Manage episode 280828324 series 83575
Rodney Ross didn’t have the most gracious entrance to the real estate space. He bought a house while in college, with only $8,000 down and not a lot in the bank. The house ended up getting de-authorized for tenants to live in so Rodney had to go back on his loan. Game over right? Time to give up? Not for Rodney!
While finishing college, Rodney decided to take it a bit slower, getting his real estate agent license so he could build up the capital to buy rentals. He’s been an agent, a wholesaler, a general contractor, and a buy and hold investor. If it’s happening in real estate, Rodney probably knows about it!
Unlike many new (and even experienced) real estate investors, Rodney took the time to nurture leads, have meaningful conversations with sellers and buyers, and found that by having some basic empathy for the other party, you’re more likely to close deals.
This strategy seemed to have worked, in a decade since his first deal, Rodney now has around 20 cash flowing units, and he’s looking for more!
Using the 203k loan, Rodney has been able to get homes at a discount, finance the repairs, and get them rented and refinanced, kind of like a speciality BRRRR. This episode proves that if you care about real estate, care about your partners, and are willing to take risks, it will truly pay off.
In This Episode We Cover:
- How to get back up after a frustrating investment
- How knowing about construction timelines and projects can help you get comfortable enough to do your first rehab
- Why mixed use properties are often an overlooked real estate class
- The importance of defining your role with your partner
- How to talk to buyers so they’ll choose you over other offers
- Why it’s so important to look out for the other real estate parties in a deal
- And SO much more!
Links from the Show
- BiggerPockets Forums
- David's Instagram
- Brandon's Instagram
- BiggerPockets Podcast
- BiggerPockets Store
- Keller Williams
- Wells Fargo
Check the full show notes here: http://biggerpockets.com/show428