942: Building Wealth with OLD Homes and How to Keep Tenants for Longer w/Lisa Field Moore
How do you find investment properties nobody else is looking for—the ones with cash flow potential, equity upside, and wealth-building qualities all the other investors overlook? Simple: buy what nobody else wants. For Lisa Field Moore, that’s old homes. Most rookie investors walk into an old house, notice the foundation problems, warped floors, and outdated electricals, and quickly see themselves out. But Lisa sees money to be made—and you should too.
In this episode, Lisa shares how she’s built a sizable real estate portfolio by buying old, overlooked, and outdated homes, all in the past four years! But these are treacherous waters, and getting a major rehab item wrong could cost you a deal. To help, Lisa breaks down what isn’t (and definitely is) a red flag when looking at old homes, how she lost serious money making one easy mistake, and how to avoid doing a bad deal ever again. Plus, she shares her tips for rock-solid tenant retention that’ll keep your rental properties filled for years (or even decades!).
Want to know how to find these older homes with wealth-building potential? Stick around because DealMachine gives us a bonus segment on the five ways to find a motivated seller in ANY market!
In This Episode We Cover:
Why you cannot overlook rehabbing older homes and outdated properties
The two things that tell Lisa an older home ISN’T worth investing in
Why termites, foundation problems, and outdated electrical systems aren’t as bad as you think
The huge mistake Lisa made that ruined a $100K+ rehab project and how to avoid the same fate
Tenant retention 101 and best ways to ensure your vacancy rate is low and your cash flow is high
DealMachine’s five ways to find motivated sellers in any market
And So Much More!
Links from the Show
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
Expand Your Investing Knowledge With the BiggerPockets Books
Be a Guest on the BiggerPockets Podcast
Ask David Your Real Estate Investing Question
8 Things to Look for When Rehabbing Older Homes
Pros and Cons of Old vs. New Rentals
Connect with Lisa:
(00:00) Intro
(01:31) Investing in OLD Houses
(05:22) Signs of a Solid Property
(10:18) $100K Rehab Gone WRONG
(16:06) How to Avoid Bad Deals
(19:42) When to Hold and When to Sell
(23:54) Tenant Retention 101
(34:27) 5 Ways to Find Motivated Sellers
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-942
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