Buying small multifamily properties is an easy way to build a portfolio, and with a little creativity, you don’t even need a ton of money! Despite a rocky start to his real estate journey, today’s guest was able to take advantage of a HUGE investing opportunity and buy several properties in very little time.
Welcome back to the “Real Estate Rookie” podcast! Like many new investors, Sean Reischel started out using the house hacking strategy. Unfortunately, things didn’t go to plan, as an incident involving spaghetti and his garbage disposal ultimately drove a tenant out of his property. However, Sean was able to turn this bad situation into a golden opportunity by renovating the unit, raising rents, and placing a new tenant quickly. Fast forward only a few years, and Sean and his wife own five small multifamily properties worth a combined $2.7 million!
Whether you need help with financing or partnerships, this episode is loaded with practical tips that even the greenest investor can use. Sean shares how he teams up with other investors to buy properties faster, as well as how rehabbing and refinancing properties has increased his buying power. He even dives into his main markets-Salt Lake City, Utah and Louisville, Kentucky-and the investing strategies he deploys in these areas!
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Real Estate Rookie 379 - How to Buy Your First or Next Rental Property in 90 Days (or Less!):
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BiggerPockets Real Estate 694 - How to Find Financial Freedom with Small Multifamily Rentals:
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Show notes at: link.chtbl.com/Rookie
00:00 Intro
01:11 Sean’s FIRST House Hack
06:55 The “Spaghetti” Fiasco
11:53 Renovating the Damaged Unit
20:40 The Louisville, KY Market
25:45 Finding & Funding Deals
31:49 Changing Roles & the Investor “Pitch”
36:40 Connect with Sean!