BiggerPockets Real Estate Podcast

BiggerPockets Podcast 134: Creative Finance and Gaining a Millionaire Mindset with Pro BMX Rider Terry Adams

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On today’s episode of the BiggerPockets Podcast, we sit down and dig into the life of a professional BMX bike rider Terry Adams. Outside of his many accomplishments in the stunt bike world (X-Games gold medal, appearance on Glee and Ellen, and more), Terry is also an accomplished real estate investor with some incredible strategies for building wealth. In the interview, we cover everything from investing with no money, to dealing with personal finance concerns, to mindsets, and more. This show is about to rock your world, so grab a pencil and some paper and let’s get started!

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Sponsor

rio-logoWe just wanted to give a shout out to our podcast sponsor on today’s show: Residential Investor One. Residential Investor One is a powerful cooperative of residential real estate investors dedicated to enhancing the efficiency and productivity of their members.

Learn more by calling 855-257-2201 or visiting residentialinvestorone.com/biggerpockets

In This Episode We Cover:

BiggerPockets-Podcast-Cover 300 300

  • Who Terry Adams is and what his profession entails
  • How he got started in real estate
  • The details of his first property
  • His trailer property
  • How he finds great real estate deals
  • What you should know about finding a mentor
  • The ins and outs of the “BRRR” strategy
  • What exactly line of credit investing is
  • Tips for dealing with banks
  • How your mindset affects how you invest in real estate
  • The details of Terry Adams’s portfolio
  • The secret to building wealth with the help of mentors
  • The importance of knowing your net worth
  • And SO much more!

Links from the Show

Books Mentioned in this Show

Tweetable Topics:

  • “There’s always a way to make it happen.” (Tweet This!)
  • “The more I manage my money, the more money I have to manage.” (Tweet This!)
  • “You take your other liquid asset and you invest it, because that’s how you build wealth.” (Tweet This!)

Connect with Terry

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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    Karen C. from South Bend, Indiana
    Replied over 4 years ago
    Thank you Terry, Brandon, and Josh for sharing all the information in this podcast! I’m interested in line of credit investing. Do you or your friend you mentioned in the show get the line of credit in your/their name or in a business name or LLC? I have heard that it is difficult to get the bank to give a LLC a line of credit.
    Richard G. Investor from Alexandria, Virginia
    Replied over 4 years ago
    Very good question, my thoughts exactly– the line of credit drew me in and was something I was thinking about with my current home – HELOC – but I think the podcast was talking about something else like a “business line of credit: please advise
    Judie Collins Investor from Las Vegas, Nevada
    Replied over 4 years ago
    Terry ~ What grabbed my attention first off was the fact that you are a BMX pro. My son is considered one of the ‘pioneers’ in the skate park venue – Mike Dominguez – and has been my partner on more than one property throughout the years. Good to see you have moved in the real estate investment direction – real estate has been very good to me over the 30+ years I’ve been involved in it – but what I absolutely love to hear is how you pushed yourself to get out of your comfort zone and read and learned from others, which took you beyond what you were raised with! Keep that up and the best of luck to you in your investing! And, Thanks for this podcast!
    Jeremy S. from Elizabeth, Pennsylvania
    Replied over 4 years ago
    I enjoy every BP podcast I listen to, but this one really had me. I love your energy and the mindset that you have. It is a mindset most people do not have and that is why so many live average or below average. Congratulations on your success and keep growing your business! Josh and Brandon, thank you for the podcasts! They truly make a huge difference in my life. I listen to them everyday at work just knowing the success I will have in the near future if I keep learning and working towards my goals.
    Robert Gandy Investor from folsom, Louisiana
    Replied over 4 years ago
    It was great to hear from someone investing in my local market! Great podcast and great insights!
    Paul Haughton Investor from Glastonbury, CT
    Replied over 4 years ago
    Great podcast. I noted quite a few practical tips I will take action on. Good stuff.
    Shane Rupe Investor from Grand Island, Florida
    Replied over 4 years ago
    First, I would like to thank Josh and Brandon for hosting the podcasts. Second, I would like to say that it was great listening to Terry’s story! I found it to be inspirational regarding how he changed his mindset drastically and went for his dreams. This is food for the soul! I greatly appreciate Terry taking the time to share his experiences!
    Geoffrey W. Investor from Denton, Texas
    Replied over 4 years ago
    Wow, another great podcast! Terry, thanks for sharing your story. It was very educational and inspiring. Felt very genuine too, which is great. Brandon, I heard you mention you might want to manage property for other investors. I thought about that in TX, but found out that I have to be a broker in order to do that. Does the Washington RE commission have that requirement as well?
    Ralph Gambale Flipper/Rehabber from Astoria, NY
    Replied about 3 years ago
    Hi BP, This link doesn’t work residentialinvestorone.com/biggerpockets
    Ramon Purifoy Realtor from Fayetteville, GA
    Replied over 2 years ago
    I wonder if any caught that the net worth sheet he spoke about sounds like a similar net worth sheet in Gary Kellers book, Millionaire Real Estate Investor