A lot of newbies get stuck when trying to get their first few deals. After all, figuring out how to find properties, how to get the money needed to buy them, and how to not mismanage the property are all big tasks. That’s why we’re excited to bring you this powerful interview with Meghan McCallum, a real estate investor who’s passionate about helping new investors discover their best plan for real estate success. Today, Meghan shares her story of a terrible first deal that led to an unbelievable second deal (you won’t believe the appreciation she’s seen!) and more. Meghan also shares on the first steps newbies need to do before jumping in, as well as the power of using partnerships to gain experience and financing for your deals!
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In This Episode We Cover:
- Meghan’s journey to her first deal from being a firefighter in Kuwait
- How she bought a $280k property that now is worth $875k
- Her thoughts about house hacking
- Tips on handling an inherited tenant
- How to build the systems and team you need to scale
- Why you should figure out who you are as an investor first
- Why you should seek out a partner and not a mentor
- Thoughts on “speed dating” for real estate investors
- Their next deal (the story of knee-high poop)
- What exactly an “escalation clause” is
- And SO much more!
Links from the Show
- BiggerPockets Forums
- BiggerPockets Events
- BiggerPockets Podcast 132: How Brie Schmidt Grew Her Real Estate Portfolio by 50 Units in 1 Year
- BiggerPockets Podcast 078: Quitting Your Job, Buy & Hold Investing, and Succeeding With High-End Rentals with Brie Schmidt
- BiggerPockets Podcast 126: From 0 to 400+ Units Through Value-Add Investing with Brian Murray
- BiggerPockets Podcast 212: Buying a 115-Unit Apartment Complex for No Cash Out of Pocket with Brian Murray
- Brie Schmidt’s BiggerPockets Profile
- Anson Young’s BiggerPockets Profile
Books Mentioned in this Show
- Set for Life by Scott Trench
- Brandon Turner’s The Book on Rental Property Investing
- Crushing It in Apartments and Commercial Real Estate by Brian Murray
- The Gifts of Imperfection by Brene Brown
- “We forget in real estate investing that people are people. So like in all relationships, you set ground rules.” (Tweet This!)
- “We all gravitate to what we’re great at, and what we’re great at makes us happy.” (Tweet This!)
- “You need to know who you are first as an investor before you even consider what type of investment to get into.” (Tweet This!)
- “I build my business around good people.” (Tweet This!)