From a $55K Rental to BiggerPockets CEO and Financial Freedom
BiggerPockets Real Estate Podcast
Hosted by Dave Meyer and Henry Washington
- 52m
- Transcript
Summary
Written by a model from the transcript; not yet reviewed.
This episode features a conversation between the host and Eric Augustin, a longtime real estate investor and the new CEO of BiggerPockets. Eric details his journey from starting out as a nervous W2 mechanical engineer buying a foreclosed $55K townhome in Magna, Utah in 2010 to scaling an expansive portfolio of 180 doors across multiple states. The discussion covers practical lessons on scaling out-of-state portfolios, building relationships with property managers, and balancing a corporate career with real estate investing. Finally, Eric shares his strategic vision for the next chapter of BiggerPockets, focusing on connecting members with each other through visual maps, aggregating off-market properties, and building comprehensive investor stacks.
- Do a piece of property maintenance yourself so you understand what things cost and how long they take. 8:33
- Buy rentals in markets you genuinely enjoy visiting so that work feels like your lifestyle. 17:56
- Get a mentor early and rely on the wisdom of experienced people to help you navigate risks. 12:07
- Treat your property managers as friends and long-term partners rather than transactional service providers. 22:10
Chapters
- 0:00Eric’s Fear and Decision to Invest
Eric confronts job insecurity and chooses real estate as a path to financial freedom.
- 0:38First Rental Deal and Early Challenges
Eric details his first property purchase, renovations, and learning curve with property management.
- 5:37House Hacking and Scaling Strategy
Eric explains how he leveraged a mentor to start house hacking, grow to 10 units, and expand geographically.
- 7:00Community-Driven Innovation and Feedback Loop
The episode highlights how user feedback drives product development and fosters a democratic investment ecosystem.
- 11:01Building a Diverse Portfolio and Mentorship
Eric discusses diversification across states, the role of mentors, and the importance of community support.
- 31:13Transition to BiggerPockets CEO
Eric recounts how he moved from investor to advisor to CEO, shaping the company’s future vision.
- 34:32Future Vision: People, Assets, Services
Eric outlines the three pillars of BiggerPockets’ upcoming strategy: networking, asset access, and service integration.
- 41:42Podcast Intro and Host Welcome
Hosts introduce the episode and set the stage for the CEO interview.
- 43:22Marketing and Growth Tactics for Real Estate
Eric shares practical tools and platforms like Hostinger and Airbnb co-hosts that help scale real estate ventures.
- 48:26Rapid‑Fire Q&A: Books, Hobbies, and Weekend Life
Hosts ask quick questions about favorite books, real estate philosophies, weekend activities, and personal interests.
- 52:08Personal Interests: Cars, Travel, and Cultural Reflections
Eric talks about his car preferences, travel experiences, and how global adventures tie back to real estate insights.
- 56:52Closing Thoughts and Future Outlook
Eric wraps up the conversation, expresses excitement for upcoming events, and thanks the audience.
Highlights
- 2:30
Starting Out During the 2008 Crashstory
The guest explains how surviving the financial crisis in a W2 engineering and finance role drove him to seek financial independence through real estate in 2010, when buying property made him look crazy to everyone else.
- 5:54
Buying the First $55K Propertystory
Working 12-hour W2 days and spending nights and weekends fixing up a foreclosed townhome using YouTube taught the guest foundational lessons about real estate before hiring a property manager within two months.
- 10:03
Scaling via House Hacking a Fourplexstrategy
A loan officer introduced the guest to house hacking an FHA-financed fourplex in 2013, which served as the launchpad to scale past 10 and eventually 20 units.
- 17:22
Expanding to Out-of-State Marketsstrategy
After proving his buy box in Salt Lake City, the guest expanded to Tampa and other markets by following the advice to invest in places he actually enjoyed visiting.
- 24:40
Real Estate Confidences Boosts Careerinsight
Building self-confidence through real estate investing directly improved the guest's performance and risk-taking in corporate America, giving him the mindset that a layoff was not the end of the world.
- 34:59
BiggerPockets New Product Roadmapstrategy
The new CEO outlines the platform's future features, including a visual investor map to connect members directly, aggregated off-market property listings, and customizable investor stacks.
- 48:58
Money is Made on the Buyinsight
The guest shares his core real estate philosophy that acquiring properties at a good cost basis protects an investor if markets dip and provides a safety buffer against operational mistakes.
Quotes
“I was living in New York City at the time. And when you live in New York in your early 20s, purchasing a home isn't even really a factor.”
Unnamed speaker · 4:02 “When you own a piece of real estate, it's a business. I have to make decisions on this asset every day and all day.”
Unnamed speaker · 5:07 “I think everyone should do a piece of maintenance themselves because you need to know what things cost and how long they take to get done, or you will be ripped off.”
Unnamed speaker · 8:33 “I have a lot of LP checks out there, um, private equity real estate and also within venture.”
Unnamed speaker · 23:41 “I was so proud of what I built. I'm like, hey, but can we talk about this duplex I just bought?”
Unnamed speaker · 27:03 “The United States is the best piece of real estate on the planet. It, it absolutely is.”
Unnamed speaker · 56:18
Sponsored segments
- Rent to Retirement 12:30–13:50
- Steadily 14:02–14:28
- Aven Financial 14:12–15:41
- Michelob Ultra 15:31–15:57
- BiggerPockets 41:24–43:10
- Hostinger 43:30–44:41
- Toyota 44:35–45:35
- Airbnb 46:03–46:39
- Fundrise 46:39–47:40
- Michelob Ultra 47:44–48:10
- Bose 57:26–57:41
- Monopoly 57:41–58:11
About this episode
16 years ago, Eric Augustyn had the same fear that keeps many of us up at night: What if I get fired? He had just survived the 2008 financial crash, and while lucky to have a job, Eric was nowhere near financial freedom. This reliance on his W-2 created a fire that pushed him to buy the one asset everyone was warning him about—rental properties. He found one of the cheapest rentals he could buy, and spent nights and weekends fixing it up to eke out a small profit. And guess what? It worked. After repeating the system for more than a decade, Eric now has a rental property portfolio that has given him true financial freedom, built on the pillars of cash flow, community, and continuous improvement. That made him the perfect choice as BiggerPockets’ new CEO, with the sole mission of helping you reach financial freedom through real estate (and have an easier time than he did). Today, we get the story on Eric’s first rental and his current portfolio, why he does not self-manage his rentals, investing over 2,000 miles away, and what’s coming down the BiggerPockets pipeline that will make buying your first, or next, rental property easier. In This Episode We Cover How Eric went from a $55,000 townhome to becoming BiggerPockets CEO New BiggerPockets features we’re building to make investing easier than ever before Why hiring (the right) property managers is well worth the money A low-money-down loan that changed everything for Eric’s real estate portfolio How to invest out of state in the markets you actually enjoy visiting New off-market properties being brought to BiggerPockets members And So Much More! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-1343. Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices
Transcript
12,318 words · 6 speakers
Speaker names marked are inferred from speaking time and the show’s known hosts — they are not voice-verified.
Topics
- Tampa
- Salt Lake City
- Cleveland
- BPCon
- RAV4
- Goldman Sachs
- St. Pete
- Bank of Utah
- Orlando
- Magna, Utah
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