285: 3 Rentals (While in College!) and Turning a Horrific House into a Cash Cow
Description
Buying your first long-term rental property sight unseen? What could go wrong? While alarms might be going off in your head right now, they weren’t for today’s guest. What seemed like the “perfect” rental property turned into a major headache once he arrived to check it out four months after closing.
Welcome back to another episode of the Real Estate Rookie podcast! After completing multiple wholesale deals, Hudson Jump’s real estate investing journey was off to a blazing start. He figured it was time to try his hand at long-term rentals next, and it wasn’t long before he came across a potential cash cow! Unfortunately, when Hudson was finally able to check out the property he had bought, the door had been kicked in, there was trash up to the ceiling, the toilet and shower were missing, and there were squatters on the property!
While this nightmare scenario would have been enough to make any real estate rookie throw in the towel, Hudson instead found a partner who was able to help him salvage the property and transform it into a rental that generates $1,400 monthly cash flow! If a bad deal has ever caused you to question your future in real estate, tune in to hear Hudson speak on the advantages of partnerships. As always, our hosts Ashley and Tony are here to help as well—offering invaluable advice on buying properties sight unseen, leveraging direct mail, and the value of building lists!
In This Episode We Cover
The risks of buying a property sight unseen with existing tenants
How bringing an experienced partner on board can help salvage a bad deal
Why wholesaling is GREAT first step for new real estate investors
The differences between wholesaling and whole-tailing
Building lists to weed out bad leads and keep track of potential properties
Leveraging direct mail to find exclusive wholesale deals
And So Much More!
Links from the Show
Real Estate Rookie Facebook Group
Making $71K on ONE Deal After 5 Failed House Flips and Six-Figure Debt
Create Your Own Standard Operating Procedures (SOPs): Record Videos with Loom and Use Monday’s Free SOP Template
Connect with Hudson:
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-285
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