719: Future Millionaires: The Real Estate Investing Hurdle You MUST Get Over
BiggerPockets Real Estate Podcast
How to Vet a Lot of Projects, Right?
"I got to see one of her projects that she didn't. She hasn't bought yet, but she's like, I got to see her sort of idea phase." "The more you can check off, the more you're going to start feeling better about handing them like a $50,000 check"
Knowing how to find real estate deals can be challenging for new and experienced investors. For those who want to build bigger portfolios beyond just buying single-family rental properties, finding multifamily, development, or perfect medium-term rental deals can be a struggle. You have to be in the know and have a network full of agents, brokers, lenders, and other investors who can throw deals your way, so you don’t have to dig through the scraps that bigger investors (or investment firms) have left behind.
This is a struggle that all three of our ninety-day mentees have faced since we spoke to them last. We’ll be getting updates on all their situations in today’s episode as David and Rob work to get them to their next investments as soon as possible. First, we talk to Philip, who’s still struggling to find adequate land for his future resort. He’s successfully made one offer but has yet to receive a counter. Next, Wendy wants out of turnkey rentals and is looking into more cash-flow heavy real estate investments like medium-term rentals that can provide her the retirement she dreams of.
Lastly, we talk to Danny, who’s struggling to connect the dots that will lead to his next property. As an introvert, finding contractors in the field has become challenging, although he has started to reach out to other investors he knows in his area. A common thread in this episode is that ALL our mentees are finding a pain point stopping them from reaching their next property. Of course, what they do next is entirely up to them, but you’ll hear case-by-case advice from David and Rob, which could also help you on your next deal! So if you’ve hit a roadblock on your path to real estate wealth, don’t give up—tune in!
In This Episode We Cover:
Purchasing raw land and the pros and cons of trying to buy what is worth developing
Private money lending and raising private capital as a way to make more income on the side
How to increase your real estate deal flow and get more properties (or parcels) sent to you
The high-cash flow world of medium-term rental investing and why it may be worth converting your units
How to find contractors, real estate agents, and other team members for your next investment
Networking 101 and what introverts can do to build a list of other investors who can help them along their way
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
Hear the First 90-Day Mentee Episode
Book Mentioned in this Episode
30-Day Stay by Zeona McIntyre & Sarah Weaver
Connect with Danny, Philip, & Wendy:
Philip's BiggerPockets Profile
Click here to check the full show notes: https://www.biggerpockets.com/blog/real-estate-719
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