Real Estate Rookie Podcast Summary
Episode Title: We Bought Our First Rentals with Almost No Money (Here’s How We Did It)
Hosts: Ashley Kehr & Tony J Robinson
Date: November 24, 2025
Episode Overview
In this episode, hosts Ashley Kehr and Tony J Robinson revisit their very first real estate investment deals, breaking down how they navigated each stage as rookie investors. Their stories are candid and practical, focused on empowering new investors who may feel overwhelmed or stuck in "analysis paralysis." The episode provides motivation, real-world tips, and reassurance that you don't need to have everything figured out to get started.
Key Discussion Points & Insights
1. Choosing the Investment Market
- Ashley: Invested in her local market where she already worked as a property manager, leveraging her familiarity with the area.
“I was a property manager in a market, and so I decided to invest in that market… I knew the streets, I knew the area, and that made me very comfortable.” (00:53)
- Tony: Invested out of state in Shreveport, Louisiana, inspired by his mom and stepdad’s successful local renovation.
“Because I had a connection to that market, that was my initial introduction…It made it a lot easier for me to build some confidence.” (01:26)
2. Building the Team
- Ashley: Reached out to a family friend (agent) and leveraged an existing lender relationship from her day job.
“An agent and a lender were my first really, like, big teammates, I guess.” (03:21)
- Tony: Started with a lender (his mom’s contact), then built connections to an agent, contractor, and property manager through referrals.
“The first domino to fall for me was the lender…if you work with small, local, regional banks…they tend to know because they're a part of that community.” (03:59)
3. Defining a “Buy Box”
- Ashley: No formal criteria; just wanted something small and manageable (single-family, duplex, or triplex).
“I had no buy box…I just knew like a small property.” (05:14)
- Tony: Started broad but was guided by the lender’s criteria to focus on properties where purchase + rehab ≤ 72.5% of ARV.
“I had to make sure that my purchase price and my rehab are no more than 72.5% of the ARV.” (06:17)
- Both agree you don’t need a perfect plan to start—taking action is more important.
“If you're somebody listening that's in analysis paralysis…you probably don't know everything. And neither did we.” (08:04)
4. How They Found Their First Deals
- Both found properties via the MLS.
- Ashley: Duplex listed around $72,000–74,000
- Tony: Listed at $150,000, offered lower per agent’s advice, got it accepted at $100,000
“Same for me, right off the MLS…she suggested to come in at 100, and they ended up accepting.” (09:26)
5. The Due Diligence Phase
- Inspections:
- Both did home inspections.
“Absolutely, 1,000%. And I feel that every rookie should do the same thing. It's like 200, 300 bucks.” – Tony (13:17)
- Ashley: Shadowed the inspector to learn, then started doing her own inspections using the report as a guide for future properties.
“I literally would take that binder and I would go through the property with my handyman.” (15:01)
- Repairs ended up costing around $5,000 for Ashley.
- Both did home inspections.
6. Financing the Deals
- Ashley: Used a partner for funding. She contributed her $5,000 savings for repairs, the partner funded the purchase. They created an LLC for ownership.
“I got a partner, so I had no money…I found a partner…he deposited the funds to purchase the property.” (16:29)
- Tony: Local bank funded 100% of the purchase and rehab (no down payment required).
“They funded 100% of the deal. So I think I paid for maybe like my inspection and my appraisal closing costs, but I had no down payment.” (17:15)
7. Rehab and Contractor Management
- Ashley: Used her property management handyman for the work; partner’s roommate did labor in exchange for free rent—a creative, cost-saving solution.
“My partner’s roommate can do a lot of the stuff. I'm going to tell him he gets free rent…so we didn’t have to pay for labor at all.” (19:50)
- Tony: Vetted contractors by cross-referencing referrals from both agent and lender; conducted remote oversight via FaceTime; property manager did the final walkthrough.
“We would FaceTime. It was like every Friday we would get on FaceTime…that visual walkthrough allowed me…to have some more confidence.” (22:21)
8. Leasing & Property Management
- Ashley: Self-managed, placed tenants using Craigslist and simple signs; admits to minimal tenant screening.
“I used what I was doing at that time for the apartment complex and that was posting on Craigslist…I did a lease agreement and then tenant screening. And then we definitely didn’t do a thorough job of tenant screening.” (25:49)
- Tony: Completely hands-off. Property manager found and managed tenants.
“I never met the tenants. Couldn't tell you what they look like…But they were a family that was military.” (27:07)
9. Results and Lessons Learned
- Both saw modest initial cash flow (~$150/month), but the key takeaway was gaining the confidence to continue investing.
“It was the best $150 I had ever made because it was proof of concept…” – Tony (27:29)
- Ashley and her partner quickly bought another property within six months.
“We actually bought our [next] property in six months because of that proof of concept…” (28:17)
- Emphasis on the importance of action over perfection.
“From this episode, the lessons learned are: get out of analysis paralysis, take action…you’re not going to know everything, and that is okay.” (28:57)
Notable Quotes & Memorable Moments
- “Ignorance is bliss, right? … You know what you know.” – Tony (06:17)
- “If you're somebody listening, that's in analysis paralysis…you probably don't know everything. And neither did we. And we took action and we made it out okay.” – Ashley (08:04)
- “So guys, one deal. It's all it takes to change everything.” – Tony (28:06)
- “We want to hear all about it. So go to biggerpockets.com/guest and fill out an application so you don't get old like me and Tony and not remember every detail.” – Ashley (29:36)
- [Tony recalls flying out for his first closing:] “I actually did get the keys to that deal because I was so excited that I flew out to Louisiana for the closing… I was at the closing table, I got the keys and I just drove to the property and I recorded myself unlocking the door for the first time and walking around. I remember that feeling.” (19:19)
Important Timestamps
- Choosing Markets: 00:53 – 02:26
- Building The Team: 02:26 – 05:14
- Defining the Buy Box: 05:14 – 08:04
- Finding The Deal: 08:54 – 10:19
- Inspections & Due Diligence: 13:01 – 16:22
- Financing: 16:22 – 17:15
- Contractor/Vetting Rehabs: 18:57 – 22:37
- Leasing & Property Management: 25:39 – 28:17
- Takeaways & Listener Challenge: 28:17 – End
Tone & Final Takeaways
The episode is friendly, honest, and warmly encouraging. Ashley and Tony candidly share their uncertainties and initial mistakes, providing comfort for new investors who may feel they must have everything perfected before making a move. Their main message: Action trumps perfection; you don’t need to know everything to start building your portfolio.
If you've got a recent deal and your story is fresh, Ashley and Tony encourage you to share it as a future podcast guest.
Useful Links Referenced: