BiggerPockets Real Estate Podcast

BiggerPockets Podcast 193: Finding and Managing Rental Properties While Working Full-Time with Steve Garner

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Everyone knows rental properties can be a great way to build wealth and cash flow. Yet so few people ever take the steps needed to build their portfolio. That’s why we’re excited for you to listen to this week’s episode of The BiggerPockets Podcast! On this show, we sit down with Steve Garner, a North Carolina investor who currently is building and managing a rental portfolio while working a full-time job he loves. You’ll learn several creative methods for finding deals that have worked great for Steve, as well as some of his clever tricks for managing tenants with minimal work!

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This Show Sponsored By

MACK-INV-logo_OverviewA huge thanks as well to our Fire Round sponsor MACK.

MACK Investments is the nation’s longest tenured turnkey operator with over 38 years of combined experience, with its fully vertically integrated operation in the US’s most diverse economy, Chicagoland. With over 2000+ homes under management, we serve over 300+ investors across 11 different countries. Homes are priced below 200 thousand and will generate a guaranteed CAP averaging 9% that can be leveraged to achieve returns in excess of 20%.

Learn more by visiting MACKinvestments.com.

Fire Round Sponsor

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In This Episode We Cover:

  • How Steve got started in real estate
  • How to build courage to get started investing
  • Details on his first deal
  • Why Brandon and Steve love tenant-proofing their properties
  • What “REO” means
  • What REIA is
  • How he landed his second property using Homepath
  • Tips for looking at cash on cash return
  • How many deals has Steve done so far
  • How he finds deals
  • How he handles CapEx
  • How to puts money aside for CapEx
  • Steve’s 10-unit townhomes
  • How he finances his properties
  • Thoughts on managing properties
  • Why he’s very particular when a tenant’s about to leave
  • What his full-time job is
  • The importance of screening and having standards for tenants
  • And SO much more!

Links from the Show

Books Mentioned in this Show

Tweetable Topics:

  • “I am a long-term buy and hold investor so I try to rent-proof my properties.” (Tweet This!)
  • “The time to get credit is when you don’t need it.” (Tweet This!)
  • “There’s so many good tenants out there that you want to make sure you find that good tenant.” (Tweet This!)
  • “Beyond being a continual learner is taking action.” (Tweet This!)

Connect with Steve

Show Preview

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.

    Richard Ball Real Estate Agent from Port Huron, Michigan
    Replied about 3 years ago
    I have my tenants pay the exact same way, another thing you can do is send a monthly bill and enclose a deposit slip with the address some where on it so when they pay the deposit slip is scanned and shows in the account.
    Julius
    Replied about 3 years ago
    Great podcast very genuine
    Matthew Hipp from Columbia, South Carolina
    Replied about 3 years ago
    Steve, Really enjoyed the podcast. I’m a big fan of the Wilmington area and have visited several times, as i’m down the road in Columbia, SC. Congrats on the success and good luck in the future. Matt
    Eric R. from Washington, DC
    Replied about 3 years ago
    I’ve been absorbing quite a few of the podcasts since discovering them a few weeks back. This week’s episode has been great for me because this is exactly where I think I’ll be in 12 months (investing while working). Thanks for putting the info out there! Regards, Eric
    Andrew Escamilla
    Replied about 3 years ago
    Great podcast, I love hearing about success stories from people still working full time. It really is possible if you manage your time right and talk to the right people. Great motivation while driving to and from work. Thanks!
    Jason Ramer Investor from Kalamazoo, Michigan
    Replied about 3 years ago
    Great podcast. There were quite a few nuggets, and really appreciate insight into where you want to get in 5 years. Good reinforcement to keep moving my business forward. Thank you.
    Julie Marquez Investor from Seattle, Washington
    Replied about 3 years ago
    I really liked that podcast and the little nuggets of information. Great way to collect rent too. And maybe the raising the rents doesn’t burn as badly when it’s $38 instead of $40. That’s a good way to get your odd numbers.
    Nathan G. Real Estate Broker from Cody, WY
    Replied over 2 years ago
    Goods show! I like that Steve comes across as a regular guy making his way slow and methodically. He shares great, practical advice that can be followed by anyone. I really liked his idea of paying his daughter for reading business books. I’ll be using that soon!
    JD Martin Rental Property Investor from Northeast, TN
    Replied about 2 years ago
    Don’t know how I missed this podcast before but this one was great – nice job Steve on building such a portfolio! So much of your podcast resonates with me.