Episode 184: We’re talking about landing the ideal real estate deal when starting with real estate investing. We’re touching on the Blink book, being a corporate drop-out, and how to be a successful landlord.
The Ideal Real Estate Deal
Many people ask what the ideal real estate deal looks like. The ideal real estate deal is a multi-family purchase that becomes an income-generating property within 12 months using $0 out-of-pocket.
How does this happen?
What is BRRRR?
BRRRR is an acronym that stands for:
Buy a distressed asset, rehab it, rent out the units to give yourself some money, refinance, and repeat with a new property.
Over time, as you build your reputation, you’ll be able to secure $0 out-of-pocket deals. Real estate investing is also a team sport: if you find the deal, the capital will come.
How to Be a Successful Landlord
The trick to becoming a successful landlord is accountability. Protecting your investment by holding tenants accountable to their actions, even when it means making difficult decisions. Sometimes that means being the bad guy in an eviction situation.
It also means being an advocate for your tenants and helping them figure something out during a tough situation, like the COVID-19 pandemic.
Finally, continuously updating and adapting your contracts will ensure that you’re covered no matter what happens. Using the Bigger Pockets pro membership can help.
Disclaimer: Kevin and Sean are not professional financial advisors. Do not take any advice they give without first speaking with a professional and performing your own due diligence.This post may include affiliate links.