House hacking and renting by the room are two of the easiest ways for rookies to dive into the world of real estate investing. Both investing strategies are affordable, low-risk, and easy to implement. The best part? They can help cover your mortgage payment each month and give you MORE money to invest!
Welcome back to another Rookie Reply! Want to earn some extra cash flow by adding an accessory dwelling unit (ADU) to your rental property? In this episode, we’ll show you how to present your plan to the city and get your new unit approved. If you need money for a down payment, you’ll want to hear about the creative method one of our recent guests used to come up with funds. We even talk about buying abandoned houses—how to locate the “missing” owner and swoop in with your irresistible offer!
If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover
House hacking explained (collecting rents, renovations, and tax benefits!)
How to add an accessory dwelling unit (ADU) to an existing property
Creative ways to fund the down payment for your next rental property
How to find the owner of an abandoned house and make an offer
Why you MUST have a lease agreement in place when renting by the room
How to remove squatters from your property (with a 100% success rate!)
And So Much More!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-395
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404: Rookie Reply: The Rental Property Expenses You CAN’T Afford to Miss
403: House Hacking Blunder to $2.7 Million in Small Multifamily by Doing THIS w/Sean Reischel
402: The “Domino Effect”: How to Build an Entire Portfolio from ONE Property w/Rob Schou
401: Boost Your Cash Flow in 2024 with These “Self-Management” Tips w/Amelia McGee and Grace Gudenkauf
400: Rookie Investor? Never Make This $40,000 Mistake w/Dave Meyer
399: $80,000/Year Cash Flow & Financial Freedom with 7 Properties (in 3 Years!) w/Sarah Msuya
398: 3 Steps to Buying Your First (or Next) Small Multifamily Property
397: The BEST Ways to Protect Your Rental Property and Keep Your Tenants Safe w/Eileen Daugherty
396: 5 Real Estate Deals Using Other People’s Money w/Darnell Leslie
394: The Hidden Property Damage That Could Ruin Your Home Renovation…w/Jessica Bryant Walton
393: $120K/Year from ONE “Sensory” Rental Property with a “Secret” Amenity w/Chase Charifa
392: Rookie Reply: Should I Move (and Quit My Job!) to Invest in Real Estate?
391: The Low-Cost Way to “Invest” in Real Estate in 2024 (Without Buying Rentals) w/Veronica Garreton
390: Making Over $10K/Month Thanks to “Conscious” Multifamily Investing w/Yiting Yang
389: Rookie Reply: How to Find a Property Manager & Set up Rentals Out of State
388: How to Save Your Cash Flow When Dealing with a “Problem” Property w/Ashley Robinson
387: The Step-by-Step Guide to Flipping Houses and High-ROI Home Renovations w/James Dainard
386: Rookie Reply: Will It Cash Flow? Analyzing BRRRRs, Hotels, & Commercial Deals
385: How to Save Your Rental Property When “Good” Tenants Turn BAD w/Chelsea Borden
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