BiggerPockets Real Estate Podcast

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Latest Episodes:

462: The 5 Fundamentals That Lead to $35M of Real Estate in 1 Year with Terrance Doyle Apr 22, 2021

Show notes

Some would call Terrance Doyle a “baller”. Not because he’s done hundreds of millions of dollars in real estate transactions, or because he has done over 600 flips, or because he helps lead the Tribe of Multifamily Mentors. Terrance played college basketball, which grew into working as an NBA sports agent, garnering him access to famous coaches, players, and executives.

Terrance and a couple of his college teammates started a franchise after college, and needed somewhere to park cash. Another teammate helped Terrance buy a foreclosure at a public trustee sale, which he flipped for a sizable profit. This is when he knew that the real money was made in real estate. Between 2008 and 2014, Terrance did over 600 flips, in multiple different areas of the country.

As he learnt to build relationships and rapport with buyers, sellers, lenders, and contractors, Terrance started taking on bigger and better deals. He’s done $35,000,000 in transactions since the start of the pandemic and relies on the five basic fundamentals of real estate: know your market, be aggressive, be faster than the competition, have solid lenders, and make sure your ducks are in a row.

In This Episode We Cover:

The 5 fundamentals of successful real estate investing
Going from NBA agent to full-time real estate professional
Finding your competitive edge and knowing where you can add value
How to invest in a very expensive market (like Denver!)
Cap rates, NOI, cash on cash return, and other important metrics
How to run your organization more efficiently, so you can do more
And SO much more!

Links from the Show

Check the fulls how notes here: http://biggerpockets.com/show462

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461: Defeating the "Enemy of Success" with Steven Pressfield (The War of Art) Apr 18, 2021

Show notes

It’s daunting to wake up every day and try your best at whatever it is that you do. Maybe it’s your job, maybe it’s real estate, maybe it’s writing a book. When you sit down at your desk, there’s that little voice that says “get another cup of coffee” or “just take a little email break before you start” or “you’re not going to get anything done, who are you kidding?”

This is the voice of resistance, and to author Steven Pressfield, it’s a voice that needs to be silenced and controlled at all costs. Steven should know, he wrote the book on fighting resistance, The War of Art, where he talks about how to keep up inspiration, even when there isn’t any to be found. As Steven puts it “an amateur does things when they feel like it, a professional doesn’t care how they feel, they just do it.”

This is something many real estate investors struggle with. We want to buy another property, but we get stuck in analysis paralysis, or scared off by some new type of financing, or don’t want to take on another rehab. Professionals don’t let their environment (or their own mind) tell them what they should and shouldn’t do. Professionals do what has to be done.

We also talk with Steven about his latest book A Man At Arms and why the ancient world of nobility and strength intrigued him so much. If you’ve seen any of Steven’s films, read any of Steven’s books, or just want to push through to success, you’ll love his take on writing, success, and failure.

In This Episode We Cover:

How to push past failure, regardless of the line of work you’re in
Overcoming the “analysis” phase of any new venture or life dream
How resistance plays a role in failure for many real estate investors
How to fight resistance so you can push through to your goals
The villain on the outside, and the villain within you
And So Much More!

Links from the Show

Click here to check the full show notes: https://www.biggerpockets.com/show461

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460: From Sleeping on a Couch to Owning 20 Units (in 2 Years!) with Robert Charles & Ayoka Moss Apr 15, 2021

Show notes

If you’re listening to the BiggerPockets podcast, you know that the only way to reach financial success is to climb the corporate ladder, right? Nope! Yet, many people still believe that the only way for them to get rich is by going above and beyond for a job, only to be let go when the company is sold or merged. This is exactly what Ayoka Moss and Robert Charles thought, until they were put in a situation where entrepreneurialism and real estate was the only option.

Ayoka had serious drive, especially after reading Rich Dad Poor Dad (a favorite of the BP community). Robert, on the other hand, was working as hard as he could, selling cars, breaking sales records, but once he was let go due to his company being bought out, he had open ears for Ayoka’s proposal. Ayoka and Robert decided to start wholesaling real estate, and had 6 failed deals before they finally found themselves making a profit. Once the money came in, they knew they had to do whatever it takes to reach success in real estate.

Now, only a couple years later, Ayoka and Robert are living rent free, with 20 units, and 35 deals done! That’s some serious change when compared to their old W2 lifestyles. Ayoka and Robert go through how they got deals done, found mentors, and most importantly, changed mindsets to tackle what really matters.

In This Episode We Cover:

How real estate wholesaling works
Why the corporate lifestyle doesn’t last forever for most people
Understanding real estate before you jump in head first
“Un-Labelling” yourself so you can accomplish anything
Balancing wholesale fees with cash flowing rental properties
Finding mentors and providing value so they trust you
And SO much more!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/show460

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459: The Superpower of Listening: Get More Out of Your Conversations Apr 11, 2021

Show notes

Have you ever been in a conversation where someone has had to ask you to repeat something multiple times? It’sfrustrating when you’re trying to tell someone something and they just won’t listen, but what about all the times you’ve been distracted in a conversation? There are a handful of reasons why humans aren’t great at listening, but the benefits to becoming a true listener are off the charts. Better connections, more trust, and happier relationships just to tout a few.

In her book, Listen Like You Mean It, Ximena Vengoechea talks about why listening is so important, and why we often get it wrong. Being a great listener is almost like having a super-power, you’ll be able to tell what a person wants and needs faster and more accurately. This can help in almost any business, but especially in a people-first business like real estate when you’re constantly talking to tenants, management, sellers, buyers, or agents.

Ximena goes through the 3 qualities that are most needed when becoming a great listener and how you can put yourself into “listening mode”. She also walks through how to have difficult conversations or conversations with people who aren’t the best listeners, plus what you can do to make sure that the person talking to you really feels heard. This isn’t just a crucial trait for anyone in real estate, but for anyone who wants successful relationships with the ones they love.

In This Episode We Cover:

How user research prompted Ximena to write about listening
Asking good questions that help people open up more
Cutting out the distractions and being present and mindful in a conversation
Why attention tends to waver in day-to-day conversations
The 3 most important qualities you can adopt to become a better listener
How to be more extraverted in conversations
And So Much More!

Links from the Show

Click here to check the full show notes: https://www.biggerpockets.com/show459

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458: Ditching "Active Investing" for More Passive Income Streams with Tamar Hermes Apr 08, 2021

Show notes

Every real estate investor knows that things don’t always go as well as we’d like. What happens when you’re hit with a $16,000 bill to fix a sewer, or when 20 of your tenants call you all at once with problems? Some things, like those examples, make active real estate investors envy passive investors. This is why Tamar Hermes decided to go on a more passive route for real estate investing.

Tamar started at age 28, working as an executive in the television industry. She realized that she was trading her time for money, and without her job, she wouldn’t be able to pay her bills. So, she put 10% down on a duplex and started house hacking. Over time she bought more and more duplexes, some even out of her 401(k). She was an aspiring landlord, but after being hit with the situations above, she decided to sell all her units in Los Angeles and put her money into more passive income streams.

Now she’s invested in syndications, like Brandon’s Open Door Capital to be exact. This gives her far more freedom to pursue her passions in life, without having to worry about those 2 A.M. toilet calls. Tamar refers to herself as a very cautious investor, and that may be why she feels far more diversified with passive investing than active investing.

She also talks through “finding your tribe” and how Gobundance has helped her meet friends and partners within the real estate space. This doesn’t mean you need to go out and find a group, but having friends and allies within your certain niche can help move you miles ahead of the competition!

In This Episode We Cover:

Using house hacking as a way to fuel your real estate investing
The difference between passive and active real estate investing
Finding cash flow AND appreciation when looking for rental properties
“Upgrading your investing” and growing your investor mindset
Recourse vs non-recourse loans
Finding quality agents, certified financial planners, and other partners
And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/show458

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457: How Thinking 5 Moves Ahead Can Make You Millions with Patrick Bet-David Apr 04, 2021

Show notes

Some people are born into wealth, but none are born into success. Success needs to be earned, through pain, hard work, and perseverance.

Patrick Bet-David came to the United States during the Iranian Revolution of 1978, after already being a refugee in Germany. Patrick served in the U.S. Army and prided himself on his ability to party, but after a family health emergency, he decided enough was enough, and he became the hard-working, driven man he is today.

Now, a successful businessman, media producer, best selling author, and CEO, Patrick has a lot of wisdom to share for young and aspiring businesspeople. One of his biggest lessons: don’t waste your pain. Patrick shows how the best of the best in business, sports, or any other field are consistently putting themselves in positions where they have to fight to be the best. Patrick argues that even if you’re the best basketball player in your high school, once you go to college you may be at the bottom of the list, and once you become the best in college, you may be stuck again at the bottom of the professional leagues. This means you have to constantly change, adapt, and improve yourself to become the best of the best.

We also talk about Patrick’s book, Your Next Five Moves and how people who are masters in their skillset are thinking at least five moves ahead of their competition. Want to buy a house? What are the next 5-10 moves you could make right now to get that done. Most people do a single step, stop because it’s too hard, and leave it at that. If you want to be the best of the best, you need to think bigger and understand the importance of the sequencing of those steps.

In This Episode We Cover:

Patrick’s journey from refugee to multi-million dollar business owner
Pushing yourself to perform at the highest level you possibly can
Giving your children values instead of material gifts
Thinking five steps ahead of yourself and the competition
Going through a “Personal Identity Audit” and learning to accept yourself
Entrepreneurship vs Intrapreneurship
And So Much More!

Links from the Show

Check the full show notes here: http://biggerpockets.com/show457

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456: 126 Multi-Family Units On a Military Salary with Erika Sleger Apr 01, 2021

Show notes

Anything over 100 units tends to scare many investors, especially rookie investors. How do you even get to 100 units when it’s already challenging enough to get one? That answer is simple: stack them slowly over time. That’s exactly what today’s guest, Erika Sleger, did. Erika heard about house hacking from a lecture in college, so once she graduated she decided to buy a fourplex, live in one unit, and rent out the others.

She learnt some valuable skills from that first fourplex and later sold it for a nice profit, 1031 exchanged it into an 18 unit, and started collecting rent. From there, she used her equity on the 18 unit to buy a 64 unit. Another 16 units here, some more units there, and before she knew it Erika had over 120 rental units. She acquired all of these properties through 1031 exchanges and pulling cash out via refinances for down payments.

Managing over 100 units isn’t easy, it took Erika a while to find management that worked, and she was still managing her managers. Even with the best due diligence, Erika talks through the challenges of filling and managing so many units. That’s why Erika sold her multifamily properties and moved her money into commercial real estate.

Now she owns “amazon-proof” commercial spaces for coffee shops, a daycare center, and even a car maintenance shop. These leases are triple net, and give her the flexibility to move wherever she wants in the world, without having to over-manage a property manager. This is what “the stack” done correctly looks like!

In This Episode We Cover:

House hacking to secure your first rental property
Using 1031 exchanges to acquire more properties with no capital gains taxes
Buying LARGE multifamily properties and setting up management
The importance of due diligence when buying multifamily and commercial
Triple net leases and the benefits of commercial buildings
And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/show456

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455: Mixtapes to Millions in Real Estate with DJ Envy and Cesar Pina Mar 28, 2021

Show notes

You’ve probably heard of The Breakfast Club, the morning radio show in over 90 markets that covers everything from hip hop culture, to celebrity gossip, to politics and more. If you've listened, you may recognize DJ Envy’s voice. He’s here today with his partner Cesar Pina, to talk real estate, seminars, and business.

DJ Envy grew up in Queens, New York, and was neighbors with a successful DJ. After he heard how much money DJs were making in the city, he decided to start DJ-ing himself, and began releasing mixtapes. As his success grew, he started working for a radio station and landed a morning show, which later became known as The Breakfast Club.

After buying his first house and later selling it due to a long commute, Envy walked away with around $80,000. He was hooked, and knew that real estate was a long-term way for him to build his wealth and create success for him and his family. He started out buying a house every year and selling it a year later, then bought some homes in Detroit for $15,000 that sold for over $260,000! Envy wanted to get more into real estate, so he was introduced to Cesar.

Cesar was serving time in prison when he first learnt about real estate investing. Once he was released, he decided to jump in. He bought single family homes, then small multifamily homes, then went on to commercial buildings. Now, heowns more than 1,600 units and flips anywhere from 60 to 80 houses per year! His new book, Flipping Keys, comes out later this month.

Cesar and Envy became an unstoppable duo, and now they're teaching others how they too can buy rentals and flip houses. They see this as a way to serve their community and let those who may be unaware of real estate investing have a chance at success and financial freedom.

In This Episode We Cover:

How DJ Envy started buying and flipping homes
Buying homes under market value to make high profits
Why house hacking is the best way to get started in real estate
Buying in Detroit during the early days of the recession
How to use other people’s money (OPM) to fund your deals
Why most real estate seminars take more than they give to attendees
And So Much More!

Links from the Show

Click here to check the full show notes: https://www.biggerpockets.com/show455

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454: Retiring in 2 years Through “Aggressive” Rental Property Investing with Rachel Richards Mar 25, 2021

Show notes

Retiring via passive income is why most people get into real estate, but rarely does someone accomplish that goal within just two years! Rachel Richards, real estate investor, agent, and author of Money Honey shares her story of aggressive real estate acquisition. All purchased, by the way, with at least 20% down!

While her friends in high school may have been reading for fun, Rachel was reading Rich Dad Poor Dad and trying to find the best way to become financially free. After she graduated from college she took jobs where she felt underappreciated and at some points, humiliated. She realized that this was not the path she would go down, and started investing shortly after in 2017. By 2018, Rachel and her husband had acquired 38 doors. Yes, you heard that right, 38 doors in under two years!

These rental properties allowed Rachel and her husband to retire, as they were making six-figure incomes solely from their properties alone. This didn’t mean two years in she was still a rookie. Far from it actually. Rachel had to systematize her rental properties as much as she could within those two years so she could manage them long distance without having huge headaches along the way.

Rachel shares some interesting stories, from turning a duplex into a short-term boarding home, to catching her property managers stealing over $6,000 from her. She’s learnt a lot and put her knowledge into her books Money Honey and Passive Income, Aggressive Retirement, both of which may help you get to where she’s at now!

In This Episode We Cover:

Understanding how important financial independence is to your life
Dismissing limiting beliefs that you can’t or shouldn’t do something
Seller concessions and how you can use them to get more money at closing
Why being too frugal may lead you to lose more money in the long run
Systematizing your long distance real estate investing
And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/show454

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453: Live Q&A with Brandon and David: Risk, Partnerships, Inspiration and Opportunity of Real Estate Mar 21, 2021

Show notes

We’re taking a bit of a detour from our regular programming to answer some live questions on real estate mindset! Brandon and David take live questions from investors across the nation on some of the most hard-hitting/commonly contemplated real estate questions and topics such as…

Is perceived “risk” deterring you from making strong financial decisions?
How do you keep the fire going as an agent and investor when you get rejected?
When should you allow team members to take on your roles and processes?
What to do to get over the fear of partnerships?
How do you balance ambition and being content with your success?
How to find inspiration in other people's success?
What to do when there is SO much opportunity but you don’t know what to choose?
And More!

Brandon and David spend some time answering all of the above questions with life lessons they’ve learned in their investing careers. The solution to the problem isn’t always cut and dry, but almost all of these questions come up in a real estate investor’s career, one way or another.

If you didn’t get your question answered in this episode, stay tuned as we may plan to do another Live Q&A in the future!

In This Episode We Cover: