BiggerPockets Real Estate Podcast - 764: Making $200K/Year in JUST 3 Years with This High-Cash Flow Strategy w/Brittany Swait

Episode Date: May 11, 2023

For real estate investors, passive income is almost always the goal. You may be making good money at your job, but the long days, longer nights, lack of sleep, and limited time off is probably leaving you feeling fatigued. This is exactly how Brittany Swait felt after a severe diagnosis put her life in danger. She was working harder than ever, but the time with her family was slowly slipping away. That was until she started investing. Brittany was able to build a fifty-nine-unit rental property portfolio in just three years. These properties bring in a staggering $200,000 per year passive paycheck, allowing Brittany to focus on her family, not take tasks from a boss. But this portfolio wasn’t easy to build, even though it happened quickly. Brittany had to learn the BRRRR method, take considerable risks (like draining her retirement accounts), and put herself in an entirely new position. Now, just a few years later, Brittany is building her rental property portfolio at a fast pace, but she loves every minute of it. In this episode, she’ll walk through the exact strategy she uses to make such high cash flow, her five tips for remodeling and renovating that will save you TONS of time, and how she’s been able to pull her cash out of the deals she’s doing. If you want to scale your real estate portfolio, Brittany is the person to listen to.   In This Episode We Cover: The one skill that allowed Brittany to scale from zero to fifty-nine rentals in three years Medium-term rental investing and how to triple your rent with one strategic move Using Facebook to find off-market deals and the one factor that matters MUCH more than you’d think How to estimate rehab costs and five tips you MUST follow when doing a renovation  BRRRRing in 2023 and how to get around the one-year seasoning requirement for a cash-out refinance  Being more than your job and how to build a life that YOU are in control of  And So Much More! Links from the Show Find an Agent Find a Lender BiggerPockets Youtube Channel BiggerPockets Forums BiggerPockets Pro Membership BiggerPockets Bookstore BiggerPockets Bootcamps BiggerPockets Podcast BiggerPockets Merch BPCON2023 Listen to All Your Favorite BiggerPockets Podcasts in One Place 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 David's BiggerPockets Profile David's Instagram David’s YouTube Channel Work with David Rob's BiggerPockets Profile Rob's Instagram Rob's TikTok Rob's Twitter Rob's YouTube Hear Our Episode with Rick Morin on Making $300K/Year with 11 Rental Properties Medium-Term Rentals: How to Get BIG Cash Flow Out of Small Properties Book Mentioned in the Show: BRRRR by David Greene Connect with Brittany: Brittany's Instagram Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-764 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [e-mail]. Learn more about your ad choices. Visit megaphone.fm/adchoices

This is the Bigger Pockets podcast show, 764. Just three years ago, I was working 60 hours a week for somebody else. And now I have a portfolio of over $5.5 million. What's going on to out, everyone. This is David Green, your host of the Bigger Pockets Real Estate Podcast here today with my co-pilot and partner in crime. Rob, how are you doing today? Good. Hey, you forgot to say that we're the biggest, the baddest, the best real estate podcast show on the internet.

I did not forget to say that. I just let you say it because I remember what I was like when I hosted this with Brandon and he never let me talk. I'm not going to do the same thing. So welcome to saying the alliteration to start the show. We are the biggest, the best, and the baddest real estate podcast in the world. And on that tone, today's interview was with Brittany Swate, who has accumulated 59 units over three years with a foundation in property management using techniques that we talked about on this podcast. It was an awesome show. Rob, what were some of your favorite parts? Very cool story. Full-time mom, full-time property manager, full-time building a real estate empire.

And I think for a lot of the newbies out there, they're going to love today's episode because personally, I think she totally demystifies rehab costs. I think when you're getting into rehabs in the world, you're like, man, I don't know how much things are going to cost. It's scary. How should I do this? And she kind of just has a way of dispelling that. And I think making it feel feasible to the everyday person. What about you? Yeah, she did a wonderful job of giving very practical information mixed with the goal setting element. So this is when you're going to want to listen to twice. It's an amazing story. Please share it with anyone you know. And before I throw to Rob and the quick tip, I just want to say, listen closely for the word schmedium. And when you hear it, I want you to go to

the comments and tell us what you think about our business idea. It's a good one. I've already put a deposit on a Lamborghini because I know how big of a business this is going to be. Yeah, so let's bring us in today's quick tip. What do you got for us, Rob? Buy nice, not thrice. Thrice comes after twice. And if you want to know what this means, you're going to have to listen to the episode because we get into the philosophy of buying quality things. Absolutely. And that's all we're going to say. Listen more to understand why that can be beneficial in your business. Very powerful stuff, though. Managing properties can feel like a full-on circus. You're juggling vendors, tracking payments, chasing approvals across multiple

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All right. Let's bring in Brittany. Today's guest is Brittany Swait. Brittany has been investing for only three years. She currently owns 59 units as of this week. She added a few more since the time we first met her. She's investing in Omaha and Miramar Beach, Florida. She loves watching basketball, much like me, especially when it gives her an excuse to travel to a game and get short-term rental ideas from wherever she stays.

Brittany, welcome to the Bigger Pockets podcast. Thank you guys for having me. Yes, it is our pleasure. So before we dig into how you have accumulated such a impressive portfolio in a short period of time, was there a specific moment when your Y got crystal clear for you? Can we start with that? Yeah, for sure. So 2019, I was having some health issues, went into the hospital, had a surgery, came home. I was diagnosed with cancer. So came home. My son was about five at the time, and he wanted to learn his bike, learn to ride his bike. And so I was really in an emotional state of I didn't know what my future held if I had a future. And I just felt really sad. So I said, I'm going to give you 100% of my attention.

So I shut off my computer and my phone. Nothing at that time mattered except for watching my son ride his bike. So we did that. We sat out in the front yard for about six hours. And I realized that was the first time that I had ever in my adult life disconnected from work. Really, I had my first daughter at 19. And so since then, I'd really been in survival mode instead of really living in life and thriving. So that was my, I guess, light bulb moment, really. Well, that's pretty powerful.

If you had to say what was stopping you from disconnecting, was it just everyday life stuff? Was it work? What was keeping that moment from happening before it did? I always wanted to be the best, and I was really good at work. So, you know, I think we as mothers have this mom guilt, no matter how good or bad of a mother we are, we never feel. like we do enough. But with work, I always felt like I'm successful. I can see it. I can see the numbers. I can see, um, you know, the promotions. I could see all that and I could feel it. And so to me, it was just easiest to give my energy and attention to work because that's what made me feel good and feel successful. Yeah, I can relate to that quite a bit. What was work,

by the way, just so we understand what your, uh, your career was at that time. Yeah. So property management. At that time, I had been in it for about three years. And there's always something to do in property management. There's never a time where you're like, I just don't know what I could be doing right now. Right. So I can see that that would become easily become addicted. Then you, you measure in the dopamine of checking boxes and knowing you're being productive, which all of us have. It's like, it's very hard for those of us in this industry to have a day goodbye where we're like, what did I produce? What did I get done? And if there's nothing there, then you just get this like withdrawal feeling of you didn't get any dopamine. There's always something to do. You. You're

within the property management system. I can see that. Did you have a like a childhood or early years where you felt like you weren't good enough for certain things? And then when you got a taste of being good at something, you're like, oh, I love this and I just want to keep pursuing it. I think just as, you know, like an awkward teenager, I don't know if everybody feels that, but I did. I did also take like the test that tells you about your personality and my number one characteristic is competition. So after I found that out, it all made sense. You like to do what you're good at and you don't do what you're not good at. So it really, at that time, I said, well, that makes sense. I know that I'm good at this. So that's why I enjoy doing so much.

Okay. So you're a mom and you're kind of sitting on the step there watching a kid ride his bike, learn how to do all that. And you're a property manager. I'm sure there's a lot going on, but were you really loving being a property manager? Was that something that you always knew that you wanted to do? Or is that something that you just found yourself in organically? It was an opportunity that just popped up randomly. Yeah, it was a really random opportunity. So before that, I was a stay-at-home mom for a couple years, but I was in management

prior to that. And so I had just filled in. My cousin worked at this property management company, and he was going to be out of town. And so he said, can you sit in on this meeting for me? And I did. And long story short, the owner ended up bringing me on in the leasing department. and then I, in probably six months, ended up taking over the entire company, so overseeing all of operations for leasing, leasing, bookkeeping, and maintenance, and our construction crews.

Wow. Okay. So, yeah, going back to when David was joking and saying, yeah, you're never really bored in this. It sounds like you probably weren't. So were you loving this? Like, now you obviously have a portfolio that we'll get into in a second, but do you, is it the same ground? property managing for someone else as yourself? I always had a weird pride of like ownership, even though it wasn't mine. I felt like I treated the company as it was. And so I loved it. I probably worked 60 to 80 hours a week for the first three years. And it wasn't until that moment when everything happened with my health that I said, if something were to happen to me, if I weren't to make it past this point, all I could say is,

that I spent the last three years of my life contributing to a company that is not even mine, number one. And number two, I have nothing after this. Yeah, yeah. Did you feel like during that time, was it hard to stay positive? Are you a naturally positive person? I mean, you said you're competitive and you always want to be the best. So was that behind any of this? Tell us a little bit about the mindset as you started to kind of think about some of these changes in your life. Yeah. So initially, I think anybody that's diagnosed really at the beginning, there's so many unknowns. So you lean on your doctors and you say, can I make it through this? And they tell you the data. The data doesn't make sense to me. And so I said, well, I'm not dying. Like,

I'm going to make it through this. And so I would go to treatment and the whole time in my head, I would be saying, like, you're fighting this, you're fighting this. You're going to make it through. And ironically, I went through treatment. They expected to me to have another surgery to remove the tumor and the tumor was gone when they went in there. That's amazing. And so I said, I won. So my competition really came out at that point. I said, well, I won beating cancer. Yeah, that's amazing. Well, first of all, congratulations. I mean, we can say you're competitive. It sounds to me like, really, you're just a fighter, right? Yeah. Yeah. You take on things head on. And obviously, that comes into play as you started to get into the real estate world. You're like, all right, I'm managing for someone else.

it's time for me to do my own thing and build my own legacy. So how did you and your husband evaluate the decision to leap into real estate and to actually drop the stability of your property management gig? I was overseeing the actual portfolio. So I would see all the numbers. And I would always say like this seems really inaccessible. Like it seems so far out. You have to have a lot of money to get into this.

And we just didn't. And so we said, how can we? you know, so we didn't know. We ended up reading Rich Dad, Poor Dad, and that lit the fire under both of us. So we looked at where we did have money. We had bought our house a few years before this. So we went and saw how much equity we had in it. We looked at my husband's 401k and said, do we have options that we can just drain this? And then my husband started a second job. He started a company so that we just had all this extra income that we could just throw towards investment. Really cool, really cool. So what was the first property that you that you got into from this? Like, obviously, I'm sure you're evaluating a lot. You're researching a lot of options in front of you. Tell us about the first deal. Yeah. So my closing agent that my boss had worked with for a long time had closed a deal and she had contacted me and said, hey, I have this landlord. He's a doctor. He doesn't have time to landlord anymore. He just wants to get out of it and he's got a couple deals. got me to send them over to you so you can look at them. I was like, yeah, you know, they're probably

going to be too expensive. So she sends them over and I see like an $80,000 asking price. And I said, okay, 80,000, like that seems attainable. So I ran the numbers and I ran the numbers again and again because I said this can't be right. He's asking 80,000, but the current value of it is about $150,000. And so to me, it was a no-brainer. And I said, we have to buy this price. And I said, we have to buy this property. Like there wasn't a if, there wasn't a maybe. I said, what do we have to do to get this? And so we went and got a helock on our house. We drained my husband's 401K. And then we took all of our savings that we had and scrapped it together and had like, I don't know how we came out with it all honestly. Pretty low stakes all around. Yeah. Yeah. We just threw it all in. You're jumping into

the real estate pool at this point. Did you have a goal? Like, did you set a goal initially? were you just like, I'm just going to buy a house and see where it goes? Did you know that you wanted to build an empire? So I just found our goals from 2019. And our goal was that we wanted to buy three rental properties in a year. And we wanted to own $5 million in real, no, we wanted to own $1 million in five years and $5 million in real estate in 15 years. So that was, that was our goal at the time. Was that a, did that seem impossible at that moment where you're like, ooh, I don't know if we can hit it. Or were you like, I mean, obviously, we know you're a fighter here. So was that like no problem? Yeah. It seemed attainable. So I didn't want to create a goal that we wouldn't be able to achieve and then feel discouraged.

So I felt like it was safe to set that like three property goal. David is the master goal seter. We did a podcast. not too long ago where we had to list out our goals. He's like, what are your goals? And I was like, I don't know. I think I want, I don't know what this? And then I was like, what are your goals? And he had like 15 written out. A scroll. Yeah, I was just like, but he's like, I've got nothing prepared. And the scroll just like goes out infinitely. And really inspired me to start writing it down. And I think it's good to have a small goal and a big goal the way that you did it, right? You had your $1 million goal and your $5 million goal. One of them is definitely obtainable. The

other one obviously scarier, but as soon as you knock out that first goal, the next one seems pretty easy. And so that's how I approach all these things. I'm trying to goal set more and more. It's funny you mentioned that because I just got back from Scottsdale two days ago at our house Rob doing a goal setting retreat. Apparently you inspired this because you were like, David is so good at setting goals. I was like, I didn't know it was that good. I need to share the gospel of goal setting with more people. So we had everybody out there and we went through goals and we kind of incorporated them into business and other parts of our life. And what came out of that event was this revelation to pretty much everyone there, that goal setting is not as simple as

write down what you want to accomplish. You have to incorporate into it. How do I want my life to look? And what kind of a person do I want to become? Because the best goals will require more of you than the person that you are right now. They force you to grow personally in order to be able to achieve things. Now, Brittany, I'm sure that that was a part of your journey. You started off working for someone else's company, doing a great job, getting a lot of accolades. It was probably personally fulfilling, but it was taking away from the time with your kids. Cancer hits, and obviously that's going to shake everything up. Now you're asking different questions. What I want my life to look like? Who do I want to be? Which is funny, because that's what comes right before we set new goals.

So did you incorporate that into your goal setting? Was that more of a subconscious thing as you sat down and decided what you wanted your life to look like? Yeah, I think, so I had read a book and I can't remember what it was, but it basically says you imagine your life or you take what you want your life to look like and then you work backwards from there. And so I said, what do we want our lives to look like? At that time, I said, I want to buy an RV and be able to just travel wherever I want. It has since changed. I do not want an RV and I do not want to take long road trips across the country. But yeah, seeing we want to move to Florida in a few years and I said, how do we do that? And we just worked backwards from that point.

You know, I've always wondered if people, it's very hard to come up with goals if we're being honest. When you sit down, when I joined Gobundance, that was the thing that they made us do. They're like, what are your goals? I don't think like that. I don't think about what are my goals. I just think about how do I get through tomorrow. I didn't know what my goals were and you don't realize how hard it is until you actually

have to come up with them. And then I've noticed everyone has the same goals. They always involve the word freedom. There's always an RV travel across the country, which is funny because like, I never as a kid was thinking all I want is to have an RV and to go to Omaha, Nebraska. But yet that pops up. There's always a beach somewhere.

Like, I want to be on a beach, contemplating life, which that's like a vacation, right? Like, I think it's so hard to come up with goals that we just think about a vacation we would take and we're like, that's what I want my whole life to be. I want my life to be vacation. And until you actually get real detailed about what you're looking for,

your reticular activating system, your subconscious does not know what you want your life to look like. It's incredibly hard. So I applaud you coming on here and saying that you took on that challenge because that's what you got to get figured out first and then the real estate, the way you build up will kind of adapt to what you want those goals to be. But none of us are thinking about goals. We're just thinking about the next unit, the next unit. Make the list, check the box, move on, get the dopamine hit. Very similar to how you were living your life before.

So you got that first deal. And I understand that you use the Burr method to stack from there. Walk us through the number of units and the cash flow that you added on every year using that strategy. Yeah, so in our first year, we brought on two properties and we cash flowed just $3,700 a year. Year two, we had $10 and we're cash flowing $53,000 a year. Whoa, that's a big difference. Yeah. Okay, it's about $50,000 difference.

Okay. Yeah. Just making sure. Which we actually pivoted our strategy a little bit with that. But in our third year, this year, we're at 59 properties and we're cash flowing. $200,000 after all of our expenses. Okay. And that was after year one. Now, was it all just burr? Is that how you got there? Yes, all of those were the burr method. We did have one fourplex that we were long-term renting all four units. And I got like weirdly scared after it didn't rent

after two days. And so I said, let's furnish this thing and see if we can rent it another way. And so we did. And that's the big jump in our cash flow is because we have two midterm rentals in that four now. Okay, so that was another unexpected blessing where it's funny that you freaked out after two days. That's solely a property manager. I just such a good job. It should be booked right now. Nobody wants this. Yeah, I've done something wrong. Change right now. Don't wait, which is, you know, the property managers I get are like eight weeks later. Yeah, where are we out with that? Oh, yeah, no one's rented it. I forgot about it. Right. I would much rather have you working for me. So did that, what was the like paradigm shift when you went to, oh, I can furnish them and I can

rent them out faster and for more money. How much did that impact your strategy moving forward? So I would say it's huge. So now we look at, is this good for a long-term rental? So everything that we buy, we want it to also work long-term. The midterm market is becoming really saturated where we're at. So I want that to fall back on as a plan B. But really anything near the hospitals, we found rent long-term or medium-term. Yeah, you basically, here's what I'm hearing. you went from analyzing a property based on where a long-term tenant would want to live, which is fairly simple. I mean, that strategy is very easy.

It's why beginners start there, especially small, multifamily. Because you take the house and then you look for what it would rent for and you run your numbers. With medium term, with short-term rentals, you don't start with a property. You start with a location. Then you look for the property in the location. Then you try to determine what it would rent for. So it's like a third dimension that gets added into this. And I noticed that the more complicated the process becomes usually the more lucrative it is,

the more simple that it is, the easier it is to get into, but the harder it is to make money. Is that a similar pattern that you notice when you switch strategies? I did. Yeah. So I'd say like your long-term rentals, they're just easy. I mean, you can analyze them in just seconds, really. You type everything into your calculator. But you go to the medium term and you say, number one, it's not just your purchase price. You're looking at furnishing it. And that was like a big mistake that we made at the beginning. I thought, give me like two grand, I can furnish this thing. And then I was $5,000 in the hole and like 75% done.

So making sure that you take everything into account when you are buying the property and not just, you know, your purchase price and your rehab. Rob can spend $2,000 on the throw pillows that go on the $9,000 couch. You're a little, it's a little hyperbolic. But I have been known to walk out of world market having spent $1,000 on throw pillows and fake plant. Oh, yeah. It's actually quickly. Yeah, it's so quick. But that's like my favorite part of it is the design part. And so, you know, we can go in and we rehab our long term rentals. So it's like all the same finishes, you know, paint color, light fixtures, tile. And then we go into these and that's when

I really get to like have some fun. And my husband's always saying like that light fixture is expensive. And I'm like, well, remember the rent though is going to be like triple. So it'll make up for it. And you know. And I make fun of. for this all the time, right? I bust his quaff about it. But the reality is I'm jealous because I am like handicapped when it comes to design. Okay, I'm like a dog. They're colorblind, right? I just don't know until I've seen it put together and I can kind of tell what it looks like. It is very, very, very difficult for me to figure out any kind of design element. So part of this is probably passive aggressiveness on my behalf and I'm jealous. Leave his throw pillows alone.

You leave them out of it. I can understand the big picture real estate very well, but like when zooms in, I'm like, enhance, enhance, and there's no enhancing. My software doesn't work that well. I can't actually see where I'm getting at. It's because you need a keyboard that's like really loud. And then you say enhance and that's how it's like enhance. Oh, see, it's your background and marketing that will help you solve a lot of these problems. But we all did benefit from your design expertise in the Scottsdale House. So I appreciate that. People give me credit for it. They're like, oh my God, David, you designed it's so beautiful. And I'm like, yeah, I did. Just don't ever ask me to do that in front of you. Where I would be.

expose. Always take the credit. Yeah. So I love Brittany. One of the things that Brandon and I used to say was follow your fire. Okay. It's like the passion you have because real estate is not a thing. It is a accumulation of a lot of things. As we've mentioned, real estate is an entire economic driver. There's so many jobs within real estate. There's so many strategies to put into it. You got to find the part of it that you enjoy doing. And it sounds like for you, the design element combined with the bargain hunting combined with your property management understanding of where to look and what to do. Really, you went from just working in property management knowing the fundamentals to scaling incredibly fast. Do you attribute some of that to the fire that you found in that space?

Oh, for sure. That's probably the number one motivator. So a lot of times I'll say, hey, let's just stop buying and let's just live off our cash flow and see what that looks like. And then we'll finish one rehab and I'll say, oh, I found another deal. because now I want to design another one. So I feel like it does have like that addictive kind of, you know. And it needs to because we spend so much time and energy doing it, right? If Rob did not have that idea for design and flare and he could kind of see things from the perspective of the person looking at Airbnb or VRB.

He's like, ooh, that would stand out. He wouldn't be able to do it well. If you didn't have your background in it, Brittany, you wouldn't be able to pick the right houses, which is setting me up to my next question here now that we've gotten into why the fire is important. How are you finding these deals? I think the people who don't understand the fundamentals of the asset class you're trying to get into, they just grab random houses off of Zillow and they run it and they say, oh, it didn't work. Let me just keep trying, right? It's like to throw spaghetti at the wall method, hoping that one of them sticks versus when you really understand

what you're trying to accomplish, you have a specific place you're going to find deals, a specific location, a specific type of asset. You don't waste all that energy in time. So what is your system like for identifying a potential problem and then how it's analyzed. Yeah. So my two best deals have actually been found on Facebook. It's unconventional. Yeah. We saw one of them posted and I saw the address. I did a quick Google search and I said, oh, this is like three minutes from the hospital. Ran my numbers. We ended up getting that one. And then our second one, my realtor had posted basically, hey, I'm looking for a small multifamily. Does anybody have anything? And this owner's reached out and said, I don't have it on the market, but I'd be open to looking at selling it.

And so we worked out our deal that way. So Facebook has been my best friend for deals. So when it comes to Facebook marketplace, is it, are you starting with the location? What are you doing when, how are you using Facebook? How do you know which properties you want to be targeting there? So I don't necessarily like go to Facebook and look for properties, but a lot of times people will post them in, you know, like the Facebook real estate groups. They'll throw their deal out there and you'll have like 100 people say, you know, send me more information. If I see the address and I know that it's an area that I'm interested in, then I'll run it. But that's really how things are coming up for me. I'm not looking for them.

So you are starting with location. Yeah, always location. Yep. So for someone who wants to use your Facebook marketplace marketing strategy, how do they determine what a good location would be for a medium term rental or short term rental? So I love anything with intents. 10 minutes from the hospital. We used to do short-term rentals, but then I said, I'm sick of having my having to have my phone on

in the middle of the night just in case. So that's why we moved to the medium-term rentals. So yeah, 10 minutes within the hospital and it has to have at least one bedroom. That's really like my minimum criteria. Do you notice any additional benefit as putting your property manager head on to having two bedrooms or three bedrooms over one bedroom,

specifically in the medium-term rental space? I would say two bedrooms for sure, because there's a lot of people that travel together. I've only had one group of three that's traveled on together. Everybody's usually like in pairs or solo. So I do like those two bedrooms especially. But if you look at the price that you get for rents for a medium-term one-bedroom versus like long-term, it's triple of what you get. So I love the one-bedrooms also.

Yeah. Well, for reference, this is usually the, It's a spectrum, obviously, but just like David said, the amount of work that you put into something is going to be correlated to the return. So if we're using long-term rentals as the baseline, that will be the smallest return, then it's medium-term rentals, and then it's short-term rentals. And the way I like to analyze it is medium-term rentals typically are going to bring two to three times what you would make on a long-term rental, and then short-term rentals are three to four times what you're going to make on a long-term rental in terms of gross revenue.

So when you can find a medium-term rental that is like three times what you're going to bring on a long-term rental, you kind of hit the jackpot because you're actually not making that much less than if you were doing it as a short-term rental and you end up working a lot less too. And I've noticed that there's way less wear and tear. You know, medium-term you look at if you compare it to long-term and the short term, I mean, it's perfect. They come home, they sleep, they eat, they go to work, you know, whoever is renting it. So you don't have the same wear and tear that you do with the long term or the short term. I heard an argument about this online one time where someone was saying, I don't like short term rentals because you have all these people coming in and out of your house increasing wear and tear.

And I thought, no, I bet you it's the opposite because when it's your house, you just beat the crap out of it. But when you're staying in it for like a couple days, you don't really have time to get comfortable enough to destroy it like you do your own thing. Right. So I would bet you that there's less wear and tear. and you catch the deferred maintenance much quicker before it becomes deferred. Oh, yeah. Because as Rob knows, you get that complaint every time there's a tiny little problem, whereas your tenant will let their showers slowly flood the entire bathroom for three years.

And you won't hear about it until your subfloor is completely rotted out. So although that is a pain in the butt that you're getting all this correspondence, it will lead. It's kind of like you go to the doctor every four days. That's true. Your health's not going to get that far out of hand if you're constantly getting those checkups, even though it's a pain in the butt to go. Yeah, I'm thinking through it. I mean, medium-term rentals have actually been harsher on my properties than short-term rentals, but it's because I didn't have a good system in place. So whenever someone would book for like three, four, five, six months, I'd be like, all right, great, set it and forget it. Like, they're going to be in. And medium-term rental tenants typically don't bother me. But the thing is, just like you said, they live there. They use it. They may not be clean. They may not be organized. They might be messy. And so whenever they would check out at month six, my cleaners.

would basically call me crying, being like, oh my gosh, it is nasty in here. So ever since then, we've instituted a new policy where for every month that the cleaner stays at my property, we will charge a cleaning fee for every single month and we add that to their total bill. That way, we can get our cleaner in there, some eyes on the property, right? They can let us know if anything looks weird. And that way, whenever the cleaner comes on month six or whenever the people check out, it's not really a deep clean as much as just a regular turn that you would normally have on the short-term rental platforms. Yeah, that's another thing to consider with these, what do you, is there a name for short-term rentals and medium-term rentals combined?

Schmedium. They hybrid. Smedium. Like this shirt, it's a Smedium. Smedium. Yes, medium-term rentals. I like it. The Schmedium industry. That's exactly. In a long, in traditional real estate investing where you have a long-term rental, it's funny because we never, long-term rental wasn't even a thing. It was just a rental. Right, totally. But if you're, the problems would come from a plumbing issue or a roof leak or a door hinge. It was always something with the property itself. So it was not usually as expensive.

And if you did have to dump a lot of money into fixing a problem, it increased the value of the property in some way. So like there's an issue with the plumbing. And so you have to go rip stuff out and fix it. But then you put in better cabinets when you rebuild it or something. But with the Schmedium rental industry, you're replacing a couch that you just, spent $3,000 on six months ago, like let's say you spend 50 grand to furnish something, that is not the same as spending $50,000 on the property to remodel a kitchen, to remodel a bathroom that actually increases the value of the asset. So that is a thing that's good to highlight

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My last question before we move on, because I really want to hear more about the Burr strategy and how you're doing it, is how concerned are you about oversaturation in the medium-term rental space because it is sort of the bell of the ball these days in real estate investing? Yeah, I don't love it. So not exciting because I don't like the competition out there. But all of our properties that we have would work long-term for long-term rentals. So I mean, it would be less cash flow, but that's always our plea on B. We do provide an amazing product and we have multiple properties.

So if something doesn't work out, you know, dates-wise or something for somebody, we do have other properties that we can put them in. So that has worked out really nice. I have another follow-up question on this. Speaking of creating your own competition, can you give us any tips for how you're actually getting some of these medium-term rental tenants? I think that's probably the question that our audience screams at the speakers every time we talk about it. They're like, how do you find the tenants? Are you just getting them on an Airbnb?

Are you reaching out to hospitals? Furnished Finder's. What's your tactic? Yeah, we do everything on Furnished Finder's. Furnished Finder's and word of mouth. So we've had a couple referrals from current nurses that have referred like the next round of people. And we found them that way. But Furnished Finder's has been our biggest go-to. And it's not always people that you get like leads from. I have tons of people call me or text me that they found our listing there. One time we got somebody from Airbnb and they booked through Airbnb for like 30 day stay, but we don't do much on the Airbnb platform anymore, just the furnished finders.

That's interesting. I exclusively, for the most part, I would say almost every single, I think every single medium-term rental tenant I've had has come from Airbnb. I've never actually had any luck on Furnish Finder, but admittedly, I'm not a Furnish Finder, like a nerd. Like, I don't know the platform. I don't, I haven't like gone in and optimized it and all that stuff. So, yeah, I'm more of an Airbnb guy for finding all my, on my things. But I have heard really great things about Furnish Finder. And I'd like to, I'd like to put more on there this year. So maybe I'll hit you up for some tips. Well, it might also be the area. You know, I know it's popular here. But if you talk about

other states it might not be as much. I was thinking the three of us need to create a new platform called shmedium.com where we advertise short-term and medium-term rental properties. I actually sent the paperwork to my lawyer as you guys were talking, so I got a trademarked and we're good. I actually bought the domain. Oh, you bought it already? I forgot to hit submit when I, yeah, I was on there. Dang it. Yeah, I actually was smedy.um.u.u is available.org. All right, so, Brady, getting back into your journey here, by the way, thank you for the advice you gave specifically on this industry. I think for someone who's worked in property management as long as you have and is managing your own rentals, that's valuable, valuable insight that most people won't

learn until they made a whole lot of mistakes trying to figure that out. You came into real estate with a leg up from your competition from the previous experience you had as a property manager. What are some tips that you would give to new investors that are trying to price out a rehab? This is a question we get a lot. How do I determine how much a rehab is going to cost? Yeah, so I go into properties looking at the major things first. So I look at roof, HVAC, foundation, concrete, my big stuff, plumbing, electrical. If I check too many boxes and the numbers won't work, then I say, I'm done looking at this one. So I've got the numbers pretty good. We've been working with the same cruise for seven years now. And so I can look at a house and say $5,000 roof, you know, know, $5,000 driveway, $6,000 foundation, whatever it is. I add those up real quick while I'm already past my budget. So there's no sense in looking at this anymore.

That's smart. So it's basically you're saying you got to eat all your vegetables before you get to the dessert. So if the vegetables are going to make you full, then don't even start because you want to have some room left. So looking at the roof, the HVAC, the concrete, like nobody gets excited about that part. So if that's taken up the whole rehab budget, just stop right there. This isn't the right deal for you.

Yep. Done. And a lot of that stuff you can see from listing photos or whoever's sending me the deal, I'll say, hey, send me like pictures from every side of the house exterior and then send me a quick video walking me through it. I want everything in the basement, show me the foundation, furnace, hot water heater, your plumbing stack, the electrical panel. And I can really just say yay or nay at that point. If it looks good, then I'll go hands on and look at it myself a lot of times. That is really good. And I think that advice is incredibly important in today's market because it's making a comeback. Years ago, back in my day, we actually cared about things like concrete and plumbing. And the market got so hot that that wasn't, it didn't matter. Right. Oh, it needs a new roof. Oh, it's only 15 grand. It's going to be worth 25 grand before the escrow's over. Who cares, right? Like, real estate really did change. And I can't even criticize people for doing it that way because you did make, depending on the,

market, right? Like where I am in California, you might make $250,000 over four years of owning the property where that $15,000 roof wasn't as significant. But with what we're seeing with the market slowing down, rates going up, values are not increasing at the level that they were, I really do think that buyers are becoming harder and harder to find in certain locations, which means sellers have to give concessions that they did not have to give for a long time. If you're selling a property that's in wonderful condition, you're probably going to get what you want. But if you got some warts in there, if you got some stuff that the makeup's been covering and the buyer, you know, goes swimming with you and the makeup comes off and they see what they're

really working with, you can't sell a house that's got foundation issues anymore. If you've got plumbing leaks, it is expensive. There is a lot more room to negotiate. So are you seeing the same thing as you're scaling to 59 units in three years that you're able, you have more negotiating power over these issues than you did before. Yeah, definitely. We, even like when the market was really hot. A lot of our stuff was off market. So we would be aggressive with our offers, but we always buy everything with no repairs, no inspection. My biggest thing is I just want somebody to walk it. So if it's an agent or my husband or whoever it is, I want somebody to have eyes on it that I trust that can say this is what I saw. You know, they didn't skip over this corner when they were

video for, you know, sending me a video for it. And we missed out on something. But we were doing flips a couple years ago. And I would say the huge difference that I've seen is like roofs. Nobody was asking for a roof replacement. I mean, you could have a hole the size of a raccoon and they would look past it and pay you $50,000 over ask price. And now those things are absolutely being asked for now. Okay.

So we've got assessing the major costs, which I added are the non-sexy things. But that's why you got to look at them because they'll be easily overlooked. And then I really like your advice of what can I do? Where can I save money? If does this fall within my wheelhouse of repairs I can make? So if you're a plumber and the house has massive plumbing issues, but nothing else, maybe you lean more towards that property because you have a competitive advantage. And then what do you have next?

So when I look at the major stuff, I say, is this going to last me at least three years? If not, then I'm replacing it with my rehab. So all of our properties we rehab at the beginning before we rent them out. So we've looked at what are our major things that give us problems, right? So galvanized plumbing is always clogging our drains, clogging, you know, the little screens in your faucet. And they break when you try to, you know, make repairs. So that's one thing that we always do. If there's galvanized plumbing, we're always replacing it.

And then drafty windows was like another thing that we heard a lot of complaints from tenants. So that's a big thing that we look at. So the tenants were complaining that the windows were too cold, like too much cold air was coming in? Yeah, you know, when you have. A lot of our houses are like over 100 years old. So you'll have those old single pane windows that go up and down and they're held with like weights on the side. And people hate them. They don't stay up.

You know, you got to put your remote there to hold it up. And so we just replace them. It's not as expensive as most people think when you've got your crew doing everything else while they're in there. So it was just it's kind of a no-brainer at this point. That is another thing. As a real estate broker selling houses for a long time, windows being a problem was not even something that would be considered. It's like sellers just were not going to give you anything for that. And you have me thinking, how much of this stuff that typically every 10 to 20 years a homeowner

would be forced to replace things like windows and roofs and plumbing that because we've had such a run in real estate, nobody was spending money to fix these things up is now all going to be starting to become a part of the process because the prices are not exploding as fast as they were. I think being extra diligent at looking at what might need to be replaced as can become a bigger part of investing than it was in the past. Rob, what's your, what's your theory on this three-year time frame? When do you think something should be replaced? Well, you know, the old Rob Bill adage of buy nice, not thrice. And, you know, this really does apply to everything, right? It's like

when you're, I mean, obviously I'm coming at this for more of like the furniture side of things, especially in medium term rentals, more than long term, more than short term rentals. You know, when you buy something that's not going to last you, let's say even the three years that you're talking about, it's a really big inconvenience because a lot of times what people do is they'll buy the cheap thing, cheap thing will break, and now they have to hire somebody to come and get rid of the thing that broke and replace it and assemble it. And because people are cheap, they'll say, oh, you know what? The chances of it break again, probably pretty low. And then they go and they buy the cheap thing again. The breaks, got to get someone to go and toss it into trash and replace it.

And then on the third time, they're like, you know, I'm tired of doing this. I'm just going to buy the nice version of this. And that's whenever they're out of the problems. And it's like, oh, if they had just done that to begin with, they actually would have saved themselves so much headache and pain along the way. So I imagine that fixing up homes and renovating is probably pretty similar to that, simply just because, yeah, you know, the more you get what you pay for, basically, right? Absolutely. And that's something that we, that's our guideline for all of our rehabs. It doesn't matter what area of town, how much we paid. Everything's getting rehabbed to. a high quality. So you've got granite and people say like, well, you don't need to put granite in

every house. Well, granite actually saves me money because I'm not putting a countertop that somebody puts a hot pot and burns it. I'm paying 200 bucks like every time that I have to replace it. So spend a little bit more up front. Yeah. And you get higher rents and happier tenants. And you have a nice product. So your appraisal comes back high. Shows better in pictures. Yep. Yeah. So we like to, we touch every surface of every house that we are in. Yeah. We just had someone on the show, oh man, probably in the last couple weeks, that said that they renovate their houses to basically be good enough for them to live in in case they ever lost everything. And they needed to be able to live in there themselves. That was Rick.

Oh, it was Rick. Yeah. Rick Marin, yeah. That should be coming out pretty soon if it's not out yet. But I thought that was really nice because when you think about it that way, you can spend a little bit more. And as notated in the Burr Bible, written by David Green, the. The actual material isn't necessarily what costs most of the money. It's usually the labor.

So you can spend a couple hundred bucks to get something nicer, and it's not really going to cost you all that much more in the grand scheme of the budget. Yeah, especially when you're doing it all at once, you know, before a tenant's in there and they're doing everything. So yeah, I agree with that. The quick tip to take from this is when you're evaluating or analyzing what you're going to buy, am I going to buy the $200 one or the $500 one. It's not a $300 difference.

It's $300 plus whatever money. you're going to have to spend on labor to replace it, which is what we don't think about. If you're going to have to spend $150 to $200 every time you send someone out to go fix the thing that you bought that was cheap, that's what makes it more expensive. So you're not just analyzing the cost of the item. You're analyzing the cost plus the labor. And then I think granite in general is like one of the wonder materials of real estate investing. And like you mentioned, it works at every single area.

When you know a person that can install it, granite can be incredibly cost-effective. because the labor itself, or sorry, the material itself is not that expensive, which leads us to your last point here. You mentioned knowing a person that can fix certain things. So what advice do you have about knowing that when you're buying distressed properties, fixer-upper's using the BIR method, knowing the right people that can do this work is incredibly valuable. What tips do you have for finding those people? Yeah. So I like finding people who can do more than one thing because that's where we save the most money.

So I am finding, or we have crews that can come in and paint, refinish hardwood floors, tile, install cabinets. They can do everything as opposed to bringing in a drywaller, bringing in somebody to do the floors, bringing in somebody to do the windows, just finding somebody who can do it all. That's where we save the most money and are able to meet our budgets. Does that come into play when you're working with a contractor? Do you prefer to work with a contractor that has a particular trade? Like my contractor in Joshua Tree was also an electrician.

So when it came time to building the house, he did all the electrical work, didn't sub it out. And that ended up usually being a cost savings to me in the grand scheme of things. Is it ever similar like that in your scope of work? Absolutely. Most of our guys are, well, not most of them, but a few of them are plumbers also. So we get the plumbing done with the rest of the rehab. So that's really nice. So our biggest like tradesmen that we're bringing in would be if we're replacing like an electrical panel or roof, which our guys actually can do roofs too. So I'd say

our electrical is our most expensive like tradesmen that we're bringing from the outside. Yeah, that makes sense. So just to recap here, because I think we went through five. One was you assess major cost items first, right? Like your HVAC, concrete roof. Because basically if you're checking all those boxes off when you're doing a renovation, that means that you're not really going to have a ton of money for the design aspect and the last 10% right so you move on after that um it needs to last at least three years so whatever you put into the property needs to be relatively like high quality um DIY when you can so if you got to step in and paint the house you're willing to do that always replace the windows and find a crew who can fix more than one thing did i miss

anything there no i think you got it and seen yeah i did it all right so that it all right so that it all is information that will make you a Burr superstar, which is still a pretty, at least as far as I've seen, the most efficient way to scale a portfolio once you know what you're doing. Now, I will add the caveat. The things that make Burr successful for scaling quickly can also cause you to fail quickly. Like scaling is not always positive. It just is amplifying how quickly something gets done. So if the plane is rising, it rises quicker. But if it's crashing, it's going to crash quicker too. As a property manager as a person with experience solving the problems of managing rehabs for your clients, you walked into this with a knowledge base that is going to protect you for making the mistakes

it could cause people to crash. So that's one of the reasons I think that you were likely successful at Burr. How did you navigate the seasoning period that it's become more difficult to get your money out of the deals once the rehab's completed? Yeah, we actually work with a local credit union and we do portfolio loans. So they don't make us wait that six months to a year, period, they'll finance us 75% of the appraised value. So we've been really lucky to do that. It's actually our third credit union that we've worked with. The first one said that we grew too fast so they wouldn't do any more business with us. So then we moved on and we found somebody who would. And that's how we've been able to scale as quickly as we have. So the credit union isn't making you wait 12 months before

you pull the money out. Nope. We actually just finished one rehab in three weeks. And we have the appraisal Monday and they're refinancing it. So it'll be like five weeks total by the time we sign the papers. And if anyone's wondering why, it's because these guidelines for the 12-month seasoning periods come from conventional loans because the broker or the lender who gives you that loan is then going to go sell that on the market as a mortgage-backed security. So there's a guideline that the person buying the loan says it has to be 12 months before we will refi. But credit unions hold those loans on their own books most of the time. They don't sell them so they can create their own guide They don't have to play by the Fannie Mae Freddie Mac Rules, which is why having a relationship with a local lender is so important.

Or in Brittany's case, having a relationship with several, because when you scale as quickly as you did, you can outgrow the shoe that you're wearing and you have to go get a bigger shoe or another set of them. So congrats on there. For someone who hears this and they're like, you know what, I relate to Brittany, which by the way, you are very relatable. I think a lot of people are going to feel that. Would you say that property management is a good place for people to start looking to if they want to get started in real estate investing? So I would say yes. So property management to me was almost, I kind of feel like it was cheating because I could see what other people were doing and learn from their mistakes, other investors' mistakes, and not have it affect my wallet. So it was nice to learn that. You also learn the like ins and outs of the management. So you decide like I absolutely could do this or this is something I would never, ever touch. So like just let me be an investor. I'll pass a off to property management, or you look at it and say, I want to save some money and I don't mind dealing with tenant issues, maintenance issues, leasing issues. I can do this myself. So I would say

the biggest part is learning from other investors, even when they don't know they're teaching you. Yeah. Yeah, totally. So you're now at 59 units after closing on 30 this week, which is a relatively large deal, I'd say. And timely for this podcast recording. It really is. I did it just for the podcast. And I think it's probably safe to say that draining your, your 401k was probably worth the risk. Seems like you did okay. Can you tell us what's your total portfolio net worth and what's your cash flow sitting at today if you don't mind sharing? Yeah. So our total, um, portfolio is worth 5.5 million. Woo. You did it. That was your goal, right? We hit it. So we're like 15 years ahead of 13 years ahead of our goal. So, oh my gosh. That's amazing. Yeah, five and a half million. And we

cash flow, $200,000. Wow. And that's after like mortgage, uh, insurance, you know, property taxes, maintenance, Kpex, all that good stuff. So you're, let's see, that would be roughly like 16, yeah, 16, 17 grand. Yeah. Not bad. So from 232 a month in a 401k to 16 grand a month with all the equity that you're building the loan day down, the properties going up and potential rent increases. That wasn't a terrible decision. No. It's, it's one we, uh, we'll never ever regret. Probably best decision of our lives. Yeah.

And you know what I see, Brittany, is you bet on yourself. You said, I understand property management. I understand real estate. I'm doing this for someone else. You didn't get in the victim mentality of, well, how come it's not fair that they're not helping me with something? You just said, I know how to do it. I'm doing it for them.

Let me go do it for myself now. In a sense, you were like a paid apprentice that learned the business. And then you started your own business. I think this is a beautiful, beautiful, beautiful blueprint for other people that are doing well in the corporate world. They're doing well at their job. They want freedom. Rather than just saying, I'm going to quit my job and I'm going to start investing real estate full time, you work in real estate. You learn the industry that way. And you make it like this little jump off point in the middle, right? It's not quit the W2, pure real estate. It's moved from W2 into a real estate

related industry, learn the business like you did, Brittany, and then move into building your portfolio while you're still doing it's much smoother transition than just, you know, going from the spot, jump into the swimming pool and trying to figure out if you can make it. Do you have any advice for other people who are maybe sitting in a cubicle right now listening to this wishing that they had your life for the steps you'd recommend that they take? Yeah, I would say, just do it. Like we, I also feel like people think that once you're successful, you have to quit everything that you were doing before.

So during this time, I've kept my job the whole time, my husband's work the whole time. We don't live off the cash flow yet. we reinvest everything. So I'd say my advice would be take what you're good at and do it for yourself. Because in my job, I was stuck at, here's your salary, you'll get a raise every year, here's your hours, you're kind of stuck in this box. But when I do it for myself, there's so much opportunity for growth that it's surpassing my salary times 100. Like, everything that I learned in property management, I would say is more than I ever learned in school. This is like my college degree. Yeah. You know, I regret going and actually paying for college when I could have,

I could have dived into this first. Sure, but it all led to this, right? Absolutely. To this moment and to these successes. So with that, I'm just curious. What, I mean, so much has happened and you've crushed every goal and you're 13 years ahead of schedule with your $5 million goal. You've actually surpassed it. What has real estate? allowed you to do. Is there anything specifically that now where you're at, you're like, wow, I can do this thing now because I've built something. Yeah. Our favorite thing is to just take trips with our kids. We want to give them experiences instead of just stuff. So not having to ask for time off or, you know, plotting your days off on your work calendar, just the freedom to

get up and go. Last summer, we spent a month in Florida. And that was really our test of like, can our business run without us being there? So that was a test and we passed it. And so I would say just the freedom. So my biggest goal, but also the goal that I don't really talk about because it's not pretty is my goal is I don't want to have to set my alarm in the morning. That's amazing. Are you kidding me? That's a beautiful goal. I'll say there's not much more that will increase the quality of your life than waking up when you want to wake up when you want to yes when your body is ready to yeah and i don't feel like people talk about it i feel like when you talk about goals you say how much money do i want to make or you know where do i want to go or what do i want to buy

but honestly it's like i just want to sleep right i want to wake up when the sun comes up i don't want to hear my blaring alarm waking me up in the morning it's just that freedom i don't want to feel nauseous when I hear that sound and I'm like my life is and the first thought is when can I go back to sleep. Right. Counting down the hours, 15 more minutes. That's perhaps the most beautifully honest and perfect answer. But I honestly, I thank you, Brittany, because you came into this and it all started with you wanting to watch your kid learn how to ride his bike, right? And now you're spending vacations for a month while your business stays relatively passive. And now you've got, you've got bigger goals. And I'm excited to see what your next goal is. I know it's the waking up thing,

but whatever that goal in the portfolio is, because based on what we heard, you're going to do it. There's just no question about it. So I hope that everyone listening here today can listen to this again and say, all right, I can do it too. Yeah. And nice callback to when we talked about how goal setting is difficult to do, but it's so important because that's a much better goal than I want to travel the world than an RV. I want to wake up when I want to wake up. And you will you will design the life you want based on real estate to be able to accomplish that. And really, you deserve a lot of credit. I mean, you should be waking up every day feeling like success because you escape the 630 alarm clock. Please nobody tell Jocko Willink that we just described that as

what I was going to say. He'll come after me and I'm not ready for that level of smoke right now. But I do agree with you. I think that that's very healthy. This has been a fantastic interview, Brittany. I just want to congratulate you on the success you've had as well as the way that you went about doing it. I hope that we stay in touch. For people that want to learn more about your fantastic life and strategy, where can they find out more about you? Yeah, I'm most active on Instagram. So it's Destined underscore T-O-O-Welfth. Ooh, Destined to Wealth. Rob, how about you? Where can people find out more about you? Well, you know, if you want to search for me and see that little blue check next to my name, I'm just going to rub this in your face all day, David, because I know

you want the blue check. But I'm now verified on Instagram. And, you know, And now you will know that you're talking to the real raw built and not a robot, not robot, ill. So, uh, Rob Belt, R-O-B-U-I-L-T. I'll never ask you for crypto or Forex. And I'll never message you first. Um, David, what about you? If people want to find out more about me, they can follow me at David Green with an E at the

end.24.com or David Green 24 on all social media, but just be super, super, super super careful that you're making sure it's spelled correctly. The minute you follow me, you will get a bunch of fake people that will follow follow you with fake accounts. I don't know how they do that, what they're doing to see who followed me. I think there's a list of followers that maybe they can see. And as soon as someone follows me, they go, oh, follow me too. So look carefully at the screen name. We can just blame AI for everything now. That's what I'm, I think we're all going to start doing. Like, you know, old people blame the TV for making people dumb. It was the television. That's right. All right, Brittany, thank you very much for being here.

We're going to have you back on again sometime soon because this was a fantastic story. Everybody go check out Brittany's Instagram and send her a message if you want to learn how to be an awesome possum just like her. This is David Green for Rob. Tell me where you get them Haynes T-shirts, Abas Solo, signing off. Thank you all for listening to the Bigger Pockets Real Estate podcast. Make sure you get all our new episodes by subscribing on YouTube, Apple, Spotify, or any other podcast platform. Our new episodes come out Monday, Wednesday, and Friday. I'm the host and executive producer of the show, Dave Meyer. The show is produced by E&K, copywriting is by Calico content, and editing is by Exodus Media. If you'd like to learn more about

real estate investing or to sign up for our free newsletter, please visit www.com. The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included involves risk. So use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. And remember, past performance is not indicative of future results. Bigger Pockets LLC disclaims all liability for direct, indirect, consequential, or other damages arising from a reliance on information presented in this podcast.