434: Rookie Reply: Buying Your NEXT Rental & How to Save a Fortune on Renovations

Home renovation projects aren’t cheap, and it’s easy to let your budget spiral out of control if you’re not careful. Fortunately, we have several tips, tricks, and hacks that will help you save a fortune on your rehabs—from finding deals on materials to an investor hack that gives you money back every time you place an order!   Welcome back to another Rookie Reply! Are you investing out-of-state? We’ll show you how to find, vet, and manage contractors from miles away in today’s episode. Not sure if you’re ready to buy your next rental property? In this episode, we’ll break down a listener’s financials and help them (and you!) make the right choice. But that’s not all. Perhaps you’ve thought about renting by the room to help cover your mortgage but don’t know whether house hacking is for you. Make sure you listen to Ashley and Tony’s advice before diving in! Looking to invest? Need answers? Ask your question on the BiggerPockets Forums! In This Episode We Cover The BEST places to find materials for your home renovation projects How to save money on material orders with THIS investor hack When to buy your NEXT property (and why you always need an exit strategy!) How to find, vet, and manage contractors when investing out-of-state What you MUST know before using the rent-by-the-room investing strategy And So Much More! (00:00) Intro (01:01) Rent-By-The-Room Strategy (08:30) BEST Places to Buy Materials (16:35) Should I Buy Another Property? (21:39) Managing Contractors Remotely (34:32) Send Us Your Question! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-434 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