The RentalRookie Podcast
Emily shares two quick announcements regarding the return of the podcast and an upcoming virtual investing summit that you can attend for free.
info_outline Show164: How we Doubled our Unsecured Line of CreditThe RentalRookie Podcast
Lines of credit can be a great financial strategy when it comes to financing rental property. Whether it be a HELOC, secured line of credit or unsecured line of credit it allow you some flexibility to acquire property. What is an unsecured line of credit? An unsecured line of credit is a revolving account that allows you to draw and repay based on your need for the money. What's great about an unsecured LOC is that you don't have to put any...
info_outline Show163: This is Your Year...Chase Your DreamsThe RentalRookie Podcast
Yep....not just a new year...it's a new decade. And with that comes excitement and inspiration and motivation. It's like you wake up one morning a totally changed and motivated individual.... because that's what happens. We go to bed on December 31st every year and wake up a new person the next morning. Right? I'm here to tell you that this year.....is your year. Stop letting your fears get in the way.... Stop letting what other people think about you get in the way... Sit down and take control of your life and where you want to go. Be intentional about what you want your like to look like....
info_outline Show162: 4 Things to Kick off Your Investing JourneyThe RentalRookie Podcast
We've made it to the end of our 12 days of Christmas and I hope I've inspired and motivated you to kick some butt in 2020. So to end our 12 day long focus of learning about investing in real estate I'm giving you 4 things to do right now to jumpstart your journey toward buying that first property. !. Do a financial audit of your finances Take a look at everything. Calculate you total monthly income (include work income, side job incomes, child support, etc. ...
info_outline Show161: Overcoming stage fright with investingThe RentalRookie Podcast
It's the 11th Day of Christmas Stage fright. Have you ever felt this? When you've worked so hard at something (dance, piano, athletic event, choir concert) you've put your blood, sweat and tears into really mastering the skill so you can perform well. And you get to the event…..and your slammed with stage fright. It can totally inhibit your performance. Fill you with anxiety and fear, Even when you know you've done the work to get out and do your best. Some of us can push through and face that stage fright head on ….. …while others can't. I see this same 'stage fright' happen with newbie...
info_outline Show160: Tax benefits of buying rental propertyThe RentalRookie Podcast
We are about to kick off a brand spanking new year. And if you already own a rental property but have not kept track of your tax deductible items for investing in rentals now's the time to clean that side of the business up. If you're coming in hot to 2020 ready to buy your first property…then knowing the things you should be keeping track of from the start will make your life 100x more easier when it comes time to do your taxes. ----Tax time of the year can be such a drag for a lot of people. Although it is a time to financially reflect on your year, it also is a time that can cause a lot...
info_outline Show159: The importance of tenant experienceThe RentalRookie Podcast
It's the 9th day of Christmas and it's my birthday!! And in the spite of gift giving in receiving I want to talk about tenant experience and how providing tenants with unexpected gifts can be huge in having proud, loyal tenants. Think about it. We put a lot of effort, time and money into buying these investments and we want to have a great experience ourselves so we need to have our tenants have a great experience. How do we do this? We have welcome packages for our new tenants. We provide new tenants with a welcome gift. It could be a gift card, welcome flowers, a gift basket of items you...
info_outline Show158: Running numbers on properties to ensure it's a good dealThe RentalRookie Podcast
What is awesome about investing in real estate is that we know before we ever close on a deal and sign the dotted line whether a property is a good deal. The process of buying rental property is in a lot of your control. Which either… A. people love because they like control or B. scares the daylights because they don't want to be responsible for the make or break of their financial investment. And a big part of this comes down to knowing how to run numbers. Knowing how to determine the return on investment that a property is going to yield you. Knowing how to property find and estimate...
info_outline Show157: How do I find good deals on rental property?The RentalRookie Podcast
Guess what….I love to travel. IT's my passion…it's my jam. So I subscribe to many different email newsletters dedicated to travel. Travelzoo, Sherman's Travel, Hotel Tonight, you name it I'm on it. And I don't just let those email go to my junk email address and not read them I know what days those emails come out every week and I look for them in my email inbox week in and week out. WHY? Because I want to see what the deals are this week. Are there any that we want to jump on and schedule for the upcoming year. I once was able to get Kirk and I RT flights to Denver for about $170 per...
info_outline Show156: Running a Rental Market AuditThe RentalRookie Podcast
Running a rental market audit is critical to your success as an investor.
info_outlineIt's the 11th Day of Christmas
Stage fright.
Have you ever felt this?
When you've worked so hard at something (dance, piano, athletic event, choir concert)
you've put your blood, sweat and tears into really mastering the skill so you can perform well.
And you get to the event…..and your slammed with stage fright.
It can totally inhibit your performance.
Fill you with anxiety and fear,
Even when you know you've done the work to get out and do your best.
Some of us can push through and face that stage fright head on …..
…while others can't.
I see this same 'stage fright' happen with newbie real estate investors.
They'll spend months and years learning, reading, listening, mentoring with seasoned real estate investors.
They'll listen to podcasts.
Read book after book.
Buy online courses to learn
Attend events
Find a mentor
Not just that but they'll do the work to learn the market and master running the numbers and know what questions to ask.
And then it happens.
They find a potential deal that checks all of their boxes.
And the stage fright comes barreling in.
In our world we will often refer to it as 'analysis paralysis'
The paralysis of moving forward and actually making the offer sometimes is so strong that it will paralyze newbie investors from ever taking action.
And this kills me.
I see smart, steadfast rookies who are determined to reach their goals stop just footsteps before the finish line.
And it comes down to fear.
Those fears and limiting beliefs pop back up and hold us back.
And what is important to realize is that even when you make the offer and get under contract there is still protection for you.
As a newbie investors making sure that you include the contingencies in the real estate contract are huge for giving you protection and peace of mind.
Home inspections protect you the buyer form anything unforeseen with the structure of the house that could ultimately make the deal bad.
Maybe there's some foundational damage that you didn't notice that would cost a ton.
Maybe some work hasn't been done up to code and would require a heavy investment to fix.
These things that come up with the home inspection that are unforeseen give you the chance to walk from the contract if it would ultimately inhibit the deal and the numbers.
The appraisal contingency is in place to protect you from buying a property that isn't worth the value that you are paying for it.
If you were to get an appraisal and find out that the property isn't valued at what the agreed on sale price is and is lower you have room to renegotiate or walk.
The financing contingency is there to protect you if there's anything that goes wrong in the loan process which would result in you not being able to get the loan you plan to use to buy the property.
But you have to be sure to include these contingencies in your contract.
And as a brand new investor…I would always include these for your own peace of mind and protection.
So don't let the stage fright or analysis paralysis stop you from going after that first property and reaching your financial and lifestyle goals.