Making $5K/Month Cash Flow from ONE Property (and Dodging a $100K Mistake)

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 6 November 2024

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

Real estate investing could help you achieve your financial goals, whether it’s to make enough cash flow to replace your W2 income or build wealth for an early retirement. Like many, today’s guest is chasing financial freedom, and thanks to a unique property that brings in $5,000 in monthly cash flow, he’s well on his way! Welcome back to the Real Estate Rookie podcast! Rocky Gibson knew he wanted to invest in real estate since his college days, so after landing his first “real” job out of school, he wasted no time buying his first property. Since then, it’s been full speed ahead for Rocky, and in just five years, he has built and scaled his real estate portfolio from zero to fifteen units and two flips. His main investment property, an eleven-unit RV park, nets $5,000 per month alone! In this episode, Rocky talks about the power of renting by the room, leveraging your personal network, and using home equity to grow your portfolio and get access to private deals. You’ll even hear about the $100,000 mistake that Rocky almost made and how altering his strategy allowed him to not only salvage the deal but also make a profit! In This Episode We Cover: How Rocky built his real estate portfolio up to fifteen units (and two flips) in just five years The unique property that can give you $5,000 in monthly cash flow Why house hacking is the BEST investing strategy when you’re just starting out How to achieve financial freedom through real estate investing Creative ways to fund more rental properties without traditional bank financing How altering his strategy on the fly helped Rocky avoid a $100,000 mistake And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group Put Your Vacation Rental on Autopilot with Hospitable Buy the Book “Real Estate Campgrounds” Find an Investor-Friendly Agent in Your Area How to Start Making Millions from These Overlooked RV Park Investments Connect with Rocky (00:00) Intro (00:31) Why Real Estate? (04:23) House Hacking 101 (12:01) Building the RV Park (19:47) Tapping Into His Network (27:28) Funding the Campers (30:17) Cash Flow & Investing Goals (34:57) Cash Flow & Investing Portfolio (35:49) Connect with Rocky! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-480 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	Many guests have their site set on financial independence, and today's guest is no exception.
0:06.0	Leading a frugal lifestyle allowed Rocky to build capital to build an RV park, which nearly
0:11.6	ended in a $100,000 mistake.
0:14.8	Now his portfolio cash flows $5,000 a month.
0:18.3	Listen on how he was able to do that.
0:23.5	This is the real estate rookie podcast.
0:29.8	I'm Ashley Care, and I'm here with Tony J. Robinson. And welcome to the podcast where every week,
0:34.8	three times a week, we bring you the inspiration, motivation, and stories you need to hear to kickstart your investing journey. And guys, we are so excited to chat with
0:37.9	Rocky Gibson today about how he's building his real estate portfolio in 2024. So Rocky Gibson,
0:43.8	welcome to the Real Estate Rookie podcast. Hey, nice to be here. Well, before we get into how you've
0:48.7	accomplished all of this thus far, what was it about real estate that attracted you? You know, funny enough, I think,
0:56.4	I mean, that journey and education on that started years ago for me. So I'm one of seven siblings,
1:03.2	a big family on my end. So my sister, she's about 14 years older than me. She graduated as a
1:09.4	chemical engineer, works as an engineer. But she
1:11.7	wasn't in real estate investing. She ended up her and her husband. He's in the Air Force. Both made
1:18.4	pretty modest money. She worked for the state, not for like a chemical or oil gas company. So for all
1:23.1	chemical engineer people out there, go private. Pays more. But that being being said um you know she ended up buying her
1:30.1	first house she wanted to move somewhere else when she got pregnant because she wanted a better area
1:34.0	for her kids ended up keeping that house then that other house had another kid upgraded houses
1:39.6	again slowly but surely after i think like two or three houses it was like oh, we're like doing really well on this financially from owning these homes, not only from an appreciation standpoint, they leverage some, the equity in their home to do some upgrades and other things in their lives. So, you know, they ended up buying more houses from there. And that, so her doing that, obviously much older, younger age or older than me at the
2:03.2	time. You know, for me, you know, she told me about, she told me about Bigger Pockets when I was like
2:08.4	17, 18 years old. I mean, and it, and obviously Bigger Pockets has grown tremendously since then,
	...

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