BiggerPockets Podcast 290: 7 Paths to Financial Independence with Brandon & David PLUS Josh Dorkin Tells Us Where He’s Been!

by | BiggerPockets.com

Are you ready to get really excited about the life possible through real estate? This show will go down in BP history as one of the foundational episodes: Brandon Turner and David Greene dive deep into seven unique and powerful strategies for building a real estate business that can fill your life with cash—not work. You’ll love the humor, the stories, the lessons, and the tips throughout! This episode is one you’ll come back to time and time again. Plus — as an added bonus — Josh Dorkin comes back to the BiggerPockets Podcast to explain where he’s been and what the future of the BiggerPockets Podcast will look like! Don’t miss a moment of this powerful show!

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This Show Sponsored By

We just waRealtySharesnted 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!

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In This Episode We Cover:

  • Cashflow through rental properties
    • What a turnkey property is and who it’s for
  • BRRR Strategy
    • Challenges with BRRR investing
  • Note investing, lending, syndication, & crowdfunding
    • The scale of passivity
    • The first question David asks to people who want to do business with him
  • House flipping
    • Ways to become a CEO of a flipping business
  • Multifamily investing
  • Buying one house a year
  • The Stack
  • And SO much more!

Links from the Show

Books Mentioned in this Show

Tweetable Topics:

  • “The goal is to buy a house as cheaply as you possibly can and make it worth as much as you possibly can.” (Tweet This!)
  • “With every hire you make, your business should make more money.” (Tweet This!)

Connect with Brandon and David

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 180,000 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!

26 Comments

  1. David Brown

    I just started listening to this episode and it immediately brought a smile to my face to hear Josh’s voice! My first thought was, “Oh Yeah, He’s Back!” Slightly disappointed to not have you hosting the entire show, but extremely glad to hear that you and your family are doing well! It was great to hear you for at least a little while, talking with Brandon in the usual fashion. Certainly nothing against David, You’re awesome on the podcast as well. Brandon’s ok too. Kidding, Brandon is Awesome! Congratulations on your “anointing!”
    Cheers guys!
    Ok, back to the podcast!

  2. Ken Vingua

    @David Greene mentioned the power of a HELOC on the investment properties and stated that he gets HELOCs on all of his properties. I have called many banks and have yet to find one that will do a HELOC on any of my 6 investment properties. Can anyone share which lenders are open to this?

    • Emily Biron

      I had the exact same thought! I have a single family rental that I bought in 2011 when interest rates were ridiculously low and the market was extremely cheap – I have $80K in equity and I would love to get a HELOC but I’m told I can’t because its not my primary residence. I hate to refinance since my interest rate is 2.25% and I hate to sell because its a gold mine with $400/mo cash flow. Help! @DavidGreene

  3. Stephen Blalock

    Wow! That was awesome hearing from Josh! So glad things are getting better for his family and Godspeed for future health for your family Josh!

    Also, Excellent decision in the Brandon / David “anointing” (appointing 😉 I definitely approve!

  4. Nathan G.

    I’m glad to hear everything is going well with Josh and it is a great example of how financial freedom can be such a blessing to the investor. I may be in the minority but I haven’t enjoyed the podcasts nearly as much since Josh left. David is very smart, but doesn’t keep my attention the way Josh did.

    A couple suggestions:

    1. Please, please, please get one of your underlings to quality check your blog. I can’t count the number of times you’ve promised a link or attachment in the podcast and then fail to follow through. Brandon mentions adding a link to explain why he wanted a mobile home park, but it’s been three days and I still don’t see the link. People have posted questions and three days have gone by with no answer. If you want to keep your audience, follow through to completion and interact with them.

    2. Two hours? Almost 30 minutes just for the Fire Round and Famous Four? I must have fast-forwarded 20 times to force through this one. Please consider keeping your podcasts to an hour or less.

    3. Many of us watch the videos instead of just listening to the audio. You post these online so I assume you actually want people to watch them. For that reason, please consider checking your environment! It’s extremely difficult to watch when you sit in front of a bright window or have bright light streaming across half your face. If it’s worth doing, it’s worth doing right.

    • Lena Claybon

      Dude, get a life! They told you it was going to be a long podcast from the beginning so if you didn’t want to listen you had an option not to! Secondly, I LOVED that it went long because they were able to go in-depth on some of the strategies that I was interested in and you don’t get that everyday from knowledgeable people in the field. I hope they do more of these in the future for those who are actually here for the information and not here to be entertained!

      And speaking of that, who gives a crap about the light being bright in the room, they’re not here for aesthetics nor profess to be adept filmmakers, they’re here to disseminate information to those seeking it and they both do an excellent job of that! So, please keep your negativity to yourself. It’s not needed or welcomed here on Biggerpockets!

  5. Benjamin Curtis

    I love the “Solo” episodes; I think when just Brandon and Josh or David talk it is generally more helpful than a guest speaker (nothing wrong with them though.) Thanks for this content; as someone who is still a “newbie” with 1 rental property, hearing the pros/cons of these strategies was very helpful!

  6. Michael Silver

    Great to hear that your daughter is doing so well with her recovery and that your family is healing from the whole experience, Josh.

    Congratulations Brandon and David! Looking forward to many more incredible shows jam-packed with concentrated real estate wisdom, movie references, and – of course – awesome analogies. I’m loving these solo shows too!

    For the strategy of buying one house per year and then pulling cash out with refis as they’re payed off, how about “The Equity Carousel” or “Equity Churning”?

  7. Rhonda Wilson

    Josh – it is an accomplishment for a founder to be able to delegate duties to capable people. Especially hosts as capable as Brandon and David. Perhaps as your family duties return to normal, you’ll have more time and energy to grow BP into new areas related to REI. BP is special and is only at the beginning.

  8. Amanda Swetman

    They talk about the refinance process in this podcast as if they are able to pull out 100% of the new appraised value. But my understanding is that most banks will make you keep 15-25% equity in when refinancing. So your 120k appraisal is really 90k-102k cash. Is this not always the case?

  9. gala klein

    So nice to hear Josh’s voice on the podcast again!

    I want a David Greene motivational bobble head doll. Push a button when you’re feeling like the REI universe is working against you, and receive a verbal kick in the pants, David Greene style. Someone should make that happen 🙂

  10. Cassie Villela

    So glad to hear Josh’s voice again! I was literally tearing up listening to that intro. <3
    Your daughter is lucky to have a dad who is able and willing to drop everything and care for her. Thanks for starting this amazing podcast that has helped so many people!

  11. Nate Dodson

    It is possible to buy 15 properties on loans that would be able to be continuously refinanced each year after they are paid off? I can see how you would be able to do this on 10, but would the final 5 where you used portfolio lenders or a partnership be able to be refinanced?

  12. tracy r.

    And I have another question building on what Amanda Swetman posted above

    [They talk about the refinance process in this podcast as if they are able to pull out 100% of the new appraised value. But my understanding is that most banks will make you keep 15-25% equity in when refinancing. So your 120k appraisal is really 90k-102k cash. Is this not always the case?]

    my question: It also sounded like it’s possible to pull out equity in the BRRR strategy right after completing the rehab. Buying 1 or more houses per month by doing this was mentioned. But my local bank (portfolio) says I have to wait 6-12 months before they will do that for me. So is that just their policy, and I have to ask around to other portfolio lenders? Maybe after I build a track record w them they won’t make me wait so long?

    Thanks for any feedback on this. If I have to wait 6-12 months then it’s going to take me so long it seems hopeless.

  13. Kevin Terpening

    Worth noting, David’s explanation of a HE LOC vs a HE Loan is not quite right.
    HELOC – Home Equity Line of Credit – a credit line with the value of the house as collateral in which you can draw on for a period of time (10 years often) and you only pay interest on the money you borrow. Very similar to a credit card, but with collateral so the rates are significantly less.

    HEIL – Home Equity Installment Loan – similar to a HELOC except it is a loan for a fixed amount for a fixed period of time. This is not the same as a Refinance as David explained.

    And then there is a true blue refinance. With these you can eliminate any HEILs or HELOC in addition to the 1st mortgage you have on a property and “consolidate” into one loan and hopefully at a better interest rate.

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