375: Making $160K/Year From ONE “Rare” Property Thanks to Seller Financing w/Adam Howard

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 4 March 2024

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Every investor wants a rental property that brings in six figures, but not every investor is willing to scour old listings, bring in a partner, or exhaust all of their creative financing options. If you want the perfect deal, don’t let money get in the way! Today, we’re chatting with former Division II football coach Adam Howard. In just three years, Adam has bought several properties that provide enough cash flow to replace his W2 income. This includes the “crown jewel” of his portfolio and first commercial property, a 13-unit hotel tucked away in a beautiful New York lake town. Adam found this rare deal by digging up an old Zillow listing that was incorrectly described as a single-family home. He was able to get seller financing for the deal, and today, it brings in $160,000 per year! Of course, this success story had its fair share of hiccups. Adam shares how he had to bring in a partner to take down the deal and identify creative ways to add value to the property before charging his ideal nightly rate. He also talks about the challenges of out-of-state investing and why building a strong investing team has been the key to his success! In This Episode We Cover: How to land your FIRST commercial real estate deal without bank financing The “small” commercial properties that are IDEAL for seller financing How to find the perfect investing partner for your next deal Leveraging your retirement accounts to buy MORE properties Raising your nightly rate with the best value-adds for short-term rentals How to find the hidden value in properties with incorrect listings 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 Submit Your Real Estate Rookie Question! Apply to Be a Guest on the “Real Estate Rookie” Podcast Grab Your Copy of “Real Estate Partnerships” How to Buy a Hotel: Breaking Down Tony’s FIRST Commercial Real Estate Deal Commercial Real Estate Fundamentals for Successful Investors Scaling From Single Family to Commercial Real Estate Connect with Adam: Adam's BiggerPockets Profile Adam's Website Check the full show notes here: https://www.biggerpockets.com/blog/rookie-375 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 375.
0:05.0	Today's guest is a former coach who started investing in his late 40s
0:09.0	and has been investing for just three years,
0:12.0	but has already replaced his W-2 income.
0:15.0	He is a prime example of how you are one interaction away from changing your life.
0:20.0	I'm Ashley Kerr and I'm here with Tony J Robinson.
0:24.0	And welcome to the real estate rookie podcast where every week, three times a week,
0:28.0	we bring you the inspiration, motivation, and stories you need to hear to
0:32.0	kick start your investing journey.
0:33.2	And today we're here with Adam Howard who is no stranger to doing the hard things like
0:38.6	actually said he's a former division to coach and athletic director turned cells rep who cash in his 401k and
0:44.7	took a chance on himself. Now he's also a father of three with very very active
0:49.5	kids and super busy lifestyles there and he has a small portfolio in Ohio and he just took down a value
0:56.1	ad motel out of state. Now he loves trying a mix of things in real estate and recently
1:01.0	started managing short-term rentals for others and he's doing
1:03.9	all of this guys while working a full-time job so no excuses. So first we'll
1:07.9	hear how just one follow-up led to his life-changing purchase from an incorrect
1:12.2	MLS listing and we'll get into so much more.
1:15.2	So welcome Adam, how are you doing today brother?
1:17.0	Oh, I'm fantastic.
1:18.0	Thank you so much for having me.
1:19.0	Super excited to dive into your story.
	...

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