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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223: Play the Game or Get Played: Using Paternal Instincts to Close on 17 Units w/Nick Troutman
222: Rookie Reply: The One Mistake That Almost Got My House Foreclosed
221: From Corporate Cog to 10-Unit Landlord in Just 2 Years! w/Brandon Rush
220: Rookie Reply: How to Buy Rentals Once You’ve Run Out of Cash
219: 3 Rentals Right Out of College as a Young Dad and First-Time Landlord w/Hunter Lewis
218: The One Move That Helped Me 2x My Rental Property Portfolio
217: 16 Units in 3 States as a BiggerPockets Power Couple Working Full-Time w/Evan and Katie Miller
216: What Makes Rookies Into Millionaires? Quitting What You Hate! w/Pat Hiban and Tim Rhode
215: How to Become a Real Estate Millionaire (NO Experience Necessary) w/Dave Meyer
214: Rookie Reply: How to Build Your Dream Short-Term Rental Team
213: Living for “Free” with 63 Self-Storage Units w/Nate Weintraub
212: Rookie Reply: Why "First-Time Home Buyer Loans" Aren’t What You Think
211: Turning Their Basement Into a $4,500/Month Money Making Machine w/Simon Murillo & Kristina Vaio
210: The Rookie’s Guide to Finding Private Money for Your Next Property w/Alex Breshears and Beth Johnson
209: A Beginner's Guide to Analyzing Big Deals & Building a “Bulletproof” w/Kenneth Donis
208: Rookie Reply: Time-Saving Real Estate Accounting Tips for New Investors
207: Working Towards Time Freedom "In the Trees" with 3 Treehouse Rentals
206: Rookie Reply: Biggest Red Flags of a Bad Contractor (and How to Fire Them) w/Amanda Salovitch
205: Puerto Rican Paradise, Arctic Abodes, and Building "Dream" Vacation Rentals
204: Rookie Reply: Do New Short-Term Rental Regulations Make Investing Risky?
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