The Most Boring Way to Get Rich with Rentals

Comments · 172

• WA

  @WaleLawal · 5 months ago

  Boring strategies tend to focus on stability and risk control. That’s what keeps investors in the game long enough to win.

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• MI

  @mikethomas1081 · 5 months ago

  I’ve done this during three different decades. Three houses in the 90s, then five in the mid-2000s, then seven since 2020. My wife and I have kept the 10 most profitable and we live off the rents. I never got a killer deal on any of them. Just slow and boring. All of them were fixers.

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• TH

  @TheStrategos392 · 5 months ago

  Depending on how motivated you are can do this every year for 5 years straight. This is the monopoly model. You buy four houses and the fifth becomes a big red hotel. Once the opposite player lands on your property they have to pay you a boat load of money. Kiyosaki discussed this very model in his books which his Rich Dad taught him.

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• CV

  @cvzphotography · 5 months ago

  My wife and I have done this accidentally over the last 7 years due to new jobs. It has worked out really well so far.

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• DA

  @DavidB-j3p · 5 months ago

  I did the 3.5% down on a duplex but if we moved out the property would break even and be negative if any repairs come up...

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• JI

  @Jimbo-Slice495 · 5 months ago

  Good episode. If possible, please also do an episode showing how this approach goes wrong. Most likely that occurs earlier in the process or by getting too aggressive later on.

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• YE

  @Yeezy-R · 5 months ago

  I’ve been listening to bigger pockets for many years. This is the best advice I’ve heard in a long time. I’ve done it myself and can attest it works.

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• AL

  @alfredosanmiguel7685 · 5 months ago

  I always look for at least a 12% a year cashflow after mortgage on my deals. If you know your area well and are quick to buy you can get amazing deals that free up money for the renovations. Also if you save up, sometimes dividing a property up into more units is more efficient than investing the same capital in another property. Best of luck investors!

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• AD

  @AdamAintWright · 5 months ago

  I just purchased a house in my hometown for $406,500! It is a 3 level house with a large backyard and a detached garage! The basement has been turned into an apartment, with a very nice kitchen! It also has a separate outside entrance, a stairwell to the basement apartment! There’s a dead bolt on the inside staircase door! The upstairs 2 floors is a 3 bedroom 2 full bathroom house, with nice appliances! I live alone with my dog, so I decided I am going to occupy the basement apartment and rent out the house above, I’m keeping the garage, but there are 2 parking spots out front, besides the driveway that leads to the large garage! I probably need to include the utilities in the rent, because there are no separate meters! If I rent each of the 3 rooms to College Athletes, I could charge $850 per room! I just closed on this property on April 10th! I’m also going to raise chickens and be the keeper of bees! They left all the equipment behind! I also have fruit trees out back as well as a Garden! I went from living in an RV at an RV Park for 6 years to buying my first investment property! I need to learn how to be a good landlord, before I get my first renters! This is the strategy I decided to go with! Real estate rental properties! I might make it into an Airbnb and turn my garage into a clubhouse with a pool table and 5-6 slot/video poker machines & a hot tub in the back patio! I already have 3 machines, I want to buy my friends old mechanical slot machines that he got at a yard sale! I’ll pay him double what he paid for them! What do you think about this property? There are several options how to rent this house out, while I occupy the basement unit! Both units have a stackable washer and dryer, they both have fridges, stoves and dishwashers! I need to charge $2,400 in rent, at least, but I need to make sure I charge enough for their share of the utilities! I also need to make sure they sign a lease and put down a security deposit! I’m going to be a landlord for the first time in my life, I’m excited and a little bit nervous at the same time! Any advice would be appreciated!

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• JU

  @Juma1420 · 5 months ago

  I got the first credit with 3.15% interest rate. Now how to refinance with 6.8%? No possible. Specially in this area where the average good house is about $500k plus.

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• SA

  @santacruuuz · 4 months ago

  This podcast has been so helpful for me, I'm learning so much!! I'm looking to get into real estate investing since I'm already kind of, Somewhat set up for success thanks to having a brother who runs a construction/renovation/handyman business, a brother in law with a construction business who knows the ins and outs of EVERYTHING, a mom who runs a housekeeping business, AND a sister who's very. Very good at bookkeeping and anything to do with taxes. I literally have no reason not to get into real estate other than fear of failure and risk tolerance.

• AN

  @angelpanama4850 · 5 months ago

  I’m house hacking my basement and I’m paying only $1000 towards my mortgage. After I finish renovating I hope to be able to let the mortgage pay itself and I save my mortgage payments towards my second deal.

  2