Ashley's main goal was to purchase a lake house, which she successfully achieved in July after facing unexpected challenges.
Tony's biggest goal was to stabilize the motel they acquired at the end of 2023, which they successfully launched but learned many lessons from.
They decided to close their Airbnb arbitrage properties because the revenue and guest experience were significantly better in their other cabins, and the apartment-based units had limited potential for growth or adding amenities.
Tony learned that scaling a business requires either a top-down or bottom-up approach. He found that the top-down approach didn't work well for his smaller business, as he couldn't provide the necessary support to new team members, leading to failed spin-off businesses.
Ashley found the lending process for her lake house purchase to be overwhelming, as it required extensive documentation and a strict timeline, unlike refinancing, which is more flexible. She also learned the importance of being prepared with pre-approval before making offers.
Ashley chose an agent through Zillow without proper vetting, which led to issues during the closing process. The agent refused to hand over the keys until the transaction was filed with the county, causing inconvenience and requiring intervention from her attorney.
Tony faced significant challenges with the labor pool at the motel, as they went through four on-site managers in the first seven months of operation. The lack of a stable labor pool caused headaches during the peak season, highlighting the importance of better vetting and support for new hires.
Ashley's first flip house went smoothly, with her contractor handling most of the work. However, she faced unexpected delays due to a required sump pump inspection, which was not common in her previous transactions. The experience highlighted the importance of understanding local codes and having a strong team in place.
Tony's goals for 2025 include acquiring one additional commercial property, flipping one house per quarter, and potentially starting ground-up construction for a short-term rental. He also plans to scale at a slower pace to focus more on family and personal life.
Ashley's goals for 2025 include making $100,000 from her current flip house, improving operations and systems for her businesses, and potentially keeping her lake house as a personal residence rather than renting it out.
Today, we’re talking about the** real estate deals we did in 2024. What went right, what went wrong, and what mistakes did we make that you must avoid in 2025? This year was wild for the real estate market—you probably felt it, too. Whether you were buying rentals, flipping houses), or just getting started, this year felt hot, cold, and lukewarm all at the same time. So, how did *we *end the year? Did we hit our 2024 goals, or was this wild housing market just too much for us?
We’re sharing exactly what our 2024 goals were, whether we hit them, and what we’re planning for in 2025. We decided to** give up one real estate investing strategy) that wasn’t worth it anymore; we made some BIG mistakes** by choosing the wrong agent, hiring the wrong people, and forgetting to systematize some properties. But we also made some solid moves that saved us when some of our deals began to fall apart.
Don’t repeat the same mistakes we made—learn from them instead! Tune in, write these lessons down, and** build a better real estate portfolio) in 2025**!
In This Episode We Cover:
Our** 2024 real estate deals in review** and the one strategy we’ve decided to ditch
How** choosing the wrong **real estate agent) can completely throw off your closing
Mistakes we made by hiring the wrong people to take care of our properties (we did this three times THIS year alone)
Why the** right contractor**)** is worth the extra cost **(and can save your flip)
Tony’s newest house flip and how he’s trying to make up for a BIG loss
Our 2025 goals and why we’re deciding to scale SLOWER this coming year
And **So **Much More!
Links from the Show
Ashley's BiggerPockets Profile)
Tony's BiggerPokckets Profile)
Real Estate Rookie Facebook Group)
Grab the “Real Estate Rookie” Book)
Find an Investor-Friendly Agent in Your Area)
How to Start Flipping Houses for Huge Profits in 2025 (Step-by-Step!))
Check out more resources from this show on BiggerPockets.com) and https://www.biggerpockets.com/blog/rookie-489)
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]).
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