Quitting Your Job, Buy & Hold Investing, and Succeeding With High-End Rentals with Brie Schmidt

In This Article

Today on the BiggerPockets Podcast we are excited to sit down with a real estate investor who just said “you’re fired!” to her day job and became a full-time real estate investor!

We are talking with Brie Schmidt, who invests in a wide range of rental properties in the Midwest and shares some incredible insight into how she finds them, finances them, and manages them. In our conversation we dive into some really important topics regarding personal finances, getting your first deal, working with your spouse, tenant-friendly laws, when to quit your job, and a lot more! You are going to LOVE this episode!

Today’s Sponsor: PayNearMe

Our sponsor today is more than a sponsor- it’s a company I know and love – and that is PayNearMe. This is a service I use every month to collect rent and highly recommend. In the past, my tenants used to either mail rent or drop it in a drop box – but this was a major hassle. So now, I use PayNearMe, which allows tenants to pay their rent, in cash, at any 7-11 or FamilyDollar. I get notified immediately that they paid and their rent gets direct deposited into my checking account. You can learn more or sign up at PayNearMe.com/biggerpockets – and if you are a BiggerPockets Pro member, be sure to sign up through the link at BiggerPockets.com/perks to get a $30 Amazon Gift Card when your tenant makes their first rent payment!

Read the Transcript

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Listen to The Show on iTunes

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Listen to the Podcast Here

In This Show We Cover…

• Why Brie chose a triplex for her first primary residence
• Choosing appreciation vs. cash flow in a buy and hold investment
• Why Brie decided to diversify her investments into long-distance investing.
• What makes an area “landlord–friendly” vs. “tenant friendly“
• Dealing with maintenance request issues.. even while on vacation.
• Why Brie calls herself a “YouTube Landlord“
• Real Estate as a hobby vs. a business
• Why Brie encourages Pets.. even a 120lb dog!
• When should you quit your job?
• Investing with your spouse: how to make it work
• House Hacking and using your personal finances to fund your investments
• Using online software to help you control your spending and invest in real estate
• The one question that Brie asked that led to a ton of deals, financing, and partnerships.
• Should you allow smokers in your rental unit?
• And a TON more!

Links from the Show

• BiggerPockets Webinars
• PayNearMe.com/biggerpockets
• Handyman Matters
• Income Property TV Show
• How to Hack Your Housing and Get Paid to Live For Free Blog Post by Brandon Turner
• Mint.com
• The Book on Estimating Rehab Costs book by J Scott, Published by BiggerPockets Publishing.
• Tenant Screening: The Ultimate Guide
• Postlets.com
• IfThisThenThat: IfTTT.com

Books Mentioned in the Show:

• The Millionaire Real Estate Investor by Gary Keller
• The One Thing by Gary Keller

Tweetable Topics:

“They should force lawmakers to own rental properties before writing the laws.” (Tweet This!)
“BiggerPockets: Pissing Off Employers Since 2004” (Tweet This!)
“What’s more important? Getting rich or staying married?” (Tweet This!)
“The beginning of budgeting is understanding where you are.” (Tweet This!)
“I’ve learned more on the BiggerPockets forums than any book I’ve ever read.” (Tweet This!)

Connect with Brie:

Brie’s BiggerPocket Profile
Brie’s Twitter: @ChicagoBrie
Brie’s Website: ChicagoBrie.com

 

Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.