BiggerPockets Real Estate Podcast

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Latest Episodes:

67: Overcoming Inaction, Direct Mail, and Becoming an Successful Wholesaler with Tim Gordon Apr 24, 2014

Show notes

On today’s episode of the BiggerPockets Podcast, we sit down and chat with a real estate investor who wasn’t seeing a lot of action in his business – until a friend challenged him to take his investing seriously and start treating it like a business.

Our guest today, Tim Gordon, accepted the challenge, changed his approach, and his business took off! Several short years later, Tim Gordon runs a successful investment business that focuses primarily on finding and wholesaling incredible deals in a competitive market, making tens of thousands of dollars every month in his business while still working a day job. Tim shares with us the lessons he learned to overcome inaction and the steps needed to consistently fill his pipeline with deals worth tens of thousands of dollars.

Whether you are a new investor struggling to get your first deal, or you’ve been investing for years and need a motivational kick to take your business to new levels, this is the show for you.

In This Show, We Cover:

How Tim used BiggerPockets to get started
Why it took Tim a full year to get his first deal
Should new investors start with wholesaling?
The major skill you need to succeed at wholesaling
How Tim uses direct mail to find leads
Reverse engineering to find success in wholesaling
Tips for negotiating with motivated sellers
The exact messaging on Tim’s direct mail postcards
How Tim finds the “Big Dog“ cash buyers
How many cash buyers do you need?
The best deal Tim has ever done – $48,000 over a round of beers
The catalyst that helped Tim take his business more seriously
Working with assistants and others in your wholesaling business
Why Tim makes $60 every time someone calls him
And a lot more!

Links from the Show:

Books Mentioned in the Show

Good to Great by Jim Collins
Think and Grow Rich by Napoleon Hill
Rich Dad Poor Dad by Robert Kiyosaki
Lifeonaire by Steve Cook and Shaun McCloskey

Tweetable Topics

“The idea of running a business through an excel sheet – if there is a Hell, that’s it.” (Tweet This!)
“Until I can go away for 2 weeks, and have the business still making money, it’s still a job.” (Tweet This!)
“Wholesalers are not your competitors, they are your allies.” (Tweet This!)
“My favorite word in all of real estate is ‘vacant.'” (Tweet This!)

Connect with Tim

Tim’s BiggerPockets Profile
Tim’s Website: GordonBuysHomes.com

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66: Flips, Apartments, & Protecting Yourself From Professional Tenants with Michael Blank Apr 17, 2014

Show notes

On today’s show, we sit down with real estate entrepreneur Michael Blank to talk about his journey from a successful house flipping business and his entrance into apartment buildings… and the systems needed to run his investments well.

Michael is a business entrepreneur through and through and today we get to talk about everything from getting started, investing with no money, working with (and as) a wholesaler, and even hear the story of the professional tenant that almost destroyed Michael’s investment career!

This show is packed with useful, actionable tips, so don’t forget your pen and paper on this one… you are going to need it!

In This Show, We Cover:

How Michael started his investing journey by flipping dozens of houses per year
Why building up a network of wholesalers is important
How Michael raised money to fund his flipping
The “magic question” to ask when raise private money
Michael mistakes and successes when getting started
Developing a great real estate team
Using virtual assistants in your business
Michael’s transition from flipping to apartment complexes
Michael’s tricks for finding great commercial real estate deals
Michaels take on the topic of rent control
Michael’s major mistakes in his REI career… and that one tenant in DC
And so much more!

Links from the Show

Tweetable Topics

“Cutting corners hurts you and your business at the end of the day.” (Tweet This!)
“When you have a good team, firing on all cylinders, you can do amazing things.” (Tweet This!)
“You get what you negotiate.” (Tweet This!)
“The secret to success is to be intentional.” (Tweet This!)

Books Mentioned in the Show

Rich Dad, Poor Dad by Robert Kiyosaki
Pitch Anything: An Innovative Method for Presenting, Persuading, and Winning the Deal by Oren Klaff
The 4-hour Workweek by Timothy Ferriss

Connect with Michael!

Michael Blank’s BiggerPockets Profile
TheMichaelBlank.com

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64: 50 Units in 5 Years while Working a Full Time Job with Josh Sterling Apr 03, 2014

Show notes

Working a full time job while investing in real estate is not always easy – but as our guest today shows us: it’s totally possible. On today’s show we chat with Josh Sterling, a real estate investor who has built up a portfolio of fifty units (complete with rehabs and doing his own management) all while working a full time job.

Discover the tricks, tactics, and systems that Josh has used, as well as an inside look at his creative finance methods to acquire these properties. This show is definitely one that people will want to come back to time and time again!

In This Show, We Cover:

Why doing things “the typical way” may not have been the right path
Investing when the bank says “no.”
How Josh used credit cards to buy his first few properties
Portfolio lenders: the best technique for finding one
Using a blanket loan to buy and sell real estate
Using the 2% rule to screen for great properties
How Josh managed his real estate business while having a full time job
How Josh finds deals
Using Homepath Mortgages for 10% down investment loans
How Josh found his first apartment complex using Facebook!
Dealing with tenants while working a full time job
And so much more!

Links from the Show

Tweetable Topics

“If you can stand out, do extra work – you are going to get incredible results.” (Tweet This!)
“Buy and Hold real estate is the best way to build wealth.” (Tweet This!)
“I’m much more of a ‘ready fire aim’ kind of guy.” (Tweet This!)
“Be proactive, not reactive, when looking for contractors.” (Tweet This!)

Books Mentioned in the Show

Rich Dad, Poor Dad by Robert Kiyosaki
The Snowball: Warren Buffett and the Business of Life by Alice Schroeder

Connect with Josh!

Josh Sterling’s BiggerPockets Profile

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63: Automating Your Investing, Long Distance Rehabs and Spec Building with J Scott Mar 27, 2014

Show notes

Today on the BiggerPockets Podcast we are thrilled to bring back one of the most popular guests we’ve ever had, J Scott.

Last time we dug into the process of house flipping, but today we dig much deeper into the “business” of real estate investing and explore ways to automate your real estate investing business so you can spend less time working and more time doing the things you love. We also learn all about J’s venture into house flipping at a distance as well as his foray into spec building (and the lesson’s he learned… and things you should avoid!)

This show is incredibly inspiring and can help any new or seasoned investor improve their game – especially the 5 tips for automating your business, found toward the end of the show!

In This Show, We Cover:

How J chose his location for long distance flipping
The difficulties of rehabbing at a distance
Incredible tips for finding great people to work for you
Why J’s advice is “don’t trust anyone…”
Getting bids on your work the easy way
How to make the permit process MUCH faster and easier
A step by step financial breakdown of J’s recent spec build
The “best answer” Brandon’s heard on the podcast ever…
J’s 5 tips for automating your business
And so much more!

Links from the Show

Tweetable Topics

“Nobody cares about your properties or your assets more than you do.” (Tweet This!)
“Great people tend to associate with other great people.” (Tweet This!)
“By automating things in your business, it frees up time for your family.” (Tweet This!)
“Do the things that are most important, don’t do the things that aren’t important.” (Tweet This!)

Books Mentioned in the Show

Real Estate Rewind: The BiggerPockets Community Book!
BiggerPockets’ The Book on Flipping Houses by J. Scott
BiggerPockets’ The Book on Estimating Rehab Costs by J. Scott
Diary of a New Construction Project Ebook by J. Scott
The 4-hour Workweek by Timothy Ferriss
The E-Myth Revisited by Michael Gerber

Connect with J Scott

J Scott’s BiggerPockets Profile
J Scott’s Website: www.123flip.com

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62: Managing Tenants For Maximum Profit & Minimal Stress with Phil Dwyer Mar 20, 2014

Show notes

Managing tenants can be a real pain.

Trust me.

However, on this episode of the BiggerPockets Podcastwe sit down with a full time property manager to talk about the business of managing tenants – and discover ways to make it easier and more profitable for YOU.

Today Phil Dwyer from the Las Vegas area shares with us his story of becoming a real estate appraiser and transitioning to a successful property manager. In addition, we also discuss the best strategies for finding and managing the best property managers.

If you have any rental properties – or ever plan to – this is a “don’t miss” episode!

In This Show, We Cover:

Dealing with FHA buyers
Where to buy – appreciating areas vs. declining areas
Finding a great property manager
Why Phil chose Vegas to build his business
Getting started by working a job in real estate
The most difficult part of investment property management?
How to know if you are getting ripped off from your management company.
The #1 best way to know how your tenant will act for you
“What Would You Do” questions for Phil
Red flags for tenants
Dealing with pets in a rental
Single family vs. Multifamily Investments
What property management software Phil uses
And so much more!

Links from the Show

Books Mentioned in the Show

Landlording on Autopilot by Mike Butler
The Snowball: Warren Buffett and the Business of Life by Alice Schroeder

Connect with Phillip

Phillip’s BiggerPockets Profile
Phillip’s Website: VegasDigs.com

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61: How to Succeed in Multifamily Investing – A Unique Conversation with Josh, Brandon, and Ben Mar 13, 2014

Show notes

Change is good, right?

We hope so – because in this episode of the BiggerPockets Podcast, we change a lot of things up and invite you to come sit in the BiggerPockets digital coffee shop and listen in on a fascinating discussion! For the first time, we bring back a previous guest on the BiggerPockets Podcast to move beyond “their story” and dig into the dirty details on a very popular and important topic: multifamily rental properties.

Today Ben Leybovich, who shared with us his powerful journey almost a year ago on episode 14 of the BiggerPockets Podcast, is going to talk with us about what it takes to succeed as a multifamily investor – looking beyond the numbers and truly investing in the right kind of properties.

As I said- this show is a little different. Rather than just an interview, we decided to make this episode more of a “conversation” between Ben, Josh, and myself – discussing (and often loudly debating) everything from “what kind of properties to buy,” “what kind of location someone should buy in,” and a long debate on one of Brandon’s most recent purchase- the ugly purple triplex.

Although this is our longest show, at almost two hours in length, I think this is one of the most powerful podcasts we have ever done because it’s totally unfiltered, deep, and raw. Come be a fly on the wall in our “digital coffee shop” and discover everything you ever wanted to know about investing in multifamily rental properties.

In This Show, We Cover:

Managing single family versus multifamily properties
Why cash flow is not enough to base your decisions on
Brandon’s “Waldo” property: good, bad, or something else? (Leave your opinion on the debate in the comments below!)
The Validity (and Problems with) the “Rental Property Rules“
The 13 Steps to Analyzing a Multifamily Property
How valuation differs between single family and multifamily
Dealing with studio or one bedroom apartments
Why Ben doesn’t like 2 bathrooms in an apartment
Ben tells Josh to “shut up“
How to really learn what expenses will be
And a lot more!

Links from the Show

BP Podcast 048: Duplex Investing, Finding Great Properties, and Tips for Managing Tenants with Darren Sager
BP Podcast 060: From 0 to 68 Rental Units in Just Four Years with Serge Shukhat
How I Found, Analyzed, and Bought an Ugly Purple Rental Property (Waldo) by Brandon Turner
Should I Buy a Rental Property with Great Cash Flow in a Bad Location? by Brandon Turner
How to Buy a Small Multifamily Property by Brandon Turner
Bigger Pockets Rental Property Calculator
Bigger Pockets Fix and Flip Calculator
The 50% Rule: How to Quickly Analyze a Multifamily Investment Property
BiggerPockets.com/meet (Find Local BiggerPockets Members)

Books Mentioned in the Show

Landlording on Auto-Pilot by Mike Butler
13 Steps to Valuing Your First Multiplex – A Step by Step Guide [Kindle Edition] by Ben Leybovich

Tweetable Topics

You can put lipstick on a pig all day long – but if you have a pig, you still have a pig. (Tweet This!)
We don’t put money into property- we put money into location. (Tweet This!)
If you wanna fly – you need to hang with people who fly. (Tweet This!)
Stumbling blocks and stepping stones look very much alike. (Tweet This!)
Our job as an entrepreneur is to produce cash flow out of thin air. (Tweet This!)

Connect with Ben

Ben’s BiggerPockets Profile
Ben’s Website: JustAskBenWhy.com

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60: From 0 to 68 Rental Units in Just Four Years with Serge Shukhat Mar 06, 2014

Show notes

Today we are pumped to bring you one of the most exciting conversations yet on the BiggerPockets Podcast when we sit down with Serge Shukhat, a real estate investor from the Arizona area who is absolutely crushing it in real estate. Serge started with no rental properties just four years ago but has quickly built up a sizable portfolio with a mix of both single family and multifamily properties using creative finance methods and using the cash flow to quit his job.

On this show we cover everything from getting started, choosing single family versus multifamily, tricks for dealing with tenants, increasing the value of your properties, and a ton more. This is definitely a show you’ll want to take some notes, so get ready to have your mind blown!

In This Show, We Cover:

How Serge got started while working full time
How an Umbrella Policy can reduce your risk
Landlord responsibilities vs. tenant responsibilities
What kind of legal entity Serge uses
Overcoming bad deals by “Doubling Down”
How a competitive advantage can transform your business
Working with real estate agents vs. getting your license
Serge’s unique apartment that he’s bought and sold 4 times
Hiring a resident manager to help reduce the load
How to increase the value of your property by hundreds of thousands of dollars (OMG)
And a lot more!

Links from the Show

Books Mentioned in the Show

Landlording on Auto-Pilot by Mike Butler
The Real Book of Real Estate by Robert T. Kiyosaki
Good to Great by Jim Collins
The 7 Habits of Highly Effective People by Stephen Covey

Tweetable Topics

“Real estate never works out how you thought it would when you bought it in paper.” (Tweet This!)
“I don’t want to work till I’m 65, sick, or corporate downsized.” (Tweet This!)
“My biggest risk was not losing my job- it was not buying enough real estate.” (Tweet This!)
“You can go broke buying good deals.” (Tweet This!)
“Population, income, and jobs drive real estate.” (Tweet This!)
“It doesn’t matter if the first deal is bad… at least you learned.” (Tweet This!)
Take what the market gives you and be quick to pivot. (Tweet This!)

Connect with Paul

Serge’s BiggerPockets Profile

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59: Mastering Multiple Real Estate Investing Niches and Getting Started with Paul Tschetter Feb 27, 2014

Show notes

Most of the guests we’ve had on the BiggerPockets Podcast have specialized in one niche of real estate.

However, not all real estate investors focus on just one field.

Today we want to shake things up a bit and introduce you to a relatively new investor who took 10 years to get his first deal… but has been on fire ever since engaging in numerous different real estate niches and crushing it in his business. Paul Tschetter, an investor from Washington State, shares his diversified real estate strategies and explains how we went from nothing to over a dozen deals in the past several years. From manufactured homes to vacation rentals, commercial, and more- there are an unbelievable amount of great actionable tips in today’s show. Definitely don’t miss a second of this motivation and insightful conversation!

In This Show, We Cover:

Getting started by working a job in real estate
Why Paul started investing with a free manufactured home
How much Paul pays for handymen
How to get infinite returns with your investments
Using Hard Money to invest in real estate
Working with partners to invest
Attracting private money
Working with multiple exit strategies to minimize risk
How to invest when you live in a big area
Paul’s vacation rental on “Useless Bay”
Tips for getting your first deal
The worst financial advice Paul has ever heard
And a lot more!

Links from the Show

How I Found, Analyzed, and Bought an Ugly Purple Rental Property by Brandon Turner
Redfin.com
VRBO

Books Mentioned in the Show

The ABCs of Real Estate by Ken McElroy
Think and Grow Rich by Napoleon Hill

Tweetable Topics

“As an investor, you need to be extremely disciplined.” (Tweet This!)
“Different locations are good for different investment strategies.” (Tweet This!)
“At some point – you have to just pull the trigger and just jump in and do it.” (Tweet This!)

Connect with Paul

Paul’s BiggerPockets Profile
Paul’s Website http://www.KingdomEG.com

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58: Flipping and Wholesaling Homes While Working Full Time with Justin Silverio Feb 20, 2014

Show notes

For anyone who’s flipped a house before, you understand how much work it can take. However, today’s guest is not only flipping one house – but three all at the same time while still working a full time day job. Today Justin Silverio, an investor out of the Boston Massachusetts area, shares with us a ton of tips about getting started, building systems to manage your business, working with partners, wholesaling, and a whole lot more.

In This Show, We Cover:

Why it took Justin three attempts to get into real estate
How Justin overcame “Analysis Paralysis“
Making less than minimum wage on the first flip
The 5 documents you need to get from your contractors
How a contractor stole from Justin and his business
When it’s okay to make nothing on a flip
Building a business plan to help you succeed
Direct mail marketing to motivated sellers
Partnering with others when flipping houses
How Justin can flip three houses, at the same time, while working a full time job
Tackling HUGE rehabs as a newbie
And LOTS more!

Links from the Show

Today’s QuickTip: Diary of a New Construction Project

Books Mentioned in the Show

The ABCs of Real Estate Investing by Ken McElroy
The Four Hour Workweek by Timothy Ferriss

Tweetable Topics

“The school of hard knocks sometimes teaches better than a $60,000 bootcamp.” (Tweet This!)
“A business plan shows you are serious about your business.” (Tweet This!)
“You never know when the next deal is going to happen – so never quit!” (Tweet This!)

Connect with Justin

Justin’s BiggerPockets Profile
Justin’s Blog: TheBostonInvestor.com
Justin’s Show: JS2Homes.com

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57: An Introduction to Investing in Vacation Rental Properties with Matt Landau Feb 13, 2014

Show notes

The sand between your toes, the soft roar of the waves crashing on the beach, the beautiful people sunbathing on the shore. If this is your vision of a vacation rental… it’s about to change!

In today’s episode of the BiggerPockets Podcast, we chat with vacation rental expert Matt Landauabout getting started as a vacation rental investor and building a scalable (and profitable) business around leasing rental properties to nightly guests in great vacation areas. Matt shares a ton of great tips, tricks, and skills to help you learn more about this fascinating – and largely misunderstood – niche of the real estate space.

Additionally, Matt shares some really great tips for any landlord to decrease vacancy rates and increase profits in your real estate business, so no matter what kind of investing you currently engage in, this episode is bound to help your business improve!

So grab a beach chair, make yourself a piña colada, and sit back and relax… it’s time to take a vacation!

In This Show, We Cover: