Bigger Pockets Podcast Show 41....
I had a great time today with Josh and Brandon recording SHOW 41.
As Josh explains HERE, he has truly achieved his mission with BP over the last 9 years! I am glad to be even a small part of it! On the show today we covered many topics from Guru Mentoring to Resort Markets to Lease Options to working with Spouses. I felt the need to promote the incredible RESOURCES that BP offers because as a new investor I would have killed for this kind of info all in one place . . . and it's all FREE!
We also talked about some of my personal successes, failures and all the lessons I've learned. I offered some of my tips and tricks of the trade on the show but I thought of a few more things after the interview that I would love to add. Some of what I do now doesn't transfer well to the newest of investors because I invest in medium to higher-end markets and usually pay all cash, but even the most experienced investors started somewhere and we all remember some of the things that did and didn't matter.
1 - Don't worry about creating the perfect image before you begin ... Nobody ever turned down my offer because I didn't drive a BMW or have the perfect business card or website.
2 - Don't listen to friends or family who say something can't be done in your area or by you specifically.
3 - Don't try to hit a home run on your first deal, but just make sure you have enough of a profit margin and several exit strategies to protect yourself.
4 - Asking questions is good, but better questions get better answers and better questions come from better research. Read and study everything you can on the REI niche you are interested in and then ask for the specific help of others to fill in the gaps.
I also thought I would add some photos below to help podcast listeners visualize some of the specifics I mentioned on the show. Thanks again Josh and Brandon for having me on the show!
- Douglas "Lucky" Larson - Make Your Own Luck!
My very first house (Below) . . . Riverside County, CA - net of 15K
My Kula, Maui lease-option house - 3rd investment - net 65K
Kihei, Maui Townhome - Gutted by a crazy guy! - netted 28K+/-
One of several homes in Park City, UT - This one fell out of escrow in late '07 so we rented it through the winter to ski resort employees and sold in the spring of '08 for $417K. 2.5-year hold - netted $110K.
My wife is a fully-invested partner in our REI company. She designs, paints, stages finished homes and does bookkeeping . . . and contributes a voice of reason when I am over-optimistic about a project. After 9 years of marriage and over 50 properties we are still a strong team! Now, if I could just get her excited about the NFL she'd be the perfect wife!
Below are her design ideas on a San Diego house in '11 that netted 105K
This is a project from earlier this year, bought through an auction site when the "phantom bidders" disappeared and my much lower bid became the instant winner! . . .as Josh said, "scandal!"
Hope you enjoyed the podcast!
- More about me at LuckyLarson.com