234: Tenants, Evictions, & The Dark Side of No Money Down with Ryan Murdock

People often toss around the term “passive income” when it comes to owning rental properties. And, in truth, there are ways to make managing tenants passive. But for the majority of investors, being a landlord can be tough.
On today’s show, we talk with Ryan Murdock, an investor and property manager from Maine about the lessons he’s learned building up his rental portfolio. Ryan also shares his story of going to the brink of financial ruin with a “no money” deal and how to avoid losing your shirt when doing creative financing.
In This Episode We Cover:

How Ryan started by reading a book

The beauty of house hacking

Why he started his own property management company 

Tips for dealing with inherited tenants

How to find good agents

Thoughts on having an agency to “sponsor” you

How to know when to quit your job

The things he misjudged while buying houses

How capital plays a huge role

How to accurately estimate costs when fixing properties

How many rental units he has

Tips for finding properties through the BiggerPockets Marketplace

What metrics he uses to decide on a property

How he funded his deals

What he would do differently if he started again

The BRRRR strategy

And SO much more!

Links from the Show

BiggerPockets Forums

BiggerPockets Marketplace

BiggerPockets Keyword Alerts

Books Mentioned in this Show

Set for Life by Scott Trench

Property Management For Dummies by Grisworld

The book on investing with Low or No Money Down by Brandon Turner

The E-Myth by Michael Gerber

The ONE Thing by Gary Keller and Jay Papasan

Tweetable Topics:

“Don’t just quit and hope for the best.” (Tweet This!)

“Creative investing is not about being broke. It’s just about putting together a deal without your own money.” (Tweet This!)

“You either win or you learn.” (Tweet This!)

Connect with Ryan

Ryan’s BiggerPockets Profile

Ryan’s Property Management Website

Realty of Maine

Learn more about your ad choices. Visit megaphone.fm/adchoices

People often toss around the term “passive income” when it comes to owning rental properties. And, in truth, there are ways to make managing tenants passive. But for the majority of investors, being a landlord can be tough.

On today’s show, we talk with Ryan Murdock, an investor and property manager from Maine about the lessons he’s learned building up his rental portfolio. Ryan also shares his story of going to the brink of financial ruin with a “no money” deal and how to avoid losing your shirt when doing creative financing.

In This Episode We Cover:

How Ryan started by reading a book
The beauty of house hacking

Why he started his own property management company 

Tips for dealing with inherited tenants

How to find good agents

Thoughts on having an agency to “sponsor” you
How to know when to quit your job

The things he misjudged while buying houses

How capital plays a huge role
How to accurately estimate costs when fixing properties
How many rental units he has
Tips for finding properties through the BiggerPockets Marketplace

What metrics he uses to decide on a property
How he funded his deals
What he would do differently if he started again
The BRRRR strategy

And SO much more!

Links from the Show

BiggerPockets Forums
BiggerPockets Marketplace
BiggerPockets Keyword Alerts

Books Mentioned in this Show

Set for Life by Scott Trench

Property Management For Dummies by Grisworld

The book on investing with Low or No Money Down by Brandon Turner

The E-Myth by Michael Gerber

The ONE Thing by Gary Keller and Jay Papasan

Tweetable Topics:

“Don’t just quit and hope for the best.” (Tweet This!)
“Creative investing is not about being broke. It’s just about putting together a deal without your own money.” (Tweet This!)
“You either win or you learn.” (Tweet This!)

Connect with Ryan

Ryan’s BiggerPockets Profile
Ryan’s Property Management Website
Realty of Maine

Learn more about your ad choices. Visit megaphone.fm/adchoices