Wanna build your investment portfolio? Eric Bowlin, a real estate investor and coach, shares how he began making passive income while in college. He talks about investment strategies and why he lives in Puerto Rico for part of the year. Listen in as Eric gives some valuable advice for others who would like to invest in real estate - and learn what excites Eric and makes it all worthwhile for him.
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Time Stamped Show Notes
- 01:45 – Introducing Eric, a REALTOR® who is full-time in Puerto Rico and part-time in Texas
- 02:00 - He started in real estate accidentally at 24 years old because he wanted to buy a home; he ended up buying a three-family unit
- 02:55 - He decided that he wanted money to come to him; he was a student and reservist in the army so rent payments changed his life
- 05:30 – On his first property sold as an agent
- 05:47 - He sold the property to a couple and felt bad selling it to them knowing there was another option
- 06:10 - The rent from his other properties now pay for his home; he has leveraged up to it
- 06:50 – On the challenges with having tenants
- 07:00 - Massachusetts is very tenant-friendly; you have to know what you’re doing and use that to your advantage
- 08:20 – On living in Puerto Rico
- 08:25 - He rents a place in Puerto Rico and lives there for six months and a day for the tax benefits
- 08:40 - He buys small properties in Massachusetts, has some larger projects in Texas, and has partners in other markets
- 10:00 – Eric’s advice for others who would like to invest
- 10:20 - Find a niche and stick with it; don’t try to be in every niche and don’t jump from thing to thing
- 10:50 - HIs goal is lifestyle-based; he wants to keep his lifestyle and is in the process of selling some of his smaller stuff
- 11:40 - He wants to maintain 10-15 assets and wants to sell smaller assets for larger ones
- 12:00 - He offsets his taxes by putting into a 401k; he has two portfolios, one personal one and one with partners
- 13:05 – What excites Eric
- 13:45 - He loves talking about real estate; he’s motivated by the freedom real estate investing gives him and is authentic
- 14:05 – How to contact Eric: www.idealrei.com
3 Key Points
- All markets are different, so make sure you know what you’re doing.
- You can be successful in any niche, not every niche.