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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Bonus: Hiring a Contractor For Your Rental? What You NEED to Know
301: 12 Doors and a $4M Portfolio as a Real Estate Power Couple w/Zosia Madden
300: Making $8K/Month from 2 Doors and How to Get HUGE Cash Flow with Fewer Units w/Rachel Richards
299: The 4 Steps to Financial Freedom Through Rental Property Investing
298: How Tony Lost $100K on ONE Real Estate Deal (AVOID These Critical Mistakes)
297: Traveling the World Thanks to One $6,500/Month Rental Property w/Olivia Tati
296: Rookie Reply: Pre-Foreclosures and How to Cut Your Property Management Costs
295: $2 Million in Real Estate in 2 YEARS Thanks to This Strange Side Hustle w/Paul Lee
294: No Money for Real Estate? 2 Side Hustles You Can Use to Fund Your First Deal w/Ava Yuergens and Josh Janus
293: 6 Rental Properties in 15 Months (While Working 3 Jobs!) w/Brandon and Dani Tilson
292: Rookie Reply: The One Thing You Need to Pay $0 in Income Tax
291: Living for FREE at 22 and Planning to Retire by 30 with Rentals w/Ryan Hughes
290: Rookie Reply: Best HVACs, HELOCs, and Using Home Equity to Buy Rentals
289: $11,000/Month with One VERY Unique Rental Property w/Garrett Brown
288: Rookie Reply: Tenant Red Flags and BEST Investor-Friendly Loans
287: From 70 Hour/Week Burnout to Getting Paid to Buy Properties w/Danielle Daly
286: Rookie Reply: Real Estate "Travel Hacks" We Use to Score FREE Vacations
285: 3 Rentals (While in College!) and Turning a Horrific House into a Cash Cow
284: Rookie Reply: What You Need to Know Before Buying Your First Rental
283: 19, Broke, and No Credit to 28 Units and Over $1 Million in Real Estate w/Caleb Hommel and Chuck Sotelo
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