190: Building 61 Different Passive Streams of Income with Pat Hiban

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 1 September 2016

⏱️ 72 minutes

🔗️ Recording | iTunes | RSS

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Summary

Are you building vertical or horizontal income in your life? If you aren’t sure, don’t miss this exceptionally important episode of the BiggerPockets Podcast, where we talk with Pat Hiban about creating multiple streams of passive income. Pat, who is a New York Times bestselling author, shares his real estate journey with us today, starting from a humble “house hack” to participating in multi-million dollar apartment complex purchases. You’ll also learn why (and how) Pat has 61 different sources of “horizontal” income streams and the best ways to begin building your own. Don’t miss a second of this incredible show. In This Episode We Cover: Pat’s thoughts on being a real estate agent for 28 years Why many real estate agents don’t invest How he obtained his first property by house hacking The story of an illegal alien investor What Section 8 rentals are and why he invest in them The pros and cons of Section 8 tenants How he makes money through college rentals How he manages his properties How to make a property college-proof What exactly a “come bet” is Why he looks for track record before investing with someone A discussion on horizontal streams of income And SO much more! Links from the Show BiggerPockets Videos BP Podcast 188: Using 20+ Years of Studying Market Cycles to Buy Low & Sell High with David Gudmundsen BiggerPockets Webinar GoSection8 BP Podcast 048: Duplex Investing, Finding Great Properties, and Tips for Managing Tenants with Darren Sager BP Podcast 170: The Journey From Flipping Houses to Owning 1,470 Units with Andrew Cushman BiggerPockets Forums GoBundance Books Mentioned in this Show Retire Young Retire Rich by Robert Kiyosaki The Surrender Experiment by Michael A. Singer 6 Steps to 7 Figures by Pat Hiban Tweetable Topics: “My biggest regret is not buying a house a year.” (Tweet This!) “On Section 8, I buy where if they find out that I’ll put a Section 8 in there, they’ll be upset.” (Tweet This!) “Create bucket list moments and get the most out of life.” (Tweet This!) Connect with Pat Pat’s BiggerPockets Profile Pat’s Company Website Pat’s Podcast VPACQ Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the BiggerPockets Podcast.
0:02.5	Show.
0:03.5	190.
0:05.0	So most of the world lives on what they call vertical income,
0:08.5	which is, you know, you get a job, you get a 2% raise every year and that's increasing vertically and then at some
0:15.8	point in your life you get horizontal streams.
0:18.6	You're listening to bigger pockets radio simplifying real estate for investors large and small.
0:25.0	If you're here looking to learn about real estate investing without all the height,
0:29.0	you're in the right place.
0:31.0	Stay tuned and be sure to join the millions of others who have
0:34.8	benefited from bigger pockets.com. Your home for real estate investing online.
0:40.5	What's going on everybody? This is Josh Dorkin, host of the BiggerPockets podcast here with my co-host, Mr. Brandon Turner.
0:47.0	What's up, sir?
0:48.0	Hey, I don't know, what's up with you?
0:50.0	Man, summer is over. Today was the first day of school. Wow. Yeah. Is it typically
0:58.3	be mean to you again? You know, all the kids picking on you. They pick on me a little bit.
1:04.0	You bring your school lunch and your little Power Rangers lunch box,
1:06.0	all that good stuff?
1:07.0	I was wearing my Power Rangers costume.
1:09.0	Oh, there's just like underwear.
1:11.0	That's it.
1:12.0	Don't worry about what I'm wearing down there.
	...

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