Episode #467
Put Your Vacation Rental on Autopilot with Hospitable:
https://biggerpockets.com/hospitable
Episode Show Notes: https://link.chtbl.com/Rookie
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Property Manager Finder:
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Scared to Invest? Here’s How to Overcome Your Fear of Risk:
https://www.biggerpockets.com/blog/how-to-train-yourself-to-take-risks?utm_source=youtube&utm_medium=description&utm_campaign=none
Connect with Luke:
https://www.biggerpockets.com/users/lukeo36?utm_source=youtube&utm_medium=description&utm_campaign=none
Connect with Tony:
https://www.biggerpockets.com/users/tonyr75?utm_source=youtube&utm_medium=description&utm_campaign=none
Three years ago, Luke Otto knew next to nothing about rental properties. His interest was instantly piqued when he got into a conversation about real estate investing with an old friend. He went home and immediately started reading “The Book on Rental Property Investing,” and from there, he knew what his next move was. Shortly after, he was at the closing table, feeling the “fear” of putting a five-figure down payment on a rental property. Did it work out for Luke? It did, indeed!
Fast forward to today, Luke has an eight-unit rental property portfolio and has become the investing “expert” in his group. He’s done what most rookies wouldn’t even think of, taking on renovations of old, outdated homes and turning them into performing rental properties for his portfolio. He’s done seller financing, got five percent interest rates (yes, even in TODAY’s market), and did most of it while self-managing his portfolio remotely and working a full-time nine-to-five.
Luke has taken the right risks, leveled up his skills to scale the right way, and made massive progress in a short amount of time. Today, he shares how he pushed through fear to build wealth, when to hire a property manager, and how having the right agent can help you explode your real estate portfolio.
00:00 Intro
01:14 Finding Real Estate 3 Years Ago
05:36 First Deal FEAR
08:11 First Deal Numbers
13:37 Scaling to 8 Properties!
18:52 Get Properties Sent to YOU!
22:10 Restoring Old Homes
24:42 Seller Financing Deals
28:56 Creating a 5% Interest Rate
32:33 Balancing a W2 and Real Estate
35:02 Advice for Rookies
