660: Deal Deep Dive: How Robuilt Doubled His Property Portfolio Overnight
BiggerPockets Real Estate Podcast
BiggerPockets
4.8 • 16.5K Ratings
🗓️ 11 September 2022
⏱️ 69 minutes
🧾️ Download transcript
Summary
Hotel investments, big BRRRRs, and some mind-boggling cash flow are coming up on this Deal Deep Dive with our very own Rob Abasolo. For almost the entirety of Rob’s short-term rental investing career, he’s preached the good gospel about how small, mom-and-pop-owned vacation rentals are the way of the future. The secluded single-family rental, log cabin, or treehouse were some of Rob’s most impressive and profitable investments. But now, he’s taken a step in a whole different direction.
Rob doubled his rental property portfolio almost overnight, going from fifteen units to thirty-five by purchasing a twenty-unit hotel/motel mix in beautiful Upstate New York. Without much experience running anything on that scale, Rob and his partners went to work trying to figure out how to turn this mess of a motel into a profitable, high-value vacation destination. He faced some serious hurdles, from canceling on guests to fixing a literal hole in the middle of the property, but found a way to make it work.
Once the renovations are complete, Rob will walk away with an almost unbelievable amount of yearly cash flow, a seven-figure increase in equity, and a scalable system that will let him do these types of deals more often than he thought. Want to hear the nitty gritty so you can tackle something as lucrative as this? Sit back, relax, press play, and prepare for your next big property purchase!
In This Episode We Cover:
Transitioning from single-family rentals to multifamily vacation rental investments
Hotel hurdles and what you should know before investing in a multi-unit short-term rental
Big BRRRRs and how to revive a rental property that has serious deferred maintenance
How to find contractors when you’re in a low-population investing area
The right way to transfer ownership after you’ve bought a not-so-straightforward property
Seller financing and getting deals with lower interest rates and far more flexible lending
And So Much More!
Links from the Show
Get Your Ticket for BPCon 2022
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Learn About Real Estate, The Housing Market, and Money Management with The BiggerPockets Podcasts
Get More Deals Done with The BiggerPockets Investing Tools
Find a BiggerPockets Real Estate Meetup in Your Area
Our Interview with Heather Blankenship on RV Park Investing
Are There Opportunities in Hotel Investing in 2022?
Struggling to Find a Stellar Contractor? Try These 9 Pro Tips
The Definitive Guide to Using Seller Financing to Buy Real Estate
Watch Rob’s Video on This Property
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Transcript
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| 0:00.0 | This is the Bigger Pockets Podcast. |
| 0:02.0 | Show! 660! |
| 0:04.0 | But one of the really hard lessons that we learned was that the transition of ownership |
| 0:10.0 | was a little bit tricky. |
| 0:12.0 | We hadn't really hashed out a battle plan with the seller |
| 0:18.0 | because we were so focused on closing the deal. |
| 0:20.0 | Like there was always stuff happening. |
| 0:22.0 | As you know, deals start to fall through and then everyone's going to be like |
| 0:26.0 | hey we're all on the same team, you really want to sell it, we really want to buy it. |
| 0:30.0 | Let's renegotiate how are we going to make this work? |
| 0:32.0 | And so we had like five of those moments. |
| 0:34.0 | I felt like do that whole process where like oh shoot. |
| 0:38.0 | What's going on everyone? This is David Green, your host of the Bigger Pockets Real Estate Podcast. |
| 0:42.0 | Here today with my partner in crime and partner in business. |
| 0:46.0 | Robert Abisolo. Rob's so nice to see you today. |
| 0:48.0 | And I can't help but notice you're a little dressed up. |
| 0:50.0 | You got rid of the black pocket tea and you're actually looking |
| 0:54.0 | fit, trim and sharp in a shirt with buttons in a collar. |
| 0:58.0 | That's true man. I think I've mentioned this to you before. |
| 1:02.0 | But I did this whole thing for two years where I saw a YouTube video of this guy |
| 1:06.0 | that was like why I only wear one shirt. |
| 1:08.0 | And I was like you know I like that. |
... |
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