What question can I answer for you on a NEW BiggerPockets Podcast?

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What question can I answer for you on a NEW BiggerPockets Podcast?

Brandon TurnerPro Member
Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes

Hey folks, 

Yes, your eyes are not playing tricks on you. I did just say "a new BiggerPockets Podcast." That's right- in a few weeks we'll be launching a SECOND podcast, and this show's format is going to be completely different. More on that later, but in the meantime... 

I NEED YOUR QUESTIONS! 

So... what is one question that I could personally answer for you on the Podcast? 

It could be about getting started investing in real estate, the best way to get a mortgage, the color of my dog's coat... whatever. But real-estate-related questions are probably best!

Go ahead and leave your questions below and I'll choose a handful of them to read on the new show, which will be called The #AskBP Podcast

And ... for extra brownie points, be sure to use the phrase "#AskBP"  in your post somewhere! I've got a "Keyword Alert" set for that :) 

Podcast Guest on Show #92
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Most Popular Reply

Shera Gregory
Investor · Richmond, VA · Member since 2013 · 347 posts · 191 votes
11y

#AskBP How to buy from a wholeseller. We hear a lot about wholesellers from their side but almost nothing from the perspective of buying from a wholeseller. I have done a couple of those deals and it's quite different from my "normal" MLS purchase. Also, in trying to work with a couple of local wholesellers it's become clear that some people don't have a property under contract before marketing it. What are the questions you should ask a wholeseller about the deal they are offering? Do I need to get my lawyer to review their contract? What are the pitfalls to look out for? etc, etc.

Thanks very much!
Shera

10Reply
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  • Ryan Dossey
    Real Estate Broker · Indianapolis, IN · Member since 2014 · 3k+ posts · 2k+ votes
    11y

    #askbp

    As a successful Real Estate investor what goals did you make along the way to get where you are? What goals do you have now? Kind of a progression of "milestones" that you used. 

    1Reply
  • DJ Cummins
    Rental Property Investor · Bethalto, IL · Member since 2014 · 319 posts · 103 votes
    11y

    #askbp

    I have been doing my homework for over a year now.  I have everything in place from forming an llc to getting the bank pre-approval.  Now I'm having problems finding the right property to get started with.  One of my partners just got her real estate license sohaving access to the mls is great but we still havent had the right property come along.  We are looking at multi-family properties.  Any suggestions? Thanks as always @Brandon Turner .   This site has been more helpful that I could ever even put into words!

    0Reply
  • Gregory H.
    Real Estate Agent · Philadelphia, PA · Member since 2013 · 451 posts · 369 votes
    11y

    #askbp

    Could you discuss the pros & cons of using retirement funds to invest in real estate? 

    Whether that looks like a self-directed IRA, 401K loan, straight up cashing out retirement funds and paying taxes & penalties, or any other way to use retirement funds.

    Not only talking about which one is best under which circumstances, but also whether it is a good idea at all to do any of them.

    8Reply
  • Jessi Hill
    Investor · Tampa, FL · Member since 2015 · 13 posts · 36 votes
    11y
    How about just walking thru the process. There are tons of resources but it's hard to find a "roadmap". Something like this ...find undervalued (for flips) or (insert rental criteria) properties. Request showing (or not), walkthru--look for these things 1), 2), 3) - analyze by looking at this / this. determine rehab investment (if applicable). Make offer. Once offer is accepted do this this. Closing works like this, then stage, list, open house, sell, pay investor whatever. :) What goes into closing costs? Will a rental by a busy street lower price compared to other like rentals?
    2Reply
  • Tom Shepard
    Investor · Brentwood, TN · Member since 2015 · 140 posts · 39 votes
    11y
    I agree with @Jessi Hill . I could use more details on the process. For example on one of the blogs or podcasts I have watched here on BP, the host said "I estimated $14k in rehabbing"... But HOW do you estimate that or where so you go to find that out, or get advice on estimating rehab expense either on a flip or even a buy and hold rental property? Just and example from one small step in the process. Maybe demystifying some of the steps. Could be a whole series right there!!! (My apologies if this already exists, still a little new here!)
    1Reply
  • Mario Alexandrou
    Investor · Lake Nebagamon, WI · Member since 2011 · 75 posts · 32 votes
    11y
    Hi Brandon not so much a subject as a future suggestion on your podcasts. I would think it be interesting to have, say several guests on the show with Josh and yourself all cover one subject. You find participants who are obviously knowledgeable on the subject, and go at it. So you could cover No Money Down, 2% Rule, 50% Rule, on each show what ever the subject.Then that podcast can be referred to on that topic. Would love to hear about due diligence. Thanks
    4Reply
  • Nate Miersma
    Rental Property Investor · West Michigan · Member since 2013 · 130 posts · 25 votes
    11y
    Brandon Turner - What are the most COMMON mistakes new investors make as they get started investing? Forget about the biggest/worst mistakes- these have too much variation. - The majority of investors and listeners most likely aren't in major investment metropolis areas. What should John Q. honestly focus in a non-Cali, non-Phoenix, non-metro area in order to get an honest start in real estate? - So many believe in multi-family (5+ units) but don't understand how to start without a huge down payment on conventional financing. Who does this effectively and how do they do it? - Unpack the previous question: do most successful multi-unit investors get to that stage through first investing in SFR properties and building a portfolio that enables later multi-family investments? Or do they jump straight in...and if so, how? #AskBP
    3Reply
  • Kwadwo Kyeremateng
    Investor · Chesterfield, VA · Member since 2014 · 13 posts · 1 vote
    11y

    As a someone who is trying find the best way to investment in buy and holds. Can you find an expect  to discuss turn-key properties investment. The pros and cons, how to evaluate a company and is it a good idea for someone who is starting out. 

    0Reply
  • Bryan N.
    Investor · Hampton Roads, VA · Member since 2014 · 1k+ posts · 418 votes
    11y

    What motivated you to stop reading and dreaming and start doing....

    2Reply
  • Shera Gregory
    Investor · Richmond, VA · Member since 2013 · 347 posts · 191 votes
    11y

    #AskBP How to buy from a wholeseller. We hear a lot about wholesellers from their side but almost nothing from the perspective of buying from a wholeseller. I have done a couple of those deals and it's quite different from my "normal" MLS purchase. Also, in trying to work with a couple of local wholesellers it's become clear that some people don't have a property under contract before marketing it. What are the questions you should ask a wholeseller about the deal they are offering? Do I need to get my lawyer to review their contract? What are the pitfalls to look out for? etc, etc.

    Thanks very much!
    Shera

    10Reply
  • Billy Mehlinger
    Lilburn, GA · Member since 2014 · 28 posts · 5 votes
    11y

    Would it be worth my time/money to get a real estate license if I am going to be investing part time in real estate (between 1-3 buy and holds a year) or would it be best rely on agents and marketing to find potential properties?

    0Reply
  • Tim Bishop
    Real Estate Agent · Fort Worth, TX · Member since 2014 · 187 posts · 113 votes
    11y

    Why so much plaid... and by ordering the same Starbucks drink every time aren't you worried that you're missing something better?

    #askbp

    3Reply
  • Sean Salandy
    Kent County, DE · Member since 2014 · 147 posts · 22 votes
    11y

    Can you focus a good amount of time explaining the ins and outs of analyzing deals? It is mentioned regularly that it is important to find great deals. Since this is very important, please spend more time on crunching numbers and giving more real life examples. 

    3Reply
  • Mark Parzych
    Wholesaler · Houston, TX · Member since 2014 · 73 posts · 57 votes
    11y
    Originally posted by @Shera Gregory:

    #AskBP How to buy from a wholeseller. We hear a lot about wholesellers from their side but almost nothing from the perspective of buying from a wholeseller. I have done a couple of those deals and it's quite different from my "normal" MLS purchase. Also, in trying to work with a couple of local wholesellers it's become clear that some people don't have a property under contract before marketing it. What are the questions you should ask a wholeseller about the deal they are offering? Do I need to get my lawyer to review their contract? What are the pitfalls to look out for? etc, etc.

    Thanks very much!
    Shera

    I think this is a very good topic to cover. Everything from negotiating to inspection to funding and if anything is different compared to a normal MLS transaction.

    0Reply
  • Brie SchmidtBusiness Member
    Moderator
    Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes
    11y

    #askbp

    When did you feel it was right to do REI full time?

    What was your tipping point from "good" to "great" in your business?

    What one piece of advice would you offer new investors?

    Going back, what would you have done differently?

    Podcast Guest on Show #132
    Second City Real Estate4.821 Reviews
    WebsiteView Page
    0Reply
  • Shawn Root
    Real Estate Investor · Seabrook, TX · Member since 2015 · 37 posts · 6 votes
    11y

    #askbp

    How do you organize your business?  This could mean via legal entities....it could mean how do you keep track of who payed what, when, and for what.  What systems, software, and services do you use? etc.

    0Reply
  • Account Closed
    Real Estate Agent · Greenville, SC · Member since 2014 · 86 posts · 30 votes
    11y

    #askBP

    Brandon Turner and Josh Dorkin... you two are the freakin men. Let me tell you something.... because of the podcast, Thursdays are just as good as Fridays. Every week I can't wait to listen. Instead of AA I'm going to need PA. Podcasts Anonymous. Anyways, here are 2 things I've been wanting some light shined on. 1031s. Requirements and restrictions. Tax benefits ect. And also, 203k loans. Regular and streamlined. How contractors are paid from the draws, is it a difficult process in dealing with the bank. Perks and drawbacks. Thank you gentleman!

    1Reply
  • David Martin
    Investor · Morrow, GA · Member since 2015 · 35 posts · 8 votes
    11y

    #askBP I'm with @Jessi Hill and @Tom Shepard on "the process" especially with creative/seller financing (SF). For example, explain the steps or process when working with an out of state absentee owner that is open to SF - to getting the deed in your name. Simplify it so that we newbies can get our deals closed whether or not our seller is next door or in the next state.

    The rules for newbie success when analyzing deals such as the different formulas for determining the max offer for properties under 40 or 50K and more details about what it takes to determine if a deal is a great deal. Also, if buying with SF and the terms are good, how much leverage should we give the seller on the final price? Meaning, should we ever pay near 100% of the ARV - repairs if we are able to get the terms that we want which results in good positive cash flow?

    Negotiation tips about building rapport  sellers and how to present a lowball offer without offending the seller.  How do you setup your lowball offers?

    Thank you!!

    0Reply
  • Luis Capriles
    Investor · Lynn, MA · Member since 2015 · 66 posts · 19 votes
    11y

    buying real estate thru auctions

    3Reply
  • Julio Cruz
    Real Estate Agent · Dumfries, VA · Member since 2015 · 20 posts · 7 votes
    11y
    How do you feel about using a home equity loan to get started investing? Is it a good idea or should I use a hard money lender?
    3Reply
  • Devin Morgan
    Baltimore, MD · Member since 2014 · 91 posts · 49 votes
    11y

    Was there ever a time you thought about quitting? And why?

    What was your biggest mistake turned lesson?

    Do you find that your inner circle of friends has changed since gaining success?

    #Askbp

    2Reply
  • Steve Vaughan
    Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
    11y

    #askbp   How do seasoned investors who want to divest/reduce some holding best go about that?  Is the market frothy?  So many are having a hard time finding good deals, what if you already have a bunch?  Time to sell and how?  Thanks!

    0Reply
  • Virginia C. Huddleston
    Semmes, AL · Member since 2015 · 21 posts · 7 votes
    11y

    #askBP

    I am just starting out.  My goal is to have my passive income exceed my expenses within 5 years. I intend to purchase multiple rental properties (at least 50) within the next 10 years (minimum). What is the best way to legally structure my company and the individual units in each one? 

    Example:  One parent company with each home as a subsidiary of that corporation? All individual LLCs? Etc?

    Pros/Cons of each and does it vary much from state to state (I am in Alabama if that matters)

    0Reply
  • Alvin Taylor
    Mooringsport, LA · Member since 2014 · 25 posts · 31 votes
    11y

    I would like to know more about the pros and cons of Rural investing, I see many good deals but I am unsure if I could find renters.

    0Reply
  • Mike Girard
    Investor · Philadelphia, PA · Member since 2015 · 81 posts · 7 votes
    11y

    I am a new investor, planning to buy multi-family housing to generate rental income. I live in New York, which means there are no really great markets near me. 

    Can you talk about the pros and cons of buying in locations far from home? Is this something a newbie should ever consider? 

    0Reply
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