When is the best time to buy properties? When no one wants to buy. When is the scariest time to buy properties? When no one wants to buy.
Investing in a recession can be scary. You need to be able to rise above the negativity coming from media, family, friends, and everyone not paying attention. Yet all that negativity illuminates the opportunities for those willing to see them.
This week we’re hearing from an investor who got his start in the last recession. Where he road that wave to a massive portfolio of 80+ units. It is my pleasure to introduce you to Jeff Higgins.
How many doors do you have?
Right now I have 87
What got you into real estate investing?
I was on the hunt for cash flow. Evaluated businesses and read a lot of books which lead me to buying a 4 family in 2008. Had no idea if it would work or not, if tenants would actually pay me. When I saw it was working I dug in and started buying as much as I could.
What market(s) do you operate in?
Central Massachusetts and Sarasota County, Florida
Earn more cash flow by spending less on insurance
Same coverage – just costs less!
How would you describe your portfolio?
Class C apartments and low end single families and condos.
What are you currently buying?
Whatever cash flows. Most recently I have bought 20 condos in an 80 unit complex near where I live in Sarasota
Tell us about your biggest mistake in real estate?
Starting a turn key company in 2010. Almost sold some of my best winners. Luckily I was a bad salesman!
Tell us about your biggest win in real estate?
I try to hit singles but have a few home runs. Bought a 5 family in Marlborough, MA for $185k in 2010 that is probably worth 800k+ today. Still own it.
Bought a couple of single families coming out of Covid in 2020 that are homers too. $165k purchase worth $400k etc.
Outside of real estate what else do you invest in?
I have a successful angel investment from 2010 in a small business. I also actively trade stocks and have outperformed the S and P quite heavily for the last 5 years including this one.
Books people should read before investing
Rich Dad Poor Dad.
Millionaire next door.
What advice would you give to a new investor?
One step at a time. Cash flow first. Find a deal and do it, don’t sit on the sidelines forever. Learn your local market inside and out.
More from Jeff Higgins
This week on the podcast
Would you buy a $25k crack house? Well lucky for us – Tom Brickman (aka The Frugal Gay) has. But not only has he bought a crack house – he’s also bought a hoarder house! This week we’re hearing from Tom Brickman on his experience buying a crack house vs buying a hoarder house. A must listen for any investor looking at taking on one of these projects.
“The reason most people fail instead of succeed is they trade what they want most for what they want at the moment.”
― Napoleon Bonaparte
Projects to profits with Lawrence Briggs