Are you building vertical or horizontal income in your life? If you aren’t sure, don’t miss this exceptionally important episode of the BiggerPockets Podcast, where we talk with Pat Hiban about creating multiple streams of passive income. Pat, who is a New York Times bestselling author, shares his real estate journey with us today, starting from a humble “house hack” to participating in multi-million dollar apartment complex purchases. You’ll also learn why (and how) Pat has 61 different sources of “horizontal” income streams and the best ways to begin building your own. Don’t miss a second of this incredible show.
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In This Episode We Cover:
- Pat’s thoughts on being a real estate agent for 28 years
- Why many real estate agents don’t invest
- How he obtained his first property by house hacking
- The story of an illegal alien investor
- What Section 8 rentals are and why he invest in them
- The pros and cons of Section 8 tenants
- How he makes money through college rentals
- How he manages his properties
- How to make a property college-proof
- What exactly a “come bet” is
- Why he looks for track record before investing with someone
- A discussion on horizontal streams of income
- And SO much more!
Links from the Show
- BiggerPockets Videos
- BP Podcast 188: Using 20+ Years of Studying Market Cycles to Buy Low & Sell High with David Gudmundsen
- BiggerPockets Webinar
- GoSection8
- BP Podcast 048: Duplex Investing, Finding Great Properties, and Tips for Managing Tenants with Darren Sager
- BP Podcast 170: The Journey From Flipping Houses to Owning 1,470 Units with Andrew Cushman
- BiggerPockets Forums
- GoBundance
Books Mentioned in this Show
- Retire Young Retire Rich by Robert Kiyosaki
- The Surrender Experiment by Michael A. Singer
- 6 Steps to 7 Figures by Pat Hiban
Tweetable Topics:
- “My biggest regret is not buying a house a year.” (Tweet This!)
- “On Section 8, I buy where if they find out that I’ll put a Section 8 in there, they’ll be upset.” (Tweet This!)
- “Create bucket list moments and get the most out of life.” (Tweet This!)
Connect with Pat
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17 Comments
Awesome podcast… going to check out Pats book this week. I am a real estate agent and hearing what Pat has been able to achieve is inspiring. Gotta get my streams up!!!
Awesome podcast. Really has me thinking with three big colleges in my area. Pat, do you put separate door locks on each of the bedroom doors in your college rentals?
Great show! if you can please share bank info who does more than 10 houses loan. Thanks
Where is the link to the bank who lends to people with 10 or more mortgages?
also what bank doesn’t look at the tax return? thanks
Find this one a bit hard to believe myself…
Just another bper looking to hear about that bank that lends to more than 10, you guys promised it would be in the show notes
Same here, came here to look for that info
Likewise, came here to look for the lender who can do more than 10 a rate in the 6s.
Great episode guys! Definitely going to start working on those horizontal income streams.
Just to expand on the 1031 exchange mentioned – “Under Section 1031 of the United States Internal Revenue Code (26 U.S.C. § 1031), the exchange of certain types of property may defer the recognition of capital gains or losses due upon sale, and hence defer any capital gains taxes otherwise due.”
Hi Pat!
I really enjoyed the part of your show on student housing. I’m curious, how do you deal with the rental agreement for those houses?
Do you have a lease for each room in the house? Or, are students really just willing to pay that much more above market rate for a house near campus?
I grew up in Berkeley, CA (near UC Berkeley), and now I live in Oakland (next city over). Rents are already VERY high in this area. Does it figure that I should still be able to charge X% more for a house located near UC Berkeley campus?
Did anybody find out which bank doesnt look at Tax Returns?
doesnt look like they are checking
Nice podcast Pat. I really liked the idea of targeting colleges in your area, and then making the properties, nearly, damage proof. Another practical thing was to have their parents co-sign the lease, adds an extra layer of protection.
Great information, and so great to hear about your “let it be” attitude towards issues. I sure would have to think that way if I had student housing too. But it’s nice to hear that nit-picking through all the details doesn’t get you any future in life, and that you have created a nice, comfortable life for you family.
What happens if everyone who is a renter starts listing to these podcasts?