361: How to Buy Your First Rental Property When You CAN’T Get Approved for a Loan w/Mike Previtera

Want to know how to buy your first rental property without money getting in the way? For years, Mike wanted to invest in real estate, but banks wouldn’t give him a loan. If you’re having the same issue, we’re here to help! Welcome back to the Real Estate Rookie podcast! After multiple deals fell through during the financing stage, Mike Previtera realized he needed to work on his finances. So, he and his wife trimmed the fat from their budget and aggressively paid off bad debts. Mike even made changes to his lawnmowing business—raising rates and working extra hours to increase his income. Within one year, all of the hard work had paid off, as Mike was able to get financing for not only his first deal but also the deals that followed! If your financial situation is holding you back from buying real estate, this episode is for you! Mike recalls the exact steps he took to get his finances in order. He also shares how he grew his network, which allowed him to find more deals and financing opportunities. Finally, he talks about some of his biggest investing mistakes—mistakes that YOU can avoid! In This Episode We Cover: How to buy your first rental property when you can’t get a loan Finding deals, connections, and mentors through the power of networking Why hustling for a season could help kickstart your real estate journey How to lay your financial foundation before investing in real estate The BEST strategies for finding deals as a new investor The most common real estate investing pitfalls (and how to AVOID them!) 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 Ask Us Your Investing Question Apply to Be a Guest on the “Real Estate Rookie” Podcast ‘Building’ Wealth as a 24-Year-Old with 12 New Construction Projects Rookie Reply: How to Get 100% Financing for ALL of Your Real Estate Deals Rookie Reply: Networking Tips That’ll Increase Your Net Worth Connect with Mike: Mike's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-361 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices