274: Finance Friday: What’s The Best Way to Buy Rentals—Partnerships or Solo?

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.5 • 3K Ratings

🗓️ 11 February 2022

⏱️ 80 minutes

🔗️ Recording | iTunes | RSS

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Summary

Rental properties can be a phenomenal second source of income for the majority of us who work at regular jobs. One or two rental property purchases every year or so can slowly, but surely, build a strong foundation for financial independence, sometimes within only a few years. Today’s guest Connor has taken this approach to wealth building and now sits on six rental units, splitting some of the profits with his partners. Connor runs a lot of the operation for these rental properties. He has a background in construction management, making him an integral piece of any future BRRRR, flip, or rehab project he and his partners decide to take on. But, could these real estate partnerships be slowing down his personal wealth growth? And if so, how does he mitigate the risk of being an independent investor in a cash-intensive business? Aside from his real estate portfolio, Connor also wants to simplify his personal portfolio, plan for future baby expenses, maximize his retirement, and get a better handle on his financial situation in total. Scott and Mindy leave Connor with some clear action items that may help him achieve financial freedom in his five to seven-year time horizon! In This Episode We Cover Real estate partnerships and establishing the value that you bring to them Generating more income (and reducing expenses) through live in flips and house hacking Land contracts and seller financing on rental properties that allow you to scale faster Student loan repayment, deferral, and when you should plan on starting up your payments again Shopping for a baby as frugally as you can so you can invest for their future And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Bigger Pog as Money Podcast,
0:02.3	at number 274, Finance Friday edition,
0:05.3	where we interview Connor and talk about investing in real estate,
0:08.6	structuring partnerships, and babies.
0:12.3	Essentially, I want to have the opportunity to
0:16.3	put my W2 job after five to seven years from now.
0:20.7	It seems super aggressive.
0:22.6	I just don't want to set it at 10 years,
0:24.2	because then it will probably take at 10 years.
0:26.2	So essentially, I want to scale as much as I can,
0:29.9	with real estate and passive income,
0:32.2	and try to have the ability to retire in five to seven years.
0:35.9	Well, I actually put my W2 job probably not,
0:39.3	but that's kind of the goal.
0:41.4	Hello, hello, hello, my name is Mindy Jensen,
0:43.3	and with me, as always, is my healthy eating co-host, Scott Trench.
0:47.7	I just don't know how you keep producing these types of interest.
0:51.3	Well, thank you so much.
0:55.0	Scott and I are here to make financial independence less scary,
0:58.6	less just for somebody else.
1:00.5	To introduce you to every bad pun he can come up with,
1:03.7	and every money story, because we truly believe
	...

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