313: The REAL Side of Real Estate: When Rehabs and Rentals Go Wrong w/Tyrin Tyson
No real estate investing journey is ever sunshine and rainbows, but some are certainly more difficult than others. Many rookie investors are either so fearful of making a mistake that they experience “analysis paralysis” or are so eager to own property that they rush into several costly mistakes. Today’s guest fell into the latter camp!
Welcome back to the Real Estate Rookie podcast! Today, we’re joined by Tyrin Tyson, a travel nurse who made his fair share of mistakes on the way to his first deal. After working tirelessly to save up extra cash for real estate, Ty hastily bought two properties at an auction. Come to find out, they weren’t exactly as advertised. To make matters worse, some bad advice led to a nightmare rehab project that went $20,000 over budget and took nearly two years to complete.
If you want a realistic picture of the average real estate journey, this is an episode you won’t want to miss! Hear how Ty earned the capital to invest (including a fun side hustle!), weathered the storms of his first deal, and found a real estate community that pushed him to keep going when giving up seemed like the best option.
In This Episode We Cover:
Why you MUST have a game plan before buying real estate
The two challenges you are likely to face without a real estate community
How to find a mentor who will point you in the right direction
The pros and cons of long-distance investing vs. staying in your market
How to spot a nightmare renovation project when estimating rehab costs
Creative side hustle ideas you can use to fund your real estate deals
And So Much More!
Links from the Show
Books Mentioned in This Episode
The Book on Tax Strategies for the Savvy Real Estate Investor by Amanda Hann & Matt MacFarland
Real Estate Partnerships by Ashley Kehr & Tony Robinson
The Cashflow Quadrant by Robert Kiyosaki
Connect with Tyrin:
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-313
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