People often toss around the term “passive income” when it comes to owning rental properties. And, in truth, there are ways to make managing tenants passive. But for the majority of investors, being a landlord can be tough. On today’s show, we talk with Ryan Murdock, an investor and property manager from Maine about the lessons he’s learned building up his rental portfolio. Ryan also shares his story of going to the brink of financial ruin with a “no money” deal and how to avoid losing your shirt when doing creative financing.
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We just wanted 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!
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In This Episode We Cover:
- How Ryan started by reading a book
- The beauty of house hacking
- Why he started his own property management company
- Tips for dealing with inherited tenants
- How to find good agents
- Thoughts on having an agency to “sponsor” you
- How to know when to quit your job
- The things he misjudged while buying houses
- How capital plays a huge role
- How to accurately estimate costs when fixing properties
- How many rental units he has
- Tips for finding properties through the BiggerPockets Marketplace
- What metrics he uses to decide on a property
- How he funded his deals
- What he would do differently if he started again
- The BRRRR strategy
- And SO much more!
Links from the Show
Books Mentioned in this Show
- Set for Life by Scott Trench
- Property Management For Dummies by Grisworld
- The book on investing with Low or No Money Down by Brandon Turner
- The E-Myth by Michael Gerber
- The ONE Thing by Gary Keller and Jay Papasan
- “Don’t just quit and hope for the best.” (Tweet This!)
- “Creative investing is not about being broke. It’s just about putting together a deal without your own money.” (Tweet This!)
- “You either win or you learn.” (Tweet This!)