378: Paying Off $100K in Debt with 3 Rentals Thanks to THIS Low-Money Strategy w/Dave Williams

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 11 March 2024

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

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Summary

Could rental properties help you switch careers, replace your W2 income, or get out of debt? According to today’s guest, yes! Once Dave learned of the flexibility that real estate investing could offer, he left his established career behind and never turned back! Welcome back to the Real Estate Rookie podcast! Dave Williams and his wife were working as traveling physical therapists when they determined that their careers wouldn’t support the lifestyle they wanted. So, they turned to real estate and adopted an amazing strategy—one that allows them to buy a house every few years with low money down before eventually moving out and converting it into a long-term rental. By repeating this strategy, they have been able to build a small, local portfolio with cash-flowing, appreciating properties! In this episode, Dave talks about the value of 2-1 buydowns and the one question you must ask before starting any home renovation project. Looking for a market to invest in? He even shares a list of the BEST neighborhoods in the greater Denver area. But like any investor, Dave has had a few horror stories as well. Stick around to hear how one of his rentals flooded not once, not twice, but THREE times! In This Episode We Cover: How Dave paid off $100K in debt with only THREE rental properties Buying new properties with low money down and converting them into rentals The one question you NEED to ask before making any home renovation How to find properties that deliver cash flow AND appreciation The BEST markets to invest in around Denver, Colorado 2-1 buydowns explained (and when you should use them!) 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 Wiping Out $130K of Debt in ONE Year With THIS “Steady” Real Estate Business From $40K Debt to 4 Doors and Six-Figure Net Worth (In 1 Year!) Paying Off $118K of Debt in 2 Years and Buying Real Estate (16 Units!) Connect with Dave: Dave's BiggerPockets Profile Dave's Facebook Dave's Instagram Dave's LinkedIn Dave's Website Check the full show notes here: https://www.biggerpockets.com/blog/rookie-378 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 a real estate rookie episode 378.
0:05.0	What do you want your life to look like?
0:07.0	Today we are going to discuss that feeling of realizing
0:10.0	you want your life to look different
0:12.0	and making that transition through real estate.
0:15.2	My name is Ashley Kerr and I am here with my co-host Tony J Robinson.
0:20.1	And welcome to the Real Estate Rookie podcast where every week, three times a week,
0:24.4	we bring you the inspiration, motivation,
0:26.7	and stories you need to hear
0:28.5	to kick start your investing journey.
0:30.0	And today, we're here with Dave Williams out of the Denver area now.
0:34.0	Dave and his wife, they were traveling physical therapists who soon realized
0:38.6	that they wouldn't be able to live the life they wanted by only relying on their W-2s and through creative use of
0:44.6	Helox, house hacking, and doing value-add basically like live-in flips in their
0:49.1	primary residences, they've paid off $100,000 in debt and they're living life on their terms
0:54.6	would get this only three properties. Now Dave is also a real estate agent and
0:59.0	he'll share some tips that he's learned through DIY and what really moves the needle for renovations and what to do when your property is flooded three times.
1:09.6	So Dave, super excited to having the Ricky podcast today.
1:12.6	Welcome in brother.
1:13.6	Hey, thank you so much.
1:14.8	I'm super grateful to be here and excited for our conversation.
1:18.6	Dave, we originally met actually.
	...

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