\n<\/p>\n
Here\u2019s exactly how to buy your first rental property in ninety days<\/strong> or less. And guess what? You don\u2019t need ANY <\/strong>real estate investing<\/a> experience<\/strong> to do it. After watching this episode, you\u2019ll be able to find rental properties, analyze them<\/strong> to ensure they\u2019re profitable, and fund them <\/strong>so YOU can start building financial freedom<\/strong><\/a>. And whether you want two investment properties or twenty, these are the EXACT steps you\u2019ll need to accomplish your goal.<\/p>\n If you\u2019re dreaming of passive income<\/strong>, financial independence, or throwing your alarm clock out the window, this is the place to start. Dave Meyer<\/strong>, BiggerPockets VP of Market Intelligence, went from waiting tables to making mailbox money EVERY month <\/strong>by investing in real estate over the last decade. Now, Dave lives abroad<\/strong>, doing what he loves and having more than enough passive income<\/a> to support his lifestyle. He\u2019s giving YOU the beginner steps to start building your <\/strong>own wealth<\/strong> through real estate and showing YOU how to buy your first rental property<\/a> in just ninety days.<\/p>\n Want to supercharge your real estate investing<\/strong> and reach your goals faster? Sign up for <\/strong>BiggerPockets Pro<\/strong><\/a> and use code \u201c24CHALLENGE<\/strong>\u201d for a special discount and to unlock unlimited rental property calculator usage, landlord lease agreements, exclusive bootcamps, and more!<\/p>\n Dave: \u00a0<\/p>\n<\/div>\n Help us reach new listeners on iTunes by leaving us a rating and review! It takes just 30 seconds and instructions can be found here<\/a>. Thanks! We really appreciate it!<\/p>\n Interested in learning more about today\u2019s sponsors or becoming a BiggerPockets partner yourself? Email <\/em>[email\u00a0protected]<\/span><\/em><\/a>.<\/em><\/p>\n Note By BiggerPockets:<\/b> These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.<\/p>\n
Hello everyone and welcome to the BiggerPockets podcast. I\u2019m your host today, Dave Meyer, and I\u2019m bringing you something very special today. It\u2019s a webinar, maybe my favorite webinar that I\u2019ve given in a long time or maybe ever. It\u2019s called The 90-Day Challenge and I\u2019ve adopted it to fit the podcast format. So don\u2019t worry, there\u2019s not going to be any visuals that you can\u2019t see. We are just taking this concept of the 90-Day Challenge that has been a very successful webinar for all of our listeners and our users on biggerpockets.com for years, and we\u2019re bringing it here to our podcast and to our YouTube channel. Now, the webinar is called The 90-Day Challenge because what we\u2019re going to do today is I am going to challenge each and every one of you to get your first deal or if you already have a deal, get to your next deal in just the next 90 days.
And I know that that might seem crazy if you\u2019ve never bought real estate before or you\u2019re worried about market conditions or where you\u2019re going to find the right type of cash filling deal. But I assure you that by the end of this webinar, this podcast, this presentation, you\u2019re going to have the tools and the knowledge that you need to get that next deal in just the next 90 days. And I\u2019m super excited for you guys to spend the next hour or so with me because I\u2019ve actually done this webinar before. I did it sometime last year in 2023, and I\u2019ve been able to see the results, which is really cool. I\u2019ve seen that people who listen to the very content that you\u2019re about to listen, to go on to get their first deal or to get their next deal in the 90 days following, listening to it.
And so I\u2019m excited on all of your behalf because I know that this content and the frameworks that I\u2019m going to give you are really helpful and have helped hundreds, if not thousands of other investors before you. Thank you guys for spending this time with me. I\u2019m very humbled, I really appreciate it. It\u2019s a really great way for you to demonstrate your commitment to real estate investing by listening to this. And honestly, that is so much of the challenge with being a real estate investor is just committing yourself to it and actually educating yourself and getting to that first deal and to reward you for taking this very important first step. BiggerPockets wants you to have a little gift. It is 20% off our Pro membership just for showing up and listening to this webinar.
Now, you can go Pro, we\u2019ll put a link in the description below. You can go to biggerpockets.com\/pro, but make sure to use the code 24, like the numbers two, four, challenge that will get you 20% off. But let me tell you, if you actually stick around to the end of the webinar, I have another gift for you, perhaps even a greater gift for you. So you\u2019re going to want to stick around and get that as well. All right, so those are the good giveaways. Definitely stick around for it.
Before we jump into it, let me just introduce myself. I am sometimes a host, a guest on this show. My name\u2019s Dave Meyer. I\u2019ve been a real estate investor for 14 years. I\u2019ve invested rental properties, commercial properties. I\u2019ve one lonely little short-term rental, but I\u2019ve been doing this a long time. I\u2019ve also worked at BiggerPockets for a long time, eight years now, and I\u2019m currently the vice president of Market Intelligence. So I get to study the housing market, study real estate and what works well and share that information with all of you. And that\u2019s what we\u2019re going to do in today\u2019s webinar.
So with no further ado, let\u2019s jump into the 90-Day Challenge. All right, to start off today\u2019s webinar, the 90-Day Challenge. I want to tell you all the story of my first deal. I started in 2010 back in Denver. I was waiting tables and I was just really interested in real estate and it took me quite a while to get my first deal. I definitely, I don\u2019t know how many days it took, but it was a lot more than 90. But eventually I educated myself enough and did enough effort and just hustling to get my first deal with the help of three partners. But I made a ton of mistakes over the course of that time and it\u2019s because I didn\u2019t really have a system.
I was just making things up as I went along. I was flying by the seat of my pants and that created a really steep learning curve. And I think when people who are new or just getting into real estate investing think about doing it, they think sort of about my story. They like, \u201cOh my God, I\u2019m going to be learning everything on my own and it\u2019s going to be really difficult and there\u2019s going to be no one there to help me.\u201d But what I learned over the course of my investing career is that there are systems, there are tools, there are built in communities and networks that help people invest in real estate just like BiggerPockets. And when you use those tools and you use the resources that thousands of other investors have used, then it becomes a lot easier and that is what makes it possible for you to get your first deal or your next deal in just 90 days.
And again, that is the idea behind this webinar, the 90-Day Challenge. Here\u2019s how it\u2019s going to work. Here is today\u2019s agenda. The first thing we need to do is learn the three key steps for successfully finding, analyzing, and funding great long-term rental properties. There are other great ways to invest in real estate, but today we\u2019re going to be talking about long-term rental properties. And again, the three steps to making the 90-Day Challenge work are finding deals, analyzing deals, and then funding those great deals. So that\u2019s the first thing on the agenda. The second thing is to get you buy ready in the next 90 days and some of you might be by ready. If you are, that\u2019s great, that\u2019s going to give you an advantage. But even if you\u2019re just sort of by interested right now you want to get into real estate but you\u2019re not ready yet to pull the trigger, well by the end of this webinar you will be ready to buy within 90 days.
That will happen within the next hour. Then third, we are going to discuss some of the biggest roadblocks to buying your first property. And I think this is really important because there are roadblocks in buying real estate. It can feel really hard, but once we identify them and we talk about them and we figure out how to mitigate them, then it\u2019s pretty easy to move around those roadblocks. So that\u2019s number three. And then the fourth step on our agenda is going to be a demonstration and I\u2019m going to describe them to you. I know some of you\u2019re probably watching on YouTube, some are listening to this, but I\u2019m going to describe how some of the tools and resources that we have at BiggerPockets and that I personally use to find properties, analyze deals, I\u2019m going to show you how to use them so you can do them the same way I do and the same way that tons of other professional investors do.
Now, before we jump into that, let\u2019s just take a step back and sort of set the scene about why you should care about this and why you should participate in the 90-Day Challenge in the first place. So maybe you\u2019re interested in cashflow, that is a very common and great way to get into real estate or perhaps you really want tax advantages. There are a lot of those in real estate. Maybe you want those. Maybe you really like the idea of not working so hard for your money and getting that passive income that comes in like clockwork. Or maybe you like equity and just want to build those big chunks over time. All of those are very possible and very good reasons for you to invest in real estate. But if you\u2019re like me and honestly most of the people that I know who invest in real estate, all those things, cashflow, equity, are really just a means to an end, right?
You pursue those financial goals because you want something more meaningful, something even bigger like a life of financial freedom. Maybe you\u2019re pursuing financial independence, that feeling that you can actually live life on your own terms. Maybe you want generational wealth to change how your entire family\u2019s finances are well into the future. Maybe you want to just feel more secure and build a financial fortress.
But whatever it is, all of these options help you build that true financial freedom and it comes one rental property at a time. And I want you guys to think about before you decide whether or not you\u2019re going to participate in the 90-Day Challenge, ask yourself what that would be like. How would it feel to be financially free? What would you do with that freedom? I mean, it would change everything, right? It would be incredible for you to not have to worry about money and to feel really secure in using your time and your life the way that you want.
And I\u2019m guessing that most of you know this, right? So the question is if it is really obvious why real estate is so great at producing financial freedom and financial freedom is so important, then why doesn\u2019t everyone do it? Well, the truth is that a lot of people have some reservations and I\u2019ve been teaching real estate for a long time, so I\u2019ve heard a lot of these reservations. So let\u2019s just talk about them. Let\u2019s get them out into the open and address some of the reasons you might not want to pursue this. Maybe you\u2019re thinking you don\u2019t have enough money, that\u2019s a really common one. But the truth is that you can take actionable steps right now like today to build your savings and connect with the right people for funding. And we\u2019re going to talk a lot about that today.
Or perhaps another reservation is a fear of losing everything. And that makes sense. No one wants to lose money. That\u2019s not why you get into investing in the first place. But what you might realize over time is that choosing the right deals and making sure you don\u2019t lose money is really just a process. It\u2019s a simple analysis framework. You just figure out, run the numbers and you\u2019ll know what deals are good to buy and which ones you should skip. And more on that in a moment.
Or maybe you lack confidence, maybe you just don\u2019t know what a good deal is or you don\u2019t know where to find the right people. Well, I\u2019m going to teach you about some of the tools that you can use and that will give you confidence to find good deals and pursue them without a lot of the fear that you might have right now. And I know all these roadblocks exist because I had them too.
I know exactly how you feel. I had reservations, it would be crazy if you didn\u2019t have reservations before you knew some of the systems and processes that can help you. So don\u2019t worry, I felt the same when I was in your shoes and I was still able to succeed. And I am not special, guys. There\u2019s no knowledge that I have that you can\u2019t learn. I don\u2019t have any skills that you can\u2019t also learn, but I still did it. And guys, I really am not special. I don\u2019t have any special skills or special knowledge that you can\u2019t learn. I did it because I learned how to do simple, repeatable, proven processes. I have found three steps that I need to take to help me invest in real estate. It\u2019s finding the right tools, figuring out what other people are using and using those same things. Number two is getting the right education and continuously educating myself.
So I\u2019m always learning and always getting better. And third is to surround yourself by the right people. That third one I think a lot of people overlook in real estate, but real estate really is a relationship business and you need to find the right people. So those are the three things. You find the right tools, get the right education and meet the right people.
And at BiggerPockets, this is what we create. If you listen to the podcast, you probably know a little bit about us, but we have a whole website, we have all sorts of tools. We have an amazing community of over two and a half million people and we have made it so you can get the right tools, you can get educated and you can meet the right people all from the BiggerPockets website. That has made a huge difference to my investing career using these tools and using this simple framework.
Like I said, when I first got started, it took me a long time, probably a full year to get my first deal. It took me three years to get my second deal after that, so I didn\u2019t go particularly quickly and I still got to where I am, but I could have scaled so much faster and so much easier if I had used these tools. And honestly, this is not unique to me. This is actually a common story that you hear in real estate. Just take it from Jason Vile. He\u2019s a BiggerPockets user. I found him on the forums. He was talking about this and he said that he just replaced his six figure income with passive real estate income in just three and a half years. That is a lot faster than I will when. So just take it from me, take it from Jason.
These stories are real. They\u2019re possible. You can go look up Jason in the forums and find out. What Jason has learned and what I have learned and so many others have learned is that it doesn\u2019t take many properties to start building the momentum that can set you on a path towards financial freedom. What it takes is just a few of the right properties and with those you can start to supplement your income, you can grow your wealth and that\u2019s what turns into living life on your own terms. When you have the right knowledge and the right tools and the right people, you too can buy your first property sooner than you think. This is not some far off goal that is some pie in the sky thing that\u2019s going to be five years from now. You can get started today and have a property in the next 90 days and I\u2019m going to prove it to you.
So even though there are established ways to do this, there is work involved in getting there. It\u2019s going to take a couple of smart steps to get on the path to building real estate wealth. And I\u2019m going to prove it to you. And guys, I\u2019m not going to say that this is something that\u2019s super easy and that it\u2019s not going to take work. It definitely is going to take work, but it\u2019s not rocket science and it\u2019s just a few small steps that you need to take to get on the path to building real estate wealth. All right, so let\u2019s turn our attention now to the three core steps for buying great long-term rental properties. As you know, there\u2019s tons of options to invest. As I said, you can do flips, you can do burrs, you can do all that stuff. But the most common strategy for BiggerPockets members to attain that long-term financial freedom is the tried and true long-term rental strategy.
So that\u2019s what we\u2019re going to focus on here today. And the three steps to buying great long-term rentals are simple. Step one is finding deals, step two is analyzing deals. And step three is funding deals. So let\u2019s just break these down one by one starting with step one, which is finding deals. In BiggerPockets, we sometimes run these surveys and from one of our recent surveys, we found that finding deals was the second-biggest perceived challenge to investing in real estate only behind funding, which we\u2019re going to talk about in a minute. And notice that I said perceived challenge because finding deals is not something you should be overwhelmed by. There are many good ways to find deals. You can drive around and look for vacant properties, you could run direct mail marketing campaigns, you can go to courthouse auctions, you can pay for prospects lists, you can comb through MLSs like Zillow or one of those other property listing services.
Those are all good options, but the truth is about all the ones I just named is that they take a lot of time and effort and you can try them. A lot of people use them to find amazing deals. But I recommend if you want to save some time, remember we\u2019re on a 90-day time limit here. If you want to save some time, use my favorite way to find deals. And it\u2019s also the easiest way to find deals, which is to get an investor friendly real estate agent.
Investor friendly agents are very different from regular agents and I know someone you might know a lot of agents, there\u2019s millions of there in the country, but there\u2019s a difference between investor-friendly agents and regular agents. And what investor-friendly agents will do is help you find actual deals. Investor-friendly agents think like investors. They understand the numbers that need to exist to make things work. They need to know what the right rent to price ratios. They need to be able to tell you what a property might rent for and what hidden expenses there might be. They\u2019re local market experts and can help you identify the right neighborhood, the right zip code, the right block for you to invest in.
And crucially, this one\u2019s super important, they also have a strong boots on the ground network to help you tap into. So I recently just started investing in a new market and I relied on my investor friendly agent to find contractors and property managers and even a lender as well. So these people have great networks that can really help you and that\u2019s what differentiates them and that\u2019s why they can help you find deals and is honestly the reason the way that so many investors find all their deals. I think I\u2019ve found all of my deals except one or two from my agent. So it is a really common, really easy way to do it.
So you\u2019re probably thinking that sounds great, but how do I find one of these amazing agents? Well, it\u2019s pretty easy. Again, at BiggerPockets we make tools to help you speed up your investing process. All you need to do is go to biggerpockets.com\/agent. You can type in some information about your budget, when you want to invest some information about your strategy and you\u2019ll get matched completely for free within two minutes. It couldn\u2019t be easier with tons of great investor friendly agents. I\u2019ve done this myself, I\u2019ve met really great agents and this is just a super easy way for you to find deals. So if you\u2019re one of those people who have been overwhelmed or worried about finding deals in a competitive market or a confusing market like we\u2019re in right now, well this is a great way for you to get around that.
All right, so that was step one. And now that you have sort of a time friendly strategy for finding deals, you need to know how to analyze this deals. And this is one of my favorite, if you don\u2019t know this about me, I really love deal analysis. I wrote a whole book on it called Real Estate by the Numbers. Deal analysis is kind of my thing. And the thing that gets most people hung up on it is that it\u2019s going to be a ton of math and it\u2019s going to be super hard and you have to memorize all these formulas. Couldn\u2019t be further from the truth. If you have the right tools, analyzing deals is super easy and I\u2019m actually going to prove that to you today. I\u2019m going to just walk you through a deal analysis. And before we do that though, I just want to make clear why you have to get good at deal analysis.
And it\u2019s because the simple fact is, even though if you have a great agent, even if you have good deal flow, 99% out of properties out there are not good real estate investor deals. It might be great for a homeowner if you want to live in them, but for investors, you need the numbers to make sense as an investment and a lot of properties just aren\u2019t that way. And so you need to take all the deals that you\u2019re getting from your agent or from elsewhere and analyze all of them to find the best ones. So if you are looking for a property, you may get 50 leads from your agent, right? They\u2019ll send you 50 houses, then you need to analyze like 20 of them and maybe one of those will work.
And that might seem discouraging like, \u201cOh, I have to analyze 20 deals to find a good one.\u201d That\u2019s just how real estate works, this is how everyone does it. And after I show you how to use the rental property calculator on BiggerPockets that I use, you\u2019ll see that analyzing 20 deals, not really hard. You can do it in a matter of minutes.
Okay, so I\u2019m going to jump into the rental property calculator on BiggerPockets. We have all sorts of other ones for flips, spurs, all that, but again, we\u2019re talking about rental properties. If you guys want to find this later or you want to follow along if you\u2019re watching on YouTube, just go to biggerpockets.com. There\u2019s a little tools in the nav bar and just drop down and go to rental property calculator. Now I found a property ahead of this webinar that we\u2019re going to analyze. It\u2019s in Cleveland and it is a four bedroom, two bath house that is listed for $115,000.
And so when I\u2019m using the calculator, the first thing that I like to do is just put in the property address and then put in some photos so I remember what property I\u2019m looking at. This is a nice looking large gray house. It\u2019s two stories, it\u2019s got a nice balcony on top, pretty good curb appeal too. It\u2019s got a nice green lawn that I can see here. And the interior looks relatively recently updated. It\u2019s not like brand new cabinets, they look like they\u2019ve been painted. They might be from the eighties or something like that. There are hardwood floors, they need to be cleaned up a little bit. So I do think we\u2019ll put a little bit, we\u2019ll assume we\u2019re going to put a little bit of money into it, but overall property looks like it\u2019s in a pretty decent shape. And again guys, I don\u2019t really know anything about this property just to be perfectly candid.
I just am going to give you an example. I\u2019m going to make some assumptions and talk you through how you do this. So first things first, after we put in the property information, what we need to figure out is what we\u2019re going to buy it for. And we\u2019re going to assume that we\u2019re going to spend $114,900, which is what it is listed for. And so for now, I\u2019m going to assume that\u2019s what the purchase price is going to be. The next major expense in analyzing a deal is closing costs. And I\u2019m going to put $5,000 here and I know that because I\u2019ve done a bunch of deals and I know what closing costs usually are for me. But in the BiggerPockets calculator, so if you don\u2019t know this, there\u2019s these little buttons on the side. You can\u2019t see this if you\u2019re listening to it, but there\u2019s these little buttons on the side that will tell you rules of thumb and all sorts of tips and tricks that you can use to fill out some of the questions in the calculator that you might not know the answer to.
So for example, purchase closing cost, a little tip here says use one and a half percent of the property price. So that\u2019s really helpful if you\u2019ve never bought a property before. Okay, I\u2019m also going to assume that we\u2019re going to spend some repairs. So I looked at the house quickly, it looks like it\u2019s in decent shape, but I do want to clean up those hardwood floors. I\u2019m going to assume that there\u2019s about $5,000 of repair and that if I can do that, I can increase the property value. It\u2019s known as the after repair value up to $125,000. So those are my major expenses going in. Again, purchase price, $115,000, repairs, $5,000 and purchase closing costs $5,000. Now let\u2019s talk about how much of a loan we\u2019re using. So we just talked about purchase price, but most people don\u2019t want to pay all $115,000 out of pocket. You want to take out a mortgage.
So I\u2019m going to assume that we\u2019re going to use the most common amount for real estate investor to take out, which is 75% is going to be a loan and 25% is going to be our down payment. For interest rates, right now they\u2019re about 6.75%, so I\u2019m going to write 6.75% for my interest rate. And I\u2019m going to assume we\u2019re going to use the most common loan term, 30 years. So this is a pretty vanilla loan. For real estate investors, you usually put 25% down for a 30-year term. That\u2019s it. So we\u2019re flying through this guys. We\u2019ve already talked about property info, purchase, loan details. Next comes rent. This is obviously really critical. You need to know what you can get in terms of revenue for any property that you\u2019re analyzing, but BiggerPockets has a tool for that. It is very, very easy.
So just scrolling through here, I can see that the BiggerPockets Rent Estimator estimates that the rent for this property is $1,300. And it also tells me that the confidence is really high in that number. And so I can click into this and learn more and see that there are a lot of comps in this area for four bed, two baths, similar size, similar year built and that they\u2019re renting for about $1,300 bucks. So while I\u2019m running this deal and trying to figure out whether this is one, I should potentially consider making an offer on that. I feel pretty good about this rent, so I\u2019m going to stick with it. $1,300 sounds pretty good to me. And that\u2019s about it. We have one more thing to talk about in rental analysis. Hopefully you guys can see that this is not very complicated.
We put in purchase info, we put in loan details, then we estimated rent, which BiggerPockets did for us, and now we go to expenses. Now BiggerPockets again has already pulled in the property tax information for us, which comes out to $62 bucks a month for this house. And for insurance, I did look this up ahead of time, it was estimated about $83 per month for insurance on this property. The last thing for expenses that we really want to do, it\u2019s not the last, we have two more actually. So the last couple of things we need to talk about are what are known as variable expenses. So these are things that might change month to month like repairs and maintenance or capital expenditures. And so what I like to do is to use a percentage of income to estimate how much money we need to keep in reserves.
So for repairs and maintenance, I\u2019m going to say 5%. For capital expenditures, I\u2019m going to give another 5% for vacancies in case I have a hard time or getting a renter from time to time, I\u2019m going to allocate 8% and make sure that that doesn\u2019t count towards my income because I\u2019m setting that money aside to make sure that my numbers still work, even if there are vacancies and even if I do have to make repairs. So that comes really easy on the calculator. I\u2019m also going to put in management fees. I live out of the country and so I have to pay property managers and I usually pay them about 8%, which is what I\u2019m going to put in here.
Now if you buy a duplex or a small multifamily property, you can put in information on the calculator when you\u2019re analyzing a deal for some other expenses, some things you might want to consider like electricity, gas, HOA fees, any of that. If you as the landlord are paying it, you want to put it into your deal analysis.
But this home, this one I just picked up kind of randomly is a single family home. And so as an investor, typically if you own a single family home and rent it out, you just have the tenants take over the maintenance, excuse me, take over the utility contract. So they pay their own electricity, they pay their own water and gas and so on, and that makes it really easy. So I\u2019m going to make that assumption. So that\u2019s it guys. That\u2019s all it took to analyze a property. I put in purchase information, loan details, rental income and expenses. And now I\u2019m going to just hit update analysis and see what we get here. And what I found now is that this is actually a pretty good deal. I kind of picked this deal randomly.
I know that Cleveland offers good cashflow, so I wanted to pick in a market that probably has good cashflow, but what it shows is that this property, just using my assumptions, would get about $260 per month, which is good for an 8% cash on cash return, which is really, really good. I can also break down all sorts of other really helpful stats like my analyzed return profit, if I sold it, how much I would walk away from, and that\u2019s really all it takes to analyze deals. So hopefully you guys can see that even if you have to analyze 20 deals or 30 deals to find that first deal or your next deal, by using the right tools like the one I\u2019m showing you here, it can become really quick to do it. I was just jabbing on and talking to you about this and it took me like five minutes. If I wasn\u2019t talking, I could probably do this in two minutes or less and you can do the exact same thing.
The last thing I want to share with you about this is that you can print these out in a really professional looking way, which is super helpful for finding partners or finding lenders, which we\u2019re going to talk about in just a second. So I hope that after this demonstration and description of what\u2019s going on with the calculators that you can see that deal analysis is something you can learn right now. So we\u2019ve already knocked out two of the things you need to do to complete the 90-Day Challenge, which is fine deals gave you some recommendations there and then analyze deals, which I just showed you how to do. And that\u2019s pretty cool. You can go and start getting this practice in. And I think that\u2019s super important.
It\u2019s kind of like preparing for a presentation at work or any other skill that you want to learn. You got to just practice it. And so analyzing deals is something you may want to practice so that when you find the right deal, you feel very confident in your numbers and you\u2019re ready to go pull the trigger. That\u2019s it. Now you\u2019re getting leads, right? You have the tools to analyze deals. What comes next? It is our third step, which is funding deals. There are a lot of ways to fund a real estate deal. You can do conventional loans, you can do hard money loans, you can do private money partnerships, so many different ways to do it. And our surveys, I was talking about some of the surveys we do at BiggerPockets before our surveys show that funding is actually the number one challenge in buying real estate.
And I think that kind of makes sense. A lot of people, if you don\u2019t have the money, you\u2019ve never done this before, assume that it\u2019s really hard. But the truth is that if you find the right property funding deals can actually become a lot less stressful. And I know this seems kind of counterintuitive, but think about it for a second. If you\u2019re an investor and you\u2019re able to identify great deals, people will want to fund those deals. If you go to an investor and show them that little PDF I was just describing and say, \u201cLook at this deal, it\u2019s got an 8% cash on cash return, I\u2019m going to make a 17% annualized ROI,\u201d then a partner or a lender or a bank is going to be like, \u201cYeah, that is a safe investment to lend to this person and I feel comfortable lending to them.\u201d
That\u2019s why we do this in the order. That\u2019s why finding deals comes first, then analyzing deals, and then the last step is to fund those deals because it will be a lot easier to fund your deals once you find good ones. So hopefully that makes sense. But you\u2019re probably wondering how do I even find a good lender in the first place? Well, again, at BiggerPockets we make this super easy for you. We have a lender finder that can help you find investor friendly lenders who can help you get funding. They understand all the different types of loans that are available to investors and which ones are right for you and your strategy. Again, all you need to do, just go to biggerpockets.com\/loans and then enter in some basic information about what you want, what your budget is, how big of a loan you\u2019re looking for, and you\u2019re going to get matched with an awesome lender who can help you figure out your options.
So that\u2019s it guys. These are the three core steps. Just to recap. Step one was finding deals. Step two was analyzing deals. And step three was funding deals. So the question is, are you going to do this? This is the 90-Day Challenge. So let me ask you, are you willing to commit to spending just 15 minutes per day on each of these steps five days a week for the next 90 days? And you don\u2019t have to do each of these things every day. So some days that might be 10 leads per day, look getting 10 leads from your agent. Some days it might be analyzing two or three deals or five to 10 in a week. Or maybe one day you\u2019re just going to be like, \u201cI\u2019m going to spend 15 minutes and call two lenders.\u201d That sounds doable, right? When you first start investing, you\u2019re thinking about building a portfolio and all these things you have to do, it\u2019s kind of intimidating.
But when you break it down into these small bite-sized pieces like meet an agent, look through some leads, analyze a deal, talk to a lender, it becomes almost comically simple, right? You\u2019re not going to find the right deal on your first try, but if you stick to this, if stick to these three simple, simple processes for 90 days, I\u2019m confident you can find that right deal because I\u2019ve seen it. I like this quote by a guy named Jim Rome who says, \u201cGhat life doesn\u2019t get better by chance. It gets better by change.\u201d And this is so true about real estate, it\u2019s not really rocket science. None of this is hard. Hopefully you can see from this presentation, this is easy stuff. The hardest part is dedicating yourself to it. So I think the question you should really be asking yourself now that you know some of these things is are you willing to make the changes in your own life to get that next deal?
And I know that it can feel for newbies that you\u2019re jumping off a cliff and there\u2019s all this risk associated with real estate investing. But take it from me, an experienced investor in the hundreds or thousands of other ones I know and work with and have seen succeed, that it is not jumping off a cliff. It is more like a gentle, uphill, lovely hike with your friends. There are communities that can help you. There are tools that can help you. And yes, you\u2019re going to have to put in a little effort, you are walking uphill, but it is not like you are going to be taking these huge risks or walking off a cliff or anything like that. And I know this because at BiggerPockets we build tools to help investors on their journey and to make it easier for them to get on their journey towards their life goals.
This isn\u2019t theory, guys. This is not something that I\u2019m just making up and presenting to you at a webinar. This is how thousands of real estate investors, including myself, have found financial freedom. So as we start to wind down the webinar, there are two big questions I want you to ask yourself. First is, are you fired up? Because I hope you are. I hope you are truly committed to using real estate to obtain financial freedom. Are you? The second question is, will you take on the 90-Day Challenge and commit to working on the three core steps, 15 minutes per day, five days per week for the next 90 days? Now, if you say yes to those things, then I feel very excited for you and confident that you are going to do well in real estate.
But unfortunately, information like the information I\u2019ve presented to you today is not everything that you need. Because if information was enough, then everyone would be doing this, right? So what then is the key to success? Well, it\u2019s action. It is taking action and actually committing yourself to moving forward and doing the things that we\u2019ve discussed today. I know that sounds really, really simple, but daily consistent action is what separates real estate investors who go on to succeed and build a portfolio and the people who get stuck just wanting to invest but never actually pulling the trigger. I\u2019ve seen this from so many other people on BiggerPockets that this type of action, this commitment, the 90-Day Challenge actually works. I recently ran across another forum post for someone named Jason and he talked about how his experience in buying a cashflow property came from the 90-Day Challenge because he dedicated himself to that 15 minutes a day, five days a week for the next 90 days.
And I know it sounds comically simple because it is, guys, this is really possible. Now, I don\u2019t know why any of you are listening to this today, but I suspect it might be because you\u2019re tired of working your full-time job or maybe you want to start preparing for your future retirement. Those are good goals. Or maybe you don\u2019t want to be a wantrepreneur anymore and you want to actually start building a business for yourself. I don\u2019t know. But those are pretty common reasons people find themselves on webinars just like this. But what I do know is that real estate investing really works, but you have to work it. You have to put in work to make it work for you. And at BiggerPockets, our goal is to help you work your real estate business in as simple a way as possible to help you get to your goals as fast as possible and with the least amount of pain.
And so with your permission, I\u2019d like to make a special invitation offer to all of you to upgrade your real estate investing toolbox with BiggerPockets Pro. BiggerPockets Pro has basically everything you need to succeed in real estate investing. We\u2019ve got tools, it\u2019s got content, the community, services, it\u2019s all here. Some of the highlights are of course the calculator that I showed you, but you also get leases, you get rent estimators and the tools to help you in your three steps. So that\u2019s finding deals, we\u2019re going to help you with that. Analyzing deals and funding your deals.
Altogether, BiggerPockets Pro is truly a one-stop shop to start scale and manage your real estate portfolio. And if you\u2019re wondering that sounds too good to be true, how can one subscription possibly provide all those things? Let me just take a couple minutes to dive in. So first and foremost, you\u2019re going to get this amazing analysis tool, which to me is honestly the most important part of real estate investing is being able to spot good deals and ignore bad ones.
And BiggerPockets Pro offers unlimited use of our calculators. There\u2019s actually nine different calculators and off market deal finding software from Velo, which is worth like over $600 bucks on its own. It also, BiggerPockets Pros in addition to analysis, helps you get up the learning curve quickly by attending our boot camps for 50% off. These are opportunities to learn from some of the best investors in the business like Henry Washington or Ashley Care and get some really intimate, direct interaction with experienced investors who can help coach you on your specific challenges and what you\u2019re working through in your 90-Day Challenge.
It also helps you supercharge your network. Being a Pro gets you into the more serious community. At BiggerPockets, every member of our community is valuable, but Pros are more likely to do deals and to do deals with one another. So by going Pro, you show people you\u2019re serious and get into that sort of higher tier of the community.
There are also all sorts of other tools in what we like to call your landlord command center. So if you want property management software, we got it for you for free. That\u2019s from Rent Ready. Usually costs 240 bucks. You get it for free as part of Pro. If you want portfolio monitoring to see how good your deals are doing accounting software, we got that for you from Stessa. Do you want lawyer approved lease agreements? We got that for you for all 50 states. So when you put this all together, you can see how this helps you across your entire investing portfolio and across your entire investing career.
Now, that probably sounds pretty good, but there are a couple other things that you should know. First and foremost, Pro is tax-deductible for a lot of people. So if you talk to your CPA, you can deduct the cost Pro from your taxes. And the most important thing about why you should go Pro is that it actually works. Take it from Aaron C, who is a BiggerPockets Pro member. He says, \u201cThat there is no way I could analyze the volume of properties I do without being a BiggerPockets Pro member.\u201d Remember, that is important. Doing volume of analysis is important, and that\u2019s what Aaron uses Pro for or take it from Beth who says, \u201cIt\u2019s the foundation of her real estate investing endeavor.\u201d She cites the valuable tools, the connection to the agents and all the information that she needs as why she is a happy, satisfied BiggerPockets Pro member. There are so many other stories like this. I encourage you to go on the BiggerPockets forum and check it out for yourself.
So you\u2019re probably wondering how much this costs, and I think it could easily be thousands of dollars. If you added up the value here, it could be over $5,000. But at BiggerPockets, our mission is to help ordinary Americans understand and utilize the power of real estate investing. And so we price our products accordingly. And BiggerPockets Pro is normally just $468 per year, and that\u2019s pretty good. But at the beginning, I told you for joining this webinar, we would give you a special treat, which is 20% off Pro. And if you go Pro Annual a year of Pro for just $312, that\u2019s $156 off in savings that you\u2019re going to get just for listening to this webinar. But there\u2019s actually a lot more, I\u2019m feeling very generous. BiggerPockets is feeling generous, and we want you to get into take the 90-Day Challenge and get started. So we\u2019re going to offer you a few more things.
First is the Show me the Money Starter Pack. This includes additional content like our nine-hour Low and No Money Down workshop, our six steps to eliminating debt and other worksheets to help you if you don\u2019t feel like you have the money to get started, figure out how you can fund your first deal. That\u2019s valued at 4470 bucks. You\u2019re getting that for free if you go pro today. Second one, one of my personal favorites. It\u2019s called Demystifying the Housing Market. If you know anything about me, I love analyzing the housing market. I love demystifying it. And so I\u2019m going to give you my state of real estate investing report, a video on investing in an uncertain economy and a guide to how to invest in changing economic conditions. That\u2019s worth over $500 bucks, but you\u2019re getting that for free.
And the last one is Ace Your Analysis, which is coming directly for me. I\u2019m giving you all, if you go Pro today, my book Real Estate by the Numbers for Free. It comes with an Excel master file that will help you upgrade your analysis and video tutorials on how to become eight expert at running deals and doing rental property analysis.
So all those things together, you get to Show Me the Money Starter Pack. You get to demystifying the housing market and ACE your analysis toolkits if you go Pro today. And the best thing of all of this guys is if you want to buy it, go on, try it, and if you don\u2019t like it, we\u2019ll give you your money back. BiggerPockets offers a 30-day free, a hundred percent refund, no questions asked. So if you use Pro and you don\u2019t like it, we\u2019ll give you your money back. We want people who go pro to actually use these tools in the 90-Day Challenge or in their other efforts to become financially free through real estate investing.
So just to summarize all these bonuses, the bonuses alone are worth $1,700, but if you upgrade for Pro today, you\u2019ll get them for $312, but you got to do it today and you need to enter the code 24 challenge. So just go to biggerpockets.com\/pro and enter the Code 24 challenge, that will get you the 20% off as well as the starter pack, the demystifying the housing market bundle and the Ace Your Analysis toolkit.
So that\u2019s all I got for you guys today. Thank you so much for listening to the webinar. I really appreciate you spending this time with me. I hope that you can see that you can get started on your real estate investing journey today. The 90-Day Challenge is all about giving you the tools, the knowledge, the information that you need to get started. And all it takes is 15 minutes a day, five days a week for the next 90 days. And I\u2019m confident if you use the right tools, surround yourself by the right people and get the right education, you can get your first deal or your next deal in that timeframe.
My name is Dave Meyer. Thank you guys so much for listening. If you have any questions for me, you can always find me on the BiggerPockets forums or you can message me there. I look forward to seeing you as part of the Pro community.<\/p>\n