BiggerPockets Podcast 198: Financial Freedom Through Small Multifamily Rentals with Eric Bowlin
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
- BRRRR Strategy
- BiggerPockets Webinar
- BiggerPockets Blogs
- 4 Reasons You’ll Never Find a Good Contractor (Insight From an Investor/Contractor) (blog)
- BiggerPockets Pro Replay
- BiggerPockets Pro
- BiggerPockets Forums
- Ultimate Beginner’s Guide to Real Estate Investing
- Josh’s Twitter Account
- Brandon’s Twitter Account
- BP Podcast 007: Making Appraisals Work For You with Ryan Lundquist
Books Mentioned in this Show
- Rich Dad, Poor Dad by Robert Kiyosaki
- The Successful Landlord by Maribeth Perry
- The Psychology of Selling by Brian Tracy
- “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
- Eric’s BiggerPockets Profile
- Eric’s Twitter Profile
- Eric’s Website
- Eric’s BiggerPockets Author Profile