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I will definitely buy with the FHA loan, a house, a single family, which tends to be cheaper than a duplex or triplex. Andres:And easy to find and easier to sell, easier to manage. You find a property, you rent the rooms out to your roommates and then you can get out of the house whenever you graduate. So I think for me, student rentals is the way to go. Even though I love duplex and triplex, but student rentals I think is the way to go. All the vacancies you can fill it short term payroll loans up because you are in that college and because you know, who is in that college.
Even just taking bad credit loans in maryland a couple of accounting classes can help you so much and learning how to manage the finances for your business, which I think is so important. And for real estate Andres, you touched on this a lot is podcasts and books. Ashley:Hey, well, thank you so much for all this great knowledge. We have one more segment for you and it is our random questions. The first question I want to ask is, what is a quote or some kind of saying that really sums up your approach to real estate? I think as a professional athlete, you do the same thing over and over and over and over. As a real estate, I highly doubt that when you find one realtor, you stay with that realtor for a whole investing career.
I think if you are consistent with that repeating, you can achieve financial independence which I think is the main goal here. Say that we picked you up and we dropped you back in the United States. With all of the knowledge that you have now, what does that first 90 days look like? And all my referrals I found it through mostly Facebook.
Basically just keep talking to people, keep reaching out. Ashley:And I think a lot of people forget this because I forget it sometimes.
And she said that a lot of libraries will do audible books now where you can actually download the audible books for free and listen to them right through your library. And then also you can check out a lot of real estate investing books from your library too.
So you might not even have to pay a couple hundred dollars for books. And then just to touch on the coffee, I love that idea so much. Can you tell us a little bit more where everyone can find some more information about you?
So if anybody out there needs any help, then they can reach out to me and I will love to help anybody. We really appreciated all the value you provided us today. RentRedi is all about helping new landlords manage their business and be happy customers. Go mobile and manage your properties from anywhere at RentRedi. Successful people, like business leaders, are well-known for reading a lot of books.
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Trevor is asking: What was the hardest part of getting started? What helped you overcome that obstacle, and how do you mitigate analysis paralysis? Here are some suggestions: If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group!
Ashley Kehr:This is Real Estate Rookie, show number 50. I am Ashley Kehr, and I am here with Tony Robinson. So if you guys payday loans in houston want to get involved, join the Real Estate Rookie Facebook group.
Make sure that you answer all of the questions and agree to the terms so that you can be submitted into the group. Very interested in getting out of the analysis paralysis phase and was curious if anyone is around the Northern Kentucky, Cincinnati area. Would love to touch base and hopefully pick up a few pointers on how you got started in that area. My girlfriend and I are determined to take the leap.
And I feel like so many people think and have that same question. I know from my perspective, what held me back the most is trying to find that perfect deal.
I just need to know the ins and outs of getting that first deal done. Ashley Kehr:And I think the mindset is a huge part of just taking action and getting that first deal done. A while back, loan without interest we had Jay Scott on, from the BiggerPockets Business Podcast, and I love hearing about his first deal.
They ended up having to rent it out and finally sold it for basically what they had put into it years ago before they actually sold it. But he has done an amazing job and he has grown and he does not regret that deal at all because they learned so many lessons from that. Actually pull the proof and figure out, okay, my insurance is going to be this, prove it to me. My property taxes are going to be this, prove it to me. How you can do that online payday loans instant approval direct lenders is you can get so much information online. Go online to any insurance website, ask for a free quote for that exact property. Plug in the information, a lot of times you can get quotes back within 24 hours on a property, and it will be a good estimate of what that insurance cost will be for you.
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BiggerPockets has the BP Insights where you can pull the rents for that area from there and underestimate it.
And then if worse comes to worse, have another exit strategy. Do you have the reserves in place to hold it for six months?
Or would you be able to sell this property and then move on to another property? So these are all ways to put plans and ideas and payday loans in dc strategies in place so that when you think about that worst fear, you say, "Oh, well actually I have a plan for that. So if you guys need an accountability partner, send us payday loans fort worth tx your deals and prove to us how you got those numbers. As new investors, we can make investing be an emotional experience rapid refund loans when really it should be based in the data. So when you can remove that emotional factor and really focus on the numbers, it makes a huge difference. I guess one other thing I would add, and it came to my mind as you were speaking, is can you live with the worst bad credit payday loans no brokers case scenario? Whatever you feel the worst case scenario might be, think if you can live with that worst case scenario, and if you can, then what are you waiting for? It just payday loans fort worth tx came to my mind, but I love what you said, Ash. Ashley Kehr:A lot of times any problem or issue can be fixed with money. So for me, my first partner, he came to the table with all of the cash. I put in a little of my own for the rehab, but he used his cash to purchase the whole property, but he also had money and resources beyond that.
He had his stock investments, other ways to access capital if we really needed it, if all of a sudden we needed to replace the whole foundation or fix the sewer, all of these things that you think of as a new investor, I knew that we could tap into his other resources, and to me, that was my safety net and that made me feel comfortable.
So every month he was paid principal and interest and five and a half percent. So if you really want to get started, give up something too and make it an opportunity for someone else. You follow that advice and you should be able to get that first deal done. Ashley Kehr:So make sure you guys tune in next Saturday. We will have another Facebook question that we will be answering and make payday loans fort worth tx sure you join us on Wednesday for episode number 51. Mashvisor provides you with the most trusted rental data and analytics in the market, with just a few clicks of the mouse. With Mashvisor you can analyze both long-term and short-term rental properties, and their Airbnb data is simply outstanding.
If you want to find top-performing investment properties quickly and easily, check out Mashvisor. Kevin Christensen is no different, he works a full-time job, runs a retail store with 5 locations, and self-manages his long and short-term properties, all while doing some handyman work himself! Kevin only started actively investing in real estate around 2 years ago, but has so far done 18 deals, won a lawsuit, and hired two full-time contractors for his properties.
He was sued in the middle of a subject-to deal while renting out a house as a short-term rental.
I was scribbling feverishly throughout the whole podcast trying to keep up with all the different stuff.
He talked about subject to, he talked about hard money, he talked about hiring folks. Just so many things that that rookies I think will benefit from hearing. Ashley:Yeah and he actually volunteered himself to help me on a subject to deal. So make sure you guys watch in the Real Estate Rookie Facebook group for me and Kevin to go live in there. I mean we could have gone on and talked to Kevin for hours. Do you want to start off telling us a little bit about yourself and how you got started in real estate?
I mentioned to Tony earlier, this is a bucket list thing for me. Probably about six months before I got started in real estate. I was just looking for an alternative way to pay off my student loans. And I started doing the research and digging into wholesaling and I really got invested in podcasts and I listened to hundreds of payday loans reno nv BiggerPockets podcasts and other podcasts and YouTube videos. Hundreds of hours of content and then finally got up the nerve to go out and drive around and look for a property. I just was thinking about this short term gain on it.
And it slowed me down and reeled me back in and I started running numbers. Tony:Can you walk us through what those 18 deals are? Just give us the 30,000 foot view of what those 18 deals were.
So in the beginning like I said, I was really, really gravitating towards not spending payday loans fort worth tx money. And not counting the one I was just talking about, the first actual deal I did took 10 months to close and I can go into that one a little bit later and why it was so difficult.