As we approach the new year, I’ve come to realize that in my own life, there have been several things throughout my past that have been extremely toxic to my health and well-being—and to the health of my business. It’s in my heart to share some of these because I know a lot of the readers here on BiggerPockets are new, and I want you to be able to spot these things a mile away! It’s my desire to help you avoid the many mistakes that I’ve made because I want you to be far more successful than I h...
Jun 15, 2023•10 min•Ep. 974
With a diverse community as big as BiggerPockets, it’s easy to get lost or overwhelmed by the amount of Forum posts, blogs, people and information being shot at you as if out of a howitzer cannon. It can be daunting! I want show that it’s easy to attack BP with a strategy to get the most out of the time you spend here and make a TON of money in the process. Why just aimlessly surf if you can implement some tips below and start connecting with players in your market and start doing deals (or do m...
Jun 14, 2023•10 min•Ep. 973
Cultivating a network of professional contacts is arguably one of the best things you can do for your business — and for yourself. Working in real estate, my sphere of influence is what drives my business. Whether you are a wholesaler, flipper, or buy and hold landlord, the better you are at networking, the more your business will thrive. Here are some tips I’ve put into practice to build my network. As with anything worth doing, it takes time, but you will begin to reap the benefits before you ...
Jun 13, 2023•8 min•Ep. 972
Everyone has their own unique experiences in real estate investing and building a portfolio of properties. Some of us develop a thriving local (or not so local) real estate empire, while other investors fail to complete their first real estate investment. Many times we sabotage our own businesses. Ultimately, you are in charge of your successes and your failures. As I write this, I understand that I do not speak for the entire human race or even other investors. However, I have most definitely c...
Jun 12, 2023•10 min•Ep. 971
What makes someone successful? Skill? Talent? Right place, right time? What if I told you that I believe “luck” is one of the most important traits. Crazy, right? Hear me out. It seems that many of the most successful people of all time attribute their success at least partially to “luck,” to being “blessed,” or to having great fortune in one or many key parts of their lives or businesses. And they are right! Key connections, funding, inspiration, and breakthroughs often come about by chance, ra...
Jun 11, 2023•16 min•Ep. 970
If you’ve spent any length of time trying to “succeed” in life, then you’ve probably turned to self-help books at some point. Most real estate investors have sought out lists of recommended self-development books. Many titles appear on list after list. Once you notice those titles, you might be tempted to read a good chunk of these suggested books and to take the advice of these authors. You’ll find yourself motivated and confident—but more than likely no closer to your goals than before reading...
Jun 10, 2023•12 min•Ep. 969
When I start reading a book, I don’t try to internalize it line by line. It’s too overwhelming to attempt to retain every bit of wisdom packed inside the pages. Instead I simply try to take note of one big concept from each book and make a point of implementing it in my life. I’ve found this approach of focusing on LESS actually allows me to retain MORE—and therefore effect a greater amount of real change in my life. Here are three impactful productivity-related books, as well as the one big les...
Jun 09, 2023•11 min•Ep. 968
I can already feel the hate mail coming my way. The “you have to live” talks. The “you’re missing out on the best times of your life” talks. That’s OK, though. I like those talks. In fact, I love those talks. Each time someone tells me, “You have to live,” it reassures me that I am living like no one else now, such that I can live and give like no one else later. A couple of years ago, my buddy Scott Trench posted an article about a few seemingly harmless habits that many Americans have. Because...
Jun 08, 2023•13 min•Ep. 967
One last time I will delve into the amoral and borderline sociopathic book 48 Laws of Power by Robert Greene with a lesson that every half-decent politician knows: “Work on the hearts and minds of others.” As Greene notes: “Coercion creates a reaction that will eventually work against you. You must seduce others into wanting to move in your direction. A person you have seduced becomes your loyal pawn. And the way to seduce others is to operate on their individual psychologies and weaknesses. Sof...
Jun 07, 2023•9 min•Ep. 966
Over my 16 years of investing in mobile homes, I’ve heard a similar nasty story to the one below from two other active mobile home investors. If we don’t learn from our own mistakes—and more importantly, the mistakes of others—we are doomed to repeat them. Disclaimer: This story gets a little gross. Maybe don’t eat while reading this. The Story It was November 2002. I was investing in my fifth mobile home deal. This particular home was a three-bedroom single-wide from the 1980s located in a pre-...
Jun 06, 2023•11 min•Ep. 965
I have a proposition for you. You give me $20,000 and I’ll give you… nothing. In fact, you’ll give me another $50 to $200 per month until you go crazy or broke. Sound like a good trade? No? Unfortunately, many rental property investors make this same trade with every purchase—because they didn’t properly calculate rental property expenses. The end result? Negative cash flow. Losing money. And unfortunately, it happens all the time in real estate investing, and it leads to financial ruin. I shoul...
Jun 05, 2023•15 min•Ep. 964
Would you believe me if I said you didn’t need a massive buyers list to successfully wholesale properties? So many times, real estate gurus emphasize the importance of growing your buyers list to contain thousands of names. Now, I know sending properties to thousands of people sounds much more appealing than sending a property to a small handful of individuals. I mean, the chances of selling your property are much greater if you send it to thousands of people, right? Yes, it’s very possible, but...
Jun 04, 2023•7 min•Ep. 963
Are you curious about investing but not sure if it’s right for you? I used real estate investing to pursue financial independence, but I had some doubts along the way. Personally, I have only done flips and buy and holds, but here’s what helped me figure out if real estate was the way to go: 1. I Laid Out My Intended Role A fantastic first question to ask yourself is: How much or how little do I want to be involved in my investments? Real estate can serve many purposes in many different ways. Fo...
Jun 03, 2023•9 min•Ep. 962
A popular topic I hear a lot about is LLCs. It’s talked about all over BiggerPockets and my YouTube channel. People pose questions like, “Should I set up an LLC? What Should I name my LLC? In what state should I set up my LLC?” …Just to list a few. People think of the LLC as overly complex. But in reality, it’s not. I’m going to boil it down for you in a step-by-step process —as well as a crash course on what an LLC is. Disclaimer alert! I’m not an attorney and I’m not a CPA (nor is BiggerPocket...
Jun 02, 2023•10 min•Ep. 961
“The more we value things outside our control, the less control we have.” – Marcus Aurelius, Meditations If there’s been one theme to my writing as of late, it’s been economic volatility, be it real estate prices skyrocketing, coming back down, rents skyrocketing then falling like a rock, rampant inflation, banks failing, the office real estate market falling apart, or the specter of another 2008-like real estate collapse and deep recession. Volatility has been the name of the game since at leas...
Jun 01, 2023•16 min•Ep. 960
So far, throughout 2023, we have published several articles on DSCR loans, a loan product that continues to grow in popularity among real estate investors. These included an overview of how to get the best rate and terms, how to use advanced strategies to maximize returns, and an overview of the new small multifamily DSCR loan niche, which expands the loan product to properties with up to 10 units! As many seasoned real estate investors know, while investing in real estate and obtaining loans is...
May 31, 2023•15 min•Ep. 959
Housing activity often picks up in the spring, but this year, housing affordability concerns and recession fears are impacting seasonal trends. While mortgage rates dipped enough for housing transactions and building activity to surge in February, these metrics looked sluggish for March. Many homeowners and renters are staying put, waiting out a potential recession, while those looking to move are seeking more affordable areas. As of January, almost 30% of all work was performed out of people’s ...
May 30, 2023•7 min•Ep. 958
If you thought of the cast of “Friends” (but poorer), you weren’t wrong. Historically, renters have been young and single, with low to mid incomes and typically less education than their homeowning counterparts. But, over the past decade, while the rest of the world was busy hyper-focusing on millennials, something happened. The demographics among renters shifted, and not how you’d expect either. Here’s how the face of American renters has changed over the past decade, and what it means for real...
May 29, 2023•11 min•Ep. 957
While the process of finding a new tenant can be relatively straightforward, the tricky part is familiarizing yourself with landlord-tenant laws. And, even if you are familiar with them, rental laws are constantly changing. That’s why regularly keeping tabs on local regulations can help you better manage your rental properties. While the best way to familiarize yourself with rental laws is to consult a qualified legal expert, this article offers a closer look at ten landlord-tenant laws that all...
May 28, 2023•13 min•Ep. 956
Real estate is considered one of, if not, the best investment you can make. Housing has been very consistent throughout history, more so than any other type of investment, and outpaces inflation and the stock market. However, many people don’t invest in real estate because they assume it’s complex and requires a massive down payment to get started. It turns out that this is entirely false! Real estate can be pretty easy to get into! Whether you’re looking to go the traditional route of buying an...
May 27, 2023•15 min•Ep. 955
Short-term rentals (STRs) are the fastest-growing segment in hospitality and have been gaining market share for years. A confluence of factors like robust travel spending from Americans, increasing consumer preference for experiences, and remote work is expected to support 11% CAGR growth in the STR market through 2030. Given the recent growth of STRs, vacation rental investing has become increasingly popular. Historically, however, the only way for people to invest in this asset class for a ste...
May 26, 2023•12 min•Ep. 954
Real estate prices fluctuate based on supply and demand, but because so many demographic, economic, and policy changes influence the markets, it’s virtually impossible to know what to expect. Before the COVID-19 pandemic, for example, economists weren’t predicting a downturn in commercial real estate. Now, Morgan Stanley’s chief economist warns of a crash more damaging than the 2008 financial crisis. On the other hand, unexpected gains are common as well. In May 2020, Zillow predicted a drop in ...
May 25, 2023•15 min•Ep. 953
The residential real estate market is doing better than most had expected after interest rates more than doubled last year. Prices declined nationally each month from July 2022 to January 2023 (although never by more than 1% per month). However, prices came back up 0.2% in February. Ironically, February was the first month that prices dipped year-over-year, interrupting what was a record 131-month run of ever-increasing prices. It’s too early to say, but it appears that despite high rates, the r...
May 24, 2023•11 min•Ep. 952
How would you describe the housing market right now? Is it up? Flat? Down? Crashing? Each option is a little bit correct and a little bit wrong. That’s because these days, there is almost no way to describe the housing situation in the United States on a national level. To understand what is happening and to make solid investing decisions in 2023, you need to be looking at regional trends and individual market metrics. To shed some light on the differences in market behavior, I dug into the 295 ...
May 23, 2023•11 min•Ep. 951
After seven straight months of declining prices, the S&P/Case-Shiller U.S. National Home Price Index increased in February, and March seems to be carrying the same upward momentum. The latest data from Black Knight finds that out of the 100 largest markets in the nation, 93 had price increases from February to March, up from 79 in January-February. This, of course, is traditionally expected as the spring months tend to bring a bump in prices as homebuying demand ramps up. But the rise is more th...
May 22, 2023•10 min•Ep. 950
Economists look to the residential housing market as a primary indicator of whether a recession is coming, and home transaction and construction data began showing positive signs that the housing downturn may have reached a bottom in February. Many believe we’ve dodged a severe recession, and some are even optimistic that the Fed will achieve the soft landing the central bank was hoping for—an outcome of stabilized inflation without a significant rise in unemployment. Consumer spending has begun...
May 21, 2023•12 min•Ep. 949
For centuries, investing as a group has been a key ingredient in building wealth. I recognized early in my journey that earning a college degree, landing a steady W-2 job, and contributing to my 401(k) would only get me so far. I was participating in a vast investment world as an individual—but the real investors were “playing” on teams. More than a decade ago, my three brothers and I came together on a trip where we shared our desire to obtain financial freedom for our families and future gener...
May 20, 2023•11 min•Ep. 948
Dallas, Texas, is one of the fastest-growing metropolitan areas in the country, with a large, diversified, and growing economy. With home prices below the national average and solid cash flow potential, Dallas has many traits that support favorable long-term conditions for real estate investors. Population and Labor Market Located in Northeast Texas, the Dallas metropolitan area is actually composed of two large cities and one small city: Dallas and Fort Worth, and then the smaller city of Arlin...
May 19, 2023•8 min•Ep. 947
When growing a real estate investing business, having a good FICO Score is a key factor in obtaining capital and achieving the highest return on investment. Hard money or private money lenders use this score to determine if they should give a loan to the borrower and what interest rate they should set. In most cases, hard money lenders look at your FICO Score before pre-qualifying your application and approving your loan. So, let’s take a look at FICO Scores, how it’s determined, and some steps ...
May 18, 2023•16 min•Ep. 946
Investing in real estate comes with risk, and having the right insurance coverage is critical to protecting your rental property investment. Just as each property is unique, your insurance policy should also be custom to your dwelling type, location, duration of the rental agreement, and more. Understanding the nuances of coverages for short-term, medium-term, and long-term rentals is especially important, as the wrong type of policy can render your claim denied by an insurer. This is because th...
May 17, 2023•12 min•Ep. 945
