In this episode, I interview a couple of good friends of mine. Kelly and Todd Brittingham are awesome people and incredibly smart and successful real estate investors. They are a husband and wife team from my home state of Michigan. They have been investing in real estate for four years now, and have already done an incredible amount of things. Todd is an engineer by trade and Kelly is a stay-at-home mom. Together, they are an unstoppable real estate investing team with a growing business!
When I asked them about how they got started in real estate, they told me how Todd initially got the investing bug while Kelly was not so convinced. It took a little bit of time before she was fully on board with this whole real estate investing thing. But once she was on board, there was absolutely no stopping these two!
Todd and Kelly felt that one of the biggest mistakes that new investors make is that they do not take action. Getting out there and getting your hands dirty, so to speak, is the only way to learn the business and to have success. The other point that they were quick to make is that not only action is required, but consistent action. If you don’t get out there and do something consistently, it is very difficult to build anything. Todd made the point that you should try to accomplish at least one thing every single day. It is certainly okay to accomplish more than one thing, but you should at least get one thing done so that you are consistently taking action.
I asked them to run through a case study of one of their investment properties. I am not going to list all the numbers here, but you should definitely take a listen to all of the things that they factor into whether or not a deal is worth pursuing or not. Sometimes new investors try to overlook certain costs in order to make a deal look good on paper. Todd and Kelly withhold a maintenance fee for each property, as well as factoring vacancies. These two things are often omitted from the spreadsheet when new investors are trying to figure out if the deal is good. Sometimes they’re omitted because a new investor simply doesn’t know, and other times that’s required to make the numbers work. That is a huge mistake! If the numbers don’t work with all of the variables, you should not do the deal.
If they had to start their business over tomorrow, Kelly said the first thing they would do is get out there and network. Talking to other investors and making friends and business contacts in the industry is critical to the success of a new real estate investor. Also, they both mentioned the importance of figuring out what you want to do and then focusing on that one thing. It’s okay if an opportunity comes along that makes sense outside of your primary focus –you have to adapt with the market– but, generally speaking, having a focus is important.
I asked them both what resources they use in their business in order to stay organized and get everything done. You will see all of the resources that they mentioned in the Links section below.
Their parting words of advice for real estate investors were to just start! Look at properties, evaluate the numbers, and just get used to being out there and involved in the business. Obviously, I love that advice because it it incorporates the theme of this podcast: Just Start!
This was a fantastic interview with some really great people in real estate. I highly suggest you listen to the whole episode from start to finish. There’s a ton of great information in this one!
https://www.facebook.com/KTProp – Kelly and Todd’s facebook page.
edwinanthony.com – Kelly and Todd’s new construction company
https://www.facebook.com/EdwinAnthonyHomes – Their new construction facebook page
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