Real Estate Rookie Podcast

Rookie Podcast 08: Why Pay Someone Else’s Mortgage? Ditching $20K/Year Rent with Mallori and Lucas

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Banks tend to love a certain type of borrower… and Mallori and Lucas don’t quite fit the mold.

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They're not 9-to-5ers. They rely on tips and seasonal work. And they live modestly but aren't swimming in cash. So, when they took the plunge into real estate investing—in pricey Tacoma, Washington—they had some work to do to become "bankable."

Today you’ll learn how despite a few roadblocks, they dumped their rent payment and pulled off their first-ever home purchase: a house hack in an up-and-coming area. From shopping around between banks, to securing a “rehire” letter to verify employment, to negotiating “early access” to the property and doing some repairs before closing, this episode is full of great tips for those just starting out.

Also—it's a reminder that "sweat equity" doesn't always mean physical labor. Sometimes it's just as important to stay focused and organized when it comes to the huge amounts of paperwork involved in a real estate transaction!

Let us know what you think of the show in our Facebook group (just search “Real Estate Rookie”), and subscribe so you won’t miss out next week. See you Wednesday!

Click here to listen on Apple Podcasts.

Listen to the Podcast Here

Watch the Podcast Here

In This Episode We Cover:

  • What Mallori and Lucas learned from a first-time homebuyer class
  • The mindset shift that helped them overcome their fears
  • How they avoided analysis paralysis
  • Getting access to a property to do repairs before closing
  • How they ensured their property passed the appraisal
  • How they got free carpet for their rehab
  • How blue-collar workers can be real estate investors, too
  • How seasonal workers can make themselves more bankable
  • What a “rehire letter” is
  • How they analyzed several house hack deals
  • Why listings with one Google Street View photo can be hidden gems
  • Websites where they check rent comps
  • Why their real estate agent turned out to be their “MVP”
  • And SO much more!

Links from the Show

Possible Lenders:

Lucas and Mallori’s MVP:

Tweetable Topics:

  • “Most conventional buyers are looking for something move-in ready.” (Tweet This!)
  • “What always got me over the fear is running the numbers.” (Tweet This!)

Connect with Mallori and Lucas

Ready to go take action? Every Wednesday, the Real Estate Rookie Podcast will arm you with tips, tools, and inspiration to help you launch your real estate investing career. Hosts Ashley Kehr and F...
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    James Fraundorf from Seattle, WA
    Replied 5 months ago
    Loved this podcast! Super helpful. I live north of Seattle a bit and this is pretty much what I want to do.