How to Buy Your First Rental Property with BAD Finances

Episode #361

Want to know how to buy your first rental property without money getting in the way? For years, Mike wanted to invest in real estate, but banks wouldn’t give him a loan. If you’re having the same issue, we’re here to help!

Welcome back to the “Real Estate Rookie” podcast! After multiple deals fell through during the financing stage, Mike Previtera realized he needed to work on his finances. So, he and his wife trimmed the fat from their budget and aggressively paid off bad debts. Mike even made changes to his lawnmowing business—raising rates and working extra hours to increase his income. Within one year, all of the hard work had paid off, as Mike was able to get financing for not only his first deal but also the deals that followed!

If your financial situation is holding you back from buying real estate, this episode is for you! Mike recalls the exact steps he took to get his finances in order. He also shares how he grew his network, which allowed him to find more deals and financing opportunities. Finally, he talks about some of his biggest investing mistakes—mistakes that YOU can avoid!

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Join BiggerPockets for FREE 👇
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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:
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Join a BiggerPockets Bootcamp:
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‘Building’ Wealth as a 24-Year-Old with 12 New Construction Projects:
https://www.biggerpockets.com/blog/rookie-podcast-123-donovan-adesoro?utm_source=youtube&utm_medium=description&utm_campaign=none
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Rookie Reply: How to Get 100% Financing for ALL of Your Real Estate Deals: https://www.biggerpockets.com/blog/rookie-302?utm_source=youtube&utm_medium=description&utm_campaign=none
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Rookie Reply: Networking Tips That’ll Increase Your Net Worth: https://www.biggerpockets.com/blog/rookie-188?utm_source=youtube&utm_medium=description&utm_campaign=none
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Connect with Mike:
BiggerPockets: https://www.biggerpockets.com/users/michaelp1079?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

00:48 Fixing His Finances

09:11 Money Tips for New Investors

14:20 Finding Deals by Networking

20:31 The Tax Auction DISASTER

25:22 Rehabbing the Triplex

32:03 Go to Networking Events!

39:15 Final Numbers on the Triplex

44:12 Join a BiggerPockets Bootcamp!


Did you miss our previous article...
https://trendinginrealestate.com/where-to-buy/why-you-should-never-pay-off-your-house