A Better Retirement After Buying Just ONE Rental (and Never FOMO-ing)

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Investing, Business

4.8 • 16.6K Ratings

🗓️ 30 September 2024

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

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Summary

Mike Baum owns just one rental property, but this one property alone has changed his life. It’s allowed him to become such an investing expert that he’s constantly being asked for his opinion on the BiggerPockets forums, and he provides some of the most well-thought-out investing advice on the internet. So why does he have just one rental property, and why doesn’t he grow using his expertise? The answer isn’t that obvious. You wouldn’t know it, but Mike is permanently disabled. After overworking so hard that he ended up losing his vision, he was placed on disability for the rest of his working career. This high achiever was forced to slow down and find something else that could replace his day job. Shortly after his diagnosis, he found BiggerPockets and turned a family vacation home into a short-term rental. Now, he’s got systems and processes that help him self-manage with very few headaches, and he will probably keep this property as his one and only rental for life. Why didn’t he “FOMO” in when everyone was gobbling up real estate in 2020? Why didn’t he grow his portfolio to become the next tycoon? Mike has some clear answers for why he did what he did, and after listening to him, you might change what you want, too. In This Episode We Cover: Why you DON’T need a large real estate portfolio to find financial success when investing Why Mike tells beginner investors that they should NOT buy a short-term rental property The systems and processes Mike made to automate his vacation rental self-management (so he works less!) One thing you should do NOW before you start investing in real estate (it’s free!) The real result of “FOMO” investing and how to stop shiny object syndrome from blowing you off course And So Much More! Links from the Show Join BiggerPockets for FREE Let Us Know What You Thought of the Show! Short-Term Rental & Airbnb Investing Forum Ask Your Question on the BiggerPockets Forums Grab the Book, “Short-Term Rental, Long-Term Wealth” Find an Investor-Friendly Agent in Your Area See Dave at BPCON2024 in Cancun! Investing in Short-Term Rental Properties: A Beginner’s Guide & How to Get Started Connect with Mike Connect with Dave (00:00) Intro (02:34) Losing Sight After Overworking (05:24) Empty Lake House? (08:52) Managing a Vacation Rental (12:20) Know This BEFORE You Buy (17:17) Just ONE Property (20:56) No-FOMO Investing (26:21) A “Very Interesting” 2025 Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-1024 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	As real estate investors, there's a question we always need to be wrestling with.
0:04.4	Is now the right time to expand our portfolios,
0:08.4	or should we be sitting back enjoying the portfolio we have,
0:12.3	or being patient and more opportunistic about finding
0:15.8	deals.
0:16.8	And for a lot of people who come on the show either as guests or hosts, the answer is that
0:20.9	they want to always be expanding and growing and scaling.
0:25.0	But for other investors, being content with what they have is just fine,
0:30.0	even for years at a time.
0:32.0	And today we're talking to an investor who has carefully weighed all the factors.
0:36.8	He's done the analysis and he has chosen to keep his portfolio literally as small as he possibly can. He has only one property. It's very successful, but he only has one. And he's very knowledgeable. He knows everything there is to know about real estate but he's just kept it at
0:56.2	that one property and I was sort of fascinated by this and I think there's a lot that we could
1:01.5	all learn from this guest strategy.
1:04.3	Hey everyone, it's Dave, welcome to the BiggerPockets podcast.
1:13.0	Every Monday, we like to start our week off by featuring a member of the Bigger
1:17.3	Pockets community and hearing about their investing journey.
1:20.3	And today we're hearing from an investor named Mike Baum. And fun fact, Mike is actually one of BiggerPockets community's top forum contributors. He has spent over 10,000 hours on BiggerPockets.com, posting and helping fellow investors learn about real estate.
1:39.0	So if you're a frequent visitor to our website, you've probably seen his name pop up but Mike has a
1:44.7	lot to share on top of just what he does for the community already and in today's
1:49.4	episode I'm going to talk to Mike about how an unexpected life change for Mike and a serious one
1:55.8	started his journey in real estate. We'll talk about how he selected his preferred strategy
2:00.7	of short-term rentals and also why Mike has chosen to keep his portfolio small
	...

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