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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341: No Cash to Invest? Use THIS Side Hustle to Help Buy Your First Rental w/Dan McDonald
340: Why Self-Storage Beats Rental Properties w/AJ Osborne
339: A Beginner’s Guide to the BRRRR Method (Buy, Rehab, Rent, Refinance, Repeat)
338: Rookie Reply: How to Find RARE Rentals by Buying Properties in Preforeclosure
337: $12K/Month from 4 Rentals: How to TRIPLE Your Revenue by “Reinvesting” w/Zoey Berghoff
336: Rookie Reply: What is ARV in Real Estate & Why It’s Crucial to Get Right
335: 8 Rentals in UNDER 1 Year: A Rental Property Financing Masterclass w/Tim Yu
334: Rookie Reply: Non-Renewal Notices, Rental Arbitrage, and Hard Money 101
333: How to Turn Your Rental Property Profits into a Huge Real Estate Portfolio w/Kevin Cullen
332: Rookie Reply: First Rental? Security Deposits, Credit Checks, & Evictions 101
331: How to Find Your Perfect First Rental Property (Even in an Expensive Area) w/Lyrva Sanchez
330: The Rookie’s Step-by-Step Guide to Home Renovation Projects w/Serena Norris
329: Buying a Rental Property for $80 with This Loan w/Clint Campbell
328: David Greene on The 3 "Pillars" of Wealth That Lead to Financial Freedom
327: From Parents’ Basement to Full-Time Investor and $2,500/Month with ONE Rental w/Noah Sprimont
326: The Step-by-Step Guide to Finding the BEST Off-Market Real Estate Deals w/Nate Robbins
325: How to Retire with “Turnkey” Rental Properties (as a COMPLETE Beginner) w/Sam Dolciné
324: Rookie Reply: How to Make an IRRESISTIBLE Offer Through Creative Financing
323: 10 Real Estate Deals in 18 Months After Losing 80% of His Income w/Matt Ramirez
322: Rookie Reply: Mortgage Write-Offs, Buying with an LLC, & Boozy Airbnb Gifts
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