BiggerPockets Real Estate Podcast 2 Resources OTHER Than Money You Can Use to Get into Real Estate Investing
Oct 16, 2024
Devon Kennard, a former NFL player turned real estate investor, and Tyler Madden, a savvy investor and general contractor, break down how to succeed in real estate without needing all the traditional resources. They introduce the 'resource triangle' concept, showcasing how skills, time, and money can be optimized. Kennard shares his journey of balancing investment with a busy schedule, while Madden discusses leveraging construction expertise for value addition. Together, they reveal practical strategies to navigate and thrive in real estate investing, regardless of your starting point.
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Resource Triangle
- Real estate investing requires a combination of time, money, and skill, forming a "resource triangle".
- Investors don't need all three equally; they can leverage one resource to gain others.
Leverage Your Skills
- Identify your strongest skill set and use it as your competitive advantage in real estate.
- Don't try to do everything yourself; leverage your skills to overcome weaknesses.
Tyler's Early Deals
- Tyler Madden started by leveraging home equity through a HELOC to acquire his first rentals.
- He later expanded by buying seven units, utilizing hard money and private lenders.