255: Six-Figure Real Estate Investing in Just 20 Hours a Week with Elliot Smith

How many hours per week does it take to be a successful real estate investor? The answer on today’s episode might surprise you. Today we’re sitting down with Elliot Smith, a real estate investor from Washington State who has an incredible story to tell about how he went from 70+ hour per week worker to “full-time” real estate investor who only works part-time. Elliot has an incredible outlook on life and business that’s contagious, so warning—you won’t leave this interview the same person. You’ll also learn how Elliot and his wife made over $100,000 their first year in real estate and the amazing tale of how they made over $100,000 in a single month. This show is as inspirational as it is educational (and filled with more than a few laughs!) so get ready to have your world rocked. In This Episode We Cover:How Elliot got started real estate investingWhether you should do house inspectionsTheir next deals and a great wholesale dealHow to wholesale with a full-time jobThe importance of being honest with your sellersWhat exactly wholesaling entailsHow he made $100k in just one month!How to invest part-time and earn full-timeTips for building relationships with private lendersAdvice on flipping with no money downTips on finding a mentorHow to do 30 deals a yearHow Elliot finds dealsHis way of making the world betterAnd SO much more!Links from the ShowBiggerPockets ForumsBrandon’s Instagram ProfileMindy’s Twitter ProfileBiggerPockets Blog500 Deals, the $100,000 Wholesale Paycheck, & the Systems That Make it Work with Tarl YarberI’m Not Your Guru NetflixBiggerPockets BookstoreWholesaling ResourcesPodioDropboxOpen Letter MarketingGary VeeBooks Mentioned in this ShowThe Book on Rental Property Investing by Brandon TurnerFinding and Funding Great Deals by Tarl YarberInvesting with Low or No Money Down by Brandon TurnerThe Millionaire Real Estate Investor by Gary KellerPitch Anything by Oren KlaffFire Round QuestionsHow do you secure your rehabs?How do you determine what to do for repairs/improvements?I live in a booming ski town and am looking to flip condos, advice?With all the contracts, documents, invoices, and other paperwork, what is your filing system to stay organized from start to finish?Tweetable Topics:“If you’re asking if you need an inspector, then you need one.” (Tweet This!)“It all has to do with the intent. Is your intent to screw this person or is your intent to do the right thing?” (Tweet This!)“You’ll find really good people in this business who just love people and love helping.” (Tweet This!)“Money is not the most important thing. Friendship and relationships are the most important thing in this business.” (Tweet This!)Connect with ElliotElliot’s BiggerPockets ProfileElliot’s Facebook Profile

Episode 255 of the BiggerPockets Real Estate Podcast podcast, hosted by BiggerPockets, titled "255: Six-Figure Real Estate Investing in Just 20 Hours a Week with Elliot Smith" was published on November 30, 2017 and runs 84 minutes.

November 30, 2017 ·84m · BiggerPockets Real Estate Podcast

Summary

How many hours per week does it take to be a successful real estate investor? The answer on today’s episode might surprise you. Today we’re sitting down with Elliot Smith, a real estate investor from Washington State who has an incredible story to tell about how he went from 70+ hour per week worker to “full-time” real estate investor who only works part-time. Elliot has an incredible outlook on life and business that’s contagious, so warning—you won’t leave this interview the same person. You’ll also learn how Elliot and his wife made over $100,000 their first year in real estate and the amazing tale of how they made over $100,000 in a single month. This show is as inspirational as it is educational (and filled with more than a few laughs!) so get ready to have your world rocked. In This Episode We Cover: How Elliot got started real estate investing Whether you should do house inspections Their next deals and a great wholesale deal How to wholesale with a full-time job The importance of being honest with your sellers What exactly wholesaling entails How he made $100k in just one month! How to invest part-time and earn full-time Tips for building relationships with private lenders Advice on flipping with no money down Tips on finding a mentor How to do 30 deals a year How Elliot finds deals His way of making the world better And SO much more! Links from the Show BiggerPockets Forums Brandon’s Instagram Profile Mindy’s Twitter Profile BiggerPockets Blog 500 Deals, the $100,000 Wholesale Paycheck, & the Systems That Make it Work with Tarl Yarber I’m Not Your Guru Netflix BiggerPockets Bookstore Wholesaling Resources Podio Dropbox Open Letter Marketing Gary Vee Books Mentioned in this Show The Book on Rental Property Investing by Brandon Turner Finding and Funding Great Deals by Tarl Yarber Investing with Low or No Money Down by Brandon Turner The Millionaire Real Estate Investor by Gary Keller Pitch Anything by Oren Klaff Fire Round Questions How do you secure your rehabs? How do you determine what to do for repairs/improvements? I live in a booming ski town and am looking to flip condos, advice? With all the contracts, documents, invoices, and other paperwork, what is your filing system to stay organized from start to finish? Tweetable Topics: “If you’re asking if you need an inspector, then you need one.” (Tweet This!) “It all has to do with the intent. Is your intent to screw this person or is your intent to do the right thing?” (Tweet This!) “You’ll find really good people in this business who just love people and love helping.” (Tweet This!) “Money is not the most important thing. Friendship and relationships are the most important thing in this business.” (Tweet This!) Connect with Elliot Elliot’s BiggerPockets Profile Elliot’s Facebook Profile Learn more about your ad choices. Visit megaphone.fm/adchoices

Episode Description