About this episode
Think you need a big bank account or extensive investing knowledge to buy a rental property ? Today’s guest got started with no money down , and this first real estate deal would open the door to multiple deals and six-figure profits . How did he pull it all off? You’re about to find out! Welcome back to the Real Estate Rookie podcast ! Tony Borman hit it out of the park on his first two deals. After buying his first property with $0 down and selling it for a $50,000 profit only a couple of years later, he then found and fixed a property that gave him a $92,000 tax-free payday . But then he hit a snag in his investing journey —buying a rental that lost money once property taxes spiked and going through not one, not two, but seven different contractors on his very first house flip ! Despite the recent hiccups, Tony is investing for the long haul, and in this episode, you’ll learn how keeping your W-2 job can help you absorb large losses as you’re learning the ropes. Tony also shares about the difficulty of finding (and keeping) great contractors , the biggest mistakes rookies make when analyzing rental properties , and the risks every investor needs to know about before tackling home renovations! In This Episode We Cover Creative ways to buy a rental property with as little as $0 down How to fix and flip properties (while living in them) for a massive tax-free payday The investing strategy that pays your mortgage (and helps you live for free !) The many benefits of keeping your W-2 job while investing in real estate House flipping risks every rookie needs to know about before getting started The costly mistake you can’t afford to make when analyzing a rental property And So Much More! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-614 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com . Learn more about your ad choices. Visit megaphone.fm/adchoices