Tiny Homes a Good Investment? How a $50,000 Home Pencils Out
    Are tiny homes a good investment? For just $50,000, you can get a brand new tiny home investment—not even fifteen percent of the average single-family home price in the United States. Even better? These tiny investment properties can bring in over $15,000 per year in rent, making your payoff period minuscule compared to a standard real estate investment. To learn more, we brought Steven Harrell, tiny home builder and investor, on the show to walk through all the numbers and how investors can cash in big on these tiny homes. Steven has seen the tiny home industry shift from off-the-grid, fringe mini homes in the woods to now a mainstream necessity as more Americans struggle to pay the sky-high cost of rent or a mortgage on standard homes. With affordability at a forty-year low, Americans need cheaper housing options, and tiny homes might be the perfect answer. We discuss the costs of tiny homes, how much they rent for, finding and buying land to put them on, insurance, financing, and how beginners can get started on this investment at a very attractive price point. Want tiny houses with big profits? This episode is for you!  In This Episode We Cover How much does a tiny home actually cost to build, and how much it’ll rent for  Tiny home appreciation and whether these small investments are for cash flow only How to find and buy the land for your next tiny home, plus what you MUST look for The average insurance cost for a tiny home (it’ll surprise you) Why the average tiny home tenant might not be who you think it is Exactly what Steven would do now to get started investing in tiny homes  And So Much More! (00:00) Intro (01:27) Foreclosed On & Finding “Tiny Homes” (05:39) Average Cost and Size  (08:12) Do They Appreciate?  (10:02) How to Invest in Tiny Homes (15:35) It’s THAT Cheap!? (18:17) Insurance for Tiny Homes  (20:18) Tiny Home Tenants  (22:22) How to Get Started  (26:28) Would We Buy Tiny Homes? Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-986 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

    985: Seeing Greene: How to Use Home Equity to Retire, Buy Rentals, or House Hack

    985: Seeing Greene: How to Use Home Equity to Retire, Buy Rentals, or House Hack
    Should you use a HELOC to buy investment property? Would we use home equity to retire? When is it time to sell a performing property and exchange it for a more expensive one? If you’ve got home equity, this episode could help you reach financial freedom faster as we answer real listener questions, many about home equity, on today’s Seeing Greene! If you’ve been investing for a while, you may have some paid-off properties. Should you get a cash-out refinance and live off the loans? That’s what one of today’s investors is asking, but Rob and David have different views on whether this is a good retirement plan. Did your property almost get destroyed by the city this week? Rob’s did! We’ll share the full story at the start of the show. Next, an investor debates selling her performing rentals to scale into a bigger property. We also answer how to use a HELOC (home equity line of credit) to quickly grow your real estate portfolio. Why are contractors so hard to find? A veteran investor/contractor shares the reason why most contractors suddenly disappear. Finally, a listener has inherited multiple lots of land but wonders if he should build multifamily rentals on them. Can he use the lots as collateral to get the funds to start his investing journey? All that in this Seeing Greene!  In This Episode We Cover How to retire using home equity and cash-out refinances (and whether you should!) Why Rob was close to having his newly-renovated home destroyed by the city  When to sell a performing rental property and trade up into a better area  Using a HELOC (home equity line of credit) to invest in real estate  Why good contractors are so hard to find and often vanish from investors’ lives  How to leverage land to fund build-to-rent investment properties  And So Much More! (00:00) Intro (01:06) The City is Destroying My Property! (06:12) How to Retire with Home Equity (13:00) Sell Rentals for House Hack? (18:45) How to Use a HELOC to Invest (26:04) Comment Section Callout  (28:47) Contractor’s Advice for Investors  (35:46) Build Multifamily on Inherited Lots? Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-985 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

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    Chris Ressa  Real Estate Background:

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    Natalie Cloutier Real Estate Background:

     

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