In this episode, Brian and John welcome their first ever guest, Jim Pfeifer, to the show. Jim is a financial advisor by profession but invests passively in real estate by using property managers to help him oversee and manage his properties. Today, he shares with us his experience in rental properties, both single and multi-family home units, how he works with property managers, and how turnkey properties give him good income.
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This Episode is Sponsored by
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- About Jim’s Real Estate Background
- Rental Properties
- Cash Flow vs Appreciation
- Multi-family Homes
- Losing/Making Money
- Dealing with Property Managers
- Turnkey Properties
00:50 – Started managing properties for people
01:34 – Welcoming our first guest, Jim Pfeifer
02:32 – How Jim started in real estate
- Background in finance in an insurance company
- 12 years later, he left the job and taught accounting
- Now he’s into financial advising and investing in real estate
03:29 – Welcoming his son and the 2008 crash
- Moved into a new house and had the old one rented out
04:12 – Buying 2 single-family homes in 2014 — the beginning of his portfolio
05:44 – More about Jim’s rental properties
- His realtor/property manager helped get both homes at a good price
08:54 – Go for cash flow first
- Don’t bank on appreciation
09:58 – Do an initial analysis of properties
- Make sure you get the numbers you projected
10:25 – Getting into multi-family homes
- Jim purchased a 22-unit multi-family home and an 8-unit MF home
12:06 – Jim talks about his frustration in his 22-unit property
14:23 – Not foreseeing the process
15:36 – Losing and making money at the same time
17:33 – Dealing with property manager
19:48 – Turnkey Properties
- Jim learned about turnkey by listening to podcasts
24:43 – Financing — personal and lending
26:17 – Buying distant properties and trusting property managers
28:23 – Look for people who communicate well and clear
29:47 – Biggerpockets
30:37 – Jim’s goal in real estate: build wealth through passive income
33:29 – Do your research on real estate investing
- When buying properties, always go for cash flow first.
- Always do an initial analysis of the properties you’re buying and look at them later to see if you’re hitting the projections you’ve set.
- Work with property managers who keep the lines of communication open.