755: How a Barber Went from $12 Clips to Six-Figure Cash Flow in 10 Years w/Rick Morin

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 20 April 2023

⏱️ 61 minutes

🔗️ Recording | iTunes | RSS

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Summary

Most people buy rental properties on purpose, but most people aren’t Rick Morin. Rick is what we would call an “accidental investor.” He has been able to build a home-run housing portfolio by slowly, steadily investing whenever he had the chance. The best part? In the beginning, Rick had no idea that what he was doing was real estate investing. He was stunned when he bought his first home, which ended up paying for itself entirely. Fast forward a couple of decades, and Rick is sitting pretty with $285,000/year in passive income, a $3,000,000 portfolio, and the financial freedom most Americans won’t achieve until their 60s. So how did a barber, growing up in an impoverished household, go from making $12 a haircut to pulling in over $200,000 per year in pure cash flow? It’s simple: buy right, buy consistently, and trust your gut. Rick has done flips with car-sized holes in the roof, gone over budget and timeline, and made up his own comps, but at the end of the day, all the deals he’s done have led to him holding this massive real estate portfolio. And while he’s nothing short of an investing genius, his process for evaluating and doing deals is NOT complex. You don’t need a degree, a large inheritance, or any experience to repeat Rick’s system. If you’re trying to build wealth in the background, leave a legacy for your kids, grandkids, great-grandkids, and everyone else down the line while focusing on doing what you love, tune into this episode. Rick has wealth-building advice that ANY investor can benefit from hearing. This Show Sponsored By Take your business to the next level with Left Main: the #1 CRM for Real Estate Professionals, built on Salesforce. Go to leftmainrei.com/biggerpockets to learn more. In This Episode We Cover: Turning $12 haircuts into a $3,000,000 real estate portfolio How Rick used “house hacking” to accidentally start investing in real estate House flipping and how to use short-term profits to pay for long-term rental properties Leaving a legacy, building generational wealth, and escaping poverty Where to find off-market deals and using Facebook, friends, and clients to get DEEPLY discounted properties Short-term rental investing and the secret tip a top tourist group CEO gave Rick Why building wealth slowly will make you richer than speeding your way to financial freedom 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 House Hacking 101: What It Is and How to Get Started How to Easily Find Off-Market Properties The Plight of an Accidental Landlord Flipping Houses: How to Get Started and Everything You Should Know Connect with Rick: Rick's Instagram Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-755 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 Pockets Podcast Show, 755.
0:04.1	Growing up with no air condition in my house,
0:06.1	to becoming a barber and charging $12 a haircut,
0:08.9	and then bam, over a span of 10 to 12 years,
0:12.1	we got a portfolio of $3 million.
0:14.4	So today's guest is Rick Morene,
0:16.8	who went from being a barber to a million hair.
0:20.4	That will make a lot more sense as you listen to today's show.
0:23.6	That's right.
0:24.6	Rick's story specializes in getting rich, slow,
0:27.8	and safe, and steady.
0:29.5	Three S's that will never do you wrong.
0:31.6	He's financially independent, but he keeps his job as a barber
0:34.1	because it actually makes him a smarter, sharper investor,
0:37.2	and he has worked real estate into the life that he already has
0:40.8	rather than trying to change the life that he has
0:43.1	for a completely different one in real estate.
0:45.2	Okay, next up, let's hear from today's show sponsors.
0:49.6	We know you've heard it before.
0:51.2	Cash flow is getting very hard to find.
0:53.7	There's always long distance investing,
0:55.5	but you may be thinking, I don't have a team,
	...

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