BiggerPockets Real Estate Podcast

When it comes to pulling the trigger on a rental property, what we have is a "paradox of choice." So. Many. Options. It's easy to suffer from Fear of Missing Out, and it's even easier to get overwhelmed by the vast array of options out there.

That's where today's show comes in: press play, and Brandon and David will guide you through an 8-step process to closing on that first (or next) rental property.

Along the way, they share the tools (BP Insights) and team members ("Core Four" and more!) they use to guide decisions about where and how to deploy their capital.

Your action steps start with clarifying your goals, then we move to comparing markets and sizing up different neighborhoods using school district ratings and crime data.

Next, we tackling finding a deal – whether you're using an agent, a wholesaler, turnkey provider, or going off-market yourself... and how to avoid getting into trouble by "trusting your gut and hoping" when you're in an unfamiliar territory.

If you invest out of state, should you fly out? What about systems and standard operating procedures once you've got a tenant in the property? We answer all those questions, and more.

Finally: We mention it a few times in this episode, and if you want to take advantage of our awesome new Pro benefit, BPInsights, use the discount code BPDATA for 20% of a Pro Annual membership.

You'll get access to exclusive BPInsights Facebook group, a bonus webinar showing you how to use this platform to identify a market, and a bunch of other great Pro benefits including unlimited calculator use. Oh, and be sure to use that discount code before it expires on October 1st, 2020!

In This Episode We Cover:

• Comparing the Cashflow vs. Appreciation potential of various markets
• Rent-to-Price and "Rent-to-Income" ratios + other indicators
• How to find market rents, crime data, and school district info
• The one team member you should seek out to double-check your assumptions about a neighborhood
• Various types of deal finders and the pros and cons of working with each
• What to consider when working with turnkey providers
• Using BPInsights data in your quest for a property
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Bookstore
• BiggerPockets Pro discount code: bpdata
• BiggerPockets Insights
• Meet Property Management Extraordinaire, RE Investor & Hotel Owner Jesse McCue
• BiggerPockets Marketplace
• Realtor
• Zillow
• Trulia
• 5 Markets With Promising Rent-to-Income Ratios: September 2020 Markets of the Month
• BiggerPockets Events
• BiggerPockets Bookstore

Check the full show notes here: http://biggerpockets.com/show402

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Welcome to the brand new Sunday edition of the show – where we go beyond tactics and focus on the "mind game."

In this premiere episode, you'll learn about the easy, free practice that might just be the highest ROI use of your time... and there is no one more qualified to teach this than Jordan Harbinger.

Jordan brushes aside common myths about transactional "networking" using business cards or annoying LinkedIn messages. Instead, he shares the proven system he's used to build a world-class network. In fact, Jordan's strategies are so effective, the CIA and MI6 intelligence agencies hired him to teach them to their agents!

So, how does this apply to real estate investing? Well.. what would it be like to have a solid stable of connections to mentors, private lenders, and people who actively look for opportunities for you? We're talking about people who you know would pick up your call. This show breaks down exactly how you can build those kind of relationship without changing your personality – even if you think you don't have a ton to offer the other person.

Here's our challenge to you: put just one of these strategies into practice in your business this week, and see what happens. Hit us up on Instagram (@beardybrandon and @davidgreene24) to show us you did it! And remember, without committing to a system and following up, you won't get results.

Let us know what you think of this new iteration of the BiggerPockets Real Estate Podcast. And if you're interested in more conversations like this, check out Jordan's podcast, the Jordan Harbinger Show, wherever you listen to us.

In This Episode We Cover:

• Why intentional networking is so crucial for real estate investors
• How to take full advantage of your time at real estate meetups
• His "Connect 4" system for reengaging with 4 people ("weak and dormant ties") each week
• How to generate social capital
• How to avoid strictly transactional relationships
• The right way to introduce two people to each other over email
• Developing confidence and overcoming shyness to succeed in the business world
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Bookstore
• Craigslist
• Ben Horowitz
• BiggerPockets Events
• Boomerang for Gmail
• Superhuman Emails
• Ray Dalio
• Mark Cuban

Check the full show notes here: http://biggerpockets.com/show401

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Over 400 episodes, we've absorbed a lot of hard-won real estate investing wisdom from our guests. Pretty tough to boil down to 10 concepts... but that's exactly what Brandon and David set out to do on today's show!

You'll hear them outline each principle, cite the person they learned it from, and bring it to life with real-world examples from their own investing experience as well as those of previous guests.

It's a fitting tribute to a major milestone for the show, and we hope it inspires you to revisit some classic episodes and implement this advice in your own business right away.

Thank you for supporting us; we sincerely appreciate you. If you like what we do, can we ask you to take 30 seconds to leave us a rating and review on Apple Podcasts? Every single one helps, and seeing your feedback motivates us to create more value on the road to episode 500!

In This Episode We Cover:

• Playing "great defense" with your spending
• The danger of jumping the gun with the wrong tenant, deal, or partner
• Focusing on one niche until you're a master
• Asking yourself exactly what you need to achieve your vision
• Ways your ego can cost you money in real estate investing
• Tracking results and constantly improving
• Only investing in assets you know well
• Why you should strive to be great at your day job
• Why bigger deals aren't necessarily more harder
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Bookstore
• Andy Frisella
• BiggerPockets Podcast 353: Turning $5K Into $5K/Month and Retiring at 40 with Tim Rhode
• My Body Tutor
• Josh Dorkin
• BiggerPockets Podcast 356: 30+ Rentals (in a Pricy Market) Through BRRRR and Section 8 with Joe Asamoah
• BiggerPockets Podcast 362: Big Goals? Here’s How to Get Your Spouse or Partner on Board with Jay and Wendy Papasan
• BiggerPockets Podcast 113: Becoming a Millionaire Real Estate Investor Using The One Thing with Jay Papasan
• BiggerPockets Podcast 276: Early Retirement ($10k/Month) by Age 35 with Bryce Stewart
• James Wedmore
• BiggerPockets Podcast 330: How to Ditch Distractions and Get WAY More Done With Cal Newport
• BiggerPockets Podcast 245: Creating Wealth that Lasts Generations with Bestselling Author Ryan Holiday
• BiggerPockets Podcast 396: Post-COVID-19 Investing and Landing Great Deals at Auctions with David Osborn and Aaron Amuchastegui
• BiggerPockets Podcast 328: How to Laser-Focus on the Wildly Important With Author Chris McChesney
• BiggerPockets Podcast 246: Surviving the Coming Crash, Earning 20% Returns, and Buying Mobile Home Parks with Kevin Bupp
• BiggerPockets Podcast 262: $600,000 Per Month in Gross Rents from Mobile Home Parks with Jefferson Lilly
• BiggerPockets Podcast 125: The Key to Business Success with Bestselling Author of The E-Myth Michael Gerber

Check the full show notes here: https://www.biggerpockets.com/show400

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Today we’re swerving a bit from tradition to bring you a guest who is not a real estate investor. Jeff Thorman spent years as a general contractor, built his own company, then started his own YouTube channel, HomeRenovisionDIY, to teach people how to renovate their own homes.

Learn from his years of experience renovating in this episode. Jeff brings us incredible tips on building strong relationships with contractors - from inquiry to project close. We discuss the importance of using quality materials in any project. We even dive into some projects you should absolutely be able to do-it-yourself as an investor. As a real estate investor, you will have to complete renovation projects at some point - use this episode to make sure those projects are seamless and successful!

In This Episode We Cover:

• Learning the contractors’ perspective
• The importance in using quality materials and building long-term solutions in your properties
• Shopping directly from suppliers to save money on big rehab projects
• Creating systems to retain quality contractors
• Understanding the real cost of low-cost materials 
• Upgrades to improve your rental property and decrease vacancy
• How to ask a contractor to walkthrough a project before you buy it
• How to spot houses with cosmetic fixes vs. big, expensive projects
• Newbie DIY projects anybody can tackle
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Bookstore
• Virtual Wealth Expo
• BiggerPockets Calculators
• Home Depot
• Joanna Gaines
• Ikea
• cost vs value report
• BiggerPockets Insights
• Marr Risinger's Youtube Channel

Check the full show notes here: https://www.biggerpockets.com/show399

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When Tarl Yarber last appeared on the show (#189), we got a behind-the-scenes look at his monster house flipping business.

He was doing a lot of volume, but here's the catch: he was stressed out and unhappy. Plus... with zero rentals to his name, he had to keep spinning the hamster wheel – "feeding the machine" – to make any money.

Today's show is about a big mindset shift, and the systems and teams Tarl put in place to create a business that truly serves him, rather than the way around... and allows he and his wife to travel 200 days a year while working on his business rather than in it.

We cover a lot of topics here, from high-level success principles to the specific real estate investing actions you can take – today – to adopt a more intentional and focused approach to building longterm wealth.

Lastly – Tarl's an exceptional networker, and the guys discuss the importance of meeting up with other rockstar investors even if the pandemic is preventing you from doing it in person.

So... how do you do that?

Well, Tarl's hosting a virtual conference September 18-19, and he's offering a 50% discount to BiggerPockets Pro members (check your email). This isn't a series of webinars, either... You'll be able to actually meet up with other attendees through online breakout groups, so it solves for the biggest challenge most investors are facing right now.

Follow this link to http://virtualwealthexpobp.com/ to snag your ticket today!

In This Episode We Cover:

• The many advantages of the Buy, Rehab, Rent, Refinance, Repeat (BRRRR) Strategy
• Creating multiple exit strategies when BRRRR'ing
• Why sketchy tax deductions can hurt your longterm wealth
• Designing your real estate investing strategy to fit your desired lifestyle
• How Tarl and his wife mapped out their vision on butcher paper
• Making a "To Do" List and a "To Don't" List
• Why businesses need to be able to "scale down" in times like these
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Podcast
• BiggerPockets Business
• BiggerPockets Bookstore
• BiggerPockets Podcast 365: Ret. Navy SEAL Jocko Willink on Embracing Discomfort and Leading Through Extreme Ownership (+ His Real Estate Investing Tips!)
• Virtual Wealth Expo
• BiggerPockets Podcast 189: 500 Deals, the $100,000 Wholesale Paycheck, & the Systems That Make it Work with Tarl Yarber
• BiggerPockets Podcast 395: From Car Valet to $100k/Month… Seriously! with Thach Nguyen
• The Notebook

Check the full show notes here: https://www.biggerpockets.com/show398 

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In today's episode we open up the phone lines again to field your real estate investing questions... and for an added twist, we bring in the familiar voice of author, BiggerPockets Business Podcast host, and house flipper/investor extraordinaire J Scott.

You'll hear callers chime in with questions like: 1) "Help me get started" 2) "should I partner with family members?" 3) "How do I transition from single family to multifamily" – and much more! From refinancing and the finer points of BRRRR... to mentorship and long-distance investing... It's all here!

Tell Brandon and David what you think of this new format in the show notes at biggerpockets.com/show397. We want to hear from you, too!

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No one knows where the real estate market is headed next... but with an estimated 30 million Americans out of work, wouldn't you like to know how to buy foreclosed properties, step-by-step?

That's what you'll learn today, from two investors who have completed over 1,000 deals each: David Osborn and Aaron Amuchastegui. They begin the show by sharing their thoughts on today's economy (hint: they've kept plenty of cash cash on hand), then walk us through their 5-step process for successfully bidding on foreclosed properties at auction.

From building a list of properties, to lining up funding, to checking title and actually making your bid, you'll learn how David and Aaron (+ thousands of other investors) built serious wealth buying up distressed properties after the last big crash. This skill set is another tool to add to your tool belt, and whether there's another wave of foreclosures coming or not, you can use it to build serious wealth.

For more, pick up a copy of David and Aaron's new book, Bidding to Buy: A Step-by-Step Guide to Investing in Real Estate Foreclosures. And check out the show notes at biggerpockets.com/show396 for a transcript and other resources.

In This Episode We Cover:

• The impact of COVID-19 on various assets
• Why David Osborn is keeping a heavy cash position
• How the foreclosure process works (notice, etc.)
• What a foreclosure auction (sometimes called a "trustee sale") is
• The 5 Steps to buying at auction
• Why it's so important to drive by every property you plan to buy
• Aaron's first auction experience as a newbie
• How to deal with a lien on a property
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Podcast
• Keller Williams
• BiggerPockets Podcast 353: Turning $5K Into $5K/Month and Retiring at 40 with Tim Rhode
• GoBundance
• Auction.com
• Roddy's Foreclosure Listing
• Auction Texas
• BiggerPockets Analysis Calculators
• BiggerPockets Podcast 385: Once Homeless, Now Investing in an Expensive Market (With No Money of His Own) With Greg Gaudet
• Real Estate Rockstar Podcast
• BiggerPockets Money Podcast
• Real Estate Rookie Podcast
• BiggerPockets Business
• BiggerPockets Bookstore

Check the full show notes here: https://www.biggerpockets.com/show396

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Today: a no-excuses, American Dream story that will get you fired up to go hunt down a deal!

Thach Nguyen is an investor and agent in the Seattle, Washington area. When he was a kid, his family fled Vietnam for the U.S... he later parked cars at a Chinese restaurant... and despite becoming a top-producing agent building a monster portfolio of paid-off rental properties, he's still hungry and shows no sign of slowing down.

In today's episode, Thach (pronounced "Thatch") shares the lessons he learned during the Great Recession, his criteria for buying a "perfect BRRRR"... and why he says there's no shame in living with mom and dad to save money!

Plus, the guys discuss the pros and cons of paying down mortgages, the psychological advantage of owning your primary residence free-and-clear, and Thach's favorite (free) lead generation strategy.

We think you'll love Thach's energy; he thinks big and will motivate you to do the same. Give him a follow (IG: @thachnguyen) and let us know what you think of this episode!

In This Episode We Cover:

• How Thach created $100k/month (!) in rental income
• Why he's focusing on the affordable housing niche
• Buying townhouses in Seattle, WA
• Buying a "micro-apartment" building in Oakland, CA
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Podcast
• BiggerPockets Podcast 356: 30+ Rentals (in a Pricy Market) Through BRRRR and Section 8 with Joe Asamoah
• How To Start Thinking Like A Big Time Real Estate Investor (Video)
• Tarl Yarber

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Ever considered partnering up with your spouse or another family member?

Today's guests Elliot and Chrissy Smith did just that when they left stable careers to flip, wholesale, and buy rental properties together in Washington state.

Running the business together wasn't easy on their marriage. In fact, they almost got divorced. Fast forward to today... they're happy, doing 25 deals/year, and building long-term wealth by steadily buying rental properties.

So, what adjustments did they make?

In this episode Elliot and Chrissy share what they've learned about defining roles, managing cashflow, and finding work-life balance as young parents who happen to be business partners. It's a rare inside look at the ups and downs – and risks and rewards – of running a true family business.

As die-hard fans right remember from his appearance on Show #255, Elliot is a skilled negotiator... and today he shares a surprisingly simple negotiating tip for those nerve-wracking kitchen table conversations with homeowners.

Look: you gotta love a couple who hires a babysitter just so they can drive around looking for distressed properties (a move which led to today's Deal Deep Dive). So check out this episode, and share it with your spouse, friend, or family member who you think might enjoy it!

In This Episode We Cover:

• How Elliot and Chrissy divided their business into "lanes"
• Their first taste of success with direct mail
• Leaving full-time jobs to pursue their dreams in real estate
• Dangers to be aware of when teaming up with your spouse
• Showing a seller the math behind your offer
• Plowing the cash from their flips into buy-and-hold rentals
• Using the same exact same materials on every flip
• Incentivizing a contractor by offering a profit share
• Why they've slowed down their marketing in recent months
• Elliot's cold call center for real estate investors
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Podcast
• BiggerPockets Podcast 255: Six-Figure Real Estate Investing in Just 20 Hours a Week with Elliot Smith
• Jason Drees
• BiggerPockets Webinars
• Tarl Yarber
• Audible
• BiggerPockets Podcast 125: The Key to Business Success with Bestselling Author of The E-Myth Michael Gerber

Check the full show notes here: http://biggerpockets.com/show394

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Real estate investing... old school!

Rick Jarman (@realestateoldschool on Instagram) joins us today to share some of his hard-won wisdom from 44+ years as a flipper and landlord in Tuscaloosa, Alabama. And it's quite the journey, from cabinet maker and campus maintenance man to cigar-puffing 64-year-old social media influencer!

In this episode you'll hear tales of up markets, down markets, losing it all, getting it all back... and a tornado that wiped out 20 of Rick's 100+ rental houses. He also takes us through his rules for tenant screening, explains why he favors 15-year mortgages, and paints a picture of what it's like to self-manage such a large portfolio of single family homes (with a team, of course).

Give Rick a follow, and if you know someone who'd make a great guest on the BiggerPockets Real Estate Podcast send them over to biggerpockets.com/guest where they can apply to appear on the show.

In This Episode We Cover:

• How Rick went from maintenance guy to owning 100+ properties
• Selling his truck to buy his first rental in 1981
• Investing lessons learned through 4 recessions
• Why his rentals saved him when his home building business failed in the late 90s
• Losing 20+ houses in a tornado in 2011
• Rick's tenant screening process
• Why tenants' credit scores don't tell the whole story
• Wrapping 40+ houses into one loan
• Why some investors "get bored with what works"
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Podcast
• BiggerPockets Podcast 382: No Money Down BRRRR Investing with Josiah Smelser (Part 1, Recorded Pre-Coronavirus)
• BiggerPockets Webinars
• Credit Score and FICO 
• Quickbooks
• Facebook Marketplace
• BiggerPockets Bookstore
• BiggerPockets Shirts and Mugs
• MBA562 Guest Teacher: Brandon Turner- How to (Finally) Write a Wicked-Awesome Book in 100 Days or Less

 Check the full show notes here: http://biggerpockets.com/show393

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A $1 million net worth before the age of 30... through frugality and creative real estate investing!

That's what Todd Baldwin's achieved in a few short years, riding the red-hot Seattle housing market by repeat house hacking, renting by the bedroom, and living way below his means.

Sure, Todd's benefited from appreciation, but he's also generating monster cash-on-cash returns across his 6 rental properties. And today, you'll learn just how he's doing it: how he finds pocket listings, why he favors new construction, why he pays for a $2,000/month service most landlords would never dream of providing, how he limits roommate drama, and much more.

Wondering if this is legal? We discuss that in detail. Oh, and get this—Todd's all-time vacancy rate? Zero percent. So if you're in a high-priced coastal market, you need to listen to this show. And if you don't, we can pretty much guarantee you'll still enjoy it and pick up a few landlording nuggets along the way.

Know someone who might put Todd's strategy to use? Share this episode with him or her today! And make sure you're subscribed to the show so you won't miss us next week.

In This Episode We Cover:

• How Todd makes $12K+ in pure cash flow by renting by the bedroom
• Why he buys new construction rather than fixer-uppers
• Why he pays for all utilities
• The legalities of renting by the room
• The dangers of buying a property with a homeowner's association (HOA)
• Using a Tinder-like app to find roommates and tenants
• Why he hires maids to clean each of his 6 properties weekly
• His system for preventing conflicts among roommates
• How complementary skillsets make for great business (and romantic) relationships
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Podcast
• Redfin
• BiggerPockets Magazine
• Renthoop
• BiggerPockets Podcast 356: 30+ Rentals (in a Pricy Market) Through BRRRR and Section 8 with Joe Asamoah
• Grant Cardone on Multifamily Investing and Why You Should Never Buy a House!
• Joe Rogan

Check the full show notes here: http://biggerpockets.com/show392

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Live calls, Dave Ramsey style!

In this episode we open up the phone (er, Zoom) lines to take audience questions on everything from "should I flip or hold this deal" to "Coronavirus cost me my job... how can I invest now?"

Brandon and David offer also advice on house hacking, Home Equity Lines of Credit (HELOCs), appraisals, and the pros and cons of tapping a retirement account to jumpstart a real estate investing career.

We'll be back to our regular programming next week... but let us know what you think of this format. And if you've got 30 seconds to leave us a rating and review in Apple Podcasts, we wouldn't be mad at that either.

Links from the Show

• BiggerPockets Forums
• BiggerPockets Podcast
• Redfin
• Zillow
• Realtor.com
• BiggerPockets Podcast 325: From Major Business Failure to Buying 20 Houses a Month With Aaron Amuchastegui
• Find Real Estate Agent on BiggerPockets
• BiggerPockets
• BiggerPockets Podcast 366: 40 Doors in the First 2 Years with Henry Washington
• Brendon Burchard's Show
• My Body Tutor
• The Essential 11 Podcast
• BiggerPockets Conference

Check the full show notes here: https://www.biggerpockets.com/show391

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From fashion design work in India, to a corporate career with Nordstrom... to leaving that career to flip 40+ houses in 6 years – all in one of the hottest markets on the planet!

Seattle investor Leka Devatha has quite a story to tell, and a lot of hard-won wisdom too! From her 6 tips for finding and keeping great contractors, to the exact criteria she uses when looking for a flip opportunity, Leka spills the beans and outlines a framework you can apply whether you choose to flip, BRRRR, wholesale, or buy and hold.

We cover a crucial tax tip for anyone hiring a contractor, ever. Leka shares an unexpected silver lining brought on by the pandemic. And your mind will be blown when she tells how a "cosmetic" flip opportunity morphed into 3-year odyssey and wound up rewarding her with a 7-figure (yes, 7-figure) payday.

Give Leka (pronounced "LAY-kuh") a follow on Instagram and let her know if you appreciate this episode... and make sure you subscribe to the show in your favorite podcast app, so you won't miss the next one.

In This Episode We Cover:

• Flipping 40 homes in 6 years
• A "cosmetic flip" that turned into a 7-figure (!) profit through the magic of subdivision
• Why you should get to know the land use planner in your city
• Leka's system for finding and retaining great contractors
• How to start a real estate meetup
• Why virtual networking amid COVID-19 is more efficient
• Why she pays her broker a commission even if she keeps a house as a rental
• Leka's criteria for a great flip opportunity
• What W-9s are and why it's so important to get them signed up front
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Podcast
• Jason Drees
• Real Estate at Work (Seattle Meetup)
• Redfin
• Zillow
• Realtor.com
• Caleb Backholm's Insurance
• BiggerPockets Podcast 388: The 7-Step “Playbook” for Scaling Your Real Estate Business With AJ Osborne

Check the full show notes here: https://www.biggerpockets.com/show390

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Are you tired of toiling in the trenches... and ready to run a business that cranks out profits without your constant involvement?

That's what today's guest has managed to do! In this episode, Michigan-based investor Mike Simmons shares exactly how he went from moderate success to $1 million in annual profit.

You'll learn why Mike switched gears from flipping to wholesaling real estate, what he's learned from spending hundreds of thousands of dollars on various marketing channels, and the four-point checklist you must use when considering any kind of partnership.

Ultimately, expert marketing tactics are fine and well. But to scale, you've got to master leadership and hiring—topics Mike covers in great detail here and in his new book, Level Jumping.

So pick up a copy (see link below), and share this episode with a friend, family member, or fellow investor who you think would enjoy it!

In This Episode We Cover:

• Mike's remedy to cure a bad case of "analysis paralysis"
• Why he switched gears from flipping to wholesaling
• Why wholesaling is NOT always a great thing for newbies
• The marketing channels Mike uses to do 100 deals per year
• Ultra-specific direct mail tips (from a guy who's sent hundreds of thousands of dollars of direct mail!)
• What most do wrong with direct mail marketing
• How he made a $50K assignment fee and the key lesson he learned
• Hiring and managing transaction coordinators
• Hiring his first salesperson on a "straight commission" pay structure
• Using personality assessments like DISC and Kolbe when hiring
• Why intelligence is not the most important predictor of success in real estate investing
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Podcast
• BiggerPockets Podcast 050: Getting Started and No Money Down House Flipping with Mike Simmons
• BiggerPockets Insights
• BiggerPockets Insights Rent Estimator
• Gary Vaynerchuk's Instagram
• Gary Vaynerchuk on Finding Deals Through Social Media & Crushing It as an Entrepreneur
• KOLBE Personality Test

Check the full show notes here: http://biggerpockets.com/show389

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Do you dream of stepping back from the day to day and working on your business rather than in it? Of course you do!

AJ Osborne has achieved that goal—and having experienced a harrowing health emergency that incapacitated him for months (see show 286), this Boise, Idaho, investor is ultra-qualified to discuss the value of documenting, delegating, and streamlining your real estate business so it can run without you.

AJ owns and operates over 1 million square feet of self-storage. Today he breaks down the seven-step process he uses to improve operations, unlock hidden value, and scale fast.

If you're thinking, "I don't do deals that big," rest assured: AJ reveals that he actually lost money on his very first deal but gained a ton of wisdom, which he's generous enough to share with us today—and which applies across the board.

Plus, AJ shares a tip on financing deals that may totally change the way you think about growing your portfolio!

Check him out, and pick up a copy of his book, The Investor's Guide to Growing Wealth in Self-Storage: How to Turn a Real Estate Asset into a Thriving Business.

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On today's show: the massive impact of just a few flips and a few small multifamily rental properties.

Starting in 2017, that combination allowed our guest Megan Greathouse to step aside from her W-2 job (her husband still works) and spend much more time with her two young kids... all while dedicating just 5 hours per month to self-managing her portfolio in St. Louis.

Want to know how she did it? Megan spells it all out in this episode and provides the exact tools and templates she uses to maximize her efficiency—enabling her business to serve her and allowing more time for what really matters.

Give Megan a follow, and share this episode with a friend, partner, spouse, or family member who you think might enjoy it!

In This Episode We Cover:

• Starting out with a fourplex
• Investing with a full-time job and kids
• The P.R.O.P. system for property management
• How Megan and her husband use the "2 in 5 Rule" to avoid capital gains taxes
• How she uses real estate to create time freedom and hang out more with her kids
• Flipping an old house near Washington University in St. Louis
• A BRRRR "fail" (contractor issues) that turned out OK
• Lessons she learned in the military
• The key to avoiding analysis paralysis: "Get to 80% and go!"
• Buying a 60-acre farm outside the city
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Bookstore
• BiggerPockets Podcast
• Landlord Advisory Panel
• BiggerPockets Events
• BiggerPockets Magazine
• BiggerPockets Money Podcast
• BiggerPockets Guide in Finding Agents
• BiggerPockets Books
• BiggerPockets Webinars
• BiggerPockets Podcast 100: The 1st Deal, Management Drama, and the Birth of BiggerPockets with Joshua Dorkin
• Open Door Capital LLC
• Ryan's BiggerPockets Profile
• TenantCloud
• QuickBooks
• Boomerang for Gmail
• Seth Mosley's Music and Money Group
• Brandon's Instagram
• BiggerPockets Shirt
• Scott Trench

Check the full show notes here: http://biggerpockets.com/show387

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Yesterday, Marcus Maloney showed us how he built his deal-finding machine. Today, he tells us how he's hanging onto it by making two big shifts in his business.

When the pandemic hit, lenders got nervous... and that put a couple of Marcus' deals in danger. So did he give up? No! He tapped his own network of private lenders to provide financing to his end buyers—a win-win-win.

Plus, Marcus tells us why he's shifted focus to the Midwest since we first spoke and how he worked out a deal with a "great tenant" who wound up unemployed and unable to pay rent.

Wondering how to adjust your business to the new normal? Check out this episode, and subscribe to the BiggerPockets Real Estate Podcast so you won't miss the next one.

In This Episode We Cover:

• The problems Marcus ran into in mid-March
• How he plugged the gap with private money
• Developing relationships with private lenders before you really need them
• Why he's concentrating on a lower-priced market
• How he negotiated with a resident who could no longer afford rent
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Podcast
• BiggerPockets Podcast 386: Starting Out With $200 and Investing for Profit AND Cash Flow With Marcus Maloney (Part 1, Pre-Coronavirus)
• BiggerPockets Podcast 352: No Driver’s License, No Money, No Excuses: How Diego Corzo Blazed a Trail to 18 Doors
• BiggerPockets Webinars
• BiggerPockets Radio Podcast 001: Building a Successful House Flipping Business and Losing Millions with Marty Boardman
• BiggerPockets Podcast 382: No Money Down BRRRR Investing with Josiah Smelser (Part 1, Recorded Pre-Coronavirus)

Check the full show notes here: http://biggerpockets.com/show386-5

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From "bad drug dealer" in his youth... to earning a master's degree, then jumping into real estate at age 36 and crushing his first deal!

Today, Marcus Maloney shares his wild ride in Part 1 of two episodes this week. This one was recorded before the coronavirus pandemic, so we don't discuss that topic. Tomorrow, we'll dive into how Marcus pivoted to keep doing deals in these trying times.

In this episode, you'll learn how Marcus used just $200 to launch his career, how he acquired nine rental properties, and how he's completed dozens of local (Phoenix) and long-distance (Chicago) real estate transactions.

He also discusses the strategies he's using to generate leads, how he builds trust with both sellers and buyers, and how he works with acquisition managers, who take a cut of the deals they bring him.

Plus—the guys have a great conversation about performance coaching and why the thing that's holding you back probably isn't something you're going to fix at a real estate boot camp.

Marcus was nice enough to take some time out from riding his Harley to share some of his hard-won wisdom, so say hello to him on the BiggerPockets Forums, where he's a frequent contributor.

And don't forget to subscribe to the BiggerPockets Real Estate Podcast so you won't miss the next show!

In This Episode We Cover:

• How Marcus "flipped piglets" as a boy
• How a rescinded job offer led to him to pursue real estate
• The personal development he had to do to become a successful real estate investor
• Direct mail marketing
• Closing deals on the phone
• Attracting partners by creating valuable content
• Why Marcus lives in Phoenix but buys rentals near Chicago
• What separates successful "bird dogs" and wholesalers from those who give up
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Bookstore
• BiggerPockets Podcast
• BiggerPockets Reviews
• SunTrust
• Wells Fargo
• Guild Mortgage
• Buildium
• Re-Leased
• Rent Manager
• Quicken Loans
• Cozy
• Performance Coach Jason Drees
• Performance Coach Phil Towle

Check the full show notes here: http://biggerpockets.com/show386

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Flipping with no money down... in Hawaii? You heard that right.

Greg Gaudet actually considers himself "risk-averse" and still holds a full-time job, but he's able to make nice chunks of change by hustling to find deals and managing rehabs for Brandon's team on Maui.

Today, Greg walks us through his journey from "rock bottom," including bouts with addiction and homelessness, to living the life of his dreams, buying a Porsche cash, and owning a handful of properties free and clear.

You'll learn the right way to approach investing in condos, how to bring value to a potential partner or mentor, how Greg manages risk by keeping his living expenses low, and the mindset shifts that allowed him to 1) get clean and 2) "get out of his own way" in the real estate business.

This is truly one of the most powerful stories we've told on the BiggerPockets Real Estate Podcast, and it's guaranteed to get your wheels spinning!

In This Episode We Cover:

• How tragedy shaped much of Greg's early years
• Bad advice he received when jumping into investing
• What to look for (and avoid) when investing in condos
• How Greg bought a condo for less than 50¢ on the dollar
• How he and Brandon structure their flip deals
• How anyone can flip without risk—if they're willing to work
• Greg's "why" (and his paid-for Porsche)
• How to approach a mentor without making it awkward
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Bookstore
• BiggerPockets Podcast
• BiggerPockets Calculators
• BiggerPockets Podcast 302: Making $100k/Deal Using Other People’s Money, Time & Experience with Cory Nemoto
• Calculating Numbers on a Rental Property [Using The Four Square Method!]
• Condominium Council of Maui
• BiggerPockets Events
• Grant Cardone on Multifamily Investing and Why You Should Never Buy a House!
• Open Letter Marketing
• BiggerPockets Podcast 194: Achieving Impressive Spreads Through High-End Flips with Justin Silverio
• CallPorter
• Deal Machine
• KECO Capital
• Open Door Capital
• Gobundance
• BiggerPockets Podcast 226: From “D-Student” to $400,000 in Annual Rental Property Cash Flow with David Osborn
• Audible
• Premier Restoration Hawaii
• Brandon's Instagram
• David's Instagram

Check the full show notes here: http://biggerpockets.com/show385

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After yesterday's deep dive interview discussing 2 disastrous flip projects, we have a solo show for you today.

And the title says it all, really.

Brandon and David boiled down nearly 400 podcast episodes, countless forum threads, books, and real-life conversations, and their own missteps and now present: the Top 10 Ways Real Estate Investors Lose Money.

These aren't the only ways to go wrong in this business, but at some point you're in danger of falling into at least one of these traps.

So, what did we miss? Let us know in the forums, the comments section on our show notes, or in the Official BiggerPockets Facebook Group. And be sure to subscribe to the BiggerPockets Real Estate Podcast so you won't miss an episode.

In This Episode We Cover:

• Focus vs. spreading yourself too thin
• The #1 way to lose money that you haven't thought of
• Managing the people who manage your asset
• What David calls "Spreadsheet magic"
• Investing in areas with diverse employment
• Over-renovating after watching too much HGTV
• Inheriting tenants from a seller
• Evaluating real estate agents
• The myth of "more money down = more safety"
• And SO much more!

Links from the Show

• BiggerPockets Forums
• Contractor Bid Form
• BiggerPockets Podcast 287: Putting Together Real Estate Deals Using Creativity Instead of Cash with Shiloh Lundahl
• BiggerPockets Calculators
• Be a guest on the podcast
• Joe Rogan Podcast

Check the full show notes here: http://biggerpockets.com/show384-5

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You can put a dollar number on the losses Spencer Cornelia took on his first two long-distance flips... but it's hard to quantify the value of the lessons he learned and is now passing on to you.

We noticed Spencer's thread detailing his struggles in the BiggerPockets forums and invited him on the show; he bravely accepted.

In this episode, you'll learn the pitfalls to watch out for when taking on heavy renovations (anywhere, but especially long-distance), how to ensure quality work is getting done, and the dangers of letting projects drag on when you're locked into expensive short-term financing.

Plus, it's not a total downer... because Spencer's seeing a bunch of success with his new Youtube venture, and plans to continue investing in (less aggressively leveraged) real estate projects.

Brandon and David add their own perspectives having made some similar errors in their careers, and tomorrow in Part 2 they'll break down the 10 Deadliest Mistakes Investors Make.

New investors: heed the advice in these two shows! And as always: run your numbers conservatively, know your own risk tolerance, and run deals by trusted advisors before jumping in.

In This Episode We Cover:

• What went wrong with Spencer's rehabs
• How to ensure contractors are doing quality work
• Incentivizing team members and keeping them accountable
• How much money he paid in interest and fees to his hard money lenders
• Functional obsolescence and complications with older homes
• Why you can't always trust an appraisal
• "Home buyer turnoffs" and why it's easy to miss them
• Why Spencer sold and took a loss rather than choosing another exit strategy
• Why he's not giving up on real estate
• How you can "go broke buying good deals"
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Bookstore
• BiggerPockets Podcast
• BiggerPockets Calculators
• Famous Four Analysis
• BiggerPockets Podcast 125: The Key to Business Success with Bestselling Author of The E-Myth Michael Gerber
• Pace Morby's Youtube Channel
• BiggerPockets Pro Replay
• BiggerPockets Webinars
• BiggerPockets Pro

 Check the full show notes here: http://biggerpockets.com/show384

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Interested in someday making the leap to bigger investments? Don't miss this one!

Ben Leybovich and Sam Grooms join us for a high-level conversation about how they transitioned from flips and smaller assets to 100-plus-unit, value-add multifamily deals.

Since the first part of this show was recorded pre-coronavirus, we brought the guys back on to hear their thoughts on today's market and get an update on how their business is doing amid the volatility (spoiler: pretty well!).

In This Episode We Cover:

• Finding the perfect partner for you
• The 6 factors they look at when analyzing a market
• Why Sam & Ben keep such a large reserve fund
• Why investors sometimes overvalue cash flow
• Why they like the Phoenix market
• How to establish a competitive edge in real estate investing
• How they look at multifamily syndication as "a long flip"
• Why equity protects you
• Buying insurance against interest rate increases
• Hiring their own construction team
• How they're adjusting to COVID-19
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Bookstore
• BiggerPockets Podcast
• BiggerPockets Calculators
• BiggerPockets Podcast 382: No Money Down BRRRR Investing with Josiah Smelser (Part 1, Recorded Pre-Coronavirus)
• BiggerPockets Podcast 382.5: Surviving When the BRRRR Hits the Fan with Josiah Smelser (Part 2, Post-Coronavirus)
• Deloitte
• BiggerPockets Conference 2020
• BiggerPockets Podcast 356: 30+ Rentals (in a Pricy Market) Through BRRRR and Section 8 with Joe Asamoah
• Open Door Capital
• BiggerPockets Podcast 313: How to Be Happy AND Grow a Massive Business with Entrepreneur Jesse Itzler (and Josh!)

Check the full show notes here: http://biggerpockets.com/show383

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What happens to a no-money-down BRRRR investor when a pandemic breaks out, lending standards suddenly tighten, private money lenders get skittish, and property values quickly drop?

Today, Josiah Smelser returns to the show and tells all.

In Part 1 yesterday, we learned how Josiah built a $4M portfolio by buying, renovating, renting, refinancing, and repeating using both hard money and private money.

Coronavirus hit him hard. And if he didn't have cash reserves, credit options, and the right mindset, it might have totally wiped him out.

When the virus hit, Josiah had 10 properties he needed to refinance. It was a perfect storm: His private money lender immediately pulled funds, his refinance bank changed their terms, and property values dropped—all at once—meaning he would need to bring way more cash to the table.

What happened next? Listen to this episode to learn about how Josiah made it through the nightmare and came out on the other side... with more equity and reduced interest payments.

Real estate investing isn't all sunshine and rainbows. But if you keep your mind right, plan your exit strategies, and maintain cash and credit lines, you too can survive the curveballs thrown your way.

In This Episode We Cover:

• What happens when private lenders want their money back
• Why Josiah's bank changed the loan-to-value ratio on him
• Tapping a cash-out refinance in an emergency
• Trying to sell a property you had planned to BRRRR
• Taking out loans in your spouse's name to get around loan limitations
• Key to pulling off a BRRRR in a down market
• How Josiah saved $750K in interest over 30 years by getting a lower interest rate
• How an attorney can help you arrange a great partnership
• Why Josiah looks at this stressful time as a highlight of his real estate investing career
• And SO much more!

Links from the Show

• BiggerPockets Forums
• David's Instagram
• BiggerPockets Podcast 234: Tenants, Evictions, & The Dark Side of No Money Down with Ryan Murdock
• Mindy Jensen's BiggerPockets Profile
• BiggerPockets Money Podcast
• Oculus

Check full show notes here: https://www.biggerpockets.com/show382-5

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Today we bring you Part 1 of back-to-back episodes with real estate investor/appraiser/author/all-around good guy Josiah Smelser.

This first conversation was recorded pre-coronavirus lockdown, but it's packed with tips you can put into action today. You'll learn how Josiah solved the #1 bottleneck in his business (capital!), allowing him to BRRRR at scale and rack up rental properties with very little money out of pocket. Even more impressive: he's doing it long-distance (The properties are in Dallas, TX and Josiah lives in Huntsville, AL.)

And if that weren't enough, the guys go in-depth on appraisals – and the techniques you can use to help appraisers see your side of the story. Josiah's a longtime licensed appraiser, so he speaks from experience... and he shares his playbook for giving yourself the best chance to pull all your money out of your deal.

If you like what Josiah has to say, then be sure to check it Part 2 tomorrow. We bring him back on, post-COVID-19, to discuss the serious challenges he's faced: lenders pulling out, property values dropping, and even a domestic violence issue at one of his rentals.

The good news: he made it through. Tune in tomorrow to hear how!

In This Episode We Cover:

• Why Josiah sold his properties pre-2008 crash (and why he still regrets it!)
• Combining hard money and private money to BRRRR with no money out of pocket
• How Josiah uses "boots on the ground" partners to invest at a distance
• Why he analyzes 8-10 deals per day
• Buying houses sight unseen
• Why BRRRR investors must keep cash reserves
• How to talk to appraisers (like getting out of a speeding ticket!)
• Why a property's list price is irrelevant
• Deals... on the MLS, in 2020?!
• The square footage trick that's made him thousands of dollars
• Losing out to a lower offer on a big multifamily deal
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Bookstore
• BiggerPockets Podcast
• BiggerPockets Calculators
• Zillow
• Bring Brandon a Deal
• Brandon's Instagram
• Open Door Capital LLC
• BiggerPockets Podcast 126: From 0 to 400+ Units Through Value-Add Investing with Brian Murray
• BiggerPockets Podcast 212: Buying a 115-Unit Apartment Complex for No Cash Out of Pocket with Brian Murray
• GoBundance

Check the full show notes here: https://www.biggerpockets.com/show382

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Can you flip, wholesale, and buy rentals throughout a downturn?

Yes... IF you heed the advice given out in today's episode.

Our guest Tucker Merrihew is more than qualified to tackle this subject, having launched his real estate business in Portland, Oregon, in 2008—during one of the worst housing markets of all time.

In a rare "Double Deep Dive" segment, Tucker walks us through a couple TTM Development projects from 2009 and reveals exactly what he did right and wrong at the time.

As for the coming months... you'll learn which types of properties to avoid, which price ranges to target, and why renovating old homes can be risky business at this stage of the market cycle.

Plus, Tucker explains why he underwrites every deal at 3 different prices to make sure it passes his "Oh $#!# Test" if the market goes south.

Tucker is a seasoned pro with hundreds of deals under his belt, and he shares tons of valuable information for free in this episode. Be sure to subscribe to the BiggerPockets Real Estate Podcast for more tips on investing safely while taking advantage of the opportunities ahead.

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Feeling like you're in uncharted territory as a landlord? You're in good company!

Today's show walks you through how to ethically and profitably manage rentals through the COVID-19 outbreak and beyond.

Brandon and David sit down with Mike Butler, acclaimed author of Landlording on Autopilot; Chris Clothier, partner at REI Nation (formerly Memphis Invest); and Dave Poeppelmeier, owner of eight houses in Toledo, Ohio.

You'll get a ton out of this panel discussion, including exact scripts for communicating with non-paying residents, strategies for connecting tenants to government resources, a discussion about "deferment" vs. "forbearance," and much more.

Mike (500+ units), Chris (6,000+ turnkey units), and Dave (8 properties, mostly student rentals) are all in different markets and at different stages of their investing careers... so you're guaranteed to learn something you can apply in your business today.

Enjoy this episode, jump on the BiggerPockets Forums to connect with fellow investors, and subscribe to this show in your favorite podcast app so you won't miss us next week!

In This Episode We Cover:

• Mortgage forbearance vs. deferment for landlords
• What % of REI Nation's tenants paid April rent
• Establishing open lines of communication with tenants
• What tone to use in conversations about rent
• Why Dave proactively reached out to his renters
• Guiding tenants to government resources (unemployment, etc.)
• Creating contingency plans
• Mike's "Wendy's walk-up window" for rent payment
• How to look for better financing in low-interest-rate environments
• How to stay organized if you're getting government assistance for your business
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Webinars
• BiggerPockets Bookstore
• BiggerPockets Podcast 224: Building a Process to Buy 17 Deals a Week with Chris Clothier
• Are Your Tenants Unable To Pay Rent Due To Coronavirus? Here's What To Do!
• BiggerPockets Podcast 234: Tenants, Evictions, & The Dark Side of No Money Down with Ryan Murdock
• BiggerPockets Bookstore

 Check the full show notes here: https://www.biggerpockets.com/show380

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There are plenty of opinions out there about where the real estate market is headed next. But what are the numbers telling us?

Today we dig into the data with Dave Meyer, BiggerPockets' VP of Growth and Analytics and a real estate investor himself.

Dave leads BiggerPockets Insights—a Pro/Premium benefit providing current local market data—and he's been looking at data points in the weeks since shelter-in-place orders began to grind the economy to a halt.

So...

Why are rents down? Why haven't prices dropped? And what data should investors be keeping an eye on? The guys tackle those questions and much more in today's episode.

Plus, Dave discusses his list of the country's best 11 cashflow markets adjusted for vacancy and explains what makes them so attractive right now.

Add in a topical "Fire Round" and a breakdown of Dave's "ski for free" Airbnb scheme, and you've got an action-packed episode sure to bolster your confidence in these uncertain times.

Check out this episode of the BiggerPockets Real Estate Podcast, and be sure to subscribe to the show in your favorite podcast app so you won't miss the next one!

In This Episode We Cover:

• The top cashflow markets in the country for high value and low vacancy
• 3 data points Dave looks at when analyzing a new market
• Why housing prices haven't fallen much yet
• Dave's (cautiously optimistic) forecast on real estate prices
• What's happening to rents nationwide
• What "income-to-price" reveals about a market
• What BiggerPockets Insights is
• How new investors can take advantage of this downtime
• The potential of a population shift away from urban centers
• How Dave bought an Airbnb in Colorado to "ski for free"
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Webinars
• BiggerPockets Bookstore
• BiggerPockets Podcast 186: How to Get Your First Few Properties — Even in a Competitive Market with Dave Meyer
• Air DNA
• BiggerPockets Podcast 048: Duplex Investing, Finding Great Properties, and Tips for Managing Tenants with Darren Sager
• BiggerPockets Pro
• BiggerPockets Insights
• Newbie Real Estate Investors - What YOU Should Be Doing During This COVID Time
• BiggerPockets Podcast 315: How to Read Human Nature to Succeed in Life with Bestselling Author Robert Greene

Check the full show notes here: http://biggerpockets.com/show379

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With a recession already underway, we're turning to an investor with 30 years of experience, 3,000-plus multifamily units acquired, and one of the sharpest minds in real estate.

Brian Burke is back today, and he sits down with Brandon and David to offer his interpretation of current events and to guide our audience through how to invest passively without violating Warren Buffett's No. 1 rule: "Never Lose Money!"

Brian explains how his firm Praxis Capital is navigating COVID-19 and shares a few tips everyday investors can use to fortify their portfolios. We also discuss leverage, how lending practices are changing, and techniques you can use today to safeguard your investments against vacancy and drops in valuation.

In the second half of the show, Brian speaks to those interested in becoming "hands-off" investors—whether you want to focus on making money in your day job or just don't want to deal with being a landlord. After all, BiggerPockets has 10-plus books on how to actively get deals done... but none (until now) on how to evaluate passive investment opportunities.

We go over how to meet syndicators, what red flags to look for, how to diversify your investments... and the absolute No. 1 quality to look for in a passive investment (hint: it's NOT the deal itself).

This episode is packed with deep insights into the current market shift, but it's also a timeless lesson in evaluating syndication opportunities.

For more info, check out Brian's new book, The Hands-Off Investor: An Insider's Guide to Investing in Passive Real Estate Syndications, and all the great bonus content, too.

In This Episode We Cover:

• How Brian got his start raising capital from his cop buddies
• "Bulletproof vests" investors can use to survive right now
• Brian's definition of "over-leveraged"
• Why Brian is currently more focused on operations than acquisitions
• How government stimulus $ may affect the real estate market
• How and where passive investors meet syndicators
• The #1 quality passive investors should look for in a syndicator
• Why the deal sponsor is more important than the deal itself
• Diversifying your passive investment portfolio
• Red flags to look for when evaluating syndicators
• Why "alignment of interests" is overrated
• The lesson he learned from a friend who lost her life savings

Links from the Show

• BiggerPockets Forums
• BiggerPockets Webinars
• BiggerPockets Business Podcast
• Real Estate Rookie Podcast
• BiggerPockets Money Podcast
• BiggerPockets Radio Podcast 003: Getting Started in Real Estate and Raising Money with Brian Burke
• BiggerPockets Podcast 076: Growing Your Real Estate Company Into a $30 Million Dollar Business with Brian Burke
• BiggerPockets Podcast 152: Building Wealth and Passive Income with Rental Properties with Ben Leybovich, Brian Burke, and Serge Shukhat
• BiggerPockets Podcast 315: How to Read Human Nature to Succeed in Life with Bestselling Author Robert Greene
• BiggerPockets BRRRR Guide
• BiggerPockets Bookstore

Check the full show notes here: http://biggerpockets.com/show378

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Today's guest does 125 deals a year in Dallas—from his home base in the Caribbean.

How? Well, he bailed on direct mail marketing and doubled down on radio ads.

And when others froze up as the coronavirus spread, his team put in new systems and closed a $23,500 wholesale deal... without even stepping foot inside the house.

Chris Arnold zigs when others zag, and today you'll learn how he sets up his business so he can consistently work ON it, not in it... while enjoying a great lifestyle in Tulum, Mexico.

Chris shares timely tips for how to orchestrate deals while maintaining safe social distancing (he even holds "Zoom open houses" with multiple cash buyers at once); breaks down which team member handles each aspect of a transaction; and delivers a fantastic tip for new real estate investors struggling to stay focused.

Plus—Chris shares how advertising on local radio stations has elevated his home-buying business to new levels. Look, he says, you might prefer podcasts... "but you are not your seller!"

We play one of his ads on the show, and he guides us through how to research various audiences and negotiate the best rates with stations.

This show covers it all—from the finer points of buying properties at deep discounts to the mindset shifts Chris has made along the way.

Check it out, and if you enjoyed this please share it with just one family member or friend. We appreciate you, and we'll see you next Thursday.

In This Episode We Cover:

• Why Chris runs his business virtually from Mexico
• His #1 lead generation strategy: good old-fashioned radio!
• 3 major demographics he markets to
• Why "bouncing" is the reason so many newbies fail
• 3 shifts he's made to adapt to COVID-19
• How he decides whether to wholesale or fix and flip a property
• The exact workflow his team uses to work leads from start to finish
• How he inspects houses remotely
• Closing deals over the phone
• How he puts together "Zoom open houses" for cash buyers
• How he's finding cash buyers who will buy sight unseen
• How the market is reacting to coronavirus
• Ways to back out of a contract if necessary
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Coronavirus Relief Programs
• BiggerPockets Webinars
• How to Build a Deal Pipeline
• Realtor
• Zillow
• Pandora
• The Multipliers Mastermind
• BiggerPockets Business Podcast
• Real Estate Rookie Podcast
• BiggerPockets Money Podcast
• GoBundance

Check the full show notes: http://biggerpockets.com/show377

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Strength in numbers!

When you finish this episode, you'll have 12+ action items that could help you withstand the coming economic slump... and perhaps even accelerate your path to financial freedom.

Each investor featured today gives you their top piece of advice for handling an economic downturn: from mindset, to leadership, to specific strategies you can begin to put in place TODAY.

Don't miss this one, and be sure to subscribe to the BiggerPockets Real Estate Podcast for more hard-won wisdom on how to lead your business through the coronavirus crisis and beyond.

In This Episode We Cover:

• Why now is the time to write a 10-year vision for yourself
• Serving others first, even when our impulse is self-protection
• Cutting overhead to preserve cash
• Finding creative ways to rent out property
• Collecting payments up-front, for a discount
• Working with lenders if you're having shortfalls with rent
• Investing as a group to hedge risk
• Controlling your emotions when the market is volatile
• Why you should be building a team NOW
• The importance of picking up the phone to nurture relationships
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Magazine
• BiggerPockets Conference
• GoBundance
• BiggerPockets Podcast 226: From “D-Student” to $400,000 in Annual Rental Property Cash Flow with David Osborn
• $13M in Equity from One Deal & Cash Flowing Despite Being Comatose with AJ Osborne
• BiggerPockets Webinar
• BiggerPockets Podcast 362: Big Goals? Here’s How to Get Your Spouse or Partner on Board with Jay and Wendy Papasan
• BiggerPockets Bookstore
• BiggerPockets Podcast 113: Becoming a Millionaire Real Estate Investor Using The One Thing with Jay Papasan
• Kirkland Signature Protein Bars
• BiggerPockets Money Podcast 100: From Financial Disaster to Real Estate Master with Brandon Turner
• Jason Drees Coaching
• BiggerPockets Podcast 162: How to Pay Less to the IRS with Amanda Han, CPA
• BiggerPockets Radio Podcast 003: Getting Started in Real Estate and Raising Money with Brian Burke
• AppSumo
• BiggerPockets Podcast 213: Investing in Real Estate Without Being a Landlord with Noah Kagan
• BiggerPockets Podcast 201: Flipping 100+ “Zombie” Houses with Justin Stamper
• BiggerPockets Business Podcast
• Landlordology
• Cozy.co
• Are Your Tenants Unable To Pay Rent Due To Coronavirus? Here's What To Do!
• BiggerPockets Youtube Channel
• 876: What Makes a CEO with BiggerPockets CEO, Scott Trench
• ScottSilverRealty
• BiggerPockets Podcast 325: From Major Business Failure to Buying 20 Houses a Month With Aaron Amuchastegui

Check the full show notes here: http://biggerpockets.com/show376

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Economic upheaval. Tenants losing their jobs. Entire cities shut down.

How should real estate investors operate today?

In this episode, we’re opening up the phone lines and patching in both expert investors (Tarl Yarber, Avery Carl, Justin Stamper) and newbies (Sawyer, Adam, Joe) in various markets across the country.

What you’ll learn: how hard-hit short-term rental operators can adapt to travel restrictions, how to plan for non-payment of rent, which strategies are likely to work best in the coming economic shift, what the heck is going on with interest rates... and much more.

Tell us what you think of this new format, and be sure to subscribe to the BiggerPockets Real Estate Podcast for more on how best to run your business in unprecedented times.

Stay safe and we’ll see you next Thursday.

In This Episode We Cover:

• How certain areas of the country are affected
• How to find renters at this time
• How to make your Airbnb business thrive
• Why panic selling is not recommended
• The value of working with a partner
• What to do if your properties are affected
• How the pricing of properties are affected
• Various creative financing you can try
• Current status of various investors
• Why rents never go down
• And SO much more!

Links from the Show

• BiggerPockets Forums
• Zombie House Flipping
• BiggerPockets Podcast 201: Flipping 100+ “Zombie” Houses with Justin Stamper
• TravelNursing.org
• Furnished Finder
• RNvip.com
• Trusted Health
• Cross Country Nurses
• AYA Healthcare
• BiggerPockets Podcast 374: What Real Estate Investors NEED to Know About the Coronavirus, the Economy, and the Problems at Your Door
• BiggerPockets Podcast 364: Snowballing 6-Figure Short-Term Rental Profits Into Passive Investments with Avery Carl
• ClearBank
• Open Door Capital
• BiggerPockets Youtube Channel
• BiggerPockets Podcast 189: 500 Deals, the $100,000 Wholesale Paycheck, & the Systems That Make it Work with Tarl Yarber
• Melanie & Dave Dupuis's Instagram
• Are Your Tenants Unable To Pay Rent Due To Coronavirus? Here's What To Do! (Video)
• Dave Ramsey
• Justin Stamper's Instagram
• Justin Stamper's Website
• The Short Term Shop
• Avery Carl's BiggerPockets Profile
• BiggerPockets Podcast 364: Snowballing 6-Figure Short-Term Rental Profits Into Passive Investments with Avery Carl
• Tarl's Instagram
• BiggerPockets Podcast 189: 500 Deals, the $100,000 Wholesale Paycheck, & the Systems That Make it Work with Tarl Yarber

Check the full show notes here: https://www.biggerpockets.com/show375

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Rent's due... or is it?

From quarantines to eviction moratoriums to a plummeting stock market, COVID-19 has upended seemingly everything -- and today we talk through what it all means for real estate investors.

J Scott, author of Recession-Proof Real Estate Investing, and Scott Trench, author of Set for Life and CEO of BiggerPockets, join Brandon and David for a roundtable discussion packed with perspective and insight.

We begin with a high-level analysis of today's economy, and discuss how you can fortify your portfolio in the face of a likely recession (there's still time!). Then, the guys take on your most pressing questions -- starting with, "what happens if my tenant doesn't pay rent?"

*NOTE: If you want to skip directly to audience Q&A, that section starts at 1 hour, 5 minutes.*

Whether you're a brand new investor nervous about getting started... or a veteran waiting for the right opportunity to deploy capital, this episode will give you a chance to take a deep breath and assess the playing field.

We hope you enjoy this special episode, recorded March 18... Stay safe, take care of yourselves, and stay tuned for more Coronavirus content across all BiggerPockets platforms in the days and weeks ahead.

In This Episode We Cover:

• BiggerPockets members' top questions right now
• How to control your emotions when people around you are panicking
• Which strategies do and don't work well during downturns
• How to approach tenants who have lost income and don't pay rent
• The importance of "buying right" and keeping cash reserves
• 6 ways real estate investors should prep for a recession
• How power dynamics in the marketplace will change
• Whether you should still be out there looking for deals
• How to productively use your time while confined indoors
• Adjustable Rate Mortgages today
• COVID-19's effect on the overall economy
• The effects of Quantitative Easing and 0% interest rates
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Webinar
• BiggerPockets Money Podcast
• BiggerPockets
• Real Estate Rookie Podcast
• BiggerPockets Business Podcast
• Mindy Jensen's BiggerPockets Profile
• Imperial College COVID-19 Response Team Article
• Ray Dalio
• BiggerPockets Podcast 297: Mastering the Decision-Making Process with Business (and World Series of Poker) Champion Annie Duke
• BiggerPockets Calculators
• 4 Wealth Generators of Real Estate Investing (video)
• Zillow
• BiggerPockets Podcast 311: 6 Rules for Investing in Real Estate in the Coming Economic Shift with J Scott

Check the full show notes here: http://biggerpockets.com/show373

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Four years ago, Lee Ripma was brand new to real estate. She vowed she'd one day appear on the BiggerPockets Podcast. That day has come.

And we're all better off for it!

In this action-packed episode, Lee traces her journey from full-time field biologist to newbie who jumped straight into long-distance multifamily (wait 'til you hear about her first deal!) to developing apartment buildings in the high-end Los Angeles market.

You'll learn how she formed relationships with local, "boots-on-the-ground" partners on her BRRRR deals in Kansas City, why she came to prefer value-add multifamily deals over BRRRR, and how she's able to find higher and better uses for properties in Southern California.

From looking at our podcast stats, we know a LOT of you are in hot markets like L.A., New York, San Francisco, and Washington, D.C. If you've ever thought to yourself, "My market's so expensive... How can I invest in real estate?"—look no further.

This episode will get you motivated, and it may just ignite your real estate investing career!

Be sure to subscribe to the BiggerPockets Real Estate Podcast, sample the other BiggerPockets podcasts in our network (just search "BiggerPockets" in your favorite podcast app), and as always, if you appreciate this content, please give us an honest rating and review on Apple Podcasts.

In This Episode We Cover:

• Why she abandoned the idea of building a tiny house empire
• How her career as an environmental consultant prepared her for real estate investing
• Why innovation can be overrated
• How she screwed up her first deal and still made 28% cash-on-cash
• Why choosing a “submarkets” is more important than the general market you choose
• Why she shifted from BRRRR to value-add multifamily investing
• How she unlocks value in rundown apartment buildings
• Finding “boots-on-the-ground” partners for out-of-state deals
• How she learned the development game by apprenticing under an experienced investor
• How real estate development creates money out of thin air
• Tearing down single-family homes and building 4-unit apartment buildings
• How she moves projects more quickly by using “prefabricated construction”
• Why “value-add” drives the biggest returns on investment
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Webinar
• BiggerPockets Money Podcast
• How to Find Overlooked Opportunities in a Hot Market with Andrew Cushman
• BiggerPockets
• Task Rabbit
• BiggerPockets Podcast 092: No (and Low) Money Down Real Estate Investing with Brandon Turner
• Podcast Movement
• BiggerPockets Money
• Tiktok

Check the full show notes here: http://biggerpockets.com/show373

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Securing financial freedom for her family through long-distance real estate investing!

West Point graduate Erin Helle's story starts the day she was ordered to deploy to Afghanistan. She already had a young daughter, and her husband was headed to Iraq.

Something had to change.

Mix in a serious health condition, the result was this: Erin felt forced to take action and build something that would endure and provide for her daughters no matter what.

In this episode, you'll learn which steps she took. From buying new construction, to flipping at a distance, to using a self-directed IRA to purchase a rental property, this show is packed with valuable lessons from an investor who's acquired 20 doors in the span of two years.

Erin shares a powerful story that's sure to make you think hard about the legacy YOU plan to leave behind and what you plan to do to get there.

In This Episode We Cover:

• Buying new construction
• Generating momentum as a newbie investor
• Erin's key performance indicators
• Lead measures vs. lag measures
• Out-of-state real estate investing
• Teaching young kids about money
• Why getting your real estate license may be overrated
• Why she doesn't "DIY" anymore
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Webinar
• BiggerPockets Podcast 355: From Small-Time Landlord to 1,000+ Units Under Contract with Ryan “The Mercenary” Murdock
• Open Door Capital
• $13M in Equity from One Deal & Cash Flowing Despite Being Comatose with AJ Osborne
• Brandon's Instagram
• Craigslist
• Zillow
• Redfin
• BiggerPockets Money Podcast
• BiggerPockets Business Podcast

Click here for full show notes: http://biggerpockets.com/show372

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More "newbie" content. More "first deal" success stories. Tips, tools, and step-by-step guidance from investors just one step ahead of you.

That's what many of you have been asking for.

And that's what you'll get when you subscribe to Real Estate Rookie, BiggerPockets' newest podcast!

Episode 1 is LIVE now, and it's a gem if we do say so ourselves—check it out here.

In this brief announcement, Brandon and David introduce hosts Ashley Kehr and Felipe Mejia (remember them from episodes 348 and 329?)... and explain WHO would—and wouldn't—benefit from listening to Real Estate Rookie.

You might be asking—is the "OG" BiggerPockets Podcast changing? Or even going away? Not a chance!

In fact, we hope you listen to both shows.

Check out Real Estate Rookie today, and Brandon and David will have another great interview right here tomorrow.

Then next week, you'll get an episode of Real Estate Rookie on Wednesday, and we'll be back to regular programming.

Tell us what you think of the new podcast, join the Facebook group (just search "Real Estate Rookie"), and give Ashley and Felipe a follow on Instagram @wealthfromrentals and @felipemejiarei!

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$700,000-plus in wholesale fees—fresh out of high school!

On this show, Will Brown reveals how laser-focusing on “deal flow” allowed him to build a rental property portfolio, build a self-sustaining business, and amass a small fortune… all in a matter of months.

You’ll be blown away by Will’s story of being struck by inspiration while playing Grand Theft Auto at age 18. That led to the BiggerPockets Podcast, and well… you’ll have to hear the rest of his story to believe it.

If you want to know the exact structure of a four-deal-per-month wholesaling business and the specific marketing methods Will uses to reach sellers, check out this episode. He walks us through how he handles leads, how he manages his business from 3,000 miles away, and why he’s handing over the reins to a partner so he can focus on building a technology startup.

This is a fantastic episode highlighting a BiggerPockets member who took massive action, trusted the process, and saw massive results. Download this one, and make sure you’re subscribed to the BiggerPockets so you won’t miss a show!

In This Episode We Cover:

• How Will built a powerful marketing machine
• How he's able to spend only 30 minutes on each deal
• How he prevents leads from slipping through the cracks
• Ringless voicemail messaging and text message marketing
• Why he prefers wholesaling over flipping houses
• How he handles tricky title issues
• Why it's never a bad idea to make an offer
• Will's artificial intelligence startup
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Webinar
• BiggerPockets Ultimate Beginner's Guide
• BiggerPockets Podcast 077: Negotiating Your Way to 1000 Wholetail Real Estate Deals with Michael Quarles
• BiggerPockets Podcast
• BiggerPockets Podcast 209: Flipping 83 Homes in the Last 18 Months with Kevin Carroll
• BiggerPockets Podcast 330: How to Ditch Distractions and Get WAY More Done With Cal Newport
• Shark Tank

Check the full show notes here: http://biggerpockets.com/show371

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Get to know enough CPAs, and you'll hear the "light bulb" story.

"I was helping this real estate investor with her taxes... and thought, 'Why am I not doing this?!'"

Yes, there are POWERFUL tax breaks available for rental property investors. But you have to know what to look for!

That's the focus of today's episode AND the new book (out today!) from Amanda Han and Matt MacFarland: "The Book on Advanced Tax Strategies: Cracking the Code for Savvy Real Estate Investors."

You'll hear Amanda and Matt break down the basic concepts you need to understand in order to reach your goals, outline the questions you should ask your CPA, and take on the notorious "Do I need an LLC?" question.

You'll also learn about more complex strategies like advanced/bonus depreciation, Opportunity Zone investing, and 1031 exchanges... plus, how short-term rental investors and flippers can optimize their tax strategy.

This episode is packed with free information that is literally valuable—meaning it could save you thousands, or tens of thousands, of dollars!

Download this one, check out the book, and subscribe to the BiggerPockets Real Estate Podcast so you won't miss the next show.

In This Episode We Cover:

• How Amanda and Matt ended up doing tax/real estate
• What they do and how they help clients
• What their new book is all about
• How to save tons of money in terms of taxes
• Best time to work with a CPA
• How an LLC plays into a real estate investor’s life
• 3 benefits of working with a professional
• Importance of having a system in place with the help of tax and legal advisors
• How cost segregation comes into play
• Who does a cost segregation study
• Other things investors should not do on their own
• Why it pays to be cautious when it comes to 1031 exchanges
• Why buy and hold is preferable over flipping from a tax perspective
• Cool things about short-term rentals from a tax perspective
• What an Opportunity Zone is and why it matters
• What a flow-through entity tax break is
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Webinar
• Explore Companies on BiggerPockets
• BiggerPockets Bookstore
• IRS Website

Check the full show notes here: http://biggerpockets.com/show370

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Want to step out of your business and finally gain the freedom to think more strategically? Let Jefferson Lilly show you how!

Jefferson is a mobile home park investor, who went from sleeping on an air mattress on-site at his mobile parks to running a lean team and focusing his energy on raising millions from investors.

No matter what stage of your career you’re in or what your preferred strategy is, you’ll get a ton of value out of this high-level discussion about building a “2.0” business that serves you AND your team.

You’ll learn how Jefferson went from acquiring parks “deal by deal” to starting a fund, how he overcame fear to hire several six-figure employees, and how he incentivizes his team to maximize occupancy.

Also, Jefferson breaks down the criteria he uses to narrow down potential deals (including proximity to a Walmart)—AND reveals the four main ways he and his team reach out to mom-and-pop park owners.

This is an awesome show, whether you’re interested in mobile homes or not. So check it out, and subscribe to the BiggerPockets Real Estate Podcast so you won’t miss the next one!

In This Episode We Cover:

• The “unfair advantages” of mobile home park investing
• 4 main methods to find off-market deals
• How his team uses brokers to source deals
• Hiring 6-figure employees
• How Jefferson has raised more than $30M from 200 investors
• How he incentivizes his team based on occupancy
• 2 factors that drive profitability in the mobile home park business
• The difference between a “2.0” business vs. a “1.0” business
• Jefferson’s biggest career regret
• Why he aims to hire “coaches” rather than “cheerleaders”
• How and why he started a fund rather than individually syndicating deals
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Webinar
• BiggerPockets Podcast 111: A Unique (and Profitable) Real Estate Niche You’ve Probably Never Considered with Jefferson Lilly
• $13M in Equity from One Deal & Cash Flowing Despite Being Comatose with AJ Osborne
• BiggerPockets Podcast 339: 60,000 Tenants?! How Frank Rolfe Built a Mobile Home Empire
• Mobile Home University
• BiggerPockets Podcast 262: $600,000 Per Month in Gross Rents from Mobile Home Parks with Jefferson Lilly
• Indeed.com
• BiggerPockets Podcast 361: Using $3,500 to Kickstart an “Unsexy” Investment Empire with Tristan Thomas
• Tim Ferriss Podcast
• The Dave Ramsey Show
• Quickbooks

Check the full show notes here: http://biggerpockets.com/show369

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On today’s show: accelerated wealth-building through leverage and systems!

Palak Shah walks us through how she built a $4M portfolio in just three years by "supercharging" the BRRRR strategy.

Palak left a career in corporate America to focus full-time on real estate in the Philadelphia area, and she applied her training as an engineer to create airtight processes that help her business run without her.

You’ll love hearing how she finds deals from wholesalers on Facebook, why she’s not afraid to sell off some of her BRRRR properties, and how she creates checklists to determine whether a deal fits her criteria.

Also, we discuss how to beat “analysis paralysis” by remembering her acronym “A.B.L.E.”

Palak is a relatable, inspiring investor who offers great tips for anyone hoping to transition away from a 9-to-5… so check out this episode today, and share it with a friend or family member!

In This Episode We Cover:

• Leaving her corporate job to take more control over her time
• Why she’s OK paying capital gains tax rather than using 1031 exchanges
• Flexing your “risk-taking muscle”
• Using hard money for BRRRR projects
• Creating “templates” to make investing easier over time
• Criticisms of the BRRRR strategy
• Why she sells off some of her BRRRR properties
• Using local banks and credit unions
• Her mantra: “Fortune favors the finance-savvy”
• How her systems allowed her to buy 2 properties from India
• Her “A.B.L.E.” method to escape analysis paralysis
• How she bought 9 units for 40% off the list price
• How she used a home equity loan to borrow $160K
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Webinar
• Fear-Setting: The Most Valuable Exercise I Do Every Month
• How to Make $100,000/Year with Fixer-Upper Rentals (by Buying Only 2 Properties Annually)
• Microsoft Project
• Redfin
• Hustle & Persistence To Build Wealth Through Real Estate | BiggerPockets Podcast 169: Using Hustle and Persistence to Build Wealth Through Real Estate with David Greene
• BiggerPockets Podcast 362: Big Goals? Here’s How to Get Your Spouse or Partner on Board with Jay and Wendy Papasan

Check the full show notes here: http://biggerpockets.com/show368

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7X-ing her income by leaving a so-so job to flip houses!

Today’s guest is Kara Beckmann, a rehabber and rental property investor who’s tearing it up in Scottsdale, Ariz., and on her Instagram page @beckmannhouse.

You'll be inspired by Kara's journey from pastry chef to retail worker to full-time investor funding deals with private and hard money. Kara shares some great tips for networking with wholesalers and builders to snag deals (to date, she's spent $0 on marketing).

You'll also learn how she maximizes profit by sticking to her rehab budgets, how she keeps contractors on deadline, and how she manages risk by outlining several different exit strategies.

Kara's story will motivate you to apply your own "unique ability" to your real estate business and overcome the fear that might be stopping you from doing your first or next deal!

Enjoy this episode, and subscribe to the BiggerPockets Real Estate Podcast so you won't miss the next one.

In This Episode We Cover:

• How Kara learned saving habits at age 14
• How she started thinking like an entrepreneur while working in retail
• How she was motivated by not getting a raise in 5 years
• Buying her first deal for $50K below asking price
• Reinvesting profits from her first flip
• Her apprenticeship with a general contractor
• How she develops a scope of work and deadline
• Why she doesn’t spend any money on marketing
• Her networking tips
• The challenges of investing without W-2 income
• How she prepares several exit strategies for each deal
• Where she gets inspiration for her designs
• How she sticks to her budgets (the “price per square foot” method)
• Incentivizing her contractors to complete work on time
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Webinar
• BiggerPockets Money Podcast
• BiggerPockets Podcast 365: Ret. Navy SEAL Jocko Willink on Embracing Discomfort and Leading Through Extreme Ownership (+ His Real Estate Investing Tips!)
• BiggerPockets Conference
• Zillow
• Realtor.com
• TikTok
• Email: podcast@biggerpockets.com

Check the full show notes here: http://biggerpockets.com/show367

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From panicked newbie with just $1,000 saved to 40 rental units—in two years’ time!

On today’s show, we sit down with Henry Washington, a buy and hold investor from Arkansas who’s built a sizable portfolio while working full-time.

You’ll learn how Henry changed his mindset as he and his wife prepared to start a family and how he secured his first deal by doing something anyone can do—simply announcing to the world that he buys houses.

You’ll also learn how Henry built a deal pipeline by looking in places other investors didn’t, how he asked more experienced investors for help when he didn’t know what to do next, and how he does business with local banks to expand his portfolio.

Plus, Brandon and David dig into how to property screen tenants, how to decide when to flip or BRRRR vs. when to hold onto a rental, and how to use an online ad campaign to drive a steady supply of leads to your website.

This episode lays out a blueprint for building massive wealth. Just adapt it to your market, and work the process.

Don’t miss this one, and subscribe to the BiggerPockets Real Estate Podcast so you won’t miss the next!

In This Episode We Cover:

• How “panic” drove Henry to start saving and investing
• How he started his investment career by simply “paying himself first”
• The list he used for his first (wildly successful) direct mail campaign
• The lessons he, Brandon, and David took away from Rich Dad Poor Dad
• Why he told people he bought properties (before he ever did!)
• Why writing down his fears helps him conquer them
• How he sought help from a more experienced investor on his first deal
• How he used a 401(k) loan to buy a cash-flowing property
• How he launched a Google Ads campaign to drive traffic to his website
• The power of small, local banks to fund deals
• Why he holds open houses rather than individual showings for tenants
• Why the best real estate investors buy “situations,” not houses
• And SO much more!

Links from the Show

• BiggerPockets Forums
• biggerpockets.com/podcastsurvey
• BiggerPockets Business Podcast 30: How to Guarantee Profit From Day 1 with Mike Michalowicz
• Google Adwords
• LeadPropeller
• Cozy.co
• Trulia
• Realtor
• HotPads
• Zillow
• Craigslist
• BiggerPockets Bookstore
• BiggerPockets Business

Check the full show notes here: http://biggerpockets.com/show366

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Decorated Navy SEAL commander. Author. Podcaster. And house hacker?!

Yes, Jocko Willink invests in real estate and shares some great tips… but that's not the only reason he's on the show today. And it's not the only reason why he's sure to be one of our most popular guests to date.

You see, Jocko looks at life's challenges differently. And after hearing his message, you might, too.

Contractor rip you off? Good. Rental property flooded? Good. Spent a bunch of money and never found a deal? GOOD!

Actually, great!

Now you can learn something about yourself. You can get tougher. You can improve.

That's the worldview Jocko outlines in his No. 1 New York Times bestseller Extreme Ownership: How U.S. Navy SEALs Lead and Win.

Today, we dive deep into how to apply this mindset to your business. PLUS, we discuss Jocko's philosophy on leading teams, managing risk, harnessing your ego, and foregoing comfort in pursuit of long-term goals like financial freedom.

You'll also love getting to know Jocko the real estate investor!

From buying a hoarder house filled with chicken bones to dividing his kids' bedrooms into "prison cell"-sized sleeping quarters, Jocko discusses how some sacrifice goes a long way toward creating financial freedom—even on a modest military salary.

Beware: by the end of this show, you might just be staring down your fears and greeting your biggest obstacles head-on with the word "good."

In This Episode We Cover:

• What “extreme ownership” is and how it applies to real estate investing
• Fixing up creepy, run-down houses in Southern California in his 20s
• Why Jocko recommends house hacking for men and women in the military
• How joining the Navy gave him purpose
• His approach to Navy SEAL BUD/S training
• The lessons he learned from the Great Recession—even though it didn’t personally affect his finances
• Avoiding "lifestyle creep"
• Considering the worst case scenario before taking risks
• How to harness your ego for good
• What he says when people push back against the idea of extreme ownership
• Why he writes books for kids (and why some adults like those books best)
• And SO much more!

Links from the Show

• BiggerPockets Forums
• Joe Rogan's Show
• Joe Rogan Experience #1391- Tulsi Gabbard & Jocko Willink

Click here to check the full notes: http://biggerpockets.com/show365

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Ever been interested in making money with short-term rentals but feel there’s just too much you don’t know? Welcome to the club!

On today’s show, Brandon and David interview Avery Carl, a short-term rental (STR) investor who opens up the playbook and shows us what she’s doing and how she’s doing it! Avery shares the apps, software, and systems she uses to manage five STRs in under 30 minutes a week!

You’ll love her thoughts on self-management versus using a professional company, avoiding negative online reviews, and properly marketing your properties to maximize revenue. She also discusses how she diversifies risk in her portfolio, why she buys properties for 10% down, and what expenses she accounts for when analyzing deals that come across her desk.

Avery shares some fantastic insight into how to run a STR business with minimum time and intrusion, as well as some overall advice for knowing your market and minimizing your risk. Download this episode of the BiggerPockets Real Estate Podcast and see for yourself today!

In This Episode We Cover:

• Where she’s currently buying
• How she balances running a real estate team with investing
• How she created systems to help manage her portfolio of vacation rental properties
• The difference between self-management and using a management company
• How she manages negative reviews online
• Her advice for marketing your STR
• The apps she uses to automate the STR business
• How she buys her STRs with 10% down
• What expenses she factors into her numbers for STRs
• How she protects her investments from a possible recession
• How she diversifies her risk between long-term and short-term rentals
• How she uses her first properties when buying additional properties
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Real Estate Podcast
• The Grey (movie)
• Airbnb
• iGMS Vacation Rental App
• BiggerPockets Podcast 245: Creating Wealth that Lasts Generations with Bestselling Author Ryan Holiday
• BiggerPockets Podcast 108: Building a $350 Million Real Estate Empire Using the 10X Rule with Grant Cardone
• Email Us for Pro Deals: podcast@biggerpockets.com

Check the full show notes here: http://biggerpockets.com/show364

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Will 2020 be your best year ever?

Today’s episode has all the ingredients to make the answer a big, resounding “Yes!”

Bestselling author and productivity expert Michael Hyatt is here, and he guides us through how real estate investors should approach the year ahead.

You’ll love hearing how Michael’s eliminated virtually everything except his three highest-leverage, revenue-generating activities; how to steer clear of what he calls “drudgery zone” work; and how to find someone who actually enjoys those tasks you can’t stand doing.

And if you’re thinking, “Well, I’m not ready for that yet…” Michael has tips for how to get started by delegating just one task.

Michael has written extensively about three topics that touch every real estate investor: productivity (Free to Focus), goal-setting (Your Best Year Ever), and delegation (Your World-Class Assistant). Today, we cover them all in-depth.

So download this episode, make sure you’re subscribed to the BiggerPockets Real Estate Podcast, and start 2020 right!

In This Episode We Cover:

• How Michael grew his company in a year while taking 162 days off per year
• How “vague aspirations” set you up for failure
• Why you’re 42% more likely to achieve your goals if you write them down
• Why you shouldn’t have more than 3 goals at once
• The keys to hiring a world-class executive assistant
• The importance of a detailed, well-thought-out job description
• The right way to document workflows
• How to focus on your “Desire Zone”
• How to offload tasks in the “Drudgery Zone”
• The difference between goals and projects
• Why he hired a world-class coach to teach him an obscure hobby
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Podcast 230: Real Estate Investing as a Side Hustle with Grammy-Winning Producer Seth Mosley
• BiggerPockets Podcast 117: Maximizing Productivity to Get Things Done with David Allen
• BiggerPockets Podcast 315: How to Read Human Nature to Succeed in Life with Bestselling Author Robert Greene
• Tucker Max
• BiggerPockets Podcast 245: Creating Wealth that Lasts Generations with Bestselling Author Ryan Holiday
• Evernote
• Loom
• BiggerPockets Pro
• BiggerPockets Podcast 125: The Key to Business Success with Bestselling Author of The E-Myth Michael Gerber
• Masterclass
• BiggerPockets Podcast 330: How to Ditch Distractions and Get WAY More Done With Cal Newport
• The Tim Ferriss Show
• How to Make 2020 Your Best Real Estate Year Ever Webinar

Check the full show notes here: http://biggerpockets.com/show363

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Today’s show is centered around a big question we get ALL the time...

“How do I get my spouse/partner on board with my real estate investing goals?”

It’s the perfect time of year to think through exactly how to do that, and we have the perfect guests to offer some advice.

Jay and Wendy Papasan run an annual couples’ goal-setting retreat in Austin, Texas. Today, they walk us through the exercises they use to help couples (and business partners) confront uncomfortable questions and get on the same page.

Oh, and if you don’t know who Jay is, check out BiggerPockets Podcast 113: Becoming a Millionaire Real Estate Investor Using The ONE Thing with Jay Papasan and BiggerPockets Business Podcast 06: How to Manage Your Time Like a Millionaire with Jay Papasan.

Jay's wife, Wendy, is a real estate broker who leads a high-performing team that’s expanded into four cities.

In this episode, you’ll learn how to initiate a goal-setting conversation with your partner, what kinds of settings work best for this exercise, what questions to ask, and which timelines to use.

Also, stick around through the end to hear Wendy’s tips on using leverage and a “not to-do list” to apply your time and energy more efficiently and be happier.

This is a profound episode with two real estate rockstars. If you enjoy it, do us a favor and share it with YOUR spouse or partner… or pass it onto a couple who you think might benefit. 

Download this one today, and make sure you’re subscribed to the show, so you won’t miss the next one!

In This Episode We Cover:

• How Wendy and Jay started setting goals together 13 years ago
• Applying the idea of a “leadership retreat” to your family
• What settings work best for goal-setting with your spouse or partner
• Navigating a relationship where one partner is an entrepreneur
• Their answer to, “How do I get my spouse on board with real estate investing?”
• Why most failures of leadership are failures of courage (Keith Cunningham)
• How having tough conversations about goals can head off misunderstandings
• How Brandon’s navigated balancing business with family
• Why Gary Keller calls tough conversations “care-frontations”
• Which time horizons are most useful when setting goals
• Using the language of business in your marriage
• Putting your marriage first, even when you have kids
• Moving at the speed of communication
• Delegating draining tasks to help you keep more energy for yourself and your family
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Youtube Channel
• BiggerPockets Business Podcast 06: How to Manage Your Time Like a Millionaire With Jay Papasan
• BiggerPockets Podcast 113: Becoming a Millionaire Real Estate Investor Using The One Thing with Jay Papasan
• Gary Keller
• BiggerPockets Podcast 355: From Small-Time Landlord to 1,000+ Units Under Contract with Ryan “The Mercenary” Murdock
• Paying Off Student Loan Debt with a Median Income and Two Kids in Northern California with Kyle Renke

Check the full show notes here: http://biggerpockets.com/show362

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Traveling the world on mobile home cash flow at 26 years of age? Yes, it’s possible!

On today’s show, Brandon and David interview Tristan Thomas, a mobile home park investor who parlayed a few thousand dollars into a life of financial freedom.

Tristan shares some great info regarding how he chooses his markets to invest in, how he finds deals in those markets, and some of the key differences to holding title to mobile homes compared with traditional real estate.

He also shares a fantastic perspective on how using “rent-to-own” financing can eliminate maintenance and repair costs, motivate your tenants to take better care of the property, and help you build wealth with very little of your own money.

Tristan is a great example of how to find financial freedom at ANY age and shares exactly how he did it himself! Download this inspirational episode today, and subscribe to the podcast in your favorite app so you won't miss the next show.

In This Episode We Cover:

• How Tristan got into mobile homes
• How he finds deals in today's market
• The key differences to holding title to mobile homes compared with traditional real estate
• How to use “rent-to-own” financing to eliminate maintenance and repairs costs
• How to motivate your tenants to take better care of the property
• How to build wealth with very little of your own money
• Making a 100% return on investment within 12 months
• His 5 biggest lead generators that are all free
• The criteria he looks for to find the best mobile home deals
• Getting into real estate investing for financial freedom
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Youtube Channel
• BiggerPockets Podcast Survey
• BiggerPockets Webinars
• Josh's Twitter Profile
• Podcast Survey
• Grant Cardone on Multifamily Investing and Why You Should Never Buy a House!
• BiggerPockets Events and Meetups
• Mobile Home Park Investing Boot Camp
• BiggerPockets Podcast 315: How to Read Human Nature to Succeed in Life with Bestselling Author Robert Greene

Check the full show notes here: http://biggerpockets.com/show361

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Have you ever wanted to invest in real estate but aren’t ready for a full-time commitment? Today’s guest has figured out just how to do so, and she’s sharing it all with you!

Stephanie Cabral is a lawyer, real estate agent, and investor out of Connecticut, who has figured out how to make money from residential real estate ownership while working two full-time jobs.

On today’s show, Stephanie breaks down how she saved $100K on one deal, developed an automated direct mail system, and successfully used the often-confusing 203k loan program.

You’ll love her advice on automation/delegation and investing in single family homes. Plus, she talks about what she looks for in her market, and shares her thoughts on the next big change in real estate in the near future. You’ll also find some great tips regarding managing properties yourself and hiring and using virtual assistants to save you time.

Download this one today, and share it with a friend or family member who would benefit!

In This Episode We Cover:

• How Stephanie defines “administrative stamina”
• How she took out a HELOC on her first property
• How she got a $100K discount on her first property
• Why she invests in single family homes
• How she uses VAs to handle the heavy lifting of her RE business
• Her theory on automation and delegation
• How she’s using RE to get out of her legal practice
• What she looks for in a good assistant
• What she’s looking for in out-of-state markets
• How she automated her direct mail system
• Her advice for managing properties yourself
• Her thoughts on the next big trend in RE investing over the coming 5-10 years
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Youtube Channel
• BiggerPockets Podcast Survey
• Upwork
• Podio
• StrugglingInvestor
• PayYourRent
• Cozy
• OnlineJobs.ph
• Adobe
• LinkedIn
• Brandon's Instagram
• David's Instagram

Check the full show notes at BiggerPockets: http://biggerpockets.com/show360

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You asked for it, and we answered! On today’s episode, Brandon and David interview three first-time home buyers, who all utilized the house hacking strategy in different ways!

Our first guest shares how he bought in the most expensive market in the country and lives for FREE by using several techniques anyone can replicate (while taking advantage of a massive value-add opportunity).

Our second guests share how they used house hacking to buy a BUSINESS that will generate over $20K in profit per month... while also eliminating the majority of their rehab costs and reducing risks and living expenses at the same time!

And our third guest shares how he took advantage of California’s recent ADU law revision to buy a property that will eliminate his living expenses while making him massive cash flow at the same time.

This episode covers FAQs—like how to use an agent to help you find a property, how to house hack in unique ways, and what to expect when buying your first property—and is guaranteed to get those wheels turning in your mind! Download this one, and share with a friend today!

In This Episode We Cover:

• Ryan Meinzer
• How he found the property
• His unique angle on TIC (tenancy in common)
• What he intended to do reduce his living expenses
• How a sliding door turned out to be a blessing
• What the requirements are to convert a TIC
• Key lessons learned from this deal
• Hero and Stephanie Cruz
• The struggle of finding the right Realtor
• Finding a property that needs less rehab
• What is assisted living property
• How much they earn from each room
• Making more money to help more people
• Rob Kishi
• How Daivd and Rob were introduced during a meetup
• Why he fell in love with idea of house hacking
• What the property looks like
• Investing with Mom
• What ADU stands for
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Bookstore
• BiggerPockets Network - Find a Real Estate Agent
• BiggerPockets Podcast 108: Building a $350 Million Real Estate Empire Using the 10X Rule with Grant Cardone
• Grant Cardone on Multifamily Investing and Why You Should Never Buy a House!
• BiggerPockets Podcast 350: How to House Hack Your Way to Financial Freedom in 3 Years with Craig Curelop
• The Core 4 Members Vital to a Profitable Long-Distance Real Estate Investing Team (blog)
• BiggerPockets Premium Membership

Check the full show notes here: http://biggerpockets.com/show359

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Have you been looking for the right way to find deals in today’s tough market?

Today’s show might be just what you’ve been looking for! Join us as Brandon and David sit down and bring out the gold nuggets on what’s working for successful real estate investors in today’s hot market.

You’ll learn six strategies that will help you land deals and build wealth, as well as detailed insight into how to pull them off successfully. You’ll want to hear this advice about how to find deals, how to set up your business, and how to protect your capital that not everyone is talking about!

For the second half of the show, Brandon and David share five “accelerants” that will help increase the level of your success once you’ve found the strategies that work for you.

This show is the first of its kind, and we think you’re going to love it. You spoke, we heard, and this is the content the people want.

Download and share this gem today!

In This Episode We Cover:

• Strategy #1: BRRRR
• Strategy #2: House Hacking
• Strategy #3: House Flipping
• Strategy #4: Vacation Rentals
• Strategy #5: Wholesaling
• Strategy #6: Syndication
• Accelerants and how to pour fuel on the fire
• OPM (other people’s money)
• Value-add
• Forced equity
• Increased cash flow through additional units
• Leveraging others (core four)
• Finding deals from your sphere of influence
• Funnels
• Partnerships
• Personalities
• Skill sets
• Resources
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Bookstore
• BiggerPockets Podcast 302: Making $100k/Deal Using Other People’s Money, Time & Experience with Cory Nemoto
• KECO Capital
• KECO Capital’s Instagram
• BiggerPockets Hard Money Lenders
• BiggerPockets Webinars
• BiggerPockets Podcast 212: Buying a 115-Unit Apartment Complex for No Cash Out of Pocket with Brian Murray
• BiggerPockets Podcast 126: From 0 to 400+ Units Through Value-Add Investing with Brian Murray
• BiggerPockets Podcast 355: From Small-Time Landlord to 1,000+ Units Under Contract with Ryan “The Mercenary” Murdock
• Paying Off Student Loan Debt with a Median Income and Two Kids in Northern California with Kyle Renke

Check the full show notes here: https://www.biggerpockets.com/show358

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YouTube sensation alert!

On today’s show, Brandon and David sit down with real estate investor and agent Kevin Paffrath of “Meet Kevin” on YouTube.

Kevin is young and doing great with real estate from several angles! He's built millions of dollars in wealth through single family properties in Southern California and shares some fantastic advice that will help you do the same.

You will love his advice regarding what he looks for in rehabs, what he avoids, and how he LOVES finding properties with problems! He also discusses how he found a deal holding an open house, how he avoids paying taxes on his profits, and how he was able to buy a house with his girlfriend while working at Jamba Juice!

This episode is high-energy, fun, and full of great practical advice for newbies and experienced investors alike.

In This Episode We Cover:

• Buying his first property while working at Jamba Juice
• How he bought with PMI, then removed it later
• Why he invests as an agent
• Why he tracks his net worth
• Common problems that prevent investors from building wealth
• Buying the majority of his properties from the MLS
• How he talks to other agents to get deals sent to him
• Finding a deal while holding an open house
• Why buying SFR to build equity then exchanging into multifamily is a great strategy
• Avoiding paying taxes
• Looking where others aren’t for deals
• How he still buys homes that get multiple offers
• Why he DOESN'T want cash flow right now
• A walk through of his latest rental
• Attracting quality tenants
• The best kind of relationship with real estate agents
• The problems he avoids in rehabs
• And SO much more!

Links from the Show

• BiggerPockets Forums
• BiggerPockets Pro
• Email: podcast@biggerpockets.com
• David's Instagram
• Brandon's Instagram
• BiggerPockets Podcast 108: Building a $350 Million Real Estate Empire Using the 10X Rule with Grant Cardone
• BiggerPockets Youtube
• BiggerPockets Meetup
• BiggerPockets Webinar Replay

Check the full show notes here: http://biggerpockets.com/show357

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