738: Future Millionaires: The “Pickle Jar” Offer That Could Score You a Property

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 12 March 2023

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

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Summary

Building a real estate portfolio in 2023 isn’t as easy as it used to be. Without the free-flowing deal flow of the past decade, real estate investors need to try more intelligent strategies to snag properties that can help them reach financial freedom. To help them hit their goals, expert investors David Greene and Rob Abasolo have been coaching a small group of real estate mentees on their journey to build a robust property portfolio. Over the past three episodes, we’ve seen them build their buy boxes, decide on markets, formulate offers, and level up their investor skills. At the end of this ninety-day journey, our mentees have made some profound revelations. We start with Philip, who’s been struggling to find a worthwhile campground to get under contract. He’s been able to wrangle in a deal, but it comes with “hairy” circumstances that could allow him more bargaining power when negotiating with the seller. Next, Wendy is back on her hunt for a house hack. After viewing potential properties in the Las Vegas area, she’s had to pivot her investing strategy to tackle something that comes with lower costs. And finally, Danny joins us to talk about two “offensive” offers he made and the “pickle jar” method that investors should know about before negotiating with a seller. All of the mentees have made MASSIVE strides in their real estate investing journeys, but what comes next is entirely up to them. Stick around to hear how they got ahead of the game, what made the most significant difference in their property searches, and how they’re gearing up to tackle even bigger deals throughout 2023! In This Episode We Cover: Negotiating with a seller and what to do when hidden costs pop up during your due diligence Networking with other investors and the MASSIVE benefit that comes with it House hacking, medium-term rentals, and what to do when struggling to find cash flow Pivoting your rental property strategy and why you should NEVER make an offer unless the numbers make sense Making “offensive” offers and why lowballing isn’t always such a bad thing Building your “buy box” and keeping it flexible enough, so you’re still able to get properties under contract Analysis paralysis, outsourcing, and what will stop you from making it in real estate 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 BPCON2023 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 Work with David Rob’s BiggerPockets Profile Rob’s YouTube Rob’s Instagram Rob’s TikTok Rob’s Twitter BiggerPockets Podcast 708 Part 1 BiggerPockets Podcast 719 Part 2 BiggerPockets Podcast 726 Part 3 Connect with Our Mentees: Danny's BiggerPockets Danny's Instagram Philip's BiggerPockets Philip's Instagram Philip's Website Wendy's BiggerPockets Wendy's Instagram Wendy's LinkedIn Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-738 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, 7-38.
0:04.0	Never be discouraged by a lack of results.
0:07.0	Only get discouraged when there is a lack of progress or pattern recognition.
0:12.0	You may take the wrong path nine times, hit a dead end, come back,
0:15.0	but now you know the wrong nine paths, and then the next path you take will be the right one,
0:19.0	and you'll have an advantage over everybody else.
0:21.0	Some people get lucky and they hit the right path on the first try,
0:24.0	and then they assume this is how real estate investing works,
0:27.0	and then they take the next nine paths were all the wrong ones,
0:29.0	and they lose a lot of money because they made those mistakes.
0:32.0	So as long as you are recognizing patterns and what you did,
0:35.0	like you said, this is not the right realtor,
0:37.0	this is not the right type of property, this might not be the right market,
0:40.0	you are making progress, okay?
0:42.0	Don't just measure how many deals you close as the only result of bigger measuring.
0:46.0	What's going on everyone?
0:47.0	This is David Green, your host of the Bigger Pockets Real Estate Podcast.
0:51.0	You already know this, we're the biggest, the best, the baddest real estate podcast
0:54.0	in the world with the two most handsome co-hosts in this space as well.
0:59.0	This is me and Rob Abasolo bringing the heat today with our last episode with our three mentees.
1:06.0	In today's show, we're going over Philip, Wendy, and Danny's journeys,
1:10.0	their stories giving an update on where they are in their real estate investing journey.
	...

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