Everyone knows rental properties can be a great way to build wealth and cash flow. Yet so few people ever take the steps needed to build their portfolio. That’s why we’re excited for you to listen to this week’s episode of The BiggerPockets Podcast! On this show, we sit down with Steve Garner, a North Carolina investor who currently is building and managing a rental portfolio while working a full-time job he loves. You’ll learn several creative methods for finding deals that have worked great for Steve, as well as some of his clever tricks for managing tenants with minimal work!
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A huge thanks as well to our Fire Round sponsor MACK.
MACK Investments is the nation’s longest tenured turnkey operator with over 38 years of combined experience, with its fully vertically integrated operation in the US’s most diverse economy, Chicagoland. With over 2000+ homes under management, we serve over 300+ investors across 11 different countries. Homes are priced below 200 thousand and will generate a guaranteed CAP averaging 9% that can be leveraged to achieve returns in excess of 20%.
Learn more by visiting MACKinvestments.com.
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In This Episode We Cover:
- How Steve got started in real estate
- How to build courage to get started investing
- Details on his first deal
- Why Brandon and Steve love tenant-proofing their properties
- What “REO” means
- What REIA is
- How he landed his second property using Homepath
- Tips for looking at cash on cash return
- How many deals has Steve done so far
- How he finds deals
- How he handles CapEx
- How to puts money aside for CapEx
- Steve’s 10-unit townhomes
- How he finances his properties
- Thoughts on managing properties
- Why he’s very particular when a tenant’s about to leave
- What his full-time job is
- The importance of screening and having standards for tenants
- And SO much more!
Links from the Show
- Denver Startup Week
- BiggerPockets Jobs
- Carlton Sheets Cassettes
- BiggerPockets Webinar
- BiggerPockets Events
- BP Podcast 004: Commercial Real Estate Investing With Frank Gallinelli
- BP Podcast 186: How to Get Your First Few Properties — Even in a Competitive Market with Dave Meyer
- BiggerPockets Forums
Books Mentioned in this Show
- The Book on Investing with No or Low Money Down by Brandon Turner
- The Book on Rental Property Investing and The Book on Managing Rental by Brandon Turner and Heather Turner
- The Millionaire Real Estate Investor by Gary Keller
- Rich Dad Poor Dad by Robert Kiyosaki
- Landlording on Auto-Pilot by Mike Butler
- The Success Journey by John C. Maxwell
- The Richest Man in Babylon by George S. Clason
- How to Win Friends & Influence People by Dale Carnegie
Tweetable Topics:
- “I am a long-term buy and hold investor so I try to rent-proof my properties.” (Tweet This!)
- “The time to get credit is when you don’t need it.” (Tweet This!)
- “There’s so many good tenants out there that you want to make sure you find that good tenant.” (Tweet This!)
- “Beyond being a continual learner is taking action.” (Tweet This!)
Connect with Steve
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7 Comments
I have my tenants pay the exact same way, another thing you can do is send a monthly bill and enclose a deposit slip with the address some where on it so when they pay the deposit slip is scanned and shows in the account.
Great podcast very genuine
Steve,
Really enjoyed the podcast. I’m a big fan of the Wilmington area and have visited several times, as i’m down the road in Columbia, SC. Congrats on the success and good luck in the future.
Matt
I’ve been absorbing quite a few of the podcasts since discovering them a few weeks back. This week’s episode has been great for me because this is exactly where I think I’ll be in 12 months (investing while working). Thanks for putting the info out there!
Regards,
Eric
Great podcast, I love hearing about success stories from people still working full time. It really is possible if you manage your time right and talk to the right people. Great motivation while driving to and from work. Thanks!
Great podcast. There were quite a few nuggets, and really appreciate insight into where you want to get in 5 years. Good reinforcement to keep moving my business forward. Thank you.
I really liked that podcast and the little nuggets of information. Great way to collect rent too. And maybe the raising the rents doesn’t burn as badly when it’s $38 instead of $40. That’s a good way to get your odd numbers.