392: $12,500 per Month in 'Pure Cash Flow' With Todd Baldwin

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 23 July 2020

⏱️ 66 minutes

🔗️ Recording | iTunes | RSS

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Summary

A $1 million net worth before the age of 30... through frugality and creative real estate investing! That's what Todd Baldwin's achieved in a few short years, riding the red-hot Seattle housing market by repeat house hacking, renting by the bedroom, and living way below his means. Sure, Todd's benefited from appreciation, but he's also generating monster cash-on-cash returns across his 6 rental properties. And today, you'll learn just how he's doing it: how he finds pocket listings, why he favors new construction, why he pays for a $2,000/month service most landlords would never dream of providing, how he limits roommate drama, and much more. Wondering if this is legal? We discuss that in detail. Oh, and get this—Todd's all-time vacancy rate? Zero percent. So if you're in a high-priced coastal market, you need to listen to this show. And if you don't, we can pretty much guarantee you'll still enjoy it and pick up a few landlording nuggets along the way. Know someone who might put Todd's strategy to use? Share this episode with him or her today! And make sure you're subscribed to the show so you won't miss us next week. In This Episode We Cover: How Todd makes $12K+ in pure cash flow by renting by the bedroom Why he buys new construction rather than fixer-uppers Why he pays for all utilities The legalities of renting by the room The dangers of buying a property with a homeowner's association (HOA) Using a Tinder-like app to find roommates and tenants Why he hires maids to clean each of his 6 properties weekly His system for preventing conflicts among roommates How complementary skillsets make for great business (and romantic) relationships And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Podcast Redfin BiggerPockets Magazine Renthoop BiggerPockets Podcast 356: 30+ Rentals (in a Pricy Market) Through BRRRR and Section 8 with Joe Asamoah Grant Cardone on Multifamily Investing and Why You Should Never Buy a House! Joe Rogan Check the full show notes here: http://biggerpockets.com/show392 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the BiggerPockets podcast. I didn't look to see what number it was.
0:04.0	All right, 392.
0:08.0	This is the BiggerPockets podcast show 392.
0:12.0	We bought our first house in December of 2015 and a couple weeks after we closed
0:17.0	we had all the rooms rented out and from that day to this we have literally never
0:21.6	missed a month's rent across any room in any house.
0:25.2	We've never even missed a day's rent. It's that high demand in this high-priced area.
0:30.5	You're listening to Bigger Pockets Radio, simplifying real estate for investors large and small.
0:37.0	If you're here looking to learn about real estate investing without all the State Investing online. What's going on, number one, it's Brian Turner, hosted the BiggerPockets
0:54.2	podcast for another amazing show today here with my co-host David Green.
0:59.5	David Green, welcome to this show, man.
1:01.2	How you doing?
1:02.2	It's going really good. It it's Monday just had a very
1:03.8	relaxing weekend got out got some running done and got to go see my mom bought some new
1:08.9	realtor clothes and it's just a really good time to be in real estate.
1:12.8	The market is red hot.
1:14.2	If you haven't refinance your house,
1:15.5	you should absolutely look into doing it.
1:16.9	Brandon, I know we talked about you.
1:18.2	You refinance yours.
1:19.5	Brains are really low.
1:20.4	Just a public service announcement
	...

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