832: Deal Deep Dive: 2 Real Deals in 2023 That’ll Build Your Retirement Nest Egg

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 17 October 2023

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

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Summary

Want to speed up your retirement savings so you can retire even faster? With the right out-of-state rental properties, you can have consistent cash flow coming in every month, along with tens of thousands, if not hundreds of thousands, in equity from properties you bought this year! Today, we’re talking to two investors building their retirement nest eggs with long-distance real estate investing. Even better, the deals they’ll share were bought THIS year in today’s impossible housing market. First, we’ll talk to Keith, who lives in pricey California. He knew he couldn’t invest nearby but wanted to start building his passive income empire. With the help of Indianapolis agent Peter Stewart, Keith was able to lock down a medium-term rental that now cash flows $700 per month! Keith and Peter get into all the details, from how much the house cost to how they got it close to $30,000 under asking price, and the almost-perfect BRRRR (buy, rehab, rent, refinance, repeat) they did. Next, we’ll talk to Dave, who sold off all his rental properties in the last crash. Now, with retirement inching closer, he wants to build a legacy for his two boys. Dave worked with Oklahoma’s own Dahlia Khalaf on finding a long-term rental in a market with PLENTY of demand—so much demand that Dave had seventy-five interested applicants the weekend he posted this home for rent! If you want to find deals like Keith and Dave did in TODAY’s housing market, tune in! In This Episode We Cover: Retiring with rental properties and how to start building your nest egg today Out-of-state real estate investing and landlording at a distance when your home market is too pricey Building your “buy box” so you know exactly what rental properties to look for How to get WAY more cash flow out of the same rental with the “medium-term rental” model Using the BRRRR (buy, rehab, rent, refinance, repeat) method to pay close to nothing for rental properties Why overbidding isn’t always a bad thing (and how it can make you money!) 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 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 Davids's BiggerPockets Profile David's Instagram Subscribe to David’s YouTube Channel Rob's BiggerPockets Profile Rob's Instagram Rob's TikTok Rob's Twitter Rob's YouTube Grab David’s Book on Long-Distance Investing, BRRRR, and More Analyze Rentals in Minutes with the BiggerPockets Rental Property Calculator Hear How to Get YOUR Offer Accepted in This Housing Market Connect with Dave: Dave's BiggerPockets Profile Connect with Dahlia: Dahlia's BiggerPockets Profile ASN Website ASN Facebook Connect with Keith: Keith's BiggerPockets Profile Keith's Instagram Keith's Facebook Connect with Peter: Peter's BiggerPockets Profile Peter's Facebook Peter's Instagram Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-832 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 POD KISS Show 832.
0:04.0	My motivation now is twofold. One is to, you know, I'm looking more at retirement soon for my day job.
0:10.0	So to have that passive income and then two is to provide a legacy for my two boys.
0:15.0	I'm an older guy, right? So I'm 47. I've got a wife. I've got a kid. My goals were basically like, hey, I want to set something up.
0:24.0	You know, cash flow wasn't the number one thing for me because I'm looking 10, 15 years down the line when we want to retire.
0:30.0	So getting into this deal was basically like, hey, let me see that I can do this. Let me see that I can make this happen and then let me repeat it.
0:38.0	What's going on, everyone? Is David Green your host of the Bigger Pockets Real Estate Podcast?
0:42.0	The biggest, the best, the baddest real estate podcast in the world every week bringing you the stories, how-tos, and the answers that you need to be successful
0:50.0	and makes smart decisions in this current ever changing real estate market.
0:54.0	Today's show, my co-host Rob Abasolo and I will be interviewing agents and their clients who have found deals that work in today's market.
1:03.0	Both of these investors live in markets different than where they're investing.
1:06.0	So they're using long distance real estate investing principles to help put these deals together and we're going to be explaining what they found, how they found them, and how they put it together.
1:14.0	Rob, what should investors be on the lookout for in today's shows to help them with their business?
1:19.0	Honestly, they should be looking at their relationship with their realtor and being honest and asking themselves, is my realtor this good?
1:26.0	Is my realtor asking these types of questions? And is my realtor well versed in FSM?
1:32.0	And if you don't know what that means and you're going to want to stick around until the very end because we get into it with one of our realtor's on the show.
1:37.0	That's a great point. And if you're interested in seeing what a good realtor looks like, check out episode 826,
1:43.0	where we did a show where we took a realtor and a loan officer that both work with me and interview them to say,
1:48.0	how do you two work together to get clients into contract in a very difficult market?
1:53.0	Now, before we bring in today's guests, I just want to remind everyone that both investors were starting later in life.
1:59.0	These are not 21 girls that already have a portfolio of 40 properties like you typically see in the thumbnails.
2:05.0	These were people that have just lived their life, saved some money and they're getting started investing at a later stage yet.
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