85: Stop Creating Your Own Roadblocks to Investing with Justin Munk

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 9 June 2021

⏱️ 64 minutes

🔗️ Recording | iTunes | RSS

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Summary

Coming up with capital isn’t easy when you’re just starting out. How are you supposed to get 20% down for one property, let alone multiple when trying to grow your portfolio. This was the predicament Justin Munk was in until he found out about the BRRRR strategy. When implementing the BRRRR strategy, Justin was able to use a fraction of the money he would need as a down payment to get a renovated, highly desirable rental property. Justin invests over 1,000 miles away in Ohio and manages all his rehabs remotely. Most investors would stray away from remote rehabs, but Justin has so many “checks and balances” set up that he feels confident to do them. His rehabs have to go through an inspector, a contractor, and a leasing manager before they’re put on the market. This allows Justin to have extreme confidence that he’s rehabbing a property to get the highest rent, with the lowest headache to management. Justin gives some valuable advice to new investors that are struggling with analysis paralysis: don’t sabotage your own deals by finding problems in every property! Links from the Show Real Estate Rookie Facebook Group Ashley's Instagram Tony's Instagram BiggerPockets Podcast Brandon Turner Instagram BiggerPockets Agents BiggerPockets Podcast 212: Buying a 115-Unit Apartment Complex for No Cash Out of Pocket with Brian Murray BiggerPockets Podcast 126: From 0 to 400+ Units Through Value-Add Investing with Brian Murray Biggerpockets Forums Check the full show notes here: https://www.biggerpockets.com/rookie85 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Real Estate Rookie, episode number 85.
0:04.1	I wanted to be able to, it's not like I don't want to work anymore, but I wanted to be able to fit in work around life, rather than fitting in life around work.
0:17.4	My name is Ashley Care and I am joined by my co-host Tony Robinson. How are you today, Tony?
0:30.4	I am doing great. It's been a busy week for us. We've taken now three blessings live on Airbnb and last night two and a half weeks.
0:38.4	So my head's spinning a little bit but it's a good place to be.
0:41.4	I love seeing the Airbnb's come together when you and Sarah set them up on Instagram.
0:46.4	It is so cool. You guys, they do the Airbnb experience. I mean, it is really unique. It's very Instagramable. I have to say.
0:54.4	What you don't see is like all the background work of me having to go to Home Depot like four different times to build this picnic table because the nuts kept getting stripped.
1:02.4	There's a lot of things that are happening.
1:04.4	Yeah, but Tony and I actually did a call last week and while we were on the call, you know, there's the power tools going.
1:10.4	I think it was the picnic table you were actually putting together.
1:14.4	And one thing Tony has said to me and I would totally relate this to this too.
1:19.4	As you've mentioned this to me a couple of times is that while putting together furniture really test your marriage.
1:25.4	And I cannot imagine being in a confined space putting together furniture for two days with somebody.
1:32.4	391 square feet. Me and my wife share for three days, build in furniture and with no directions, no words.
1:38.4	But you know, that's cool. We got through it.
1:41.4	Yeah, but with this is what how many have you guys done together by now? So you guys are turning into pros.
1:47.4	Yeah, some losing track. Yeah, we're figuring it out now. What about you, Ash, what's new on your side?
1:53.4	Not much. Actually this weekend, I'm going to Portland, Oregon. It's a big secret.
1:59.4	Actually, I'll be flying into Portland and going to Bend, Oregon.
2:03.4	If you guys have not read Brian Murray's book, crushing it, a super great investment book on multifamily real estate.
2:11.4	And just like it really goes through all things real estate as to like getting started going through the hard things, the successes and building a team and a property management company and scaling up.
	...

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