BiggerPockets Podcast 190: Building 61 Different Passive Streams of Income with Pat Hiban

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Are you building vertical or horizontal income in your life? If you aren’t sure, don’t miss this exceptionally important episode of the BiggerPockets Podcast, where we talk with Pat Hiban about creating multiple streams of passive income. Pat, who is a New York Times bestselling author, shares his real estate journey with us today, starting from a humble “house hack” to participating in multi-million dollar apartment complex purchases. You’ll also learn why (and how) Pat has 61 different sources of “horizontal” income streams and the best ways to begin building your own. Don’t miss a second of this incredible show.

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We just waRealtySharesnted 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:

  • Pat’s thoughts on being a real estate agent for 28 years
  • Why many real estate agents don’t invest
  • How he obtained his first property by house hacking
  • The story of an illegal alien investor
  • What Section 8 rentals are and why he invest in them
  • The pros and cons of Section 8 tenants
  • How he makes money through college rentals
  • How he manages his properties
  • How to make a property college-proof
  • What exactly a “come bet” is
  • Why he looks for track record before investing with someone
  • A discussion on horizontal streams of income
  • And SO much more!

Links from the Show

Books Mentioned in this Show

Tweetable Topics:

  • “My biggest regret is not buying a house a year.” (Tweet This!)
  • “On Section 8, I buy where if they find out that I’ll put a Section 8 in there, they’ll be upset.” (Tweet This!)
  • “Create bucket list moments and get the most out of life.” (Tweet This!)

Connect with Pat

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. Will Zena

    Just to expand on the 1031 exchange mentioned – “Under Section 1031 of the United States Internal Revenue Code (26 U.S.C. § 1031), the exchange of certain types of property may defer the recognition of capital gains or losses due upon sale, and hence defer any capital gains taxes otherwise due.”

  2. DG A.

    Hi Pat!

    I really enjoyed the part of your show on student housing. I’m curious, how do you deal with the rental agreement for those houses?

    Do you have a lease for each room in the house? Or, are students really just willing to pay that much more above market rate for a house near campus?

    I grew up in Berkeley, CA (near UC Berkeley), and now I live in Oakland (next city over). Rents are already VERY high in this area. Does it figure that I should still be able to charge X% more for a house located near UC Berkeley campus?

  3. Julie Marquez

    Great information, and so great to hear about your “let it be” attitude towards issues. I sure would have to think that way if I had student housing too. But it’s nice to hear that nit-picking through all the details doesn’t get you any future in life, and that you have created a nice, comfortable life for you family.

  4. Nathan G.

    Brandon starts by saying he budgeted $3000 for a projected eviction. Great tip when purchasing a tenant-occupied property. I can eviction through the court for less than $200 so be sure to know what it costs in your market.

    Another good podcast. The big take-away for me is that we need to develop multiple income streams. I think real estate affords a lot of opportunities like single-family, multi-family, or commercial. I see nothing wrong with putting most your eggs in this basket as long as you have a strong mix of cash flow and appreciation.

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