677: How to Build an Income-Replacing, All Off-Market Rental Property Portfolio
BiggerPockets Real Estate Podcast
BiggerPockets
4.8 • 16.5K Ratings
🗓️ 20 October 2022
⏱️ 64 minutes
🔗️ Recording | iTunes | RSS
🧾️ Download transcript
Summary
Financial freedom in two years? How can that be possible with high interest rates and higher home prices? If you’re looking at what’s on the MLS as the only deals around, you could be missing out on buying properties that could fast-track your journey to early retirement. Taylor Wing, unlike most investors, didn’t go the conventional route when building his rental property portfolio. But, walking the road less traveled has paid off significantly, as he has already found financial freedom in less time than it takes most investors to buy their first property!
Taylor’s career trajectory was cut and dry from the start. After graduating from West Point, he entered the Army and knew exactly how rankings, raises, and benefits would work from the day he started until the day he retired. This rigidity didn’t sit well with an entrepreneurial-minded, soon-to-be investor like Taylor. After his first house hack, and a very successful BRRRR, Taylor went full-throttle on investing.
Now, just two years later, he has a portfolio of over thirty rental units, a Rolodex full of private money lenders, and teams in multiple states ready to help him grow. So what sets Taylor apart from the rest? Aside from his resilience, Taylor chose to take action once he had enough information, instead of falling victim to analysis paralysis. If you follow Taylor’s advice, you too could grow a portfolio as fast as he did!
In This Episode We Cover:
Taking action, pushing past fear, and refusing to be stuck in analysis paralysis
Direct-to-seller marketing and how to find off-market real estate deals
Creative financing strategies, the subject to method, and no money down deals
Defining your “buy box” and red flags when looking for a BRRRR or rental property
Building your real estate team and the most important hire you can have
How to create an actionable plan to reach financial freedom in only a few years
And So Much More!
Links from the Show
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
Hear About “Reverse Flipping” with Ashley Hamilton
The 30-Something’s Guide to Financial Freedom
Try Follow Up Boss to Get More Real Estate Deals
Books Mentioned in the Show:
Financial Freedom with Real Estate Investing by Michael Blank
Traction by Gino Wickman
Connect with Taylor:
Taylor's BiggerPockets Profile
Click here to check the full show notes: https://www.biggerpockets.com/blog/real-estate-677
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Transcript
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| 0:00.0 | This is the Bigger Podcast Show 677. |
| 0:04.3 | For me, communication trust is everything and if honor is a big character trait that I like to |
| 0:11.2 | stress on is building something that's based on honor and trust. So being able to meet people |
| 0:17.0 | face to face, I think builds that kind of relationship. It's not just an email address or a |
| 0:22.9 | voice over the phone, but they know who I am and I know who they are and it helps, I think it kind |
| 0:28.4 | of helps build that rapport with each other. What's going on everyone is David Green, your host of |
| 0:32.2 | The Bigger Pockets Real Estate Podcast. Here's today with another fantastic episode and I've |
| 0:36.4 | joined by my co-host, Jamil Damjee. Jamil, how's it going? Fantastic. I'm really, really stoked |
| 0:42.0 | about today's show. Taylor is an incredible guy, not only served our country and continues to just |
| 0:50.9 | blow my mind with what he's been doing not only in real estate, but just as a dude in general. |
| 0:56.3 | Love the guy. Yeah, this is a great example of a go-getter who's doing a phenomenal job with |
| 1:01.3 | simple techniques that he learned on the podcast that anybody can replicate. He's in a strong |
| 1:05.2 | rental market. He's creative. He hustles. He looks for deals while walking his dog. I love that, |
| 1:10.1 | doing two things at one time, time management. And there's a lot of other stuff that you guys will |
| 1:14.6 | get out of this show. If you listen, I think it's one of the more inspirational stories because, |
| 1:18.1 | frankly, what Taylor's doing, anybody can do. But before we bring in Taylor, today's quick tip is |
| 1:23.8 | brought to you by Jamil Damjee. Thank you, David. One of the things that I really love about Taylor |
| 1:28.4 | is really making sure that you're doing business with honor. And he epitomizes that and everything |
| 1:34.4 | that he's doing, not only is he getting belly to belly with sellers, but he's looking at how he can |
| 1:39.2 | solve the problem. And not enough people are looking at how they can solve somebody's problem in order |
| 1:44.8 | to get them the best situation and the sell of the best situation. And then on top of that, |
| 1:49.6 | he's sticking to markets that he really knows. So this isn't just throwing spaghetti at the wall |
... |
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