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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43: Defeating 5 Years of Analysis Paralysis to Do 4 Deals in 2020 with Jacqueline Smith
42: Bed and Breakfast House Hacking with Lauren Keen Aumond
41: Using Hard Money & BRRRR to Go From 2 to 80 Units with Kyle Mack
40: Using the “AREA” System to Buy 21 Houses in Just a Few Years with Anam and Aamir
39: $500 Per Door on Multifamily Properties (During COVID!) with Thomas Tsitouridis
38: Balancing a Career, Family, and Lots of Deals with Active Duty Service Member Adam Whitney
37: New Co-host Tony J Robinson: Scaling with Short-Term Rentals
36.5: Programming Note: Show News
36: Gym Employee on the Path to $2k/Month and "Living for Free" with Gary Janica
35: Doubling Cashflow by Renting out Rooms with Pharmacist Ryan Chaw
34: School Teacher Making $72,000 a Year in Cashflow with Amy Barber
33: A Marine (and his Mentor) Buy a BRRRR: Step-by-Step with Joe Roberts and Steve Rozenberg
32: Debt Free with 2 Rentals and Counting with 24-Year-Old ICU Nurse Prescott Williams
31: Partnering Up, Part 2: Two Real-World Case Studies with Amy Swayze and Chris Lawrence
30: How to Structure a Partnership, Part 1 with Felipe & Ashley
29: Growing Your Portfolio with Turnkey Investing with Whitney Hutten and Lance Robinson
28: Balancing 8 Properties with a Full-Time Career and Family with "Property Pastor" Marsay Winder
27: 5 Doors by Using Seller Financing for the First Time with Aaron Chapman
26: Mindset Shift at 40 to Start Real Estate Investing with Derek Tellier
25: What Appraisers Look For and What it Means for You with Investor/Appraiser Josiah Smelser
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