#46 with Cory Binsfield: Buy and Hold BRRRR Investor and Scaling to 100 Units
Millennial Millionaire Real Estate Podcast
In this episode, Jonathan Farber interviews Cory Binsfield on his path from his first triplex to achieving financial freedom through holding more than 100 units. Cory is a buy and holds BRRR specialist based in Duluth, Minnesota. In this episode, we get into topics like: staying eligible for financing, picking the right lender, avoiding analysis paralysis, and more! Top Takeaways: How to make sure you remain eligible for financing - 14:00 - 16:30 The key to continuing expanding is to keep properties cash flowing As long as you can keep a debt coverage ratio above 1.25 you’re in good shape Good debt coverage keeps you in the good graces of the banks How to pick the right lender - 20:00 - 29:00 The larger banks tend to be more rigid in their requirements Search out banks that specifically work with real estate investors Smaller or regional banks tend to be more open to flexible loan terms Small banks also know their area more and care about your investment How to avoid analysis paralysis - 29:30 - 36:50 While research is important, there are still actions you can take in the meantime Driving for dollars, contacting brokers, getting preapproved can all be done before your first deal If you need to run the numbers again to be sure of yourself, do it How to bring value to Cory Binsfield: Lender or broker with conventional loans below 4% Resources: Book by John Schaub: Building Wealth One House at a Time: Making it Big on Little Deals appfolio.com CRM for financial advisors: wealthbox.com Social Links: biggerpockets.com/blog/contributors/corybinsfield ten2million.com structuredwealthadvisors.com Connect With The host, Jonathan Farber Here! LinkedIn: https://www.linkedin.com/in/jonathanfarber1/ Instagram: @jonjfarb FaceBook: https://www.facebook.com/jonathan.farber.9 Facebook Group: Real Estate Mentorship Mastermind https://www.facebook.com/groups/860025821084224/ BiggerPockets: https://www.biggerpockets.com/users/JonathanF29 Schedule a time to talk: https://calendly.com/jonathan-farber/1-on-1-with-jonathan-farber-mmtr
House hacking is often overlooked as a means to get started in real estate investing, but it can be a great way to get your feet wet without overcommitting. You can opt-out and sell if you do not enjoy real estate or if the bug bites, you can use the house hack as a launch-pad to build your portfolio. This is exactly what today’s guest, Cory Binsfield, did. As a financial advisor, Cory cannot invest in syndication, but this has not stopped him from creating a lucrative real estate portfolio on the side.
How Many Rentals Do You Really Need For Financial Independence? With Cory Binsfield (Ep 196)
Rental Income Podcast With Dan Lane
A listener recently sent me an email saying that he reached financial freedom with 10 rentals. He wanted to know why people build really large portfolios when they probably don't really need to. On this episode, we talk to a landlord that has over 100 rentals to ask him why he built such a large portfolio.
Season One: Episode 11 Cory Binsfield - House Hack Your Way to $1M!
The Corporate Investor Podcast
Today our guest is Cory Binsfield who is based out of Minnesota. Cory is a full time financial planner who slings real estate on the side. He got his start by house hacking a triplex but forgot to tell his wife about it until after the purchase…. definitely not recommended listeners! However, listen up to how his house hacking journey has lead him to $1M. He shares some great tips and provides insight on optimizing your 401k. We even discuss two different philosophies on personal finance and how the combination can be extremely valuable. Press play and take out your notepad!
Setting A Goal To Buy 10 Duplexes In 10 Years With Cory Binsfield (Ep 104)
Rental Income Podcast With Dan Lane
Cory set a goal that he wanted to buy 10 duplex's in 10 years - and he did it!! On this episode we talk to Cory about what he has learned, how he manages over 100 doors, and we get some advice about if it is a good idea to buy a rental in a retirement account, or to take money out of a retirement account to buy a rental.
Ep #14 - Cory Binsfield: Starting with a distressed owner-financed triplex in 1998, Cory has built a 100+ unit portfolio of small multi-family properties valued at $7 million in his spare time with sweat equity, no partners & lots of creative financing
Lifetime Cash Flow Through Real Estate Investing
Cory Binsfield: Starting with a distressed owner-financed triplex in 1998, Cory has built a 100+ unit portfolio of small multi-family properties valued at over $7 million in his spare time with sweat equity, no partners and lots of creative finance. His philosophy is buy, rehab, rent, and repeat until rich. He calls it the "Brrrr" strategy. Here’s some of what you will learn: Immersing yourself in learning Moving from education to taking action Scouting for seller financing How a 12-pack of beer helped close his first deal The benefit of getting face-to-face with your sellers How to use FHA financing to buy multi-family properties Building relationships with bankers to find more deals Solving the biggest puzzle as an investor The simplest model for cash flow Describing the perfect multi-family financing deal The basic rules of real estate The Millionaire Real Estate Investor Book: by Gary Keller Our Guest You can learn more about Cory Binsfield at: Ten to Million- How To Create A Million Dollar Net Worth In Ten Years or Less http://www.tentomillion.com/ Want to build Lifetime Cash Flow from Multifamily Properties? If you’re committed to creating the life you deserve, we've created the best multifamily training and coaching program on the market. I personally coach you on your path to create the life of your dreams. I will help you CRUSH it in this business! - if you'd like to receive information about our program, text CRUSH to 41411 now. Recommended Resource Looking to invest in a multi-family real estate project? Want to partner with me personally on a deal? To schedule a time for us to talk click on this link: http://meetme.so/RodKhleif Review and Subscribe Posted in Podcast Tagged acquisitions, Cory Binsfield, apartment investing, apartments, appreciation, Assisted Living, broker, brokers, business, cash flow, cashflow, commercial, commercial real estate, CRE, CRE investing, Defaulted paper, Donald Trump, entrepreneur, equity, Eviction, expert, experts, Foreclosure, funding, Hedge fund, investing, investing in real estate, investments, Rod Khleif, Rod Khleif Florida, Rod Khleif Real Estate, Riyad Khleif , manager, mergers, millionaire, multi-family, multifamily, Office, passive income, podcast, private lending, private money, property management, raw land investing, real estate, real estate broker, real estate cashflow, real estate coaching, real estate investing, real estate investor. Investing, REIT, Retail, Robert Kiyosaki, sales, Sales Coach, sales expert, Sales Training, Self Storage, Selling, Senior Living, Shopping Center, Short Sale, Suburban Office, syndication, training, value add, Repositioning assets, multi-family expert, multifamily expert, multi family investing, multifamily training
#86: House Hacking Your Way to 97 Units (While Holding a Full Time Job!) with Cory Binsfield
BiggerPockets Real Estate Podcast
Today on the BiggerPockets Podcast we sit down with Cory Binsfield, a multifamily rental property investor who comes from Duluth, MN. If you ever feel like you don't have enough time to invest in real estate, wait until you hear Cory's story. He currently owns and manages 97 units himself while still working a full time job. Today he teaches us how he does it and also touches on a variety of topics related to getting started, house hacking, investing in a college town, and being a master of creative finance. This show is packed full of valuable tips so make sure to grab a pen and paper for notes, and let's get to it!
86: House Hacking Your Way to 97 Units (While Holding a Full Time Job!) with Cory Binsfield
BiggerPockets Real Estate Podcast