Buying small multifamily properties is an easy way to build a portfolio, and with a little creativity, you don’t even need a ton of money! Despite a rocky start to his real estate journey, today’s guest was able to take advantage of a HUGE investing opportunity and buy several properties in very little time.
Welcome back to the Real Estate Rookie podcast! Like many new investors, Sean Reischel started out using the house hacking strategy. Unfortunately, things didn’t go to plan, as an incident involving spaghetti and his garbage disposal ultimately drove a tenant out of his property. However, Sean was able to turn this bad situation into a golden opportunity by renovating the unit, raising rents, and placing a new tenant quickly. Fast forward only a few years, and Sean and his wife own five small multifamily properties worth a combined $2.7 million!
Whether you need help with financing or partnerships, this episode is loaded with practical tips that even the greenest investor can use. Sean shares how he teams up with other investors to buy properties faster, as well as how rehabbing and refinancing properties has increased his buying power. He even dives into his main markets—Salt Lake City, Utah and Louisville, Kentucky—and the investing strategies he deploys in these areas!
In This Episode We Cover
How Sean turned a house hacking “hiccup” into $2.7 million in small multifamily
How to analyze real estate deals using the one-percent rule
What to look for when choosing a new market to invest in
Using the power of refinancing to buy MORE rental properties
How to scale your real estate portfolio faster with partnerships
And So Much More!
(00:00) Intro
(01:11) Sean’s FIRST House Hack
(06:55) The “Spaghetti” Fiasco
(12:49) Renovating the Damaged Unit
(21:33) The Louisville, KY Market
(27:22) Finding & Funding Deals
(33:26) Changing Roles & the Investor “Pitch”
(38:16) Connect with Sean!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-403
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132: Find Money, Partners, & Deals Using The “D.A.D System” w/ Mike Michalowicz
131: 4 Units At 20 Years Old & Ditching Med School for Multifamily
130: Rookie Reply: How to Spot Scam Wholesale Deals
129: 5 Properties After Spending 8 Years in Prison (With ZERO Credit!)
128: Rookie Reply: Finding & Financing Bigger Real Estate Deals
127: Buying Property While Stationed Overseas (and a $40k Rookie Mistake!)
126: Rookie Reply: Want to Be a Full-Time Investor? Learn These Skills!
125: Using OnlyFans to Fund Ownership in Her First BRRRR w/ Brin Amberlee
124: Rookie Reply: Tony & Ashley Talk Challenges They Face Today
123: ‘Building’ Wealth as a 24-Year-Old with 12 New Construction Projects
122: 96 Units in 5 Years By Combining Long & Short-Term Rentals
121.5: The Biggest Takeaways from BPCon 2021 | Live Host Panel from NOLA
121: 10 Units in Multiple States, All in Just Under 2 Years!
120: Rookie Reply: Can I Cash-Out Refi After a 1031 Exchange?
119: A Single-Mom’s Second Chance at Success with Real Estate Investing
118: Stop Scrolling, Start Posting: Social Media for Real Estate Investors
117: From 0 to 12 Units Overnight and House Hacking a...Farm?
116: Rookie Reply: Can Agents Help You Find Off-Market Deals?
115: The BRRRRent-to-Own Strategy: A Win-Win for Tenants and Landlords
114: Rookie Reply: Should I Get Preapproved From Multiple Lenders?
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