Episodes

  • Financial Freedom in 2 Years by Scaling Their Rental Portfolio FAST

    Financial Freedom in 2 Years by Scaling Their Rental Portfolio FAST
    Dec 27 2024
    This might be the fastest path to FIRE we’ve ever seen. In just two years, Emily and James were able to retire early and travel the world full-time. They didn’t have a trust fund, some huge inheritance, or a winning lottery ticket. But they did make some serious sacrifices, cutting almost everything unnecessary out of their lives to retire early and quit the jobs they were itching to get out of. How’d they do it? After realizing they were throwing away every cent they made, James stumbled upon a popular personal finance blog. He devoured it that day at work and came home a changed man. The AC temperature was going up, the restaurant expenses were going down, and he was deadset on achieving financial freedom. His wife, Emily, needed some convincing. But, with time, they both became locked in on FIRE. They moved to a cheaper house, rode bikes to work, and rarely ate out anymore. Just two years after discovering FIRE, they achieved it, and they did it without millions of dollars in the bank. And here’s the thing: you might be able to do it, too, IF you’re willing to put in the work. How much money are they living on? How did they cut their expenses so significantly? And how do you convince your partner or spouse to follow you on the path to financial independence? Emily and James are showing you how in today’s episode! In This Episode We Cover: How NOT to convince your partner/spouse to chase FIRE (do THIS instead) Cutting your expenses significantly and how to save money every single month The big lifestyle changes you must be willing to make to retire early Rental property investing and how to have income property cash flow fuel your FIRE Why you DON’T need to be a millionaire to retire early 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 BiggerPockets Money Podcast Rethink The Rat Race Check Out "BiggerPockets Money" Reach FIRE Faster with the Personal Finance Classic “Set for Life” Find Investor-Friendly Lenders The Ultimate Beginner’s Guide to Saving Money Connect with Scott Connect with Mindy (00:00) Intro (01:51) Poverty to Overspending (06:42) Convincing Your Spouse on FI (09:39) 0% to 85% Savings Rate (17:00) Buying $50K Rentals (23:59) Retiring on $31K/Year (30:10) The Secret to FIRE (33:13) Are They Still Retired? (35:06) Advice for Finding FIRE (36:54) Connect with James and Emily! (37:49) Use These FIRE Tips Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-502 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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    46 mins
  • Why This Expert Investor Owns Only ONE Rental Property

    Why This Expert Investor Owns Only ONE Rental Property
    Dec 25 2024
    Mike Baum owns just one rental property, but this one property alone has changed his life. It’s allowed him to become such an investing expert that he’s constantly being asked for his opinion on the BiggerPockets forums, and he provides some of the most well-thought-out investing advice on the internet. So why does he have just one rental property, and why doesn’t he grow using his expertise? The answer isn’t that obvious. You wouldn’t know it, but Mike is permanently disabled. After overworking so hard that he ended up losing his vision, he was placed on disability for the rest of his working career. This high achiever was forced to slow down and find something else that could replace his day job. Shortly after his diagnosis, he found BiggerPockets and turned a family vacation home into a short-term rental. Now, he’s got systems and processes that help him self-manage with very few headaches, and he will probably keep this property as his one and only rental for life. Why didn’t he “FOMO” in when everyone was gobbling up real estate in 2020? Why didn’t he grow his portfolio to become the next tycoon? Mike has some clear answers for why he did what he did, and after listening to him, you might change what you want, too. In This Episode We Cover Why you DON’T need a large real estate portfolio to find financial success when investing Why Mike tells beginner investors that they should NOT buy a short-term rental property The systems and processes Mike made to automate his vacation rental self-management (so he works less!) One thing you should do NOW before you start investing in real estate (it’s free!) The real result of “FOMO” investing and how to stop shiny object syndrome from blowing you off course And So Much More! Links Short-Term Rental & Airbnb Investing Forum The BiggerPockets Real Estate Podcast (00:00) Intro (03:03) Losing Sight After Overworking (05:53) Empty Lake House? (09:21) Managing a Vacation Rental (12:49) Know This BEFORE You Buy (18:00) Just ONE Property (21:25) No-FOMO Investing (26:49) A “Very Interesting” 2025 Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-501 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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    35 mins
  • Covering Her Mortgage in ONE Day with THIS (Up to $16K/Month!)

    Covering Her Mortgage in ONE Day with THIS (Up to $16K/Month!)
    Dec 23 2024
    Covering your entire mortgage payment in ONE day?! Today’s guest is proof that you don’t need a full-blown real estate portfolio to start making money. She has only ever owned one property, her primary residence, but it brings in up to $16,000 a month being rented out part-time! Welcome back to the Real Estate Rookie podcast! When searching for her first home, Nicole Lulinski Weill wanted a property that could bring in some extra income. She started looking at duplexes and homes with accessory dwelling units (ADUs) before stumbling on her dream house—a vintage home that had been used for film productions—and deciding to tap into its money-making potential as well. Despite not owning any “rentals,” she can pay her mortgage with a single project. The best part? This unconventional strategy is scalable! Now that Nicole has proof of concept, she plans to buy more of these niche investments in emerging markets and rent them out in the same way! If you want to make money without house hacking or becoming a landlord, you don’t want to miss this episode! Nicole will show you where to find a money-making primary residence, how to rent out your home to film production companies, and steps to protect your home from damage along the way! In This Episode We Cover: How this rookie investor covers her entire mortgage payment in ONE day Why you DON’T need to own rental property to make money in real estate How to turn your own primary residence into a money-making machine Renting your home out to film production companies for a huge payday Crucial steps to protect your house from damage while renting it out 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 Nicole’s Instagram Buy the Book “First-Time Home Buyer” Find an Investor-Friendly Agent in Your Area Real Estate Rookie 497 - $1,000,000/Year with 22 Rentals by Focusing on This Ultra-Profitable Niche (00:00) Intro (00:59) Buying (and Renting!) Her Home (10:51) Permitting & Logistics (14:42) Paying Her Mortgage in a Day?! (17:53) Protecting the Property (22:450 Extra Fees & Rental Rates (26:27) The Booking Process (37:08) Connect with Nicole! (33:39) Scaling & Revenue Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-500 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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    45 mins
  • 20+ Rentals in 2 Years but “Stuck” with the Wrong Strategy? (Rookie Reply)

    20+ Rentals in 2 Years but “Stuck” with the Wrong Strategy? (Rookie Reply)
    Dec 20 2024
    What’s the right investing strategy for YOU? In this episode, we’re going to hear from an investor who has scaled their real estate portfolio to twenty rentals in just TWO years! Despite their rapid success, they feel “stuck” and aren’t sure which strategy to use moving forward. Stay tuned as we show you how to choose the right strategy while helping them get unstuck! Welcome back to another Rookie Reply! Today, Ashley and Tony are diving into the BiggerPockets Forums and Real Estate Rookie Facebook group to answer more of your recent questions. After showing you how to nail down an investing strategy, we’ll get into landlord anonymity and provide you with several creative ways to protect your personal information from tenants. But that’s not all. We’ll also discuss short-term rental rates and share the dynamic pricing tools we use to find the “sweet spot” for ANY property or market! Looking to invest? Need answers? Ask your question here! In This Episode We Cover: How to nail down the perfect real estate investing strategy for YOU Creative ways to hide your personal information from tenants How to return security deposits to tenants (while staying anonymous!) Determining the ideal nightly rate to charge (for your short-term rental and market!) Maximizing your Airbnb revenue with the BEST dynamic pricing tools 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 OpenPhone Google Voice PriceLabs Beyond Pricing Wheelhouse Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-499 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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    38 mins
  • 4 Rentals in 7 Years with LOW Money Down (5% - 10% Down!)

    4 Rentals in 7 Years with LOW Money Down (5% - 10% Down!)
    Dec 18 2024
    Don’t have a ton of money to invest in rental properties? No problem! You don’t need hundreds of thousands of dollars to start building wealth. Chris Young, a (not-so) rookie investor from Southern California, started with just five percent down. He bought a $500,000 home in pricey Los Angeles for just $25,000 out-of-pocket. Now, Chris has four rental properties, one of which he uses as a vacation home, and hundreds of thousands in equity! Plus, he did it all while working a W2! Chris knew he wanted to invest in real estate early on. So, when he started his full-time job, he also got his real estate agent license, allowing him to have a backup source of income in case his career didn’t work out. But, thankfully, his real estate has been doing more than alright! He performed a “live-in BRRRR” (buy, rehab, rent, refinance, repeat) on his first property, making him hundreds of thousands in equity, then bought another one! But, after attending BPCon, Chris knew he needed a true investment property. What gets you monthly cash flow and a vacation home to use whenever you want? A short-term rental! But not everything went as planned—one unlucky event put his entire house out of commission for months! However, Chris is still thrilled that he has bought this property. He shares why he picked its specific market, how he dodged local competition, and did it all with just ten percent down! In This Episode We Cover: How to start building your real estate portfolio with just five percent down! The “live-in BRRRR” strategy that made Chris hundreds of thousands of dollars Picking your vacation rental market and why you DON’T want to go where everyone else is Using a ten percent down second home loan to buy your first short-term rental The one very unlucky event that cost Chris $40,000 (you CAN’T avoid it!) 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, “Short-Term Rental, Long-Term Wealth” Find Investor-Friendly Lenders Real Estate Rookie 486 - Quitting His Job with Real Estate After Cracking the Cash Flow Code w/Miller McSwain Connect with Chris (00:00) Intro (02:24) 5% Down First Property (06:57) Property 2 (Rent-by-Room) (11:04) Finding 1st Short-Term Rental (19:36) 10% Down Sequoia Vacation Rental (29:26) Losing $40K! (30:01) Setting Yourself Apart (39:44) Connect with Chris! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-498 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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    47 mins
  • $1,000,000/Year with 22 Rentals by Focusing on This Ultra-Profitable Niche

    $1,000,000/Year with 22 Rentals by Focusing on This Ultra-Profitable Niche
    Dec 16 2024
    You can make money in real estate—with or without owning rentals! How? There’s a growing segment of the industry that rookies NEED to know about. It’s more lucrative than long-term rentals, more consistent than short-term rentals, and today’s guest is bringing in $1 million a YEAR with it! Welcome back to the Real Estate Rookie podcast! Jesse Vasquez has mastered the medium-term rental strategy, bringing in over $1 million in revenue each year from twenty-two rentals. But here’s the thing. You don’t need a huge real estate portfolio to use this investing strategy and repeat his success. In fact, you don’t need to own ANY rentals to get started, making it the perfect option for new investors. But make no mistake—you’ll need to roll up your sleeves and get your hands dirty to build this type of real estate business! In today’s episode, Jesse will show you how to tap into this emerging segment of the market. You’ll learn how to build your network, land your first contract, and become a trusted “broker” for human resource and recruiting companies throughout your market. You’ll also learn the ins and outs of setting up medium-term rentals and how to convert an existing rental property into a thirty-day stay! In This Episode We Cover: The corner of the real estate industry that investors are still overlooking How to set up your own medium-term rental property in 2025 How to build your network, land your first contract, and earn money from referrals The clients that make the BEST guests (and how to find them!) Must-have amenities to include with your medium-term rental property How Jesse makes over $1 million in annual revenue from twenty-two rentals 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 Buy the Medium-Term Rental Guide “30-Day Stay” Find an Investor-Friendly Agent in Your Area How to Invest in Medium-Term Rentals Connect with Jesse Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-497 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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    42 mins
  • Build Wealth Faster with This Tax “Loophole” (1031 Exchange) (Rookie Reply)

    Build Wealth Faster with This Tax “Loophole” (1031 Exchange) (Rookie Reply)
    Dec 13 2024
    Are you looking to grow your real estate portfolio and build wealth faster? There’s a tax “loophole” that allows you to sell your property and roll your equity (and profits) into a bigger and better rental property—all while deferring thousands of dollars in taxes. Stay tuned to learn how to use a 1031 exchange to your advantage! Welcome back to another Rookie Reply! Today, Ashley and Tony are answering some of your recent questions from the BiggerPockets Forums. After discussing 1031 exchanges and “like-kind” properties, we’ll help an investor determine if they should sell or rent a property that, despite the potential to bring in decent monthly cash flow, has some costly capital expenditures looming. Next, is it better to stabilize a rental property by making home improvements that help you raise rent or use the same funds to buy another property? We’ll dive into the numbers and show you which option gives you the highest return! Looking to invest? Need answers? Ask your question here! In This Episode We Cover: The tax “loophole” that allows you to defer thousands of dollars in capital gains tax Building wealth and growing your portfolio with a 1031 exchange Whether you should rent or sell a property that needs major repairs When to stabilize your current portfolio versus buying another property Prioritizing renovations that increase home value and allow you to raise rents 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 Ask Your Question on the BiggerPockets Forums Put Your Vacation Rental on Autopilot with Hospitable Ask Your Question for a Future Rookie Reply Buy “The Book on Tax Strategies for the Savvy Real Estate Investor” Find Investor-Friendly Lenders What Is a 1031 Exchange in Real Estate? How to Guide & Examples (00:00) Intro (00:46) 1031 Exchanges (11:50) Should I Rent or Sell? (18:43) Making Home Improvements (23:59) Ask Your Question! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-496 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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    31 mins
  • Leaving Her W2 Job to Chase Financial Freedom with THIS Real Estate Business

    Leaving Her W2 Job to Chase Financial Freedom with THIS Real Estate Business
    Dec 11 2024
    Burned out at your W2 job? Tired of climbing the corporate ladder? Starting a real estate business could give you financial freedom, but is it worth giving up the security of a biweekly paycheck? This entrepreneur thinks so, and today, she’ll give you the blueprint for forging your own path in real estate! Welcome back to the Real Estate Rookie podcast! Melissa Shelton is not only an investor, but also the founder of Dear Valentine, a business that blends luxury, hospitality, development, and management. Quitting her nine-to-five job to become a full-time entrepreneur wasn’t an easy decision since she had worked tirelessly for many years to reach the top of her field. But, in the end, her “why” won out, and she mustered up the courage to go all-in on her dream! In this episode, Melissa will show you how to launch a “small and nimble” real estate business. You’ll learn how to set goals, grow your clientele from scratch, and build a business plan that keeps you afloat. But that’s not all. Melissa also has tips for limiting overhead costs, finding deals that give the highest returns, and hiring people who propel your business forward! In This Episode We Cover: How to start a real estate business that gives you financial freedom How to get your “foot in the door” and land your first client Creating multiple income streams that insulate your new business venture Crafting the perfect “pitch” that gets new investors and partners on board How to overcome the fear of failure when pursuing entrepreneurship 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 Ask Your Question on the BiggerPockets Forums Melissa’s Instagram Canva Buy the Book “The Quitter’s Manifesto” Find Investor-Friendly Lenders Stay-at-Home Mom to “Accidental” Investor with a $600K/Year Business Connect with Melissa (00:00) Intro (01:40) Catching the Real Estate “Bug” (04:59) Leaving Her W2 Job (09:42) Preparing for Entrepreneurship (21:51) A Day in the Life (23:37) Melissa’s Business Model (27:04) How to Find Clients (35:56) Staying “Small and Nimble” (39:36) Connect with Melissa! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-495 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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    47 mins