When you’re building your real estate business, it can be hard to imagine what the future might look like; so today I’m bringing a seasoned and successful investor to the podcast. Kim Miller has been investing in real estate since the early 1980’s, and today he owns over 140 rental properties.
On this episode of Investing in Real Estate, Kim is here to share his experience about running a buy and hold business like a well-oiled machine. We’re discussing different methods of borrowing, how to determine rental rates, and what it was like to own rental real estate during the 2008 housing crisis.
More About This Show
Kim’s first venture into real estate consisted of building apartments with his father. He inferred that it would be an easier process to purchase homes that were already built, and began looking for opportunities.
He started targeting properties that people didn’t want, as well as foreclosures. He didn’t have a lot of cash starting out; he initially built his business by taking over loans. When he eventually did have supplementary cash, he began buying foreclosures at auctions.
Kim has experience with a wide array of properties—he’s purchased apartments and single-family homes. He has taken over loans, invested in traditional financing, as well as discovered alternative sources.
He’s purchased homes in dire need of renovation, in addition to move in ready properties. He has experience working with different management companies, and today he has got a system down that allows him to own over 140 properties and earn a passive income.
The majority of his properties are in two specific areas: Los Angeles County, California, and St. Lucie County, Florida. He purchases in those areas because he lives in those areas. Kim believes in living close to his properties, because it is easier for his specific business model.
On today’s show, Kim and I are discussing all the details of his real estate strategy. We’ll talk about what he looks for in a property, the importance of property management companies, and how you can get started achieving financial freedom. You don’t want to miss this episode; Kim has a wealth of knowledge about all things real estate!
We’re ready to talk about your goals and want to help you learn more about earning legacy wealth for you and your family.
On this episode you’ll learn:
- The two ways Kim recommends getting started if you’re short on money.
- What is the best tax strategy?
- The importance of not purchasing properties under an individual name.
- Why Kim doesn’t recommend having an LLC for each property.
- And much more about buy and hold real estate