BiggerPockets Real Estate Podcast - 371: Introducing BiggerPockets' Brand New Show: Real Estate Rookie Podcast

Episode Date: March 5, 2020

More "newbie" content. More "first deal" success stories. Tips, tools, and step-by-step guidance from investors just one step ahead of you. That's what many of you have been asking for. And that's what you'll get when you subscribe to Real Estate Rookie, BiggerPockets' newest podcast! Episode 1 is LIVE now, and it's a gem if we do say so ourselves—check it out here. In this brief announcement, Brandon and David introduce hosts Ashley Kehr and Felipe Mejia (remember them from episodes 348 and 329?)... and explain WHO would—and wouldn't—benefit from listening to Real Estate Rookie. You might be asking—is the "OG" BiggerPockets Podcast changing? Or even going away? Not a chance! In fact, we hope you listen to both shows. Check out Real Estate Rookie today, and Brandon and David will have another great interview right here tomorrow. Then next week, you'll get an episode of Real Estate Rookie on Wednesday, and we'll be back to regular programming. Tell us what you think of the new podcast, join the Facebook group (just search "Real Estate Rookie"), and give Ashley and Felipe a follow on Instagram @wealthfromrentals and @felipemejiarei! Learn more about your ad choices. Visit megaphone.fm/adchoices

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bill.com slash bigger pockets, and get a $100 Amazon gift card. That's bill.com slash bigger pockets. This is the bigger pockets podcast, a special unnumbered episode. You're listening to Bigger Pockets Radio, simplifying real estate for investors large and small. If you're here looking to learn about real estate investing without all the hype, you're in the right place. Stay tuned and be sure to join the millions of others who have benefited from BiggerPockets.com. Your home for real estate investing online. What's going on everyone? This is Brandon Turner, host of the Bigger Pockets podcast here in the Seashed, live with my friend, Mr. David, Welcome to Hawaii, David.

I'm more than your friend. At this point, I'm your other half. We're pretty much, we're pretty much like two. What's that like story about like thousands of years ago or whatever? Humans were all like one person and then something happened and we got separated and then people spend their whole lives looking for their other half. Apparently that's you and I. We found it in Hawaii.

It couldn't be better. And we've got some new people to introduce. We do. Today is a special show. You might notice that this is not the usual show. I didn't even have a number for the show because tomorrow is actually. actually when we're going to launch this week's episode of the Bigger Pockets podcast. I know weird.

We always do it on a Thursday, but we're going to actually launch it tomorrow because we have a special announcement to make today. And that is Bigger Pockets is actually creating a brand new podcast, a brand new podcast. We've got BP money to help you learn how to control your personal finances. We've got BP business to help you learn how to grow your business. And we've got BP real estate, the real estate show. But there's something that we've been asked over and over and over to do. And part of it's my fault and part of it's David's fault here in that David and I have been

invested in real estate for like 400 years. And a lot of the guests that we have on have been invested in real estate for like 400 years. So people are saying we want more content to help people get started the beginning, the first deal, the second deal, that layer. And so we are excited to launch today and we have the hosts of that new show here today with us, the Real Estate Rookie podcast with Felipe and Ashley. What's up guys? Hey, thank you for having us on today. We are so excited to announce. this new rookie podcast. I'm a buy and hold investor from Buffalo, New York. And we have such great content coming to you guys about how to get started. We want to be your guys' accountability partners.

Yeah, thanks for having us on here, Brandon. Man, in that background, it looks beautiful and I'm jealous because it's like 28 degrees here in Nashville. Anyways, so here's the deal. I asked Kevin to fly you guys out here for this episode. And he was like, you know what? Philippe doesn't want to come to Hawaii. He'd rather stay in Nashville in the winter. So that's blame Kevin. Oh, man. Well, since we haven't. been investing for 300 years yet. So maybe one day we'll get there. Yeah, someday. That's right. All right. So I want to ask real quick, we'll start, since I can just cut you off, Libay. We'll start with your story. Real quickly, you were on the bigger pockets. Both of you guys were

on the bigger pockets podcast recently had very, very popular shows. Some of our most popular shows have had were with you two. And so that's, you know, partially why you're here today is because people love your story. So can you give us a quick, like one minute version of your story and what episode you were on so people can go back and listen to the whole thing if they want to? Oh, dude. Absolutely. So my, my. My name is Philippe Maha'iahia. I'm from Nashville, Tennessee. I was episode 329 with Brandon Turner and David Green. I had the honor, the pleasure, the just amazing excitement to be on there and explain kind of what I do. Basically, what I do, man, is I buy single family homes with a three

bedroom, one bath up top. And then I add another three bedroom, one bath in the downstairs. And I just continue that process over and over and over again. We are up to nine in the portfolio, flipped about six or seven. And yeah, man, that's kind of what we do. Nothing huge. where we're not buying apartment complexes or, you know, doing huge, huge syndication deals or anything. Just, you know, really bring a value to the rookie guys out there that want to continue. And that's what the show is going to be about, man, is really just reaching out to the rookie investors who want to buy one or two properties or just their next property. And they're kind of stuck, right? They can't really get with, you know, the people that have hundreds of properties and they're still learning what, you know, some of the acronyms are.

And that's what this rookie episode is going to be about. Very cool. And what about you, Ashley? Yeah, so I'm from Buffalo, New York, as I mentioned. And I focus on single family duplex, triplex. I'm working on my first full rehab property right now. I started about five years ago. So I'm still a rookie myself getting started. And I have tons of great content that I want to bring to you guys. We're going to have people on here who are just starting out. And we're going to hook them up with a mentor to kind of guide them through how to get started and we'll follow along the whole process. but Felipe and I are both really excited to get this show going for you guys. That's awesome.

All right. So before we get out of here, and we're going to keep today's episode short here of the podcast because we want people to stop right now, well, in a couple minutes when we end this, and jump over to listen to the first episode of your guys as show, Real Estate Rookie, which you can find in iTunes and Stitcher and on YouTube and all everywhere these shows are found.

But before we go to go, I want to actually get some content here so that people at least got something valuable. So here's what I'm going to ask all three of you guys, and I'll jump in at the end. Best advice for a rookie real estate investor. Somebody who's just starting out, looking for their first deal, not sure what to do.

What's your best advice for them? And I'll start with you, David Green, because you're in the seashed with me today. Yeah. So working with all the rookies I've worked with as a real estate agent, you're working with a lot of people or they're buying their first house

and they're using you and you kind of have to help them through it. What I've found is that it is an emotional decision that you have to make. Now, we talk about know your numbers and we talk about the numbers all the time, but that isn't what makes people actually move. Emotions make people move. So you're going to have a lot of fear,

you're going to have a lot of doubt. You're going to have a lot of uncertainty. You have to understand those are all natural byproducts of not knowing what to expect. When there's uncertainty, you're going to have anxiety, stress, and worry. So what I tell people is take the worst case scenario that you're most afraid of

and put a plan in place to cover you. What am I going to do if it doesn't cash flow? Have a job where you make more money, live beneath your means. What am I going to do if something breaks? Wait until you've saved up enough cash that you actually have a fund. Answer all the doubts that you

can think of first. And then you've removed all your excuses not to act and then go take action. You've already covered yourself no matter worst case scenario happens, you're going to be okay. And what Brandon and I find in many other investors is worst case scenarios never happen. They are only, they exist in your head and that's really the only place that they live. So don't let those stop you from taking action. Put a plan in place that will cover you if they happen. And then you'll take action and you'll realize you probably never even needed all the contingencies you put in place for a doomsday scenario. Boom. All right. That's a good answer.

All right. Which one of you want to go next? I'll go. But David, that's great for even a seasoned investor to still remember to do that, you know, jumping into different things. But for mine, when I started out, I was a staff accountant and I quit my job to become a part-time property manager. And that's how I fell in love with real estate and learn to become an investor. So my recommendation would be to get paid to get the experience and to learn. There's so many entry-level jobs in real estate, you know, being a part-time. maintenance tech. I just met a cop recently who during college in between classes would do maintenance requests for a property management company. And that's how he got involved. And, you know, you can be a leasing agent on the weekends, you know, Sundays as a side hustle. There's just so many different opportunities. And with those jobs, you get access to other investors. You can network and you get, you know, as a leasing agent, you get to see the leases. You get to see the process, the documentation. And I I think that's a really great way to get your feet wet in real estate.

All right. Good answer. Felipe. Actually, that's great advice. Something I probably should have done while in college, not chase, you know, crazy dreams that I had. But one of the things that I, and you can go back to my episode 329 and realize some of the crazy dreams that I was following

instead of real estate. But honestly, I would, I always tell, you know, the people that I help is, is to go ahead and start earning while you're learning. I get so many people that reach out to me and say, hey, Felipe, you know, I need to read all these books. I need to create LLCs. I need to save this much money in the bank. I need to do all of these things before I can get started in real estate.

And I'm like, man, if that takes you two years to do all that, you've lost two years of equity, you've lost two years of cash flow, you've lost two years of so many things where I'm like, look, jump in, right? You're not going to get a home run on the first one. And that's okay, you know, catch a medium-sized fish. You still caught a fish and make sure that you're earning while you're learning. You're always going to be learning. So why not go ahead and start earning some money while you're in that growth mode?

So that would be my advice to someone that's just starting out. Dude, just get a property that's going to cash flow. And then just, you know, you're going to figure it out from there. You don't need an LLC right off the muscle. You don't need to have a good billion dollars in the bank. Just get that first rental property. It's going to change your life. Yeah, I always like on Bigger Pockets webinars talk about it.

And David, you know, you've said it many times too. Like the first deal doesn't make you rich. The first deal is the goal of the first deal is to give you confidence, momentum and some knowledge. And like that's pretty much it. So again, don't buy a bad deal. Don't go all there and buy a deal. It's just going to, you know, cost you your life. But just take action.

I love that advice. I'm going to jump on with my final advice is develop. And I said this a few weeks ago on the podcast on one of other shows, but develop rare and valuable skills. So this is come, that phrase comes from Cal Newport's book, so good they can't ignore you, which David and I are obsessed with.

And Cald-Nobar makes that point of like, rather than trying to, you know, like come up with some like super clever scheme to make some money, and I just develop really rare and valuable skills. And the most rare and valuable skill for a real estate investor is knowing how to find good deals. And that really hinges. In fact, David and I were talking about this last night.

I'm at my line. Like, hanging out late on night with Ryan. The most valuable skill you can have is like deal analysis. Because when you can analyze a deal, everything else becomes easier. So if you're brand new, I just say like, just start analyzing deals every day. Just start every day. Make it a goal to analyze one deal. If you do that for three months straight, like you're going to have so much more confidence.

You're going to understand your market. You're going to know what to do going forward. You don't have to make an offer. It doesn't take any anything special to analyze a deal. And if you're listening to this and you're not sure how to analyze a deal, guess what? We've got calculators on bigger pockets. I can help you with that. check it out biggerpock.com slash kelk or come to one of our webinars.

David teaches webinars. I teach webinars. Maybe we'll throw you guys into teaching webinars someday because we just love the idea of like just deep diving with people on deal analysis. We do it every single week several times at biggerpockets.com slash webinar. So yeah. All right, guys. Well, we're going to close this episode down.

Again, we're going to resume our normal schedule tomorrow of the Bigger Pockets podcast. So tomorrow we have an amazing episode coming out. You're not going to want to miss. But today we just want to end this thing so you can go and turn. turn on the first episode of Real Estate Rookie. And of course, don't just listen to it, but do me a favor, subscribe to that right now. Even if you don't have time right now to listen to it, go subscribe to the Real State Rookie podcast right now.

Just search on your thing for a real estate rookie and subscribe to it. And when you listen to it, if you like it, leave a rating and review. And again, do it today, listen today, and let us know what you think about the first episode. I think you guys are going to like it. And with that, David Green, you want to say anything, final thoughts and take us out? You know, we get a lot of questions Brandon and I do from people that say, I just want to know, how do I get started? How do I get started? How do I get started? And we do want, we still cater to those people. We still give advice for newbies. And we want you to keep listening to our podcast as well.

But if what you know you're hungry for is I need more content specifically to get started, this needs to be a main staple in your diet. You need to be consuming the real estate rookie podcast and masterminding, getting around other rookie investors. You want to be around as many people as you can that are going the same things as you so that you can hear all the doubts in your mind are in everybody else's minds too. That's actually one of the things I started doing in my real estate company is all my first time home buyers. They all come to the same place and they ask all the same questions and they realize, oh, it's not just me. And then everybody feels so much better, right? Because what we know is taking action will build you wealth. It will make you smarter. It will make you better. It will get you

better connections. Taking actions is what it's all about. But you're not just going to jump out there and take actions so you feel good about it. So this is all about feeling good about where you are in your journey, accepting it, embracing it, and putting yourself in the position where you can do better. And this is a great community for you be involved in if that's where you find yourself presently. Very good. All right. Well, let's get out of here, David Green. You're going to end the show like you usually do.

Yeah. This is Brandon live from the C-Shed Turner with David Green. Signing off. You're listening to Bigger Pockets Radio. Simplifying real estate for investors large and small. If you're here looking to learn about real estate investing, without all the height, You're in the right place. Be sure to join the millions of others who have benefited from biggerpockets.com.

Your home for real estate investing online. Thank you all for listening to the Bigger Pockets Real Estate podcast. Make sure you get all our new episodes by subscribing on YouTube, Apple, Spotify, or any other podcast platform. Our new episodes come out Monday, Wednesday, and Friday. I'm the host and executive producer of the show, Dave Meyer. The show is produced by Ian K. Copywriting is by Calico Context. And editing is by Exodus Media.

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