Chris from Stealthy Rich – Real Estate Investor talks to Neil Henderson and Brittany Henderson, the hosts of The Road to Family Freedom podcast. Chris has built a portfolio of 52 rental properties so far since 2013 with his partner, which has made them financially independent.
- Key Lessons Learned: The rent-to-price ratio for evaluating deals and needing to complement your partners’ skills in a partnership to have different talents that are useful.
- How did they acquire their knowledge or what knowledge did they need to acquire? Trial and error and gaining experience are how he learned how to evaluate rehab costs.
- How much money did it take to get started? His first property with his partnership cost $25,000, and he came with $6,000. He built business relationships with hard money investors.
- How much time does it take now? He spends about 3 hours a week for repairs and dealing with tenants. Maybe 3-10 hours a week total.
- Could they do this strategy from anywhere in the world? Right now they can’t do it from anywhere due to the hands-on property management component.
What you’ll learn about in this episode
- What was Chris’ ground-breaking big idea moment in real estate?
- How did he learn about real estate?
- What helped Chris get over the fear of the first deal?
- What move did Chris make after buying his first house?
- Chris talks about getting his 52 properties with portfolio lenders.
- What areas is Chris investing in?
- What are the challenges of having partners?
- How can you find a partner if you are just starting out?
- Is he still buying in this current market?
- What does a typical deal look like to Chris?
- Does he use direct letters directly to owners?
- Does he only buy cash?
- How does he calculate the costs associated with properties?
- Does he do his own property managing?
- Never tell a tenant that you own the property?
- Does he have important systems he uses?
- Does he use separate bank accounts for each property?
- What is good to know regarding tenant screenings?
- How does having a family impact his work?
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- Rich Dad, Poor Dad by Robert Kiyosaki
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