Real Estate Rookie
Real Estate Rookie
Oct 28, 2020
Doubling Cashflow by Renting out Rooms with Pharmacist Ryan Chaw
53 min

From $25,000 purchase prices last week to $300,000+ group houses this week!

We head to the Bay Area today to meet pharmacist Ryan Chaw, who ventured about an hour away from his hometown and began buying 1 house per year and renting them by the room to college students.

Ryan collects nearly $11,000/month from 18 tenants, and is creating the kind of generational wealth his grandfather used to put both him and a sibling through college.

Does renting to college kids sound like a disaster waiting to happen? Well... Ryan has found several ways around this, and in this episode he outlines the checklists, systems, and "personal touches" he uses to self-manage without the headaches.

Ryan opens up about an early failure, too. He wasn't getting all his rooms filled, and he realized he wasn't doing a good enough job advertising. So he developed step-by-step, "P.R.I.M.E." marketing method to attract a steady stream of qualified applicants... and you'll learn each step today.

If you're struggling how to figure out just how to create cashflow in a spendy market, follow Ryan's lead! Get creative, consider rent-by-the-room and other outside-the-box strategies, and reap the rewards of greater appreciation and stability that come with high-priced areas.

In This Episode We Cover:

  • How Ryan is succeeding in one of the most expensive markets in the country, the Bay Area
  • Using his job as a pharmacist to get conventional financing
  • Creating generational wealth through real estate
  • How he saved up to buy 1 property per year, 4 years in a row
  • Why he rents his houses to college students
  • The systems he uses to manage 18 tenants and avoiding roommate drama
  • Unlocking hidden value and boosting rental income by adding bedrooms
  • Lessons learned from a difficult tenant who smoked weed and played loud music
  • Why "buy then wait" beats "wait then buy"
  • And SO much more!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/rookie35

BiggerPockets Business Podcast
BiggerPockets Business Podcast
BiggerPockets
83: Build Your 7 Figure Amazon Business Step-by-Step With Mike Begg
Did you know that over 200,000 entrepreneurs currently sell over $100K per year on Amazon? Sales continue to skyrocket with no indication of slowing down anytime soon… and this week, our guest is here to help you get in on the action! Mike Begg -- co-founder of AMZ Advisers -- started a side-hustle business selling on Amazon with three buddies while they all worked corporate jobs. Making mistakes and learning lessons the hard way in the early days, the team never gave up, continuing to learn and tweak their business model until they achieved massive success on the platform. Fast forward five years and tens of millions of dollars in sales, Mike and the team now run their business from the sandy white beaches of sunny Mexico, also helping other business owners generate over $1M in sales each while carving out their piece of the Amazon pie. Mike lays out a step-by-step roadmap for identifying product needs on the platform, sourcing inventory, and building a stellar brand that speaks to buyers and generates sales. He talks about the right way to work with vendors overseas, achieving the right mix of pricing and volume, and determining when it makes sense to create additional sales funnels across multiple channels. And most importantly, he reminds us that anyone-- with focus, dedication and a bit of expert assistance-- has the opportunity to generate significant additional streams of income online. Make sure you listen all the way to the end, when Mike gives us some excellent resources to learn more, right NOW. Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! Links from the Show * BiggerPockets * Deloitte * Sears Real Estate * Helium 10 * Fiverr * 99designs * Alibaba * Amazon's Early Reviewer Program * Upwork * Shopify * Scott Voelker's Podcast * AMZ Advisers Blog * Jungle Scout Check the full show notes here: https://www.biggerpockets.com/bizshow83
1 hr 2 min
Master Passive Income Real Estate Investing in Rental Property
Master Passive Income Real Estate Investing in Rental Property
Dustin Heiner
Successful Investors are Proactive vs Reactive
Being Proactive instead of reactive will give you so many more options in life and investing. When you are reactive, you may only have two options. Both are probably bad options. But when you are proactive, your only limitation is your imagination and figuring out what options you can come up with. FREE Real Estate Investing Course: https://masterpassiveincome.com/freecourse // WHAT TO WATCH NEXT Best Places to Invest: https://youtu.be/g3b4FuQkL78 How to Become Successfully Unemployed: https://youtu.be/wx5Ke9KVs58 Get Money For Investing in Real Estate: https://youtu.be/u4IY5UMDkrI How to Start Investing In Real Estate: https://youtu.be/fJVOeSgXZRQ How to Analyze a Real Estate Investing Deal in 5 Seconds: https://youtu.be/SqA1HcAW4EI How to Set Up Your LLC for Your Business: https://youtu.be/B9RzLkAZI9s How to Use Owner Financing to Make Loads of Money: https://youtu.be/qAOpCOWvj6Q //BEST REAL ESTATE INVESTING RESOURCE LINKS Free Property Get Business Funding https://masterpassiveincome.com/fundandgrow Great High Interest Savings Account: https://masterpassiveincome.com/cit Accurate Rental Rates: https://masterpassiveincome.com/rentometer Self Directed IRA for Real Estate Investing: https://masterpassiveincome.com/rocketdollar Learn more about Dustin and find resources to build an automatic real estate investing business: https://masterpassiveincome.com Join our free private Facebook group! https://masterpassiveincome.com/group #realestateinvesting NOTE: This description may contains affiliate links to products we enjoy using ourselves. Should you choose to use these links, this channel may earn affiliate commissions at no additional cost to you. We appreciate your support!
20 min
BiggerPockets Money Podcast
BiggerPockets Money Podcast
BiggerPockets
152: Reaching Financial Independence Despite a Very Late Start with Baby Boomer Super Saver
To say that Kathy from Baby Boomer Super Saver had a difficult journey ahead of her is an understatement. She was $70,000 in credit card debt, with a big mortgage, and a spouse that had a medical emergency. So how did she make her way to the millionaire retirement level? Through financial management communities like the FIRE movement, she was able to correct her spending faults, earn more, and invest most of her income into retirement accounts. Kathy put in the work to change her mindset about money as a whole, and reach for abundance instead of just survival. Now, Kathy teaches others how they can reach their retirement goals (even if they’re behind where they want to be) on her Baby Boomer Super Saver blog. Whether you’re just starting your career, or are a few years away from retirement, Kathy has some incredible tips on money management, maxing out retirement contributions, and being intentional with your money and your journey. In This Episode We Cover * How to reach your retirement goals even if you start later in life * Snowballing your debt so you can save more * Changing your financial mindset to get where you need to be * The 2 key ways to get your retirement savings up * How catchup contribution accounts like the 457b plan can accelerate your investing * Being intentional with your money while lining up your saving/investing with your values * The importance of educating yourself and not relying entirely on others for financial advice * And SO much more! Links from the Show * BiggerPockets Money Facebook Group * BiggerPockets Forums * Dave Ramsey * BiggerPockets Money Podcast 18 with Mad Fientist
1 hr 6 min
Apartment Building Investing with Michael Blank Podcast
Apartment Building Investing with Michael Blank Podcast
Michael Blank
MB 241: What to Say to Potential Multifamily Investors – With David Kamara
What is the best way to approach the conversation with potential multifamily investors? How do you communicate the benefits of investing in apartment buildings over other asset classes and assure them that their money is safe with you—even if you’re new to the space? David Kamara is the Founder and Managing Director of Cape Sierra Capital, a multifamily syndication firm out of Ann Arbor, Michigan. He has 15 years of investing experience in the real estate space, getting his start with a portfolio of residential single family and duplex units before transitioning to apartment buildings and townhome communities. Today, David owns 200-plus units and serves as a mentor on the Michael Blank team. On this episode of Apartment Building Investing, David joins cohost Drew Whitson and I to explain how he coaches his mentoring students to approach the conversation with potential investors, describing how multifamily isn’t subject to the same risks as single family rentals. He weighs in on what helps aspiring syndicators believe in their ability to succeed, exploring how knowledge helps us visualize what’s possible but action is key in making it real. Listen in for David’s insight on getting your priorities straight and learn how underwriting to cashflow makes multifamily a good investment no matter what’s going on in the world. Key Takeaways What David’s been up to since his last appearance * Find competitive deals with good return for investors * Develop personal cashflow formula (free eBook) * Share knowledge through platform, mentoring What helps aspiring multifamily investors believe it’s possible * Knowledge (i.e.: understanding of loans, taxes) * Personality open to learning new things How COVID changed the way David talks to investors * Proactive in reaching out to investors * Open about potential for no distributions How COVID has impacted David’s underwriting * Assume minimal rent increases for next 3 years * Take on longer, fixed-rate debt (HUD loans) * Prepare investors for longer hold periods David’s advice around market timing * Don’t worry about things can’t control * Plan for same cap rate at sale, focus on cashflow * Choose markets with job diversity How David coaches his students on talking to investors * Explain cash-on-cash return and appreciation * In control of both factors with multifamily Why David invested in the Platform Builder Incubator * Eventually run out of investors as business scales * Attract high-income earners, serve more people * Accelerate growth (program tailored to syndicators) David’s plan to produce content consistently * Write blogs on common questions * Considering podcast as medium David’s advice for aspiring multifamily syndicators * You have to start (buy something) * Prioritize what’s important in life * Hustle to find deals Connect with David Kamara Cape Sierra Capital David’s Free eBook: Personal Cashflow Formula Resources Learn More About Michael’s Mentoring Program Register for Michael’s Platform Builder Incubator Join the Nighthawk Equity Investor Club David Karmara on Apartment Building Investing EP182 HUD Loans HubSpot Michael’s Health Crisis on Apartment Building Investing EP230 LoopNet Realtor.com Podcast Show Notes Michael’s Website Michael on Facebook Michael on Instagram Michael on YouTube Apartment Investor Network Facebook Group
42 min
Get Rich Education
Get Rich Education
Keith Weinhold
320: Wealth Destroyers: Inflation and Taxes with Tom Wheelwright
Learn how to keep insidious thieves from stealing your wealth - taxes and inflation. Higher taxes = lower inflation. I tell you why. The IRS does not recognize inflation in regard to capital gains. I discuss property tax, income tax, and sales tax state-by-state. Many coastal states have high property tax and income tax; southern states have high sales tax. A recent Harris poll showed that work-from-home types value saving money on lunch and gas more than being with their family or having extra time! (Geez.) Subscribe to our Don’t Quit Your Daydream Letter here. Tom Wheelwright joins me. Tax brackets are marginal, so use your childrens’ lower tax brackets. The last dollar you earn is taxed at your highest taxable rate. The first dollar of a tax deduction comes off your highest taxable rate. Tax credits beat tax deductions. Reducing your property tax can be fairly easy. Resources mentioned: Connect with Tom: www.Wealthability.com Show Notes: www.GetRichEducation.com/320 Mortgage Loans: RidgeLendingGroup.com EQRPs: text “EQRP” in ALL CAPS to 72000 or: eQRP.co By texting “EQRP” to 72000 and opting in, you will receive periodic marketing messages from eQRP Co. Message & data rates may apply. Reply “STOP” to cancel. New Construction Turnkey Property: CashFlowAndGrowth.com Best Financial Education: GetRichEducation.com Top Properties & Providers: GREturnkey.com Follow us on Instagram: @getricheducation Keith’s personal Instagram: @keithweinhold
41 min
BiggerPockets Real Estate Podcast
BiggerPockets Real Estate Podcast
BiggerPockets
420: Finding the “Sweet Spot” in Multifamily: Scaling to 150+ Units with David Grabiner
David Grabiner takes the term “long distance investor” to the extreme. While he was a hospital administrator in the Democratic Republic of Congo, he was calling real estate agents in Chattanooga, Tennessee trying to scoop up multifamily deals. David started out by partnering up with his father, buying a quadplex that helped him get his initial training in property management. He later scaled up his and his father’s investment portfolio to 24 units, and then, within 3 years, scaled up his own investments to 150+ units! This meant that David had to quit his job and go full-time into real estate investing. He did it, and he isn’t looking back! Now David is a deal-finding machine, buying directly from listing agents and becoming one of the go-to multifamily investors in Chattanooga. Whether you own one single family home, a dozen duplexes, or hundreds of apartment complexes, you’ll take something away from David’s in depth discussion on property management, landlording, and tenant screening. In This Episode We Cover: * Finding your “unfair advantage” and how it can help your investing career * Approaching different investors with different points of view * The importance of networking for off-market deals * Why you shouldn’t be scared to be “the owner”, and actually use it to market yourself to others * How to find, screen, and keep tenants in place * How you can quickly increase a property’s value (simply by being a great property manager) * Finding the “sweet spot” in multi-family deals * Setting up systems for automated property management (so you can scale!) * And SO much more! Links from the Show * BiggerPockets Forums * David's Instagram * Brandon's Instagram * BiggerPockets Podcast * Buildium * Collegedale Credit Union * BiggerPockets Podcast 362: Big Goals? Here’s How to Get Your Spouse or Partner on Board with Jay and Wendy Papasan * BiggerPockets Podcast 260: The Ultimate Guide to Negotiating (for the Negotiation-Averse) With Former FBI Hostage Negotiator Chris Voss * Rent Manager Check the full show notes here: https://www.biggerpockets.com/show420
1 hr 12 min
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