234: Tenants, Evictions, & The Dark Side of No Money Down with Ryan Murdock | Bigger Pockets Podcast
People often toss around the term “passive income” when it comes to owning rental properties. And, in truth, there are ways to make managing tenants passive. But for the majority of investors, being a landlord can be tough.
On today’s show, we talk with Ryan Murdock, an investor and property manager from Maine about the lessons he’s learned building up his rental portfolio. Ryan also shares his story of going to the brink of financial ruin with a “no money” deal and how to avoid losing your shirt when doing creative financing.
In This Episode We Cover:
How Ryan started by reading a book
The beauty of house hacking
Why he started his own property management company
Tips for dealing with inherited tenants
How to find good agents
Thoughts on having an agency to “sponsor” you
How to know when to quit your job
The things he misjudged while buying houses
How capital plays a huge role
How to accurately estimate costs when fixing properties
How many rental units he has
Tips for finding properties through the BiggerPockets Marketplace
What metrics he uses to decide on a property
How he funded his deals
What he would do differently if he started again
The BRRRR strategy
And SO much more!
Links from the Show
BiggerPockets Forums
BiggerPockets Marketplace
BiggerPockets Keyword Alerts
Books Mentioned in this Show
Set for Life by Scott Trench
Property Management For Dummies by Grisworld
The book on investing with Low or No Money Down by Brandon Turner
The E-Myth by Michael Gerber
The ONE Thing by Gary Keller and Jay Papasan
Tweetable Topics:
“Don’t just quit and hope for the best.” (Tweet This!)
“Creative investing is not about being broke. It’s just about putting together a deal without your own money.” (Tweet This!)
“You either win or you learn.” (Tweet This!)
Connect with Ryan
Ryan’s BiggerPockets Profile
Ryan’s Property Management Website
Realty of Maine
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