765: Seeing Greene: Out-of-State Mistakes, “Low Risk” Real Estate, & False Cash Flow

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 14 May 2023

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

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Summary

Real estate investing was never meant to be easy, but there are a few ways you can get started without putting a ton of your money or time at risk. Most real estate investors go gung-ho from the start, buying as many cheap rental properties as possible, only later to realize their mistake. But here’s the thing; you don’t need to invest in sketchy markets or buy dirt-cheap rentals to make money, you just need a bit of creativity if you want to get ahead. On this episode of Seeing Greene, we’re taking you through a plethora of investing strategies. We talk about how to invest in real estate when at the tail end of your career, whether to convert your garage into a rental or buy an out-of-state investment, the true cost of holding onto a risky rental property, and why your “cash flow” numbers probably aren’t what they seem. And, if you’re a young investor thinking of skipping college to dive head-first into real estate, you may want to hear David’s advice before you make that move. Want to ask David a question? If so, submit your question here so David can answer it on the next episode of Seeing Greene. Hop on the BiggerPockets forums and ask other investors their take, or follow David on Instagram to see when he’s going live so you can hop on a live Q&A and get your question answered on the spot! In This Episode We Cover: House hacking in an expensive market vs. buying an out-of-state rental Garage conversions and the surprising profits of turning storage space into a rental unit Going to college vs. becoming an agent and why you don’t have to choose between the two The low-risk way to begin real estate investing (even if you’re starting late!) How many bank accounts you REALLY need when running a rental portfolio When to give up on a risky rental property that has high expenses 1031 exchanges explained and how to dodge taxes when buying a new property And So Much More! Links from the Show Find an Agent Find a Lender 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 Out-of-State Investing: The Good and the Bad Episode Seeing Greene 747 Book Mentioned in the Show: Long-Distance Real Estate Investing by David Greene The Multifamily Millionaire Volume I by Brandon Turner & Brian Murray The Multifamily Millionaire Volume II by Brandon Turner & Brian Murray Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-765 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 Puckets Podcast Show, 765.
0:04.6	We're going to do this as low risk as possible.
0:06.8	I want you to look for a short-term rental where people want to visit.
0:10.0	And I want you to rent the thing out as a short-term rental when you're not using it.
0:14.4	And then when you are using it, like when you travel out there to stay at that property,
0:19.3	which means you're going to cash flow, you'll probably end up with two cash flowing properties
0:24.2	that will make more money than they both cost to own.
0:26.9	And you'll be able to bounce back and forth between these two markets
0:30.4	without not only not having a housing expense, but actually making money from what you
0:34.8	rent your houses out when you're not using them.
0:37.1	It's going on everyone.
0:38.3	It's the bigger Puckets Podcast.
0:40.0	I'm David Green and we have a seeing green episode for you.
0:44.8	These are awesome.
0:45.9	In today's show, I'm going to be taking questions directly from you.
0:49.1	Our listenership, our audience, the people.
0:52.1	And you'll be connecting with me as I give my best efforts at answering
0:56.8	your questions, teaching you more about real estate and helping you all to build wealth.
1:00.9	And today's show was a blast.
1:02.8	Not only was it hilarious, but we also give a lot of good information.
1:06.8	We talk about what age you should say yes to everything at and when you should start saying no.
1:12.0	How to choose a career path.
	...

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