How to Buy Your First or Next Rental Property in 90 Days (or Less!)

Dave Meyer (00:00):
Hey everyone and welcome to the BiggerPockets Rookie Show. If you don’t recognize my voice, that makes sense. I’m not Tony, I am not Ashley, my name is Dave Meyer. I’m the Vice President of Data and Analytics at BiggerPockets. I’ve been a real estate investor for 15 years and I’m taking over the Rookie show today to share with you a webinar that I gave recently and was just very well received and I think is particularly relevant to the rookie audience. The title of the webinar is The 90 Day Challenge, and the whole purpose of this webinar when we developed it is to get people just like you to get your first property or if you have one and you’re working on your second property, just get you that first or next property in just the next 90 days. And I’m super excited to be here with you sharing this information because I have an advantage.

Dave Meyer (00:55):
I have seen, I’ve given this webinar before, I’ve done this in years past and I know that it works extremely well. I’ve seen rookies go on to get their first deal in just 90 days after listening to the very content that I’m going to be presenting to you here today. So I hope you’re as excited as I am for you to be spending your time this way because it’s such a great way to learn about real estate investment and to get the motivation and some the systems that you need. I know Tony and Ashley talk about this all the time. Establishing these habits and these systems that are going to get you up and running well, the 90 Day Challenge is going to provide a lot of that for you. And in addition to that, I do want to give you a little bit of a gift.

Dave Meyer (01:39):
It’s 20% off the pro membership. So if you want to become a BiggerPockets Pro, get all the tools and all the advantages that come with it. Just use the Code Rookie Challenge when you check out. So you go to biggerpockets.com, you just type in rookie challenge and you’ll get 20% off. And for those of you who stick around to the end of the webinar, I’m actually going to have more gifts for you, so make sure to stay tuned for that. Now I know because I’m invading the Rookie Show here, you might not know who I am. Well, I told you a little bit about myself again, Dave Meyer. I’ve been working at BiggerPockets for eight years. My title is the Vice President of Market Intelligence. That means I basically get to study real estate, I get to study housing market, I get to study the economy and share what I learn with all of you.

Dave Meyer (02:29):
It’s a great job. I also have been investing though in real estate for about 14 years, mostly in rental properties. I have a short-term rental, I do a lot of commercial investing and I invest long distance. So I think I probably have a lot of experience that’s relevant to each and every one of you. So that’s what we have in store for you today. It’s going to be a great webinar and let’s jump into it. Okay, so welcome again everyone to the 90 day challenge. Remember the point of this webinar and the 90 day challenge is help you get to your first or next real estate deal in just the next 90 days. And let me just quickly go over the agenda for how we’re going to go through today’s webinar. The first thing we need to do is learn the three key steps for successfully finding, analyzing, and funding great long-term rental properties.

Dave Meyer (03:21):
Those three steps are going to be the key to successfully completing the 90 day challenge. And if you didn’t figure it out already, when I say long-term rental properties, I know there are plenty of good ways to invest in real estate, but today I’m going to be talking about long-term rentals. It is the most common, the most popular way to pursue financial freedom through real estate investing. First thing we’re going to do is learn the three key steps. We’re also going to get you buy ready in the next 90 days. Now maybe some of you have been listening to this podcast for a while and you feel buy ready, that’s great. The 90 day challenge is still going to help you. But if you’re not quite at that buy ready stage, maybe you’re more buy interested at this point by the end of this webinar, you’re going to feel buy ready because you’re going to have the systems and tools that you need to successfully execute a rental property.

Dave Meyer (04:13):
Third, I’m going to talk about roadblocks. And I’m sure many of you as rookies are thinking about roadblocks and some of the barriers that you have to buying your first property and those things are real, but by talking about them and addressing them, we can more easily move around those roadblocks. So I’m excited to get all of that out in the open and talk about it in today’s webinar. And then lastly, I’m going to give you a demonstration and talk about some of the tools and resources that I personally use to find properties to analyze deals. And I’m going to share them with you because I think they can really help do the same thing for you. So that’s what we’re going to get into. Before we jump into those things though, I just want to take a step back and just sort of talk about why we’re here and set the scene a little bit.

Dave Meyer (05:00):
Because you listen to this podcast likely already know that real estate investing can improve your life. You might be in it for the cashflow and that would be really beneficial to you. Or some people are more in it for tax advantages of which there are many for real estate investors. Or maybe you want to build equity over time or just know that month after month you could get some passive income like clockwork and not have to worry about getting supplemental income elsewhere. And all of these things are excellent ways to make money through real estate and they’re important, but for me, and at least for a lot of real estate investors, I know each of those ways of making money through real estate are really a means to an end. It’s really a way to accomplish something bigger and something more meaningful like financial independence.

Dave Meyer (05:52):
And I know that might not seem like a big difference because cashflow is great in everything, but financial independence is more about a state of mind or something that it helps you accomplish more than just dollars and cents. It can help you create generational wealth. It can give you a sense of security far beyond what just a normal job might be able to offer you. And most of all, it offers you freedom and you’re able to spend your time in the way that you want to. And to me, that is what’s really worthwhile and really exciting about real estate investing. So ask yourself, how would that actually feel? What would it feel like to be financially freedom and what would you do with that freedom? I hope you agree with me that it could potentially change everything for you. So then if we all know if these benefits that I’m talking about are so obvious and are so amazing, then why do people not do it?

Dave Meyer (06:48):
Why doesn’t everyone invest in real estate? Well, that’s probably because those reservations that I was talking about earlier, probably the number one reservation I hear is that they don’t have enough money. And I know that can be daunting, but the truth is that you can take actionable steps right now to build your savings and connect with the right people for funding. And we’re going to talk about that today. Or the other reservation is perhaps losing money by offering on the wrong deals. That is something that can be scary when you don’t know how to properly analyze deals. But by the end of this webinar today, you’re going to learn how to analyze deals. Like another common reservation is just the lack of confidence. There’s a lot to learn in real estate. And if you don’t know what a good deal is and you don’t know which ones to pursue, then that can be a little bit intimidating.

Dave Meyer (07:41):
But again, we’re going to take care of that today. None of this, everyone is rocket science. These are things that you can learn and you can learn them quickly. You’re going to learn them today. And I know that these reservations exist because I had them too. I was once a newbie in real estate investing and I felt the same way you did when I was in your shoes. But luckily I was able to do it. And it’s not because I’m special. Let me tell you that I don’t know anything. I don’t have any skills that you can’t also acquire. It’s just because I learned to do things that thousands of other real estate investors had done before me. First thing first, I was able to acquire the right tools to help me on my investing journey. Secondly, I got the right education and learned what I needed to know to be able to execute confidently.

Dave Meyer (08:34):
And third, I surrounded myself by the right people. And I know a lot of people don’t get this right away when they first get into real estate, but it is a relationship business and you need to know the right people. So those are the three things I focused on from my career, which started when I was right out of college and I basically knew nothing about real estate investing to now when I have a solid and growing portfolio that I am very proud of. So that’s really what it took. Finding good tools, getting educated and finding the right people to surround myself do. And if I had those things earlier, man, it would’ve made my scaling so much easier and so much faster. And helping people scale faster is really what BiggerPockets is all about. We at BiggerPockets create tools. We create community, we create all these things in service of helping you grow faster.

Dave Meyer (09:28):
That’s like rental calculators that we make. We have rental estimators, we have landlord forms, we have all these amazing things that I would’ve loved in the first six years of my investing journey where I was just flying by the seat of my pants and making things up. But the second I started getting these tools, it really helped me take off as an investor. And I recommend you start using them right away. It makes your life a lot lot easier. So this isn’t unique. My story about succeeding by following these simple steps, just take it from a BiggerPockets user. His name is Jason Veli. I found him in the forums recently and he was talking about how he completely replaced his six figure income with passive real estate income in just three and a half years. And that’s incredible. That’s a big success story, but it’s not all that uncommon.

Dave Meyer (10:17):
These stories that you hear, they are real and they are possible. You could go find Jason on the forums right now and go connect with him and hundreds if not thousands of other people on the forums who have done the same exact thing. And what I’ve learned and what I know Jason and thousands of others have learned is that it actually doesn’t take that many properties to achieve financial freedom. What it takes is the right properties. And when you have the right properties, you can start to supplement your income, you can grow your wealth, and you can live life on your own terms because with the right knowledge, the right tools and the right network, you can buy your first property sooner than you think. That’s what this 90 day challenge is all about. This is not some far off goal. You can get started today and have a property in the next 90 days, and I hope today that I can prove that to you.

Dave Meyer (11:08):
And guys, it does take work. You’re not just going to press a button and be financially free, you do have to work for it, but it just takes a few small steps and if you start today, you can get on the path to building real estate freedom. With that, let’s dive into the three core steps of buying great long-term rental properties. And again, just as a reminder, I said it earlier, there are plenty of other great ways to invest in real estate, short-term rentals, medium terms flips, burrs, whatever. Today we’re going to talk about long-term rentals because I think they work well in almost any economic condition and they’re the most popular way to invest in real estate for people who are rookies just like you. And it’s the most popular way for most rookies to get started. So I think this is appropriate for the rookie podcast.

Dave Meyer (11:56):
So the three steps to buying great long-term rental properties are number one, finding deals, number two, analyzing deals, and number three, funding deals. Let’s just dive into each of those one by one. So step one I said was finding deals. And this is super important. And in fact, in a recent survey we found that finding deals was actually the second biggest perceived challenge to investing in real estate only behind funding. And we’re going to talk about both of those things. We’ll get to funding in a minute, but we’re talking about finding deals. And I say that it’s perceived challenge because finding deals is not something you need to be overwhelmed by. In fact, there are tons of good ways to find deals. You can drive around looking for vacant properties. You can run a direct mail marketing campaign if you want to. You can attend courthouse auctions or pay for prospect lists, or you can do some searching on your own using an MLS like Zillow or Trulia or something like that.

Dave Meyer (12:56):
And those are good, but all of these options take time and they also take effort and you could try them. But if you remember, we’re talking about a 90 day time limit here on our 90 day challenge. So let me just tell you about my favorite and my recommended source for finding deals because it’s the fastest and takes the least effort. What is it? Very simple work with an investor friendly agent. Now you might be asking, everyone needs an agent, right? So what’s the difference between an investor-friendly agent and a regular agent Won’t any agent do? Well, let me tell you, investor-friendly agents, they think a little bit differently. 80% of home purchases are by people who are going to live in those homes. So a lot of agents cater to that audience. Meanwhile, there are some agents who focus and learn and become experts on working with investors.

Dave Meyer (13:53):
And so they are able to think like an investor, and that means they know what markets are best for commanding rent. If they go show you an apartment or a house, they know what that place is likely to rent for. They understand what red flags that investors might be concerned about and they can get into your shoes and sort of think like you as an investor. That’s super important. The second thing is they have to be local market experts because even in a great market, some areas are going to be good for investment, some areas are going to be less good for investment, and an investor friendly agent needs to be able to tell you the difference between the two. And then third, and this is super important, everyone is they have to have a strong boots on the ground network like contractors, property managers, title companies, those types of people to tap you into.

Dave Meyer (14:45):
I just recently started investing in a new market and my agent has been able to connect me with tons of great recommendations and it really made me feel more comfortable investing in that market because I’m not there and I’m making offers sight unseen, but I know that there are good people on my team working on my behalf. And an investor friendly agent can sort of be the linchpin to building that entire team. So maybe, hopefully I’ve sold you on the idea that you can find great deals from an investor friendly agent, but you’re probably wondering, how do I find an agent willing to do that? Well, it’s actually quite easy. Good news, BiggerPockets Agent Finder helps you do this, this exactly this, and it’s completely for free. All you got to do is go to biggerpockets.com/agent. You put in a little bit of information about yourself, like your experience level, your budget, the market that you’re trying to go into, and you’ll get matched for free with a real estate agent in two minutes or less.

Dave Meyer (15:44):
So this couldn’t be any easier, and that’s why I recommend it as a way for finding deals, especially for this 90 day challenge because it’s quick, it’s low effort, and it’s proven. This is the way that most people find deals. We’ve talked about a time friendly strategy for finding deals. We need to move onto the next step, which if you remember, is analyzing those deals. So even if you have a great agent, you’re probably going to be getting a lot of what we call leads. That’s basically a lot of properties to start looking at. And when you get a lot of leads, you need to figure out which of them will work. Because even if you have a great agent, not every deal that they send you is going to be incredible, right? You’re going to have to sort through a lot of potential opportunities to find the one where the numbers work.

Dave Meyer (16:31):
The truth is, and every experienced investor knows this, the truth is that 99% of properties out there, they’re not really deals. They might be great for home buyers, they’re just not good for investors. And so you need to take all the deals and leads that are coming towards you and analyze for the best. And to do that, that might sound hard. Maybe you’re not super comfortable with math or it’s been a while since you’ve done it. Do not worry. Analyzing deals couldn’t be easier. I’m going to show you a tool to use called the BiggerPockets Rental Property Calculator, and I’m going to just, right now, I’m going to walk you through how you can analyze a deal in five minutes or less, so that even if you’re getting 10 deals a week from your agent, you’re going to be able to analyze all of those super easily and pick out the best ones for you.

Dave Meyer (17:17):
Okay? So for those of you watching on YouTube, you’ll be able to fall along. If you’re listening on a podcast, I will describe what I’m doing and it couldn’t be any easier. But if you want to do this later, when you go to biggerpockets.com, all you have to do is go to the tools and the top navigation there and under the dropdown, the first option is just says Rental property calculator. Just click on that and you’ll see what I’m describing here today. So within the property calculator, there are five steps that you need to follow. The property information is number one. Then you look at purchase details, loan details, rental income and expenses. Those are five things that you need to input. You’re going to put ’em into the calculator, you’re going to press a button and it’s going to tell you what kind of deal it is.

Dave Meyer (18:00):
It is that easy. Let’s just break these down one by one. The first one is property information. This couldn’t possibly be easier. You literally just copy and paste the street address from a listing. And before I started this webinar, I just came in and found a property. It’s in Cleveland, Ohio. It’s on West 98th Street. It was recently listed, and the list price is $114,900. It’s a four bed, two bath, and it looks like a pretty nice house. I am just checking out a couple pictures here. It’s two stories. It’s got a nice little deck off the top. It’s well painted and gray, big front yard with nice green grass. It does look like the sidewalk could use a little bit of updating, so could the driveway looks a little bit old, but they do have a floor plan here, and the layout’s really nice.

Dave Meyer (18:53):
It looks like the hardwoods do need some refinishing kitchens and solid conditions. So overall it’s pretty good. It’s actually two units. One’s a two bed, one bath, the other’s a two bed, one bath as well, and they think that they can get rent for about 1700 bucks at this place. So that’s what we just do. I’m just going to take that information and plug this into the calculator here. It shows, and that’s the first thing that’s just putting in that address. Next, we’ll put in the purchase price, which we know now is just under $115,000 and we’ll put in the purchase closing costs. I’m putting in 5,000. I’ve done a lot of deals and I know that’s about what the average is, but if you’re doing this later and you have any questions, do these little help buttons in the calculator that will tell you how to answer a lot of these questions if you’re unfamiliar.

Dave Meyer (19:42):
So just for example, for closing costs, it says put 1.5% of the purchase price as a good rule of thumb. So this is super helpful. If you’re new and just getting started analyzing deals, you can still absolutely use this tool. Now, there is an option to say if you’re going to rehab this property and just looking at a couple pictures, and I should caveat and say, I don’t really know anything about this deal. I’ve looked at a few photos. The point of this is to show you how to analyze deals, not really do a perfect analysis of this particular property, but just looking through a few photos, I think that I would probably, if I were to buy this property, put in maybe $5,000 to fix up those floors, maybe get the landscaping done a little bit, and I think after that I can get the property value up a little bit to about 125,000 from 115.

Dave Meyer (20:32):
So I’m going to put those two data points in and keep going. So remember there are five steps and we’ve already done two of them. That’s all it took. Property info and purchase. We’re going to move on to loan details. Now in the calculator, these different options for how much of a down payment you want to make, and I’m going to choose 25% because 25% is the most common down payment for real estate investors. Then I’m going to put in my interest rate, which right now is about 6.75%, and I’m going to choose my loan term, which is basically the length of your loan. And I’m going to put that at 30 years because again, that’s the most common for investors. It should do 25% down 30 year loan, and I’m just going to use basically a standard plain vanilla type of loan for a real estate investor.

Dave Meyer (21:20):
And with that, our third step is done. We’ve done property info, we’ve done purchase, we’ve done loan detailss. Now comes rental income. And this is one of the things that I think people get hung up is not knowing how to estimate what rents are going to be. Well, luckily BiggerPockets has another tool. It’s called the Rent Estimator, and it does this for you. And what it tells us here is that the gross monthly income for this property, it’s a duplex again, would be about $1,300 per month. Now, if you noticed earlier, I said $1,700 a month because the seller said they estimated 1700, and I’m sure as a seller you probably want people to say, oh, they can get 1700 and maybe you can, but BiggerPockets thinks that it’s more likely that you’re going to get around 1300 per month. And that’s awesome because that gives you a more accurate and a more conservative way to underwrite deals.

Dave Meyer (22:13):
And especially if you’re a rookie, I highly recommend underwriting deals, analyzing your deals conservatively to make sure that you’re not taking on any excess risk. So with the help of the BiggerPockets Rent estimator, all we had to do was just put in those 1300 and we’re onto our last step, which is expenses. Now, BiggerPockets has figured out the taxes for you, pulls it from public record, and we know that’s 62 bucks a month. That’s in our first expense. Then I looked up insurance for this property before the recording, and so I know it’s 83 bucks a month. And then it comes to something called our variable expenses, which are like repairs, maintenance, vacancy, capital expenditures. And for that I’m going to put 18% for all of those things combined. Sometimes if the property is really old and run down, you might want some more allocation for repairs or if it’s new, you might be able to put a little bit less.

Dave Meyer (23:06):
That’s up to you. But I’m going to use a rough number about 18%, I think anywhere between 15 and 25% for this makes sense for most properties that you might be looking at. And then for me, I’m an out of state investor, so I’m going to put in another 8% for management fees because I got to pay someone to manage my properties. Then there’s the last thing, which are utilities. This is stuff like electricity, gas, water, and sewer, all that stuff. Now for me, when I look for properties, I like properties where these are metered separately and the tenants pay them. So I am purchasing a property in a couple of weeks where you get your electricity, gas, the tenants pay those, the water and sewer, the owner pays those. It’s about 50 bucks a month for that and sewer. So I’m going to just put that in there and I’m done.

Dave Meyer (23:54):
I’ve gone through those five steps and I’m spending all this time talking. I went through property info, purchase, loan details, rent, income and expenses. Really quick, I’m going to hit the button that says Analyze the property. And here I go. What I can see is that this property, given my assumptions, would cashflow about $208 a month, very solid for an excellent cash on cash return of nearly 6.5%. And that’s great. It’s fun that this was a good property. I kind of picked this property randomly, but I mean I know that Cleveland does offer good cashflow. So Cleveland typically has good deals like this, but knowing a good deal is great. Knowing a bad deal is just as important too. So remember, you’re going to analyze a lot of deals in this tool that are bad, that is totally normal. You might need to analyze 10 deals, 20 deals, 50 deals that are not good until you find a good deal.

Dave Meyer (24:46):
And that’s fine. That is the whole point of this calculator is to spot the good deals and to ignore the bad deals. Now, one cool thing about the calculator that I will say is that if you find a deal that doesn’t work perfectly, you can adjust your assumption. So maybe offering full asking price doesn’t make sense, but if you drop it from one 15 to one 10, okay, then we get a 7.4% cash on cash return. So maybe then you talk to your investor friendly agent and say, I’m only comfortable offering 110 on this property. And that’s great because you used math and you used a calculator to formulate an intelligent offer. And as an investor, that’s about the boast you can do. The seller accepts it, you don’t know, but you can make an offer that works for you, your strategy, your risk tolerance, and everything that you’re trying to accomplish.

Dave Meyer (25:37):
So that’s the calculator. Oh, one more thing, the calculator. You can also print out these awesome PDFs that are going to be really helpful in finding partners and attracting funding. So that is a really cool part of this as well. So hopefully you can see from this demonstration and description here that analyzing deals is really not that hard, especially if you have the right tools like this calculator. Okay, so I’m going to jump back into our presentation and move on to our third step. So just as a reminder, we talked about finding deals. Now we talked about analyzing deals, and now it’s time to talk about step three, which is funding deals. And there are a lot of great ways to fund real estate deals. You can get conventional loans, hard money loans, private loans, partnerships. There are so many different ways to do it, and this is important because our surveys show that funding is the number one challenge in buying real estate.

Dave Meyer (26:31):
I want to tell you guys something, and I think this is particularly important for rookies to remember because experienced investors know this. And the truth is that with the right property and the right network funding deals is actually not as stressful as you think it might be because once you know how to find deals and analyze deals, conversations with partners, conversations with lenders get a lot easier. Just imagine it, right? If you went up to someone and asked for money and they’re like, what are you going to use it for? And you say, well, I want to buy real estate. And they say, what property? And you don’t have an answer. They’re not likely to just write you a check or open their wallet for you. But if you ask those questions, you say, Hey, I actually have analyzed all these deals. I have this professional PDF from a calculator and I can show you that it’s going to earn a 7.5% cash on cash return.

Dave Meyer (27:22):
I’ve counted for all my expenses properly, and I’ve really analyzed this professionally, then it is a lot easier for a lender or a potential partner to have confidence in you and be willing to help you fund your deal. So it’s really important that you know that and there’s a reason that we do the steps in this way, funding becomes third because you have to have a good deal to be able to attract funding. Now, hopefully you understand that, but you’re probably wondering, how do I find a good lender in the first place? Well, again, BiggerPockets has made this super easy. Everyone, you can just go to the BiggerPockets Lender Finder. It’s a completely free tool. Just go to biggerpockets.com/lender, put in some information and within two minutes you’re going to be matched with a investor friendly lender who’s going to be able to tell you all about your different options for funding deals because investors have different options for mortgages than home buyers have.

Dave Meyer (28:17):
And so you need to find an investor friendly lender as well. BiggerPockets makes this super easy. So hopefully you all see now that these core three steps, and just as a reminder, they’re finding deals, analyzing deals and funding deals don’t have to be that hard. And so getting back to the concept of a 90 day challenge, I think the question is, are you willing to take on these three steps over the next 90 days? And here is the challenge part of the 90 day challenge. Are you willing to commit just 15 minutes a day, five days a week for the next 90 days? And I know at the start of wanting to invest in real estate and building a portfolio, it can be very intimidating, so much to do, but if you boil it down to just these three steps, finding, analyzing, funding, and you’re willing to put in 15 minutes a day, then it becomes almost comically simple.

Dave Meyer (29:14):
And I know you’re not, just take it from me. You’re not going to find the right deal in your first try. It’s not going to happen. But if you follow this process for 90 days, I feel very confident because I’ve seen it before that you are going to be able to get that property in 90 days. And I’m putting a quote up on the screen here and I’ll just read it to everyone listening. It’s from Jim Rome and he says that life doesn’t get better by chance. It gets better by change. And that’s because real estate is not rocket science. Like I’ve said, there are challenges, but the biggest thing is about just getting started and committing yourself to the changes that you need to make in your life, and it’s only 15 minutes a day to get that next deal. And so that’s what the 90 Day Challenge is all about.

Dave Meyer (30:00):
Will you challenge yourself to make that small change in your life that could have this enormous impact? Now, if you’re still feeling hesitant, I understand that real estate investing can sometimes feel like jumping off a cliff. It’s this big risky thing and you don’t have a parachute, and it can be really scary, but nothing could be further from the truth. It’s just not the way it works. Real estate is actually a very forgiving asset class, and it is like rather than jumping off a cliff, it’s like walking down a well-worn path, right? It is comfortable. Plenty of people have walked it before and you can walk it with friends. There’s a huge amazing real estate investing community that can help you on your journey to achieving financial freedom through real estate. And at BiggerPockets, we want to make this journey as easy as possible for you.

Dave Meyer (30:51):
So we build tools to help investors move towards their goals in life. And we’ve done this and we’ve helped people, not just in theory, we’ve helped thousands, if not hundreds of thousands of real estate investors, including me, find financial freedom through these tools. So I want to ask you now two big questions. The first one is, are you really fired up? Are you excited and committed to using real estate to obtain financial freedom? I hope so. We talked about this being about effort and about change, and so I hope you are committed to real estate and this 90 day challenge. The second day question is, will you take on the 90 day challenge? Will you commit to working on these three core steps for 15 minutes per day, five days a week for the next 90 days? Because if you do, I am very confident you can get started on your journey.

Dave Meyer (31:48):
And remember coming here, coming to this webinar, listening to the podcast is all super helpful. Getting information is really, really important, but information is not enough. If information was enough, then everyone would have rental properties, right? Everyone would be financial free. Instead, what you need to do is take action. You need daily consistent action every single day for the next 90 days, and that’s what will set the difference. It’s not about learning more. You do need to learn, but you’ve been learning a lot. I take because you listen to this podcast, you’re listening to this webinar, what makes a difference between people who want to become real estate investors and people who are real estate investors is just that daily consistent action. And I see this all the time. I see this in the forums. I’m going to read you a forum post from a BiggerPockets user took the 90 day challenge and was able to buy a small multifamily property for $300,000.

Dave Meyer (32:46):
He used an agent he found on BiggerPockets and he was able to complete the BP 90 Day Challenge. That’s incredible. And just like Jason, you can do this as well. And listen, I don’t know specifically why any of you came here today and are listening to me talk about this stuff. Perhaps you’re tired of working your full-time job or you just want to hunker down and start preparing for retirement. Or maybe you just don’t want to be a want entrepreneur anymore and you want to actually start a business. All of those are reasonable things. I don’t know which one applies to you, but what I do know is that real estate investing really works if you work it. And our goal at BiggerPockets is to help you reach your financial goals through real estate investing. That’s why we create the tools that we have. That’s why we do what we do is to get you to your goals faster and with less pain.

Dave Meyer (33:38):
And so with your permission, I would like to take a minute to make a special invitation for you to upgrade your real estate investing toolkit with BiggerPockets Pro Pro is basically designed to have everything you need to succeed in real estate investing, whether that’s tools, content, community, anything of that. When you sign up for Pro, you get the calculators I showed you. You get leases for 50 states, you get all these things that will give you confidence in finding, analyzing and funding your next great rental property. It’s truly a one-stop shop to start scale and manage your entire portfolio. And if you’re wondering, Dave, that sounds way too good to be true or you’re crazy, how could one subscription really provide all that stuff that you need to be a real estate investor? Let me quickly explain it to you. So first and foremost, pro includes all of the analysis tools that are helpful to real estate investors and literally, I literally wrote a book on real estate analysis and I use these calculators for my deals.

Dave Meyer (34:36):
They’re very good calculators, they’re super helpful. Their Rent estimator is great. This is a huge value to anyone who wants to get started. That’s a part of pro. If you prefer off market deal finding software, we also can give you access to in velo, an off market deal platform usually costs like over 600 bucks. You’re getting that as part of Pro as well. The next thing that Pro Includes is access to our bootcamps and 50% off of them. These are things like Ashley’s Rookie Bootcamp or my friend Henry Washington’s Berg Bootcamp. It gives you access to real successful investors who can help you hands on get to your next deal. It also pro helps you get to the more exclusive part of the BiggerPockets community, and we’re very inclusive at BiggerPockets, but by going pro, you demonstrate to the community that you’re much more serious and people are more likely to want to partner with you to answer your questions.

Dave Meyer (35:34):
If you’ve made an investment into the tools, into the networking and into the community that Pro offers you Pro also features a built-in Landlord Command center. This has everything you could possibly need. You want property management software that’s usually hundreds of dollars we’re given to you for free with rent ready portfolio monitoring accounting software from ESSA lawyer approved lease agreements for all 50 states, which man, I spent so much money on those when I first got it started. That is a tremendous value right there. It’s probably enough to justify the process of pro there, but you’re getting so much other stuff. In addition to all these great benefits like analysis and landlord tools, you might actually be able to get pro tax deductible because for many people, and you need to talk to your CPA Pro is actually tax deductible. Now, the main reason all these things are great, but I just want you to know the main reason we love Pro and why I recommended it to you is because it actually works.

Dave Meyer (36:35):
I’m going to read you a quote from Aaron C. He’s a BiggerPockets Pro member, and he said quote, there’s no way I can analyze the volume of properties I do without being a pro member. Exactly. You have to analyze a ton of deals and the calculators help you do that. Or Beth said that it is the foundation of her REI Real estate investing endeavor. There are so many tools that help her from connecting to agents, valuable tools that have made her a successful agent. And there’s investor and there’s so many more people. I can read these quotes for days, but hopefully you get the point. This is a very successful proven tool and most people might be wondering how much is BiggerPockets Pro? And if you added up all the things I just said, it would actually come out to just over $5,000 and it might actually be worth over $5,000.

Dave Meyer (37:25):
But at BiggerPockets, our whole mission is to help ordinary Americans achieve financial freedom through real estate investing, and we price our products as such. And so we’ve negotiated built these tools and we can offer you all of this for $468 per year, and that is a fantastic value, but I can actually do you better. As I said at the top of this podcast, we are offering you 20% off that price and we’re going to get you down to $312 for Pro Annual. So that is huge savings right there. And on top of that, I have some bonuses that they’re letting me give out just for this webinar and this podcast. So the first bonus on top of all that discounted savings is the show me the Money Starter Pack. So this features three tools. It’s an ebook about eliminating debt, a low and no money down workshop, and a worksheet about building your pillars of wealth.

Dave Meyer (38:23):
This is worth $470. We’re going to give it to you for free. The second one is something I really love, which is talking about the housing market. I know it’s a confusing market right now. So we’re going to give you a bundle called Demystifies the housing Market. It includes my personally, I wrote this, the 2024 State of Real Estate Investing report. I also have a guide on investing in a changing economy, and we’re going to give you a video on how to build scenario plans to mitigate any market risk. All that stuff worth more than 500 bucks today. You’re getting it for free in Pro. The last one is something I’m very excited to give away. I’m giving you all my book. It’s called Real Estate By the Numbers. It’s a bestselling book I wrote with J Scott, and it’s all about deal analysis. I told you I love deal analysis, and with this book and the calculators combined, you are going to be an expert.

Dave Meyer (39:19):
You also get all the Excel files, a couple videos that come with the book, and I think you’re really going to learn a lot from it. That alone is worth a lot right there. All the videos in Excel, it’s worth a hundreds of dollars, but you’re going to get all that for free. If you go pro today, I’ve told you what it costs, I’ve told you what you get, and the last thing I want to convey is that you should just try it because BiggerPockets Pro got a free 30 day money back guarantee. So if you try it, use the calculators, use some of the tools that I’ve been talking about and you’ll love it. No problem. We’ll give you a hundred percent of your money back, no questions asked. We made this tool to help you, and if it’s not helping you, we don’t want you to use it, and we’d rather give you your money back so you can use it somewhere else.

Dave Meyer (40:00):
Alright, so just to summarize, BiggerPockets Probe, you’re going to get all those amazing bonuses that’s worth like 1700 bucks, just the bonuses alone. But you’re going to get Pro plus the bonuses for just $312. If you go pro today, make sure that you use the code because that’s how you’re going to get all this stuff. So if you go to biggerpockets.com/pro, make sure to enter the code. Rookie challenge, that’s rookie challenge, and that is going to give you access to all the discounts, all the bundles that I just mentioned. Everyone, that is what I have for you today. Thank you so much for listening. I hope you have learned something, and I hope you’ll very seriously consider taking the 90 Day Challenge. As I’ve said a few times throughout this webinar, the big difference between those who want to invest in real estate and those who wind up doing it is committing yourself to some sort of process to holding yourself accountable for daily consistent action.

Dave Meyer (40:55):
That’s why we came up with the 90 Day Challenge, because we know that if you commit yourself for just 15 minutes a day, five days a week for the next 90 days, you’ll put yourself in an excellent position to buy your first deal or your next deal. And if you need more help, I highly recommend you check out BiggerPockets Pro. It is designed exactly to help you acquire these deals, and you can get an incredible deal on it today if you go pro at biggerpockets.com/pro and use the code rookie challenge. Thank you again so much for listening or watching. My name is Dave Meyer. If you have any questions for me, please find me on BiggerPockets.