This episode could make you $40,000. Seriously, one property management mistake cost our own expert investor, Dave Meyer, anywhere from $30,000 to $40,000, BUT it’s easier to avoid than you think. If you’re a rookie real estate investor, this single mistake could sink your portfolio and put you back years on your journey to financial freedom. So, what’s the mistake you must avoid, and how do you circumvent it to make more money while having less stress? It’s Real Estate Rookie episode 400, so let’s save you $40,000!

Dave has been investing for over a decade, and he’s made his fair share of mistakes, but this one takes the cake. One simple property management judgment error sent his short-term rental trajectory off a cliff, with a filthy house, no bookings during the peak season, safety problems that left his property in jeopardy, and guests leaving less-than-flattering reviews. But this is a mistake anyone can make, so how do you avoid it?

In today’s episode, we’ll get into the nitty-gritty of what cost Dave $30,000 - $40,000, the exact way he’d prevent this from ever happening again, what you should look for in a property manager BEFORE you hire them, and the contract clause that could kill your cash flow!

In This Episode We Cover
The one property management mistake that could cost you up to $40,000
Property management fees and how to tell a company is a little too cheap
Signs you need to fire your property manager before it’s too late 
The one short-term rental contract clause that could ruin your entire year 
How Dave’s house almost froze thanks to overlooking one BIG utility 
And So Much More!

(00:00) Intro
(03:12) Buying a Property ASAP!
(06:57) Great Property, But…
(12:23) One Big Mistake 
(16:05) Things Go Really Wrong 
(20:07) Losing A TON of Rent 
(22:48) Costly Lessons Learned 
(28:43) Get a REAL Property Manager 

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400: Rookie Investor? Never Make This $40,000 Mistake w/Dave Meyer

Ready to build your real estate empire… but not sure where to begin?
Think of us as your personal trainer.
From detailed breakdowns of real-world deals… to one-on-one coaching sessions and a warm, welcoming community… hosts Ashley Kehr and Tony J Robinson bring on a wide range of guests to tackle the “newbie” questions you've wondered about but might be afraid to ask.
Looking to 10X your real estate investing business this year? This show isn’t for you.
Looking for your first, second, or third deal -- or envisioning a more modest portfolio? Step right up. 
Every Monday, Wednesday and Friday, we’ll arm you with the tips, tools, and roadmaps you'll need as you embark on your journey toward financial freedom.

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Are you tired of paying someone else’s mortgage? Then you’re in the right place. In today’s show, we’re sharing how to buy a home in 2024, even as a complete beginner, as we walk through a rookie’s step-by-step journey to purchasing his first primary residence, which could also become a rental! If you feel like you’re in the same position and want to be the receiver, not the sender, of monthly rent checks, tune in as we walk through how today’s rookie is gearing up to become a first-time homebuyer!

Aaron Mann was tired of renting. After being around real estate investors at his day job, he started to feel like he was missing out. Meanwhile, his wife was reading a slew of BiggerPockets books and told Aaron it was time to look into buying—he agreed! This couple is now beginning their house-hunting journey and has already zeroed in on their strategy, investing area, and what they want to buy. With the help of our own Ashley Kehr in the BiggerPockets Real Estate Rookie Bootcamp, Aaron is set to close on his first home in the near future. Want to get YOUR first rental property or primary residence this year? Tune in and start taking these beginner steps!

Sign up for a BiggerPockets Bootcamp today to get on the path to buying your FIRST or next rental property! 

In This Episode We Cover
How to buy your first home or rental property within the next year!
The “house hacking” strategy that allows you to significantly save on your mortgage payment 
How to save for a down payment and the basics of budgeting for first-time homebuyers
The one program that helps you to find discounted properties in your area
Getting a mortgage and the steps to take to see how much you can afford 
The one zero-percent-down loan that most homebuyers have no idea about 
And So Much More!

(00:00) Intro
(01:26) Deciding to Invest
(07:09) Best Beginner Investing Strategy 
(12:23) Finding Properties 
(13:41) Saving for a Down Payment 
(26:56) Picking a Market 
(29:29) Getting a Mortgage 
(35:04) Join the Rookie Bootcamp!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-407
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407: Stop Paying Someone Else’s Mortgage: Beginner Steps to Buy Your FIRST Home w/Aaron Mann

What goes into a commercial real estate deal? You’re about to find out! Fortunately, buying one of these properties isn’t quite the jump from residential real estate as you might expect it to be. Whether you’re a new investor or own several rentals, YOU, too, can buy a commercial property!

Welcome back to the Real Estate Rookie podcast! A few months back, we chatted with Tony about his new thirteen-unit hotel in Utah. Since then, the hotel has officially launched, and today, we’re joined by not only Tony but also his wife, Sara, to discuss the ins and outs of this enormous project. With months of planning, rehabbing, and problem-solving in the rearview, they break down the deal from start to finish—sharing some of their biggest successes, as well as some important lessons learned.

If you’re interested in commercial real estate investing, you don’t want to miss this episode! You’ll learn how to create a budget for a large renovation project, choose a model for paying contractors, get better reviews for your short-term rental, and form a seamless partnership with your spouse!

In This Episode We Cover
How the Robinsons planned, rehabbed, and launched a thirteen-unit hotel
Implementing self-check-in convenience on a commercial property
How to create a watertight budget for a large renovation project
Effective strategies for managing and paying your contractors
How to divvy up responsibilities when investing with your spouse
How to get MORE bookings (and keep your property occupied year-round!)
And So Much More!

(00:00) Intro
(02:43) Managing & Paying Contractors
(09:43) Numbers on the Hotel
(15:37) HUGE Lessons Learned
(18:49) Self-Check-In Challenges
(25:11) Building a Team & Getting Reviews
(28:41) Working with Your Spouse
(35:17) Connect with the Robinsons!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-406
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406: Inside Our FIRST Commercial Real Estate Deal (A 13-Unit Hotel!) w/Tony & Sara Robinson

MANY people invest in real estate for financial freedom. Unfortunately, not all investors get there. The truth is that a little cash flow won’t allow you to quit your W2 job or support an early retirement. You need a LOT of cash flow, or you need a bigger portfolio!
Welcome back to the Real Estate Rookie podcast! With two college degrees and a successful career, Dan Marklin had what many people envy in life. But one day, after realizing that the top rung of the corporate ladder wasn’t as glamorous as it seemed, he began to dream of something more—a job that would afford him total financial freedom and allow him to spend more time with loved ones. It wasn’t long before Dan had dived headfirst into the world of real estate investing, buying his very first rental property.
In this episode, Dan will show you the method he used to scale his portfolio from zero units to over ninety doors in just THREE years! Along the way, you’ll learn the differences between cash flow, cash-on-cash return, and an even MORE important data point to consider when analyzing rental properties. But that’s not all. Dan spares no detail when recalling one of his real estate horror stories and shares how YOU can overcome the challenges of multifamily property investing!

In This Episode We Cover:
How to achieve financial freedom by investing in real estate
Why YOU should start investing in small multifamily in 2024
Cash flow, cash-on-cash return, and internal rate of return explained
The MOST important data point to consider when analyzing properties
How to scale your portfolio WITHOUT sacrificing time or cash flow
And So Much More!
Links from the Show
Find an Agent
Find a Lender
Ashley's BiggerPockets Profile
Ashley's Instagram
Tony's BiggerPockets Profile
Tony's Instagram
Real Estate Rookie Facebook Group
Join BiggerPockets for FREE
Submit Your Real Estate Rookie Question!
Get Tips, Advice, & Support in the BiggerPockets Forums
Analyze Your Rental Property with the BiggerPockets Calculator
Real Estate Rookie 346 – The Multifamily Investing Masterclass: How to Get Started in 2024
BiggerPockets Real Estate 496 – Become a (Small) Multifamily Millionaire in 7 Steps w/ Brian Murray and Brandon Turner
Books Mentioned in This Episode:
Buy, Rehab, Rent, Refinance, Repeat by David Greene
The Book on Managing Rental Properties by Brandon & Heather Turner
Connect with Dan:
Dan's BiggerPockets Profile
Dan's Instagram Profile
Dan's Facebook Profile

(00:00) Intro
(01:05) The Journey to Financial Freedom
(07:55) EASY First Steps
(13:02) How to Analyze Rentals
(19:52) Buying the First Property
(23:45) Dan’s “Horror” Deal
(33:14) Finishing the Rehab & Scaling
(39:38) Connect with Dan!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-405
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com 
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405: Financial Freedom in 3 Years by Scaling with Small Multifamily w/Dan Marklin

How do you know if a rental property will make enough cash flow before you buy? Budgeting is KEY. When breaking down a deal, it’s critical that you account for the costs of all capital expenditures (CapEx), maintenance, and repairs. Overlooking an important line item could easily put you in the red!
 
Welcome back to another Rookie Reply! In today’s episode, we’re going to show you how to budget for the everyday operating costs that come with owning rental properties, as well as how to set minimum cash flow requirements when analyzing a rental. Should you find a partner for your next house hack? We get into the potential advantages and disadvantages of joining forces with other investors. We also talk about the many tax benefits in real estate and whether you need a limited liability company (LLC) to maximize them!

If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE).

In This Episode We Cover
How to budget for everyday rental expenses, maintenance, and repairs
How to set minimum cash flow requirements when analyzing deals
The pros and cons of forming a real estate investing partnership for a house hack
How to distinguish capital expenditures from repairs and maintenance
Whether you NEED an LLC to reap all of the tax benefits of real estate investing
And So Much More!

(00:00) Intro
(00:31) Claiming Tax Write-Offs
(04:02) Budgeting for Property Expenses
(15:45) Partnering on a House Hack?
(23:42) CapEx vs. Repairs & Maintenance
(26:37) How Much Cash Flow Do You Need?
(32:37) Send Us Your Question!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-404
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com 
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404: Rookie Reply: The Rental Property Expenses You CAN’T Afford to Miss

Buying small multifamily properties is an easy way to build a portfolio, and with a little creativity, you don’t even need a ton of money! Despite a rocky start to his real estate journey, today’s guest was able to take advantage of a HUGE investing opportunity and buy several properties in very little time.

Welcome back to the Real Estate Rookie podcast! Like many new investors, Sean Reischel started out using the house hacking strategy. Unfortunately, things didn’t go to plan, as an incident involving spaghetti and his garbage disposal ultimately drove a tenant out of his property. However, Sean was able to turn this bad situation into a golden opportunity by renovating the unit, raising rents, and placing a new tenant quickly. Fast forward only a few years, and Sean and his wife own five small multifamily properties worth a combined $2.7 million!

Whether you need help with financing or partnerships, this episode is loaded with practical tips that even the greenest investor can use. Sean shares how he teams up with other investors to buy properties faster, as well as how rehabbing and refinancing properties has increased his buying power. He even dives into his main markets—Salt Lake City, Utah and Louisville, Kentucky—and the investing strategies he deploys in these areas!

In This Episode We Cover
How Sean turned a house hacking “hiccup” into $2.7 million in small multifamily
How to analyze real estate deals using the one-percent rule
What to look for when choosing a new market to invest in
Using the power of refinancing to buy MORE rental properties
How to scale your real estate portfolio faster with partnerships
And So Much More!

(00:00) Intro
(01:11) Sean’s FIRST House Hack
(06:55) The “Spaghetti” Fiasco
(12:49) Renovating the Damaged Unit
(21:33) The Louisville, KY Market
(27:22) Finding & Funding Deals
(33:26) Changing Roles & the Investor “Pitch”
(38:16) Connect with Sean!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-403
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com 
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400: Rookie Investor? Never Make This $40,000 Mistake w/Dave Meyer

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