BiggerPockets Podcast 255: Six-Figure Real Estate Investing in Just 20 Hours a Week with Elliot Smith
How many hours per week does it take to be a successful real estate investor? The answer on today’s episode might surprise you. Today we’re sitting down with Elliot Smith, a real estate investor from Washington State who has an incredible story to tell about how he went from 70+ hour per week worker to “full-time” real estate investor who only works part-time. Elliot has an incredible outlook on life and business that’s contagious, so warning—you won’t leave this interview the same person. You’ll also learn how Elliot and his wife made over $100,000 their first year in real estate and the amazing tale of how they made over $100,000 in a single month. This show is as inspirational as it is educational (and filled with more than a few laughs!) so get ready to have your world rocked.
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In This Episode We Cover:
- How Elliot got started real estate investing
- Whether you should do house inspections
- Their next deals and a great wholesale deal
- How to wholesale with a full-time job
- The importance of being honest with your sellers
- What exactly wholesaling entails
- How he made $100k in just one month!
- How to invest part-time and earn full-time
- Tips for building relationships with private lenders
- Advice on flipping with no money down
- Tips on finding a mentor
- How to do 30 deals a year
- How Elliot finds deals
- His way of making the world better
- And SO much more!
Links from the Show
- BiggerPockets Forums
- Brandon’s Instagram Profile
- Mindy’s Twitter Profile
- BiggerPockets Blog
- 500 Deals, the $100,000 Wholesale Paycheck, & the Systems That Make it Work with Tarl Yarber
- I’m Not Your Guru Netflix
- BiggerPockets Bookstore
- Wholesaling Resources
- Open Letter Marketing
- Gary Vee
Books Mentioned in this Show
- The Book on Rental Property Investing by Brandon Turner
- Finding and Funding Great Deals by Tarl Yarber
- Investing with Low or No Money Down by Brandon Turner
- The Millionaire Real Estate Investor by Gary Keller
- Pitch Anything by Oren Klaff
Fire Round Questions
- How do you secure your rehabs?
- How do you determine what to do for repairs/improvements?
- I live in a booming ski town and am looking to flip condos, advice?
- With all the contracts, documents, invoices, and other paperwork, what is your filing system to stay organized from start to finish?
- “If you’re asking if you need an inspector, then you need one.” (Tweet This!)
- “It all has to do with the intent. Is your intent to screw this person or is your intent to do the right thing?” (Tweet This!)
- “You’ll find really good people in this business who just love people and love helping.” (Tweet This!)
- “Money is not the most important thing. Friendship and relationships are the most important thing in this business.” (Tweet This!)