300: Making $8K/Month from 2 Doors and How to Get HUGE Cash Flow with Fewer Units w/Rachel Richards

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 1 July 2023

⏱️ 77 minutes

🔗️ Recording | iTunes | RSS

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Summary

Huge cash flow after selling most of your real estate portfolio!? Many rookies assume that having more doors equates to more profit, but that’s not always the case. The truth is, if you start identifying the best investing strategy for your property, you can make more cash flow while owning fewer units. Today’s guest has had small and large portfolios alike and has succeeded with both! In this 300th episode of the Real Estate Rookie podcast, we catch up with past BiggerPockets guest, full-time real estate investor, and two-time best-selling author Rachel “Money Honey” Richards. After 2022 threw her several curveballs, Rachel made the tough decision to sell her thirty-eight-door real estate portfolio and start over. A nomad at heart, Rachel turned her attention to house hacking—a strategy that gives her a place to live while allowing her the freedom to travel six months each year. Whether you have one door or one-hundred doors, you won’t want to miss out on the important lessons Rachel shares in this episode! She talks about beating analysis paralysis, using a solutions-oriented approach when looking for deals, and when it makes sense to use multiple rental strategies at once. But that’s not all, we’ll also get into creative financing, choosing a real estate niche, finding the best contractors for rehab projects, and more! In This Episode We Cover How to build (or rebuild!) your real estate portfolio from square one Beating analysis paralysis by finding your real estate niche How to apply a solutions-oriented approach to analyzing deals Using multiple rental strategies to maximize your cash flow Networking to find the best lenders and contractors for your properties Leveraging creative financing to help fund your real estate deals And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Retiring in 2 Years Through “Aggressive” Rental Property Investing with Rachel Richards Early Retirement by 30 with $20K/Month in (Actually) Passive Income Divorce: The Biggest Marriage and Money Mistakes to Avoid Rookie Reply: Creative Financing 101 with No Cash, Credit, or Credentials A Step-by-Step Guide to Estimating Rehab Costs w/ Master Flipper & Investor James Dainard (Part 1) Finding Contractors, Renovation Red Flags, and Estimating Rehab Costs (Part 2) w/ James Dainard How Nancy Rodriguez from ‘Love Is Blind’ Hit Financial Freedom BEFORE Fame Books Mentioned in this Episode: The House Hacking Strategy by Craig Curelop Money Honey by Rachel Richards Passive Income, Aggressive Retirement by Rachel Richards Connect with Rachel: Rachel's BiggerPockets Profile Rachel's Instagram Grab Your Free Passive Income Starter Kit Check the full show notes here: https://www.biggerpockets.com/blog/rookie-300 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Real Estate Rookie episode, the re-hungered.
0:05.1	But at one point, I had a portfolio of 38 doors.
0:08.4	Well, it made you decide that you're going to do a short-term rental for this one.
0:12.6	It was about getting it to cash flow.
0:15.0	I had to change my strategy so many times.
0:17.1	So obviously, when I first looked at this property,
0:19.4	I was like, this is horrible.
0:21.5	And I was like, I shouldn't even spend any time looking at.
0:24.2	Is there any other way I can cash flow this property?
0:26.1	I went through everything I could think of,
0:28.4	and I finally figured out a way I can make it cash flow and bring in $8,000 a month.
0:32.8	My name is Ashley Care, and I'm here with Tony Robinson.
0:35.5	And welcome to the Real Estate Rookie podcast, where every week,
0:38.4	twice a week, we bring you the inspiration, motivation,
0:41.0	and stories you need to hear to kickstart your investing journey.
0:43.5	And today is a special episode, because it's episode 300,
0:46.6	which is insane, right?
0:48.2	300 episodes.
0:50.0	I mean, like, I feel like time has flown.
0:52.4	Yeah, I really have.
0:53.5	100?
0:54.2	I know.
	...

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