Many people struggle to get started, especially when they live in an expensive market. That’s why today on the BiggerPockets Podcast we’re excited to bring you this interview with a newer investor who’s figuring out how to make a passive investment business despite living in one of the most expensive cities in America. You’ll learn how Fat Tony (yes, that’s really what he goes by!) invests in out-of-state deals and how mindset has played a major role in his early success.
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This Show Sponsored By:
We just wanted to give a shout out to our podcast sponsor on today’s show: B2R Finance
A new commercial lender offering loans specifically for rental investors. B2R Finance could help you unlock equity from existing properties so you can get cash out now.
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In This Episode We Cover:
- Who is Fat Tony, and what’s with the name?
- How he got started in real estate investing
- Why it all starts with changing your mindset
- The value of continuing education
- His first deal: a short sale
- Whether it’s worth it to look into condos
- How to start doing the things you need to do
- The importance of tracking your net worth
- Why you should view real estate as a long term play
- What it takes to successfully invest out of state
- The importance of working with people who you can trust
- Why all investors should have cash reserves
- Why Tony believes in buying site unseen
- The worth of his properties today
- Tips for finding people who share the same mindset
- And SO much more!
Links from the Show
- Want to be our sponsor? Email here
- BiggerPockets Forums
- BiggerPockets Webinar
- BiggerPockets Podcast
- BP Podcast 134: Creative Finance and Gaining a Millionaire Mindset with Pro BMX Rider Terry Adams
- The Secret
- BP Podcast 004: Commercial Real Estate Investing With Frank Gallinelli
Books Mentioned in this Show
- Brandon Turner’s Investing With No or Low Money Down
- Secrets of the Millionaire Mind by T. Harv Eker
- Rich Dad Poor Dad by Robert T. Kiyosaki
- What Every Real Estate Investor Needs to Know About Cash Flow… And 36 Other Key Financial Measures by Frank Gallinelli
- The 4-Hour Workweek by Timothy Ferriss
Tweetable Topics:
- “I’m a businessman, not a handyman. And I’m okay with that.” (Tweet This!)
- “There’s gotta be a way. Other people are doing it. I just need to figure out the way.” (Tweet This!)
Connect with Fat Tony
- Fat Tony’s BiggerPockets Profile
- Fat Tony’s Company Website
- The Expansion Project Podcast
- Break Parallel
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7 Comments
I LOVE this podcast. As I’m getting started, I see I definitely have to start with my mindset before I can really grasp investing.
Thanks so much!
Loved this episode. It was actually super helpful as someone who is getting started investing while living in San Diego! Thanks so much!
Good episode. I loved the fact that Fat Tony is so completely chill and hands-off. Not my style, but a great contrast to many of the guests on the podcast.
I also received a number of ideas from the podcast and kept pausing it to make reminders for myself in the morning.
Good stuff.
Great episode! I have allowed myself to fall into the handyman position. I am pulling myself out of it and transitioning back to the role of business man. Thanks for sharing, Tony!
Hey Tony,
I’m looking to get into REI, and my situation seems to be similar to yours. I am a tax accountant, not a handyman.
How hard has it been to find deals where the numbers still work, even if you don’t perform the necessary repairs, updates, etc. by yourself?
Fat Tony,
I was wondering if you could tell me who your property manager in Saginaw is? I am a new investor that lives in Bay City, which is 10 miles north of Saginaw. There are unlimited opportunities in Saginaw, but it consistently ranks top 10 most dangerous cities in the country. I have heard many horror stories, but usually from people who poorly manage their properties. I would potentially consider investing there with a great reliable property manager. I would also suggest that you consider investing in Bay City if you are looking for more rentals in the area. The resale value inside the city is not much better than Saginaw, but the crime and murder rates are much better. I don’t know a ton yet, but I may be able to help you a little bit if you consider investing more in the area. We have a tax auction next week in Bay City, and there are a handful of multifamily houses that should go for around 10k.
Fat Tony,
This is the most relatable episode I’ve listen to so far. Thank you for your story and advices.