$300K/Year with 11 Rental Properties by “Accidentally” Investing
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- Опубліковано 8 чер 2024
- Most people buy rental properties on purpose, but most people aren’t Rick Morin. Rick is what we would call an “accidental investor.” He has been able to build a home-run housing portfolio by slowly, steadily investing whenever he had the chance. The best part? In the beginning, Rick had no idea that what he was doing was real estate investing. He was stunned when he bought his first home, which ended up paying for itself entirely. Fast forward a couple of decades, and Rick is sitting pretty with $285,000/year in passive income, a $3,000,000 portfolio, and the financial freedom most Americans won’t achieve until their 60s.
So how did a barber, growing up in an impoverished household, go from making $12 a haircut to pulling in over $200,000 per year in pure cash flow? It’s simple: buy right, buy consistently, and trust your gut. Rick has done flips with car-sized holes in the roof, gone over budget and timeline, and made up his own comps, but at the end of the day, all the deals he’s done have led to him holding this massive real estate portfolio. And while he’s nothing short of an investing genius, his process for evaluating and doing deals is NOT complex. You don’t need a degree, a large inheritance, or any experience to repeat Rick’s system.
If you’re trying to build wealth in the background, leave a legacy for your kids, grandkids, great-grandkids, and everyone else down the line while focusing on doing what you love, tune into this episode. Rick has wealth-building advice that ANY investor can benefit from hearing.
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Episode #755
Show notes at: www.biggerpockets.com/blog/re...
00:00 Intro
00:14 Accidentally Investing in Real Estate
14:07 The First House Flip
28:27 Air Conditioning for Everyone!
32:06 Buying Every New Opportunity
41:24 $12 Haircuts to $3M in Real Estate
45:35 Rick's Current Portfolio
50:28 Connect with Rick!
This guy is great down to earth. The wife partnership is SO important. I wasted 30 years of time not investing in real estate because of the ex-wife, and finally got divorced. For the last five years I've been investing left and right investing in syndications, direct ownership MF SFH, private loans. I may be multi-millionaire now but I could have been a hundred million millionaire😕. No one in the real estate profession ever talks about how important this is to have the right spouse partner to invest in real estate. Good job man!
Priciate you!
Hey, look at it this way... you would have lost more than half of you were a millionaire before getting divorced. Now.... its all yours!!!
Am yet to watch the video and your comment alone has got me fired up ! Thank you… let’s go!
@@MA-id1hr ......Spot on!😂😂😂👍
Damn be my mentor lol
Rick: Is $500 fair?
Also Rick: My mortgage was $515 a month. 🤣
And he also paid 50% of the utilities, that was an amazing deal!
😁😁😁
I can listen to this dude all day long. Please bring him back for another podcast one day!
Thank you! 🙏🏼
Same , seems very real and genuine
He is so real and genuine. So personable.
Only way I know how to be!
this man and his family are good people and you can tell 😊 I love that
I do my best!
Small world, this dude used to cut my hair a decade ago. Now I’m randomly seeing him on here while trying research how to better my life. I guess it’s a sign that I’m going down the right path
My favorite episode ever. Not flash and bang. No connections that made things happen. Very slow and steady without going into debt.
Praise God for his faithfulness to his followers.
Would love to meet this man.
God Did!!!
The way he said “I knew she was the one and I wanted her to like it because it would be our first house” loooooove him!” And I also love how she moved in after they got married. Humble beginnings. Old school values. Just love everything about this
Thank you so much!
Shoutout to his wife. You can tell she always supported and trusted him. Every guy needs that anchor ‼️
😂 love this guy. GREAT guest, loved his story. Faith-filled, humble, hard working and a great sense of humor ! Wishing you continued successes
Priciate it!
What up Rick. Good seeing you representing CC. honored to be part of your journey. you're an inspiration and real.
Thank Joseph! You were a vital part of the journey!
Great episode, I loved Rick's energy! You could just feel he's a good person with good intentions.
Thank you!
Enjoyable interview, really likable guest. Would love to see him back
Thx, hope to come back as well!
This guy has a great attitude and energy. I’m glad that he’s out there achieving his goals. 👍
Thank you!
There is nothing better than seeing someone’s hard work pay off. Very happy for this gentleman. My fiance and I are on #3 and have great careers as well. Life is good.
Love it!
I love Realestate investing, but I love the conversion about robs hair more
🤣🤣🤣
A supportive and understanding spouse is a very great complement every aspect of life in todays society. It's amazing you found one.
I love how he loves his wife. ❤
She’s the best! 😁
I absolutely love this episode. Extremely motivating
You got this!
HIm and Yamu are amazing.
Hearing stories like this is the fuel that keeps me moving foward on my real estate investing journey.
Wow!! So genuine! Fabulous episode! Love how he’s humble and proud of his faith !!! Great roll model!! Would love to hear more as he continues!
Great man here and a great story. Good job wife too, we all need one of those partners.
Great episode, very inspiring. Rick is a good example of good things happening to good people.
God is good!
This one spoke to me on a deep level! Also, Rob, I laughed only because of how hard that joke flopped!
You got this!
@@dapeoplesbarber I liked how you brought up the verse about leaving an inheritance to your children’s children, I have brought that verse up to my wife numerous times and I have said virtually the exact same thing you did about generations down the line. I want my kids kids kids to say “Hey, we are here because of grandpa and grandma took a leap of faith and trusted in God and this is where they got us!”
One of the best episodes EVER! This guy is amazing!
Wow!!! Thank you 🙏🏼
This has been an amazing show I love the humble beginning and the drive very motivational 🙌
God is good!
Rick thanks for being so open with the audience. Love the fact that you're still doing what you love, barbering, in addition to generating "passive" income. Love the fact that success came to such a great, humble guy. What net cash flow after all expenses results from the $285K of gross cash flow?
This guy is smart, inspirational and down to earth. Good combo 💪🏼
I literally could have guessed he was from corpus lol I’ve got family there and he reminds me so much of them. Great guy, great story, keep up the great work!
Really?! Wow your good, if your ever in town let’s connect
Awesome story. Great example! 🙌🏻
I love BP. This is a great story and he is so down to earth. BP does a great job sharing success stories. I'd love to see more about the mis-steps and failures. Knowing what to do is critical but, knowing what NOT to do can be equally as important.
Great Episode!!! Down to earth guy!! Love you brother!! Keep doing your thing!! I also being doing house hacking since 2003
AWESOME INFORMATION
Good stuff here. I liked this guy’s positivity and speaking as to the power of prayer.
Thx, none of it would be possible w/o Him!
What a nice guy, happy to see him succeed🎉
Thank you 🙏🏼
Great video, blessings to Rick et Al
Were all these properties under LLC? How were you protecting yourself? Some inside would be helpful. Thanks
Excellent guest, with heart and soul into his businesses.
Amazing story. Thanks for sharing!
Thank you for your content, When we form an llc for this property do we need a business plan? If we should get a rental or business plan what would you suggest , anywhere to get free templates, WILL THIS HELP WITH FUNDING FOR THE LLC? Thanks!
Great episode, this guy is killing it!
What great story!!! I believe that having a good heart and good intention take people a long way.
Again,
Thank y’all for sharing the story.
The air conditioner and the dishwasher. We barely used it too!🤣 My parents were Jamaicans.❤
When we complained about being hot, my mom told us to sit in the bathtub 😅
Mother is from Africa. I did this up until my 20s. I only stopped because when I got too hot my nose would bleed for hours 😮. Now I use the air conditioner 😂
Love the story! Inspirational! Would love to know how he or anyone else set-up their business/taxes LLC? Etc…
Thank you guys so much for this motivation and great information!
What an awesome show. I really enjoyed listening. Thanks so much for
Sharing.
NP
One of my favorite BP pods to date!
Thank you! 🙏🏼
Excellent interview with tons of practical/experiential nuggets of wisdom!
🙏🏼
GREAT Show!
Great story! Love the passion and vision. Curious about the numbers, assuming his gross is 285k? Curious what the net is.
At a minimum, 50% or $140-$15, but he manages his own portfolio, so maybe $170k-ish. I'm assuming he holds back money for future Cap-ex, vacancy costs, etc.
Thank you!
Gotta love seeing the 361 showing up. Great story!
I love this guest. He is so real. Loved it
Thanks! On another I love Keto as well!
Wow! I love this guy story. Glad everything worked out for him & his family:)
Thank you for sharing your story. I also a hairstylist and just started to doing REI and you are so inspirational
This is one of my favorite. I love how he shares his faith while flowing his goals.❤❤❤
Great story.. stay grounded brother.
Love this episode! Gives me hope in my real estate career and journey.
If I can do it anyone can!
Great interview! Fun to listen to and very insightful. God blessed him and his fortune and kudos to him for recognizing and telling everyone about the blessing.
This guy is very genuine and makes being a Christian seem cool. Great job man! You’ve got an inspiring story!
Thanks big pockets! Always a great show! I am so recto get in real state games! I am in canyons the market is crazy expensive right now, I am almost there paying off my first home, been 7 years since I bought it. I have equity to access for my first rental. I am in my 50s I need to get my retirement going. 14:48
Thanks so much for the outstanding interview! Amazing 👏!!! Great people 👏!!!
NP, thank you!
I could see the guys from Bigger Pockets are going the way of Keller real estate. An international contender in real estate and real estate education. Department of Defense gets a lot of money, and sometimes things work out well for vets. I have seen and heard other stories like that where they just send the service member to "go get better" and that is their job. It makes a hell of a lot of sense for U.S. society. He ended up being healthier and an amazingly productive citizen. Good for him. Good for his dad saying, "you are going to buy a property."
Loving him! Great episode
19:42 this wasn't an accident. Sounds like someone who made the right decisions with a lot of guidance from a great dad
This is so informative I love it.
Loved it. Motivating.
🙏🏼🙏🏼🙏🏼
Napkin joke. I get it. True story
😎
Well done, thanks for sharing the amazing story of success
Thanks!
awesome info. i would have liked to know what kind of tennant quality and turnover he was experiencing, as well as leasing lengths and increasing rents, and if he had any help in that regard.
This guys a rockstar! Anyone that’s friends with guy is blessed.
This is a great story. I think people need to hear stories like this. Rick, hit me up if you are in Nashville, TN. Thank you for the inspiration.
Thanks, will do for sure.
Great story and good for you starting young. I’m retiring end of this year and will rent out my CA house when I move to my second house in Tennessee. Tennessee home isn’t rented as we use it as a vacation destination.
Love seeing a fellow Believer be business minded, yet humble! Great episode!
Thx!
Inspirational story! Great outlook on life
Every day I'm swiveling, swiveling, swiveling
This was interesting. Thanks!
🙏🏼🙏🏼🙏🏼
Couldn't Rob just use the Flowbee, it looks like David already uses it on the lowest setting. He could just borrow it for 10 minutes.
I also over design. The buyers always offer - the problem comes in when they are buying with a mortgage.
I used to go to his barber shop in Corpus a lot while I was living there. They even have an award for being on of the best ones out there! I wish I knew he was into real estate because that would have opened up a better door opportunity to get to know one another better.
I feel the part about the air conditioning and never wanting any of your descendants to go through that again. You go through situations like that and you say to yourself never again.
Yes sir!
Love this! Start just simple, only common sense needed!!! 🎉
So true!
I’m down here in corpus bro! Let’s hook up some deals!
Yeah man!
"Management" this topic isn't addressed very often on bigger pockets.
I'm a commercial construction superintendent in los angeles and hold a ca general contractor license.
I've wanted to get in to realistate. Managing subcontractors is what I do best.
I dnt know how to manage the administration side of organizing properties.
Can you do a show about managing software to keep the properties I intend on buying organized.
Thanks
B
Any info on purchase price, rent, cash flow for these - how he gets $300k gross or net.
Hello hello.
With all the social media and Hollywood red carpet, that's a huge statement! Don't COMPARE YOU'RE SELF TO OTHERS!👍🙂
One of my favorite scriptures. You are so right. ...
Thanks!
Napkin story, totally me. We can’t turn it off
🙏🏼🙏🏼🙏🏼
What happened to deep dive and fab four
This was an Exceptional episode with Rick. His work ethic is admirable! The best part is he has very supportive girlfriend then and now wife. I’m so happy for them. David and Rob thanks for having Rick on the show to share with the BP community.
Great interview
Thx!
Hey Rick, I’m a barber up here in McAlester Oklahoma. I’m also a Realastate investor. Would love to connect with you.
Heck yeah! 💈
Loved this episode!! Giving hope to people like me with just average income! ❤
Love humble begginings and keep going by Faith! Kind of my journey too!❤
Love it! Keep Winning!
Loved that guy!!!
I want to hear all his house buying stories lol
Very informative and inspiring my wife and I are about to get into Realstate as well ,by God grace will be one day inspiration for other as well
Great episode! Very good story telling Rick. Also, I’d love to hear more details about how much income you’re generating from just 10 properties
Incredible story!
Love this episode so much ❤
Jacksonville was on fire well before David Greene spoke on it. At least in the right areas.
I feel him, I over do houses too but we all have to be who we are. And it has always worked out so far.