54: Investing in Under $30k Real Estate, Working a Day Job, and Good Vs. Bad Neighborhoods with Lisa Phillips

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 23 January 2014

⏱️ 76 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

How much money does it really take to buy a rental property? $200,000? $100,000? $75,000? On today’s show, we are going to chat with Lisa Phillips, a real estate investor who buys real estate in the under-$30,000 range and achieves some incredible cash flow from her mostly-passive investing. Lisa shares some amazing insights into how she went from a personal foreclosure to owning several rental properties – bypassing the banks and investing creatively. If you are someone who is looking to get started investing with real estate investing without spending hundreds of thousands of dollars – this is the show for you. Read the transcript for episode 54 with Lisa Phillips here. In This Show, We Cover: Investing in real estate while navigating the instability of day jobs How going through a foreclosure changed Lisa’s financial future… for the better Knowing when to call it quits Tips for negotiating with creditors What makes motivated sellers attracted to a certain real estate investor? Tips for defining a good vs bad neighborhood Finding a property manager who exceeds your expectations How much does a good property manager charge? Simple tips for attracting the best tenants to your rental properties The positives and negatives of low-price investing What crimes are acceptable? Links from the Show Tenant Screening: The Ultimate Guide NARPM – National Association of Residential Property Managers CrimeReports.com SpotCrime.com Rentometer.com Books Mentioned in the Show: Rich Dad Poor Dad by Robert Kiyosaki The 4 Hour Workweek by Tim Ferriss Tweetable Topics “Be clear & upfront with what you can do for other people. What’s in it for them?” (Click to Tweet!) “Landlords: never sacrifice your standards just to fill a vacant unit.” (Click to Tweet!) “When looking to invest in real estate, leverage the power of the internet.” (Click to Tweet) Connect with Lisa Lisa’s BiggerPockets Profile Lisa’s BiggerPockets Video Blog Lisa’s website: www.AffordableRealEstateInvestments.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Bigger Pockets Podcast, Show 54.
0:04.0	You're listening to Bigger Pockets Radio.
0:07.0	Simplifying real estate for investors large and small.
0:10.0	If you're here looking to learn about real estate investing without all the height, you're in the right place.
0:16.0	Stay tuned and be sure to join the millions of others who have benefited from BiggerPockets.com.
0:22.0	Your home for real estate investing online. benefited from BiggerPockets.com.
0:22.6	Your home for real estate investing online.
0:25.8	Hey, what's up everybody?
0:26.8	This is Josh Dorkin, host of the BiggerPockets
0:29.5	podcast here with Brandon Turner.
0:32.0	Hey Brandon, hey, Hey Josh how are you? I'm good man I'm good I know I make you laugh every time I announce you don't I?
0:39.2	You are clever and you're announcing I guess. am indeed yeah so how are things man I you've
0:47.2	had a bit of a wet week haven't you? I've had some plumbing issues this week, but I think we got it all figured out.
0:56.4	Somebody had flushed large rocks down the toilet, we think, and completely clogged up the drain in one of my
1:05.0	the recent foreclosure I bought.
1:07.0	The last guy wasn't too happy about being foreclosed on,
1:10.0	so he decided to flush some potato-sized rocks. Nice, that's awesome.
1:16.1	Yeah, those are the stories you don't hear about, you know?
1:18.4	You never hear like the late night guy, you know, like on TV saying,
1:21.3	5997 price, you can learn how to dig rocks out of a sewer pipe you
1:26.7	don't hear those.
1:27.7	That's true that's true.
	...

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