On today’s episode of The BiggerPockets Podcast, Josh and Brandon sit down with Bill Powers, a real estate investor from the Chicago suburbs, to learn how he went from zero to over 70 units in five years while focusing on lease options -- also known as “rent to own.” This powerful strategy is one that anyone can begin using in their business to achieve more cash flow and equity -- and today, you’ll learn all the details. Get your pen and paper out for this show -- you’ll want to take some notes!
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In This Episode We Cover:
How Bill got started in real estate
All the mistakes he made on his first house
Tenant screening must-haves
How exactly rent-to-own works
What the first look program is
What you should know about the 2% rule
How to not be a predatory investor
Tips for running your business the right way
A discussion on "instant equity"
Why some people are not fulfilling their lease options
A profile of common tenants who go for rent to own
What is Dodd-Frank is and how it affects people who use lease options
Things to note before going for a lease option
What the future of his business is
How many hours he works in a week
And SO much more!
Links from the Show
How I Found My Five Latest Real Estate Deals! (Five Different Strategies)
BiggerPockets Webinar
BiggerPockets Forums
Zillow
Rent.com
Trulia
Secure Pay One
Books Mentioned in this Show
The Book on No or Low Money Down by Brandon Turner
The Book on Estimating Rehab Cost by J. Scott
The Golden Rules by Bob Bowman
Tweetable Topics:
"Where rents are highest and acquisition of capital is lowest, that’s where we focus." (Tweet This!)
"I think you can always flip. I think there’s spread on properties all the time." (Tweet This!)
"There are ways to lose money on flips even if you make money -- because opportunity cost is a big factor on that." (Tweet This!)
"Don’t be enticed completely by the flip side of things. Look long term." (Tweet This!)
Connect with Bill
Bill's BiggerPockets Profile
Bill's Company Website
View the full article: BP Podcast 185: How “Rent-to-Own” Can Increase Cash Flow and Maximize Equity with Bill Powers on on