Want to know how to start an LLC for real estate? Whether you’re looking to form investing partnerships or avoid being sued, creating an LLC is one way to protect your personal name and assets. With that said, there are several factors to consider before setting one up!
Welcome back to another Rookie Reply! Each week, our inbox is flooded with questions about LLCs, so we’re dedicating an entire episode to the topic! Tune in as Ashley and Tony share their own experiences with LLCs, their benefits, and issues you might encounter. You’ll learn about the requirements for LLCs, when to put multiple properties under one LLC, how to apply for bank financing, and how to take advantage of business credit cards!
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 start an LLC for your real estate business
Requirements you MUST meet to keep your LLC in “good standing”
How to apply for bank financing as an LLC (and prevent a deal from falling through!)
The hidden mortgage clause you NEED to know about
Alternative asset protection strategies to consider for your real estate business
The biggest differences between an LLC and umbrella insurance
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
Ask Us Your Investing Question
Apply to Be a Guest on the “Real Estate Rookie” Podcast
How to “Layer” Legal Protection So Lawsuits Won’t Touch Your Wealth
Rookie Reply: Do You NEED an LLC for Rental Property?
Get Tips on Maximizing Business Credit Card Points:
The Points Guy
Aunt Kara
Book Mentioned in the Show:
Real Estate Partnerships by Ashley Kehr & Tony Robinson

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-350
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350: Rookie Reply: How to Start an LLC for Real Estate Investing

Ready to build your real estate empire… but not sure where to begin?
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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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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 
Learn more about your ad choices. Visit megaphone.fm/adchoices

403: House Hacking Blunder to $2.7 Million in Small Multifamily by Doing THIS w/Sean Reischel

The hardest part of real estate investing is, of course, getting started. Once you have your first rental property, it’s much easier to scale your real estate portfolio than you might think—even if you don’t have much money to your name!
 
Earning modest salaries from their nine-to-five teaching jobs, Rob Schou and his wife couldn’t afford a large down payment on an expensive property. But by starting multiple side hustles and sharpening their DIY home renovation skills, they were able to purchase a cheaper property and add value to it. The best part? This created a “domino effect,” giving them more capital and momentum for future deals. Even when they didn’t have everything figured out, taking action and having multiple exit strategies meant they always turned a profit—even when a project didn’t go to plan!
 
In this episode of the Real Estate Rookie podcast, you’ll hear about some creative side hustle ideas you can use to fund your next down payment. You’ll also learn how to choose a niche that aligns with your long-term goals, as well as how to build your “buy box” and find the right market. But that’s not all. Rob even dives into new construction, showing you how to buy land, vet builders, and more!

In This Episode We Cover
The “domino effect” and how ONE deal can help you land your next deal
How to find the perfect investing strategy for your long-term goals
How to build your “buy box” and choose a market to invest in
Lucrative side hustles that can help fund your next down payment
Why you MUST have multiple exit strategies for every new deal
How to properly vet a builder for new construction projects
And So Much More!

(00:00) Intro
(00:58) Buying the Vacation Home
(10:51) Side Hustling for Down Payments
(16:39) Analysis Paralysis & Finding Your Niche
(24:16) New Construction 101
(28:26) How to Vet a Builder
(36:17) Choosing Your “Buy Box” & Market
(42:37) Connect with Rob!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-402
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com 
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402: The “Domino Effect”: How to Build an Entire Portfolio from ONE Property w/Rob Schou

Want more cash flow with less stress while running your rental property portfolio? Then you need self-management! Amelia McGee and Grace Gudenkauf, seasoned investors and the minds behind BiggerPockets’ newest book, The Self-Managing Landlord, show you exactly how to do it. This episode peels back the curtain on the misconceptions that scare most investors away from self-managing their properties (like those feared 2 AM toilet emergencies!). Amelia and Grace expose how these scenarios are less frequent than most people think and offer smart strategies to handle them effortlessly.
The duo dives into the financial perks of taking the reins on property management, from dramatically cutting costs to boosting tenant retention and cash flow. They lay out a spectrum of management models—from DIY to hiring a dedicated team—and share their personal triumphs (and trials) within each approach. This is THE practical playbook for making property management a cornerstone of your real estate success.
You’ll learn how to establish effective systems for tenant onboarding, routine maintenance, and urgent repairs, ensuring your property management is both stress-free and profitable. Whether you’re just dipping your toes into real estate investing with your first property or looking to refine your existing portfolio, this episode is packed with actionable tips that promise to make your portfolio more passive! 
In This Episode We Cover:
How to lower your costs and boost your cash flow significantly with self-management
What being a landlord is actually like, and why it’s not all 2 AM toilet calls 
Building your real estate team so you can handle less of the day-to-day and focus on the big picture
Practical advice for setting up systems that streamline tenant onboarding and property maintenance
Grace’s $8,500 bookkeeping mistake that you CAN NOT afford to make
Tips for handling urgent property issues with WAY less stress 
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
Get RentRedi Property Management for FREE with a BiggerPockets Pro Membership:
BiggerPockets Pro
RentRedi
Real Estate Rookie 111 - 26 Doors in 1 Year? Here’s How You Can Do It Too! w/Amelia McGee
Real Estate Rookie 161 - Using Calculated Risk to Acquire 17 Doors In Under a Year (at Age 24!) w/ Grace Gudenkauf
BiggerPockets Real Estate 938 - Scaling from 0 to 20+ Doors Using These “Self-Management” Tools & Tips w/Amelia McGee and Grace Gudenkauf
Tools Mentioned in Today’s Show:
Loom
Monday.com
Connect with Amelia:
Amelia's BiggerPockets Profile
Amelia's Instagram
WIRE (Women Invest In Real Estate)
Connect with Grace:
Grace's BiggerPockets Profile
Grace's Instagram

(00:00) Intro
(01:10) The Right Way to Manage Rentals
(04:42) What Being a Landlord is Like 
(08:20) Why You MUST Self-Manage 
(14:42) Onboarding Tenants 101
(20:41) Lease Agreements
(26:56) The $8,500 Mistake
(30:08) Do This RIGHT Now!
(35:09) Building Your Team
(41:40) Grab the Book!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-401
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

401: Boost Your Cash Flow in 2024 with These “Self-Management” Tips w/Amelia McGee and Grace Gudenkauf

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 

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-400
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

350: Rookie Reply: How to Start an LLC for Real Estate Investing

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