2 Resources OTHER Than Money You Can Use to Get into Real Estate Investing

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Investing, Business

4.8 • 16.6K Ratings

🗓️ 16 October 2024

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

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Summary

Want to invest in real estate but feel like you don’t have everything it takes? You know you need money for a down payment, skills to manage tenants/perform renovations, and time to find the deals in the first place. But what if you only have one of these? Can you still invest in real estate even without the missing pieces? Today, we’re going to show you how to do just that, no matter how much time, money, or real estate experience you’ve got. We’re walking through three scenarios with three different investors: Dave Meyer (who had no money/experience), Devon Kennard (who had money but no time/experience), and Tyler Madden (who had skills but limited time/money). Each of these investors was able to build a successful real estate portfolio, all while either being time-stretched, money-stretched, or not knowing how to swing a hammer. They’re sharing the secrets to hiring out/building the other skills so you CAN take down real estate deals, no matter what you’re working with. If you can combine all the pieces of this “resource triangle,” you have FAR higher chances of succeeding in real estate investing and reaching financial freedom. If you’re a rookie with no real estate to your name, worry not—we’re teaching you what you need to know in today’s episode. In This Episode We Cover: The “resource triangle” investing theory and the three things you need to succeed (YOU don’t need all three!) The most overrated skills in real estate that you can survive without Building a team and hiring out/outsourcing the resources that you lack How to start investing if you ONLY have time, money, OR real estate experience Crucial skills that we WISH we had (you can make a LOT more money with these) And So Much More! Links from the Show Join BiggerPockets for FREE Let Us Know What You Thought of the Show! Invest in Turnkey Rentals with Rent to Retirement or text “REI” to 33777 Grab the BRRRR (Buy, Rehab, Rent, Refinance, Repeat) Book Find an Investor-Friendly Agent in Your Area Mastering These 2 Skills Is Critical to Success in Real Estate Investing Connect with Devon Connect with Tyler Connect with Dave (00:00) Intro (04:54) Got Skills, But No Time/Money? (11:51) Got Money, But No Time/Skills? (18:24) Got Time, But No Money/Skills? (20:23) Getting Your First Deal Done (39:51) Building Valuable Skills (37:18) Most Crucial (and Overrated) Skills Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-1030 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	I have this theory and framework about real estate that I use a lot and I call it the resource triangle and it's the idea that every deal and really every portfolio needs some combination of three different resources.
0:15.8	Those resources are time, money, and skill.
0:19.6	And some of those might be pretty obvious and self-evident to you like money you need capital for
0:24.0	your down payment to buy materials for closing costs and all that. You need time
0:28.2	because even passive deals require some amount of time and if you're doing an active deal you're going to need to dedicate a lot of time
0:35.3	and you need skill because even if you want to throw a lot of time and a lot of money at a project
0:40.3	if you don't know what you're doing, you're not going to get very far.
0:43.8	And the reason I came up with this framework is because I wanted to demonstrate that as an
0:48.0	investor you don't need all three of these, or at least to be strong in all three of them. Like if you have money you can
0:54.4	trade capital for other people's time or other people's expertise. I got started with
0:59.5	very little money and very little skill and I was able to take all the time I had on my hands and I traded that for other people's skills and for other people's capital.
1:08.0	And in today's episode we're going to talk about the importance of each of these different resources and how you can get
1:16.2	started and scale your portfolio depending on which resources you have a lot of and which ones you need to go out and partner for.
1:24.0	Hey everyone, it's Dave here for another deep dish episode on the BiggerPockets Real Estate Podcast.
1:34.3	And today we're going to be talking about the Resource Triangle.
1:37.3	Again, it's the idea that as an investor, our job, our whole job is to figure out what resources we have whether that's time, skill, or
1:44.9	capital and how we're going to put those resources towards our next deal or our portfolio
1:50.9	as a whole. And for this episode I thought it would be kind of fun to find
1:55.0	investors who started with one of the resources only. So I will represent the time
2:01.1	portion because that's how I got started.
2:03.6	I'm also going to bring on two guests.
2:05.8	The first is Devon Canard.
	...

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