BiggerPockets Real Estate Podcast

BiggerPockets Podcast 200: A Step-by-Step Guide to Buying Your First Real Estate Investment

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Welcome to the BiggerPockets Podcast show 200! We wanted to create a show that we could point people to in the future as an ultimate resource for building their real estate investment business. If you are new, this will give you a step-by-step plan. If you are experienced, it will help you systematize your business better and pick up new ideas to streamline how you buy properties. These tips were obtained from the community in a recent Forum thread Josh started.

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patchoflandWe just wanted to give a shout out to our podcast sponsor on today’s show: Patch of Land. Patch of Land is a Peer-to-Real-Estate (“P2RE”) lending marketplace that matches accredited and institutional investors seeking high-yield, short-term, asset-collateralized investments to borrowers seeking more timely and consistent sources of funding for rehabbing properties across America.

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In This Episode We Cover:

  1. Commit
  2. Gain Knowledge
  3. Get Your Life in Order
  4. Decide on What You Want With Your life
  5. Decide What Niche/Strategy is Going to Get You There
  6. Set Your Goal(s)
  7. Choose Your Farm Location
  8. Figure Out Your Financing
  9. Get Your Core Team Together
  10. Start Looking for Deals
  11. Estimate Rehab Budget
  12. Run the Numbers
  13. Review Your Numbers With Someone
  14. Make the Offer
  15. Negotiate and Get It Under Contract
  16. Manage the Due Diligence Process
  17. Keep Yourself Organized
  18. Buy the Property
  19. Manage the Property or Rehab
  20. Stick Close to BiggerPockets for Every Step of This process

Download the PDF (for all the links)
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Connect with Brandon and Josh

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Brandon’s Deal Analysis Video

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 investo...
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    Andrew Syrios Residential Real Estate Investor from Kansas City, Missouri
    Replied over 3 years ago
    Great 200th podcast guys, congrats!
    Steve Stackman Investor from Fairborn, OH
    Replied over 3 years ago
    Congratulations on number 200! Enjoyed it as always!
    Chuck Buck Investor from Colorado Springs, Colorado
    Replied over 3 years ago
    Grats on the 200th podast. I enjoyed the start to finish walkthrough. I do have a question about making offers though. When you are making an offer on a non-MLS listing without a realtor, how do you set up the offer? What does the inspection clause look like? Are there examples close buy to reference? Again, thank you so much for all the podcasts and posts here. I have learned quite a bit the last year. Charles
    John Clark Investor from Pinckney, Michigan
    Replied over 3 years ago
    Congrats on the 200th podcast. Thank you guys so much for creating BP, It truly is a great resource for us investors.
    Erika Carter Residential Real Estate Broker from Chicago, IL
    Replied over 3 years ago
    Congrats on your episode milestone! I really appreciate you and everyone at BiggerPockets! Thank you!
    Vincent Crane Realtor from Atlanta, GA
    Replied over 3 years ago
    Congrats, it’s been an amazing journey and I listen to these every single Thursday. 200 podcasts, that’s the sum of a lot of hard work, and dedication, and has served hundreds of thousands of people like myself to get started and change our lives. I’m very appreciative.
    Michael Macklin Mortgage Consultant from Raleigh, North Carolina
    Replied over 3 years ago
    I am currently pulling a 24 hour duty for the military and found this hour and a half to be quite useful (not just because it took up some time from this duty). I am a new REI who hasn’t made a deal yet, but I found this podcast to be quite helpful in getting the head game portion together. Have to have a gameplan to play the game and now I have armed myself with a great wealth of information. I have subscribed to the podcast and am a Pro member so I will take full advantage of all the tools you guys present. Thank you for what you do and congrats on making it to 200 episodes.
    Sharon S. from Charleston, SC
    Replied over 3 years ago
    Congrats on 200 podcast episodes and BP being such a great success! We really appreciate the time/effort you put into BP and creating a supportive real estate investment community.
    Samantha Liang Real Estate Agent from Brooklyn, New York
    Replied over 3 years ago
    Congrats on the 200th podcast and wishing many more. Just finished listening to it this morning on my commute. Greatly appreciate your generosity to share and for creating such a tremendous platform!
    Michael Strobel Investor from Lynchburg, VA
    Replied over 3 years ago
    Congrats on 200! Kinda crazy to get mentioned in a podcast but Ive learned so much from these and from BP. And Ive got so much more to do with my investing strategy. Thanks for all you do and for these podcasts! Look forward to the next 200!
    Clint Okayama Investor from Astoria, NY
    Replied over 3 years ago
    Congrats, guys (and BP team). I’m only on my second deal, but if I ever reach 200, I’ll still credit these podcasts as my primary REI education. Thank you.
    Jose Riano from Lincolnton, North Carolina
    Replied over 3 years ago
    congrats on your 200th podcast episod and for creating such an impressive source of real estate knowledge.
    Lucas Albuquerque from Greenfield Park, Québec
    Replied over 3 years ago
    Hey guys, i started to listen to the podcast on this one! fantastic! By the way: can you put here the book reference you made during the show? The “Life in Air”, or something like that. Thank you very much ! Lucas
    Cliff T. Realtor from Rock Hill, SC
    Replied about 2 years ago
    Yes, can we please get an author for that book reference?
    Arun Chhatpar Investor from Los Angeles, CA
    Replied over 3 years ago
    Great information as usual. Looking forward to 300 more!
    Yaroslav Golubev from Hollywood, Florida
    Replied over 3 years ago
    Congrats I started listing to the podcasts on my drive too work almost have listened to all 200 podcasts. Keep it going
    Paul Lyons from Boca Raton, Florida
    Replied over 3 years ago
    Congrats on hitting the 200 mark! I listen in every week while I am at the gym. The information you provide is invaluable to all multi family investors out there. I do have one request – Can you produce one podcast or webinar specifically on how to buy your “second” property? And have it include: 1. how to know when you are ready (mentally and financially), 2. creative financing – leveraging your first properties equity to buy the second. Are there any rules of thumb? Things to watch out for or avoid? Thanks again and keep up the good work! -Paul
    Brian Bomgaars
    Replied over 3 years ago
    Too much month left at the end of the money??? Great show anyways as always.
    Tom Burckhard Realtor/Real Estate Investor from Seattle, Washington
    Replied over 3 years ago
    Fantastic show as usual. I’m currently working on my third deal since August and was starting to get bogged down thinking how was I going to get to the next one. A great reminder to follow the steps and good things will happen. Do the work, think creatively and the magic happens! Your enthusiasm for real estate investing is contagious; when I grow up I want to be just like you guys!
    Sam Chu from Melbourne, Victoria
    Replied over 3 years ago
    Congratulations Josh and Brandon on achieving this significant milestone! I am new to BP and recently started watching your videos, very informational and helpful, thank you so much for sharing your knowledge and experiences. Looking forward to the big 500th !
    Kyle Atans Investor from Sherman Oaks, California
    Replied about 3 years ago
    Congrats BP Team !
    Matthew Foucheaux from Houston, TX
    Replied about 3 years ago
    Congrats on the 200th episode. I have enjoyed listening to you guys week after week. Curious if there has ever been any analysis done on the Famous 4 – specifically questions 1,2, and 4. It would be interesting to see how many times over your 200 shows a book has been named a favorite (obviously RDPD, E-Myth, and 4HWW would reign supreme) or advise has been given (grouped into categories presumably). I thought that would be interesting.
    Roger Edington Investor from Berrien Springs, MI
    Replied about 3 years ago
    I just started listening about two weeks ago. This is exactly what I need, since I am new to investing in real estate. I intend on listening to all the podcasts and purchasing several books before I am confident in pulling my money out of stocks. I am tired of letting others make decisions in regard to how much I make on my investments. I am taking ownership of my investing. Congrats to making it to this milestone in your podcasts!
    Sean Canahuate Rental Property Investor from Leawood, KS
    Replied about 3 years ago
    Great show! Congrats!
    Brendon Grover Real Estate Agent from PA
    Replied about 3 years ago
    You guys are awesome!! So much help and i for one appreciate all you do for everyday people trying to make a better living. Your advice and expertise is second to none and I am forever grateful!!
    Paul OBryan Investor from Los Angeles, California
    Replied about 3 years ago
    Really insightful and helpful podcast. I feel a bit overwhelmed after listening to it (so much stuff to be on top of) but am committed to jumping into my first deal this year. Thanks, guys!
    Maxwell Silva from Clark, New Jersey
    Replied about 2 years ago
    I am exactly on the same boat Paul. Good luck
    Replied almost 3 years ago
    It can\’t be necessary to repeatedly rag on Detroit. We get it, you wouldn\’t invest here. Congratulations.
    Replied almost 3 years ago
    Where can I find the due diligence checklist that you guys talked about?
    Chris Czekaj from Las Vegas, NV
    Replied almost 3 years ago
    Toby I hope you found the due diligence checklist. %93&term=due%20diligence%20checklist&page=1 Also you can find a lot of great form here
    Anthony Robles Real Estate Investor from Port Saint Lucie, FL
    Replied over 2 years ago
    Guys , AMAZING achievement. As a NEWBIE , I am very appreciative and look forward to the next 200.
    Keith Pinster Rental Property Investor from Tucson, AZ
    Replied over 2 years ago
    The one thing I think is missing is to figure out your exit strategy. Not all properties will have the exact same exit path, so for any given property, you should know how/when/why you are going to get out of it. Even if you plan to keep it “forever”, it’s good to know how to get out of it if things go sideways with either the property or with your business and you need to liquidate.
    Maxwell Silva from Clark, New Jersey
    Replied about 2 years ago
    Congrats on the 200th podcast. I’m New here and this provided me with a good base to study over and build on. Thank you for all the info!
    Jason Smith Real Estate Investor from Cincinnati, Ohio
    Replied almost 2 years ago
    What was the name of the book and author Brandon mentioned in this podcast. I can’t find it. It was something like “life in air or on air”
    Replied almost 2 years ago
    I want to purchase a vacant hotel, any thoughts on process creatively?
    Benny Gelbendorf from Holon, Israel
    Replied over 1 year ago
    Hi, In the show you have mentioned something call lead manager in beta stages. I would assume this already been fully developed, but I could not find it. Can you help me a bit ? Thanks, Benny
    Charles Washington
    Replied over 1 year ago
    My wife is a realtor in Orlando and we come across properties for flip. We are looking for private lenders to partner with. Looking for contacts to start a network
    Justin Verrillo
    Replied over 1 year ago
    I am in the process of educating myself in the “real estate investing game”. However I am a home owner in Laurel, MD and have been for almost two years now. I took out an FHA loan and I’m at 4.5% interest. My mortgage is 2k a month. I’ve been thinking about refinancing but am hearing a lot of mixed reviews and not sure what the right move is? Furthermore, I do have some equity in the house and at some point I’m definitely going to take out a line of credit against it as a down payment on my first deal. Thoughts on what type of plan I should come up with moving forward