Ever wonder what real estate investing looks like from a real estate agent’s perspective?
On today’s episode of the BiggerPockets Podcast, we sit down with Dawn Brenengen, a real estate agent-turned-landlord and discuss how she made the transition into the investing world, as well as her tricks and tips for success as a landlord. Along with important insight into the real estate licensing process, Dawn covers property management, house hacking, and a whole lot more! Listen for advice on finding a great property, handling everyday rental issues and finding that elusive “ideal” tenant. And in case you were wondering when it’s appropriate to bend the “2% Rule” — this episode explores that, too!
Whether you have experience as a real estate agent or not, don’t miss this inspiring show!
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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 Dawn got started in real estate
- Thoughts on being a licensed real estate agent
- The qualities that make a successful agent
- A real estate agent’s perspective on what investors are looking for
- The 2% rule — and how to know when to bend it
- Importance characteristics of a great property
- The process of “house hacking“
- What you need to know about property management
- How to handle tenant issues with grace
- The process of qualifying tenants
- Different perspectives on owning a home
- The ins and outs of establishing relationships with property managers
- The pros and cons of self management versus hiring the job out
- Tenant red flags and finding the ideal tenant
- Plus MUCH more!
Links From the Show:
- The Real Estate Agent’s Ultimate Guide to Working with Investors
- Brandon’s article on House Hacking
- Podcast Episode with Chris Clothier
- BP Podcast Show 100
- Resident Research
- List Hub
- Zillow
- Trulia
- CraigsList
- BiggerPockets Forum
- ActiveRain
- Be a Guest on the Podcast
Books Mentioned in the Show
- Rich Dad Poor Dad by Robert Kiyosaki
- Lean In: Women, Work, and the Will to Lead by Sheryl Sandberg
- I Shouldn’t Be Telling You This by Kate White
Connect with Dawn
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24 Comments
Yay for women investors! Really enjoyed the show, Dawn. Thanks for sharing your story. I used to live in the Raleigh, NC area (Cary). Cool area to be investing in!
Hurrah! I had so much fun doing the podcast, and it’s been especially fun to see the response I’m getting today. I can’t wait to go back an listen to your show, Jonna (for the second time). ?
Another great podcast and the “List Hub” and “Resident Research”, adds to my toolbox.
Thanks, Billy! Those are some of my favorite time saving tools!
One of my very favorite podcasts so far!! I really appreciate the nod to women in the REI industry– there’s not too many of us and when I tell other people, they just don’t really know what to do with that information. In the middle of “lean in” currently. 🙂 Also loved hearing about your investment strategy of investing in higher quality properties that command a higher rent. That’s been my MO, but I’m not too far along and glad to hear how it’s worked for you! Also loved hearing your thoughts on renting close to college campuses. Thanks for all the insight– really enjoyed it!
Thank you, Kimberly! It never occurred to me that there weren’t that many female investors, probably because I encounter so many female agents that I never noticed. It was eye opening to hear Brandon say only 3% of the people who responded to his call for podcast guests were women. I’m glad to meet you!
Enjoyed your article and appreciate your hold forever approach. You were saying though that appreciation won’t help you because you won’t sell. I disagree with that because first of all rental appreciation (rising rents) is huge. If you are in a desirable market rents go up with prices. Secondly, if you ever want to tap your equity years down the road (as I have) having an appreciated property makes it a dream. Try that with those 40k no upside rentals and the ability to pull cash is limited.
True story, Jeff! I’m definitely counting on some rental rate appreciation, and if I ever want the cash, I can always refinance. Maybe that’s how I’ll finance some dream vacations when I retire!
Hi @brandon Turner, I listened to the last few podcasts and heard about your challenge to find a great property manager in your area.
Here is a thought: Every city has a few email service providers that have the ability to send an email for you to ALL local Realtors. You can ask your Realtor contacts to forward to you some of the regular emails that they receive on a weekly basis. In Las Vegas you can use one of these services and reach ALL the Realtors for $15! I’ve used it many times.
Send them an email saying something like “make a few $100’s extra every month”. Then tell them you are looking for someone super professional and responsible to manage your properties. If they do a great job, the pool of properties can grow significantly. Ask them to email you their resume and voila.
Even if they need to advance from a Realtor Salesperson to PM I’m sure it would be worth it for them knowing that they will have 100’s of Dollars extra every single month. What do you think?
Thanks Dawn for taking time to tell us about your business. I aspire to have a business like yours. Everything from “high end” rentals to buy and hold forever. I graduated from NCSU and before moving to CLT had hoped to do exactly what you have described. I think you have a winning strategy – I wish you luck on your future plans.
Thanks, Matt! I’m sure you’ll find exactly what you’re looking for. Good luck in the Queen City!
Great show Dawn, I really enjoyed it. I hope that you continue to be an amazing inspiration for more women real estate investors to get involved!
Thanks, Jonathan! I agree – we need some more ladies in the field!!
Hi Dawn,
That’s great show and thanks for giving out lot of helpful information. I am in Raleigh too and hopefully we meet in person. I am looking for a website for tenant screening, which one do you use (sorry I couldn’t get it).
Thanks.
Nevermind, I found it on the note.
Thanks anyway
Glad to see you found it. I’ll be at the BP Meetup on Friday. Hope you can make it!
Great show, thanks for wealth of information. When you said that if someone plans on being creative they should not get their realtor license can you please elaborate on that please, my apologies for being naive.” Resident research ” thanks for that jewel I will definitely add that to my tool box as well. List Hub is that for agents only ? What is the difference between list Hub and Rentlinks in your professional opinion.
Thanks in advance
Happy investing
Hi Frank! Agents are held to a higher standard than the general public is. So, if you are trying to do any “creative” deals, you need to make sure you are well within the law and standards of ethics as an agent. There are some gray areas in RE investing, so if you plan on operating in any of these areas, just be sure that having a license won’t be a hindrance…think wholesaling.
Hey Dawn! Great job – way to rep women agents/investors in Raleigh 🙂 I went to UNC as well, but am living amongst the wolves in Raleigh… I’m so glad I stumbled across this podcast, I’ll e-mail you separately 🙂
Hi Tiffany! I’m living amongst the wolves, myself! You should come to the BP Meetup on Friday if you have the time.
https://www.biggerpockets.com/forums/521/topics/165368-north-carolina-nc-meet-raleigh-cary-apex-chapel-hill-durham
Thank you Dawn for your podcast. Raleigh sounds like its a good area to invest in with continued growth in the city. Keep up the success!
Thanks, Deshan! Glad to hear you enjoyed it ?
Hi Dawn! I really enjoyed your show. Thanks for sharing your story. My path to real estate investing will be very similar to the one you’ve taken. I plan on moving every year and renting out my primary residence until I’ve acquired 3 or 4 properties. Also studying to get licensed so I can save money buying real estate. I don’t think this was covered in the show, but would you mind sharing how many rental properties you’ve acquired for yourself and how long it took you to get there?
Hi Rajib! I’m happy to share. I bought my first personal home in 2003, and since I was house hacking, I’ll share when the home were actually turned into rental properties.
1. 2004 – bought with my parents
2. 2004 – bought with my parents
3. 2006 – first personal home was turned into a rental
4. 2012 – second personal home was turned into a rental
5. 2014 – bought fifth rental as a rental
So, it’s been a slow an steady process. I do conventional financing with at least 20% down, so it takes a while to save up those large down payments. 🙂