740: From $500 to 40 Rental Units After Going Broke in The Last Crash

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 16 March 2023

⏱️ 63 minutes

🔗️ Recording | iTunes | RSS

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Summary

Eric Quinn turned $500 into over forty rental properties without rich relatives, a winning lottery ticket, or a magic genie. Like many investors after the 2008 crash, Eric was left flat broke, with an unbelievably high adjustable mortgage rate, hundreds of thousands in credit card debt, and just a few hundred dollars to his name. His “bed,” a pile of clothes in an empty apartment, was the one thing that could comfort him while digging himself out of the housing market hole he fell into. Now, Eric’s life looks a little different. With dozens of cash-flowing rental units, even Eric questions how he got here. His story includes selling snakes, dealing drugs, storage wars, terrible real estate deals, and bad debt, but at the end of it, thanks to making the perfect pivot, he came out on top. He made almost every real estate investing mistake in the book, from buying a property he knew nothing about to purchasing fifteen rental properties in one month (don’t do this) and taking risks that were never worth the reward. But Eric isn’t here to cry over spilled milk. Instead, he’s here to share EXACTLY how he made it out of a horrible situation and turned his life around to build wealth, have time freedom, and live without worrying. You might be feeling a bit like Eric did, and if you want to know the mistakes you should avoid and the moves you should make to get in a better position, tune into today’s episode! In This Episode We Cover: How to build wealth when starting from ZERO (or in SERIOUS credit card debt) Storage wars and making thousands flipping items found at auctions The HUGE cash flow of sober living facilities and why they beat regular rental properties Becoming a real estate agent and why you HAVE to go all in if you want to make more money Purchasing portfolios and the big mistake Eric made that cost him hundreds of thousands Property inspections and why you NEVER use a residential inspector on a commercial property 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 Henry's BiggerPockets Profile Henry's Instagram How to Start a Sober Living Home 22 Doors After “Starting from Negative” Property Inspections—Why They’re Vitally Important & How to Get the Most Out of Yours Book Mentioned in the Show: The Gap and The Gain by Dan Sullivan Who Not How by Dan Sullivan Connect with Eric: Eric's Instagram Eric's Facebook Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-740 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Bigger Pogas Podcast.
0:02.4	Show 7-4-0.
0:04.9	I had 10-15 grand a month in bills, 150 grand in credit card debt,
0:08.4	plus the house that I couldn't afford.
0:10.6	And I had 500 bucks off of my name, and it's the cliche story of
0:14.4	I called, or I did this thing 50 times, right?
0:17.6	So I heard about storage units, and I had no idea how I learned about storage units.
0:22.0	And so I called 47 storage unit facilities.
0:26.1	In that storage unit, they said, I said, I don't know what I'm doing,
0:28.5	but I'm just going to show up.
0:29.6	I had literally 500 bucks off to my name.
0:32.1	I spent $450 bought three storage units, and in two weeks we made about 2000 bucks.
0:37.6	What's going on, everyone?
0:38.4	This is David Green, your host of The Bigger Pogas Podcast here today.
0:41.5	As you can see with a little change of scenery,
0:43.8	I'm joined by my co-host Henry Washington and our guest, Eric Quinn.
0:47.6	Today's show is absolutely staggeringly incredible.
0:52.6	You're going to love this show.
0:53.7	Our guest is Eric Quinn.
0:55.4	Eric has owed over 40 rental properties, done 15 flips,
0:59.3	and currently sits at 15 sober living facilities,
1:02.6	seven single family houses, a couple of duplexes,
	...

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