Can a single real estate deal change your life? Definitely! That’s the topic on today’s “newbie episode” of the BiggerPockets Podcast, where we sit down for several interviews with real estate investors who have just purchased their first deal. In the first interview, you’ll hear how Sunny and SunMarie Burns used a fantastic “house hack” to invest in an extremely high-priced area. In the second interview, you’ll hear how Sam Valme was able to house-hack his home into a vacation rental that throws off massive cash flow each month. These stories are incredibly inspiring and full of tips that can help new AND experienced investors achieve more in their business!
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A huge thanks as well to our Fire Round sponsor MACK.
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In This Episode We Cover:
Sunny and SunMarie’s Segment:
- How Sunny got hooked to the podcast
- Why you should consider buying a fourplex as a first property
- How to find these deals
- Thoughts on the competitiveness of the real estate market
- How to use house hacking to earn extra cash
- Why you should always look out for holding costs
- How real estate helped Sunny and his family
- How his mom unknowingly gave him a ticket to real estate investing
- How he turned the basement into a rental unit
- Tips for making the financing work on a deal like this
- Why he used an FHA 203K for financing
- The benefits of using Airbnb to rent your property
- How to price Airbnb rentals the right way
- How to use electronic locks and automate the process
- His worst tenant experience ever
- And SO much more!
Links from the Show
- BiggerPockets Member’s Blogs
- BiggerPockets Forums
- Schlage Door Locks
- BiggerPockets Webinar
- BiggerPockets Analysis
- Ultimate Beginner’s Guide to Real Estate Investing
Books Mentioned in this Show
- Rich Dad Poor Dad by Robert T. Kiyosaki
- The ABCs of Real Estate Investing by Ken McElroy
- The Millionaire Real Estate Investor by Gary Keller
- The E-Myth Revisited by Michael E. Gerber
- Outwitting the Devil by Napoleon Hill
- The ONE Thing by Gary Keller and Jay Papasan
- The Book on Managing Rental Properties by Brandon and Heather Turner
- “House hack and get your tenants to pay your rent, mortgage, and taxes.” (Tweet This!)
- “Hard work just isn’t enough. You need to figure out the why.” (Tweet This!)
- “Imagine your perfect day and then, work backwards from there.” (Tweet This!)
- “It’s better to fail 50 times trying to figure out what you want to do than to sit back for an entire year thinking about it.” (Tweet This!)
Connect with Sunny
Connect with Sam
- Sam’s BiggerPockets Profile
- Sam’s Website
- Facebook Profile
- Twitter Profile
- Customer Results Property Management