BiggerPockets Real Estate Podcast

You can put a dollar number on the losses Spencer Cornelia took on his first two long-distance flips... but it's hard to quantify the value of the lessons he learned and is now passing on to you.We noticed Spencer's thread detailing his struggles in the BiggerPockets forums and invited him on the show; he bravely accepted.In this episode, you'll learn the pitfalls to watch out for when taking on heavy renovations (anywhere, but especially long-distance), how to ensure quality work is getting done, and the dangers of letting projects drag on when you're locked into expensive short-term financing.Plus, it's not a total downer... because Spencer's seeing a bunch of success with his new Youtube venture, and plans to continue investing in (less aggressively leveraged) real estate projects.Brandon and David add their own perspectives having made some similar errors in their careers, and tomorrow in Part 2 they'll break down the 10 Deadliest Mistakes Investors Make.New investors: heed the advice in these two shows! And as always: run your numbers conservatively, know your own risk tolerance, and run deals by trusted advisors before jumping in.In This Episode We Cover: What went wrong with Spencer's rehabs How to ensure contractors are doing quality work Incentivizing team members and keeping them accountable How much money he paid in interest and fees to his hard money lenders Functional obsolescence and complications with older homes Why you can't always trust an appraisal "Home buyer turnoffs" and why it's easy to miss them Why Spencer sold and took a loss rather than choosing another exit strategy Why he's not giving up on real estate How you can "go broke buying good deals" And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Bookstore BiggerPockets Podcast BiggerPockets Calculators Famous Four Analysis BiggerPockets Podcast 125: The Key to Business Success with Bestselling Author of The E-Myth Michael Gerber Pace Morby's Youtube Channel BiggerPockets Pro Replay BiggerPockets Webinars BiggerPockets Pro  Check the full show notes here: http://biggerpockets.com/show384 Learn more about your ad choices. Visit megaphone.fm/adchoices

Ben Leybovich, a seasoned real estate investor transitioning to large multifamily deals, teams up with Sam Grooms, a former CPA focusing on financial strategies in syndication. They discuss finding the right investment partner and the six crucial factors for market selection. Leybovich and Grooms share insights on maintaining a reserve fund, navigating the Phoenix market, and their approach to multifamily syndication as a 'long flip.' They also delve into adapting strategies amidst market volatility and the importance of quick decision-making in real estate.

What happens to a no-money-down BRRRR investor when a pandemic breaks out, lending standards suddenly tighten, private money lenders get skittish, and property values quickly drop?Today, Josiah Smelser returns to the show and tells all.In Part 1 yesterday, we learned how Josiah built a $4M portfolio by buying, renovating, renting, refinancing, and repeating using both hard money and private money.Coronavirus hit him hard. And if he didn't have cash reserves, credit options, and the right mindset, it might have totally wiped him out.When the virus hit, Josiah had 10 properties he needed to refinance. It was a perfect storm: His private money lender immediately pulled funds, his refinance bank changed their terms, and property values dropped—all at once—meaning he would need to bring way more cash to the table.What happened next? Listen to this episode to learn about how Josiah made it through the nightmare and came out on the other side... with more equity and reduced interest payments.Real estate investing isn't all sunshine and rainbows. But if you keep your mind right, plan your exit strategies, and maintain cash and credit lines, you too can survive the curveballs thrown your way.In This Episode We Cover: What happens when private lenders want their money back Why Josiah's bank changed the loan-to-value ratio on him Tapping a cash-out refinance in an emergency Trying to sell a property you had planned to BRRRR Taking out loans in your spouse's name to get around loan limitations Key to pulling off a BRRRR in a down market How Josiah saved $750K in interest over 30 years by getting a lower interest rate How an attorney can help you arrange a great partnership Why Josiah looks at this stressful time as a highlight of his real estate investing career And SO much more! Links from the Show BiggerPockets Forums David's Instagram BiggerPockets Podcast 234: Tenants, Evictions, & The Dark Side of No Money Down with Ryan Murdock Mindy Jensen's BiggerPockets Profile BiggerPockets Money Podcast Oculus Check full show notes here: https://www.biggerpockets.com/show382-5 Learn more about your ad choices. Visit megaphone.fm/adchoices

Today we bring you Part 1 of back-to-back episodes with real estate investor/appraiser/author/all-around good guy Josiah Smelser.This first conversation was recorded pre-coronavirus lockdown, but it's packed with tips you can put into action today. You'll learn how Josiah solved the #1 bottleneck in his business (capital!), allowing him to BRRRR at scale and rack up rental properties with very little money out of pocket. Even more impressive: he's doing it long-distance (The properties are in Dallas, TX and Josiah lives in Huntsville, AL.)And if that weren't enough, the guys go in-depth on appraisals – and the techniques you can use to help appraisers see your side of the story. Josiah's a longtime licensed appraiser, so he speaks from experience... and he shares his playbook for giving yourself the best chance to pull all your money out of your deal.If you like what Josiah has to say, then be sure to check it Part 2 tomorrow. We bring him back on, post-COVID-19, to discuss the serious challenges he's faced: lenders pulling out, property values dropping, and even a domestic violence issue at one of his rentals.The good news: he made it through. Tune in tomorrow to hear how!In This Episode We Cover: Why Josiah sold his properties pre-2008 crash (and why he still regrets it!) Combining hard money and private money to BRRRR with no money out of pocket How Josiah uses "boots on the ground" partners to invest at a distance Why he analyzes 8-10 deals per day Buying houses sight unseen Why BRRRR investors must keep cash reserves How to talk to appraisers (like getting out of a speeding ticket!) Why a property's list price is irrelevant Deals... on the MLS, in 2020?! The square footage trick that's made him thousands of dollars Losing out to a lower offer on a big multifamily deal And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Bookstore BiggerPockets Podcast BiggerPockets Calculators Zillow Bring Brandon a Deal Brandon's Instagram Open Door Capital LLC BiggerPockets Podcast 126: From 0 to 400+ Units Through Value-Add Investing with Brian Murray BiggerPockets Podcast 212: Buying a 115-Unit Apartment Complex for No Cash Out of Pocket with Brian Murray GoBundance Check the full show notes here: https://www.biggerpockets.com/show382 Learn more about your ad choices. Visit megaphone.fm/adchoices

Can you flip, wholesale, and buy rentals throughout a downturn?Yes... IF you heed the advice given out in today's episode.Our guest Tucker Merrihew is more than qualified to tackle this subject, having launched his real estate business in Portland, Oregon, in 2008—during one of the worst housing markets of all time.In a rare "Double Deep Dive" segment, Tucker walks us through a couple TTM Development projects from 2009 and reveals exactly what he did right and wrong at the time.As for the coming months... you'll learn which types of properties to avoid, which price ranges to target, and why renovating old homes can be risky business at this stage of the market cycle.Plus, Tucker explains why he underwrites every deal at 3 different prices to make sure it passes his "Oh $#!# Test" if the market goes south.Tucker is a seasoned pro with hundreds of deals under his belt, and he shares tons of valuable information for free in this episode. Be sure to subscribe to the BiggerPockets Real Estate Podcast for more tips on investing safely while taking advantage of the opportunities ahead. Learn more about your ad choices. Visit megaphone.fm/adchoices

Feeling like you're in uncharted territory as a landlord? You're in good company!Today's show walks you through how to ethically and profitably manage rentals through the COVID-19 outbreak and beyond.Brandon and David sit down with Mike Butler, acclaimed author of Landlording on Autopilot; Chris Clothier, partner at REI Nation (formerly Memphis Invest); and Dave Poeppelmeier, owner of eight houses in Toledo, Ohio.You'll get a ton out of this panel discussion, including exact scripts for communicating with non-paying residents, strategies for connecting tenants to government resources, a discussion about "deferment" vs. "forbearance," and much more.Mike (500+ units), Chris (6,000+ turnkey units), and Dave (8 properties, mostly student rentals) are all in different markets and at different stages of their investing careers... so you're guaranteed to learn something you can apply in your business today.Enjoy this episode, jump on the BiggerPockets Forums to connect with fellow investors, and subscribe to this show in your favorite podcast app so you won't miss us next week!In This Episode We Cover: Mortgage forbearance vs. deferment for landlords What % of REI Nation's tenants paid April rent Establishing open lines of communication with tenants What tone to use in conversations about rent Why Dave proactively reached out to his renters Guiding tenants to government resources (unemployment, etc.) Creating contingency plans Mike's "Wendy's walk-up window" for rent payment How to look for better financing in low-interest-rate environments How to stay organized if you're getting government assistance for your business And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Webinars BiggerPockets Bookstore BiggerPockets Podcast 224: Building a Process to Buy 17 Deals a Week with Chris Clothier Are Your Tenants Unable To Pay Rent Due To Coronavirus? Here's What To Do! BiggerPockets Podcast 234: Tenants, Evictions, & The Dark Side of No Money Down with Ryan Murdock BiggerPockets Bookstore  Check the full show notes here: https://www.biggerpockets.com/show380 Learn more about your ad choices. Visit megaphone.fm/adchoices

There are plenty of opinions out there about where the real estate market is headed next. But what are the numbers telling us?Today we dig into the data with Dave Meyer, BiggerPockets' VP of Growth and Analytics and a real estate investor himself.Dave leads BiggerPockets Insights—a Pro/Premium benefit providing current local market data—and he's been looking at data points in the weeks since shelter-in-place orders began to grind the economy to a halt.So...Why are rents down? Why haven't prices dropped? And what data should investors be keeping an eye on? The guys tackle those questions and much more in today's episode.Plus, Dave discusses his list of the country's best 11 cashflow markets adjusted for vacancy and explains what makes them so attractive right now.Add in a topical "Fire Round" and a breakdown of Dave's "ski for free" Airbnb scheme, and you've got an action-packed episode sure to bolster your confidence in these uncertain times.Check out this episode of the BiggerPockets Real Estate Podcast, and be sure to subscribe to the show in your favorite podcast app so you won't miss the next one!In This Episode We Cover: The top cashflow markets in the country for high value and low vacancy 3 data points Dave looks at when analyzing a new market Why housing prices haven't fallen much yet Dave's (cautiously optimistic) forecast on real estate prices What's happening to rents nationwide What "income-to-price" reveals about a market What BiggerPockets Insights is How new investors can take advantage of this downtime The potential of a population shift away from urban centers How Dave bought an Airbnb in Colorado to "ski for free" And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Webinars BiggerPockets Bookstore BiggerPockets Podcast 186: How to Get Your First Few Properties — Even in a Competitive Market with Dave Meyer Air DNA BiggerPockets Podcast 048: Duplex Investing, Finding Great Properties, and Tips for Managing Tenants with Darren Sager BiggerPockets Pro BiggerPockets Insights Newbie Real Estate Investors - What YOU Should Be Doing During This COVID Time BiggerPockets Podcast 315: How to Read Human Nature to Succeed in Life with Bestselling Author Robert Greene Check the full show notes here: http://biggerpockets.com/show379 Learn more about your ad choices. Visit megaphone.fm/adchoices

With a recession already underway, we're turning to an investor with 30 years of experience, 3,000-plus multifamily units acquired, and one of the sharpest minds in real estate.Brian Burke is back today, and he sits down with Brandon and David to offer his interpretation of current events and to guide our audience through how to invest passively without violating Warren Buffett's No. 1 rule: "Never Lose Money!"Brian explains how his firm Praxis Capital is navigating COVID-19 and shares a few tips everyday investors can use to fortify their portfolios. We also discuss leverage, how lending practices are changing, and techniques you can use today to safeguard your investments against vacancy and drops in valuation.In the second half of the show, Brian speaks to those interested in becoming "hands-off" investors—whether you want to focus on making money in your day job or just don't want to deal with being a landlord. After all, BiggerPockets has 10-plus books on how to actively get deals done... but none (until now) on how to evaluate passive investment opportunities.We go over how to meet syndicators, what red flags to look for, how to diversify your investments... and the absolute No. 1 quality to look for in a passive investment (hint: it's NOT the deal itself).This episode is packed with deep insights into the current market shift, but it's also a timeless lesson in evaluating syndication opportunities.For more info, check out Brian's new book, The Hands-Off Investor: An Insider's Guide to Investing in Passive Real Estate Syndications, and all the great bonus content, too.In This Episode We Cover: How Brian got his start raising capital from his cop buddies "Bulletproof vests" investors can use to survive right now Brian's definition of "over-leveraged" Why Brian is currently more focused on operations than acquisitions How government stimulus $ may affect the real estate market How and where passive investors meet syndicators The #1 quality passive investors should look for in a syndicator Why the deal sponsor is more important than the deal itself Diversifying your passive investment portfolio Red flags to look for when evaluating syndicators Why "alignment of interests" is overrated The lesson he learned from a friend who lost her life savings Links from the Show BiggerPockets Forums BiggerPockets Webinars BiggerPockets Business Podcast Real Estate Rookie Podcast BiggerPockets Money Podcast BiggerPockets Radio Podcast 003: Getting Started in Real Estate and Raising Money with Brian Burke BiggerPockets Podcast 076: Growing Your Real Estate Company Into a $30 Million Dollar Business with Brian Burke BiggerPockets Podcast 152: Building Wealth and Passive Income with Rental Properties with Ben Leybovich, Brian Burke, and Serge Shukhat BiggerPockets Podcast 315: How to Read Human Nature to Succeed in Life with Bestselling Author Robert Greene BiggerPockets BRRRR Guide BiggerPockets Bookstore Check the full show notes here: http://biggerpockets.com/show378 Learn more about your ad choices. Visit megaphone.fm/adchoices

Today's guest does 125 deals a year in Dallas—from his home base in the Caribbean.How? Well, he bailed on direct mail marketing and doubled down on radio ads.And when others froze up as the coronavirus spread, his team put in new systems and closed a $23,500 wholesale deal... without even stepping foot inside the house.Chris Arnold zigs when others zag, and today you'll learn how he sets up his business so he can consistently work ON it, not in it... while enjoying a great lifestyle in Tulum, Mexico.Chris shares timely tips for how to orchestrate deals while maintaining safe social distancing (he even holds "Zoom open houses" with multiple cash buyers at once); breaks down which team member handles each aspect of a transaction; and delivers a fantastic tip for new real estate investors struggling to stay focused.Plus—Chris shares how advertising on local radio stations has elevated his home-buying business to new levels. Look, he says, you might prefer podcasts... "but you are not your seller!"We play one of his ads on the show, and he guides us through how to research various audiences and negotiate the best rates with stations.This show covers it all—from the finer points of buying properties at deep discounts to the mindset shifts Chris has made along the way.Check it out, and if you enjoyed this please share it with just one family member or friend. We appreciate you, and we'll see you next Thursday.In This Episode We Cover: Why Chris runs his business virtually from Mexico His #1 lead generation strategy: good old-fashioned radio! 3 major demographics he markets to Why "bouncing" is the reason so many newbies fail 3 shifts he's made to adapt to COVID-19 How he decides whether to wholesale or fix and flip a property The exact workflow his team uses to work leads from start to finish How he inspects houses remotely Closing deals over the phone How he puts together "Zoom open houses" for cash buyers How he's finding cash buyers who will buy sight unseen How the market is reacting to coronavirus Ways to back out of a contract if necessary And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Coronavirus Relief Programs BiggerPockets Webinars How to Build a Deal Pipeline Realtor Zillow Pandora The Multipliers Mastermind BiggerPockets Business Podcast Real Estate Rookie Podcast BiggerPockets Money Podcast GoBundance Check the full show notes: http://biggerpockets.com/show377 Learn more about your ad choices. Visit megaphone.fm/adchoices

Strength in numbers!When you finish this episode, you'll have 12+ action items that could help you withstand the coming economic slump... and perhaps even accelerate your path to financial freedom.Each investor featured today gives you their top piece of advice for handling an economic downturn: from mindset, to leadership, to specific strategies you can begin to put in place TODAY.Don't miss this one, and be sure to subscribe to the BiggerPockets Real Estate Podcast for more hard-won wisdom on how to lead your business through the coronavirus crisis and beyond.In This Episode We Cover: Why now is the time to write a 10-year vision for yourself Serving others first, even when our impulse is self-protection Cutting overhead to preserve cash Finding creative ways to rent out property Collecting payments up-front, for a discount Working with lenders if you're having shortfalls with rent Investing as a group to hedge risk Controlling your emotions when the market is volatile Why you should be building a team NOW The importance of picking up the phone to nurture relationships And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Magazine BiggerPockets Conference GoBundance BiggerPockets Podcast 226: From “D-Student” to $400,000 in Annual Rental Property Cash Flow with David Osborn $13M in Equity from One Deal & Cash Flowing Despite Being Comatose with AJ Osborne BiggerPockets Webinar BiggerPockets Podcast 362: Big Goals? Here’s How to Get Your Spouse or Partner on Board with Jay and Wendy Papasan BiggerPockets Bookstore BiggerPockets Podcast 113: Becoming a Millionaire Real Estate Investor Using The One Thing with Jay Papasan Kirkland Signature Protein Bars BiggerPockets Money Podcast 100: From Financial Disaster to Real Estate Master with Brandon Turner Jason Drees Coaching BiggerPockets Podcast 162: How to Pay Less to the IRS with Amanda Han, CPA BiggerPockets Radio Podcast 003: Getting Started in Real Estate and Raising Money with Brian Burke AppSumo BiggerPockets Podcast 213: Investing in Real Estate Without Being a Landlord with Noah Kagan BiggerPockets Podcast 201: Flipping 100+ “Zombie” Houses with Justin Stamper BiggerPockets Business Podcast Landlordology Cozy.co Are Your Tenants Unable To Pay Rent Due To Coronavirus? Here's What To Do! BiggerPockets Youtube Channel 876: What Makes a CEO with BiggerPockets CEO, Scott Trench ScottSilverRealty BiggerPockets Podcast 325: From Major Business Failure to Buying 20 Houses a Month With Aaron Amuchastegui Check the full show notes here: http://biggerpockets.com/show376 Learn more about your ad choices. Visit megaphone.fm/adchoices