All
Members
Companies
Blog
Forums
Podcast
Webinars
    User Log in  /  Sign up
  • Forums
    Newest Posts Trending Discussions Followed Forums Real Estate News & Current Events General Landlording & Rental Properties Buying & Selling Real Estate Deal Analysis See All
  • Education

    Read

    BiggerPockets Blog BPInsights: Expert Analysis Guides Glossary Reviews Member Blogs

    Watch

    Webinars Video Library Financial Independence Blueprint Intro to Real Estate: Rentals

    Listen

    BiggerPockets Real Estate Podcast BiggerPockets Money Podcast BiggerPockets Business Podcast Real Estate Rookie Podcast Daily Podcast (Audio Blog)

    Topics

    Business Operations Finance Finding Deals Property Management Property Types Strategy
  • Network

    Recommended Vendors

    Real Estate Agents Mortgage Lenders Companies Hard Money Lenders Contractors Investment Companies

    Search

    Members Events Jobs
  • Tools

    Calculators

    Rental Property Fix and Flip BRRRR Rehab Estimator
    Wholesaling Mortgage Payment 70% Rule Airbnb

    Services

    BPInsights: Property Insights Tenant Screening Property Management Lease Agreement Packages

    New Feature

    BPInsights (beta)

    Quickly analyze a property address or ZIP Code to compare your rent in your neighborhood.

    Analyze a property
  • Find Deals
    Real Estate Listings Find Foreclosures External Link Ads, Jobs, and Other
  • Bookstore

    Real Estate Books

    Profit Like The Pros Bidding to Buy See all books

    Featured Book

    BiggerPockets Wealth Magazine book cover
    BiggerPockets Wealth Magazine

    Written by financial journalists and data scientists, get 60+ pages of newsworthy content, expert-driven advice, and data-backed research written in a clear way to help you navigate your tough investment decisions in an ever-changing financial climate! Subscribe today and get the Oct/Nov issue delivered to your door!

    Get the Magazine
  • Pricing
Log In Sign up
User
Quick search links
Podcast Hard Money Lenders Books Washington
ForumsArrowReal Estate Rookie PodcastArrowThis podcast inspired me to do a thing
  • Newest Posts
    • Newest Posts
    • Unanswered Discussions
  • Trending
    • Top Discussions
    • Trending Discussions
  • Browse Forums
Search Nova
Create post

This podcast inspired me to do a thing

6 Replies

  • Share on Facebook
  • Share on Twitter
  • Share on LinkedIn
Rotate Log in or sign up to reply
user profile avatar
  • Posts 11
  • Votes 5

Jamie Oliver
New to Real Estate from Phoenix, AZ

posted 9 months ago

So, I've been a lurker on BP for several months and following real estate sporadically for several years.  At one point I even got my license just for kicks and hung it "inactive". A few months ago, for the first time, I decided to get serious about it.  So I started reading books, reading BP, watching webinars, and listening to podcasts while I drive for Doordash in the evenings and on lunch breaks from my real job.  I also started researching the possibility of activating my license, casually looking at which brokerages would fit me.  Then I discovered the Rookie podcast and I have to say hearing about people taking action who were recently in my situation (lots of interest and research but no experience), really inspired me.  

So the first thing I did was decide on a plan, and that is to house-hack.  There are a million differing posts from experts on the BP forums about how best to respond to the current COVID environment, but almost everyone I've seen comment on house-hacking has agreed its a solid bet.  

In my market (Phoenix) every decent deal that hit the MLS would go under contract almost immediately, but suddenly things were staying on the market much longer, so that gave me some time to really look and make a decision, and I was able to find a two-unit where the rental comps would make up most, if not all of my mortgage.

Next, I contacted a lender.  I was super nervous about this part.  As a youngster, I made some poor and reckless decisions with my credit that have haunted me since.  I eventually grew up and took control of my finances, and now I have very little debt but the score itself is still lower than ideal, and speaking with anyone about the issue has always given me anxiety.  I was also nervous because I've heard so many stories about lenders tightening up recently, so I wasn't sure I'd get anything at all. BUT, my lender ended up being super awesome.  I got pre-qualified and then pre-approved for not only enough to cover the asking price, but he also got me into the down-payment assistance program in our state, so my down payment is covered as well! He's been crazy responsive through all of it so far.

Meanwhile, I also activated my real estate license with a broker.  I chose this broker because they assigned a mentor with you for the first three transactions, and I thought this would be perfect.  Unfortunately, in all the emails I received after signing up, they mentioned it would take 7-10 days for a mentor to reach out to me! So that is a bit frustrating.

So next I reached out to the agency that has the house listed to schedule a showing. The tenants had just moved out that day so we agreed on the next day. Then enters my MVP. The lady who met me there was not the seller's agent, but an agent who worked with her. During the showing she actually asked if I had heard of BP and the BRRRR method, so I knew right away she was pretty cool, but I had no idea yet how awesome she really was...

After the showing I knew I wanted to make an offer, and being that the brokerage I was signing up with wouldn't be sending me a mentor to help me out with all this for at least a week, I decided it would be worth it to forgo the BA commission to have someone help me out through this. Given that the lady who showed me the house was familiar with BP and is actually an investor herself, I decided to ask her.  Her response was essentially, "I'll walk you through this every step of the way, but we'll do it through you as an agent so you get the commission, I just love this stuff and love helping people out who are just starting."  My mind was blown.  And let me tell you she wasn't kidding.  She has been right there for me every step of the way, even meeting me on Sunday to put my offer together and send it over. Today we've been on the phone 3 times going through counter offers, and now we've got an accepted offer and an inspection scheduled for Thursday. Obviously that and the appraisal still need to go smoothly so I'm trying to keep my excitement in check for now.

And to top it all off, I have a 3rd interview with a company tomorrow whose office is less than a block from this house, totally unplanned.

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Real Estate Finance, Flipping, and Rentals
  • Posts 2.3K
  • Votes 843

Marlen Weber
Specialist from Plano, TX

replied 9 months ago

@Jamie Oliver Awesome job on getting started on something you've been interested in for a while. I know it can be scary to start something new, but not only did you do, you're doing it on the little time you have left from Doordash and your full time job. Very inspiring. Keep up the great work. 

Rotate Log in or sign up to reply
user profile avatar
  • Posts 317
  • Votes 420

Corey Hawkinson
Rental Property Investor from Bloomington, MN

replied 9 months ago

@Jamie Oliver Congrats on getting started! The first step is physically the easiest but mentally it is the hardest. Congrats on getting past that. I also think you found your mentor. Stay in touch with that agent!!!!!

Rotate Log in or sign up to reply
user profile avatar
  • Posts 24
  • Votes 8

Jay Meola
from Deerfield Beach

replied 8 months ago

@Jamie Oliver Congrats! Did everything go through? I know this thread is 2 months old but I have so many questions! I'm just gonna fire them off, where did you get this lender? What kind of loan? Would you mind giving us the specs of the deal? Is the down payment assistance solely for owner occupants? Where are you at in the process now? I know that was a lot but I am also a fan of the rookie show, and it got me more inspired to take action then the other podcasts. I have 4 viewings scheduled this weekend to try and put an offer on. I'm super excited but super nervous at the same time. Would you mind sharing your experience? Starting from getting your offer accepted all the way through to closing? A couple of the properties I am looking into would be BRRRR's so this thread really caught my eye! Thank you

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Tenants, Finding & Screening Tenants, and Managing Tenants
  • Posts 350
  • Votes 71

Ari Hadar
New to Real Estate from Israel

replied 4 months ago
Originally posted by @Corey Hawkinson :

@Jamie Oliver Congrats on getting started! The first step is physically the easiest but mentally it is the hardest. Congrats on getting past that. I also think you found your mentor. Stay in touch with that agent!!!!!

Howddid you find a mentor? 

 

Rotate Log in or sign up to reply
user profile avatar
  • Posts 317
  • Votes 420

Corey Hawkinson
Rental Property Investor from Bloomington, MN

replied 4 months ago

@Ari Hadar I meant that when you read his story you can tell that he found a great person to teach him about real estate in his local market.

In general, I think people put too much effort into finding some magical mentor that will teach them everything about real estate. In real life, if you put in the effort and show up to meetings you will meet several people. Instead of having 1 mentor you will have 5-10 people that will each teach you something. You’ll be able to put this all together.

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Tenants, Finding & Screening Tenants, and Managing Tenants
  • Posts 350
  • Votes 71

Ari Hadar
New to Real Estate from Israel

replied 4 months ago
Originally posted by @Corey Hawkinson :

@Ari Hadar I meant that when you read his story you can tell that he found a great person to teach him about real estate in his local market.

In general, I think people put too much effort into finding some magical mentor that will teach them everything about real estate. In real life, if you put in the effort and show up to meetings you will meet several people. Instead of having 1 mentor you will have 5-10 people that will each teach you something. You’ll be able to put this all together.

What are the online options for that now in covid time?

 

Rotate Log in or sign up to reply
  • 1

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Sign up below to download the eBook for FREE today!

Download the eBook Now

Lock We hate spam just as much as you

Related Discussions

  • New Member IntroductionsReady to do this thing! Jun 3 2019, 14:08
  • New Member IntroductionsHello from Flagler Beach, FloridaAug 30 2019, 19:09
  • New Member IntroductionsInvestor from Long Island NYApr 12 2016, 09:35

Related Blog Posts & Podcasts

  • BiggerPockets Daily 140: 4 Golden Rules of Real Estate Investing by Jeff Brown Mar 3 2021, 00:00
  • BiggerPockets Podcast 445: When to Quit Your Job and Pursue Your Dreams with Rapper ManafestFeb 20 2021, 23:01
Resources Read, see, and learn more!
Link Real Estate Investment Calculators
Link BiggerPockets Blog
Link Path to Purchase
Link Mortgage Loans
Link Find a Contractor
Link Real Estate Agents
Link Hard Money Lenders
Link Real Estate Listings

Top Contributors

Marlen Weber
Marlen Weber
Plano, TX
6.43
Score
Log in Sign up

Log in

Forgot password?

If you signed up for BiggerPockets via Facebook, you can log in with just one click!

Log in with Facebook

Or
btn_google_dark_normal_ios Created with Sketch. Continue with Google

Let's get started

We just need a few details to get you set up and ready to go!

Use your real name

Use at least 8 characters. Using a phrase of random words (like: paper Dog team blue) is secure and easy to remember.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.

Or
btn_google_dark_normal_ios Created with Sketch. Continue with Google

Why create an account?

Receive a free digital download of The Ultimate Beginner's Guide to Real Estate Investing.

Connect with 1,000,000+ real estate investors!

Find local real estate meetups and events in your area.

Start analyzing real estate properties, we do the math for you.

It's free!

Explore

  • Membership
  • Community
  • Education
  • Marketplace
  • Tools
  • FilePlace
  • REI Resources
  • Perks
  • Glossary
  • Reviews
  • iOS App
  • Android App

Company

  • About Us
  • Press
  • Advertising
  • Careers
  • Stats
  • Contact Us

Important

  • Editorial Guidelines
  • Terms of Use
  • Rules
  • Privacy
  • FAQ

Social

  • Facebook
  • Twitter
  • YouTube
  • Instagram
© 2004-2021 BiggerPockets, LLC. All Rights Reserved.