Real Estate Rookie

Thinking about buying a duplex, triplex, or even a quadplex? Small multifamily properties are often some of the BEST investments for cash flow, especially if you plan to live in one of the units! But how does this type of property differ from a single-family home? What do you need to know before buying? Listen in to find out! Welcome back to another Rookie Reply! Today, we’re scouring the BiggerPockets Forums and answering more of your questions. After covering the ins and outs of small multifamily investing, we’ll get into financing your first property. What’s the best loan for first-time home buyers—FHA, conventional, or another option entirely? We’ll put them head-to-head and point you in the right direction! Finally, we’ll discuss several ways to use your home equity to grow your real estate portfolio. From 1031 exchanges to lines of credit, there are all kinds of options! Looking to invest? Need answers? Ask your question here! In This Episode We Cover: What you NEED to know before buying a small multifamily property The pros and cons of FHA and conventional home loans Putting twenty percent down versus paying private mortgage insurance (PMI) with less money down How to defer capital gains tax through a 1031 exchange The BEST ways to leverage the home equity in your rental property And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group Real Estate Rookie YouTube FreddieMac PMI Calculator Ask Your Question for a Future Rookie Reply Buy the Book “The Multifamily Millionaire, Volume 1” Find Investor-Friendly Lenders Real Estate Rookie 261 – How Nancy Rodriguez from ‘Love Is Blind’ Hit Financial Freedom BEFORE Fame Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-511 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

Home renovations can substantially increase your equity and cash flow on a rental property, but when doing one, there are two key things you need to pay attention to: budgets and timelines. Today, rookie real estate investor Rene Hosman is back to teach you how to do both after just finishing a three-month, $36,000 rental renovation where she turned an outdated apartment into a cash-flowing condo! Rene was able to rehab the entire unit (two bedrooms, one bathroom) with a budget of around $30,000, and although she may have gone slightly over, her returns look nothing less than phenomenal. How did she do everything—new floors, electrical, bathroom, AND furnishings—with such a reasonable budget? If you’re ready to renovate your home or rental property, take her tips. Rene goes through every aspect of the project: the good (renting it out right after finishing) and the bad (a BIG flood in the master bedroom), plus everything in between. She’ll share what she chose to DIY, what was smarter to hire out, and how she paid for it all. We also get the final numbers of the renovation—what the property appraised for AND how much it’s renting for now! In This Episode We Cover: How to stay on budget and on timeline when doing your next home renovation  Unexpected costs that led to thousands of more dollars in renovation expenses  Whether you should buy the materials or let your workers buy them instead (cost-saving tip!) Furnishing your rental property for cheap and where Rene finds low-cost, quality furniture  How to negotiate with your bank so you can get a LOWER interest rate when you refinance  How much cash flow Rene will make off of this small (but mighty) medium-term rental  And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group Real Estate Rookie YouTube BiggerPockets Forums $1,000,000/Year with 22 Rentals by Focusing on This Ultra-Profitable Niche w/Jesse Vasquez  Maximize Your Real Estate Investing with a Self-Directed IRA Join BiggerPockets Momentum 2025 to Supercharge Your Investing This Year Grab Your Copy of “The Book on Estimating Rehab Costs” Find Investor-Friendly Lenders How to Do Your FIRST House Flip in 2024: Budgets, Renovations, and Loans w/Rene Hosman Connect with Rene (00:00) Intro (01:07) Property Renovation Progress (03:35) How to Hit Your Renovation Timeline (06:56) Staying On-Budget (11:38) Unexpected Costs... (19:29) Building Your Renovation Budget (21:18) Paying for Materials and Rehab Expenses (30:42) Furnishing the Property (32:18) Refinancing and Rent Numbers (40:12) Connect with Rene! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-510 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

Want to start investing in real estate but don’t know where (or how) to begin? Even as a brand-new beginner, you can buy your first investment property in 2025, regardless of how high home prices and interest rates get. Today, we’ll break down how to find your first investment property, finance it, build a team (so you’re not doing all the work), and manage it to start building real estate wealth. Feeling scared to start? Thousands of rookies were in your shoes at the start of 2024 and are now experienced investors. It’s common to feel fear before buying an investment property, which is why, in this episode, we’re going over the common worries and pitfalls that stop investors from starting and how you can get around them! We’ll even share the exact markets we’re looking to buy in this year, what types of properties we think have the most potential, and get into interest rate predictions for 2025! Don’t sit on the sidelines; this is your chance to get into the game! Join BiggerPockets Momentum 2025 to supercharge your investing this year! In This Episode We Cover: How to start investing in real estate in 2025, even if you have zero experience Beginner steps to start and the two things you MUST do now before you buy The real estate markets we’re looking to buy in during 2025 (copy our strategy!) What to do if you’re too scared to start and stuck in analysis paralysis Building your investing team so you don’t have to do all the work And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group Real Estate Rookie YouTube BiggerPockets Calculators BPCon2025 BiggerPockets Forums Real Estate Market Analysis for Beginners | Rookie Resources Landlord-Tenant Laws of the US Join BiggerPockets Momentum 2025 to Supercharge Your Investing This Year Grab the Book “Long-Distance Real Estate Investing” Find an Investor-Friendly Agent in Your Area BiggerNews: This Area Has the BEST Cash Flow Potential in the Country (Lake Effect Cash Flow)    Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-509 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

Are great real estate deals gone for good? Not so fast! High interest rates, inflated home prices, and low inventory have made things difficult for investors, but by looking beyond the multiple listing service (MLS), you could uncover off-market properties that fly under the radar. In today’s episode, we’ll show you how! Welcome back to another Rookie Reply! If you’re struggling to make the numbers work in today’s housing market, you’re not alone! Tune in to learn how we find “rare” rental properties that are either undervalued or overlooked. Not sure where to start your investing journey? We’ll share three key factors that will help you narrow down your options and pinpoint the best real estate market for you. Stick around till the end as we discuss lease renewals, tenant turnover, and how to deal with a renter whose financial situation has changed! Looking to invest? Need answers? Ask your question here! In This Episode We Cover: Creative ways to find more off-market real estate deals in 2025 Three key factors to consider when choosing a market to invest in Why proper deal analysis is even more crucial when buying off-market How to determine whether you should offer tenants lease renewals Keeping your BEST tenants and avoiding costly tenant turnover And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group Real Estate Rookie YouTube PropStream Privy NeighborhoodScout BrightInvestor Ask Your Question for a Future Rookie Reply Buy the Book “Finding and Funding Great Deals” Find an Investor-Friendly Agent in Your Area 5 Ways to Find Off-Market Real Estate Deals Like a Pro Real Estate Market Analysis for Beginners | Rookie Resources  Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-508 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

Fixing up a distressed property might be the BEST way to add value, whether you’re looking to flip houses, BRRRR (buy, rehab, rent, refinance, repeat), or charge higher rents. But to avoid losing money, you’ve got to know what you’re doing! Today’s guest is an expert in home renovations, and in this episode, she’ll walk you through the entire process! Welcome back to the Real Estate Rookie podcast! Investor Serena Norris has done over 200 deals (including more than 130 flips) in just TEN years, so she knows a thing or two about home improvements! Today, she will show you how to complete a rehab project, step-by-step. You’ll learn about everything from forming partnerships and analyzing rentals to creating a pricing sheet in a new market, building a scope of work, and effectively managing your contractors. Whether it’s your first time managing construction or you’re looking for systems and processes that will help your jobs run smoothly, you don’t want to miss this renovation masterclass. Serena offers plenty of nuggets that will help you finish your projects on time AND on budget! In This Episode We Cover: Serena’s BEST renovation tips, tricks, and hacks (learned from 130+ flips!) How to manage a home renovation project from start to finish How to divvy up responsibilities in a real estate investing partnership Building your pricing sheet when diving into a new market How to estimate rehab costs and create your own scope of work The two most common mistakes new investors make on rehab projects And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group Real Estate Rookie YouTube Grab “The Book on Estimating Rehab Costs” Find an Investor-Friendly Agent in Your Area Real Estate Rookie 488 – How I’m Flipping 12 Houses (at Once!) All While Traveling Serena’s Instagram (00:00) Intro (00:50) Serena’s Portfolio & Partnerships (07:23) Building Your Pricing Sheet (15:55) Creating a Scope of Work (25:24) Working with Contractors (34:08) How to Manage Rehab Projects (43:47) Connect with Serena! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-507 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

Want to build a thriving real estate business in 2025? There’s a major mindset shift you need to make if you want to be successful in today’s market. Whether you want a couple of cash-flowing rental properties or dream of building a multimillion-dollar company, like Steve Rozenberg did, you won’t want to miss this episode! Welcome back to the Real Estate Rookie podcast! When Steve was furloughed from his job as an airline pilot, he knew he needed another way to make money. He dabbled in several real estate strategies—flipping houses, wholesaling, and buy and hold investing—and experienced his fair share of failure along the way. But what he discovered was that the cost of inaction was much higher than the cost of action. By educating himself, learning from his mistakes, and laying the proper foundation for his business, he was able to scale a multimillion-dollar property management company! In today’s episode, Steve will give YOU the blueprint for starting your own real estate business this year. You’ll learn about the two biggest mistakes new investors make, the systems and processes that will allow you to scale, and how to identify the perfect investing strategy for you! In This Episode We Cover: The blueprint Steve used to build a multimillion-dollar company The crucial mindset shift you need to succeed in today’s market The two biggest mistakes new investors make when starting out How to lay the proper foundation for your real estate business (in five steps!) Creating systems and processes that allow you to scale your real estate portfolio The number of standard operating procedures (SOPs) you actually need How to choose the perfect investing strategy for you in 2025 And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group Real Estate Rookie YouTube The Checklist Manifesto Buy the Book “Scaling Smart” Find an Investor-Friendly Agent in Your Area How to Build Effective Systems in Your Real Estate Business Connect with Steve (00:00) Intro (01:22) Starting from Zero (05:07) Mindset Shift & Critical Mistakes (10:41) HUGE Lessons Learned (18:35) The Secret to Scaling (25:43) Building Systems & Processes (33:31) The “One-Page” SOP (40:23) Connect with Steve! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-506 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

What’s the “right” way to build your real estate portfolio? Once you’ve taken down your first rental property, should you focus on paying it off? Or should you buy more properties, even if it means taking on even more debt? You’ll want to hear where we stand in today’s episode! Welcome back to another Rookie Reply! Today, Tony and Ashley are digging through more of your recent real estate-related questions. First, we’ll discuss paying off your mortgage versus using that money to buy more rental properties. After that, we’ll compare the pros and cons of FHA loans and show you an easy way to estimate closing costs. We’ll also cover some other low-money-down loans that you may have never heard of! Finally, are you struggling to fill vacant units? Tired of apartment tour no-shows? Stay tuned because we’ve got a strategy that makes “serious” applicants stick! Looking to invest? Need answers? Ask your question here! In This Episode We Cover: Whether you should focus on paying off your mortgage or buying MORE rentals The pros and cons of getting an FHA loan for your rental property The “hidden” closing costs you CAN’T afford to miss (and how to calculate them!) The best ways to put low money down on your next property Finding “serious” applicants for your rentals (and lower vacancy rates!) How to save time by streamlining your rental application process And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group Real Estate Rookie YouTube Sample Closing Disclosure NACA USDA Eligibility Map Ask Your Question for a Future Rookie Reply Grab “The Book on Rental Property Investing” Find Investor-Friendly Lenders Real Estate Rookie 261 – How Nancy Rodriguez from ‘Love Is Blind’ Hit Financial Freedom BEFORE Fame Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-505 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

Do you lean into data when analyzing real estate deals? In a competitive market, ANY kind of advantage goes a long way towards helping you land better deals. And guess what? Harnessing the power of data is much easier than you think. Today’s guest delivers a handful of helpful tips, tricks, and tools that all rookie investors can use! Welcome back to the Real Estate Rookie podcast! Today, we’re joined by Ariel Herrera—data scientist by day and real estate investor by night. Five years ago, Ariel decided that real estate was going to be her path to financial freedom. Like any eager investor, she devoured as many articles, podcasts, videos, and books as she could get her hands on at the time. Once she realized that she could combine her love for data science with real estate, there was no looking back! In this episode, Ariel shares about the competitive edge you can gain by being a data-driven real estate investor. She recommends several tools and systems, all of which are easy to implement and require ZERO coding. Additionally, you’ll learn how to choose your market, invest out-of-state, and save a ton of time with a few deal analysis shortcuts! In This Episode We Cover: How to find better real estate deals through the power of data science Tools and systems you can use to analyze deals (WITHOUT any coding!) Leveraging the equity in your portfolio to purchase MORE properties Creating consistent cash flow with the house hacking strategy How to find and purchase properties in other states (and countries!) And So Much More! Links from the Show Apify Browse AI ChatGPT Google Bard Redfin Zapier Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-504 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

It’s the season for housing market predictions, and we know who to call! Altos Research and HousingWire’s Mike Simonsen joins the show to share where his team thinks mortgage rates, home prices, housing inventory, and buyer demand will be in 2025. Every year, the HousingWire team puts together a phenomenal housing market forecast, touching on the topics investors, agents, lenders, and housing nerds care about while recapping the wildest surprises of the year prior. Will mortgage rates finally fall below six percent in 2025? Will home prices dip with housing inventory up a substantial percentage year-over-year? And could agents and lenders finally get some relief with home sales, or will we still see sluggish purchasing and buyer activity? Not to spoil it, but Mike is optimistic about the 2025 housing market and what will come over the next twelve months.  Mike breaks down each prediction and what could affect YOU the most, whether you’re buying or selling homes. Plus, he shares the one metric his team is watching carefully to see which direction the 2025 housing market is headed.  In This Episode We Cover: HousingWire’s 2025 housing market forecast and 2024 housing market recap The mortgage rate range you can expect over the next twelve months  Home price growth and exactly how much the HousingWire team expects in 2025  Why housing inventory is starting to climb again (and whether it will continue in 2025) One metric Mike and his team are paying very close attention to in 2025  The market’s reaction to the 2024 election and President-Elect Trump’s win And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group Real Estate Rookie YouTube On the Market Altos Research HousingWire’s 2025 Housing Market Forecast Check Out "On the Market" Get Ready to Invest in 2025 with Dave’s Book, “Start with Strategy” Find Investor-Friendly Lenders 2025 Housing Market Predictions (+ How’d We Do Last Time?) Connect with Dave Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-503 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