602: Why The “Right Way” to Buy Rentals is Wrong 01:23:34

    <p>If you want to <a href="https://www.biggerpockets.com/guides/ultimate-real-estate-investing-guide"><strong>invest in real estate</strong></a>, you’re probably taking a safe, slow approach to building a rental property portfolio. As a real estate rookie, people tell you that the safest way to invest is to get good at one thing while keeping a distance from <strong>doing deals outside your comfort zone</strong>. While this type of advice isn’t wrong for everyone, it may miss the mark for some.</p><p>Investors like <a href="https://www.biggerpockets.com/users/marjoriep"><strong>Marjorie Patton</strong></a> have found ways to <strong>dramatically diversify themselves</strong> in the world of real estate, without their losing shirts. Marjorie is the <strong>head of sales for a financial technology firm</strong> by day and a <strong>real estate investor</strong>,<strong> house hacker</strong>, <strong>flipper</strong>, and <strong>private money lender </strong>by night. With some rather<strong> unexpected </strong><a href="https://www.biggerpockets.com/blog/how-to-estimate-rehab-costs"><strong>renovation costs</strong></a> on her first property (and with no safety reserve), Marjorie was forced to learn real estate investing on the fly.</p><p>Fast forward to today, Marjorie has a<strong> seven-door portfolio in the expensive Denver, Colorado area</strong>. She’s grown quickly and has seen healthy profits, but has no need to quit her W2. Instead, she’s going to <strong>creatively parlay any deal that comes across her desk</strong> so she can build wealth while continuing to work somewhere she loves.</p><p><strong>In This Episode We Cover:</strong></p><p>Why <strong>diversifying in real estate</strong> isn’t such a bad idea, plus how to prepare to do different deals</p><p>Using the concepts you know in everyday life to <a href="https://www.biggerpockets.com/blog/build-real-estate-portfolio-fast-the-stack"><strong>build a real estate portfolio</strong></a><strong> </strong></p><p>The<strong> benefits of being “scared” </strong>when doing deals and building confidence through mistakes</p><p>When<strong> the right time to quit your W2</strong> is and why you don’t have to succumb to the “financial freedom” pressures</p><p>Flipping homes, lending private money, and investing in deals with partners</p><p><a href="https://www.biggerpockets.com/blog/2013-11-02-hack-housing-get-paid-live-free"><strong>House hacking</strong></a><strong> an expensive property</strong> while keeping your cost of living low</p><p>And <strong>So </strong>Much More!</p><p><strong>Links from the Show:</strong></p><p><a href="https://www.biggerpockets.com/">BiggerPockets Website</a></p><p><a href="https://store.biggerpockets.com/">BiggerPockets Bookstore</a></p><p><a href="https://www.biggerpockets.com/blog/contributors/on-the-market-podcast">BiggerPockets On The Market Podcast</a></p><p><a href="https://www.youtube.com/c/biggerpockets">BiggerPockets Youtube Channel</a></p><p><a href="https://www.biggerpockets.com/blog/biggerpockets-podcast-467-adam-grant">BiggerPockets Podcast #467: #1 NYT Bestselling Author Adam Grant on the Need to “Think Again”</a></p><p><a href="https://www.ebay.com/">Ebay</a></p><p><a href="https://www.mls.com/">MLS (Multiple Listing Service)</a></p><p><a href="https://miketyson.com/">Mike Tyson's Official Website</a></p><p><a href="https://en.wikipedia.org/wiki/Steve_Jobs">Steve Jobs' Wikipedia Page</a></p><p><a href="https://en.wikipedia.org/wiki/Steve_Wozniak">Steve Wozniak's Wikipedia Page</a></p><p><a href="https://www.gladwellbooks.com/">Malcolm Gladwell's Official Website</a></p><p><a href="https://www.warbyparker.com/">Warby Parker Website</a></p><p><a href="https://www.meetup.com/rocky-mountain-women-invest/">Rocky Mountain Women Invest Meetup</a></p><p><a href="https://www.airbnb.com/">Airbnb</a></p><p><a href="https://www.redfin.com/">Redfin</a></p><p><a href="https://www.hbomax.com/no/en/series/urn:hbo:series:GYSYN2AYfO8LCwwEAAAId">HBO’s Billions</a></p><p><a href="https://en.wikipedia.org/wiki/Mark_Ferguson">Mark Ferguson's Wikipedia Page</a></p><p><a href="https://www.tiktok.com/@robuilto">Rob’s TikTok Profile</a></p><p><a href="https://instagram.com/robuilt">Rob’s Instagram</a></p><p><a href="https://www.youtube.com/c/Robuilt/">Rob’s Youtube Channel</a></p><p><a href="https://twitter.com/robuiltchannel">Rob's Twitter</a></p><p><a href="https://www.instagram.com/davidgreene24/">David’s Instagram</a></p><p><a href="https://www.tiktok.com/@davidgreeneteam">David’s Tiktok Profile</a></p><p><a href="https://www.investwithdavidgreene.com/">David's Business Website</a></p><p><strong>Connect with Marjorie:</strong></p><p><a href="https://www.instagram.com/theemarjpatton/">Marjorie's Instagram</a></p><p><a href="https://www.instagram.com/rockymtnwomeninvest/">Denver Women Investor Meetup Instagram</a></p><p><br></p><p>Check the full show notes here: https://www.biggerpockets.com/blog/real-estate-602</p>
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