No real estate investing journey is ever sunshine and rainbows, but some are certainly more difficult than others. Many rookie investors are either so fearful of making a mistake that they experience “analysis paralysis” or are so eager to own property that they rush into several costly mistakes. Today’s guest fell into the latter camp!
Welcome back to the Real Estate Rookie podcast! Today, we’re joined by Tyrin Tyson, a travel nurse who made his fair share of mistakes on the way to his first deal. After working tirelessly to save up extra cash for real estate, Ty hastily bought two properties at an auction. Come to find out, they weren’t exactly as advertised. To make matters worse, some bad advice led to a nightmare rehab project that went $20,000 over budget and took nearly two years to complete.
If you want a realistic picture of the average real estate journey, this is an episode you won’t want to miss! Hear how Ty earned the capital to invest (including a fun side hustle!), weathered the storms of his first deal, and found a real estate community that pushed him to keep going when giving up seemed like the best option.
In This Episode We Cover:
Why you MUST have a game plan before buying real estate
The two challenges you are likely to face without a real estate community
How to find a mentor who will point you in the right direction
The pros and cons of long-distance investing vs. staying in your market
How to spot a nightmare renovation project when estimating rehab costs
Creative side hustle ideas you can use to fund your real estate deals
And So Much More!
Links from the Show
Find an Agent
Find a Lender
Ashley's BiggerPockets Profile
Ashley's Instagram
Tony's BiggerPockets Profile
Tony's Instagram
Real Estate Rookie Facebook Group
Join BiggerPockets for FREE
Submit Your Real Estate Rookie Question!
Manage Your Rental Property with Stessa
Books Mentioned in This Episode
The Book on Tax Strategies for the Savvy Real Estate Investor by Amanda Hann & Matt MacFarland
Real Estate Partnerships by Ashley Kehr & Tony Robinson
The Cashflow Quadrant by Robert Kiyosaki
Connect with Tyrin:
Tyrin's YouTube
Tyrin's Instagram
Tyrin's LinkedIn
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-313
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362: Rookie Reply: HELOCs Explained and How to Invest with BAD Credit
361: How to Buy Your First Rental Property When You CAN’T Get Approved for a Loan w/Mike Previtera
360: Trespassers Took Over My Property! (How to Get Rid of Squatters ASAP) w/Leka Devatha
359: From His Grandma’s Couch Making $15/Hour to $30K/Year from ONE Property w/Jaryn Pierson
358: Rookie Reply: Loan Pre-Approvals & Picking an Out-of-State Investing Market
357: The $120K Investing Mistake YOU Can Avoid on Your Next Home Renovation w/Justin Noe & Nate Cherubini
356: 3 Steps to Start Investing in Real Estate + 2024 Mortgage Rate Predictions
355: $25K/Month from ONE Property Thanks to a $180K Discount & Creative Finance w/Dayna Hicks
354: How to Unlock Off-Market Real Estate Deals with This “Personalized Pitch” w/Brett Long
353: From Rehab to Real Estate Investor Making $71K/Year from ONE Rental w/Matt McDermott
352: Rookie Reply: Seller Financing & How to Buy MORE Real Estate on YOUR Terms
351: The BEST Rookie Investor Tips, Tricks, Hacks, and Advice of 2023
350: Rookie Reply: How to Start an LLC for Real Estate Investing
349: How to Use Public Data to Find Real Estate Deals That 99% of Investors Miss w/Ariel Herrera
348: How to Take Your Real Estate Business to the Next Level in 2024
347: How to Quit Your W2 Job and Become a Full-Time Real Estate Investor w/Matthew Marcelissen
346: The Multifamily Investing Masterclass: How to Get Started in 2024 w/Andrew Cushman
345: 69 Doors from ONE Real Estate Deal Using Other People’s Money w/Andrew Freed
344: How to Build Wealth Through Real Estate FASTER with a “Limitless” Brain w/Jim Kwik
342: How to Buy Real Estate WITHOUT The Banks (Private Money Explained)
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