Most people dream of getting out of the “rat race,” quitting their day job, and living on passive income sources. However, usually that’s just wishful thinking. But today, we’re excited to introduce you to a real estate investor who did just that using rental properties, and he explains just how he did it. You’ll learn how our guest, Mark Walker, used single family houses at first to begin building his portfolio, and how his passive income really took off when he switched to multifamily. And you’ll love the in-depth discussion on exactly how he acquired his 64-unit apartment building!
In This Episode We Cover:How Mark got started with a duplex that yielded a 36.5% cash on cash returnTips for shifting from developments to rentalsWhy he doesn’t want anything to do with property managementWhy it’s a matter of finding the right financingThe basics to know about amortization and cash and cash returnHow to partner with the right people along the wayHow he finances his dealsHow he structures his partnershipsThe difference between conventional and commercial loansHow he ended up partnering on a deal with a property managerHow he knew that it was the right time to quit his jobTips on job shadowing someone with great experienceDetails on his 64-unit dealWhat you should know about syndicationHow much time he is spending on his businessAnd SO much more!Links from the ShowBiggerPockets Bookstore (Black Friday Sale!)Mindy Jensen’s BP Profile Mr Money MoustacheBP Podcast 201: Flipping 100+ “Zombie” Houses with Justin StamperBiggerPockets WebinarQuickbooksDancing with the StarsBooks Mentioned in this ShowRich Dad Poor Dad by Robert KiyosakiBest Real Estate Investing Advice Ever by Joe FairlessTweetable Topics:“I’m the guy who likes to say yes. I don’t like saying no. I let somebody else do that for me.” (Tweet This!)“It’s been a pleasant surprise for a multifamily owner. Once you get that property stabilized, it can go to autopilot.” (Tweet This!)“Never stop learning. Learning leads to action, and action leads to success.” (Tweet This!)“Do your first deal and learn from it. Ask yourself what’s working, what’s not working, and what can improve.” (Tweet This!)Connect with MarkMark’s BiggerPockets ProfileMark’s Company WebsiteFree gift for BiggerPockets’ listeners