$7,000/Month with THIS Rental Property (2x Your Cash Flow!)

$7,000/Month with THIS Rental Property (2x Your Cash Flow!)

Episode #421

A rental property that doesn’t cash flow can be a nightmare for new investors. But when the numbers no longer work, remember that not all is lost. Pivoting to another investing strategy can help save your property and get you right back in the green!

Welcome back to the “Real Estate Rookie” podcast! Investor Kayley George had already built a small portfolio when she stumbled across an old, colonial-style home on the multiple listings service (MLS). With big plans to convert it into a fourplex, Kayley bought the property at a huge discount and got right to work—teeing up a hard money lender and kicking off renovations—only to uncover several MAJOR issues with the house. Fortunately, tuning into a previous “Rookie” episode helped her find another strategy and SAVE the “misfit” property. Today, this unique house brings in over $7,000 each month!

Not sure what to do with your rental? In this episode, you’ll learn about a business model that allows you to not only make a huge difference in your community but also boost your monthly cash flow—sober living. Along the way, Kayley will show you how to get bank financing for a sober living house, partner with nonprofits, find a property manager, screen tenants, and more!

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Join BiggerPockets for FREE 👇
https://www.biggerpockets.com/signup?utm_source=owned_media
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Join the Real Estate Rookie Facebook Group:
https://www.facebook.com/groups/realestaterookie
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Find an Investor-Friendly Agent in Your Area:
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Find Investor-Friendly Lenders:
http://biggerpockets.com/findlenders
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Property Manager Finder:
https://biggerpockets.com/findapm
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See Ashley and Tony at BPCON2024 in Cancun!
https://www.biggerpockets.com/events?utm_source=youtube&utm_medium=description&utm_campaign=none
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Grab Your Copy of “The Richest Man in Babylon”:
https://store.biggerpockets.com/products/richest-man-in-babylon-biggerpockets-edition?utm_source=youtube&utm_medium=description&utm_campaign=none
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Real Estate Rookie – Episode 265: Making $90K/Year with Just ONE Rental by Combining Compassion and Cash Flow:
https://www.biggerpockets.com/blog/rookie-265?utm_source=youtube&utm_medium=description&utm_campaign=none
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Socially Conscious Investing: How to Start a Sober Living Home:
https://www.biggerpockets.com/blog/sober-living-home-investing?utm_source=youtube&utm_medium=description&utm_campaign=none
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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://link.chtbl.com/Rookie

00:00 Intro

01:03 Doubling Her Cash Flow?!

09:19 Sober Living 101

17:30 Partnering with Nonprofits

23:57 How to Screen Tenants

30:20 Expectations & Lessons Learned

35:21 TOUGH Financing Challenges


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