BiggerPockets Real Estate Podcast

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Latest Episodes:

26: Building a Scalable Real Estate Business and Tenant Management Tips with Chris Clothier Jul 11, 2013

Show notes

Successful real estate investing involves a lot more than just tenants, toilets, and trouble. Successful investors have learned to manage their investing like a business and not a hobby by creating systems to scale their efforts and build wealth faster and more securely. To get a better idea on just how to do this, on the show today we talk with real estate pro Chris Clothier of Memphis Invest, who shares his story and his view on how to start working on your business and not in your business. If you are looking to take your investing to the next level while maintaining more control – don’t miss this episode. Chris also has some awesome tips on getting your properties rented quicker and dealing with difficult tenants so be sure to take notes!

Read the transcript to episode 26 with Chris Clothier here.

In Today’s Show, We Cover

Student housing: a good idea or a bad idea?
When NOT to use partnerships – and the perfect kind of partner.
What comes first: hiring employees or ramping up your marketing.
What true marketing really is… and why it costs nothing.
Tips for outsourcing parts of your business that don’t excite you.
Why Chris didn’t use a formal business plan but you probably should.
How to hire people and guarantee you can always pay their salary.
Chris’ unique “game” for filling vacant units.
The one tenant trait that is an automatic denial.
Specific questions to ask a property manager before hiring them.

Links from Today’s Show:

Books Mentioned in the Show

Make it Big by Frank McKinney
Rework by Jason Fried and David Heinemeier Hansson

Tweetable Topics

“The best marketing you could ever do is simply talking to other people.” (Tweet This!)
“If you are going to start a business… why not go all in?” (Tweet This!)
“To scale your business, you gotta bring in the highest quality people.” (Tweet This!)
“Surround yourself with people who believe in your vision and are up for the challenge.” (Tweet This!)
“Don’t be scared to share in the wealth of what you are doing.” (Tweet This!)

Connect with Chris

Chris’ Company Website MemphisInvest.com
Chris’ BiggerPockets Profile

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25: Four Newbies and Their Very First Real Estate Success Stories Jul 04, 2013

Show notes

On today’s episode of the BiggerPockets Podcast – we’re going to change things up. You see, all of our interviews thus far have been with real estate investing professionals, who are absolutely crushing it in their real estate journey.

However, today, we want to sit down with some investors who are just starting out and can tell us their stories of how they achieved their first real estate deal. These stories are not only helpful for new investors, but even the pros can learn valuable lessons from their experiences. We cover everything from investing when you live in an expensive city to dealing with the drama that might arise during a wholesale deal and even tips for buying a small multifamily property as your first primary residence. Don’t miss this amazing set of interviews with some really great individuals!

Read the transcript to episode 25 here

Links from the Show:

Books Mentioned in the Show

How to Be a Deed Grabber by Rick Dawson
How I Turned $1,000 into Five Million in Real Estate in My Spare Time by William Nickerson

Tweetable Topics

“When financing real estate, find a lender who knows what they are doing.” (Tweet This!)
“If you have a good property, at a good price, in a good location – you won’t have a problem selling.” (Tweet This!)
“You can’t use your location as an excuse not to invest.” (Tweet This!)
“It’s more important, with early deals, to get them moved early and build your confidence.” (Tweet This!)

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24: House Flipping and Deal Analysis with Michael LaCava Jun 27, 2013

Show notes

On today’s episode of the BiggerPockets Podcast, we talk with active house flipper and real estate investor Michael LaCava about flipping houses in today’s rapidly changing real estate market. Mike has been flipping houses since 2006, so he’s seen both the crash and the emergence of the market, and has a ton of great insight into building a scalable flipping business, analyzing deals quickly and efficiently, and (as a new feature on the Podcast) Mike dives into a “Fire Round” where he answers some of the most interesting questions asked by BiggerPockets members in the Forums.

Read the transcript to episode 24 with Michael LaCava here

In This Show, We Cover

Finding and Working with Partners in your Investing
Losing money on the first deal
Mike’s view on the Hedge Fund problem
Exit strategies … “What happens IF…”
The $2.5 million dollar deal that fell apart
When to use the 70% Rule and when NOT to use it
Finding accurate comparable sales (Comps)
The best way to estimate repairs
Hiring your very own acquisition manager
Tips for wholesalers
The power of blogging for your business
The flipping “Fire-Round”
Flipping a “Murder House?”
Finding deals in a competitive market

Links from the Show

BiggerPockets Deal Analysis Forum

Books Mentioned in the Show

Think and Grow Rich by Napoleon Hill

Tweetable Topics:

“When flipping a house, you make your money on the front end. It’s understanding the numbers before getting into it.” (Tweet This!)
“Relying on the experts and building your team is crucial to being successful.” (Tweet This!)
“You need to create a plan, you need to write it down, you need to start taking action.” (Tweet This!)
“Success isn’t about how much money you make – it’s about enjoying life along the way.” (Tweet This!)
“Goals with no actions are just dreams.” (Tweet This!)

Connect with Michael

Michael’s Website HouseFlippingSchool.com
Michael’s BiggerPockets Profile

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23: Flipping While Working a Job, Partnerships, and Military Investing with James Vermillion Jun 20, 2013

Show notes

One of the biggest issues that most investors face is the issue of investing while holding a full time job. In today’s episode of the BiggerPockets Podcast, we sit down with real estate investor James Vermillionto discuss how he has built his real estate flipping and buy-and-hold investing business while working full time in the US Military and with a non-real estate business. James shares his story, along with numerous tips for managing your time while working a job and dealing with partnerships to maximize your investing power.

Read the transcript to episode 23 with James Vermillion here

.In This Show, We Cover

How James works a full time job while flipping houses
Overcoming the “Education Only Phase” and buying his first property
Investing while serving in the US Military
How James succeeded without any expensive courses or mentors
How to find free online college-level real estate education
Transitioning from Flipping to Buy and Hold
Finding financing for flipping through a local community bank
Tips and tricks for finding deals still on the MLS
How to make a partnership work great
Tips for finding a free mentor

Links from the Show

Links for Military Investors

Books Mentioned in the Show

Titan: The Life of John D. Rockefeller, Sr. by Ron Chernow
The Book on Estimating Rehab Costs

Tweetable Topics:

“What works in one market won’t necessarily work in another market.” (Tweet This!)
“A partnership will never be 50/50 all the time – and that’s okay.” (Tweet This!)
“Don’t pick a strategy and build you life around it. Look at your life – and build a strategy that fits your needs.” (Tweet This!)

Connect with James

James’ BiggerPockets Profile
James’ Company Website www.kandvinvesting.com

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22: Building a Marketing Machine, Spec Houses, Flipping & Wholesaling with Tucker Merrihew Jun 13, 2013

Show notes

While most investors think of real estate investing as buying an ugly property and making it look good, today we sit down with an investor who runs a highly successful investing business that focuses heavily on investing in new home building, along with wholesaling and flipping as well. Tucker Merrihew, the owner of TTM Development Co in Portland, Oregon, shares a ton of great advice on creating a sustainable and automatic lead funnel, as well as numerous tips on a variety of investing techniques.

Read the transcript for episode 22 with Tucker Merrihew here

In This Show, We Cover

How a “failed personality test” led to real estate investing
The early mistakes that caused major problems for Tucker
Do condos make good investments?
How to build a marketing machine
Direct mail “shock marketing“
Why knocking down houses might make you money
Tucker’s online marketing strategy
The financial benefits of spec building
Tips for finding and working with great contractors
Finding deals when the MLS is too competitive

Links from the Show

Books Mentioned In The Show:

Donald Trump Books
How to Win Friends and Influence People – Dale Carnegie

Tweetable Topics:

“There’s motivation in weird places sometimes.” (Click to Tweet)
“When investing in real estate, you’ve got to have a website.” (Click to Tweet)
“To be successful in real estate investing, you gotta build momentum.” (Click to Tweet)

Get in Touch with Tucker

Tucker’s BiggerPockets Profile
Tucker’s Company Website: www.TTMDevelopmentCompany.com
Tucker’s Facebook Page: www.Facebook.com/TuckerMerrihew

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20: 20 Deadly Mistakes For Real Estate Investors to Avoid May 30, 2013

Show notes

While it’s unlikely that you are going to make a mistake in real estate that will kill you – there is a much higher chance that you’ll make a mistake that’s going to kill your chance of finding success. To help you fight the good fight and avoid those mistakes – you’ll definitely want to listen to today’s episode of the BiggerPockets Podcast with Josh and Brandon. You might be a seasoned investor or you might be just starting out – but the 20 mistakes listed in this podcast are real, common, and deadly if not properly addressed, so be sure to listen to today’s show.

Read the transcript for Show 20 with Josh & Brandon here

In This Show, We Cover:

The best ways to get free education
How to overcome analysis paralysis
Exit strategies you should be using as a backup
How to establish your marketing machine
How to best protect yourself from being sued
The best ways to find great contractors
The worst way to screen for tenants
Plus MUCH more…

Links from the Show:

Books Mentioned in the Show

The E-Myth by Michael Gerber
If You Give a Mouse a Cookie by Laura Joffe Numeroff

Tweetable Topics

You’re never going to know everything. (Tweet This!)
The math never lies. Stick with the math and don’t fudge the numbers. (Tweet This!)
You wouldn’t drive from Canada to Peru without a map. You need a plan – just knowing it’s south isn’t good enough. (Tweet This!)
Don’t talk so much. Just listen. (Tweet This!)

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19: Short Sales Tips, Starting Out in Real Estate, & Working w/ Virtual Assistants with Tracy Royce May 23, 2013

Show notes

On today’s episode of the BiggerPockets Podcast, we are joined by Arizona real estate investor Tracy Royce to discuss all things related to short sales, getting started, and the best ways to run your real estate investing business.

This show has a ton of tips for finding the best way to help sellers who are underwater on their mortgages and still make you a profit as a real estate investor, as well as great strategies for using virtual assistants to lighten your work load and other tips for those who are just getting started.

Read the transcript for episode 19 with Tracy Royce here

In This Show, We Cover:

How to get paid to learn about real estate
How to parlay your talents into a job with a real estate investor;
How to “shift” with a changing market and recognize future trends
How to use virtual assistants in your real estate business
Goals: Good, bad, and ugly
Getting started with no money by using technology and social media
What a short sale is and the short sale process
How to find a great short sale agent
Tips for getting your short sale offers accepted

Books Mentioned in the Show

The Four Hour Workweek by Tim Ferriss
Shift by Gary Keller
Atlas Shrugged by Ayn Rand
Think and Grow Rich by Napoleon Hill
E-Myth Revisited by Michael Gerber
Winning by Jack Welch

Links from the Blog

Tweetable Topics

“When investing in real estate – you have to start out in the mail room.” (Tweet This!)
“Don’t expect to get rich tomorrow. You gotta put the work in, you gotta hustle.” (Tweet This!)
“If you want an easy job, Sell kittens at a pet shop. Real estate investing isn’t easy.”(Tweet This!)
“If you put more fishing lurers out there, you are more likely to catch things.”(Tweet This!)

Connect with Tracy

Tracy’s Website www.RoyceofRealEstate.com
Tracy’s BiggerPockets Profile

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18: Flipping, Marketing, and Wholesaling with Danny Johnson May 16, 2013

Show notes

Today on the BiggerPockets Podcast we sit down with fix and flipper Danny Johnson to talk about running a successful real estate investing business. Danny has been investing in real estate for the past decade and has hundreds of awesome, actionable tips that he shares with us in today’s show. From real estate marketing through websites and direct mail to tips for wholesalers and ideas for getting started while working a full time job, Danny’s knowledge is going to blow your mind. Whether you are an experienced house flipper, a wholesaler, or a new investor just getting ready to start investing, this show is going to give you a ton of ammunition to use in your business.

In This Show, We Cover:

Why a mentor isn’t as important for your success as you might think.
How to hustle while holding a full time job.
How to use “driving for dollars” to get started.
The CRAZY first deal that got Danny into real estate.
Bandit signs… a great marketing plan OR a criminal activity?
How Danny manages 8-13 flips at a time.
The “Top Secret” method that Danny uses to find deals.
Postcards vs. yellow letters : which is better?
The best criteria for compiling a great direct mail list.
Tips for creating a lead generating website and online advertising.

Books Mentioned in the Show

Rich Dad Poor Dad by Robert Kiyosaki
Mastery by Robert Greene
Flipping Houses Exposed by Danny Johnson

Links from the Show

Why Hiring a Mentor Might Not Be the Stupidest Thing You Could Do by Ben Leybovich
Driving for Dollars Bible: Finding Distressed Properties and Marketing by Chris Feltus
Driving for Dollars Bible 2: Tracking Down Owners & More Tips! by Chris Feltus
Danny’s “We Buy Houses website”
BP Podcast 016: Land Contracts, Creative Selling, and Finding Private Money with Clay Huber
Hard Money Lender Directory
Danny’s Blog Post: 9 Reasons Why You Couldn’t Sell Your Wholesale Deal

Tweetable Topics

You can’t just sit behind a computer and expect to succeed. You gotta get out there and do stuff. (Tweet This!)
Always negotiate. (Tweet This!)
When it’s a “real deal” you’ll know it’s a good deal. You don’t have to make it a deal. (Tweet This!)
Focus on finding really great deals – you don’t need a whole lot of buyers (Tweet This!)

Connect with Danny

Danny’s BiggerPockets Profile
Danny’s Blog FlippingJunkie.com

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17: Finding Mentors, Facing Retirement, and Note Investing with Jeff Brown May 09, 2013

Show notes

Real estate investing is about more than just making money in the here and now – it’s also about setting up your future for a solid retirement with minimal hassle and maximum wealth. However, planning for that time in your life is not always the most easy-to-understand task. To help, we sit down with investment specialist Jeff Brown, a very common face around the BiggerPockets Blog, to discuss some of the best ways to find mentors, what you can do to start preparing for retirement right now, and how to invest in notes using cash or your self directed IRA or 401K. This show is filled with a lot of really actionable, in-depth content so be sure to have your notepad ready – you’re going to need it!

In This Show, We Cover:

How to find mentors to help train and teach
Why real estate brokers make the best mentors
What CCIM is and why you should consider it
How much do you need to quit your job and go “Full Time?”
Why $1 million might not be enough for you for retirement
3 paths to maximize after-tax income.
Why “cash flow” might be overrated when beginning
Why you should STOP investing in your 401K and IRAs – even with a “company match”
Investing in notes vs. property … why one is better than the other
How to find good notes to invest in
3 Case studies – what should a 25 year old do, a 45 year old do, or a 60 year old do for retirement?
and more

Books Mentioned in the Show:

The E-Myth Revisited by Michael Gerber
The Basic Steps in Real Estate Exchanging by Royce Ringsdorf.

Links from the Show:

Tweetable Topics

“The best mentoring you can get is often at the 19th hole around a plate of fries.” (Tweet This!)
“Don’t leave money on the table just because you want the pleasure of being able to drive by your investment.” (Tweet This!)
“When you retire, the one with the most options wins” (Tweet This!)
“I want to retire yesterday afternoon around 4:30!” (Tweet This!)

Learn More about Jeff

Jeff’s BiggerPockets Account
Jeff’s BiggerPockets’ Blog Posts

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16: Land Contracts, Creative Selling, and Finding Private Money with Clay Huber May 02, 2013

Show notes

Several weeks ago on the BiggerPockets Podcast, we spoke with Leon Yang about using seller financing to buy properties. Today we are going to look at the opposite side of that transaction and discuss ways you can invest in real estate by utilizing seller financing (or “land contracts”) to sell. Our discussion today with real estate investor Clay Huber is chalked full of a lot of great advice for utilizing this strategy, as well as a variety of tips for those who are just getting started or for those who are just looking for another tool to add to their investor toolbox.

Read the transcript for Episode 16 with Clay Huber here

In This Show, We Cover:

The “accidental flip” that got Clay into Real Estate… and why he changed strategies
How to use seller financing to invest in real estate,
When not to use seller financing
Dealing with the dreaded Due on Sale clause,
Should you get your real estate license?
Using a full time job to accelerate your investing
The members you should have on your team
How Clay finances his deals
The four items to include in your Marketing Packet to attract private money
Overcoming the “Bus” question… what happens if you get hit by a bus!?
How to get training for pennies on the dollar

Books Mentioned in the Show:

Inspecting a House (For Pros By Pros) by Rex Cauldwell

Links from the Show:

Tweetable Topics

“The best business model is to simply have a sugar-momma!” (Tweet This!)
“If you buy something for retail value you are at the mercy of the market.” (Tweet This!)
“Your first step in any venture is to define your goal.” (Tweet This!)
“Make sure your spouse is 100% on board with your goals.” (Tweet This!)

Learn More about Clay

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