BiggerPockets Podcast 240: Flipping Your Way Out of (Student Loan) Debt & the Transition to Rentals with Brentin Hess
Financial debt (like student loans or credit cards) is irritating, expensive, and flat-out dangerous. But you don’t have to be stuck paying the minimum payments for decades like most Americans. Today, we’re excited to introduce you to Brentin Hess, a young investor who “flipped his way out of student loan debt” and has already been able to quit his job thanks to his real estate investments. You’ll learn how Brentin used a partnership to begin his house flipping journey, as well as the mistakes that cost him time and money in the beginning. Brentin is incredibly inspiring, so take time to listen to this entire episode—and prepare to have a fire lit beneath you!
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This Show Sponsored By
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!
Learn more by visiting RealtyShares.com/biggerpockets!
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In This Episode We Cover:
- Tips for getting into real estate at a young age
- Brentin's experience of having a real estate license at 19 years old
- How his first partnership came to fruition
- How to deal with contractors when you’re young
- The details of his first deal
- Tips for leveraging capital
- What exactly a Guidance Line of Credit is
- The importance of building relationships
- Why he shifted from flipping to rental properties
- How he financed a multifamily deal
- Tips for finding the right partners
- When you should consider the rent as stabilized
- How he quit his job
- The story of how Gary Vaynerchuck was a guest for his event
- And SO much more!
Links from the Show
- BiggerPockets Forums
- How to Achieve Greater Success by Doing Less with Devin Elder
- Achieving Financial Freedom at Age 32 with Austin Fruechting
- A Simple Morning Ritual to Help You Dominate Every Area of Your Life with Hal Elrod
- Gary Vaynerchuk’s Podcast
- From “D-Student” to $400,000 in Annual Rental Property Cash Flow with David Osborn
- The Journey From Flipping Houses to Owning 1,470 Units with Andrew Cushman
- How Modeling Greatness Can Get You To 100+ Deals with Matt Aitchison
- Overcoming Inaction, Direct Mail, and Becoming an Successful Wholesaler with Tim Gordon
- Brandon’s Twitter
Books Mentioned in this Show
- Rich Dad Poor Dad by Robert Kiyosaki
- Crush It! by Gary Vaynerchuk
- The Millionaire Real Estate Investor by Gary Keller
- How to Make Big Money in Small Apartments by Lance Edwards
- Change Your Habits, Change Your Life by Tom Corley
- The 7 Habits of Highly Effective People by Stephen Covey
Fire Round Questions
- Which mortgage should I pay off first? Rental or my own?
- Credit card to fund renovations—lots of questions!
- How can I avoid the mistakes that YOU made?
- “A lot of people who are into real estate sales don’t even get into investing.” (Tweet This!)
- "Flipping is transactional." (Tweet This!)
- “Time is a finite resource.” (Tweet This!)
- “Life is boring if you’re not being creative.” (Tweet This!)