BiggerPockets Real Estate Podcast - From $500 to 40 Rental Units After Going COMPLETELY Broke

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! ~~~~ Join BiggerPockets for FREE 👇 https://www.biggerpockets.com/signup?utm_source=owned_media ~~~~ Grab Some BiggerPockets Merch: https://bit.ly/biggerpocketsswag ~~~~ Find an Investor-Friendly Agent in Your Area: http://biggerpockets.com/agentmatch ~~~~ How to Start a Sober Living Home: https://www.biggerpockets.com/blog/sober-living-home-investing?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~ 22 Doors After “Starting from Negative”: https://www.biggerpockets.com/blog/biggerpockets-podcast-542-billy-dha-kidd?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~ Property Inspections—Why They’re Vitally Important & How to Get the Most Out of Yours: https://www.biggerpockets.com/blog/2015-02-08-property-inspection-important-get-the-most-out-of-yours?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~ Books Mentioned in Today’s Show: The Gap and The Gain: https://www.amazon.com/Gap-Gain-Achievers-Happiness-Confidence/dp/1401964362 Who Not How: https://www.amazon.com/Who-Not-How-Accelerating-Teamwork/dp/1401960588/ ~~~~ Connect with Eric: Instagram: @ericquinn929 or https://www.instagram.com/ericquinn929/ Facebook: https://www.facebook.com/eric.quinn.3950 ~~~~ Connect with David and Henry on BiggerPockets: David: https://www.biggerpockets.com/users/davidgreene24?utm_source=youtube&utm_medium=description&utm_campaign=none Henry: https://www.biggerpockets.com/users/henryw22?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~ Follow David, Henry, and BiggerPockets on Instagram: David: @davidgreene24 or https://www.instagram.com/davidgreene24/ Henry: @thehenrywashington or https://www.instagram.com/thehenrywashington/ BiggerPockets: @biggerpockets or https://www.instagram.com/biggerpockets/ Episode #740 Show notes at: https://www.biggerpockets.com/blog/real-estate-740?utm_source=youtube&utm_medium=description&utm_campaign=none 00:00 Intro 01:49 Quick Tip 03:47 Going Broke in the Crash 10:57 Flipping Storage Units 20:16 Diving into Real Estate and Losing it All Again 30:11 Pivoting into Sober Living 38:31 Deal Deep Dive 48:02 Famous Four 54:17 Connect with Eric!