How He Got To $10K In Rental Income (And His Plan To Get To $20K) With Bryan Bokowy (Ep 469)

Charles used to believe that when you buy a rental property, you should hold it forever.However, he has realized the practicality of the situation: some properties outperform others, and if a property doesn't meet expectations, it might be a good business decision to sell it and reinvest in something else.On this episode we talk about two properties that Charles recently sold.We figure out what went wrong and whether he should have noticed any red flags when he bought the property.We also talk about what Charles did with the money after he sold it.

Spencer shares the details of renting his property to short-term transitional housing tenants.The organization he works with pays for repairs on the property, covers the rent, whether a tenant is placed or not, and takes care of the utilities.This arrangement ensures Spencer's steady and reliable income, making his rental profitable.Spencer also details his challenges getting his property up and running, from cost overruns to construction delays.https://rentalincomepodcast.com/episode474

Grant had a good job, but it was very demanding. After he had a few kids, he wanted to work less, and he was looking for a way to generate income and break away from his job.He figured out that he could generate enough income to support his family if he bought enough rentals.On this episode, we discuss his strategies, including traditional down payments, seller financing, HELOCs, and the BRRRR strategy.Join us as we delve into Grant's journey, from the moment he decided to invest in real estate to the point where he was able to leave his job. We'll also explore how, as a full-time investor, he was able to expand his portfolio, a testament to the potential of real estate investment.https://rentalincomepodcast.com/episode473

Alex shares his simple strategy to build wealth with his rental properties.Discover how Alex strategically acquires properties that not only generate wealth but also minimize tenant-related issues, offering him a hassle-free and promising investment experience.We also discuss why he thinks cash flow is essential, but buying properties likely to appreciate is more critical.We also talk about how important it Is to think long-term when investing in rentals.Alex also discusses the two phases of rental investing, growth, and cash flow, and how he is now transitioning to the cash flow phase.https://rentalincomepodcast.com/episode472

As an investor, if you have to pay for utilities, it can kill your cash flow. Having a utility company submeter each unit isn't always an option, and if it is, it can be costly.On this episode, Kelly shares a unique way to submeter buildings, without involving the utility companies.A meter is placed in the building that measures usage for each tenant.The landlord can then bill each tenant for their actual usage.Kelly talks about the cost of installing the meters, ongoing costs, and how the usage and rate data is compiled.https://rentalincomepodcast.com/episode471

Justin shares how not being able to take enough time from work for one of his kids to play travel hockey was his motivation to start building a rental portfolio.On this episode, Justin shares how he got the money to get started, how he financed his rental purchases, and how many properties he needed to leave his job.Justin also shares how he budgets for expenses (both business and personal), and how he gets health insurance for his family without a job.https://rentalincomepodcast.com/episode470

Bryan was slowly building his rental portfolio, and over the last few years, he figured out a formula to step up the pace of his buying.On this episode, we talk about:How he's been buying incredible deals ($100K under market).How he financed his purchases.Where his down payment money came from.We also look at the numbers for his entire portfolio, including total rent, mortgage payments, typical expenses, and net cash flow.Bryan also shares his plan to get to $20K in monthly cash flow.https://rentalincomepodcast.com/episode469

Jacki talks about her strategy of buying a property that she wants to use on vacation for a few years. She generates income by renting it when she's not there.After a few years, she's ready to go somewhere new. She'll sell the property for a profit, and use the equity she created to buy the next one.On this episode, we talk about how many times she's done this strategy, what the perfect property looks like, and we look at the numbers for a recent deal.'https://rentalincomepodcast.com/episode468

Join us as we explore the ins and outs of financing, legal structures, and the advantages and disadvantages of buying rentals with partners.On this episode, we talk about their decision to operate under an LLC or as individuals to build their portfolio.We also talk about how they used an FHA 203k loans, a powerful tool to buy and rehab properties with a small down payment.Dave and his partners have come up with a unique way to make sure they can continue to buy rentals even if one member of the partnership can't afford it at that particular time.We also talk about what they are doing with the monthly cash flow, and how they are managing their properties.https://rentalincomepodcast.com/episode467

A few years ago, Chase was listening to the Rental Income Podcast, trying to figure out how to get started investing in rentals.After hearing dozens of stories from investors who had been successful in investing in real estate, he felt ready to buy his first property.Today his rental portfolio generates over $20,000 a month in net cash flow.On this episode, Chase shares the types of properties that generate the highest return for him, how he screens his tenants, and why he prefers month-to-month leases over year leases.https://rentalincomepodcast.com/episode466Thanks to our sponsors:The GuarantorsRidge Lending Group