Think you need a big bank account or extensive investing knowledge to buy a rental property? Today’s guest got started with no money down, and this first real estate deal would open the door to multiple deals and six-figure profits. How did he pull it all off? You’re about to find out!
Welcome back to the Real Estate Rookie podcast! Tony Borman hit it out of the park on his first two deals. After buying his first property with $0 down and selling it for a $50,000 profit only a couple of years later, he then found and fixed a property that gave him a $92,000 tax-free payday. But then he hit a snag in his investing journey—buying a rental that lost money once property taxes spiked and going through not one, not two, but seven different contractors on his very first house flip!
Despite the recent hiccups, Tony is investing for the long haul, and in this episode, you’ll learn how keeping your W-2 job can help you absorb large losses as you’re learning the ropes. Tony also shares about the difficulty of finding (and keeping) great contractors, the biggest mistakes rookies make when analyzing rental properties, and the risks every investor needs to know about before tackling home renovations!
In This Episode We Cover
Creative ways to buy a rental property with as little as $0 down
How to fix and flip properties (while living in them) for a massive tax-free payday
The investing strategy that pays your mortgage (and helps you live for free!)
The many benefits of keeping your W-2 job while investing in real estate
House flipping risks every rookie needs to know about before getting started
The costly mistake you can’t afford to make when analyzing a rental property
And So Much More!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-614
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