257: Rookie to Real Estate Investor: Seller Financing, STR Markets, & Lowball Offers

The “Rookie to Real Estate Investor in 90 Days” series is back, and we’re checking in with three mentees as they go from newbies to high-net-worth through real estate! Our mentees have been busy over the past couple of weeks, so Ashley and Tony dropped in on them to see how their rental property progress was going. They touch on how to make a lowball offer, pushing past the fear of getting an offer accepted, where to find motivated sellers, short-term rental markets, and seller financing Q&As.

First up, Brandon joins us as the newest real estate rookie on the show. He’s yet to get his first deal done and is still looking to buy a property, but he’s finding that the price isn’t matching his profits. Ashley and Tony walk Brandon through how to make a lowball offer and why you should always submit a price that works for your numbers. Next, Lawrence shares how he’s been on the hunt for a seller-financed deal and is looking into new ways to find motivated sellers more likely to sell at a discount or with flexible terms.

Finally, we hear from Melanie, who had a bit of property panic as she searched for more short-term rental markets to add to her list. After some research, she’s settled on a solid one and is currently looking for properties to make offers on. Her only question is how and why she should go for seller financing. Ashley and Tony give her all the details you’d need before going into a direct deal with the seller.

In This Episode We Cover

How to make a lowball offer and why your price point should always reflect your profits

What to do when two offers get accepted (and how to fund both deals)

Seller financing 101 and why (and why not) it’s worth pursuing for an investor

How to find motivated sellers in your market by looking through the MLS

Why you should ALWAYS send in offers (even if they seem unrealistic)

Short-term rental markets and how to measure lead time when looking for deals

Promissory notes, how they work, and risks/benefits of signing one with a seller

And So Much More!

Links from the Show

Find an Investor-Friendly Real Estate Agent

Ashley's Instagram

Tony's Instagram

Airbnb

AirDNA

BiggerPockets Calculator

BiggerPockets Forums

Google Drive

LandWatch

MLS

PropStream

PriceLabs

Rabbu

Real Estate Rookie Facebook Group

Rookie to Real Estate Investor in 90 Days: LIVE Mentorship Calls

Zillow

 

Connect with Brandon, Lawrence and Melanie:

Brandon's BiggerPockets Profile

Brandon's Instagram

Lawrence's BiggerPockets Profile

Lawrence's Instagram

Melanie's BiggerPockets Profile

Melanie's LinkedIn

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-257

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