Most people dream of getting out of the “rat race,” quitting their day job, and living on passive income sources. However, usually that’s just wishful thinking. But today, we’re excited to introduce you to a real estate investor who did just that using rental properties, and he explains just how he did it. You’ll learn how our guest, Mark Walker, used single family houses at first to begin building his portfolio, and how his passive income really took off when he switched to multifamily. And you’ll love the in-depth discussion on exactly how he acquired his 64-unit apartment building!
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In This Episode We Cover:
- How Mark got started with a duplex that yielded a 36.5% cash on cash return
- Tips for shifting from developments to rentals
- Why he doesn’t want anything to do with property management
- Why it’s a matter of finding the right financing
- The basics to know about amortization and cash and cash return
- How to partner with the right people along the way
- How he finances his deals
- How he structures his partnerships
- The difference between conventional and commercial loans
- How he ended up partnering on a deal with a property manager
- How he knew that it was the right time to quit his job
- Tips on job shadowing someone with great experience
- Details on his 64-unit deal
- What you should know about syndication
- How much time he is spending on his business
- And SO much more!
Links from the Show
- BiggerPockets Bookstore (Black Friday Sale!)
- Mindy Jensen’s BP Profile
- Mr Money Moustache
- BP Podcast 201: Flipping 100+ “Zombie” Houses with Justin Stamper
- BiggerPockets Webinar
- Dancing with the Stars
Books Mentioned in this Show
- “I’m the guy who likes to say yes. I don’t like saying no. I let somebody else do that for me.” (Tweet This!)
- “It’s been a pleasant surprise for a multifamily owner. Once you get that property stabilized, it can go to autopilot.” (Tweet This!)
- “Never stop learning. Learning leads to action, and action leads to success.” (Tweet This!)
- “Do your first deal and learn from it. Ask yourself what’s working, what’s not working, and what can improve.” (Tweet This!)
Connect with Mark