Around BiggerPockets, we often encourage newer investors to sit down with an experienced real estate investor to “pick their brain” and soak up their wisdom. Today on the BiggerPockets Podcast, we want to do just that. Dave Short began investing in real estate nearly half a century ago and has an incredible level of insight into the ups and downs of building wealth through real estate. We cover everything from overcoming failure to flipping a hundred houses in four years and much more!
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In This Episode We Cover:
- How he got started in real estate from a factory job 44 years ago
- The grave need for property management and liquidating their business
- Thoughts on going through investing with over a million dollars in debt
- Tips for making partners instead of having bank relationships
- How help from the outside opened his eyes
- Why you should stay in the game despite failures
- The importance of working with the right people
- How many transactions he has done over his real estate career
- How he flips a house
- Who’s on his team
- How to hook a spouse on investing in real estate
- How he buys his deals
- How to get a good transaction as a wholesaler
- Making a deal by solving other people’s problems
- How to show yourself to be legit as a wholesaler
- Why you should find a veteran investor in your market
- What “pre-habbing” a house is
- And SO much more!
Links from the Show
- BiggerPockets Jobs
- Google Play
- Tim Ferris’ Podcast
- BP Podcast Show 91: Getting Started as a Real Estate Wholesaler with Ben Grise
- BiggerPockets Keyword Alerts
- BiggerPockets Meet
- BiggerPockets Analysis Tools
- BiggerPockets Forums
Books Mentioned in this Show
- The 4-Hour Workweek by Timothy Ferriss
- The Book on Rental Property Investing by Brandon Turner
- The ONE Thing by Gary Keller and Jay Papasan
- The Millionaire Real Estate Investor by Gary Keller
- Burst This! by Frank McKinney
- Unlimited Power by Anthony Robbins
- Awaken the Giant Within by Tony Robbins
Tweetable Topics:
- “The management is the key to success, and real estate is just the vehicle.” (Tweet This!)
- “In buying and selling real estate, every house has 2 to 4 solutions.” (Tweet This!)
- “The beauty in staying in the real estate business for 44 years is if you’re in a slump for 4 years, that’s only 10% of your career.” (Tweet This!)
- “If you can’t ask the right questions, then you’ll never get to the solution.” (Tweet This!)
- “I never look at them as competition. They’re people we work together with, and we can all make a living.” (Tweet This!)
Connect with Dave
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21 Comments
Great show, I feel like you could bring Dave back for the next 3 shows and have something different to talk about in all of them. Maybe a surprise guest appearance by his wife as I am sure she has a wealth of knowledge as well.
@David Short, thanks for sharing your wealth of knowledge and experience with the BP world. Here is to your continued success.
Great show! I learned a lot about. Next time you bring him back on can dig a bit more on his methods of getting private money.
Asking the right questions is key and I have to get better at that. Awesome show and managing the asset is a huge take away. Kind of crazy how some properties can have some solid managers but still have a tough time… I would like to learn the red flags to those types of properties. The “pig” as Ben calls them haha! Great show guys!
Great podcast and great person to meet. Thank you Dave Short for all your advice.
Thank you Dave, Josh and Brandon. Very informative and for sharing the point of view from a seasoned investor towards newbies!
I should stop looking for my next deal and stick with home decorating and gift card handouts. Seriously?
That was a horrible and diminishing statement from the speaker. Shame on him.
Great podcast, and Dave sounds a great guy — extremely knowledgeable yet humble.
The concept of “prehab” is interesting — but the loved and hated John T. Reed discussed this strategy many years ago.
Great show Dave. You are a wealth of knowledge and I appreciate you sharing all of that knowledge with me when I was a Newbie and helping me get started. Forever grateful!
Lots of great information in this episode. But like another commenter said, maybe I should not try to be in this business. I cannot wrap my head around how you find a house you can purchase for $38k and have it ultimately sell for over $200k. Where in the world do deals like that exist?
They are definitely out there…Persisence and patience is very key. Alot of probate properties fall into this category, and out of state owners.
This was a good show! Dave is a wealth of knowledge!!
Great show guys!!! Packed with great info and insight! Thank you!
Great show! I love that he really talked to us newbies and said we are important. Fresh blood, hungry blood is always an asset. In my research phase now, but I will do my first deal within a year!
I’m about 20 minutes short to finish this podcast. Thanks for sharing the info.
I have a few questions:
What happened to the 42 units? Why couldn’t they manage them and were forced to sell?
How did they loose 10K per month? What happened?
Is the result of 44 years of hard work a 1 million + dollars in debt?
From what I got so far, this is a sad story. I appreciate the info. Thanks for sharing.
I really enjoyed this podcast. There was so much information from a seasoned investor. I especially liked that he talks to sellers about financing the house for him then splitting the profit after rehabbing it, and that some of those folks are still private lenders for him.
Hi Dave! What an enjoyable podcast to listen to, so much information and genuine about your real estate investing. Thanks for being a part of the community and making a better name for all of us. I’ll have to get my hands on some Tony Robbins books!
What is the term “Cyrea”? local Real Estate club?
City Real Estate Investment Association –
Excellent podcast. It’s important to build relationships and how you got out of the debt was commendable.
Thanks for sharing.