I Left My W2 to Go All-In on Real Estate (And Nearly Lost Everything)

Episode #635

Baselane: Automate your real estate finances with banking and AI-powered bookkeeping. Claim your $100 bonus!
https://www.baselane.com/lp/bigger-pockets/?utm_source=bigger_pockets&utm_campaign=bigger_pockets&utm_medium=YT-rookie

Episode Show Notes:
https://lnk.to/realestaterookieYT

Join BiggerPockets for FREE 👇
https://www.biggerpockets.com/signup?utm_source=owned_media

Grab Our Book, _Real Estate Partnerships_:
https://store.biggerpockets.com/products/real-estate-partnerships?utm_source=youtube&utm_medium=description&utm_campaign=none

Sign Up for the Real Estate Rookie Newsletter:
https://www.biggerpockets.com/email-subscribe?utm_source=youtube&utm_medium=description&utm_campaign=none

Find an Investor-Friendly Agent in Your Area:
http://biggerpockets.com/agentmatch

Real Estate Investing Partnerships: Types of Partners & Secrets to Success:
https://www.biggerpockets.com/blog/real-estate-investing-partnership-types?utm_source=youtube&utm_medium=description&utm_campaign=none

Connect with Chris:
https://www.biggerpockets.com/users/chrisr824?utm_source=youtube&utm_medium=description&utm_campaign=none

Connect with Ashley and Tony:
Ashley: https://www.biggerpockets.com/users/ashkehr?utm_source=youtube&utm_medium=description&utm_campaign=none

Tony: https://www.biggerpockets.com/users/tonyr75?utm_source=youtube&utm_medium=description&utm_campaign=none


Real estate investing isn’t always pretty. Just ask today’s guest, who quit his W-2 job to focus on real estate full-time and took down 10 deals in just _one_ year, only for common rookie mistakes to derail his investments. If you want to know exactly what to do (and what _not_ to do) when starting out, you won’t want to miss this episode!

Welcome back to the _Real Estate Rookie_ podcast! After a “home run” first deal, rookie investor Chris Reichenbach was feeling on top of the world. Eager to scale his real estate portfolio as quickly as possible, he got several more properties under contract—raising private money and forming real estate investing partnerships to get the funding he needed. But then, his flips started going sideways. Projects weren’t being run correctly, and his newly renovated properties were sitting on the market for way too long.

After unearthing one problem after another, Chris decided to hit pause on his investments. Now, he’s relaunching his real estate business and completing one deal at a time—the _right_ way. In this episode, you’ll hear about not only the successes that come from taking consistent action but also the mistakes that YOU can easily avoid by following his advice!

00:00 Intro
00:50 “Home Run” First Flip
07:14 Asking People for Money
10:55 Sponsor: Baselane!
13:28 I Quit My W2 Job!
20:35 Scaling TOO Fast
23:08 Partnership “Red Flags”
29:45 Starting from Scratch
32:30 First Steps for Rookies
35:14 Connect with Chris!


Did you miss our previous article...
https://trendinginrealestate.com/real-estate-trends/auction-clearance-rates-signal-a-shift-in-balance-of-power-between-buyers-and-sellers-abc-news