A

This investor went from a $5,000 down payment to financial freedom in just six years. In 2015, Niyi Adewale asked the finance guys at his office to explain how a 401k works. And he left that conversation even more confused. But Niyi soon found an investment that made way more sense. It was a triplex that he could live in Louisville, Kentucky. That property cost about $190,000, but ne only needed about 5 grand to buy it. And that was convenient because, well, it was almost every dollar he had. He moved into one unit, rented the other two units, and went from paying $12,000 a month in rent to living for free. From buying that first property. It only took NI 6 years to replace his W2 paycheck and move into real estate full time. He didn't start with any family money or any other advantages. In fact, Niyee watched his mom lose their family home in the 2008 crash. But that's why so determined to build wealth that he could control. Today, Ni sharing the entire journey. How he scaled from one house hack into a portfolio of small multifamily properties, how he kept investing through several cross country moves, and how he built the multiple income streams in real estate that helped him buy back his time. By the end of this episode, you'll see there's no magic to investing in real estate. It's just a formula that started with one $5,000. What's going on, everybody? I'm Henry Washington, co host of the Bigger Pockets podcast. And today I've got an Investor story with Mr. Niyi Adewole out of Atlanta. So let's bring him in. Niyi Adewale, welcome to the Bigger Pockets podcast, my friend. Come on now.

B

Thank you for having me here. This has been integral in my investing career and so it's an honor to be here.

A

Well, we are glad you're here. And let's start off by just having you give us a little bit of background about how you got into this whole real estate space.

B

So we're going to take it back a little over a decade to 2015. I was just getting into my first career outside of college, which was medical device sales. And I wanted to be smart with the money I was starting to make. I wanted to know like, hey, where can I put this where it can grow and start to earn some income? And so I went to my finance guys that, you know, I sat next to and played fantasy football with and, and asked them like, hey, how does this whole stock market thing work? Right? I've never had a 401k before. I've never done any of this before. Can you just coach me through it? And they tried to simplify it, but at the end of the day, I left slightly more confused than I came in. I was like, okay, let me just put this into like a target fund or whatever, right? But when I started doing my own research, I came across certain books like Rich Dad, Poor dad, and things of that nature. And it got me excited about real estate. And then I found the Bigger Pockets podcast. And in 2015, I listened to I don't know how many episodes, but there was one in particular that caught my mind. And I remember this specifically. I remember the exact episode. It was episode 60 with Serge Shukra, where he was talking about buying small multifamily homes. I listened to that once and just could not get it out of my mind. Listened to it two or three times over that weekend and set in my mind that I was going to get started in real estate investing.

A

So you, you listen to some podcasts, you got excited about real estate, but what actually turned it into action, man?

B

So started to hear about that house hack strategy, and then I got promoted in my job. So when I first started working in 2015 as an intern, I was making like 55k annually and living in Chicago, which is semi expensive. And so that money was getting spent.

A

Yeah, absolutely.

B

And so what I did is I got promoted and actually moved to Louisville, Kentucky. And at the time, I could not pick Louisville out on a map. I actually thought it was where Louisiana is. I'm like, I'm looking around for it, like, where the heck is Louisville? And when I saw Kentucky, I was a little bit disappointed. But it turned out to be a blessing in disguise because Louisville is a lot less expensive, there's a bit less to do or less distractions out there. And so I was able to actually go get my first house hack when I moved there in 2016, where I bought a triplex for 190k, live in one unit, rented the other two out, and essentially live for free.

A

So that was your very first real estate deal was a house hack, Louisville, Kentucky, triplex. Did you just find it sitting on the market?

B

Yeah, it was on the market. I was looking to find a quote unquote, you know, investor friendly realtor. I messed that up initially, but I still was able to buy a deal. And at that time I thought I was overpaying. But looking back, I mean, I wish I could buy 10 of those.

A

I assume since this was on the MLS, it was pretty much turnkey. You just had to move in.

B

Correct. With some caveats. The thing about Louisville, Kentucky, anybody that's been there or seen the derby, most of these homes were built in the early 1900s. And so, Henry, I don't know if you're still working with 1900 homes, but

A

I try not to.

B

Yeah, I try not to now from experience, but back then I didn't know. And I bought a bunch of these, but that one had so many weird quirks. Right. There was like, one of the units where they couldn't put H vac into it, so I had to figure out, like a mini duct system. And. And every winter the pipes would freeze, so I had to get like a space heater for this one area. It was a lot going on. But I went from paying 1200amonth, right, to now saving that 1200 and living for free. And when I moved out, was able to actually make income on that. And that opened my eyes to a new world that I didn't. I didn't know was possible.

A

This house hack, did you use an FHA or a conventional loan?

B

I went FHA with it.

A

So three and a half percent down. So what did you end up putting down? And then what were your rents in the units?

B

Yeah, so my total amount was about five grand, which was everything I had saved up. So it was a lot of money to me. I was like, dude, this is everything. I got that. Let's hope this works. And when I moved in, the mortgage was 1350. And that's including everything, right? The insurance, all that stuff. And the two rents of the other units was 1400 total. And so I was in the positive, call it $50 if you had no expenses, and that was a win.

A

So people talk about house hacking all the time because of the power of the strategy, but just the fact that you get your mortgage covered is only 50% of the benefit of house hacking. The true benefit of house hacking comes from you continuing to pay rent. You just pay it to yourself. That allows you to save up what you need in order to continue to invest. So was that what you were doing with that, with that now windfall of cash that you didn't have to pay rent with?

B

Yes. And what you said is 100% the key. It's are you willing to have delayed gratification and sacrifice now for the future? And. And I think that my background and what happened to me financially in the past is what allowed me to not even have a question on that when I came up.

A

Right.

B

I had a single mother that raised three boys by herself. I was the last one.

A

Right.

B

And you know, in the 0708 timeframe, like right before that, my mom bought a family house. We were all going to live there. It was amazing. It's like, mom, how'd you even afford this? And it was answered in 08 when. When we had to short sell that thing and declare bankruptcy. And so I've seen financial struggle and I've seen what it's done to our family. And so when I was getting into medical device and all this other stuff, I'm like, dud. I want to be financially free because it just means so much to me and to be able to help our family kind of see that there is another way. And so, yeah, I was saving that money and I was still doing a good job at work to where I got promoted in less than a year after I purchased that home. And I actually got moved up to Boston with the same company to move into a higher risk but higher reward medical device opportunity and started closing some deals up there and doing a similar thing with the house hack up there as well.

A

So if I'm hearing you, you moved to a whole new market after you did your very first deal, which in a lot of people's perspective would probably be a little frustrating because now you, you've just, you found this market where you could buy good deals, you got a great deal, and if you want to start growing and scaling now, you don't live there anymore. So how did you go from like one house hack in Louisville to a much more expensive market and being able to invest, did you still invest in Louisville or did you pivot and invest in Boston?

B

When I moved to Boston, you're spot on. That cost is way and above. I didn't even realize Boston was that expensive. Top five in the country.

A

I was like, crazy expensive. Yeah.

B

Because I'd never been there before. So when I'm like looking at it, I was getting a promotion to where, hey, you're getting, you know, a 20% raise in your income. But when I looked at the cost of living, it was actually a 40% decrease. I'm like, right, I can't even afford to go get my own apartment. And so I delayed gratification, Right. And I said, hey, I only want to have 25% of what I'm making on base, not commission, go toward living expenses. Right. And so I ended up doing a house hack, but not in the traditional sense. I didn't buy anything. I just had two roommates in an apartment and we all rented it together. Right. And I was able to save significantly on that front.

A

You did a rental house hack? I did that too. I was going to, yeah. Not because I was into real estate. I was just broke.

B

Up there. I was just like, hey man, I got to save somehow because it's expensive.

A

Yeah.

B

And then to your point, I had just bought down here and I knew that neighborhood. I used to run around the streets and kind of understood that block. And so I continued to invest down there. And the next deal that I bought, it took about 18 months to close some deals and get enough money. But I ended up buying 12 units at one time, three quad plexes from one owner that was literally three doors down on the side street of joining. Because I knew that neighborhood and that's what I did. And I did it through a partnership as well with family to get the rest of the funds.

A

Okay, so you moved out of your house hack. I assume you kept it and you rented the unit out that you were living in. So now that thing is cash flowing because you are already making money to live there. So now you've got one cash flowing asset. Then you rent hacked in Boston, so you decreased what it would cost you to live there. And your very next deal wasn't in Boston. It was actually a set of multifamily from a Louisville, Kentucky owner. Now was this somebody you knew already or was this a deal you went hunting for?

B

It was one where I connected with an investor friendly realtor and she has now been my partner for many, many years. And we partnered other stuff together, but it was through her network. It did hit the market, but it was 500k to buy 12 units. And I was like, hey, these numbers make a lot of sense. There was a lot of work that needed to happen on the house. Structurally, roof siding was a lot going on, but that was the next deal that kind of got us going.

A

Okay, that's a lot of units to buy when you're not there. So how did you get your eyeballs on all of these units to determine what you were buying and if it made sense, Man.

B

So it was leaning on her right to go in and do videos of every unit, which she did. And then once we were able to get under contract during that due diligence period, I did fly down to go and see these units, I realized it was a lot of work. But looking at what I was pulling in on the house right, right next door that was semi updated with our management. I'm like, man, we can do this now. I Quickly realized that when you're dealing with. Because some of the tenants were Section 8, some of the tenants were like a whole bunch of other different housing pieces. It was a different class than what I was used to, which was mostly students renting the other place out. And so that was a learning curve. But I just kept trying to automate as much as I can within my systems. And then I used and leaned on that realtor to help me lease up different units. But it still was a struggle. Looking back, if I did that again, I probably would not have bought that deal. It was a hell of a lot going on, right? That was. That was why they were selling it for so, so little. But it taught me a lot and it helped me get to where I am today.

A

Now, how did you finance this deal? Was it like a construction loan where you were given some of that renovation money, or were you funding the renovation out of your pocket?

B

Henry, you're now getting into the mistakes and you have an eye for it. So keep in mind, the first deal I bought, FHA, right? 30 year financing. And I'm like, okay, this is smooth. When I was running these numbers upfront, and this is really green of me, right? Having listened to all these podcasts, I was running it on a 30 year note. I'm like, these are three complex. It's going to be 30 year. This is great. And then I get hit with the realization as we're getting past due diligence, this is a commercial loan. I've never done a commercial loan.

A

20 year.

B

It's 20 year. That changes the numbers significantly. I'm like, hold up. This is completely different, right? And. And it's like a five year balloon to where, hey, you've got to either refinance or you got to sell this thing, you know, five years from now. So that completely changed up the numbers. And I warned a lot of people of that. Now, like, hey, commercial's different. That five unit you're looking at versus the fourplex are not the same things are two different things, right? So we financed it with a commercial loan, and then I just paid for the repairs out of pocket because I was starting to do well in the job. And this is what I'd say to anybody that's thinking about, hey, I want to move into full time real estate investing. You absolutely should use the job that you have as a business partner to help you ease into it. I would not just jump ship. You should use it to help you ease into it, because it was only the grace of God. And having that job that helped me be able to keep these properties long enough to where it actually made sense and finish all these renovations.

A

What I just want to reiterate for people is ne used a commercial loan and typically commercial loans are amortized over a shorter period of time. So when you're underwriting deals, it helps to know what kind of financing you're going to get. I like to use a lot of local community banks and construction loans and so I underwrite my deals with a 20 year AM and also you're right, you have to understand what that balloon term is. So typically it's going to have what they call them adjustable rate mortgages. That means your rate will adjust after the adjustment period and you can negotiate that period. Sometimes they want to do it in three years, sometimes they'll lock you into five years at the. Depends on the deal. It depends on your credit, depends on the institution. So when you're, when you're underwriting a deal with a commercial loan, you want to make sure that you at least are paying attention to what interest rates are doing. Because if rates go up and you get stuck in a place where you now either have to refinance, you could be forced to sell because you can't refinance and the numbers make sense. Can you tell us a little bit about like what each of those units were renting for versus what you were servicing the debt for?

B

Yes. So each of the units when I first purchased it were renting between 450 and 650 and it was under market rent at that time. Right. I'd already boosted the rents for my units which were the same size to you know, 850 a unit, 900 a unit.

A

Wow.

B

So that's where they rented for. So I was like, hey man, there's a lot of spread here. But there was a lot of work to get it there. And then the debt, it was around six grand a month.

A

That's pretty solid numbers. 850 times 12 units, that's about 10 grand a month. And if your debt service is six grand, that's a pretty solid cash flowing deal that you bought from somebody who was your boots on the ground. And it's interesting that you, you, you've mentioned her a few times as a partner. So I'd love to dive into like what these next deals look like and like how you structured this relationship or partnership with your investor friendly agent. But I want to do that right after the break.

C

Investing in real estate has always been smart, but it hasn't always been simple. Now it's both thanks to the Fundrise Flagship Fund the Fundrise Flagship Fund launched more than five years ago with a mission of delivering low fee access to blue chip private market real estate. Today, the Fundrise Flagship Fund has grown to manage more than a billion dollars of real estate on behalf of hundreds of thousands of investors, making it one of the largest funds of its kind. For those who believe real estate has an abundance important role to play in their portfolio strategy, the Fundrise Flagship Fund has positioned itself as both a simple and a smart option. Whether you're starting with $10 or $10,000, the fundrise flagship Fund makes adding real estate's unique potential for both passive income and consistent growth. Just visit fundrise.com pockets to make your first investment today. Carefully consider the investment objectives, risks, charges and expenses of the Fundrise Flagship Fund before investing. This and other information can be found in the Fund's prospectus@fundrise.com Flagship this is a paid advertisement.

A

What's the smartest move an investor can make right now? Beating the spring scramble the best tenants are already looking for their next move. So if your listing isn't live, you're missing the high quality leads avail puts your property in front of millions of renters on 24 top rental sites, realtor.com, redfin, you name it. In minutes you get professional grade syndication for exactly $0. It's the fastest way to find quality renters without the usual landlord headache. Stop searching for tenants and start choosing them. Start today at Avail co Biggerpockets. That's a V A I l co Biggerpockets.

C

Summer bookings sound great until someone slips by the pool, gets hurt on your dock or damages your property during a long holiday weekend. A lot of short term rental investors don't realize their standard policy may leave gaps when it comes to short term rental activity. That's why investors use steadily they offer landlord insurance built for real estate investors, including short term rentals. And if you're a Biggerpockets Pro member, you'll also get 5% off your landlord insurance premiums. Visit biggerpockets.com landlordinsurance to learn more. You know what's interesting? Most real estate entrepreneurs have dozens of little problems they'd love software to solve. But building custom tools has always been too expensive or complicated. That's why I've been checking out Bolt. New Bolt lets you build websites, apps and custom business tools just by describing what you want in plain English. No coding required. Need a custom listing site? A tenant screening portal? A lead nurture System. Just tell Bolt what you need and it builds it. And because you're part of the Biggerpockets community, Bilt is offering you a 30 day free trial and to test it out for yourself with code BP26. Visit Bolt New Biggerpockets today and see what you can build.

A

All right, we are back on the Bigger Pockets podcast with my man Nihi E. Wale, who is telling us all about how he got started in real estate. Started off with a house hack. I think that's a phenomenal way to get started. Gave you the proof of concept job, throw you a curveball. Good curveball, promoted you, moved you right out of the place where you bought your first duplex. But that didn't stop you from continuing to buy there. Ended up buying 12 more units there, and then found yourself in a position to sell some of those properties to move into a. Let's call it a larger opportunity. So why don't you tell us about this townhouse development deal and kind of how you structured that?

B

Absolutely. And so you're spot on. We bought that 12 unit, and then over the next couple years, all the way up until call it beginning of 2021, I bought more triplexes, duplexes, and just got better at identifying deals. We got to like 30 units I just kept anytime I saw, and it was all within a mile of each other, most of them on the same street. So I kept seeing the opportunities and now I know the numbers.

A

Yeah, yeah.

B

I was like, hey, I'm buying that, buying that, buying that. And, and more came. And so this opportunity, my realtor, who I've been working with this whole time, my investor friendly realtor, she owns more real estate than I do. Right. And so she's been living in this town, in this neighborhood for over a decade and she kept driving by this land that this owner's trying to sell themselves. It was 11 acres of land in Taylorsville, Kentucky, which for anybody that's listening, is about 30 minutes south of Louisville, Kentucky, and it's one of the best school districts in the metro. So her kids go to school there, she's very familiar with the area. And so that was kind of our in with the knowledge. And the cool thing about this land is most land is zoned agricultural out there. But this one, the owner went through the two year process of getting it switched to B2 commercial, meaning you could build literally just about anything over there. And so we had a game plan to build townhomes as well as storage, with storage being the first piece. And she brought Me in to have the conversations with the owner, which took about six months to negotiate actually buying that land. But once we bought it, we kicked off ground quickly on the storage, which cost about 2.2 million to build. And we just are 50. 50 partners is how we split that piece up. I made her the managing member because she lives there, has all the contacts and things of that nature, and then we just. We work from there.

A

Wow. So that's a. That's a heck of a leap. I understand. You. You. You. You got up to 30 units in. In Louisville, but 30 units of kind of. You know, buying existing and renovating is a whole different ball game than. So you mentioned townhomes and storage. So did this property. Did you build both, or did you buy it with the intention of doing

B

one and did another one, then the other? We haven't done the townhomes yet because that's not something we can do out of pocket.

A

Right.

B

This is more of a syndication that we got to work on.

A

Okay.

B

So we bought the land officially in, like, middle of 2022, and we broke ground for the storage in 2023, finished it in 2024. We're now at, like, 75% occupied. I love storage now. It's amazing. Literally, we're running it with one VA and one handyman in, like, a text group chat, which is awesome.

A

Okay, so you build for 2.2. So what's that put you in terms of, like, what's your debt service on that versus what are you bringing in from a money perspective? Because you said you're, what, 75, 85% occupied?

B

So we're 75% occupied. Last month, we brought in a little bit over 15k.

A

All right.

B

And the note on this is around 12k.

A

Okay. Yeah, you're doing all right. Yeah, you're doing all right. Because people don't realize the maintenance is not the same as, like, a single family. There's not as many things to break. There's expenses in maintenance, but not, like, there's no toilets. Right. It's. It's a different. It's a different ball game. So that's. That's pretty solid.

B

Yeah. And the key to storage, and this is what we learned early on, because the first couple of months of leasing up were rough because we were at market value. But the key to storage is just look at the big guys. You got to really slash early. So there's a lot of discounts that you give early, and you make the price a lot less than all the others. But the cool thing about it is. We built into our system that every six months that somebody's with us, it's a 5% increase. So you go from 100 to 105, six months later, 105 to whatever 6, 5% of that is. And long story short, like it, it ramps up quickly. And we have most of our people that have been with us for over two years. Because once you get a storage unit, you tend not to leave.

A

I know. I tend to get more. I start my. It's funny because you can't see my office, but there's a wall right here. On the other side of this wall is a fence, and on the other side of that fence is my storage unit that I have at the storage facility. And I said, my storage unit. It's now units. I've got three of them now because it just keep. Yeah, they got me. They got me. They got me. Well, that's really cool, man. Thanks for taking that tangent with me and telling me all about this storage deal, because, you know, I'd like to live vicariously through other people and their deals. But, you know, storage is a commercial deal. And you started off in residential. Did you completely stop doing residential while you focused on this storage, or were you still trying to grow like a single family residential business at the same time?

B

Absolutely. Residential was my bread and butter. That's where my full comfort level is. And so I continued investing there, and a lot of the selling that I did in Louisville was to continue investing where I move to with the next promotion, which is Atlanta.

A

So at this point, you've pretty much sold off your Kentucky portfolio, except for now you've got the storage facility, and you now wanted to start doing deals in Atlanta because that's where you've got some roots. So what kind of deals were you looking to do in Atlanta?

B

So I ended up getting the most expensive house I got in to live in. It was a $670,000 single family with an in law suite in East Atlanta Village, which, if anybody knows, is an awesome part of Atlanta. A decade ago, this is where Gucci future and all these guys used to grow up, right? But it's been completely changed over. And so I. I bought there. And with that house hack, I wanted to try something different, right? It had a one bed, one bath in law suite, and I knew that it could rent for about 15, 1600, and I felt comfortable with that. But all my friends who I've been talking to and other investors I've met, we're talking about this thing called airbnb like, hey man, try out the short term rentals. It actually works. So I said, you know what, I'll try it here. It's one bed, one bath. If it doesn't work, I'll go to a long term rental. And so I did it. And instead of 1500amonth, I was pulling in 2500amonth on average. And some months I was doing three grand. Yeah, it was covering most of the mortgage because, you know, you got a 3% interest.

A

I was like, this is amazing, man. That's super cool. Because that was like Airbnb golden era back then. It was still new. There wasn't a lot of regulation. People were all over Airbnb. So that's, that's great. But what I like about this, this strategy, and this is what I think people should try now is it was a pretty low risk strategy for you to try Airbnb because it's already your mother in law suite and you can already long term rent it. Right. I think where people get into trouble with short term rentals is they buy something where it's short term rental or bust. Right. It just, you can't sustain it unless you rent it on short term rentals. So you were increasing your cash flow. You lived in the big house because you said, I'm done. I've delayed my gratification. As long as I would like to delay it, I would like to be gratified now. And so you got your house and you did the short term rental in that space. I assume that gave you proof of, of concept. So did you do more short term rentals in Atlanta?

B

Absolutely. Right from that one. When I started seeing the numbers coming in just the first three months, I immediately went out and bought a full on house.

A

Right?

B

I did exactly. I bought a full on house that was, you know, maybe two blocks away and made that a full on short term rental. And then I started talking to others that were doing it. I got into managing a few investors that I was partnering with as far as helping them with their flips, like lending money for some of their flips. I started managing some of the ones that they kept for short term rentals. And I was able to grow it from the first one being purchased in 2021 to now today I have eight short term rentals and I have a management company that manages about 25 all around the city. And that's, you know, from a one bedroom all the way up to a 10,000 square foot mansion. And so it's been incredible. But to your point, you cannot do Basic short term rentals. This is, you know, initially it was basic because I didn't know any better. But over time, having talked to the right people, gone through the right courses, now we're doing luxury short term rentals where it's fully differentiated and full of amenities.

A

So you've now built an income stream outside of the properties that you own. Plus you were building your own short term rental business. And it sounds like there wasn't too much of a lift to bring in that income stream because it's work. You're already doing hundreds of percent and

B

you get paid for managing short term rentals way more than you can long term rentals. Long term rental management, between 6 and 8%, you know, maybe 10% if you're, you know, a higher end one. For short term rentals, it's between 18 and 35%. Right. And we charge 20%. And so it made a lot of sense for me. Like, okay, if I'm going to put in the time and effort to build out kind of an organization to manage all these, which we have now, I want to make sure that we can get paid money that makes sense. And that actually is what accelerated my timeline of being able to leave the W2 a lot sooner than I thought I would. It was having this management that I never thought was going to come into play. I thought it was just going to be my real estate and maybe the realtor thing, but that allowed me to leave a lot sooner.

A

I chuckle because you, you're saying the thing that all real estate investors realize at some point. It's interesting because we all get into this business because we're like, cash flow. If I get enough cash flow for my portfolio, then I don't have to work because my cash flow replaces my income, right? Like that's the dream when we all get started. But then you start owning properties and you realize, I don't want to do that because if I live off my. A cash flow is hard to live off of. But then we also realize if I pull my cash flow out, I can't, I can't do more deals as fast. And I like doing deals, right? And so what a lot of investors do and they realize is like, yeah, I still want to leave my day day job, but I don't want to touch my cash flow. So now I got to go find another income stream that I can leverage these real estate skills with that bring in the money and then I can quit. So for me, that was flipping. That's what I, that's my flipping is what caused me to be able to leave my W2, not my rentals, because I didn't want to touch my cash flow. For you, it sounds like Airbnb management, right? So now you're managing short term rentals. That brings in an additional income stream. You could keep all your cash flow from your rentals in your business. So are you comfortable sharing, like how much money are you typically bringing in a month in the short term rental management business?

B

From the management side, on the low months, somewhere around 10, 11k. On the higher months, like summer months where you start to get, you know, like the World cup and these type of bookings, we've crossed the 20k threshold.

A

Yeah. Hey, that'll. That'll replace a day job. Pretty smooth. I like that. I like that. All right, we've got to take a quick break, but we'll be right back. Learning more about investor Niyi Adewale right after the break.

C

If I had to hire someone to join the BiggerPockets team, I wouldn't just be looking for someone who checks a few boxes on a resume. I'd want someone who understands real estate, can move fast, communicates well, and can jump into a fast paced environment without missing a beat. When you need that kind of person. This is a job for Sponsored Jobs Sponsored jobs posted directly on indeed are 95% more likely to report a hire than non sponsored jobs. That makes sense to me. In fact, people are finding quality hires on Indeed right now in the minute I've been talking to you. Companies like yours made 27 hires on Indeed according to Indeed Data worldwide. Join the 3.3 million employers worldwide that use Indeed to connect with quality talent that fits their needs. Spend less time searching and more time actually interviewing candidates who check all your boxes. Less stress, less time, more results. When you need the right person to cut through the chaos, this is a job for Indeed. Sponsored Jobs and listeners of this show will get a $75 sponsored job credit to help get your job the premium status it deserves@ Indeed.com podcast go to Indeed.com podcast right now and support our show by saying you heard about Indeed on this podcast. Indeed.com podcast terms and conditions apply. Need the right hire fast. And this is a job for Indeed. Sponsored jobs. Tax season Reminder for all the real estate investors listening. If you own rental properties, short term rentals, commercial buildings, basically anything that's not your primary residence, you need to know about cost segregation. It's an IRS compliance strategy that lets you accelerate depreciation on your properties, which means you're paying less in taxes this year and keeping more cash in your your pocket for your next deal. Cost Segregation guys is the go to firm having done over 12,000 of these studies with 500 million in total depreciation identified. Head to cost segregationguys.combp to get a free proposal and see your potential tax savings. What is Toyota Affordability? It all starts with buying smart and your Toyota dealer has great deals available to qualified customers on reliable cars and and SUVs including the redesigned RAV4, spacious Grand Highlander, Sporty Camrys and Corollas. It means driving for less with efficient hybrid and plug in hybrid options available throughout the lineup, extending your overall driving range and delivering great mpgs, saving you money at the pump. And it means trading for more. Toyota is known for building long lasting vehicles and as the best resale value brand of According to Kelley Blue Book, your Toyota can be worth thousands more than average when it's time to trade in that's Toyota affordability. Buy smart, drive for less and trade for more. Shop toyota.com or your local dealer for deals and details. Vehicle projected resale value is specific to the 2026 model year. For more information visit Kelley Blue bookskbb.com Toyota brand average resale value is 53% versus the average vehicle at 45% Toyota but let's go places.

B

I get so many headaches every month. It could be chronic migraine, 15 or

D

more headache days a month, each lasting

C

four hours or more.

E

Botox Autobotulinum toxin a prevents headaches in adults with chronic migraine. It's not for Those who have 14 or fewer headache days a month. Prescription Botox is injected by your doctor. Effects of Botox may spread hours to weeks after injection causing serious symptoms. Alert your doctor right away. Has difficulty swallowing, speaking, breathing, eye problems or muscle weakness can be signs of a life threatening condition. Patients with these conditions before injection are at highest risk. Side effects may include allergic reactions, neck and injection site pain, fatigue and headache. Allergic reactions can include rash, welts, asthma symptoms and dizziness. Don't receive Botox if there's a skin infection. Tell your doctor your medical history, muscle or nerve conditions including als, Lou Gehrig's disease, Myasthenia gravis or Lambert Eaton syndrome and medications including botulinum toxins and as these may increase the risk of serious side effects.

D

Why wait?

B

Ask your doctor, visit botoxchronicmigraine.com or call

D

1-800-44-BOTOX to learn more.

B

Did you know Sam's Club isn't a store? It's actually a club with cool finds and like a whole community.

C

It's a club, of course, Jason. It's in the name.

D

Sam's Club.

A

Oh yeah.

B

Come join us, Sam's Club.

A

All right. We are back on the Bigger Pockets podcast. Let's jump back in. That's awesome, man. And I like that you found a niche within real estate to start bringing in additional income. A lot of people either do what I do or flip houses or they become an agent and start helping people. From that perspective, have you, did you, did you take a foyer into being a licensed agent and making money that way as well?

B

Absolutely. And that's. That's my full time thing now.

A

Right.

B

Is agent plus manager of these short term rentals. And it was a couple things that came together that made that happen. So I'm going to go on a little bit of a tangent.

A

Right, let's hear it.

B

So I moved into full time real estate as a real estate investor, agent and property manager. In August of 2022, I left my W2 and made the full time job. And it was a couple things. One, the short term rental management income was coming in and that was something I didn't, you know, count on to my agent business because I had a niche that I focused on which was being investor friendly. I had been an investor for seven years, right. That's all I knew. So I knew how to run numbers. I've made my mistakes, took my lumps and so I help other people get started or other investors keep buying. So that was starting to take off and then we were kicking off, right. The build for the storage as well as we still believe we could build 105 town homes. So we're starting to talk to other investors and I didn't want them to question my ability to be focused on this if I'm also working a full time director role in a W2. Not to mention, yeah, I didn't actually like that last role. So all these promotions were amazing. The last one I had in Boston was awesome. You mentioned that you got into flipping because it fit more of your personality, right?

A

Yeah.

B

And it got to the point where I was so busy working around the clock both as an agent, as a manager and as a full on director at this company that I felt like I was going to drop the ball one way or the other. Like I'm going to miss a meeting some way somehow either for a real estate client or my director role. And before that happened, I sat down with the numbers, talked to my, my soon to be wife and Made the decision to move into full time real estate.

A

Yeah, man. And I want to say something here. Like, as many investors that come on this show and say they have a real estate license and they help other investors, I still think there is such a huge opportunity for more of that. There are not enough investor friendly agents, Especially if you can have like an entire brokerage under you. Like, that's what you do. You serve investor friendly agents. Like, it's hard enough to generate leads out there as a real estate agent for people who just want to buy and sell a regular home. Like, that's what 80% of all the other agents are doing. So, like, I feel like if you can find a way to have this like concierge service for investors, like, there's so much money to be made. My agent, that's who he mainly serves is investors. And a lot of the agents who work under his brokerage do the same thing. And they do great, man. I think that's such a great niche. I think more people need to see this as a profitable niche. So are all of the agents under your brokerage servicing investor friendly agents or is that like the majority of your business?

B

Absolutely. And Henry, I think you're spot on. It's literally one of those where if you've lived it and you have a passion for this, which I do, I think you should get into it. So I was in sales, right. This whole time. So sales, one passion. And I loved real estate. I was investing this whole time. So now it's marrying the two to where on Sundays, I'm no longer looking at my calendar. Like, oh, man, you know, Monday's coming around. I got this call. I'm excited about it. Like, I'm genuinely pumped about it. And So I have 10 agents on my team, right? We started in Georgia and then one of the agents moved to Florida. And then now we have a person in Texas. So we cover Georgia, Florida and Texas. 95% of the people we work with are investors. And 5 of the agents that are on my team were first clients that I personally work with. To buy one of them, buy one, another one, buy three deals, another one, buy two deals before they moved into getting their license and join the team. So that's. That's kind of what we do.

A

Man, I love that. I hope other people listen to this and they get motivated and inspired to go out there and start an investor friendly agent brokerage. Because it's hard for an agent right now. The market's a little slower, but investors are still investing. So you've got yourself a subset of people who are actually out there trying to do deals even when the market is slower. For the typical home buyer and for those of you who are interested in being able to find Investor friendly agents, BiggerPockets has a tool that can help you do that. You can go to biggerpockets.com agent and submit your information and investor friendly agents will literally call you, text you, email you. How do I know this? Because I did it. When Dave and I were going to go on the cash flow roadshow, we needed some investor friendly agents to show us around. So I went on the tool and used it just like anybody else and got emails, phone calls and texts from multiple investor friendly agents literally within minutes. So it is a very challenging part of this business to find investor friendly agents and bigger pockets. Doing a lot to help you close that gap. All right, NI man, this has been incredible. You've done so many things, it sounds like you've done them well. Congratulations on all your success. Can you give us just a little bit of an overview of where your portfolio currently stands today and then tell us a little bit about like what the future may look like for you.

B

So today we have the self storage which is 225units. Thankfully we completed that at 75% occupancy. That's amazing. We still have the townhome project ongoing. We'll figure out what happens with that. I have the eight short term rentals that I personally own. We have five long term rentals in the metro of Atlanta as well. And I'm actively looking to buy some more long term rentals. I think some deals are, are coming on board that I've seen that I like.

A

Yeah, they are, buddy.

B

And I want to get into more bird deals. I've done a few of those, right? Like one or two. But now I want to do it on, on small, multifamily to where I'm going to keep it and hang on for a long time. And then when you talk about the future, I'm just looking to continue growing kind of what we're doing from an investor friendly standpoint because to your point, like a lot of agents are having issues right now, but investors are still out there buying, I'm still out there buying. Our clients are still out there buying. And this is some of the best buying opportunities that we've seen in years. And so we just recently expanded to Texas and we're working with a client down there to buy their short term rental. And I'm continuing to expand the team around but that's, that's what we're working on.

A

Thank you so much for serving the community of investors out there. Thank you so much for coming on the show and sharing your story. Thank you for being vulnerable with us and telling us about what went well, what hasn't gone well. And congratulations on all the success you've had, man. It's been a pleasure and I commend you for all your success.

B

Come on now, Henry. I appreciate you and the whole bigger pocket sphere for getting me into this and I appreciate you specifically for the motivation.

A

All right, guys, thank you so much for listening to this episode of the Bigger Pockets podcast. Hopefully it was helpful to you and we'll see you on the next episode.

D

Most of us are one good deal away from finally replacing that worn out rug, fixing up the backyard, or getting the bedroom we actually want. Good news. That deal's almost here. Wayfair's Black Friday in July Sale get up to 80% off area rugs and up to 60% off outdoor and bedroom furniture. Shop Wayfair's huge selection of styles and find the piece to fit your style, budget and space, plus free shipping. Black Friday in July ends July 27. Shop today at Wayfair.com Wayfair Every style, every home.