The first real estate deal is often the hardest. Like many rookie investors, today’s guest had always wanted to invest in real estate but didn’t have a ton of money to buy an investment property. But by getting creative, DIY’ing renovations, and forming strategic partnerships, he’s been able to not only get in the game but also snowball to 13 deals!
Welcome back to the Real Estate Rookie podcast! Jake McVey spent years absorbing everything he could about real estate investing while working in an entirely different industry, but never quite pulling the trigger. At 23, that all changed. He used the “long-term BRRRR” method to turn his primary residence into his first rental property, and six years later, he and his dad have completed roughly a dozen house flips together!
In this episode, Jake breaks down how a HELOC (home equity line of credit) got their real estate investing partnership off the ground, a renovation project so strange that it made them rethink the due diligence process, and the day a finished flip nearly fell apart during an open house. Whether you’re looking to string a few flips together or improve at renovations, Jake’s lessons on “conservative” deal analysis, creative finance, and managing contractors could help you on your very next deal!
In This Episode We Cover
How Jake and his dad have completed 13 real estate deals in just six years
Making a $50,000 profit on one flip, even after his rehab budget doubled
How to turn your primary residence into a long-term BRRRR
Using a HELOC (home equity line of credit) to help fund your real estate deals
Why you should always get an inspection before doing renovations
The pros and cons of forming a real estate partnership with family
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-758.
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