After Richard Kelly shadowed a veterinarian for the day, he realized that his passion wasn’t performing surgery on animals, it was actually money. This led him to become a banker and after he was given the book Rich Dad Poor Dad, his interest in real estate investing was sparked.
After deciding he wanted to become a landlord, Richard found BiggerPockets and started listening to every episode of the podcast he could. After feeling confident enough in the real estate investing education space, he made his first jump into flipping, buying a short-sale home with some creative financing via hard money loans.
After some very heavy hard money fees paired with long nights working to get his flip finished, he walked away with a solid profit, and knew that he wanted to park it in buy-and-hold investing. Currently, Richard has completed 2 flips and owns 2 rentals (a single family and a duplex), and knows exactly what (and what not) to look for when using hard money and creative financing. Now, he’s here to share the knowledge with all of us.
Richard has done 4 deals, with 4 completely different ways of financing. From private money, to 401(k) loans, and using a fan favorite, the 203(k) construction loan. He also talks through how to find deals, who to partner up with, and why you need a great real estate agent especially when you’re just starting out.
In This Episode We Cover:
- Why short sale properties may be a great buy for new investors
- The importance of having reserves when going through hard money lending
- How to get comfortable with making offers (before you see the place)
- Financing through hard money, 401(k) loans, and 203(k) loans
- Finding quality partners that make deals easier
- How to find off-market deals, wherever you are
- Richard’s favorite tools for finding and managing properties
- And SO much more!
Links from the Show
Check the full show notes here: https://www.biggerpockets.com/rookie48
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