7 “Golden Rules” of Real Estate Investing That Will Make You Rich

Episode #618 Baselane: Automate your real estate finances with banking and AI-powered bookkeeping. Claim your $100 bonus! https://www.baselane.com/bigger-pockets?utm_source=bigger_pockets&utm_campaign=bigger_pockets&utm_medium=podcast Episode Show Notes: https://lnk.to/realestaterookieYT Join BiggerPockets for FREE 👇 https://www.biggerpockets.com/signup?utm_source=owned_media Pick Up Ashley’s Book, “Real Estate Rookie”: https://store.biggerpockets.com/products/real-estate-rookie?utm_source=youtube&utm_medium=description&utm_campaign=none Sign Up for the Real Estate Rookie Newsletter: https://www.biggerpockets.com/email-subscribe?utm_source=youtube&utm_medium=description&utm_campaign=none Find an Investor-Friendly Agent in Your Area: http://biggerpockets.com/agentmatch 4 Golden Rules of Real Estate Investing: https://www.biggerpockets.com/blog/conservative-investing?utm_source=youtube&utm_medium=description&utm_campaign=none Connect with Ashley and Tony: Ashley: https://www.biggerpockets.com/users/ashkehr?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 Ever wondered why some people make millions from real estate investing while others barely break even? There are seven things that successful investors do differently, and they could mean the difference between just scraping by and building real, life-changing wealth. What are they? Stay tuned to find out! Welcome back to the “Real Estate Rookie” podcast! In this episode, we’re unpacking the seven “golden rules” of real estate investing that all rookies must know. There are bumps in the road on every investing journey, but with a little knowledge, you could dodge the most common blunders and fast-track your success. If you follow these rules, your next deal will stay on budget, bring in more cash flow, and get you one step closer to your long-term investing goals! We get into things like budgeting for your full mortgage payment and expenses, planning a value-add rehab project, best practices for screening tenants, and so much more. Whether you’re looking to buy your first rental property or stabilize your real estate business, we’ve got the tips you need to invest smarter and build lasting wealth! 00:00 Intro 00:43 Rule 1. Model the Full Payment 03:43 Rule 2. Budget for More Than Paint 08:53 Rule 3. Prioritize Cash Flow 10:16 Sponsor: Baselane! 11:18 Rule 4. Lock in Strong Purchase Agreements 14:50 Rule 5. Screen Tenants with Systems 19:48 Rule 6. Check the Local Rulebook 24:18 Rule 7. Commit to One Strategy