BiggerPockets Real Estate Podcast

BiggerPockets Podcast 198: Financial Freedom Through Small Multifamily Rentals with Eric Bowlin

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BiggerPockets Podcast 198

How many rental units does it take to achieve “financial freedom?” Maybe not as many as you think! That’s the topic on today’s episode, where Josh and Brandon sit down to talk with Eric Bowlin, a real estate investor who achieved financial freedom at the age of 30, largely using the “BRRRR” strategy to finance his deals. Eric owns fewer than 30 units but was able to “retire” off the cash flow — and today, you’ll learn just how he did it (and how you can do the same). You’ll also love his tips on how to find great deals on the MLS and how to manage your properties — even if you don’t live close by. Be sure to take some notes on this one — you are going to need them!

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In This Episode We Cover:

  • How Eric started accidentally in real estate
  • His epiphany moment!
  • What it’s like earning overseas
  • Things that cost him money on his early flips
  • A note on dealing with contractors
  • Why every market is unique
  • How he put together his team
  • Tips for finding contractors
  • How many units he has now
  • How to systematize your business
  • Using the BRRRR strategy
  • How he finds his deals
  • How to tell if a property has tenant problems
  • His best deal ever
  • His most recent multifamily property
  • And SO much more!

Links from the Show

Books Mentioned in this Show

Tweetable Topics:

  • “I just realized, I wanted people coming to me to pay me versus me trying to get money for somebody else.” (Tweet This!)
  • “I didn’t know about financial independence when I first got started.” (Tweet This!)
  • “A person only earns plus or minus 10% of what they think they’re worth.” (Tweet This!)

Connect with Eric

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.

    Eric Bowlin Investor from Plano, Texas
    Replied over 2 years ago
    Wow! Thanks for having me on the show guys! I had a great time and really look forward to seeing the comments!
    Account Closed from Columbus, Ohio
    Replied over 2 years ago
    It was a fantastic show, man! I love how the BP podcast features down to Earth people that are living, breathing examples of the American Dream. Congrats on your success and thanks for a great show!
    Deborah Moser Rental Property Investor from Stewartsville, NJ
    Replied over 2 years ago
    Great podcast! I would love to know more about how you foreclosed on a bank to take their dilapidated property. What department did you go to and have them assign you as the trustee??? I would love to do that in my town for some of the abandoned buildings that are just a magnet for squatters and trouble. Can you please share that method? Most importantly, thanks so much for sharing your story, and all the best to you!
    Eric Bowlin Investor from Plano, Texas
    Replied over 2 years ago
    It was through the states receivership program. They use the health and building codes to demand repairs. If repairs are not made, they appoint a “receiver” to do them. The receiver then gets a super-lien position over other lienholders. It’s not for everyone. It requires a lot of paperwork and time in court.
    Alex Alvarez from Chicopee, Massachusetts
    Replied over 2 years ago
    What part of Massachusetts do you invest in I live in Massachusetts
    Ann Bellamy Lender from Tyngsboro, MA
    Replied over 2 years ago
    Way to go, Eric, welcome to the Podcast alumni!
    Matthew Hipp from Columbia, South Carolina
    Replied over 2 years ago
    Eric, This was a great podcast and thank you for sharing all of your insight! What are most of your cash out refi terms looking at (LTV, interest rate, term, etc). Congrats on all the success. Matt
    Roger Edington Investor from Berrien Springs, MI
    Replied over 2 years ago
    Great show! This is very much like my plan, except without the 100K to start with. I think multi-families are the way to go! Too much hassle managing so many separate single families, compared to one multi-family units. Thanks for the interesting story!
    Kim Stofan Realtor from Sacramento, CA
    Replied about 2 years ago
    Thanks for the show! I really liked the segment when you discussed how to find little clues in the MLS listings, such a incorrect number of bedrooms/bathrooms., or perhaps a listing with only one picture of the exterior of the house. Great tip!