393: Campus Maintenance Man to $10M in Real Estate Owned with Rick Jarman
Real estate investing... old school!
Rick Jarman (@realestateoldschool on Instagram) joins us today to share some of his hard-won wisdom from 44+ years as a flipper and landlord in Tuscaloosa, Alabama. And it's quite the journey, from cabinet maker and campus maintenance man to cigar-puffing 64-year-old social media influencer!
In this episode you'll hear tales of up markets, down markets, losing it all, getting it all back... and a tornado that wiped out 20 of Rick's 100+ rental houses. He also takes us through his rules for tenant screening, explains why he favors 15-year mortgages, and paints a picture of what it's like to self-manage such a large portfolio of single family homes (with a team, of course).
Give Rick a follow, and if you know someone who'd make a great guest on the BiggerPockets Real Estate Podcast send them over to biggerpockets.com/guest where they can apply to appear on the show.
In This Episode We Cover:
- How Rick went from maintenance guy to owning 100+ properties
- Selling his truck to buy his first rental in 1981
- Investing lessons learned through 4 recessions
- Why his rentals saved him when his home building business failed in the late 90s
- Losing 20+ houses in a tornado in 2011
- Rick's tenant screening process
- Why tenants' credit scores don't tell the whole story
- Wrapping 40+ houses into one loan
- Why some investors "get bored with what works"
- And SO much more!
Links from the Show
- BiggerPockets Forums
- BiggerPockets Podcast
- BiggerPockets Podcast 382: No Money Down BRRRR Investing with Josiah Smelser (Part 1, Recorded Pre-Coronavirus)
- BiggerPockets Webinars
- Credit Score and FICO
- Facebook Marketplace
- BiggerPockets Bookstore
- BiggerPockets Shirts and Mugs
- MBA562 Guest Teacher: Brandon Turner- How to (Finally) Write a Wicked-Awesome Book in 100 Days or Less
Check the full show notes here: http://biggerpockets.com/show393