356: 30+ Rentals (in a Pricy Market) Through BRRRR and Section 8 with Joe Asamoah

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 14 November 2019

⏱️ 82 minutes

🔗️ Recording | iTunes | RSS

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Summary

Want to build massive wealth in a top-end rental market that’s also really expensive—all while minimizing your risk? Don’t we all! Well, you’re in luck, because today’s guest has done just that—and in a surprisingly simple way that anyone can replicate. On today’s show, Brandon and David dig deep into the strategy used by Joe Asamoah, a Washington, D.C. investor, who owns more than 30 single family homes that are currently building him massive wealth! You will be absolutely fascinated as you hear how Joe uses HUD housing vouchers to generate big returns in high-end areas while also reducing his risk to survive tough markets. Joe also shares some amazing tips for how he keeps tenants for 15 years at a time, including how he creates a huge demand for his homes, which kinds of properties he targets, and how he gets deals brought to him before anyone else. Joe goes on to reveal some extremely effective tips regarding how to treat your tenants so well they never leave, how to convince lenders to work with you, and why he visits potential tenants in their current homes on short notice. This show is chock full of extremely practical advice anyone can follow, not to mention useful tips for high-level real estate investing. This is an episode you will listen to several times and walk away extremely inspired. In This Episode We Cover: Why he targets 5-bedroom houses Why the greatest HUD demand is for 4-, 5-, and 6-bedroom homes HUD requirements for what qualifies as a bedroom The advantages of investing in a capital city Why he rehabs his properties to HGTV-grade quality Why he visits potential tenants at their current homes Why he sends his tenants flowers on Mother’s Day and presents for Christmas Why he rewards his tenants' children for good grades and even offers vacations for tenants How his model is designed to be recession-proof Why he has a 20-page lease Why he focuses more on reducing expenses than he does on increasing rents Why he hired an assistant to manage his properties instead of using a traditional property manager And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Bookstore BiggerPockets Pro Email: [email protected] David's Instagram Brandon's Instagram Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the BiggerPockets podcast show number 356.
0:05.0	You'll find out the greatest demand for houses are four, five and six bedroom houses.
0:11.0	So for those people who have the wherewithal to create those four, five, and six bedroom, you create what you're kind of an environment, I call the nirvana, the ultimate goal of any business holder, which is to have a product, which is high demand, low supply.
0:27.0	You're listening to Bigger Pockets Radio, simplifying real estate for investors large and small.
0:33.7	If you're here looking to learn about real estate investing
0:36.3	without all the height, you're in the right place.
0:39.6	Stay tuned and be sure to join the millions of others who have benefited from bigger pockets.com
0:45.6	your home for real estate investing online.
0:49.5	What's going on everyone?
0:50.5	This is Brandon Turner, host of the biggerockets podcast here with the co-host of the year
0:55.7	winner 2019.
0:57.7	I don't know is there an award ceremony David Green.
1:00.1	Well let's hope I'm more than one year but thank you I appreciate that. I'll make sure I mention you in my acceptance speech.
1:06.0	I would hope you would. Definitely would hope you would. So what's up, buddy? What's you've been up to?
1:10.0	Anything fun? Well, I think I mentioned that I just got my brokers license so I'm kind of changing the
1:14.6	David Green team around where I'm not going to be working with the clients as much I have
1:17.6	team members I'll kind of be overseeing it making sure deals close and we find deals
1:21.0	for people but letting other people handle kind of the day
1:23.5	to day operations I'm still speaking a lot and I just started a mortgage company
1:27.9	so I'm getting a little bit I mean for the last three years or so now really the last year and a half I've
1:35.0	done less investing and more focus on building up my real estate business and it
1:39.1	was great to do it but it's investing is more fun so I'm just slowly moving more now that I've got people around me,
	...

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