People often toss around the term “passive income” when it comes to owning rental properties. And, in truth, there are ways to make managing tenants passive. But for the majority of investors, being a landlord can be tough.
On today’s show, we talk with Ryan Murdock, an investor and property manager from Maine about the lessons he’s learned building up his rental portfolio. Ryan also shares his story of going to the brink of financial ruin with a “no money” deal and how to avoid losing your shirt when doing creative financing.
In This Episode We Cover:How Ryan started by reading a bookThe beauty of house hackingWhy he started his own property management company Tips for dealing with inherited tenantsHow to find good agentsThoughts on having an agency to “sponsor” youHow to know when to quit your jobThe things he misjudged while buying housesHow capital plays a huge roleHow to accurately estimate costs when fixing propertiesHow many rental units he hasTips for finding properties through the BiggerPockets MarketplaceWhat metrics he uses to decide on a propertyHow he funded his dealsWhat he would do differently if he started againThe BRRRR strategyAnd SO much more!Links from the ShowBiggerPockets ForumsBiggerPockets MarketplaceBiggerPockets Keyword AlertsBooks Mentioned in this ShowSet for Life by Scott TrenchProperty Management For Dummies by GrisworldThe book on investing with Low or No Money Down by Brandon TurnerThe E-Myth by Michael GerberThe ONE Thing by Gary Keller and Jay PapasanTweetable Topics:“Don’t just quit and hope for the best.” (Tweet This!)“Creative investing is not about being broke. It’s just about putting together a deal without your own money.” (Tweet This!)“You either win or you learn.” (Tweet This!)Connect with RyanRyan’s BiggerPockets ProfileRyan’s Property Management WebsiteRealty of Maine