BiggerPockets Real Estate Podcast

BiggerPockets Podcast 255: Six-Figure Real Estate Investing in Just 20 Hours a Week with Elliot Smith

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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

Books Mentioned in this Show

Fire Round Questions

Tweetable Topics:

  • “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!)

Connect with Elliot

Real strategies that work for real people seeking to build wealth through real estate investments. Co-hosted by Brandon Turner and David Greene, this podcast provides actionable advice from investors and other real estate professionals, who chat about failures, successes, motivations, and lessons learned.

    Daniel Crenshaw rental_property_investor from Atlanta, Georgia
    Replied almost 2 years ago
    @Elliot – Thank you, thank you, thank you for being so candid about your personal struggles during the last part of the podcast. I too battle dealing with depression and working on my Real Estate Investment AND working a full time I.T. job, as I have been diagnosed with Graves disease (Thyroid disease) 10 years ago. It certainly can be a struggle dealing with the bad days but as you said, the good days outweigh the bad ones. Many thanks for all of the incredible tips regarding your road to success! Such a wealth of information.
    Elliot Smith investor from Vancouver, Washington
    Replied almost 2 years ago
    Your welcome! Keep pushing!
    Gerald K. from Kirkland, Washington
    Replied almost 2 years ago
    @Brandon Turner I think the book mentioned in the show notes has the wrong author – Finding and Funding Great Deals by Tarl Yarber – I think it should be Anson Young.
    Gerald K. from Kirkland, Washington
    Replied almost 2 years ago
    @Brandon Turner I think the book mentioned in the show notes has the wrong author – Finding and Funding Great Deals by Tarl Yarber – I think it should be Anson Young.
    Don Spafford investor from Idaho Falls, ID
    Replied almost 2 years ago
    Great show Elliot. Thanks for the motivation to move forward with direct mail. I got a list of all 4 plexes in my area from the Title company and I plan to send a letter to all of them offering to buy them. Don’t plan to wholesale them but just want to buy, if they don’t want to sell at a price I want to pay, then I can offer them my wife to sell it on the market since she is a Realtor. I hope to have some luck like Elliot. – Mindy, yes the Acura NSX is awesome. I remember being 14 working at DQ in the early 90’s and some old dude driving one through the drive-thru every couple weeks. I said I don’t want to wait until I’m old to enjoy a cool car. So good move for you to get one now and I’m sure at a great price and it probably looks as good as new since owners of that car are likely to take care of it.
    Kendra Limbrick real_estate_agent from Spring, Texas
    Replied almost 2 years ago
    @Mindy Can you share more about the Pop Up Business School ?
    Brian Pinckard rental_property_investor from Atlantic Beach, NC
    Replied almost 2 years ago
    Great show Elliot, Mindy, and Brandon! Can anyone clarify the plug he gave around the 52 minute mark about the marketing service? Think he said Justin Severio but I’m not sure.
    Nathan G. real_estate_broker from Cody, WY
    Replied almost 2 years ago
    It’s in the show notes: Open Letter Marketing
    Brian Pinckard rental_property_investor from Atlantic Beach, NC
    Replied almost 2 years ago
    Thanks Nathan G.!
    Steven L. from Arlington Heights, Illinois
    Replied almost 2 years ago
    The best part of this video is perspectives life lessons and treating people.
    Elliot Smith investor from Vancouver, Washington
    Replied almost 2 years ago
    Thanks Steven!
    Nathan G. real_estate_broker from Cody, WY
    Replied almost 2 years ago
    Very good show, Elliot! It was entertaining to watch, it was a great motivator to see a regular guy crushing the market, and I appreciate your honesty and integrity. Lots of good tips for me to start implementing.
    Nathan G. real_estate_broker from Cody, WY
    Replied almost 2 years ago
    Very good show, Elliot! It was entertaining to watch, it was a great motivator to see a regular guy crushing the market, and I appreciate your honesty and integrity. Lots of good tips for me to start implementing.
    Elliot Smith investor from Vancouver, Washington
    Replied almost 2 years ago
    Thanks Nathan!
    Luis Vilar rental_property_investor from West Palm Beach, FL
    Replied almost 2 years ago
    Great show. Very inspiring to see how did you make it so fast.
    Andrew Ware from Gardiner, Maine
    Replied almost 2 years ago
    You talked about having your VA scrub a list. What exactly does that mean? Are you checking addresses or otherwise qualifying them?
    Matthew Robison from Arlington, Texas
    Replied almost 2 years ago
    One of the absolute best shows you’ve done! Elliot, I can’t tell you how much I appreciated your story and your honesty about your personal struggles. Thank you so much!
    Sam Grooms investor from Phoenix, Arizona
    Replied almost 2 years ago
    Why hasn’t this episode shown up on Google Play?
    Herman Freund from Brooklyn, New York
    Replied almost 2 years ago
    +1
    Sean N. investor from Comstock Park, Michigan
    Replied almost 2 years ago
    I download the podcasts to a flash drive and listen while driving. There is about 4 1/2 mins missing at the end of the MP3 file.