Scared of investing in a property you’ve never seen before? In today’s episode, active duty Navy officer and real estate investor Doug Spence shares some best practices in real estate investing to make sure you’re investing where the money makes sense – whether you’ve seen the property or not. Doug walks us through this interesting concept of creating your own deal funnel for sourcing off-market leads as well as creating opportunities, not just for you but for others, through the art of connecting people.
In this conversation, Doug shares his experience in turnkey investing and why he decided to jump over to the BRRRR (Buy, Rehab, Rent, Refinance, Repeat) method, along with some valuable insights that he took with him along the way!
Here are some power takeaways from today’s conversation:
[01:23] Doug’s career and real estate background
[05:15] The idea of designing your lifestyle
[07:00] Doug’s rental income that doubled his mortgage payment
[08:28] Turnkey investing vs. the BRRRR method
[15:23] Creating a deal funnel to source off-market leads
[18:37] Key terms defined: BRRRR and turnkey
[19:40] Finding opportunities for general partnership
[20:25] The power of connecting people
[26:16] Doug’s horizontal income and other alternative investments
[31:30] Doug’s diet, exercise routine and happiness index
[36:31] Giving back to the community
Notable quotes from the Episode:
“Evaluating the people, not necessarily the deal, is huge for turnkey.”
“If you're going to be a connector, you have to connect without any expectation of receiving something.”
"I have the systems and processes in place to where it's less hands-on for me so that I can focus more on the next phase of syndications."
Resources Mentioned:
Long-Distance Real Estate Investing by David M. Greene
https://www.amazon.com/Long-Distance-Real-Estate-Investing-State/dp/0997584750
BiggerPockets Podcast: https://www.biggerpockets.com/podcast
Connecting with the Guest
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