Many people will tell you that you need heaps of money to get started in real estate. But Sterling White, today’s guest, is proof that you don’t always need money to start making money. With just under 400 units, Sterling is a top BiggerPockets contributor and hosts the Real Estate Experience Podcast too. We begin our conversation with Sterling giving us some background. He talks about growing up in a “red-zone” neighborhood and how his entrepreneurial spirit led him into real estate investing. Having transitioned from owning 150 single-family homes, we ask him how he got into multi-family investing. In an expensive market, where people were paying more than they should have, Sterling shares how he bypassed the brokers by tracking down owners and dealing with them directly. We discuss his strategy of tracing down owners and then cold calling them. Illustrating the success of his model, Sterling talks about how he landed a deal with a mom and pop run property. Even though they didn’t want to initially sell, Sterling maintained a relationship with the owners so that he was always front-of-mind. Eventually, he got that deal. After providing details on his process, we explore his approach to underwriting and how building his personal brand has been valuable in establishing his credibility and authority. Sterling highlights the importance both of going the extra mile and of providing value. As he explains, it was through providing value to a mentor that he got his start in real estate. Tune in to hear how you can provide value and kick-start your personal brand and career.
Key Points From This Episode:
- Sterling’s start in real estate and how his background fueled his entrepreneurial drive.
- Why Sterling transitioned from single-family to multi-family investments.
- What skip tracing is and details about Sterling’s first multi-family deal.
- Instead of waiting for market corrections, going straight to the owner to make a deal.
- How Sterling finds his deals by finding apartments and then cold calling.
- Building relationships to land a deal if the owner won’t initially sell to you.
- Sterling’s process in contacting prospective sellers.
- Financing a deal through the seller or through traditional means.
- How Sterling approaches underwriting and at what point he conducts a deep analysis.
- The importance of building your personal brand — Sterling provides tips on starting out.
- How Sterling found a mentor by finding a way to add value to their company.
- Hear how Sterling got Grant Cardone on his podcast.
Links Mentioned in Today’s Episode:
Sterling White on BiggerPockets
The Real Estate Experience Podcast
Passive Income Through Multifamily Real Estate Facebook Group
Bullpen
