47: 0 to 7 Deals in a Year Using Other People's Money with Andres Bernal

Andres Bernal came to America to play tennis with only $500 in his pocket. He thought that professional tennis is what his life would end up revolving around. After playing for 2 years and being burnt out from work, Andres decided to take some advice from his family members: start buying real estate. After buying his primary residence, he started looking into multi-family homes that could make him some cash flow each month. He later put down 3.5% with an FHA loan to purchase a triplex, and rented out the bottom 2 units while he lived in the upper 3rd unit. He sold his condo, had some cash, and was ready to start investing more. Andres had some pretty creative ways of getting funding for his real estate deals. He started calling every contact in his phone, asking if they were interested in real estate, and if they were, he packaged up a deal for them. The trade? He does the work and the analysis, they do the financing. These types of partnerships have worked well for Andres and they can work for other rookies as well. His advice is to test the partnership, build the trust, and use the BiggerPockets Rental Property Calculator! The rest will fall into place. In This Episode We Cover: Why FHA loans are a great first financing tool for rookie investors Calculating out your “worst case scenarios” on houses How to treat tenants so they want to stay (and will respect your home) Why investors need to solve a problem for tenants (especially those that cause you the most trouble) Finding local investors and investors within your existing circles The profitability of student housing as an investment Using social media to grow your existing network How to set expectations for contractors And SO much more! Links from the Show Real Estate Rookie Facebook Group BiggerPockets Bookstore BiggerPockets Forums BiggerPockets Podcast BiggerPockets Meetups Find a Real Estate Agent Brandon Turner Check the full show notes here: http://biggerpockets.com/rookie47 Learn more about your ad choices. Visit megaphone.fm/adchoices