Real Estate Rookie Podcast Episode Summary
Episode: Don’t Get a Real Estate “Mentor” Until You Try This (Rookie Reply)
Release Date: August 8, 2025
Hosts: Ashley Kehr and Tony J Robinson
Source: BiggerPockets

Introduction

In this episode of the Real Estate Rookie podcast, hosts Ashley Kehr and Tony J Robinson address three pressing questions from novice real estate investors. The discussion delves into valuing extra bedrooms in properties, the true value of having a mentor, and the pros and cons of obtaining a real estate license for house flipping. Throughout the episode, Ashley and Tony provide actionable insights, enriched with their personal experiences and expert advice.

1. Valuing Extra Bedrooms and Determining After Repair Value (ARV)

Timestamp: [00:00 – 08:02]

Question from Richard:
Richard is attempting a BRRRR (Buy, Rehab, Rent, Refinance, Repeat) strategy in an unfamiliar market. The property in question is a five-bedroom, two-bath home spanning 2,300 square feet, whereas comparable five-bedroom homes in the area typically range from 3,200 to 4,000 square feet. This discrepancy poses challenges in determining the property's After Repair Value (ARV), especially when comps (comparable properties) are scarce.

Key Discussions:

• Understanding ARV:
  Tony J. Robinson explains, "After Repair Value or ARV is the value of the property after you've completed whatever renovations you plan to complete." He emphasizes the importance of ARV in ensuring profitable investments, whether flipping or refinancing.

• Appraisal Insights:
  Ashley Kehr suggests obtaining a local appraisal to understand how much value is attributed to additional bedrooms. "Get the appraisal and look at how much money they're putting towards a bedroom," she advises, noting that this provides a reliable benchmark rather than using arbitrary figures like $10K or $20K.

• Market Variations:
  Tony adds, "In a market like Iowa, where maybe I can buy a property for $150,000, 10K is a big percentage of the purchase price. If I'm buying where I live in Southern California and I'm buying a house for $600k, 10k is a very small percentage." This highlights the necessity of tailoring ARV calculations to specific markets.

• Supplier Appraisals:
  Both hosts stress the value of obtaining multiple appraisals. Tony shares his experience: "I was able to see, oh, for bedroom variances, here's what they're adding or subtracting for square footage differences."

Notable Quotes:

• Ashley Kehr [02:42]: "Get a copy of an appraisal from that market... you get a ballpark idea of how much they’re adding in value for the additional bedroom."

• Tony J. Robinson [07:26]: "I think a good rule of thumb is maybe going back 90 days and if you can't find any good comps within, like, call it like a mile radius, then just start to, you know, mile and a half, two miles, two and a half miles, three, three miles until you can find something."

2. The Value of Mentors in Real Estate Investing

Timestamp: [10:33 – 21:55]

Question from Patrick:
Patrick from the BiggerPockets forums questions the necessity of finding a mentor in real estate investing. He seeks insights on whether mentors are truly game-changers and how one might go about finding such guidance, especially from a starting point in New York City.

Key Discussions:

• Redefining Mentorship:
  Tony J. Robinson broadens the concept of mentorship beyond a single individual. "A mentor can mean multiple things. Today, it could be the books that you're reading and the authors are serving as sort of a mentor... or going into the BiggerPockets forums," he explains.

• Community Over Individual Mentors:
  Ashley Kehr shares her journey, highlighting the significance of community support. "Surrounding yourself with a community or an accountability group... I honestly think that is more valuable than actually getting a mentor."

• Active Engagement:
  Engaging with communities, such as the Real Estate Rookie Facebook group, can organically lead to mentorship opportunities. Ashley recounts how active participation led to recognizing and inviting Lawrence Briggs to the podcast, fostering mutual growth.

• Paid Mentorships:
  Tony discusses the pros and cons of paid mentorship programs. "There's value in paid mentorship and coaching because you get someone who is now financially incentivized to make sure that you're successful," he notes, cautioning the importance of vetting such programs to ensure their credibility and effectiveness.

Notable Quotes:

• Tony J. Robinson [11:30]: "You don't have to put all of the pressure on one person to be your mentor, but you can use a community of people to guide you along in your journey as well."

• Ashley Kehr [12:22]: "Surrounding yourself with a community... there are so many different voices, so much different advice that people can come from."

3. Obtaining a Real Estate License for House Flipping

Timestamp: [21:55 – 28:53]

Question from Garrett:
Garrett poses two questions:

1. Is it worth getting a real estate license if one's investing strategy is to flip houses?
2. Are there any drawbacks to obtaining the license that might hinder real estate investing?

Key Discussions:

• Differentiating Roles:
  Tony J. Robinson emphasizes that real estate investors and agents require different skill sets. "Real estate investors and real estate agents are different people with different Skill sets."

• Pros of Having a License:

  • Saving on Commissions: Potential to save on transactions by listing properties independently.
  • MLS Access: "MLS does have sometimes more data than what's readily available on like Zillow or Redfin," providing fresher and more comprehensive market data.

• Cons of Having a License:

  • Distractions: Balancing both roles can divert focus from core investing activities.
  • Costs: Maintaining a license involves expenses and continuous education requirements.
  • Potential Conflicts: "You do get MLS access, right?... there are cons as well, you know," including possible friction in off-market deals and the need to disclose agent status.

• Ashley Kehr's Perspective:
  Having never obtained a license herself, Ashley shares her experiences working with passive investors and highlights the extensive behind-the-scenes work real estate agents handle, which might not align with an investor's objectives.

Notable Quotes:

• Tony J. Robinson [22:19]: "Unless your goal is to become a high volume agent, I don't think you should become an agent because it distracts you from your core job, your core focus of being an investor."

• Ashley Kehr [23:54]: "A really good agent... there is a lot more that is done behind the scenes."

Conclusion

Ashley and Tony conclude the episode by reiterating the importance of community and informed decision-making in real estate investing. They encourage listeners to engage with the BiggerPockets community, attend events like BPCON, and continue seeking knowledge through various resources. The hosts also hint at upcoming networking opportunities, emphasizing the value of connecting with like-minded individuals in the industry.

Final Thoughts:

This episode of Real Estate Rookie provides valuable insights for new investors navigating the complexities of real estate investing. From accurately determining property values to leveraging community support over traditional mentorship, and assessing the practicality of obtaining a real estate license, Ashley and Tony equip listeners with the knowledge to make informed decisions on their investment journey.