DeepSummary
The podcast episode features an interview with Austin Miller, a real estate investor who has built a $1.2 million portfolio of properties by the age of 31 without using any of his own money. Austin shares his strategy of finding good deals on houses that need work, buying them using creative financing methods like hard money lenders and private money, rehabbing the properties, and then refinancing with traditional bank loans to pay off the original funding sources.
Austin discusses various ways he finds deals, such as talking to bankers about foreclosures, working with wholesalers, joining real estate investor groups, and marketing himself. He also explains how he uses balance transfer checks from credit cards at 0% interest for the first year to fund property purchases initially. Austin emphasizes the importance of getting creative with financing and not being afraid to try non-traditional methods.
Throughout the episode, Austin provides insights into his process, including estimating rehab costs, setting up LLCs for liability protection, and managing the properties as rentals for positive cash flow. He views real estate investing as a way to build passive income and long-term wealth by having tenants pay off the mortgages over time.
Key Episodes Takeaways
- Find good real estate deals by actively searching and networking with various sources, such as bankers, wholesalers, investor groups, and marketing yourself.
- Explore creative financing strategies like hard money lenders, private money, and balance transfer checks to acquire properties without using your own funds.
- Estimate rehab costs accurately and get contractor bids to ensure the deal is profitable.
- Establish LLCs and proper insurance to protect yourself from liability.
- Rehab properties, either by doing the work yourself or hiring contractors, and then refinance with traditional bank loans to pay off initial financing sources.
- Aim for positive cash flow from rental income and long-term wealth accumulation by having tenants pay off the mortgages.
- Be open to unconventional approaches and don't be afraid to try non-traditional methods.
- Take action and don't let fear or obstacles prevent you from pursuing your goals in real estate investing.
Top Episodes Quotes
- “I say, that I'm a creative financing real estate investor. And when you're doing things that most people haven't heard before, they either try to tell you you can't do it or they look at you like, you're crazy. But it's perfectly doable. You just have to kind of find those little ways of doing things that aren't typical and you open yourself to.“ by Speaker C
- “If you're willing to do something that's non-traditional, you open so many doors.“ by Speaker C
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Episode Information
The Side Hustle Show
Nick Loper of Side Hustle Nation
3/28/24