225: Surviving a Real Estate Crash and Investing Out-of-State with Kathy Fettke

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 4 May 2017

⏱️ 82 minutes

🔗️ Recording | iTunes | RSS

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Summary

A lot of investors love to talk about the good times. But for life-long real estate investors, failure is often inevitable, especially during real estate crashes. That’s why we’re excited to bring you this discussion with Kathy Fettke today on the BiggerPockets Podcast. Kathy started her journey toward financial independence after receiving shocking news from a doctor, but used that motivation to begin investing. Alongside her husband, Kathy built up an impressive portfolio but struggled during the latest real estate crash. Still, she was able to emerge (and thrive) from the lessons learned. Today, Kathy shares how to avoid the mistakes that led to her difficult times! She also shares insight into buying real estate at a distance and handling the problems that can arise from long-distance landlording. In This Episode We Cover: The story behind the radio show How Kathy landed her first deal without money down How she converted single family units to multifamilies A discussion on FHA loans and house hacking Key pieces of Robert Kiyosaki’s advice Tips on buying from a distance and using property managers What you should know about finding the right agents, CPAs, and property managers What happened when Kathy got “too confident” The important lessons she learned after the collapse What metrics to look for in a market What it takes to come up with $3 million in five minutes And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Hard Money Lenders Robert Kiyosaki Real Property Management Books Mentioned in this Show Set for Life by Scott Trench Extreme Success by Rich Fettke Retire Rich with Rentals by Kathy Fettke The Millionaire Next Door by Thomas J. Stanley Priceless by William Poundstone The Da Vinci Code by Dan Brown Wealth Can’t Wait by David Osborn Augmented by Brett King Tweetable Topics: “The hardest times in our lives tend to be the times when we have to dig deep.” (Tweet This!) “Any time you get in front of the path of progress, you’re going to make money.” (Tweet This!) “If you can’t buy this car with cash, you shouldn’t have it.” (Tweet This!) Connect with Kathy Kathy’s Company Kathy’s Podcast Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Bigger Pockets Podcast Show 225.
0:05.8	We're going to be wealthy and everything's gonna be fine.
0:08.6	And we all toasted, but I said it with such authority.
0:13.4	I can't even describe it, but if you've ever been in that situation
0:16.8	where you just were like, there's no chance,
0:19.2	there's no chance of failure, there's no,
0:22.1	I won't allow it, you know, and that conviction was a
0:24.9	hundred percent and I never stopped after that.
0:27.8	You're listening to bigger pockets radio, simplifying real estate for
0:32.3	investors large and small. If you're here looking to learn
0:35.8	about real estate investing without all the height, you're in the right place. Stay tuned
0:41.2	and be sure to join the millions of others who have benefited from bigger pockets.com.
0:46.0	Your home for real estate investing online.
0:49.0	What's up everyone? This is Dave Meyer, the occasional guest host of the BiggerPockets podcast here with my co-host
0:56.3	Mr. Brandon Turner. What's going on man?
0:59.5	Hey, Namuch, how are you doing?
1:01.6	I'm doing great, man. It's really all as well. Good good I'm uh all's well here as well. I'm still sitting here
1:08.4	Hawaii. This is like almost done I gotta go home here pretty soon on Saturday but uh
1:13.0	how long have you been there month that's pretty great in the same place. Yeah. Yeah we rented an Airbnb it's been good but
1:20.0	Yeah, how's a how's like for you? How's your investing going?
1:22.9	I mean, you buying anything new lately?
1:25.3	It's good, man.
	...

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