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.

49:57

Creator website

Episode guests

Devon Kennard

Tyler Madden

AI Summary

AI Chapters

Episode notes

Podcast summary created with Snipd AI

Quick takeaways

The resource triangle framework highlights the importance of balancing time, money, and skill in successful real estate investing.

Investors can compensate for their lack of resources by leveraging relationships and building strong teams to navigate challenges.

Continuously adapting and evaluating one's resources and skills is crucial for sustainable growth in a real estate portfolio.

Deep dives

The Resource Triangle Framework

The resource triangle framework is introduced as a concept in real estate investing that emphasizes the need for a combination of three key resources: time, money, and skill. Each resource contributes uniquely to a deal; for instance, money is essential for down payments and renovation costs, while time is necessary even for passive investments. Skill is highlighted as critical because having financial resources without the know-how can lead to poor investment decisions. The framework also illustrates that an investor does not need to excel in all three areas, as they can leverage one resource to compensate for another, such as trading time for expertise or capital.

Intro

4min

From Professions to Property: Real Estate Journeys

6min

Maximizing Resources in Real Estate Investing

6min

Navigating Real Estate Investment Challenges

20min

Balancing Active and Passive Real Estate Investment Strategies

5min

Strategic Growth in Real Estate Investing

9min

Want to invest in real estate but feel like you don’t have everything it takes? You know you need money for a down payment, skills to manage tenants/perform renovations, and time to find the deals in the first place. But what if you only have one of these? Can you still invest in real estate even without the missing pieces? Today, we’re going to show you how to do just that, no matter how much time, money, or real estate experience you’ve got.

We’re walking through three scenarios with three different investors: Dave Meyer (who had no money/experience), Devon Kennard (who had money but no time/experience), and Tyler Madden (who had skills but limited time/money). Each of these investors was able to build a successful real estate portfolio, all while either being time-stretched, money-stretched, or not knowing how to swing a hammer. They’re sharing the secrets to hiring out/building the other skills so you CAN take down real estate deals, no matter what you’re working with.

If you can combine all the pieces of this “resource triangle,” you have FAR higher chances of succeeding in real estate investing and reaching financial freedom. If you’re a rookie with no real estate to your name, worry not—we’re teaching you what you need to know in today’s episode.

In This Episode We Cover:

The “resource triangle” investing theory and the three things you need to succeed (YOU don’t need all three!)

The most overrated skills in real estate that you can survive without

Building a team and hiring out/outsourcing the resources that you lack

How to start investing if you ONLY have time, money, OR real estate experience

Crucial skills that we WISH we had (you can make a LOT more money with these)

And So Much More!

Links from the Show

Join BiggerPockets for FREE

Let Us Know What You Thought of the Show!

Invest in Turnkey Rentals with Rent to Retirement or text “REI” to 33777

Grab the BRRRR (Buy, Rehab, Rent, Refinance, Repeat) Book