In today’s humorous episode of the BiggerPockets Podcast, you’ll meet Bill Lublin, a real estate expert who has invested in over 800 deals while also building the largest real estate agency in his state! You’ll learn how Bill got his start in real estate sales, why he was a terrible agent, and the one thing that changed everything. You’ll also hear how Bill has been able to do over 800 investment deals (from single family homes to multifamily to motels to development and more), his management philosophy, and why he thinks investors probably should NOT get their real estate license.
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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!
Fire Round Sponsor
Lima One Capital is the nation’s premier lender for residential real estate investors. They make it easy to finance all of your rental properties and fix-and-flip projects.
Learn more by visiting LimaOneCapital.com/BP
In This Episode We Cover:
- Who Bill is
- How Bill got into real estate by accident
- Why work ethic is important
- Tips for employing hundreds of agents
- Why some agents don’t buy their own properties
- What you should know about a wraparound mortgage
- How he learned to do creative financing
- How many deals he has done so far (hint: 800 to 1,000)
- His favorite type of deal
- How to time your investing (despite the recession)
- The 4 big things that will give you value-add on a property
- Sage advice for investing for the long haul
- How his business and partnership works
- What the “elephant approach” is
- And SO much more!
Links from the Show
Books Mentioned in this Show
- The Book on No or Low Money Down by Brandon Turner
- List More, Sell More by Jerry Bresser
- The E-Myth Revisited by Michael E. Gerber
Tweetable Topics:
- “You make a living by selling real estate.” (Tweet This!)
- “Anybody who has a periodic payment is paying somebody else’s mortgage.” (Tweet This!)
- “I haven’t met anybody who owned a property for 10 years who didn’t make money on it.” (Tweet This!)
- “You make a profit in the property when you buy it, not when you sell it.” (Tweet This!)
- “You don’t recognize a loss until you sell something.” (Tweet This!)
- “The hard part is not doing deals, but finding deals.” (Tweet This!)
Connect with Bill
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9 Comments
Nice to hear a show from someone investing in Pa and Philadelphia. Thanks for the tips, Bill!
Regarding vacation homes, due to the fact that when the market is down, people don’t buy them; would it be a good Idea to buy them in a down market, then sell them in an up market, in order to avoid losing money?
Bill was hilarious. This is where I need to be. Wealthy and happy. I love these podcasts.
Great Podcast Bill, Josh & Brandon! I love to hear from the seasoned investors because their message one that needs to be heard: invest for the long term, put in the hard work, and make sensible decisions based on fundamentals.
Which part did Bill speak on weather an investor should become an agent to facilitate the deals along with the pros and cons?
It was at the very end when they went over questions and answers.
I have heard the comment before of having your license makes you have more liability and more disclosures. While I fully agree and understand this point, I believe these so called negatives do NOT outweigh the advantages. First off, as a seller, the more you disclose, the safer you are anyways and if you hire an agent, they still have to do all the disclosures so that argument is mute in my book. As for liability, if you disclose all, you should be fine and there is always E&O insurance anyways. The advantages are: access to MLS, ability to receive referral fees (legally), ability to earn commissions at your purchase and at exit, and ability to charge for misc agent services (legally).
Gentlemen,
Thanks for this fun, educational podcast. Re. getting your RE license, my suggestion is to at least attend your local RE licensing course. I just did this, and both my instructor’s and guest speakers’ wisdom were well worth the time & effort.
Greg
Great Pod, Bill was a great guest. Would love to here more from him. I have my license and am embarking on the journey of earning money as an agent. I understand Bill’s view and agree but investors should definitely educate themselves. The things you are required to learn as an agent don’t seem to have as much to do with what agents deal with but more with the laws, regulations, and responsibilities you have as an agent. I wouldn’t be surprised if in the future there were some type of certificate or license needed to wholesale just as there is to be an agent, appraiser, broker, or property manager. Once again great pod guys.
Fun podcast, I really enjoyed it. I knew that I always wanted to hold on to my real estate properties, but true story, you can always make money on holding it for at least 10 years. I need more time on my side now. Thanks again Bill!