BiggerPockets Podcast 074: Buying My First Investment Property- A Newbie Podcast with Jordan, Jacob and Jeromie
On today’s episode of the BiggerPockets Podcast – we’re going to change things up- again!
This is our official 2nd newbie podcast and it’s probably our most fun show yet. Just like the last newbie podcast back on episode 25, all of our guest today are investors who are just starting out and who have recently finished their first deal.
These stories are not only helpful for new investors, but even the pros can learn valuable lessons from their experiences! Each of these investors also are working full time jobs, which is something a lot of our listener’s struggle with. Additionally, we cover everything from investing when you live in an expensive city to the importance of confidence when everyone thinks your crazy and we even get to talk to a real-life rocket scientist who’s smart enough to hack his mortgage! You really don’t want to miss this one!
Read the Transcript
Click here to read the transcript.
Listen to The Show on iTunes
Click here to listen on iTunes.
Listen to the Podcast Here
Jordan Thibodeau: The Importance of Adding Value as a Buy-and-Hold Investor
- How BiggerPockets helped him get started
- Advice for newbies looking to find surrounding markets that work while living in expensive areas
- Learning the importance of setting clearly defined investment criteria
- What to look for in a good agent
- Tips for creating a game plan
- The importance of adding value to your property
- Why Jordan decided to NOT use a property manager
- Learn from Jordan’s mistakes
- The importance of creating systems
- And MUCH more.
Jacob Allen: Flipping with Confidence and Taking Action
- Discriminate against a tenant who works on a marijuana farm
- Adding a clause in the contract to save you money
- The process of a full gut-rehab as a newbie – while working a full time job
- How to vet a contractor on a budget
- The importance of insurance in the face of vandalism
- Using a home equity line of credit for deals
- The importance of showing up on the construction site
- And MUCH more!
Jeromie Hamann: Mortgage Hacker
- How to find properties in a hot market
- Why being a “live in landlord” can save you a lot of cash
- What it’s like living next to your tenants
- The need to sacrifice to become successful
- Pre-paying your PMI
- How to find a great mortgage for conventional financing
- How to prepare for disasters
- Travel hacking (Treveling for free!)
- And MUCH more!
Jeromie’s Website, FreeTravelInYourTwenties.com
Links from the Show:
Books Mentioned in the Show
HOLD: How to Find, Buy, and Rent Houses for Wealth by Steve Chader
Fooled By Randomness by Nassim Nicholas Taleb
Rich Dad Poor Dad by Robert T. Kiyosaki
Drive by Daniel H. Pink
Be sure to leave questions, comments, or messages of encouragement below in the comments!