This week’s question comes from Kaylee on the Real Estate Rookie Facebook Group. Kaylee is asking: When looking for a lender (specifically 203k) what is the best most effective way to find them? Do I need to find someone local? Am I overcomplicating?
Whether it’s a 203k loan, or any other loan, having a consistent and quality lender is incredibly important when building up your real estate portfolio. Ashley and Tony have both used a handful of lenders to fund their different types of deals.
Here are some suggestions:

Start with local lenders, especially ones you have relationships with already


Call or email all the banks in your area or the area you’re looking to buy in


Tell loan officers your plan, they may have a loan that fits exactly what you need

Even if a loan officer doesn’t have the right type of loan for you, keep up the relationship!


Get referrals from other investors in your area

And More!

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

BiggerPockets Calculator

BiggerPockets Forums

Check the full show notes here: http://biggerpockets.com/rookie62
Learn more about your ad choices. Visit megaphone.fm/adchoices

62: Rookie Reply: What’s The Best Way to Find a Lender?

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.

Education

Training

Language Courses

Higher Education

K-12

Educational Technology

Business

Investing

Careers

Management & Marketing

Business News

Shopping

Entrepreneurship

How To

House hacking and renting by the room are two of the easiest ways for rookies to dive into the world of real estate investing. Both investing strategies are affordable, low-risk, and easy to implement. The best part? They can help cover your mortgage payment each month and give you MORE money to invest!

Welcome back to another Rookie Reply! Want to earn some extra cash flow by adding an accessory dwelling unit (ADU) to your rental property? In this episode, we’ll show you how to present your plan to the city and get your new unit approved. If you need money for a down payment, you’ll want to hear about the creative method one of our recent guests used to come up with funds. We even talk about buying abandoned houses—how to locate the “missing” owner and swoop in with your irresistible offer!

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
House hacking explained (collecting rents, renovations, and tax benefits!)
How to add an accessory dwelling unit (ADU) to an existing property
Creative ways to fund the down payment for your next rental property
How to find the owner of an abandoned house and make an offer
Why you MUST have a lease agreement in place when renting by the room
How to remove squatters from your property (with a 100% success rate!)
And So Much More!


Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-395
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

395: Rookie Reply: Using a Car as a Down Payment (!?), ADUs, & House Hacking 101

Added home renovation costs can ruin your plans to own the perfect rental property. When this happens, how do you come up with the extra funds? More importantly, how do you prevent this from happening altogether? We’ve got plenty of answers for you in today’s episode!
Welcome back to the Real Estate Rookie podcast! Jessica Bryant Walton owns several doors in Anchorage, Alaska. As you’re about to find out, investing where winters are long, water damage is common, and frozen pipes are everyday occurrences isn’t for the faint of heart. Jessica and her husband had just bought a duplex, only to find out that the previous owner had disguised a MAJOR leak and extensive damage with a second roof. What they anticipated would be a $40,000 rehab ended up costing over $130,000!
Fortunately, Jessica and her husband came up with creative ways to fund their renovations, increase rents, and lower their overhead by self-managing the property. But there are valuable lessons to take away from their experience. You’ll learn why you should consider getting your real estate license, how to find the best contractors for your rehab projects, and the importance of always keeping a paper trail!

In This Episode We Cover:
How Jessica’s $40K renovation turned into a $130K+ “nightmare” rehab
Self-management tips for long-term and short-term rentals
The BEST way to source contractors for your renovation projects
Why you shouldn’t speak with your tenants over the phone
What you need to know before investing in an Alaska rental market
Why you should get your real estate license (even if you don’t plan to use it!)
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!
Rookie Podcast 277 - Leaks, Surprise Rehabs, and the Reality of Buying Your First Rental Property
Rookie Podcast 313 - The REAL Side of Real Estate: When Rehabs and Rentals Go Wrong
The Difficult Path to Wealth: Losing Money on Your First Real Estate Deal w/ JL Collins
Connect with Jessica:
Jessica's BiggerPockets Profile
Jessica's Instagram


Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-394
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

394: The Hidden Property Damage That Could Ruin Your Home Renovation…w/Jessica Bryant Walton

If you want your rental property to succeed, you’ve got to give people a reason to keep coming back. That’s exactly what today’s guest is doing—creating a one-of-one experience that people can’t get anywhere else. It’s what keeps his property booked year-round!
Welcome back to the Real Estate Rookie podcast! Just three years ago, Chase Charifa bought his first rental property—a black, mid-century cabin tucked away in Big Bear, California. By engaging each of the guest’s five senses and adding intrigue with a “secret” amenity, Chase and his wife, April, have created an unforgettable guest experience that allows them to stand out in their market. As a result, this short-term rental brings in about $120,000 per year!
But that’s not all. Since launching his Airbnb, Chase has taken on another four rentals, three new construction projects, and a parcel of land. How has Chase been able to scale his portfolio in only a few years? In this episode, he shares how he was able to fund several deals using creative financing and smart tax strategies. He also talks about the huge opportunity that exists with real estate development. You’ll learn how to find land, get approved for a construction loan, and build your own development team!
In This Episode We Cover:
How Chase brings in $120,000 per year from ONE rental property
The best way to get FREE real estate marketing for your short-term rental
How to create an unforgettable experience for your Airbnb guests
Scaling your portfolio with creative financing and tax strategies
How to incorporate a creative skill set into your real estate business
Getting started in real estate development and building your team
How to get approved for a construction loan (in three steps!)
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!
Protecting Your Future in Short-Term Rentals: It Starts By Providing a Powerful Guest Experience
The “Luxury” Rental Property That Brings in $150K/Year of Pure Profit
How to Start an Airbnb Business in a Brand New Market
$11,000/Month with One VERY Unique Rental Property
Connect with Chase
Chase's BiggerPockets Profile
Chase's Facebook
Chase's Instagrams:
@lightfootcabin
@janchasecharifa
Chase's LinkedIn


Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-393
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

393: $120K/Year from ONE “Sensory” Rental Property with a “Secret” Amenity w/Chase Charifa

Can’t afford to buy a rental property due to your area’s high cost of living? At what point should you quit your W2 job and move elsewhere to realize your real estate investing dream? There are several factors at play here, but we tackle this exact scenario and much more in today’s Rookie Reply!
We also talk about partnerships and how to determine who should be responsible for capital, holding costs, and other expenses when flipping houses. Are you inhering tenants? There’s an important agreement you must have in place when taking over the property. Could one of your residents be subleasing your unit without your permission? You’ll learn how to navigate this situation when it comes to light, as well as what to do when a tenant violates your lease agreement. Want to avoid troublesome tenants altogether? Stick around until the end to hear how Ashley finds the best tenants in town!
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:
When you should consider moving (and quitting your job!) for real estate
How to evict a subtenant who is illegally occupying your unit
The agreement you MUST have in place when inheriting tenants
How to determine who provides the capital in an investing partnership
What you should do when a tenant violates your lease agreement
How to attract the BEST tenants for your rental properties
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!
Enroll in the Real Estate Rookie Bootcamp Today
Become a BiggerPockets Pro Member for Lease Agreements in Your State
Rookie Reply: How to Structure a Real Estate Partnership
How to Find Your Perfect First Rental Property (Even in an Expensive Area)


Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-392
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

392: Rookie Reply: Should I Move (and Quit My Job!) to Invest in Real Estate?

A thriving real estate business without rental properties?! It might sound like an easy way to “invest,” but make no mistake—you’re going to need to sharpen your management, interior design, and problem-solving skills for it to work. Fortunately, today’s guest can bring you up to speed on this low-cost strategy!
Welcome back to the Real Estate Rookie podcast! In this episode, Veronica Garreton returns to the show to offer more nuggets of wisdom for new investors. In our most recent episode with Veronica, she shared how she pocketed $150,000 in profit from just ONE luxury rental property. But today, she is going to take a deep dive into the investing strategy that allows her to grow her real estate business without buying more properties—co-hosting!
Of course, co-hosting, like any other strategy, is susceptible to the occasional horror story. Tune in as Veronica shares how ONE troublesome guest caused $11,000 in rental damage and how her decisiveness helped her save the day. What is co-hosting and how does it differ from property management? Why are medium-term rentals taking over short-term rentals in certain markets? How do you prevent bad reviews on Airbnb? Stick around for all of the answers!
In This Episode We Cover:
How Veronica grows her real estate business without buying more properties
The co-hosting strategy and how it differs from property management
How to earn five-star Airbnb reviews by working at the “speed of luxury”
Why investors are moving from short-term rentals to medium-term rentals
Why you NEED an exit strategy when investing in a major metro market
The “emergency” clause you MUST include in your co-hosting agreements
How to furnish your short-term rental (tips from a professional interior designer!)
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!
The “Luxury” Rental Property That Brings in $150K/Year of Pure Profit w/Veronica Garreton
Wiping Out $130K of Debt in ONE Year With THIS “Steady” Real Estate Business
The Overlooked Aspect of Short-Term Rentals: Furnishing—Here’s What You Should Do
Medium-Term Rentals: How to Get BIG Cash Flow Out of Small Properties
Connect with Veronica:
Veronica's BiggerPockets Profile
Veronica's Instagram
Veronica's Portfolio


Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-391
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

62: Rookie Reply: What’s The Best Way to Find a Lender?

Download our free app to listen on your phone