153: 20 Deals in a Year as a Professional Basketball Player w/ Terry Harris

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 2 February 2022

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

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Summary

Real estate requires a lot of self-motivation and discipline to succeed. Successful investors know that nothing happens overnight and nothing comes to you easily. Today’s guest, Terry Harris, had the perfect amount of drive and persistence when he began his real estate journey. He now owns five properties and has closed twenty wholesale deals. Terry started getting into real estate when he came to terms with his G League contract only lasting about six months. He wasn’t sure what to do with his free time until he picked up The Book on Rental Property Investing and started listening to BiggerPockets. He started bringing books with him on the road and while his teammates teased him for always having his nose in a book, it was during those rides that he decided he was going to buy a house. He bought his first house and while it didn’t go as planned at all, the house appraised for double the price and he was beyond proud of himself for seeing it through. One of the hardest things for him during his first deal was the lack of community he felt, but he filled that gap by relying on the BiggerPockets community. Unfortunately, COVID quickly put a pause on him investing in any other properties, but Terry didn’t let that stop him. He moved to LA for basketball and began looking into another aspect of investing—wholesaling. After practice, he began dedicating an hour to driving around looking for vacant properties and listening to podcasts. He started cold calling and while he missed out on a big potential first deal, he did twenty successful deals after that. While he has found success in wholesaling and enjoyed it, he wants to now transition into investing in more properties himself and gain a more passive income. In This Episode We Cover How to use FHA loans and seller credits to help you purchase properties Succeeding in real estate without a strong support system and building your investor community The importance of cold calling and how to add it into your busy schedule Saving vs splurging and how to encourage yourself to funnel more money into investments Wholesaling land and the three indicators of a successful land deal And So Much More! Links from the Show Real Estate Rookie Youtube Channel Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group Rookie Podcast 91: 8 Units, 10 Wholesale Deals, and $0 Spent on Marketing w/ @Liliinvests BiggerPockets Podcast BiggerPockets Forums BiggerPockets Facebook Group Thach Nguyen's Instagram Brent Daniels's Instagram Airbnb Ryan Dossey's Instagram Propstream Google Maps LandGlide App OnXHunt App MojoDialer Roor App Check the full show notes here: https://www.biggerpockets.com/rookie153 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	I know we're all excited to get started, but let's take a quick break before we dive into today's
0:03.6	episode. Are current interest rates making you depressed about cash flow? What if it didn't have
0:08.6	to be that way? Rent to retirement has 2.99% seller financing available on turnkey properties.
0:16.1	You heard that right. That's a seller financed 2.99% interest rate where the average cash flow
0:22.7	is over $900 per month. They also have options where you can put as low as 5% down on multiple
0:28.8	investment properties with no PMI. Rent to retirement is the nation's leading turnkey investment
0:34.4	company that understands what it takes to be successful in today's dynamic real estate market.
0:39.4	Their reputation speaks for itself with more 5 star reviews than any other company on the bigger
0:44.5	pockets website. Rent to retirement offers fully turnkey properties that are newly built or
0:49.9	renovated, leased and managed, allowing you to invest with confidence in the markets that offer
0:55.0	the best returns. To learn more, visit rent to retirement.com. That's rent to retirement.com or
1:02.9	call 800-311-6781. That's 800-311-6781 to learn more about how you can get started investing as
1:14.9	some of the best cash-loving markets today. Hey listeners, what are you doing October 15th through
1:20.0	the 17th? Bigger pockets is gathering over 2,000 real estate investors and professionals in Orlando
1:26.6	for BPCon. Our annual blowout event that is the place to network, find deals and most of all,
1:32.0	this is the place to find your investing mojo. Investors walk away from this event,
1:36.2	inspired and energized and we want you to be there. We still have a few tickets left so don't wait.
1:41.5	Visit biggerpockets.com slash Orlando and get your ticket now. That's biggerpockets.com slash Orlando.
1:49.6	This is real estate rookie episode 153.
1:58.0	You know, it was a point I had to, you know, open up an extra credit card,
2:01.0	increase the credit lines just to get that project done but I just knew it was like it's done
2:05.2	to work out. I'm hearing everyone's success stories from the biggerpockets podcast. I'm reading the
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