BiggerPockets Podcast 255: Six-Figure Real Estate Investing in Just 20 Hours a Week with Elliot Smith

by | BiggerPockets.com

How many hours per week does it take to be a successful real estate investor? The answer on today’s episode might surprise you. Today we’re sitting down with Elliot Smith, a real estate investor from Washington State who has an incredible story to tell about how he went from 70+ hour per week worker to “full-time” real estate investor who only works part-time. Elliot has an incredible outlook on life and business that’s contagious, so warning—you won’t leave this interview the same person. You’ll also learn how Elliot and his wife made over $100,000 their first year in real estate and the amazing tale of how they made over $100,000 in a single month. This show is as inspirational as it is educational (and filled with more than a few laughs!) so get ready to have your world rocked.

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In This Episode We Cover:

  • How Elliot got started real estate investing
  • Whether you should do house inspections
  • Their next deals and a great wholesale deal
  • How to wholesale with a full-time job
  • The importance of being honest with your sellers
  • What exactly wholesaling entails
  • How he made $100k in just one month!
  • How to invest part-time and earn full-time
  • Tips for building relationships with private lenders
  • Advice on flipping with no money down
  • Tips on finding a mentor
  • How to do 30 deals a year
  • How Elliot finds deals
  • His way of making the world better
  • And SO much more!

Links from the Show

Books Mentioned in this Show

Fire Round Questions

Tweetable Topics:

  • “If you’re asking if you need an inspector, then you need one.” (Tweet This!)
  • “It all has to do with the intent. Is your intent to screw this person or is your intent to do the right thing?” (Tweet This!)
  • “You’ll find really good people in this business who just love people and love helping.” (Tweet This!)
  • “Money is not the most important thing. Friendship and relationships are the most important thing in this business.” (Tweet This!)

Connect with Elliot

About Author

Thanks for checking out the BiggerPockets Real Estate Investing & Wealth Building Podcast. Hosts Joshua Dorkin & Brandon Turner strive to bring top-notch educational content and interviews to our listeners — without the non-stop pitch prevalent around the industry.

With over 1500,000 listeners per show, the BiggerPockets Podcast has become the biggest real estate podcast in the world. But don’t take our word for it. We’re the top-rated and reviewed real estate show on iTunes — check it out, read the reviews on iTunes, and get busy listening and learning!

17 Comments

  1. Daniel Crenshaw

    @Elliot – Thank you, thank you, thank you for being so candid about your personal struggles during the last part of the podcast. I too battle dealing with depression and working on my Real Estate Investment AND working a full time I.T. job, as I have been diagnosed with Graves disease (Thyroid disease) 10 years ago. It certainly can be a struggle dealing with the bad days but as you said, the good days outweigh the bad ones. Many thanks for all of the incredible tips regarding your road to success! Such a wealth of information.

  2. Don Spafford

    Great show Elliot. Thanks for the motivation to move forward with direct mail. I got a list of all 4 plexes in my area from the Title company and I plan to send a letter to all of them offering to buy them. Don’t plan to wholesale them but just want to buy, if they don’t want to sell at a price I want to pay, then I can offer them my wife to sell it on the market since she is a Realtor. I hope to have some luck like Elliot. – Mindy, yes the Acura NSX is awesome. I remember being 14 working at DQ in the early 90’s and some old dude driving one through the drive-thru every couple weeks. I said I don’t want to wait until I’m old to enjoy a cool car. So good move for you to get one now and I’m sure at a great price and it probably looks as good as new since owners of that car are likely to take care of it.

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