Today on the BiggerPockets Podcast we’re excited to bring you another “newbie podcast” with 3 new real estate investors who are excited to share with you the story of their very first real estate deal! This episode we are talking with three investors who share a common trait: they all have a deep understanding of personal finance and it’s role in the real estate investing space and write about it online!
Today you’ll hear from Scott Trench, Lauren Bowling, and Philip Taylor as they share how they found their first deal, financed it, manage it, and more. We cover everything from house hacking to creative finance, dealing with fear, and numerous other topics so, without further suspense, let’s get to the show!
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Sponsor
We just wa
nted to give a shout out to our podcast sponsor on today’s show: RealtyShares. RealtyShares is a crowdfunding platform that allows you to invest in professionally managed properties without leaving your living room!
Learn more by visiting RealtyShares.com/biggerpockets!
In This Show We Cover:
- How to find deals in a hot market
- Finding and working with a great agent
- Down payments: how much is really needed?
- Three different “house hacking” methods (one from each guest!)
- Using government programs to finance properties
- Wrapping repairs into the loan and creating immediate equity
- The one rule you need when renting to family or friends
- How to thrive when your home is worth less than you paid for it
- Doing your own work vs. hiring it out
- How to cash flow your property and save on taxes at the same time
- The #1 personal finance tip from each guest
- Plus MUCH more!
Links From The Show:
Books Mentioned in the Show
- Four Hour Workweek by Timothy Ferriss
- Rich Dad Poor Dad by Robert Kiyosaki
- The Richest Man in Babylon by George S. Clason
- The Millionaire Next Door by Thomas J. Stanley
- The Millionaire Real Estate Investor by Gary Keller
- Brandon Turner’s The Book on Investing in Real Estate with No (and Low) Money Down
- BiggerPockets’ Ultimate Beginner’s Guide to Real Estate Investing
- Overwhelmed: Work, Love, and Play When No One Has the Time by Brigid Schulte
- The Skinny on Real Estate Investing: An Introduction to the Subject by Jim Randel
- The E-Myth : Why Most Small Businesses Don’t Work and What to Do About It by Michael E. Gerber
- The Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime by MJ DeMarco
Connect with Scott
Connect with Lauren
- Lauren’s Blog – LBeeAndTheMoneyTree.com
- Lauren’s Twitter
- Lauren’s Instagram
- Awkward Money Chat
Connect with Philip
- Philip’s Blog – PTMoney.com
- Philip’s Blog detailed post about his cash flow report on his rental
- Philip’s Twitter
- FinconExpo
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- Actionable Advice for Getting Started,
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- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more
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10 Comments
Good podcast Josh/Brandon just an idea to increase advertising dollars or give your sponsors a bigger bang for their buck (which will hopefully result in money for you) you may want to look into a 15 or so second commercial in between the people you are interviewing.
I’m going to slay it at the next “happy birthday” performance – Thanks!
I really enjoyed this episode. I too plan on “house hacking”. The FHA 203k loan is something I really need to look into.
Phillip you mentioned 20% down, I was wondering if you are paying mortgage insurance on the investment property?
Congrats to everyone, but especially Scott for hanging in there during the long process of buying a foreclosure. It’s an honor to say I was the broker for a Podcast guest, and to have helped you get your first deal.
Yes Thank you Micki! I should have given you a shout out on there. I’m kicking myself today!
Lauren, awesome job! It’s so great to hear buyers talking about LIFT and 203k. There are some great programs out there that people don’t talk about enough.
@Josh Dorkin has 99 problems but @Brandon Turner aint one.
I just spent 17 hours on the rode and I was listening to pod casts the entire time (Thank you Josh & Brandon, I just wish I had a pen). I really enjoyed listening to this particular pod cast because as a newbie- hearing how people completed their first deal is nice to hear and learn from.
Not all the contractors are bad. My husband is a contractor and he is the most honest contractor. The way his customers feel at ease is by him talking to them, walking them through the process and always meets the deadline. The only time he goes over the deadline is when his customers add more to his plate, in his case it is always the case.
As for 203k loan, I wish I new of this program when I bought my home. We bought it at a good price, the place was livable but needed to be up to code. The house is close to 100 years old and had no updates. We end up spending 100k for our renovation.