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Are you wondering how it’s possible to purchase eight rental units in less than a year? Well, by the end of this episode, you’ll have all the information you need to fund any rental property purchase, regardless of your financial situation or experience. If Tim Yu, who had almost no money in his bank account this time last year, can build a rental property portfolio and successfully flip multiple houses in under twelve months, then so can you.

Tim is a true Real Estate Rookie. He spent over a year listening to every single episode of the show during his commute to and from work. After becoming frustrated with overthinking and analysis paralysis, Tim took a chance and made a lowball offer on a potential BRRRR (buy, rehab, rent, refinance, repeat) property. Surprisingly, his offer was accepted. The only problem was that he had no money to purchase it. Fast forward to today, Tim has completed ten deals, owns eight rental units, and is on the verge of leaving his W2 job.

In this episode, Tim provides a comprehensive review of every type of rental property financing available. He explores options such as hard money loans, credit cards, selling off retirement accounts, and partnerships. Regardless of whether you have the necessary funds or not, Tim will guide you through each step of acquiring your first or next rental property.

Ashley: Welcome to episode 335 of Real Estate Rookie. I’m Ashley Kehr, and I’m joined by my co-host, Tony J. Robinson.

Tony: Thank you for joining us on the Real Estate Rookie podcast, where we bring you stories, inspiration, and motivation twice a week to kickstart your real estate investing journey. Today, we have a special guest who has been deeply involved in the BiggerPockets community. Tim Yu is a long-time listener of the podcast and credits the knowledge he gained from it as the driving force behind his successful investing journey. In less than a year, Tim closed on 10 deals and will share his strategies with us today.

Ashley: Tim’s ability to secure financing for his deals is incredibly impressive. Each deal was funded in a unique way, and Tim will break down the details of each financing option he used. In one particular deal, he only had to pay $2,000 out of pocket and didn’t require a bank loan. Tim will reveal his creative methods for achieving this.

Tony: He even managed to get paid for buying a property. He walked away from the closing table with a check in hand. You won’t want to miss out on hearing how he accomplished that. Tim’s story is a shining example of the power of being an active member of the BiggerPockets community. By participating in the Real Estate Rookie Facebook group, YouTube channel, podcasts, and forums, Tim was able to achieve remarkable success.

If you’re part of the rookie community and haven’t already, please consider leaving an honest rating and review of our show. We currently have 1,595 ratings, and we hope to reach 1,700 soon. Your reviews contribute to our ability to reach and inspire more individuals. We hope to share more stories like Tim’s, so take a few minutes to leave a review.

Ashley: We’re always looking for guests with stories similar to Tim’s, or even those who have just completed their first real estate deal. If you have a story to share, please apply to be a guest on our podcast at biggerpockets.com/guests. Don’t underestimate the value of your story. We would love to have you on the show and inspire others in the rookie community.

Now, let’s welcome Tim to the show. Thank you for joining us today. Could you please introduce yourself to our listeners?

Tim: Thank you for having me. My name is Tim. I’m a 30-year-old full-time Army officer stationed at Fort Knox, currently living in Louisville, Kentucky. I started investing in November 2022 and have explored various avenues within real estate over the past year. Initially, I focused on long-term rentals through BRRRRs, but developed a passion for fix and flips. Currently, I’m involved in the creative space of real estate.

Ashley: That’s fantastic! Could you provide us with an overview of your current real estate portfolio?

Tim: Absolutely. I currently own two duplexes and three single-family properties in Louisville, Kentucky. Additionally, I have partnerships in Oklahoma for two single-family properties and a fix and flip partnership in Atlanta, Georgia. Right now, I’m working on a fix and flip in Louisville and have a seller finance deal closing in a couple of weeks.

Ashley: It’s remarkable that you’ve achieved all of this within a year.

Tim: Yes, November marks my one-year anniversary in real estate investing.

Tony: That’s truly amazing. Before closing your first deal in November 2020, how much time did you spend educating yourself and preparing mentally for real estate investing?

Tim: I engaged in various activities to expand my knowledge and prepare myself for real estate investing. I always had an investor mindset, which I applied to stocks through 401(k) and Roth IRA accounts. I started investing in these accounts as soon as I secured a full-time job. Additionally, I spent two years commuting to work, which allowed me to extensively listen to the Real Estate Rookie podcast. I dedicated almost two hours every day for a year and a half to listen to the show. This helped me gain the confidence and motivation to take action.

Ashley: So you’ve definitely been immersed in the world of real estate investing.

Tim: Absolutely. The knowledge and guidance I gained from the podcast played a significant role in my journey. In fact, I remember sitting in my car one day and realizing that I had been listening to the podcast for a year and a half without taking any action. That’s when I decided to connect with a real estate agent and pursue my goal of owning a house.

Please note that the transcript has been modified for readability and coherence.