How many things can possibly go wrong with ONE rental property? Well, you’re about to find out! Today’s guest had to flex her problem-solving skills on multiple occasions to get her “unique” rental up and running, and in this episode, she’s going to show you how she pulled it off!
Welcome back to the Real Estate Rookie podcast! Investor Ashley Robinson bought a triplex in the little town of Salida, Colorado, with plans to live in one unit and rent out the other two. Despite her thoroughness during the due diligence phase, however, she ran into several problems along the way—from rental caps and building code issues to financing troubles and poor home appraisals. But Ashley persisted, creatively working through each hurdle until she was finally able to launch her cash-flowing rental property!
If you’ve ever hit a roadblock in your investing journey, this episode is for you! Ashley shares how she chose her investing market, changed her property’s use to sidestep rental caps, and got her building fully up to code. She also talks about the ins and outs of commercial loans—getting approved, coming up with large down payments, and refinancing when your property’s appraisal comes back low!
In This Episode We Cover:
How to convert a residential property to a commercial property
Zoning versus land use (and how they work together)
The biggest advantages of investing in a smaller market
Short-term rental caps explained (and how to work around them!)
How to get approved for your first commercial loan
Funding a LARGE down payment for a commercial property
And So Much More!
Links from the Show
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Rookie Reply: What to Do When an Appraisal Comes Back Low?
Do You Know the Fundamentals of Zoning Rules? Here’s What You Need to Know
Wait: Don’t Get Started On Your Development Project Unless You Have Zoning in Place
Connect with Ashley
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Ashley's Website
Check out more resources from this show on https://www.biggerpockets.com/blog/rookie-388
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307: How to Protect Your Rental from Fires, Floods, Lawsuits, and Liability
306: Achieving FI with Fewer Doors: The Small and Mighty Real Estate Portfolio w/Chad Carson
305: The Rookie’s Guide to Analyzing Rental Properties and Airbnbs in 2023
304: Rookie Reply: Don't Have 20% Down? Here's How to Fund Your Next Investment
303: How to “Supercharge” Your Real Estate Portfolio with Investor Meetups w/Spencer Carpenter
302: Rookie Reply: How to Get 100% Financing for ALL of Your Real Estate Deals
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
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