446: Pivoting the Goal and Swapping Doors for Cashflow with Kyle and Lauren Clugston
Have you ever had analysis paralysis? Maybe you have it right now and that’s why you’re listening to this episode! Kyle and Lauren Clugston would call that “productive procrastination”, and the only way to get out of it is to move forward! They should know, it took them over 3 years before they made their first move in real estate investing!
In college Lauren stumbled upon Brandon’s old blog about real estate investing. As she read, she gained more confidence in the craft, and knew that real estate was what she wanted to do with her money. She then started trying to convince her partner, Kyle, that real estate investing was the way to go. As someone without an investing background, Kyle was hesitant, but took a leap of faith which paid off!
Now they're BRRRR-ing their way through New Jersey, with single family and multifamily properties throughout the state. Lauren and Kyle had to learn a lot before they became the real estate success stories they are now. Things like doing inspections, estimating rehab costs, getting financing, setting up systems and procedures, and getting legal documents prepared were at one point a great challenge to Lauren and Kyle. Now, they’ve got them down!
Lauren and Kyle lay out everything they wish their former selves had known, and go through the things that early real estate investors should worry about, and the things they definitely shouldn’t lose sleep over. This advice could save months, weeks, or hours off of your deal analyses and might be just the thing you need to get out of analysis paralysis!
In This Episode We Cover:
* Why house hacking is such a great strategy for new investors
* Focusing on the right metrics, whether it be cashflow or units
* Defining your specific roles as partners and investors
* The importance of weekly meetings with your team
* Setting up your real estate to run like a business, not just a hobby
* How to put together an “invest with us” packet for private lenders
* And SO much more!
Links from the Show
* BiggerPockets Forums
* Grant Cardone
* BiggerPockets Youtube Channel
* Brandon's Old Blog
* BiggerPockets Webinars
* BiggerPockets Rehab Estimator Calculator
* BiggerPockets Podcast 398: 22 BRRRR Properties in Under 10 Hours Per Week with Tarl Yarber
* Bathroom Example (file)
Check the full show notes here: http://biggerpockets.com/show446