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BiggerPockets Real Estate Podcast

Want financial freedom? Dave Meyer and Henry Washington teach proven real estate strategies and share candid conversations with everyday investors building wealth in today’s market.

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71: Finding Great Deals and Getting Started as a Wholesaler with Phillip Vincent May 22, 2014

Show notes

On today’s episode of the BiggerPockets Podcast, we have Phillip Vincent, an acquisition specialist who hails from the St. Louis, Missouri area. Phillip is part of a large real estate investment firm, handling all the ins and outs of getting properties under contract. This week’s podcast goes into great detail on how to interact with distressed homeowners, how to generate leads from the high-end price points and walks you through the best way to handle Probate leads.

Additionally, Phillip is particularly knowledgeable in wholesaling and shares excellent insight on exactly what you need to do to get started in real estate, ethically. This is an action-packed show, so let’s get into it!

In This Show, We Cover:

Powerful and unique lead generation
The benefits of having a real estate team
How to flip a $1,000 house
How to actually purchase in high-end markets
How Phillip lost $200,000 on a spec build
Time Capsule Homes and why they make great investments
Using SEO and PPC to get deals
A snapshot of the life of an Acquisition Specialist
Why marketing doesn’t really cost you any money…
How to leverage wholesalers and newbies for lead generation
The importance of being ethical when wholesaling
How to network effectively
And a whole lot more!

Links Mentioned

Books Mentioned in the Show

Rick Dad Poor Dad by Robert T. Kiyosaki
The Big Rich: The Rise and Fall of the Greatest Texas Oil Fortunes by Bryan Burrough

Tweetable Topics

“In real estate, don’t buy weird.” (Tweet This!)

“Find people in your market that have too many leads and simply go help them with those leads.” (Tweet This!)

Connect with Phillip

Phillip’s BiggerPockets Profile
FasterHouse Website: http://www.FasterHouse.com/

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70: From Zero to Hundreds of Deals in Under Two Years with Grant Kemp May 15, 2014

Show notes

On today’s episode of the BiggerPockets Podcast, we sit down and chat with a real estate investor who is absolutely CRUSHING IT in a very unique niche. Grant Kemp, from the Dallas Area, got his start in real estate only 2 years ago and already has hundreds of transactions under his belt, and regularly purchases 6-15 properties a month!

On the show today, Grant shares with us the dirty details on his business and shows how YOU can start capitalizing on more leads, make more income, and spend less (or even none) of your own money to make it all happen! The best part is: Grant’s strategy relies on generating profits from leads that most real estate investors simply throw away by utilizing subject-to purchases and mortgage wraps! Don’t miss a second of this incredible interview and prepare to have your mind blown!

In This Show, We Cover:

What “Subject To” investing is, and how you can use it to acquire properties for little to nothing down.
What a wrap-around mortgage is
How to protect yourself from the ‘due-on-sale’ clause
How to use sell to the owner-finance market
How Grant uses other wholesalers to grow his network
Where to find leads for subject-to deals
Clarity on the Dodd Frank from someone who actually read it in it’s entirety
The importance of full-disclosure when doing subject to
Selling via seller financing to get incredible returns
And a lot more!

Links Mentioned

Books Mentioned in the Show

Rick Dad Poor Dad by Robert T. Kiyosaki
The Richest Man in Babylon by George S. Clason
The Bible
BiggerPockets Forums

Tweetable Topics

“I asked myself, “How do I get into real estate with no money? The answer was subject-to.” (Tweet This!)
“In real estate you just got to do it… it’s the Nike way.” (Tweet This!)

Connect with Grant

Grant’s BiggerPockets Profile
Grant’s Website: www.texaspridelending.com
Grant’s LinkedIn

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69: Getting Your First Deal, Quitting Your Job, and Successful Marketing with Brandon Krieg May 08, 2014

Show notes

On today’s episode of the BiggerPockets Podcast, we sit down and chat with a real estate investor who is a successful wholesaler and rehabber out of the Grand Rapids, Michigan area.

Brandon Krieg shares his insights on how he transitioned out of a full-time job to become a full time real estate investor and shares some incredible insight for others who are thinking about making the leap themselves. During the show, Brandon speaks on the importance of integrity in business and the priority of taking care of family and then continues on to shed light on his innovative marketing tactics, that has him averaging a 15-25% response rate with direct mail!

Whether you are a new investor struggling to figure out how to generate deal flow or struggling with making the transition from part-time real estate to full-time or you’ve been investing for years and need some marketing tips to take you to the next level, this is the show for you.

In This Show, We Cover:

How to transition from a full time job you hate to full time real estate
How to find good wholesalers
The keys you need to succeed at wholesaling
How Brandon uses direct mail with an 15-25% response rate
How to ethically use bandit signs
How Brandon used BiggerPockets to grow his network
Who Brandon uses for his direct mail success
How many deals should you do before jumping into real estate full time?
How to handle leads outside your comfort zone
How important are business systems?
And a lot more!

Books Mentioned in the Show

Game of Thrones by George R.R. Martin
E-Myth by Michael E. Gerber
Lord of the Rings by J.R.R. Tolkien
The Book on Flipping Houses by J Scott
The Book on Estimating Rehab Costs by J Scott
FLIP, by Rick Villani and Clay Davis

Tweetable Topics

“If I quit real estate when it gets tough, I lose my chance of gaining success from it.” (Tweet This!)
“Ask yourself, “If this client was my sister, my cousin or my uncle, how would I help them?” (Tweet This!)
“The greatest moments of growth in my life have always been sparked by great books.” (Tweet This!)

Connect with Brandon

Brandon’s BiggerPockets Profile
Brandon’s Website: TheHoneyBeeHomes.com

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68: Being a Superhero House Flipper, Investor, and Team Leader with Mark Ferguson May 01, 2014

Show notes

Today on the BiggerPockets Podcast we sit down with real estate investor Mark Ferguson to talk about his adventures in flipping and renting single family homes in the Colorado market. Mark is truly a real estate superhero: managing a real estate sales team, flipping houses, making offers, being a landlord, and writing about real estate all while working less hours than the normal employee (all while also having twin toddlers at home!)

Mark has truly mastered the art of delegation, team building, and using systems to stay on track and find success in his business – and he shares all his secrets with us today, so don’t miss a second of this incredible show!

In This Show, We Cover:

Should you get your real estate license?
Tips for buying properties on the MLS
Using electronic signatures to get more deals
Why Mark doesn’t buy multifamily properties
How to find a niche and strategy for your investment business
Finding the “sweet spots” in your market
Working with Portfolio loans
When should you hire an employee to manage your rentals?
Why Mark chooses to pay off his loans
Finding and managing contractors
How Mark decides if he’ll flip or rent a house
Finding time to fit in all the busy parts of life
The team members who help Mark work less than 40 hours per week
Why Mark wants to buy 100 houses
How to invest when the bank says “no.”
And lots more!

Links from the Show

Books Mentioned in the Show

The Millionaire Real Estate Investor by Gary Keller
The Millionaire Real Estate Agent by Gary Keller
Think and Grow Rich by Napoleon Hill

Tweetable Topics

Take care of your real estate agent and they’ll take care of you. (Tweet This!)
When looking for good real estate deals, speed is the name of the game. (Tweet This!)
When investing in real estate – no one is going to do your job for you. (Tweet This!)
Make goals – and then break them down into actionable steps to accomplish them. (Tweet This!)

Connect with Mark

Mark’s BiggerPockets Profile
Mark’s Website: www.InvestFourMore.com

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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

Learn more about your ad choices. Visit megaphone.fm/adchoices

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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