Getting started with real estate investing can seem overwhelming, but on today’s episode of The BiggerPockets Podcast, we are going to walk you through the entire broad overview of how people actually make money in the real estate investing field – and how you can do the same. In this unique episode, Josh and Brandon will walk you through the steps to take before getting started, choosing your strategy, ideas for finding properties, tips for getting financing in order and much, much more. Grab a pen and paper and get ready to take notes – this episode is jam packed with over an hour of directly actionable and educational information.
Read the transcript of Episode 11 with Josh and Brandon here.
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In Today’s Flipping Podcast, We Cover:
- The first “personal” decision you need to make before investing.
- Working full-time vs. part time in real estate investing.
- Josh Dorkin’s real thoughts on “gurus.”
- Investing when you are broke.
- Six steps to overcoming analysis paralysis
- Ten unique niches and three solid strategies you can invest in real estate with.
- Brandon’s favorite “team member” that helped cut 90% of his work out
- To partner or not to partner? Pros and Cons
- 13 ways to finance your real estate investments
Links from the Show
- Ultimate Beginner’s Guide to Real Estate Investing
- BP Podcast 006: Investing While Holding a Full Time Job with Arthur Garcia
- The BiggerPockets Blog
- The BiggerPockets Forums
- BP 004: Commercial Real Estate Investing With Frank Gallinelli
- BP 009: Using Hard Money Lenders to Grow Your Business with Ann Bellamy
- Lease Options (Aka Lease Purchase AKA Rent-to-Own Homes)
Books Mentioned in the Show
- Getting Things Done by David Allen
- The Book on Flipping Houses by J Scott
- The Book on Estimating Rehab Costs by J Scott
- Rich Dad Poor Dad by Robert Kiyosaki
- Four Hour Workweek by Tim Ferriss
Tweetable Topics:
“You don’t need to make real estate your career in order to build wealth in real estate.” (Tweet This!)
“There has to be money involved when investing in real estate… but it doesn’t need to be yours.” (Tweet This!)
“Real estate takes time, planning, and patience.” (Tweet This!)
“People like to fall down… and people like to sue. Get good insurance.” (Tweet This!)
“You’re not a complete puzzle – there are pieces you are missing. Find those pieces.” (Tweet This!)
“A friendship founded on business is a good deal better than a business founded on friendship.” -John D. Rockefeller (Tweet This!)
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38 Comments
Soup to nuts? I guess I’m from the boonies, too!
Great show, guys! The UBG has so much value to new investors. Hey, speaking of beginner’s guides, you mentioned starting up an REI club if there isn’t one near you. I wanted to recommend a link to Glenn Plantone’s article outlining exactly that.
Thursday is my favorite day of the week. See you in the forums!
Thanks for listening and for pointing out that post, Jesse. I’m also glad to hear that Brandon isn’t the only one in the boonies that doesn’t know what on Earth us city folk are talking about. That said, here’s more information on “soup to nuts” to help out. Honestly, I didn’t understand the roots of the idiom until seeking out that link.
We definitely appreciate your support each week; please be sure to leave us a review on iTunes if you haven’t already! Catch you next week…
Josh and Brandon,
Another home run obviously. I absolutely love listening to your podcasts. My wife and I actually listen to them every morning while we are getting ready for work through our entertainment surround sound system. :o) Brandon, as one musician to another, you should try adding a little reverb to Josh’s voice and see what happens. LOL
Anyways, I think it is awesome that you guys thought to pretty much narrate the UBG. Great strategy. It worked well with J. Scott and his book also. It’s a good plan and it really helps the words on the page jump right off at you if they don’t already. I think this podcast will really help brand new investors shake out a few of the webs that clog the thinking and get them to start taking some action. great Job again. Can’t wait for the next one.
Hey Thomas –
To be honest, we were a little nervous doing a show without a guest, but I think we did a good job and your feedback certainly reinforces that. We didn’t want to mess with something that was working, but I’m glad we did.
Thanks for listening, and keep spreading the word!
Best,
Josh
I can’t wait to listen to this one. Got it loaded on the USB for my drive to/fro work this evening. I can tell by the description that I’m going to love it. I don’t use iTunes but I may have to install it just to leave a review!
Thank you for the great podcast. So far I am enjoying what BP is providing for all investors. I really like the excellent points provided. Became a PRO member to obtain as many of these great spreadsheets and contracts provided by many of our members. Thank you again.
PS I got your back on the “borg” comment. He is just a hater
Thanks Jamaal, and thanks for upgrading to PRO! And yes, I am a hater (and more of a Star Wars fan!) 😉
Hey Jamaal – He just doesn’t understand that ‘Resistance is Futile’ 😉
Thanks for continuing to do these every week. I look forward to them! A lot of helpful information
Thanks Matt! We love doing them, and we’ll continue for as long as you all keep listening!
Thanks Matt! We appreciate you being a listener.
Just listened to the podcast and really enjoyed it, but I guess I missed Brandon’s favorite team member that cut 90% of his work. So could you please share on that because I’m needing a team member like that!
Thanks Niki! My favorite team member that cuts down my work: my resident manager/handyman. He shows units, signs leases, does all maintenance stuff, collects rent, deposits rent, and answers phone calls – in exchange for free rent. It’s an awesome relationship to have!
That’s right, I remember you don’t want to change light bulbs!
Love the podcast Josh and Brandon,
Sorta young starter investor here (29) and I would love to here a podcast from Jeff Brown on purposeful planning or anything he wishes to discuss(normally gold advice). And second topic would be green investing, is it possible or lucrative?
Thanks again guys,
Daniel
Hey Daniel –
Thanks for listening! I’m glad you enjoyed the show. We’ve got the BawldGuy on our list of people to get to down the line and are definitely interested in doing an episode on Green. Keep listening and we’ll bring the good stuff to ya!
Great show!
Is there an application i can download so i can listen it on my phone?
Thanks for listening, Eve! Here’s an article with some ideas: 8 great apps for listening to podcasts on Android and iOS. The show is definitely on iTunes and Stitcher, and possibly accessible via other ones as well.
Guys,
I’m enjoying the series of podcasts. The only nitpick I would have is about calling vacancy and credit loss (unpaid rent) “expenses”. Vacancy is a lost opportunity, but it’s not an expenses 😉
OK … my second nitpick would be the pronunciation of the work “niche” … i.e. it does not rhyme with ‘itch’ 😉
http://www.youtube.com/watch?v=oPAw0n08YRE
… now, I’m just yanking your chain 🙂
Wow, this was a really great one. I already read the UBG twice and it was nice to have this podcast to go along with the guide. That guide is what made me decide that real estate investing will be my path to financial freedom. Thanks for the guide and the podcast!
Terry
Thanks so much, Terry! Glad it could help!
Josh & Brandon,
Great job on these podcasts! I’m a long time member and these are definitely my favorite part of the biggerpockets website. Keep up the great work.
Michael Rogers
Hey thanks so much, Michael! That’s really great to hear. All in all, it’s probably the most time intensive thing we do, but probably my favorite! Thanks for listening!
I didn’t realize you guys had this particular podcast until recently. I appreciate the amount of topics that were covered and I’ll probably listen to it again. I have a hard copy to! Priceless………
Great show, guys!
I think this is a great place to start, and could save or salvage many people’s RE investing career.
Keep it up!
Great Podcast. Just started listening to these, and I cant seem to stop. You give lots of great information, and you do it in an easy to understand way. Big Thanks!
Thanks for listening, Jason! We’ve got a ton of great shows already and many more planned. Please spread the word, and if you have a moment, we’d love an honest review for the show on iTunes!
Definitely the best real estate book I’ve read so far!
Thanks guys!
Silvana G.
Good morning,
I am curious. What is the best and/or easiest way to get started? I was working towards doing a Flip or two while seeking out any wholesale deals that I can come across just to create some funding to get me to a couple buy and holds. In this podcast, it was stated that flipping and wholesaling is an avenue that is better when doing full time.
A little about me, I work full time as a luxury auto sales consultant. I work long hours. The same long hours I do not mind giving to real estate in my future. Right now, I need to keep the job that I have for more reasons than one.
So here I am, looking to put together some capital for the buy and hold, but looking to get there in any and many ways that are possible. What is the best and/or easiest way to gain the funds to move forward? Or should I just look into Private Funds?
Please give me any and all feedback, I would love to be in the know.
Great podcast and I already downloaded UBG, it is good reading/educational.
Thanks Billy! Good luck to you.
Thanks again, guys, for publishing the UBG! It is such a great overview and framework to build knowledge from.
I liked that, true to form, Josh reminds us of the need for HARD WORK to be successful. Contrary to the guru-hype, it’s rarely overnight, and the four-hour workweek may be something to aspire to, but for most of us, it’s not going to be that easy-breazy. So for newbies: get educated…apply concepts with action…monitor and adjust…keep learning…keep taking action.
I am a HUGE fan of BP and cannot thank you enough for creating such important content!!!!
This is such a helpful podcast! I have to get this book, again thanks so much for providing such a resource.
Thanks for this podcast love the overview of the book, I am reading the book now. As always you guys are great love the real talk you always provide.
Michelle
I’m working through the material here, this place is gr8!!
Is the two percent rule realistic? I am a newbie and renting my first home now and that rule seems unreasonable. i bought for around 200k, meaning according to that rule, i should rent for 4k but home around here rent for 2k if you are lucky
Thanks for all that you guys do for real estate investing! I am thankful that I don’t have to bribe a guru or pay $20k to learn all this information. What you guys provide is so invaluable, and I can’t thank BP enough for the platform and great content. Thanks again!