755: How a Barber Went from $12 Clips to Six-Figure Cash Flow in 10 Years w/Rick Morin
BiggerPockets Real Estate Podcast
How to Buy an Accidental House Hack
After paying off the first house, he and his wife stayed in it for maybe another year. He wanted to move to the other side of town so they bought a house on that side of town. "I full blown used the first house as a full-blown rental," says LZ Granderson.
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.
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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
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
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:
Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-755
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