402: The “Domino Effect”: How to Build an Entire Portfolio from ONE Property w/Rob Schou

Real Estate Rookie

BiggerPockets

Business, Education, How To, Entrepreneurship, Investing

4.7 • 1.8K Ratings

🗓️ 6 May 2024

⏱️ 53 minutes

🔗️ Recording | iTunes | RSS

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Summary

The hardest part of real estate investing is, of course, getting started. Once you have your first rental property, it’s much easier to scale your real estate portfolio than you might think—even if you don’t have much money to your name! Earning modest salaries from their nine-to-five teaching jobs, Rob Schou and his wife couldn’t afford a large down payment on an expensive property. But by starting multiple side hustles and sharpening their DIY home renovation skills, they were able to purchase a cheaper property and add value to it. The best part? This created a “domino effect,” giving them more capital and momentum for future deals. Even when they didn’t have everything figured out, taking action and having multiple exit strategies meant they always turned a profit—even when a project didn’t go to plan! In this episode of the Real Estate Rookie podcast, you’ll hear about some creative side hustle ideas you can use to fund your next down payment. You’ll also learn how to choose a niche that aligns with your long-term goals, as well as how to build your “buy box” and find the right market. But that’s not all. Rob even dives into new construction, showing you how to buy land, vet builders, and more! In This Episode We Cover The “domino effect” and how ONE deal can help you land your next deal How to find the perfect investing strategy for your long-term goals How to build your “buy box” and choose a market to invest in Lucrative side hustles that can help fund your next down payment Why you MUST have multiple exit strategies for every new deal How to properly vet a builder for new construction projects And So Much More! (00:00) Intro (00:58) Buying the Vacation Home (10:51) Side Hustling for Down Payments (16:39) Analysis Paralysis & Finding Your Niche (24:16) New Construction 101 (28:26) How to Vet a Builder (36:17) Choosing Your “Buy Box” & Market (42:37) Connect with Rob! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-402 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is real estate rookie episode number 402.
0:05.0	So Ash, have you heard this thing called the domino effect?
0:08.0	Yeah, a domino can take down the next one that is one and a half times its size and it compounds its ability to take down larger
0:16.3	sized dominoes. And today's Ricky guest built his portfolio using one
0:21.7	deal to take down the next and the next and the next.
0:25.2	My name is Ashley Kerr and I'm here with Tony J Robinson.
0:29.4	And welcome to the Real Estate Rookie podcast where every week, three times a week, we bring you the inspiration, motivation, and stories you need to hear to kick start your investing journey.
0:38.4	And today we have Rob Scow on the podcast.
0:40.3	Now, Rob and his wife are both teachers in Southern Maryland by day and their
0:45.0	creative side hustlers by night. Each deal has helped them towards the next one
0:49.6	and exposed Rob to a variety of strategies when it comes to real estate investing.
0:53.6	So Rob, welcome to the real estate rookie podcast.
0:56.0	I appreciate you guys having me on.
0:57.2	Thank you for having here.
0:58.0	Rob, to start this off, we are very interested in how a used car and a puppy play date turned into a real estate deal for you and your family.
1:08.0	So it was one of those things just kind of we were looking around on Zillow of course and trying to figure out, you know, where we wanted to buy this vacation house.
1:18.0	We've always wanted a vacation house kind of in the woods or even, either by a lake or something like that.
1:23.0	And we looked at a whole bunch of different areas and we realized pretty quickly that the
1:27.7	capital we had on hand wasn't going to be enough to put a down payment for a lot of these
1:31.7	houses. But luckily we had a paid off truck.
1:34.0	So I sold the truck on Kravana
1:36.1	and then took that cash to the guy that we've bought used cars from
	...

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