602: Why The “Right Way” to Buy Rentals is Wrong

BiggerPockets Real Estate Podcast

BiggerPockets

Investing, Education, Business

4.8 • 16.6K Ratings

🗓️ 28 April 2022

⏱️ 79 minutes

🔗️ Recording | iTunes | RSS

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Summary

If you want to invest in real estate, you’re probably taking a safe, slow approach to building a rental property portfolio. As a real estate rookie, people tell you that the safest way to invest is to get good at one thing while keeping a distance from doing deals outside your comfort zone. While this type of advice isn’t wrong for everyone, it may miss the mark for some. Investors like Marjorie Patton have found ways to dramatically diversify themselves in the world of real estate, without their losing shirts. Marjorie is the head of sales for a financial technology firm by day and a real estate investor, house hacker, flipper, and private money lender by night. With some rather unexpected renovation costs on her first property (and with no safety reserve), Marjorie was forced to learn real estate investing on the fly. Fast forward to today, Marjorie has a seven-door portfolio in the expensive Denver, Colorado area. She’s grown quickly and has seen healthy profits, but has no need to quit her W2. Instead, she’s going to creatively parlay any deal that comes across her desk so she can build wealth while continuing to work somewhere she loves. In This Episode We Cover: Why diversifying in real estate isn’t such a bad idea, plus how to prepare to do different deals Using the concepts you know in everyday life to build a real estate portfolio The benefits of being “scared” when doing deals and building confidence through mistakes When the right time to quit your W2 is and why you don’t have to succumb to the “financial freedom” pressures Flipping homes, lending private money, and investing in deals with partners House hacking an expensive property while keeping your cost of living low And So Much More! Links from the Show: BiggerPockets Website BiggerPockets Bookstore BiggerPockets On The Market Podcast BiggerPockets Youtube Channel BiggerPockets Podcast #467: #1 NYT Bestselling Author Adam Grant on the Need to “Think Again” Ebay MLS (Multiple Listing Service) Mike Tyson's Official Website Steve Jobs' Wikipedia Page Steve Wozniak's Wikipedia Page Malcolm Gladwell's Official Website Warby Parker Website Rocky Mountain Women Invest Meetup Airbnb Redfin HBO’s Billions Mark Ferguson's Wikipedia Page Rob’s TikTok Profile Rob’s Instagram Rob’s Youtube Channel Rob's Twitter David’s Instagram David’s Tiktok Profile David's Business Website Connect with Marjorie: Marjorie's Instagram Denver Women Investor Meetup Instagram Check the full show notes here: https://www.biggerpockets.com/blog/real-estate-602 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 602.
0:04.3	Don't second guess yourself in terms of the things that you know.
0:08.1	You know, you know a lot more than you think you do, and you don't necessarily need to be
0:13.5	have gotten one deal under contract or anything like that. You are smart people. People out there
0:19.7	that try and read and listen and take the advice of other people who are smart and read.
0:25.2	And I think that there's it's endless in terms of what you can do. I shouldn't say with very
0:31.5	little knowledge, but if you feel like you can pick apart those parts of your experience where
0:36.2	you can apply them to different deals.
0:45.0	What's cool on everyone. My name is David Green and I'm the host of the Bigger Pockets Real
0:48.8	State Podcast. This is your first time listening. This is where you go if you want to build wealth
0:53.6	through real estate and you want to make less mistakes, make faster progress, and do it in a smarter
0:59.2	way. We help you to find financial freedom through real estate by interviewing different guests that
1:04.5	have done it themselves, as well as industry experts who give specific knowledge on elements of real
1:09.5	estate investing that will help make you money. We're basically real estate nerds. Bigger Pockets is
1:15.1	a company that is committed to helping others just like you build both the real estate. You can also
1:19.8	visit our website where you can look at forums where tons of questions are asked to answer to
1:24.3	ask your own question, get an answer there. Check out our incredible blog or go to bigger pockets.
1:29.2	Clumps last store where there are lots of books written on different topics of real estate.
1:33.6	Several of them written by yours truly.
1:37.3	I'm joined today by my co-host Mr. Rob Abbasolo where we have an amazing show interviewing
1:42.8	Marge Patton who does a really good job of sharing how she invests in a hot market like Denver,
1:48.0	but does it with all kinds of different deals. Flips, multi-family, single-family, short-term
	...

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