Creating a Blueprint for Real Estate Success with Drew Breneman
Early interest and self-confidence are gifts that successful investors often possess. A little youthful can allow you to try new things without fear of failure, leading to decisions that can completely alter the trajectory of your life. House hacking is a tried-and-true concept that can be a great entry point for real estate investing, especially for those with limited funds for an initial investment.
In this episode of Zen and the Art of Real Estate Investing, Drew Breneman from Breneman Capital shares how he began investing in real estate at 19 through house hacking. With a real estate portfolio now valued at $200 million, you don’t want to miss Drew's story as he shares his philosophy on investing and the book that changed his perception on dealing with people.
During his conversation with Jonathan, Drew pointed out some specific pieces of his story that propelled his investing career, including:
House hacking can be a great way to begin investing. At 19, Drew purchased his first property. It already had some tenants in place, and because it was a college town, he had no trouble filling the rest of the vacancies. He used the income from the tenants to pay the mortgage, lived there for free, and had $300 a month in positive cash flow from the property.
If you’re a new investor, don’t overcomplicate things. Use your first couple of deals to understand their value, how to get the property to closing, and who you can hire to help you get to the end of the transaction. There’s a lot to understand, and use these transactions as a jumping-off point.
The best way to learn how to do something is by doing it. You get better with time. You don’t need a coach to be hands-on, and by managing your first few properties yourself, you’ll learn a lot about what you like, don’t like, and the types of properties you prefer to own.
Read the book How to Win Friends and Influence People by Dale Carnegie. It influenced how Drew builds relationships with people today. By being willing to go the extra mile for people or using their names upon meeting them, it begins to build camaraderie. If you’re eager to help people, they’ll go the extra mile for you when you need them to.
Drew Breneman learned about the power of investing early in life and wants to share that knowledge with others looking to begin a real estate investing career.
If you want to learn more about Zen and the Art of Real Estate Investing Podcast, check out http://www.trustgreene.com/podcast/zen/040