740: From $500 to 40 Rental Units After Going Broke in The Last Crash w/Eric Quinn
Eric Quinn turned $500 into over forty rental properties without rich relatives, a winning lottery ticket, or a magic genie. Like many investors after the 2008 crash, Eric was left flat broke, with an unbelievably high adjustable mortgage rate, hundreds of thousands in credit card debt, and just a few hundred dollars to his name. His “bed,” a pile of clothes in an empty apartment, was the one thing that could comfort him while digging himself out of the housing market hole he fell into.
Now, Eric’s life looks a little different. With dozens of cash-flowing rental units, even Eric questions how he got here. His story includes selling snakes, dealing drugs, storage wars, terrible real estate deals, and bad debt, but at the end of it, thanks to making the perfect pivot, he came out on top. He made almost every real estate investing mistake in the book, from buying a property he knew nothing about to purchasing fifteen rental properties in one month (don’t do this) and taking risks that were never worth the reward.
But Eric isn’t here to cry over spilled milk. Instead, he’s here to share EXACTLY how he made it out of a horrible situation and turned his life around to build wealth, have time freedom, and live without worrying. You might be feeling a bit like Eric did, and if you want to know the mistakes you should avoid and the moves you should make to get in a better position, tune into today’s episode!
In This Episode We Cover:
How to build wealth when starting from ZERO (or in SERIOUS credit card debt)
Storage wars and making thousands flipping items found at auctions
The HUGE cash flow of sober living facilities and why they beat regular rental properties
Becoming a real estate agent and why you HAVE to go all in if you want to make more money
Purchasing portfolios and the big mistake Eric made that cost him hundreds of thousands
Property inspections and why you NEVER use a residential inspector on a commercial property
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Learn About Real Estate, The Housing Market, and Money Management with The BiggerPockets Podcasts
Get More Deals Done with The BiggerPockets Investing Tools
Find a BiggerPockets Real Estate Meetup in Your Area
How to Start a Sober Living Home
22 Doors After “Starting from Negative”
Property Inspections—Why They’re Vitally Important & How to Get the Most Out of Yours
Book Mentioned in the Show:
The Gap and The Gain by Dan Sullivan
Who Not How by Dan Sullivan
Connect with Eric:
Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-740
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