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SHOW NOTES FOR EPISODE #019 – MINISTRY, MULTIFAMILIES AND PARTNERSHIPS
In this episode, Curt Bidwell, former pastor, current teacher and real estate investor, shares his story of how he fell into real estate investing and ended up leveraging it to create a solid income for retirement and a legacy for his children.
What Will You Learn
- How partnering is a good newbie strategy when you have no previous experience
- How you can leverage smaller properties into larger properties
- Not doing your due diligence on a new purchase can cost you big
- How he weathered the market down-turn in 2007-2008
- How to do a no money down deal
- The value of establish a relationship with a small regional business bank
About Our Guest
Curt Bidwell
Curt began his RE career in 1990 with 3 partners and a fourplex in Tacoma, WA while serving as a full time youth pastor. 3 years later they traded into 3 duplexes and shortly after added 2 more. Those units were kept for about 10 years during which time one partner moved out of the area and his shares were bought out. In 2003, those 10 units were put up for sale and, with the equity built up over the years, they were able to trade into 17 new construction homes and townhomes. Within a couple years, several of those properties were leveraged into a 42 unit mixed-use building on the county historic registry, about 20 minutes outside the state capital of Olympia. Two years later, after a cash-out refinance, a 24 unit apartment in Olympia was added to the portfolio. When Curt’s remaining partner retired he was able to arrange a buyout that gave the partner a comfortable monthly income while gaining his 32 units with no cash down! After 25 years of full-time pastoral service, Curt is no longer pastoring a church but continues to do consulting, speak at local churches and enjoys opportunities to travel overseas to assist in various ministries. At home, he does ‘tenant preparation’ workshops for the local “Community Youth Services”, preparing youth-at-risk to successfully enter the rental market.
Other notes on his background
- The two guys who asked him to pitch-in on the fourplex both had kids in his youth ministry at church
- Before that he never thought abought real estate investing besides buying a home one day for his family
- Didn’t have much funds or income so the investments helped out a lot
- The partners all shared all responsibilities but he seemed to take over the management where he received a little additional income
- Recently bought out his last partner and now he owns all properties
His Lightbulb Moment
- No lightbulb moment but a gradual realization that real estate investing would be the vehicle to get him through his retirement
Biggest Mistake
- Getting a property in Florida that did not perform as promised by the seller
- Believed the “pro formas” from the realtor
- Knows now to do much better due diligence before buying
Biggest Successes
- The Historic 10-unit they are currently working on with a major rehab – he found it on Zillow
What Advice He Would Have for People Just Starting Out
- Find a like-minded partner to start with – “Shared sorrow is divided while shared joy is multiplied”
- Both of his boys bought properties while they were still in high school – he partnered with them and it helped them to succeed
- His partners really helped him to be more confident and successful
What Excites Him about His Future Investing
- Looking at other types of real estate investments
- Bought a property that they can subdivide profit significantly
- Wants to buy 100plus units
- Just closed on a 10-unit historical business
Rap-it-Up
- Favorite Real Estate Book – Millionaire Real Estate Investor by Gary Keller
- Favorite Business Book – The Go Giver by Bob Burg and John David Mann
- Favorite Website – BiggerPockets.com
- Favorite App – JotNot Pro
- If you lost everything and only had $1,000, what would you do? – Look for an owner contract and negotiate a zero down scenario that could add some value. Do an equity share to generate some capital to move ahead.
Best Way to Reach Curt
- He has a profile and is on BiggerPockets.com pretty regularly – just look up Curt Bidwell
- His website – http://www.philiahc.com
Until our next podcast, keep moving forward and God bless!
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