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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107: 10 Income Streams on 1 Property by “Land Hacking” w/ Kai Andrew
106: Asset Protection for Rookies: 7 Wealth-Saving Answers from an Expert
105: Don't Lose Your Portfolio to Lawsuits! Here's How to Protect Yourself
104: Rookie Reply: Do I Need a Lawyer to Evict Tenants?
103: From Restaurant Waiter to 100+ Deals in Only 4 Years w/ Derrick Acuff
102: $10M Profit On Her First Deal?! It's Possible with Campground Investing
101: Campgrounds: The Investment You've (Probably) Never Thought About
100: Why Brandon Turner Encourages Rookies to "Start Small and Scale"
99: Buying a 51-Unit Property with 0% Interest and No Money Down
98: Rookie Reply: Lessons Learned from Our First Real Estate Deals
97: 19 Units in 1 Year and Starting a “Luxury House Hack”
96: Rookie Reply: How Much do Property Managers Charge?
95: Buying Your Next Home with This Often Overlooked 0% Down Loan
94: Rookie Reply: Should I Invest in Real Estate or Pay Off Student Loans?
93: Stop Making Offers! Here’s What to Do Instead with Erik Wright
92: Rookie Reply: How to Fund Rehabs and Renovations
91: 8 Units, 10 Wholesale Deals, and $0 Spent on Marketing w/ @Liliinvests
90: Rookie Reply: How to Find the Owner of a Property (Without Being Creepy)
89: Buying Non-Traditional Properties as a Rookie Real Estate Investor
88: Rookie Reply: Analyzing a Short-Term Rental Market
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