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!
Ashley:
Today’s guest spun a $0 down starter home into a surprise 50 k profit, then turned those funds into a $92,000 tax-free payday,
Tony Robinson:
But then almost nearly lost everything to a nightmare flip. So stick around slurring the exact moves and the mistakes that can launch or sink a rookie investor.
Ashley:
This is the Real Estate Rookie podcast. I’m Ashley Kehr.
Tony Robinson:
And I’m Tony j Robinson. And today we’re joined by another Tony. Tony, thanks for joining us today, brother.
Tony Borman:
Thanks so much for having me. Appreciate it.
Ashley:
Okay, so let’s start off, when you first walked into that 1950s Jacksonville Fixer Upper, what hit your nose? What did the walls look like? Tell us about this property and how baroque you were feeling right when…