178: From House Hacker to House Flipper & Landlord with Charlie Kao
Trying to build a real estate portfolio when you are brand new and work a full-time job can be tough. That’s why today we are excited to bring you an interview with an investor (and moonlighting stand-up comedian) with a remarkable story of using various “house hacks” to jump into the game. Charlie Kao, who hails from the Detroit, Michigan market, covers his entire investing journey, from condo investing to house flipping to landlording and more. And don’t miss Charlie’s powerful — and incredibly unique — strategy for finding deals through networking! Today’s show is sure to bring new strategies to your business, and the humor will leave you smiling all day!
In This Episode We Cover:
- Where Charlie comes from
- How he learned real estate from his dad
- Thoughts on starting off with $5-40k houses
- A discussion about Detroit
- The details of his first deal
- How he realized how to live and flip via working at the bank
- What exactly an underwriter is
- Charlie’s first true flip in Grand Rapids
- Thoughts on valuing your time when it comes to flipping
- Tips for living in your flip
- How he started out as a househacker
- How he lived in the house for two years
- How it might be difficult to live and flip with kids
- Tips for getting your spouse on board
- How to flip while having a full time w-2 job
- How many flips Charlie has done so far
- How he finds properties and the price range he looks for
- The mailman and the foundation specialist as sources of leads
- How he manages to get stated income loans
- Some of the worst deals he’s had
- What would have he done differently if he started all over again
- And SO much more!
Links from the Show
- BP Podcast 170: The Journey From Flipping Houses to Owning 1,470 Units with Andrew Cushman
- BiggerPockets Events
- The Secret to Unlocking Bank Financing
Books Mentioned in this Show
- Rich Dad Poor Dad by Robert Kiyosaki
- The 4-Hour Workweek by Timothy Ferris
- Maximum Achievement by Brian Tracy
- The Psychology of Selling by Brian Tracy
Tweetable Topics:
- “The more tools you have in your toolbox, the more projects you can take on.” (Tweet This!)
- “This is going to be the last time I make this mistake because I’m going to learn from it.” (Tweet This!)
- “It doesn’t matter how many things you’ve done; there are always things that could happen.” (Tweet This!)
Connect with Charlie
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