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

Real Estate Rookie

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

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Tony's BiggerPockets Profile

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Real Estate Rookie Facebook Group

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‘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

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