BiggerPockets Real Estate Podcast

A $1 million net worth before the age of 30... through frugality and creative real estate investing!That's what Todd Baldwin's achieved in a few short years, riding the red-hot Seattle housing market by repeat house hacking, renting by the bedroom, and living way below his means.Sure, Todd's benefited from appreciation, but he's also generating monster cash-on-cash returns across his 6 rental properties. And today, you'll learn just how he's doing it: how he finds pocket listings, why he favors new construction, why he pays for a $2,000/month service most landlords would never dream of providing, how he limits roommate drama, and much more.Wondering if this is legal? We discuss that in detail. Oh, and get this—Todd's all-time vacancy rate? Zero percent. So if you're in a high-priced coastal market, you need to listen to this show. And if you don't, we can pretty much guarantee you'll still enjoy it and pick up a few landlording nuggets along the way.Know someone who might put Todd's strategy to use? Share this episode with him or her today! And make sure you're subscribed to the show so you won't miss us next week.In This Episode We Cover: How Todd makes $12K+ in pure cash flow by renting by the bedroom Why he buys new construction rather than fixer-uppers Why he pays for all utilities The legalities of renting by the room The dangers of buying a property with a homeowner's association (HOA) Using a Tinder-like app to find roommates and tenants Why he hires maids to clean each of his 6 properties weekly His system for preventing conflicts among roommates How complementary skillsets make for great business (and romantic) relationships And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Podcast Redfin BiggerPockets Magazine Renthoop BiggerPockets Podcast 356: 30+ Rentals (in a Pricy Market) Through BRRRR and Section 8 with Joe Asamoah Grant Cardone on Multifamily Investing and Why You Should Never Buy a House! Joe Rogan Check the full show notes here: http://biggerpockets.com/show392 Learn more about your ad choices. Visit megaphone.fm/adchoices

Live calls, Dave Ramsey style!In this episode we open up the phone (er, Zoom) lines to take audience questions on everything from "should I flip or hold this deal" to "Coronavirus cost me my job... how can I invest now?"Brandon and David offer also advice on house hacking, Home Equity Lines of Credit (HELOCs), appraisals, and the pros and cons of tapping a retirement account to jumpstart a real estate investing career.We'll be back to our regular programming next week... but let us know what you think of this format. And if you've got 30 seconds to leave us a rating and review in Apple Podcasts, we wouldn't be mad at that either.Links from the Show BiggerPockets Forums BiggerPockets Podcast Redfin Zillow Realtor.com BiggerPockets Podcast 325: From Major Business Failure to Buying 20 Houses a Month With Aaron Amuchastegui Find Real Estate Agent on BiggerPockets BiggerPockets BiggerPockets Podcast 366: 40 Doors in the First 2 Years with Henry Washington Brendon Burchard's Show My Body Tutor The Essential 11 Podcast BiggerPockets Conference Check the full show notes here: https://www.biggerpockets.com/show391 Learn more about your ad choices. Visit megaphone.fm/adchoices

From fashion design work in India, to a corporate career with Nordstrom... to leaving that career to flip 40+ houses in 6 years – all in one of the hottest markets on the planet!Seattle investor Leka Devatha has quite a story to tell, and a lot of hard-won wisdom too! From her 6 tips for finding and keeping great contractors, to the exact criteria she uses when looking for a flip opportunity, Leka spills the beans and outlines a framework you can apply whether you choose to flip, BRRRR, wholesale, or buy and hold.We cover a crucial tax tip for anyone hiring a contractor, ever. Leka shares an unexpected silver lining brought on by the pandemic. And your mind will be blown when she tells how a "cosmetic" flip opportunity morphed into 3-year odyssey and wound up rewarding her with a 7-figure (yes, 7-figure) payday.Give Leka (pronounced "LAY-kuh") a follow on Instagram and let her know if you appreciate this episode... and make sure you subscribe to the show in your favorite podcast app, so you won't miss the next one.In This Episode We Cover: Flipping 40 homes in 6 years A "cosmetic flip" that turned into a 7-figure (!) profit through the magic of subdivision Why you should get to know the land use planner in your city Leka's system for finding and retaining great contractors How to start a real estate meetup Why virtual networking amid COVID-19 is more efficient Why she pays her broker a commission even if she keeps a house as a rental Leka's criteria for a great flip opportunity What W-9s are and why it's so important to get them signed up front And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Podcast Jason Drees Real Estate at Work (Seattle Meetup) Redfin Zillow Realtor.com Caleb Backholm's Insurance BiggerPockets Podcast 388: The 7-Step “Playbook” for Scaling Your Real Estate Business With AJ Osborne Check the full show notes here: https://www.biggerpockets.com/show390 Learn more about your ad choices. Visit megaphone.fm/adchoices

Are you tired of toiling in the trenches... and ready to run a business that cranks out profits without your constant involvement?That's what today's guest has managed to do! In this episode, Michigan-based investor Mike Simmons shares exactly how he went from moderate success to $1 million in annual profit.You'll learn why Mike switched gears from flipping to wholesaling real estate, what he's learned from spending hundreds of thousands of dollars on various marketing channels, and the four-point checklist you must use when considering any kind of partnership.Ultimately, expert marketing tactics are fine and well. But to scale, you've got to master leadership and hiring—topics Mike covers in great detail here and in his new book, Level Jumping.So pick up a copy (see link below), and share this episode with a friend, family member, or fellow investor who you think would enjoy it!In This Episode We Cover: Mike's remedy to cure a bad case of "analysis paralysis" Why he switched gears from flipping to wholesaling Why wholesaling is NOT always a great thing for newbies The marketing channels Mike uses to do 100 deals per year Ultra-specific direct mail tips (from a guy who's sent hundreds of thousands of dollars of direct mail!) What most do wrong with direct mail marketing How he made a $50K assignment fee and the key lesson he learned Hiring and managing transaction coordinators Hiring his first salesperson on a "straight commission" pay structure Using personality assessments like DISC and Kolbe when hiring Why intelligence is not the most important predictor of success in real estate investing And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Podcast BiggerPockets Podcast 050: Getting Started and No Money Down House Flipping with Mike Simmons BiggerPockets Insights BiggerPockets Insights Rent Estimator Gary Vaynerchuk's Instagram Gary Vaynerchuk on Finding Deals Through Social Media & Crushing It as an Entrepreneur KOLBE Personality Test Check the full show notes here: http://biggerpockets.com/show389 Learn more about your ad choices. Visit megaphone.fm/adchoices

Do you dream of stepping back from the day to day and working on your business rather than in it? Of course you do!AJ Osborne has achieved that goal—and having experienced a harrowing health emergency that incapacitated him for months (see show 286), this Boise, Idaho, investor is ultra-qualified to discuss the value of documenting, delegating, and streamlining your real estate business so it can run without you.AJ owns and operates over 1 million square feet of self-storage. Today he breaks down the seven-step process he uses to improve operations, unlock hidden value, and scale fast.If you're thinking, "I don't do deals that big," rest assured: AJ reveals that he actually lost money on his very first deal but gained a ton of wisdom, which he's generous enough to share with us today—and which applies across the board.Plus, AJ shares a tip on financing deals that may totally change the way you think about growing your portfolio!Check him out, and pick up a copy of his book, The Investor's Guide to Growing Wealth in Self-Storage: How to Turn a Real Estate Asset into a Thriving Business. Learn more about your ad choices. Visit megaphone.fm/adchoices

On today's show: the massive impact of just a few flips and a few small multifamily rental properties.Starting in 2017, that combination allowed our guest Megan Greathouse to step aside from her W-2 job (her husband still works) and spend much more time with her two young kids... all while dedicating just 5 hours per month to self-managing her portfolio in St. Louis.Want to know how she did it? Megan spells it all out in this episode and provides the exact tools and templates she uses to maximize her efficiency—enabling her business to serve her and allowing more time for what really matters.Give Megan a follow, and share this episode with a friend, partner, spouse, or family member who you think might enjoy it!In This Episode We Cover: Starting out with a fourplex Investing with a full-time job and kids The P.R.O.P. system for property management How Megan and her husband use the "2 in 5 Rule" to avoid capital gains taxes How she uses real estate to create time freedom and hang out more with her kids Flipping an old house near Washington University in St. Louis A BRRRR "fail" (contractor issues) that turned out OK Lessons she learned in the military The key to avoiding analysis paralysis: "Get to 80% and go!" Buying a 60-acre farm outside the city And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Bookstore BiggerPockets Podcast Landlord Advisory Panel BiggerPockets Events BiggerPockets Magazine BiggerPockets Money Podcast BiggerPockets Guide in Finding Agents BiggerPockets Books BiggerPockets Webinars BiggerPockets Podcast 100: The 1st Deal, Management Drama, and the Birth of BiggerPockets with Joshua Dorkin Open Door Capital LLC Ryan's BiggerPockets Profile TenantCloud QuickBooks Boomerang for Gmail Seth Mosley's Music and Money Group Brandon's Instagram BiggerPockets Shirt Scott Trench Check the full show notes here: http://biggerpockets.com/show387 Learn more about your ad choices. Visit megaphone.fm/adchoices

Yesterday, Marcus Maloney showed us how he built his deal-finding machine. Today, he tells us how he's hanging onto it by making two big shifts in his business.When the pandemic hit, lenders got nervous... and that put a couple of Marcus' deals in danger. So did he give up? No! He tapped his own network of private lenders to provide financing to his end buyers—a win-win-win.Plus, Marcus tells us why he's shifted focus to the Midwest since we first spoke and how he worked out a deal with a "great tenant" who wound up unemployed and unable to pay rent.Wondering how to adjust your business to the new normal? Check out this episode, and subscribe to the BiggerPockets Real Estate Podcast so you won't miss the next one.In This Episode We Cover: The problems Marcus ran into in mid-March How he plugged the gap with private money Developing relationships with private lenders before you really need them Why he's concentrating on a lower-priced market How he negotiated with a resident who could no longer afford rent And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Podcast BiggerPockets Podcast 386: Starting Out With $200 and Investing for Profit AND Cash Flow With Marcus Maloney (Part 1, Pre-Coronavirus) BiggerPockets Podcast 352: No Driver’s License, No Money, No Excuses: How Diego Corzo Blazed a Trail to 18 Doors BiggerPockets Webinars BiggerPockets Radio Podcast 001: Building a Successful House Flipping Business and Losing Millions with Marty Boardman BiggerPockets Podcast 382: No Money Down BRRRR Investing with Josiah Smelser (Part 1, Recorded Pre-Coronavirus) Check the full show notes here: http://biggerpockets.com/show386-5 Learn more about your ad choices. Visit megaphone.fm/adchoices

From "bad drug dealer" in his youth... to earning a master's degree, then jumping into real estate at age 36 and crushing his first deal!Today, Marcus Maloney shares his wild ride in Part 1 of two episodes this week. This one was recorded before the coronavirus pandemic, so we don't discuss that topic. Tomorrow, we'll dive into how Marcus pivoted to keep doing deals in these trying times.In this episode, you'll learn how Marcus used just $200 to launch his career, how he acquired nine rental properties, and how he's completed dozens of local (Phoenix) and long-distance (Chicago) real estate transactions.He also discusses the strategies he's using to generate leads, how he builds trust with both sellers and buyers, and how he works with acquisition managers, who take a cut of the deals they bring him.Plus—the guys have a great conversation about performance coaching and why the thing that's holding you back probably isn't something you're going to fix at a real estate boot camp.Marcus was nice enough to take some time out from riding his Harley to share some of his hard-won wisdom, so say hello to him on the BiggerPockets Forums, where he's a frequent contributor.And don't forget to subscribe to the BiggerPockets Real Estate Podcast so you won't miss the next show!In This Episode We Cover: How Marcus "flipped piglets" as a boy How a rescinded job offer led to him to pursue real estate The personal development he had to do to become a successful real estate investor Direct mail marketing Closing deals on the phone Attracting partners by creating valuable content Why Marcus lives in Phoenix but buys rentals near Chicago What separates successful "bird dogs" and wholesalers from those who give up And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Bookstore BiggerPockets Podcast BiggerPockets Reviews SunTrust Wells Fargo Guild Mortgage Buildium Re-Leased Rent Manager Quicken Loans Cozy Performance Coach Jason Drees Performance Coach Phil Towle Check the full show notes here: http://biggerpockets.com/show386 Learn more about your ad choices. Visit megaphone.fm/adchoices

Flipping with no money down... in Hawaii? You heard that right.Greg Gaudet actually considers himself "risk-averse" and still holds a full-time job, but he's able to make nice chunks of change by hustling to find deals and managing rehabs for Brandon's team on Maui.Today, Greg walks us through his journey from "rock bottom," including bouts with addiction and homelessness, to living the life of his dreams, buying a Porsche cash, and owning a handful of properties free and clear. You'll learn the right way to approach investing in condos, how to bring value to a potential partner or mentor, how Greg manages risk by keeping his living expenses low, and the mindset shifts that allowed him to 1) get clean and 2) "get out of his own way" in the real estate business.This is truly one of the most powerful stories we've told on the BiggerPockets Real Estate Podcast, and it's guaranteed to get your wheels spinning!In This Episode We Cover: How tragedy shaped much of Greg's early years Bad advice he received when jumping into investing What to look for (and avoid) when investing in condos How Greg bought a condo for less than 50¢ on the dollar How he and Brandon structure their flip deals How anyone can flip without risk—if they're willing to work Greg's "why" (and his paid-for Porsche) How to approach a mentor without making it awkward And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Bookstore BiggerPockets Podcast BiggerPockets Calculators BiggerPockets Podcast 302: Making $100k/Deal Using Other People’s Money, Time & Experience with Cory Nemoto Calculating Numbers on a Rental Property [Using The Four Square Method!] Condominium Council of Maui BiggerPockets Events Grant Cardone on Multifamily Investing and Why You Should Never Buy a House! Open Letter Marketing BiggerPockets Podcast 194: Achieving Impressive Spreads Through High-End Flips with Justin Silverio CallPorter Deal Machine KECO Capital Open Door Capital Gobundance BiggerPockets Podcast 226: From “D-Student” to $400,000 in Annual Rental Property Cash Flow with David Osborn Audible Premier Restoration Hawaii Brandon's Instagram David's Instagram Check the full show notes here: http://biggerpockets.com/show385 Learn more about your ad choices. Visit megaphone.fm/adchoices

After yesterday's deep dive interview discussing 2 disastrous flip projects, we have a solo show for you today.And the title says it all, really.Brandon and David boiled down nearly 400 podcast episodes, countless forum threads, books, and real-life conversations, and their own missteps and now present: the Top 10 Ways Real Estate Investors Lose Money.These aren't the only ways to go wrong in this business, but at some point you're in danger of falling into at least one of these traps.So, what did we miss? Let us know in the forums, the comments section on our show notes, or in the Official BiggerPockets Facebook Group. And be sure to subscribe to the BiggerPockets Real Estate Podcast so you won't miss an episode.In This Episode We Cover: Focus vs. spreading yourself too thin The #1 way to lose money that you haven't thought of Managing the people who manage your asset What David calls "Spreadsheet magic" Investing in areas with diverse employment Over-renovating after watching too much HGTV Inheriting tenants from a seller Evaluating real estate agents The myth of "more money down = more safety" And SO much more! Links from the Show BiggerPockets Forums Contractor Bid Form BiggerPockets Podcast 287: Putting Together Real Estate Deals Using Creativity Instead of Cash with Shiloh Lundahl BiggerPockets Calculators Be a guest on the podcast Joe Rogan Podcast Check the full show notes here: http://biggerpockets.com/show384-5 Learn more about your ad choices. Visit megaphone.fm/adchoices