333: How to Turn Your Rental Property Profits into a Huge Real Estate Portfolio w/Kevin Cullen

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 25 October 2023

⏱️ 61 minutes

🔗️ Recording | iTunes | RSS

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Summary

Your real estate business has come across a little money. Maybe you’ve just sold an investment property for a large profit or increased your W2 income. In any case, how should you go about investing your small fortune? Like any investor, you want your money to help you scale your real estate business faster. Today’s guest is here to lend a hand! Welcome back to the Real Estate Rookie podcast! Usually, Ashley and Tony are the ones asking the questions, but in this very special episode, THEY are being interviewed by rookie investor Kevin Cullen. On the brink of selling one of his three investment properties, Kevin has a handful of burning questions for our hosts. How should he spend his newfound capital? Should he get a partner for his next deal? What are the best ways to structure his first partnership? In this episode, Kevin hits on several important topics that rookies often wonder about. Stick around for the biggest “red flags” to look out for in a potential investing partner, key terms to include in a partnership agreement, and when to get an attorney involved as you’re forming your partnership. You’ll even learn how to reinvest your money into real estate and three ways to find off-market properties! In This Episode We Cover: How to reinvest your money and scale your real estate portfolio faster The best ways to structure your first real estate investing partnership Roles and responsibilities you MUST include in your partnership agreement How to restructure an existing partnership agreement The biggest “red flags” to look out for when vetting a potential partner Finding the best off-market deals with three clever sourcing strategies 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 Ask Us Your Investing Question Grab Your Copy of “Real Estate Partnerships” Today Double Your Cash Flow Overnight (In ANY Market) with Medium-Term Rentals Using OnlyFans to Fund Ownership in Her First BRRRR w/ Brin Amberlee Achieving FI with Fewer Doors: The Small and Mighty Real Estate Portfolio w/ Chad Carson A Step-by-Step Guide to Finding the BEST Off-Market Real Estate Deals w/ Nate Robbins Connect with Kevin: Kevin's BiggerPockets Profile Kevin's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-333 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 333.
0:05.0	Instead of going out and buying something that's turnkey, can you identify a property that maybe needs a little bit of love or you can burr that property.
0:12.0	Still use the medium term rental with your exit strategy where you're buying it, renovating it, and then medium term renting it.
0:18.0	But now you're kind of recycling that same initial capital across multiple, multiple deals.
0:23.0	So, a few options for you if I were in your position.
0:26.0	My name is Ashley Care and I'm here with my co-host Tony J. Robinson.
0:31.0	And welcome to the Real Estate Rookie podcast where every week, twice a week, we bring you the inspiration, motivation, and stories that you really, really need to hear to kick start your investing journey.
0:40.0	And as always, we've got a great story coming up for you guys today.
0:43.0	We've got Kevin Cullen and Kevin actually won his way onto the podcast today.
0:48.0	We did a raffle for folks that pre-ordered our Real Estate Partnerships book, which if you haven't picked up a copy yet,
0:55.0	head over to biggerpox.com, slash partnerships, pick up your copy.
0:59.0	But Kevin won a raffle that we did for the book.
1:02.0	Yeah, so today, Kevin tells us a little bit about himself and he is a Real Estate investor.
1:08.0	And he has kind of a dilemma now about partnering with someone.
1:13.0	And so, he throws some questions at us to help clarify what is the best route for him to go with this new capital he has coming into his hands that he is receiving from investing in Real Estate.
1:24.0	And also, he has some potential partners. So we walk through the possible structureships he can use.
1:31.0	And then he also goes through some of the options he has as far as what to do with the capital that he has for himself and for his partners.
1:42.0	So you want to learn about real estate investing or partnerships.
1:47.0	This is the episode for you.
1:50.0	So Tony, before we get into the episode,
1:53.0	I do have to share something profession time.
1:56.0	Yeah, so today we're not doing a review.
	...

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