51: Small Multifamily Properties, Working a Full Time Job, and Training Tenants with Mike Sherwood
01/02/14 • 69 min
1 Listener
On today’s episode of the BiggerPockets Podcast, we cover a huge range of really important topics with real estate investor Mike Sherwood, including investing while holding a full time job, working with a partner to grow quickly, getting started with a small multifamily property, and a lot more.
Mike has invested in the Buffalo, NY for several years now, doing both rentals and is getting into fix and flip, so he has a ton of insight for both those just getting started and for those with a lot of experience already.
This show has so much good information and helpful tips for any real estate investor, this is going to be one you’ll want to listen to over and over just to make sure you get all the great nuggets out of it.
Read the transcript for episode 51 with Mike Sherwood here.
In This Show, We Cover:
- Buying a small multifamily to live for free
- The secret to living next door to your tenants
- Training your tenants
- When is an emergency an emergency?
- Managing your own properties vs. hiring a property manager
- Tips for working a full time job AND investing on the side
- Finding good deals on the MLS
- How Michael found a partner to invest with
- Legally structuring a partnership for real estate
- Ways to systematize your business
- The key to finding partners on BiggerPockets
- Flipping houses while working a full time job
Links from the Show
- Tenants: Customers or Scum? (Training Your Tenants) by Peter Giardini
- The Real Estate Agent’s Ultimate Guide to Working with Investors
- Rentecdirect.com
- Online Property Management Software list from BiggerPockets
- BiggerPockets Keyword Alert System
- BiggerPockets.com/meet
- The BiggerPockets Rental Property Calculator
- Tenant Screening: The Ultimate Guide
Books Mentioned in the Show
- The eMyth Revisited by Michael Gerber
- Landlording on AutoPilot by Mike Butler
- Four Hour Workweek by Timothy Ferriss
- Start Small, Profit Big in Real Estate: Fixer Jay’s 2-Year Plan for Building Wealth by Jay DeCima
- Building Wealth One House at a Time by John Schaub
Tweetable Topics
- “Establish guidelines upfront with your tenants to save yourself a lot of trouble.” (Tweet This!)
- “I wish there were more agents who understood what investors want.” (Tweet This!)
- “You can make any real estate deal look good with 80% down.” (Tweet This!)
- “The most important thing in a partnership is being able to constructively handle differences.” (Tweet This!)
Connect with Mike
- Mike’s BiggerPockets Profile
- Mike’s Website: www.CandMRental.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
On today’s episode of the BiggerPockets Podcast, we cover a huge range of really important topics with real estate investor Mike Sherwood, including investing while holding a full time job, working with a partner to grow quickly, getting started with a small multifamily property, and a lot more.
Mike has invested in the Buffalo, NY for several years now, doing both rentals and is getting into fix and flip, so he has a ton of insight for both those just getting started and for those with a lot of experience already.
This show has so much good information and helpful tips for any real estate investor, this is going to be one you’ll want to listen to over and over just to make sure you get all the great nuggets out of it.
Read the transcript for episode 51 with Mike Sherwood here.
In This Show, We Cover:
- Buying a small multifamily to live for free
- The secret to living next door to your tenants
- Training your tenants
- When is an emergency an emergency?
- Managing your own properties vs. hiring a property manager
- Tips for working a full time job AND investing on the side
- Finding good deals on the MLS
- How Michael found a partner to invest with
- Legally structuring a partnership for real estate
- Ways to systematize your business
- The key to finding partners on BiggerPockets
- Flipping houses while working a full time job
Links from the Show
- Tenants: Customers or Scum? (Training Your Tenants) by Peter Giardini
- The Real Estate Agent’s Ultimate Guide to Working with Investors
- Rentecdirect.com
- Online Property Management Software list from BiggerPockets
- BiggerPockets Keyword Alert System
- BiggerPockets.com/meet
- The BiggerPockets Rental Property Calculator
- Tenant Screening: The Ultimate Guide
Books Mentioned in the Show
- The eMyth Revisited by Michael Gerber
- Landlording on AutoPilot by Mike Butler
- Four Hour Workweek by Timothy Ferriss
- Start Small, Profit Big in Real Estate: Fixer Jay’s 2-Year Plan for Building Wealth by Jay DeCima
- Building Wealth One House at a Time by John Schaub
Tweetable Topics
- “Establish guidelines upfront with your tenants to save yourself a lot of trouble.” (Tweet This!)
- “I wish there were more agents who understood what investors want.” (Tweet This!)
- “You can make any real estate deal look good with 80% down.” (Tweet This!)
- “The most important thing in a partnership is being able to constructively handle differences.” (Tweet This!)
Connect with Mike
- Mike’s BiggerPockets Profile
- Mike’s Website: www.CandMRental.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
Previous Episode
50: Getting Started and No Money Down House Flipping with Mike Simmons
On today’s episode of the BiggerPockets Podcast, we sit down and talk about the best ways to get started with real estate investing, as well as some killer tips for investing without using your own money.
From picking a niche, overcoming analysis paralysis, and a lot more – our guest, Mike Simmons, will share his story of overcoming obstacles and becoming a full time house flipper in the Metro Detroit area.
Mike has a great story and an incredible strategy for flipping houses using no money of his own, so whether you are brand new or have been investing for years – you don’t want to miss Mike’s creative advice.
Read the transcript for episode 50 with Mike Simmons here.
In This Show, We Cover:
- Overcoming “shiny object syndrome” and “analysis paralysis”
- Losing $1000 on his first “almost deal.”
- Finding contractors without losing your hair
- Dealing with Detroit investing
- Why Mike had to evict a squatter who broke into his property
- Finding good deals in any market
- Using social media to attract private money
- Using partnerships to get started or to grow
- How Mike structures partnerships
- Should you start with wholesaling?
- And a whole lot more!
Links from the Show
- BP Podcast 012 : Wholesaling and Marketing with Sharon Vornholt
- BiggerPockets Success Story Forum
- Tenant Screening: The Ultimate Guide
- The BiggerPockets Hard Money Lender Directory
- BP Podcast 047: Apartment Complexes, NNN Leases, and Commercial Real Estate with Joel Owens
Books Mentioned in the Show
- Rich Dad Poor Dad by Robert Kiyosaki
- The Art of the Deal by Donald Trump
- The Millionaire Next Door by Thomas J. Stanley
- Wealth Attraction for Entrepreneurs by Dan Kennedy
Tweetable Topics
- You can read for days – and never do anything. Get out there and DO something. (Tweet This!)
- Work with a Realtor who knows you and knows your business. (Tweet This!)
- 50% of something is better than 100% of nothing. (Tweet This!)
Connect with Mike
- Mike’s BiggerPockets Profile
- Mike’s Website and Podcast: JustStartRealEstate.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
Next Episode
52: Buying Apartment Complexes, Raising Millions, and Building a Profitable Business with Ken McElroy
On today’s episode of the BiggerPockets Podcast, we talk with one of the most influential voices in the real estate investing world today – Ken McElroy.
Ken, the author of The ABC’s of Real Estate Investing and several other influential books, shares his story of getting started with nothing and building up a real estate investment company with thousands of units and hundreds of employees. Ken has a lot of great advice and knowledge for people at all stages of their investing careers, and shares it in a fun, entertaining manner.
On today’s show we’re going to talk a lot about getting started, raising capital, and investing in large apartment complexes for big wins. Don’t miss a second of this exciting show!
Read the transcript for episode 52 with Ken McElroy here.
In This Show, We Cover:
- Getting started with no money – through property management
- Why should someone invest in multifamily properties?
- Using other people’s money to invest in real estate
- Investing at a distance vs. investing locally
- Determining the best locations and markets to invest in real estate
- Cash flow vs. appreciation: which is best?
- Ken’s newest $9 million dollar project
- Why Ken loves bad landlords
- How to find amazing apartment complex deals
- Raising millions of dollars in 20 minutes
- How to find a great property manager?
- Should someone start with Apartment Complex Investing?
- The worst mistake you can make as a real estate investing
Links from the Show
- What is a Cap Rate? (Capitalization Rate) (article about Cap Rates)
- BiggerPockets Presents: The 21 Best Real Estate Books Ever
Books Mentioned in the Show
- The Art of the Deal by Donald Trump
- The Best Real Estate Advice I Ever Received by Donald Trump
- Turning Pro by Steven Pressfield
- Tribal Leadership: Leveraging Natural Groups to Build a Thriving Organization by Dave Logan
- The Crash Course: The Unsustainable Future Of Our Economy, Energy, And Environment by Chris Martenson
- The ABC’s of Real Estate Investing by Ken McElroy
- The Advanced Guide to Real Estate Investing by Ken McElroy
Tweetable Topics
- The faster you fail, the smarter you get. (Tweet This!)
- “You don’t need to be an expert at everything.”(Tweet This!)
- There’s a lot more money out there than deals. (Tweet This!)
- The best deals are generated from face to face relationships. (Tweet This!)
- The entire goal of my company is to replace myself. (Tweet This!)
Connect with Ken
- Ken’s Website: KenMcElroy.com
- Ken’s BiggerPockets Profile
Learn more about your ad choices. Visit megaphone.fm/adchoices
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