Most people buy rental properties on purpose, but most people aren’t Rick Morin. Rick is what we would call an “accidental investor.” He has been able to build a home-run housing portfolio by slowly, steadily investing whenever he had the chance. The best part? In the beginning, Rick had no idea that what he was doing was real estate investing. He was stunned when he bought his first home, which ended up paying for itself entirely. Fast forward a couple of decades, and Rick is sitting pretty with $285,000/year in passive income, a $3,000,000 portfolio, and the financial freedom most Americans won’t achieve until their 60s.

So how did a barber, growing up in an impoverished household, go from making $12 a haircut to pulling in over $200,000 per year in pure cash flow? It’s simple: buy right, buy consistently, and trust your gut. Rick has done flips with car-sized holes in the roof, gone over budget and timeline, and made up his own comps, but at the end of the day, all the deals he’s done have led to him holding this massive real estate portfolio. And while he’s nothing short of an investing genius, his process for evaluating and doing deals is NOT complex. You don’t need a degree, a large inheritance, or any experience to repeat Rick’s system.

If you’re trying to build wealth in the background, leave a legacy for your kids, grandkids, great-grandkids, and everyone else down the line while focusing on doing what you love, tune into this episode. Rick has wealth-building advice that ANY investor can benefit from hearing.

This Show Sponsored By

Take your business to the next level with Left Main: the #1 CRM for Real Estate Professionals, built on Salesforce.

Go to leftmainrei.com/biggerpockets to learn more.

In This Episode We Cover:

Turning $12 haircuts into a $3,000,000 real estate portfolio

How Rick used “house hacking” to accidentally start investing in real estate

House flipping and how to use short-term profits to pay for long-term rental properties

Leaving a legacy, building generational wealth, and escaping poverty

Where to find off-market deals and using Facebook, friends, and clients to get DEEPLY discounted properties

Short-term rental investing and the secret tip a top tourist group CEO gave Rick

Why building wealth slowly will make you richer than speeding your way to financial freedom

And So Much More!

Links from the Show

Find an Investor-Friendly Real Estate Agent

BiggerPockets Youtube Channel

BiggerPockets Forums

BiggerPockets Pro Membership

BiggerPockets Bookstore

BiggerPockets Bootcamps

BiggerPockets Podcast

BiggerPockets Merch

BPCON2023

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Learn About Real Estate, The Housing Market, and Money Management with The BiggerPockets Podcasts

Get More Deals Done with The BiggerPockets Investing Tools

Find a BiggerPockets Real Estate Meetup in Your Area

David's BiggerPockets Profile

David's Instagram

David’s YouTube Channel

Work with David

Rob's BiggerPockets Profile

House Hacking 101: What It Is and How to Get Started

How to Easily Find Off-Market Properties

The Plight of an Accidental Landlord

Flipping Houses: How to Get Started and Everything You Should Know

Connect with Rick:

Rick's Instagram

Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-755

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com.

Learn more about your ad choices. Visit megaphone.fm/adchoices

The French Laundry, Per Se

Mentioned by

Mentioned in 1 episodes

The AI-powered Podcast Player