Episode #335
Buying eight rental units in under one year—how is that even possible? By the time you’re done with this episode, you’ll know how to fund any rental property purchase, no matter how much money or experience you have. And if Tim Yu can build a rental property portfolio AND do multiple house flips in less than twelve months when he had close to nothing in his bank account this time last year, you can, too.
Tim is a true “Real Estate Rookie.” He spent over a year listening to every episode of the show on his way to and from work. After getting fed up with analysis paralysis, Tim threw in a lowball offer on a potential BRRRR (buy, rehab, rent, refinance, repeat) property. His offer was accepted! The problem? He had NO money to buy it. Fast forward a year; Tim has done ten deals, owns eight rental units, and is getting closer to leaving his W2 job.
In this episode, Tim reviews EVERY (and we mean EVERY) type of rental property financing. From hard money loans to credit cards, selling off retirement accounts, and partnerships. Whether you’ve got the funds or not, Tim will walk through EXACTLY how to get your first (or next) rental property!
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Join the Real Estate Rookie Facebook Group:
https://www.facebook.com/groups/realestaterookie
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Apply to Be a Guest on the “Real Estate Rookie” Podcast:
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Past Episodes Mentioned in Today’s Show:
VA Loans: https://www.biggerpockets.com/blog/rookie-329?utm_source=youtube&utm_medium=description&utm_campaign=none
Serena Norris: https://www.biggerpockets.com/blog/rookie-330?utm_source=youtube&utm_medium=description&utm_campaign=none
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Books Mentioned in Today’s Show:
“Real Estate Partnerships”: https://store.biggerpockets.com/products/real-estate-partnerships?_pos=1&_sid=1dd453d22&_ss=r
“Rich Dad Poor Dad”: https://store.biggerpockets.com/products/rich-dad-poor-dad?utm_source=youtube&utm_medium=description&utm_campaign=none
“Who Not How”: https://www.amazon.com/Who-Not-How-Accelerating-Teamwork-ebook/dp/B0867ZJ151
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Tools for Finding and Managing Real Estate Deals:
Invelo: https://inveloapp.com/
REIPro: https://www.myreipro.com/
Privy: https://www.getprivynow.com/
RentRedi: https://rentredi.com/biggerpockets/
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Connect with Tim:
BiggerPockets: https://www.biggerpockets.com/users/timothyy39?utm_source=youtube&utm_medium=description&utm_campaign=none
Instagram: @itstimyu or https://www.instagram.com/itstimyu/
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Connect with Ashley and Tony on BiggerPockets:
Ashley: https://www.biggerpockets.com/users/echopm?utm_source=youtube&utm_medium=description&utm_campaign=none
Tony: https://www.biggerpockets.com/users/tonyr75?utm_source=youtube&utm_medium=description&utm_campaign=none
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Connect with Ashley and Tony on Instagram:
Ashley: @wealthfromrentals or https://www.instagram.com/wealthfromrentals/
Tony: @tonyjrobinson or https://www.instagram.com/tonyjrobinson/
Show notes at: https://www.biggerpockets.com/blog/rookie-335?utm_source=youtube&utm_medium=description&utm_campaign=none
00:00 Intro
02:45 8 Rentals in Under 1 YEAR
06:32 Investing at Lightning Speed
07:50 Selling His 401k for Rentals
14:33 Creative Finance, Subject To, and VA Loans
27:07 Flipping Houses with Credit Cards!?
36:30 Rehabs Gone Wrong
42:51 How to Find a Partner
44:52 Rookie Request Line
47:29 Rookie Exam
51:31 Rookie Rockstar
52:47 Connect with Tim!
