Audioburst Search

A Simple Strategy for Rental Properties

Automatic TRANSCRIPT

I want to ask you a bunch of things because you jumped into this head. I you bought your first rental property how much you know because sites like bigger pockets like they have a ton of content you could learn for ever and now by a single property right. What did you do like? What was your steps to learning first before you jumped into actually by. I was talking about with my friends who one had already bought one and was buying his second like talk to them for months about it. Did incessant amounts of research. What I listen to the bigger pockets. Podcast which you know. There's a lot of good stuff in there but perhaps a challenging to get through It's just a lot and then you don't know anything. What is what was the most helpful part was it. Was it listening to podcasts? Was it just like literally having sort of a mentor right? You know. He didn't he didn't know like much more than me. And to be honest I we kind of just like jumped into the fire and we learned a lot like cutting our teeth on it. I feel like you know. I learned a lot about the burr strategy and I was obsessed with the burr strategy. Before did it which is by. Rent Bob's I by rent repeat As this whole way of like putting money and pulling most of it out it's like it's the philosophy right yet and it's a really great strategy but it he infinitely complicated on top of just buying picking a property right like I just. There's so many ways to down in the right and you can And you can basically like learn forever. Yes you could just continue to learn and never actually pull the trigger on anything. It's trying to say like you're an expert in science which signs outside Earth size ever end and then you know this. It speaks to that. 'cause I'm a home brewer? I know a lot about beer to make beer. I am forever learning. It doesn't mean I'm not sitting there making beer making beer but I'm still learning every day in changing my process. The next time I make an exce batch and you know the fermentation of stuff's involved. Does that mean that you can make wine? Doesn't mean you can't make wine where you're probably not going to be that great at it because you have done it and it's not a focus now okay. I want to kind of drill into the learning process more because specifically for you because if I were to buy rental property right now and I I was part of the course I took the course essentially i. You are the person I wouldn't even. I wouldn't look up anything I would just ask you right. Is that kind of how you approached. It was with with your friend who who did. Because it's like well somebody needs on it. So yes so I worked with him but to be perfectly honest I learned the most from someone that you may remember a million years ago. Her name was Alison Carols. And she was like a real estate expert on listen my imagine the beginning. Some of her Articles are still on the site and she had owned. I think it was eleven properties of the time. Okay and she had a whole spreadsheet and process that she used and so I really adapted her process to fit my needs. I pretty much following all of her exact things and then as I went through it. I was like not this this. I don't want to do that. I don't care about this and I kind of made it more me. She wanted to be real estate. I just I just wanted to make money whereas wanted to be successful in it but didn't WanNa live and breathe. Do you think that you had to have a foundation of some kind of knowledge before even going and learning about rental properties? Yeah Yeah I definitely what is that? So I think it's just like basic understanding of properties rent and like the value of things I think a lot of people go into buying rental properties. Where like hey I heard this guy. He makes money on rental properties. This houses for sale. I think we could rent and make some money. Yes and no you. Can't you could definitely by rent it but you can make money on okay and in like all right. So what was the out of those pieces like? Yeah you you learn how to buy properties. It was it was allison spreadsheet. That really spoke to me in that it was I kind of lean towards numbers and I understand things in that context but it really set I. I liked her approach where she had Limitations on the deals that she would do based on the numbers says you put in the ramp racing the purchase. Pray send you know. She had assumptions for like vacancies. You boop boop put all these numbers in and it was like she had boxes that would be from green to Red Right. Radian of like how much you should do. This deal So Sheila Binary choices and it was you know. And then what would happen is like this? I would clone the spreadsheet into other tabs and compare these gradient numbers against each other and I was like. Oh this is such a better

Coming up next