708: Future Millionaires: The 90-Day Mentorship to Grow Your Real Estate Portfolio

BiggerPockets Real Estate Podcast

BiggerPockets

Investing, Education, Business

4.8 • 16.6K Ratings

🗓️ 1 January 2023

⏱️ 87 minutes

🔗️ Recording | iTunes | RSS

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Summary

There’s a big difference between a real estate portfolio and having a few rental properties. Casual real estate investors can slowly start stacking one or two units a year and eventually end up with financial freedom, but often with stress and headaches that match their cash flow. Other investors, like David Greene and Rob Abasolo, take a more goal-oriented approach, building millions of dollars of wealth in under a decade with a portfolio that is self-sustaining, not self-defeating. Our goal here at BiggerPockets is to help YOU find financial freedom by following the same steps as investors like David and Rob. In the same spirit, David and Rob have decided to sit down with three mentees and give them one-on-one coaching to get them to their ultimate goals. These mentees are all at different stages of their investing journey, focusing on different strategies with different properties. First, we talk to Philip, a school teacher who dreams of building out glampsites and campsites, all while developing cash-flowing retreat centers. Secondly, we talk to Wendy, an investor stuck in the “turnkey trap” who wants to escape her job and the low cash flow of “easy” investing. Lastly, we talk to Danny, a multifamily investor who wants to scale faster to regain his time. All of these mentees have the same goal: financial freedom. If you’re trying to find your way out of the rat race and into the wealth-building realm of real estate, these are the episodes for you. We’ll continuously be checking in on our guests, giving them action items, and helping them work through any roadblocks that come their way. So stick around for the journey; you might hit financial freedom faster! In This Episode We Cover: Investing in glamping, camping, and retreat centers and why developing may be a costly move How to find a real estate agent/broker who can source your PERFECT property (even if it’s VERY niche) The “turnkey trap” and why easier investing often leads to lower returns Why working in real estate as you build your portfolio is a cheat code for investors House hacking, rental arbitrage, and creative ways to rent your properties for more How to scale from small to large multifamily investing and how to find your own mentor And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Youtube Channel BiggerPockets Forums BiggerPockets Pro Membership BiggerPockets Bookstore BiggerPockets Bootcamps BiggerPockets Podcast BiggerPockets Merch 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 David's BiggerPockets Profile David's Instagram David’s YouTube Channel Rob's YouTube Rob's Instagram Rob's TikTok Rob's Twitter Rob's BiggerPockets Profile Hear Our Interview with the Discount Lots Founders How to Plan for (and CRUSH) Your 2023 Goals Book Mentioned in the Show Long Distance Real Estate by David Greene Click here to check the full show notes: https://www.biggerpockets.com/blog/real-estate-708 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! 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
0:03.1	708 I
0:05.2	Think something to consider so far is typically when we're looking at real estate investing
0:09.9	We're mostly looking at the value of the property itself or maybe the area that it's in
0:15.2	This isn't going to be the most accurate way for you to approach it
0:18.0	You're mostly just looking at revenue
0:19.7	This is almost like buying a business because if you're looking at
0:22.8	At having glamping or your like the improvements on the property aren't going to be as big of a piece of the puzzle
0:29.0	So I'm just kind of reminding Rob and I that as we're giving you advice
0:31.5	We need to keep this in mind that you're not going to have some of the traditional
0:35.7	Safety nets of the business didn't work that well, but the real estate did the land improved in price, right?
0:41.6	What's going on everyone? This is David Green your host of the bigger pockets podcast here today with my lovely beautiful and talented
0:48.2	Co-host Rob Havasolo, but you weren't expecting that but it's still true
0:53.5	Today we have a unique show that I think you guys are going to love if you are at
0:57.8	BPcon22 in San Diego
1:00.0	We announced that we were going to be having a contest where we were going to select several people to be mentored by both
1:06.5	Rob and I in accomplishing their real estate goals
1:09.2	Well today is the day it is the first episode where we're going to be introducing you to the winners that were selected
1:15.7	Getting to know them better and helping figure out the progress they should be making in today's show
1:21.1	We get and see their goals the plans and the actions they should be taking in that order
1:25.8	Which is ways that Rob and I help determine what our most important next step should be and this was a lot of fun
1:32.3	Rob what do you think about today's show? Oh, it was great
	...

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