On today’s episode of The BiggerPockets Podcast, Josh and Brandon sit down with Bill Powers, a real estate investor from the Chicago suburbs, to learn how he went from zero to over 70 units in five years while focusing on lease options — also known as “rent to own.” This powerful strategy is one that anyone can begin using in their business to achieve more cash flow and equity — and today, you’ll learn all the details. Get your pen and paper out for this show — you’ll want to take some notes!
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In This Episode We Cover:
- How Bill got started in real estate
- All the mistakes he made on his first house
- Tenant screening must-haves
- How exactly rent-to-own works
- What the first look program is
- What you should know about the 2% rule
- How to not be a predatory investor
- Tips for running your business the right way
- A discussion on “instant equity“
- Why some people are not fulfilling their lease options
- A profile of common tenants who go for rent to own
- What is Dodd-Frank is and how it affects people who use lease options
- Things to note before going for a lease option
- What the future of his business is
- How many hours he works in a week
- And SO much more!
Links from the Show
- How I Found My Five Latest Real Estate Deals! (Five Different Strategies)
- BiggerPockets Webinar
- BiggerPockets Forums
- Secure Pay One
Books Mentioned in this Show
- The Book on No or Low Money Down by Brandon Turner
- The Book on Estimating Rehab Cost by J. Scott
- The Golden Rules by Bob Bowman
- “Where rents are highest and acquisition of capital is lowest, that’s where we focus.” (Tweet This!)
- “I think you can always flip. I think there’s spread on properties all the time.” (Tweet This!)
- “There are ways to lose money on flips even if you make money — because opportunity cost is a big factor on that.” (Tweet This!)
- “Don’t be enticed completely by the flip side of things. Look long term.” (Tweet This!)