Real Estate Rookie 26: Mindset Shift at 40 to Start Real Estate Investing with Derek Tellier
Derek Tellier didn’t start investing in real estate until he was over 40. Unhappy with what was going on in his life, a friend plugged him into healthy eating, exercising, and long-distance running. Once his health was back on track, he realized he didn’t like the trajectory his life was on, and made major changes.
That same running friend introduced him to real estate investing. Derek got licensed, joined his friend’s real estate team, and bought his first real estate deal - a cabin that he rents out short-term in the Smoky Mountains.
Derek has parlayed that into a career, helping people invest in short term rentals in the Smoky Mountains
Derek’s Rookie Deal is a BRRRR property that needed a LOT of work. He financed it using private money and after his rehab he was able to pull out ALL of the money he had into the deal. It even cashflows $350 per month!
Derek has had some growing pains along the way, like a true real estate investor. He shares tips for finding contractors, finding lenders, and finding deals in this episode, along with discussing numbers and the importance of having reserves.
If you think you waited too late to start investing in real estate, this episode can help change your mindset and show you that it’s never too late to get started.
In This Episode We Cover:
- How a midlife crisis made him start investing in his 40s
- Buying short-term rentals during COVID
- How he funds deals using private money
- His BRRRR strategy
- How his mentor helped him get 7 deals in 6 months
- How he got the word out there by starting his own meetup
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- Felipe's Instagram
- Ashley's Instagram
- BiggerPockets Podcast
- Rookie Podcast 23: From Dave Ramsey Disciple to No-Money-Down Real Estate Investor with Sarah Brandenberger
- Rookie Podcast 19: Going Full-Time as a Rookie Right Out of College With Arvi Carkanji and Dave Arlaud
- Rookie Podcast 09: Finding Off-Market Deals, Step by Step with Ryan Dossey (Mentor) and Drew Wiard (Mentee)—Part 1
- Rookie Podcast 13: How Drew Pulled 6 Deals From His First Direct Mail Campaign With Ryan Dossey (Mentor) and Drew Wiard (Mentee)—Part 2
- BiggerPockets Podcast 364: Snowballing 6-Figure Short-Term Rental Profits Into Passive Investments with Avery Carl
- The Short Term Shop
- Airbnb
- Uber
- Vrbo
- BiggerPockets Podcast 352: No Driver’s License, No Money, No Excuses: How Diego Corzo Blazed a Trail to 18 Doors
- The Daily Stoic Podcast
- Ryan Holiday
Check the full show notes here: http://biggerpockets.com/rookie26
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