Episode 234 Tenants, Evictions, No Money Investing w Ryan Murdock

35 Replies

The most popular question in these forums is some variation of "How do I get started investing with no money?"

In Episode 234 of The BiggerPockets Podcast, we hear from @Ryan Murdock  , an agent and investor who tells his story of how investing with no money can come back to bite you if you are not prepared. 

Ryan also shares his experiences with tenants, and the un-fun eviction process.

Listen to Episode 234 here , or download to your favorite podcast app.

In the beginning of the show I was like wait I know that name... Then I heard Bangor Maine and I knew how! Great to hear one of the local Maine investors getting onto the show! Makes me very motivated! I am currently in process with my first deal with a partner and hard money lender for the down payment, the show of course helped point out some things we need to be sure of before signing any papers, especially the 6 current tenants and their leases...

Maybe someday if I find myself back up visiting Orono I will have to contact you, see if I could take you to lunch.

Anyway great show yet again from BP. And hell of a bonus this week hearing from a local!

Listened to this on the drive back from MDI to the greater Portland area. It was a fantastic show and loved that it was from a Mainah! The Portland market is getting pricey and I'm starting to look elsewhere in the state. The one issue has always been getting a good agent and management team in a far-off locale. Maybe the Bangor area is it!

@Andrew Magoun We've been seeing a lot of Portland-area investors kicking tires and buying in Bangor lately as the dollar still goes a lot further here. Southern Maine is out of control.

Just listened to this podcast. Really informative. What I really liked about this episode was how down to earth it was. It wasn't all just how someone lucked out and became a success, but it also revealed the mistakes and stressful situations he got into. I think people learn from their own failures as well as others can learn from other's failures so they don't make the same mistakes. 

Good podcast @Ryan Murdock . Congrats on your 10 unit, glad I could help. All your points I've experienced similar. Your on track. Good point too that each investor is at a different place personally and in their investments. I've bought many times from other investors and created win/win. Keep in touch.

What an awesome episode! I can relate to a lot of the beginning pain you described in the podcast, especially regarding financing after quitting a W2 job. Thanks for your story.

I do have one question that I'm facing right now and would like your feedback - I inherited a property that is performing poorly, when do you know it's time to sell vs. keep on spending turnover money on it? Especially when it's difficult to obtain bank financing at the moment?

@Ed Emmons Glad you got a chance to listen. I may need to come see again soon so I can add some other "success stories".

@Coco W. Sell or renovate? I'd say that depends entirely on your situation. If you have the time, money, energy and can see a financial light at the end of the tunnel maybe it's worth keeping and fixing. If you can sell now and walk away with a pile of cash in your pocket and rid yourself of a headache you may be better off doing that instead. Without seeing the numbers and knowing the story it's tough to say more than that. Maybe start a separate thread for that question and see if we can help you through it?

Hey Ryan, great show. It was very inspirational. I'm hoping you can give me a little advice on a situation I'm in. I want to start investing soon, I have about $3,000-4,000 in my back pocket and I am currently saving like crazy so I can move to to New England in about 10 months (I'll drive up to Maine and take you to lunch ).

The tricky part is property cost so much more up there than it does in St. Louis (where I currently live). After talking to my parents, they're confident people they know will finance my purchase in St. Louis. They also agreed they would manage the property once I leave for New England.

I was planning to buy something in NE and have my girlfriend manage it until I move up there a few months later and living in one of the units. The problem is, finding financing might be harder up there.

My parents say if I buy in St. Louis first, I can use the income to go towards a single family home in NE after I refinance and get some cash. I will also have my W-2 income job to help go towards properties.

I'm not sure if this is making sense or not- if not, I apologize. I'm just looking for some advice/ tips. Like what would you do in my situation?

I'm 23 with a 739 credit score. Moving to New England to eventually marry my girlfriend.

Thank you for your time and thank you for sharing your story on the BiggerPockets Podcast!

@Quinton Slay you may want to buy the NE home as a second home while you live where you do because your w-2 income may not be considered once you move unless you will be working for same company or can reasonably continue that income. If you work from home remotely you can buy cheap housing in the depressed towns. There is not a lot of local work there but there are nice homes.

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