393: Campus Maintenance Man to $10M in Real Estate Owned with Rick Jarman

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 30 July 2020

⏱️ 82 minutes

🔗️ Recording | iTunes | RSS

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Summary

Real estate investing... old school! Rick Jarman (@realestateoldschool on Instagram) joins us today to share some of his hard-won wisdom from 44+ years as a flipper and landlord in Tuscaloosa, Alabama. And it's quite the journey, from cabinet maker and campus maintenance man to cigar-puffing 64-year-old social media influencer! In this episode you'll hear tales of up markets, down markets, losing it all, getting it all back... and a tornado that wiped out 20 of Rick's 100+ rental houses. He also takes us through his rules for tenant screening, explains why he favors 15-year mortgages, and paints a picture of what it's like to self-manage such a large portfolio of single family homes (with a team, of course). Give Rick a follow, and if you know someone who'd make a great guest on the BiggerPockets Real Estate Podcast send them over to biggerpockets.com/guest where they can apply to appear on the show. In This Episode We Cover: How Rick went from maintenance guy to owning 100+ properties Selling his truck to buy his first rental in 1981 Investing lessons learned through 4 recessions Why his rentals saved him when his home building business failed in the late 90s Losing 20+ houses in a tornado in 2011 Rick's tenant screening process Why tenants' credit scores don't tell the whole story Wrapping 40+ houses into one loan Why some investors "get bored with what works" And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Podcast BiggerPockets Podcast 382: No Money Down BRRRR Investing with Josiah Smelser (Part 1, Recorded Pre-Coronavirus) BiggerPockets Webinars Credit Score and FICO Quickbooks Facebook Marketplace BiggerPockets Bookstore BiggerPockets Shirts and Mugs MBA562 Guest Teacher: Brandon Turner- How to (Finally) Write a Wicked-Awesome Book in 100 Days or Less Check the full show notes here: http://biggerpockets.com/show393 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Bigger Pockets Podcast
0:02.0	Show 393, kicking it old school.
0:05.0	You can't just say, well, I lost my job, I can't do this, I just, I ain't go rent no more.
0:11.0	Where are you gonna live? What you gonna do do? Now you may have families move in together,
0:14.9	but they've got to live somewhere. They're going to be paying rent to somebody or
0:18.4	owning their own house. And another thing I always like to tell people when you're looking at property.
0:23.7	I always remember, large can number but numbers don't lie.
0:28.4	You're listening to bigger pockets radio.
0:30.9	Simplifying real estate for investors large and small.
0:34.7	If you're here looking to learn about real estate investing
0:37.3	without all the height, you're in the right place.
0:40.5	Stay tuned and be sure to join the millions of others who have benefited from bigger pockets.com.
0:46.0	Your home for real estate investing online.
0:49.0	What's going on everyone? It's Brann, host of the Bigger Pockets podcast,
0:53.6	here with my co-host, Mr David Green.
0:56.4	David, good to see you again.
0:58.0	Good to see you, too.
0:59.0	This was an absolute blast.
1:01.2	This is gonna go down as I keep one of the most fun podcast we've done in a while.
1:04.4	It was. We just got finished recording with a Mr. Rick Jarman. Rick is old school when it comes to real estate. I don't mean that in a bad way.
1:14.8	That's actually his Instagram handle real estate old school. But he has a he's been in this game
1:19.6	longer than I've been alive, significantly longer than I've been alive, and he's just a character he just knows so much
	...

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