BiggerPockets Podcast 234: Tenants, Evictions, & The Dark Side of No Money Down with Ryan Murdock

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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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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

Tweetable Topics:

  • “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!)

Connect with Ryan

Show Preview

About Author

Thanks for checking out the BiggerPockets Real Estate Investing & Wealth Building Podcast. Hosts Joshua Dorkin & Brandon Turner strive to bring top-notch educational content and interviews to our listeners -- without the non-stop pitch prevalent around the industry. With over 180,000 listeners per show, the BiggerPockets Podcast has become the biggest real estate podcast in the world. But don’t take our word for it. We’re the top-rated and reviewed real estate show on iTunes — check it out, read the reviews on iTunes, and get busy listening and learning!


  1. Kim Stofan

    FANTASTIC show! Took many notes. Loved hearing about your experience. Loved the tip about using a local smaller bank to finance your primary home purchase to help develop a relationship with these lenders. Good stuff!

  2. Creighton Bertrand

    Another amazing podcast guys! Can’t think you enough for all you do and how helpful it is. I recently read set for life, love it, and was just listening to a podcast Josh was on that mentioned Scott Trench had a list he looks at every morning. Scott, if you’re reading this, can you send me a copy of this?

  3. Bob Koby

    Just heard this one. I am new to BP, but have been listening to the podcasts for a month or two now (started on the April or May episodes and am up to this one).

    Yet again, another podcast i could not stop listening to. I am a BP podcast binger, like Ryan. Great-great-great advice and tips thanks to Ryans experience. Thank you so much for sharing. This was a very inspiring episode and a great one for starting with nothing.

  4. Nathan G.

    Very good podcast! As a property manager myself, I can identify with some of the lessons Ryan discusses. He provides a lot of solid advice for anyone starting out, particularly when it comes to maintaining a large reserve to handle vacancies or capital expenditures. Most beginning investors don’t realize how much one bad tenant can cost over a 3-month period. Multiply it by three or five and you could derail your entire financial situation.

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