On today’s episode of The BiggerPockets Podcast, Josh and Brandon sit down with Bill Powers, a real estate investor from the Chicago suburbs, to learn how he went from zero to over 70 units in five yearswhile focusing on lease options — also known as “rent to own.” This powerful strategy is one that anyone can begin using in their business to achieve more cash flow and equity — and today, you’ll learn all the details. Get your pen and paper out for this show — you’ll want to take some notes!
In This Episode We Cover:How Bill got started in real estateAll the mistakes he made on his first houseTenant screening must-havesHow exactly rent-to-own worksWhat the first look program isWhat you should know about the 2% ruleHow to not be a predatory investorTips for running your business the right wayA discussion on “instant equity“Why some people are not fulfilling their lease optionsA profile of common tenants who go for rent to ownWhat is Dodd-Frank is and how it affects people who use lease optionsThings to note before going for a lease optionWhat the future of his business isHow many hours he works in a weekAnd SO much more!Links from the ShowHow I Found My Five Latest Real Estate Deals! (Five Different Strategies)BiggerPockets WebinarBiggerPockets ForumsZillowRent.comTruliaSecure Pay OneBooks Mentioned in this ShowThe Book on No or Low Money Down by Brandon TurnerThe Book on Estimating Rehab Cost by J. ScottThe Golden Rules by Bob BowmanTweetable Topics:“Where rents are highest and acquisition of capital is lowest, that’s where we focus.” (Tweet This!)“I think you can always flip. I think there’s spread on properties all the time.” (Tweet This!)“There are ways to lose money on flips even if you make money — because opportunity cost is a big factor on that.” (Tweet This!)“Don’t be enticed completely by the flip side of things. Look long term.” (Tweet This!)Connect with BillBill’s BiggerPockets ProfileBill’s Company Website