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373: Wiping Out $130K of Debt in ONE Year With THIS “Steady” Real Estate Business w/Nicole Rutherford

373: Wiping Out $130K of Debt in ONE Year With THIS “Steady” Real Estate Business w/Nicole Rutherford

FromReal Estate Rookie


373: Wiping Out $130K of Debt in ONE Year With THIS “Steady” Real Estate Business w/Nicole Rutherford

FromReal Estate Rookie

ratings:
Length:
50 minutes
Released:
Feb 28, 2024
Format:
Podcast episode

Description

Building a real estate business is one of the best ways to unlock financial freedom, but that’s not to say that every strategy is the right fit for you. Today’s guest had to strike out multiple times before arriving at the perfect real estate investing strategy!
Like many new investors, Nicole Rutherford got her start in the rental arbitrage space, where she would bring in at least $1,500 per unit each month. But once landlords decided to raise rents and more competition arrived, her profits evaporated, and her Airbnb bookings took a nosedive. Suddenly, she was hemorrhaging money. With $130,000 in debt, Nicole was forced to cut her losses and start over. Rather than giving up on real estate investing, however, she simply pivoted to another strategy. Just one year later, Nicole is debt-free and runs a thriving Airbnb co-hosting business with fourteen units!
Whether you’re new to the world of real estate or looking to pin down your strategy, there’s plenty of helpful information to glean from this episode. Tune in as Tony and Nicole discuss the differences between arbitrage and co-hosting, the different services that co-hosts provide, and what to include in your co-hosting agreements. You’ll also learn how to leverage your network to find your first clients and how to build trust with property owners!
In This Episode We Cover:
Building a profitable real estate business (and common mistakes to avoid!)
How Nicole climbed out of $130,000 in debt with Airbnb co-hosting
Finding your first clients through your own real estate network
The importance of maintaining transparency with guests and property owners
Key terms and conditions you MUST include in your co-hosting agreement
How to pivot to a new investing strategy when one isn’t working
Why you DON’T need to hit a home run on your first real estate deal
And So Much More!
Links from the Show
Find an Agent
Find a Lender
Ashley's BiggerPockets Profile
Ashley's Instagram
Tony's BiggerPockets Profile
Tony's Instagram
Real Estate Rookie Facebook Group
Join BiggerPockets for FREE
Submit Your Real Estate Rookie Question!
Apply to Be a Guest on the “Real Estate Rookie” Podcast
Making $140K/Year & Retiring His Wife in 18 Months with “Rental Arbitrage” w/Keron Bryce
How to Start an Airbnb Business in a Brand New Market
Rookie Reply: How to Choose Your Real Estate Investment Strategy
Connect with Nicole:
Nicole's BiggerPockets Profile
Nicole's Instagram: @_nicolerutherford_
Nicole's LinkedIn

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-373
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com
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Released:
Feb 28, 2024
Format:
Podcast episode

Titles in the series (100)

Ready to build your real estate empire… but not sure where to begin?Think of us as your personal trainer.From detailed breakdowns of real-world deals… to one-on-one coaching sessions and a warm, welcoming community… hosts Ashley Kehr and Tony J Robinson bring on a wide range of guests to tackle the “newbie” questions you've wondered about but might be afraid to ask.Looking to 10X your real estate investing business this year? This show isn’t for you.Looking for your first, second, or third deal -- or envisioning a more modest portfolio? Step right up. Every Wednesday, we’ll arm you with the tips, tools, and roadmaps you'll need as you embark on your journey toward financial freedom.