BiggerPockets Real Estate Podcast

BiggerPockets Podcast 097: Quitting Your Job and Overcoming Real Estate Obstacles with Kyle Pettit

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Itching to quit your 9 to 5 to become a full time investor, but don’t know how to get there? This week, we sit down with an investor who has done just that — despite obstacles that could have discouraged his plans had he not been persistent and kept an eye on his end goal.

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Listen as Kyle Pettit shares with the BiggerPockets Podcast his story of breaking into the rental and wholesaling sides of the real estate industry, including tips on screening tenants, expanding your marketing reach and tackling the challenges that come with working from home. If you’re struggling to make your mark in world of real estate and wondering when that pivotal point of becoming a full time investor will ever happen, this is the motivation you’ve been waiting for.

Newbies and experienced investors alike, don’t miss out on this informative, entertaining episode!

Read the Transcript

Click here to read the transcript.

Listen to The Show on iTunes

Click here to listen on iTunes.

Listen to the Podcast Here

Sponsor

We just waRealtySharesnted to give a shout out to our podcast sponsor on today’s show: RealtyShares. RealtyShares is a crowdfunding platform that allows you to invest in professionally managed properties without leaving your living room!

Learn more by visiting RealtyShares.com/biggerpockets!

In This Show We Cover:

  • Details on Kyle’s first deals
  • The ins and outs of an REO deal BiggerPockets-Podcast-Cover 300 300
  • What you need to know about hard money lenders
  • The importance of building relationships early on
  • How to be persistent despite setbacks on a wholesaling deal
  • Important information about lease options
  • How to find a good company for screening tenants
  • Getting started with postcards and yellow letter campaigns
  • Why you should always background check the people you work with
  • How to handle phone calls through a virtual phone system
  • Quitting your day job to focus on real estate
  • Tips on finding and handling sellers
  • The keys to expanding your real estate marketing
  • What you should expect being a full time real estate investor
  • Managing distractions and working at home
  • And lots more!

Links From the Show

Books Mentioned in the Show

Connect with Kyle

Real strategies that work for real people seeking to build wealth through real estate investments. Co-hosted by Brandon Turner and David Greene, this podcast provides actionable advice from investo...
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    Richard Low from Peoria, Arizona
    Replied over 5 years ago
    Thanks for putting on this podcast for almost 2 years! I just left you a 5 star review on iTunes, you guys are amazing. Quick question for Brandon or Josh or anyone else working on the backend of your podcast – I remember early on you mentioning a service that you use for your ‘Tweetable topics.’ What was that? And do you still do them? If you’ve stopped, why? Not getting enough use? I ask because I’m working for an online dentistry forum that has started a podcast. I want to emulate some of the success of your podcast and wanted to know what has helped you most to spread your podcast. Any advice would be appreciated!
    Assaf Furman Wholesaler from Campbell, California
    Replied over 5 years ago
    Great podcast. I strongly support the quick prologue to the show. Better focuses on the interview leaving more time for the speaker to tell his story.
    Joshua Dorkin BiggerPockets Founder from Denver, CO
    Replied over 5 years ago
    Assaf – The length of our pro and epilogue don’t affect the amount of time we spend with our guests.
    Sean T. Rental Property Investor from MA
    Replied over 5 years ago
    Thank you! Awesome as always.
    Brian Huber Investor Agent from Burke, Virginia
    Replied over 5 years ago
    Hi, great podcast! Kyle, what amount deposit do you put down to place a wholesale deal under contract? If the seller objects to a small EMD, like $100, what response do you have for them? Thanks!
    Kyle Pettit Residential Real Estate Broker from Wenatchee, Washington
    Replied over 5 years ago
    Hey Brian! Typically I only use $100 as EMD. However, recently, the way I’ve been writing them up is, $100 EMD upon acceptance of contract and to open escrow. Then I put in there for an additional amount to be deposited upon completion of feasibility or inspection period. By that point you should have a deposit from your buyer. Hope that helps!
    Yu L. from Bay Area, California
    Replied about 5 years ago
    Kyle, you mentioned you listen to several podcasts in the interview, do you mind sharing what are those?
    Kyle Pettit Residential Real Estate Broker from Wenatchee, Washington
    Replied about 5 years ago
    YU, I sent you a personal message with a few others I find very helpful!
    Mary Denby Investor from Alexandria, Virginia
    Replied about 5 years ago
    I would love get ideas for other podcasts and even audiobooks that you find beneficial. I too am not a fan of reading books 🙂
    Joel Curry from Spokane, WA
    Replied about 3 years ago
    Kyle, I also noticed that you mentioned a podcast about mindset in the interview. If you don’t mind I would love to get a link to the one you were referring to. Thanks!
    Mike Stock
    Replied about 5 years ago
    Hey Kyle, nice podcast. I have always had trouble with tenants, and I was glad to hear you had some advice to counter this problem.
    Kyle Pettit Residential Real Estate Broker from Wenatchee, Washington
    Replied about 5 years ago
    Hey Mike, thanks for the feedback! I good screening company is a great investment. I’m really amazed with how many folks I meet who don’t screen tenants.
    Burnell B. Renter from Manhattan, Kansas
    Replied about 5 years ago
    I learned a lot from this podcast thank you for making it !
    Jamie B. Investor from Long Island, New York
    Replied about 5 years ago
    Great podcast, going through the “rough times” currently just trying to persevere through and keep on grinding.
    Tat
    Replied about 5 years ago
    Hi,,, I’m new at BiggerPockets, and I’m trying to listen to the podcast and for some reason I can’t… can some one help me to find out if I need to download an application to listen… I have a PC
    Kyle Pettit Residential Real Estate Broker from Wenatchee, Washington
    Replied about 5 years ago
    Hi TAT, I’m not much a techy, I know this reply is a little delayed. Were you able to figure it out!? It should just start streaming when you hit the play button. What browser are you using?
    Kyle Pettit Residential Real Estate Broker from Wenatchee, Washington
    Replied about 5 years ago
    @Yu L., Sent you a PM with a few others I listen to!
    Georges Arnaout Rental Property Investor from Barcelona, Spain
    Replied about 5 years ago
    Great podcast as usual guys. I am still trying to catch up 😉 You talked about tenant screening companies in this podcast and I use SmartMove as well. Is there any good company I can use for tenants without a credit score? Only ITIN or Full name? I deal with a lot of immigrants in my area (East Boston, MA) and would like to be able to do a background check on them based on their name, dob, and maybe ITIN. I have searched the forum with no luck. I currently use MA courts system public records but it’s a pain.
    Jeff Meachen from Hudson, Wisconsin
    Replied about 5 years ago
    In the podcast you mention these deals you are making with direct mailings. Once you secure the deal, what are you doing with these properties?
    Nick Foundas from Natick, Massachusetts
    Replied almost 5 years ago
    Kyle, I know I’m late to the party on this one but it was a pleasure listening to your podcast, very informative and motivational. I was wondering, you had mentioned you used hard money for some of your acquisitions, how much down payment do they typically require you to put up? Also when you make the offer on a property, would it be a “cash offer” if you are using hard money to fund it? Good luck with your future deals. Karma will treat you well when you continue to treat the deals with respect!
    Gary Fischer Real Estate Investor from Parker, Texas
    Replied almost 5 years ago
    Just a side comment…You know there is a Kyle “Petit” that’s a woman in Santa Rosa Beach FL ? She dabbles in real estate as well along with her ex. A pretty successful couple, mainly from their restaurant experience but just thought it was interesting when I saw this name here. Oliver Petit is her ex husband. “Oli”. They own the Red Bar in Grayton Beach. Pretty popular place actually. Lots of music icons know them and are friends with them. In fact one of the most recent I’ve seen is a video from Luke Bryan where part was shot from within the Red Bar