From a $55K Rental to BiggerPockets CEO and Financial Freedom

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

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:00Dave Meyer?

  Before real estate, Eric Augustin had the same fear that keeps us all up at night. What happens if I get fired? He had just survived the 2008 financial crisis and luckily, he still had a job. But he knew it wasn't a guaranteed path to financial freedom. If he wanted to control his own destiny, he needed to do something different. He needed real estate. And even though everyone told him that buying rentals in that market was a mistake, he did it anyway. Eric saved up 20% down, bought one of the cheapest properties he could find, and spent nights fixing up the property after 12-hour corporate workdays. After that first deal, he was hooked. He hired a property manager. He joined the BiggerPockets community in 2017.

• 0:45Dave Meyer?

  And 16 years later, that nervous newbie investor has an expansive portfolio of single-family rentals and small multifamilies across multiple states. This journey and his experience in the corporate world is why Eric is BiggerPockets' new CEO. Today on the show, we'll go in-depth on Eric's own rental property portfolio and the lessons he's learned along the way. And then Eric is going to reveal what the team at BiggerPockets is building to make your real estate investing journey much easier than his own.

• 1:22Dave Meyer?

  What's up, everyone? I'm Dave Meyer, Chief Investment Officer at BiggerPockets. And today, we've got a super special episode for you. I am joined today by Eric Augustin, who is a member of the BiggerPockets community, longtime real estate investor, and now the new CEO of BiggerPockets. Eric and I got together and recorded this show last week at BPCon in Orlando. And I can't wait for you to hear about his story and his vision for the next chapter of BiggerPockets. Let's bring him on. Eric, welcome to the BiggerPockets Podcast. It's so fun to be here with you.

• 1:56Speaker 01

  Yeah, Dave, thanks so much for having me. It's actually really funny to be across from you because usually I'm at the gym listening to you.

• 2:03Dave Meyer?

  Well, this is going to be a fun episode. Eric is the new CEO of BiggerPockets. So really interested to hear about what the vision is for BiggerPockets and for you to share that with the audience. But you are also a real estate investor yourself. So tell us a little bit about how you got started.

• 2:17Speaker 01

  Yeah, absolutely. So I started in 2010. And my story kind of is two different tales. One is a W2 path that I took. And another one is what I would say kind of the path to financial freedom or what BiggerPockets offers. So my W2, I started out as a mechanical engineer. I went into finance at Goldman Sachs. I was on the operational side of that. And after the financial crisis, I moved out to Salt Lake City to help build out that office. Now, like a lot of people in the W2 world, sometimes the amount you put into work, the compensation expectation doesn't come out of that. And Goldman Sachs is a fantastic company. If anybody has a chance to work there, absolutely take it. They're wonderful. The people there are wonderful.

• 3:01Speaker 01

  But after 08, it was really anyone's game on what was going to happen. So my expectation was slightly different. And I said, okay, well, what I realized at that moment was, if I really wanted to be financially independent and not be in a situation where a crisis or a company could dictate what my financial status would look like, I needed an alternative path. And at the time, I chose real estate. And the funny part is, we've talked about this. The funny part is, if you chose real estate in 2010, you looked crazy.

• 3:29Dave Meyer?

  You were a psychopath.

• 3:30Speaker 01

  Absolute psycho. People are like, what are you doing? This, literally, people blamed real estate for bringing down the retirement, the economy, everything, right? So in 2010, I bought my first townhome. It was in Magna, Utah. I bought a foreclosure. It was on the market probably for two years. And I bought it really not knowing anything about real estate.

• 3:51Dave Meyer?

  Why did you pick real estate? If it was so crazy to do it in 2010 and you were looking for stability outside of your W2, what about real estate attracted you?

• 4:02Speaker 01

  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. You just don't think about it. You're going to rent and maybe rent into your 30s. And that's just natural. And I'd say it's the same today. I went out to Salt Lake City, Utah, and I looked at how beautiful, one, that city is. And then, two, I said, wait a second. I can buy a home for, at the time, a townhome was anywhere between 55 to 150K for an interconnected townhome. I said, oh my gosh, that's unbelievable. That's achievable.

• 4:32Dave Meyer?

  Yeah, I think there is something just tangible about real estate that even though everyone was saying it was crazy and it's going to, you know, there's no bottom to this market, but just saying, hey, I can live here for X. It can, if I pay this off over 30 years, it's going to net me a nest egg. There's just something that makes sense about that, regardless of what's going on in the big macroeconomic environment.

• 4:52Speaker 01

  Yeah, so obviously, I worked for a capital markets firm. And you can own a security, right? So I can own five shares of Apple. Does that mean I can walk through the front door to Apple? Does that mean I can share my opinion? Does that mean I can make decisions with that company? Yes, I can vote, I guess, but not really. 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. Someone's living in this asset, which I actually like. I think providing a home is just a kind of an essential human thing. And I hope more people can invest and also be within real estate. So yeah, there's something really special about it.

• 5:26Dave Meyer?

  Tell us about your first deal. You come to Salt Lake, you're kind of new there, right? You're seeing all these houses. How'd you go about identifying what kind of property you wanted to buy and which strategy you were going to use?

• 5:37Speaker 01

  I found an investor-friendly agent at the time. Kate Spland was her name. And I think she lives in Park City now. But I must have been such a headache for her, by the way. Like, looking back, I knew nothing what I was doing. And I just kind of went to the least expensive areas. And at the time, townhomes really took a hit. Condos took a hit. Usually in a crash, those take a hit a little bit more than a nest egg, right? Or just a regular single-family. So I went there and I bid on a place, got it for 55K. And I was off to the races. And I was working about a 12-hour day. And then nights and weekends, I was doing the repairs myself, using YouTube. If I really got into trouble, I called my father for help.

• 6:18Dave Meyer?

  He'd walk you through it.

• 6:19Speaker 01

  Yeah, he'd say, test this, try this. The electrical was a real pain because some of it had been stripped out.

• 6:24Dave Meyer?

  So how'd the first deal turn out? You bought it, you did the renovations. Did you like it? You know, what happened?

• 6:30Speaker 01

  So I was scared every weekend, thinking, if I don't get this fixed in time, if I don't get rented, I'm so stretched thin that I'm going to be in trouble. So I kept pushing, I kept working weekends doing it. And then I had to rent it out. And I will say this, I am not a property manager. I learned that very quickly. And it's kind of interesting because my property manager now, of 16 years, almost noticed that, by the way, I was listing things.

• 6:59Dave Meyer?

  You're not good at this.

• 7:00Speaker 01

  I'm not good at this. I'm not good at this.

• 7:02Dave Meyer?

  Me neither.

• 7:03Speaker 01

  And part of it was, I remember one of our first renters, it was a single mother. She had lost her husband in Iraq. And she worked for Verizon Wireless at the time. And I remember she was late on her first month. And I said to myself, I'm like, oh.

• 7:18Dave Meyer?

  This is your first tenant, late on the first month?

• 7:20Speaker 01

  My first tenant, late on the first month.

• 7:22Dave Meyer?

  That's scary.

• 7:23Speaker 01

  And I said, oh man, I'm so lucky. I have a job. Like after 08, you were just so happy you had a job. And I'm like, I have a job, I'll make it through. I'm still young. You know, I have no liabilities, I have no children, I'll be fine. So I said, don't worry about it. And then, I'm sure she was a great lady. Next month, hey, it's a little bit behind, let me pay you this, let me pay you that. And actually, somebody cold called me and said, hey, we noticed you're listing, we noticed you're doing, you're purchasing property here. Would you be interested in us being your property manager? So I went out to coffee, had a coffee, told them the story. And they're like, I think we need to take this over for you. Like, appreciate you trying to be a good guy. But I think we need to take this over for you.

• 8:04Dave Meyer?

  Wow, so you went to third-party management almost immediately? Within two months or whatever that was?

• 8:09Speaker 01

  Yeah, within about two months.

• 8:10Dave Meyer?

  All right. How'd you feel about that decision?

• 8:12Speaker 01

  I'm a huge fan of third-party management. I'm a huge fan. And if you take a look at the amount of time DIY has to put in, I don't think it's worth it. And I actually did renovations on about 10 homes myself, until I realized, too, that's probably not worth my time either. And my time is probably worth securing deals, forming a network, expanding to different states, more of the scale part of the operation. But I will say, 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. And everything will be more than you think it is.

• 8:44Dave Meyer?

  Yeah, always, especially now.

• 8:46Speaker 01

  Yes.

• 8:46Dave Meyer?

  All right, so you did this first deal, you offloaded. Is that sort of what gave you the confidence to do another one? Because it sounds like you were kind of struggling with the first one. And offloading it maybe allowed you to think less about the day-to-day and more about sort of the big picture strategy?

• 9:02Speaker 01

  So I did the math. And I did what I think most people do is, okay, if I get to 10 doors and 400 a month, that'll be 4,000 a month. And maybe then I don't have to work or I don't have to be fearful of losing my job. And you do the door count math in your head. So I set out to get 10 doors. And that's kind of what started it.

• 9:20Dave Meyer?

  And how'd that go? You get to 10 doors?

• 9:23Speaker 01

  I did get to 10 doors. One of the ways I got to 10 doors was actually house hacking.

• 9:28Dave Meyer?

  Okay, so you went back to it.

• 9:30Speaker 01

  I went back.

• 9:30Dave Meyer?

  Unusual route. I did the same thing, actually. Not my first deal, second deal, house hack.

• 9:34Speaker 01

  Yes. And I say, if I knew everything I know now, we'd be having this on a boat. Like, we'd be good, we'd be somewhere in the Mediterranean. It would be amazing. But you know, some people have unteachable lessons, right? They have to learn the hard way. And I had to.

• 9:49Dave Meyer?

  How long did it take you to go into house hacking? And what'd you buy?

• 9:52Speaker 01

  And in 2010, 2011 was the first property I bought. House hacking was around 2013.

• 9:57Dave Meyer?

  Okay. Yeah. And was it duplex, single-family?

• 10:00Speaker 01

  Fourplex.

• 10:01Dave Meyer?

  Okay, fourplex, nice.

• 10:03Speaker 01

  So I met a loan officer at the time. His name was Mike Medsker, Bank of Utah. And he saw what I was doing. And I was looking for any bank that would give me a loan. Loans are really tough.

• 10:13Dave Meyer?

  Super hard.

• 10:13Speaker 01

  They were tough to get back then. And so I came across Mike and Mike said, Eric, can I make a suggestion? I think you might be doing this wrong. I said, yeah, sure, Mike. He said, you need a house hack. And I said, what's that? And he's like, well, basically, you live in one, you rent out the others. And I was like, is that even legal? If I take a loan, can I do that? He's like, absolutely. It was even better. Since you're living there, it's your primary, you can use FHA. And then you can refi out, assuming you put some value into it. And it appraises, you can refi it out. Go back to conventional for it and then you can FHA your next house hack.

• 10:50Dave Meyer?

  Yeah.

• 10:50Speaker 01

  He was the one that got me to 10 units, that got me to 20 units over time.

• 10:55Dave Meyer?

  Wow.

• 10:55Speaker 01

  And actually, you know, really sad, he passed early.

• 11:00Dave Meyer?

  I'm sorry.

• 11:01Speaker 01

  And I was actually, when I found out about it, I was overseas. It was too late, couldn't attend the funeral. I sent a message to Bank of Utah, just with my condolences, but he changed my life. And honestly, if his family or kids are listening, I want them to know he changed my life. And I know he changed the life of others and I now try to change the life of others.

• 11:22Dave Meyer?

  Yeah.

• 11:23Speaker 01

  Yeah, it's just, it's something special. And it's interesting, we had Connor, you know, our head engineer pull the file and his name is in our system from 2012.

• 11:32Dave Meyer?

  That's so cool.

• 11:32Speaker 01

  Yeah.

• 11:33Dave Meyer?

  2012 is OG BiggerPockets.

• 11:34Speaker 01

  That's, that's.

• 11:35Dave Meyer?

  Way before even my time.

• 11:37Speaker 01

  Yeah.

• 11:37Dave Meyer?

  That's pretty cool.

• 11:38Speaker 01

  OG level.

• 11:38Dave Meyer?

  But it kind of shows just like the power of mentorship and networking, right? In this community, like at least in my experience, just having people show you the ropes and teach you is far more important in determining how successful you wind up becoming.

• 11:52Speaker 01

  I look back, I was so stubborn. I actually think if a mentor was there, I don't know day one if I would have taken it. And even though I asked for it, I don't even know if I really wanted it. I was so stubborn, I wanted to prove something myself. I wanted to prove my own identity away from my W2 identity. But what I would say to anyone is just get a mentor, beg, plead, whatever, work for free. Get a mentor, just don't, everything's about compounding. So just start earlier with someone who knows what they're doing.

• 12:19Dave Meyer?

  Well, it sounds like you got great advice and off to a really strong start. I want to hear how you scaled up to an even bigger portfolio, but we got to take a quick break. We'll be right back.

• 12:30Henry Washington?

  Here's a strategy that most W2 employees have never heard of. Normally, if you want to write off a rental property against your regular income, you need real estate professional status. That means tracking hundreds of hours a year. Rent to Retirement just launched a program that skips all of that. It's called the STR loophole tenant placement program. Here's how it works. You buy one of Rent to Retirement's Class A new construction investment properties. You set up an Airbnb listing and self-manage it for the remainder of the year. Rent to Retirement then rents the home as a short-term rental to establish it as an STR for the year. No furnishing required, making this the easy button to save five or six figures in taxes this year.

• 13:12Henry Washington?

  And because you're the sole manager, there's no hourly minimum to meet. That lets you use a cost segregation study to accelerate the depreciation and potentially write off over $100,000 against your income, even on your first rental. Add in cash back up to 13% of the home price, which exceeds $60,000 on some properties. With this massive cash back incentives, investors are seeing total returns up to 126%. New construction, A-class properties and inventory is limited. Learn more at biggerpockets.com/retirement or text REI to 33777. Again, text REI to 33777.

• 13:54Dave Meyer?

  Summer bookings sound great until someone slips by the pool, gets hurt on your dock or damages your property during a long holiday weekend. A lot of short-term rental investors don't realize their standard policy may leave gaps when it comes to short-term rental activity. That's why investors use Steadily. They offer landlord insurance built for real estate investors, including short-term rentals. And if you're a BiggerPockets Pro member, you'll also get 5% off your landlord insurance premiums. Visit biggerpockets.com/landlordinsurance to learn more.

• 14:26Henry Washington?

  Quick word about a new pro perk you'll want to know about. Aven, if you're a homeowner, there's a good chance you're sitting on equity that you're not using. The problem is tapping into that usually means a cash out refi, a traditional second mortgage, or weeks of paperwork just to get approved. Aven built something different. It's a credit card, but it's backed by your home equity. So you get a lot of the rate benefits of a HELOC with the flexibility of a card you can use anywhere. Rates are typically well below a standard credit card. Approval is fast and mostly online and you can use it for anything. A renovation, paying down high interest debt, or just have more breathing room in your budget. And if you're a BiggerPockets Pro member, there's an extra reason to check it out.

• 15:05Henry Washington?

  Get approved for the Aven card and you'll get a $400 statement credit after spending $400 on your Aven card. Enough to cover your entire annual Pro membership. Head over to aven.com/biggerpockets to see if you qualify. Aven Financial, NMLS number 2042345. Cards issued per 2020 license from Visa USA, Inc. by Coastal Community Bank. NMLS number 462289. Member FDIC, equal housing lender, subject to approval, terms apply. Visit aven.com for details.

• 15:31Speaker 03

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• 16:02Dave Meyer?

  Welcome back to the BiggerPockets Podcast. I'm here with BiggerPockets CEO, Eric Augustin. We've heard about how he got started, house hacking with the help of a mentor in Salt Lake. Eric, how do you take your portfolio from there? Like you want to get 10 units, you got there. So like, what was the next step for you?

• 16:18Speaker 01

  Yeah, so I took a look, you know, obviously investing in Salt Lake City was due to me moving out there for my job. And then I said, it's so interesting. People from New York in the coastal cities, they do not know how amazing Salt Lake City is. I said, one of the places do maybe the coastal cities frown upon a bit? Or maybe these cities have a branding issue that I could lean into? And the fact I knew how to now leverage third-party management, could I just take my buy box and go into these cities? And Tampa was actually the second one I went into.

• 16:54Dave Meyer?

  What year?

• 16:55Speaker 01

  So I did that 2012.

• 16:56Dave Meyer?

  All right, so you crushed it.

• 16:58Speaker 01

  So I did pretty well.

• 16:59Dave Meyer?

  Tampa's been a very good market over the last 15 years.

• 17:02Speaker 01

  First place I bought, I bought a triplex in Dunedin.

• 17:06Dave Meyer?

  Okay.

• 17:06Speaker 01

  And that absolutely blew up. And then I was in Clearwater, Newport Ritchie, kind of all around there and a little bit in St. Pete, but St. Pete was pretty rough back then.

• 17:15Dave Meyer?

  So tell me a little bit about that decision because if what you were doing is working in Salt Lake, why go somewhere else?

• 17:22Speaker 01

  So I wanted to prove scale. I wanted to prove that I didn't need to be there because when I started leveraging third-party and I started leveraging some people to help with some of the renovations I was doing. I said, man, could I replicate this anywhere? And Tampa's one of them. Now, interestingly enough, I was at an auction down in Tampa and I was next to a guy that was from New Jersey. He's like, where are you from? I said, actually, I'm from the East Coast, but I live in Salt Lake City now. He's like, great, do you love it? I said, the mountains are stunning. I absolutely love it. He goes, do you like Tampa? I said, yeah, I like being by the water. Weather's good down here, pretty nice. And he goes, you want to know a secret? Buy rentals in places you want to travel to because if you enjoy visiting your rentals, you enjoy going out with your property manager, going out with your contractor.

• 18:05Speaker 01

  If you enjoy it, then work almost becomes your vacation life.

• 18:09Dave Meyer?

  Totally.

• 18:09Speaker 01

  And it still work.

• 18:10Dave Meyer?

  That's such a good point.

• 18:11Speaker 01

  It still works. So he says, I have places in California, I place this in Colorado, Tampa and still New Jersey. And he's like, I don't ever feel like I'm working. I feel like I'm just living my life.

• 18:22Dave Meyer?

  I really do believe that making real estate enjoyable is kind of one of the keys to it because it's a grind, right? You know, like you're doing this for 110 years, 20 years to reach financial freedom. Totally worth it. Better than a corporate career, in my opinion, but like you got to find these ways to make it enjoyable, that it's something you don't dread and that it's something you look forward to. And I think the like vibe check, that's incredible advice, especially when you're investing out of state.

• 18:47Speaker 01

  And here's the thing too, I know you're a very analog guy and appreciate that. With that said, go to a local bar where you're thinking about investing in and just ask the staff, where do you live? What have you heard? What are people doing? You start asking the staff, people around you will go, oh, you know what I heard? I heard this or I'm looking over here. And I tell you that will point you in the right direction.

• 19:07Dave Meyer?

  They're not like, get the hell out of here, New Yorker. We don't want.

• 19:10Speaker 01

  Well, Salt Lake.

• 19:12Dave Meyer?

  No, it's so true. Like there are plenty of places I've gone, makes sense on paper, it looked great on paper. And I get there and I'm like, meh, I don't like it. I don't get it. Like it's not for me. I'm sure other people can make it work, but like for me, I don't understand this place. Other place I'm like, oh, I get this place. I can see where people want to live. I can understand the vibe and the kind of renters that are going to be in this market. Those are the places I pick and it's just what works for you. So you picked Tampa, you have Salt Lake. Were just those the two places or did you look elsewhere also?

• 19:43Speaker 01

  So I looked elsewhere, actually a lot of people don't know, I invested in Austin was another place. I was only there for a little bit. I invested in Tulsa.

• 19:52Speaker 01

  Was there for a little bit, but mainly my strongholds are Salt Lake City, Colorado Springs, Cleveland, Tampa, Champaign, Illinois and Huntsville, Alabama.

• 20:02Dave Meyer?

  That's a lot.

• 20:03Speaker 01

  It's, it's a pretty good amount. I have great people, great teams that are in each of those locations. And going back to it, it's funny, the vibe check you talked about, right? So I go into a bar in Cleveland and sometimes Cleveland gets, I think, a bad rap. So I go to a bar in Cleveland, everyone is happy. Everyone's happy there.

• 20:22Dave Meyer?

  I think at some point.

• 20:23Speaker 01

  It's, it's.

• 20:24Dave Meyer?

  Quality of life.

• 20:24Speaker 01

  Quality of life. Everyone's happy and I don't know if it's because the cost of living is less there, whatever it might be. And they almost have this look in their eye of saying the people of Cleveland and they say, hey, we know a little secret that you don't know. And we're pretty happy here.

• 20:38Dave Meyer?

  Tell me a little bit about managing these managers because it's a lot. And I think it's, it's probably the biggest hurdle people see to out-of-state investing. How did you find them? Because it sounds like you got, I don't know if it was lucky, but you found a great one in Salt Lake City. Was it easy to find teams everywhere else?

• 20:52Speaker 01

  You kiss a lot of toads.

• 20:55Speaker 01

  That's a terrible saying, but either way, you absolutely, you absolutely do. And you go through a lot and my managers are very, very local because at the time, the national players weren't the best.

• 21:04Dave Meyer?

  Yeah.

• 21:04Speaker 01

  And I actually think the institutionalization, a little bit of SFR contributed to the national players becoming a lot better. So I would look at national players now, wherever I am somewhat loyal to. For instance, my property manager from Tampa is here at BPCon.

• 21:19Dave Meyer?

  That's awesome.

• 21:20Speaker 01

  We've been together obviously for about 15 years, so I'm.

• 21:23Dave Meyer?

  Happy anniversary.

• 21:23Speaker 01

  Yeah. Pretty loyal, uh, pretty, pretty loyal to you. Uh, but the way I look at it is I don't view my PMs as I manage them or they're just a manager of my property. I view them as my friends.

• 21:37Dave Meyer?

  Yeah.

• 21:38Speaker 01

  And I view them as people that have helped me achieve to where I've gotten today.

• 21:42Dave Meyer?

  Yeah.

• 21:42Speaker 01

  For instance, I, I give out Christmas cards and Christmas bonuses.

• 21:45Dave Meyer?

  You should. That's awesome.

• 21:46Speaker 01

  And no one thinks about that with their property manager. They're like, I only call you when I got a problem or there's an issue or you call me when there's a problem. Yep. No, the relationship can be so much different. You can dictate what you want.

• 21:57Dave Meyer?

  How do you set that tone? Cause I think property managers get calls from all sorts of investors. When I talk to my PMs about this, they're like, you know, you're pretty different from other owners. Like, how do you establish that rapport? Because I think everyone hears that, like, I want that. But it's, it can be hard to establish that.

• 22:15Speaker 01

  Good property managers don't need you.

• 22:19Dave Meyer?

  That's a good point. Yeah.

• 22:20Speaker 01

  They don't need, they don't really need new clients, right?

• 22:22Dave Meyer?

  Or good agents too. It's like the same thing.

• 22:24Speaker 01

  Good agents. They, they have their reoccurring clients they work with. Uh, but what I try to do is I come in, I meet with them face to face. I say, I understand I'm not from here. I am out of state. I show the appreciation to that city that I honestly feel and the reason why I invest in that city. And then I tell them, look, I would love you to get me one and my goal is to work to 10. And I would love to do that in one to two years. We may get there, we may not, uh, but that's my goal. Cause I want to show a pledge to them that I want to keep giving them business. Because they have to put food on the table, just like everybody else does. And then I say, hey, if it works out and we get to 10, I'd love to get to 50 doors. You know, the market could shift, things could happen, we might not get there, but I like to do it.

• 23:05Speaker 01

  The other thing is I learned this the hard way, but I don't nitpick every little thing. You know, if we want to start at 10%, let's start at 10%.

• 23:13Dave Meyer?

  Yeah.

• 23:13Speaker 01

  I'm, I'm not going to nickel and dime down to nine.

• 23:16Dave Meyer?

  Yeah.

• 23:16Speaker 01

  And then this person's thinking, ah, the relationship has already started off so transactional.

• 23:20Dave Meyer?

  Yeah. That makes total sense. So what is, what does the portfolio look like today?

• 23:24Speaker 01

  So as far as like direct ownership in real estate, I have roughly around 180 doors, spread out about the states we talked about, uh, SFR, so one to four, a few small multi 10 unit up in Green Mountain Falls. Um, that's kind of on the larger side of it. So I have the direct ownership from real estate and then I have, you know, kind of the LP side investing, so passive pockets. Uh, so I definitely put a lot of LP checks out there, um, private equity real estate and also within venture. I'd say those are in a little bit of hot water right now, especially the 21, 22 vintages.

• 23:57Dave Meyer?

  Yeah.

• 23:58Speaker 01

  I also got into some small business, so home services, uh, so property management. What I did find out is I'm not even good at owning a property management company, just not my thing.

• 24:08Dave Meyer?

  This isn't for you.

• 24:09Speaker 01

  Yep. Just, just, you know, we'll just leave that one on the side and then, uh, I'm in some in-home healthcare, uh, some mobile dog grooming and some franchises.

• 24:18Dave Meyer?

  Amazing. Incredible portfolio in 16 years. And, you know, you said you started out 16 years ago, looking for an alternative path to financial freedom, sort of to complement your career as W2 employee. Do you think it's worked?

• 24:34Speaker 01

  So I, I think I stayed after my first investment. I mean, I stayed in corporate America for another probably, you know, 10, 12 years. And what I found was the more I built my identity and my self-confidence through investing, the better I was as a W2 employee and actually saw my career take off a little bit more. And, and I'll tell you why, and this is why I think at least. So I was having a conversation with an MD. His name was Frank at Goldman and he's like, geez Eric, I can't believe you said that in that meeting. He's like, uh, that took some confidence there, but he didn't say confidence in another way. And he said, that took a little bit to say that there. And I said, Frank, what's worse that happens? I, I get laid off and I just doubled down on real estate where I seem to be doing pretty well in the nights and weekends.

• 25:17Dave Meyer?

  Right.

• 25:18Speaker 01

  So that's that. And what I found was a lot of the people that were the really strong men and women in business at these firms respected the fact I would take a chance, take a risk, say what I thought and be willing to execute on it.

• 25:30Dave Meyer?

  Yeah.

• 25:31Speaker 01

  And I think that actually drove me further in my W2.

• 25:36Dave Meyer?

  That's really interesting.

• 25:36Speaker 01

  Until I hit a point where, you know, I realized I wanted to just make a shift in life.

• 25:40Dave Meyer?

  Yeah. I haven't really thought about that. I think about the other way around that for me at least, having a W2 has allowed me to take risk in real estate because, you know, if I take a swing and I miss, I still can pay my bills from my W2. But it's so true that like, you just gain this confidence and sense of self-reliance a little bit with entrepreneurship that like, you can go and take some swings in your career. And it sounds like you, you took a couple of swings and they all hit.

• 26:08Speaker 01

  Yeah. In, in the beginning was absolutely the way you described. And then, you know, when I founded W2, it might've been due to the 08 financial crisis, but there was always this fear that you're going to be fired or that you, and it's not just that your paycheck's going to be cut off, but you put so much time into this entity, into this company, into this brand, and it almost kind of becomes you. You're part of the brand and that's where a lot of your confidence lies. So you don't want to be let go. You don't want to be fired. Isn't it constantly churning and the markets are constantly changing? So, uh, that's something where I, it just gave me a confidence to not worry about that.

• 26:39Dave Meyer?

  Yeah. Like your whole identity is not tied up in your W2 job. You have something else.

• 26:44Speaker 01

  I got something else. And, and it's funny too, because you go to a picnic in a backyard, right? And you're some type of event and people just want to hear the title, oh, you worked for Goldman. Oh, you worked for Blackstone Pork Co. Oh, you did this. And, uh, it just, it's so easy for them to then put you in a box. And I actually never really wanted to talk about that. I wanted to talk about real estate. I was like, I was so proud of what I built. I'm like, hey, but can we talk about this duplex I just bought? And the crazy what happened when we got into, you know, under the floorboards, nuts what we found. Like, that's what I actually wanted to talk about more and was more proud because that was, that was me. That was my identity I built.

• 27:20Dave Meyer?

  So Eric, tell us a little bit about how BiggerPockets has played a role in your investing career.

• 27:25Speaker 01

  So I became a member of BiggerPockets in 2017. And I remember I was, uh, talking to another Goldman employee and he's like, hey, have you, have you seen this BiggerPockets? He's like, I think they're doing what you're trying to do and grow and everything. And I was like, well, what is this? And I'm, you know, I'm not a guy with a huge online presence and, uh, just kind of my personality. And I, I look into it. I'm like, oh man, this is exactly what I'm trying to do.

• 27:47Dave Meyer?

  Yeah.

• 27:48Speaker 01

  And at the time, a lot of my actual time was used up. And I said, but I've got some extra capital now from, you know, what I was producing, uh, via rent. And I said, I would love to sponsor some flippers. And at the time, uh, a lot of the DSCR lenders, debt service coverage ratio lenders were only going after institutions.

• 28:09Dave Meyer?

  It was pretty small back then.

• 28:10Speaker 01

  It was pretty small and they were going after 2 million and above. So these flippers that needed 100 to 200, they didn't have any avenues. So what I did is I pledged some of my own money. I went out to friends and family. I borrowed some money and then we lent it out to flippers that were posting on the forum.

• 28:26Dave Meyer?

  Really?

• 28:26Speaker 01

  That wanted to do flips. And yeah, we, we did, we did over a dozen. We, we did several. And my confidence was I flipped homes. I, I knew exactly how to look at it. I could underwrite in my head. I was confident if I had to take it over, I could do it. And I could return money back, uh, to the people that lent to me. I was pretty confident in that.

• 28:45Dave Meyer?

  All right. So that was your first introduction to BiggerPockets. You, I mean, it sounds like helped you accelerate your career and like opened up a whole new channel in what you were doing in real estate.

• 28:55Speaker 01

  A hundred percent. Opened up a whole new channel. I was more of a reader than a poster. I, I don't really have much of a social media profile. I don't post much. Um, just kind of not my thing, but I loved digesting everything from there. Um, absolutely did. And the other part I loved is learning other people were doing what I was doing.

• 29:11Dave Meyer?

  Yeah. It's comforting.

• 29:13Speaker 01

  Cause it's, it's, you know, as, as much as like, I can come here and be like, oh wow, this was successful. This wasn't. It was not a straight line.

• 29:20Dave Meyer?

  Yeah.

• 29:20Speaker 01

  There were down, down moments and to know there are other people going through what you're going through and that you can talk to, you can reach out to, you can speak to. My contractor, for instance, in Cleveland, same as Rich Price, huge BiggerPockets, huge, huge, huge, false pockets, everything. And for us to just be able to kind of talk through an issue when a $3,000 reno turns into a 30.

• 29:41Dave Meyer?

  Yeah.

• 29:42Speaker 01

  Um, and, and he knows the pain I feel on that, even when that happens to me today.

• 29:45Dave Meyer?

  Well, it's funny. I, you know, you were talking about going to barbecue, talking about real estate. It can be kind of hard. It's like find people who do want to talk, but everyone wants to talk about real estate, but not investing. They don't want to talk about renovations. They don't want to talk about DSCR loans. And like, once you find bigger pockets and you find like your people, it's exciting if you feel part of something, but it really kind of like accelerate your investing career, just getting the wisdom of the crowd that exists in the larger real estate investing community.

• 30:13Speaker 01

  A hundred percent. And I think, you know, with bigger pockets, you go there for two things. First is education. Education is kind of the easy part. Most people can read, right? So you can read it down and you can see, okay, this is what I have to do. The hard part is confidence. And because you were taking a pretty big risk when you signed that loan doc, assuming, you know, you're taking debt on something.

• 30:31Dave Meyer?

  Sure.

• 30:31Speaker 01

  And I equate it to, uh, when you first learn how to, how to drive in a car, right? You can YouTube how to drive. Anyway, it's, it's actually not that hard. However, you always have someone in that passenger seat helping you. Maybe it's a family member, maybe it's a friend, someone teaching you along the way. Because if you, if you mess up at 60 miles an hour, there's consequences to that.

• 30:51Dave Meyer?

  Yeah.

• 30:51Speaker 01

  If you sign a loan doc that's 4X your salary.

• 30:53Dave Meyer?

  That's right.

• 30:54Speaker 01

  There's consequences to that. So you need people to guide and shepherd you. And that's what BiggerPockets does. And that's why I'm such a big fan of the community. I've been a member for 10 years.

• 31:02Dave Meyer?

  So you've been a member for 10 years. Now you're the CEO. How did, how did you go from being a real estate investor, working at private equity companies, uh, to be in the BiggerPockets CEO?

• 31:13Speaker 01

  So if you asked me a year ago, is this on the cards? It wouldn't be in the first 1 million of options. Not because I wouldn't love to do it, but it just wouldn't be on, on the options.

• 31:22Dave Meyer?

  On your radar.

• 31:23Speaker 01

  Not on the radar. So a, uh, I, I got a call from a board member of BiggerPockets and they said, hey, are you aware of BiggerPockets? I said, of course. Been a member of the community 10 years. Absolutely love it. He said, yeah, would you mind coming on? Um, you know, we're in some management change right now. We'd love you to take a look and we're thinking about how to shape the strategy for the future. So I came on as an advisor at first and I said, uh, look, um, you know, I think a few things. One, I think BiggerPockets almost lost its way a little bit from this OG feel, you know, that it used to have.

• 31:54Dave Meyer?

  Yeah.

• 31:54Speaker 01

  And it's tough, right? Because the environment's changed. Uh, there are headwinds for everybody in the real estate industry. So I, I don't blame anyone for that. It just kind of felt like that a little bit. Second, I said, well, how do we bring this into 2026, right? The forums, albeit great, just felt a little out of date to me. I said, all right, how are we, how are we going to change the product side of this a bit? Right? So I put together a strategy forum and, uh, we were taking a look at options of, you know, people to be a CEO. And what we were looking for is someone who had, you know, kind of experience in the private equity capital market space, uh, cause it's a pretty large company.

• 32:29Dave Meyer?

  Yeah.

• 32:30Speaker 01

  And then at the same time reflected the values and what our members have gone through.

• 32:34Dave Meyer?

  Yeah.

• 32:35Speaker 01

  From house hacking it up. Uh, so as we were moving through, uh, I honestly, I spoke to a few operating partners. I threw my hat in the ring and said, you know what? I think I'm kind of called upon to do this a little bit.

• 32:46Dave Meyer?

  You're just like writing the job description. You're like, wait, this sounds like me.

• 32:48Speaker 01

  I'm like, you know, I, I think this is kind of my calling. And, uh, and you know, it's, uh, it's pretty serendipitous. I would not expect to be here today, but I'm honored to be in this seat. I did not build BiggerPockets. Josh Dorkin did, you know, two decades ago. I am honored to carry on his legacy of what he built. I'm honored to be here at BPCon with so, so much energy. It's,

• 33:09Dave Meyer?

  It's awesome.

• 33:10Speaker 01

  It's absolutely insane. How many lives? And that's the one thing, probably the best part about my job is people come up to me. Once they find out in the CEO of BiggerPockets and they say, BiggerPockets changed my life.

• 33:22Dave Meyer?

  Yeah.

• 33:22Speaker 01

  Four out of five people say that.

• 33:24Dave Meyer?

  Isn't it amazing how many people have been so positively impacted by BiggerPockets?

• 33:30Speaker 01

  It's amazing. And actually, I, why I'm also so grateful is I've worked for amazing companies. I've had amazing mentors at their companies. I've never felt a true passion working for those companies.

• 33:41Dave Meyer?

  Yeah.

• 33:42Speaker 01

  I just haven't. And, and I gave it my all when I was there.

• 33:44Dave Meyer?

  Yeah.

• 33:45Speaker 01

  But I didn't wake up every day and say, you know what? I want to go into banking and just, you know, sit at my desk and type away in Excel. I, I, I just didn't. But every day we get up and we try to help the everyday American become wealthier through real estate.

• 33:58Dave Meyer?

  Yeah. It's different when you work at a mission-driven company, when you're like, when it's just everyone's here. You go to BPCon, you meet people from all walks of life, all different sorts of people who are all coming together, do the same thing. And just help each other too. Like really, it makes working here so much fun. Well, it's been fun having you on board. I get to see a little bit behind the scenes where the company is going and your vision and what, you know, the next iteration of BiggerPockets is going to be. What can you share with the audience about what they can expect to see in the coming years?

• 34:32Speaker 01

  So really three things we're looking at. One is we want to connect people with people. Two is we want to connect people with assets. And three is we want to connect people with services that help them acquire and manage those assets.

• 34:44Dave Meyer?

  Great.

• 34:44Speaker 01

  And yes, you could say also sell, but I'd rather people keep, uh,

• 34:47Dave Meyer?

  Yeah.

• 34:47Speaker 01

  Hold as long as they can.

• 34:48Dave Meyer?

  Yeah, yeah, for sure.

• 34:48Speaker 01

  I'd rather that.

• 34:49Dave Meyer?

  So tell me about each of those three things. People to people, networking, that kind of thing?

• 34:54Speaker 01

  Absolutely. So I'll give you a few examples. Our product and engineering team, they've only been on board for about two and a half months. But if you go on the website, you're going to see a lot of different things. First, you're going to see an investor map. You can see where a lot of our members are located, where they invest, and you can directly DM and reach out to them. So yes, we have the forums. We're not going to get rid of the forums. They're kind of a staple.

• 35:14Dave Meyer?

  Of course.

• 35:14Speaker 01

  But we're shifting more towards a 2026 feel of a visual map of where our members are, because real estate is very local. We're going to start building out a feed so you can see what members are doing, what projects they're working on.

• 35:26Dave Meyer?

  Thank you. Yes.

• 35:28Speaker 01

  We're going to be pulling that up. Um, interesting, we, we will have AI to help you scrub through the forums if you want to do it quicker.

• 35:34Dave Meyer?

  Oh, cool. That's good.

• 35:35Speaker 01

  But, but the difference is every time the AI returns a search, we're going to suggest you connect with the people that contributed to that information.

• 35:42Dave Meyer?

  That's awesome.

• 35:43Speaker 01

  Because it's about people. At the end of the day, and when we look at education and confidence, those people can give you the confidence to transact.

• 35:48Dave Meyer?

  There's people in your neighborhood who know good contractors, who know what rent should be, who know good areas to invest in. Makes all the difference. It's so, so important.

• 35:58Speaker 01

  Hundred percent. I, I had a member DM me from Cleveland and said, hey, are you looking at buying? What's your strategy? Where do you buy? I told that person and he said, hey, you should get in contact with this individual. They really sourced great deals for me. Perfect. And, and we had a little back and forth. That was it. And I'll, I'll probably take them up on the offer.

• 36:15Dave Meyer?

  Save you 10 hours.

• 36:16Speaker 01

  Yes.

• 36:16Dave Meyer?

  More. Yeah.

• 36:17Speaker 01

  A ton of phone calls.

• 36:18Dave Meyer?

  All right. So that's an example of the people to people. Second one was people to assets. Tell us about that.

• 36:23Speaker 01

  What we're looking to do, the map first identifies where other people are. The next piece of the map is we are going to start working with some businesses and individuals to bring off-market properties onto the platform. So for instance, Rent to Retirement, we've had a very long relationship with them, with Zach there. They're one of the first that we'll be onboarding on here and we'll be onboarding a lot more. So everyone says, you hear this all the time. I want off-market deals.

• 36:47Dave Meyer?

  So everyone.

• 36:49Speaker 01

  And look, sometimes on-market deals are as good as off. Sometimes in certain markets, however, there's something magical about an off-market deal. And look, you, you have to be, you have to be ethical around this. There's some things that could be broken there. But there are very ethical off-market individuals that do that. There are also a lot of institutions right now that are looking to dispose or sell their assets. Obviously now there's been some administrative changes. Yes. Uh, so that's something where a lot of these institutions would actually like to sell to investors.

• 37:17Dave Meyer?

  Yeah.

• 37:17Speaker 01

  And they want to sell because they're easier than prepping a home for a homeowner.

• 37:21Dave Meyer?

  They're more predictable.

• 37:22Speaker 01

  Yep. And they're more predictable. Uh, you know, usually the loan closes at a higher percentage rate. So, uh, people are looking there. So we're going to give an avenue for people to transact off-market.

• 37:31Dave Meyer?

  I like that. That's very cool. All right. So, I mean, that's probably one of the top three or four questions I get all the time. How to find off-market deal? How do I find off-market deals? And I'll be honest, I am too lazy to find them myself. I don't, I'm not doing direct-to-seller marketing. But if someone does that, does it for me, I'm happy to pay a commission for a great deal. And it sounds like we're going to centralize that. So you can do, you can do all that searching in one place.

• 37:54Speaker 01

  Yep. We're going to aggregate.

• 37:55Dave Meyer?

  Yeah.

• 37:55Speaker 01

  Yep. We're going to aggregate. And look, bear with us. We're going to have to vet. Everyone knows there's, you know, a few bad actors out there. And we're going to do our best to kind of vet that and screen people to let them in. But it's pretty new to have an aggregated central area of all off-market properties.

• 38:08Dave Meyer?

  Well, I'll say like, yeah, bear with us, but also be a part of it. Give feedback to us. Like, that's the main thing. We're doing this for you. So if you like an operator, you don't, if you have ideas on how to improve the aggregation, or really any part of the website, like, I could just speak for knowing Eric a little bit, like, we love that feedback. So like, participate in the community by giving us feedback and telling us what you want to hear.

• 38:30Speaker 01

  We, we appreciate if you give it directly to us. Anybody can DM me. There's no AI in back of it. It's me writing.

• 38:35Dave Meyer?

  Yep.

• 38:36Speaker 01

  Anybody can DM me and you will hear my response. Also, we do have an AI agent that scrubs forums for feedback. And then every morning, our engineering team gets feedback of what people have written, what they want, what they're looking for, and then we put that in priority.

• 38:49Dave Meyer?

  Awesome. That's great. I mean, this is a community and community. We really want to hear from all of you, how we can be helping you on your real estate journey. So we talked about people to people, talked about people to assets, and then you said people to services and tools.

• 39:04Speaker 01

  We're going to start doing something and we don't have the name exactly right yet, but basically we're going to have an investor stack. And your investor stack is going to be who you use for a loan, who you use for title, who you use for insurance, who you use on the ground. Maybe it's a property manager, maybe it's a national property manager.

• 39:19Dave Meyer?

  Yeah.

• 39:20Speaker 01

  And people are going to build out what their investor stack looks like. So it's copying tech stack. It's copying capital stack, uh, those types of things.

• 39:27Dave Meyer?

  But so it's like a combination of your team and your technology.

• 39:31Speaker 01

  Correct.

• 39:31Dave Meyer?

  Yeah. And that's your stack.

• 39:33Speaker 01

  That's your stack. And then people can show what they use and people can debate, uh, what they use. You, you know, with our chief growth officer, we're in constant debate, Lawrence and I, of he's a DIY.

• 39:42Dave Meyer?

  Yeah.

• 39:42Speaker 01

  And I'm a third party. And he would say, I would never have a third party in my stack. I think I'm going to win this battle. But, uh, but you know, he wants him to be the, the property manager and the DIY. Um, but people can debate it.

• 39:53Dave Meyer?

  That's the fun part of being in a community. Like there's no, and about real estate, there's no right answer to a lot of these things. But there's probably a couple of combinations of technologies and tools and teams that work. And by being a part of the community, you can sort of find those well-worn paths that have a higher probability of success.

• 40:12Speaker 01

  BiggerPockets is a democracy, right? And the best ideas usually float up. They get voted on on our forums. And people are able to see and read those. And I don't really believe we have a competitor as far from a community perspective, but there are a lot of real estate gurus out there. Some are good. Absolutely. Uh, but you kind of have to follow what they say.

• 40:30Dave Meyer?

  That's right. Yeah.

• 40:31Speaker 01

  And it's their way or the highway. And that works for a lot of people. And I know a lot of them out there and there's a lot of good actors out there. Obviously there's some bad. But I like the community feel more.

• 40:39Dave Meyer?

  Yeah.

• 40:40Speaker 01

  I, I want to see who I connect with, who I don't.

• 40:42Dave Meyer?

  I agree. For some people, they want to be told what to do, like follow this exact playbook and that can work for people. But I think as you grow as an investor, you naturally want to expand too. And like one route doesn't usually work. Like, do you know many investors who have been doing this for a long time that have just like followed one playbook forever?

• 41:02Speaker 01

  No.

• 41:02Dave Meyer?

  Yeah.

• 41:03Speaker 01

  Because markets change, uh, the economy changes. You can always kind of change.

• 41:07Dave Meyer?

  Yeah.

• 41:08Speaker 01

  Right? So you can't do that. And the faster you can pivot and you can move, the better. And what I have found is it's not like someone has a crystal ball of how to pivot. You know what they do? They call up a lot of smart people.

• 41:17Dave Meyer?

  Yeah.

• 41:18Speaker 01

  And they say, what do you think I should do? They gather about five different opinions. And if four of them say go in one direction, they go in that direction.

• 41:24Dave Meyer?

  And then give that feedback back to the community. Did it work? Did it not? And everyone gets, sort of gets smarter together. That's, that's so cool, that BiggerPockets.

• 41:32Speaker 01

  Hundred percent.

• 41:33Dave Meyer?

  All right. So exciting times ahead. I, I feel it every day, being a, you know, a member of the community, but also an employee of BiggerPockets, that we have exciting stuff coming. So thank you for coming on and sharing the vision for BP with the audience.

• 41:46Speaker 01

  I know. And look, I appreciate this. It's such an honor to be on this podcast. It really is. And it's an honor to represent this community. And I'm lucky to be in this seat. Uh, I hope I continue to earn the respect of everybody in this seat. And, uh, you know, I wake up every day and you know this, I wake up every day pretty early.

• 42:04Dave Meyer?

  He does.

• 42:06Speaker 01

  Wanting to do the best for this community and really represent it to its fullest potential.

• 42:09Dave Meyer?

  Awesome. We're lucky to have you and, you know, just having someone with your background ethos who knows what it's like to, to be on this path is super important for the future of this company. And bright things are ahead. It's been a great company for a long time. We've been around for 22 years now. I think people don't realize BiggerPockets has been around for 22 years. And the best is still ahead.

• 42:29Speaker 01

  A hundred percent. And, you know, it really comes back to, it's kind of funny when I was, uh, just joined the company and I was speaking to a few employees. And I could tell the ones that owned rentals.

• 42:39Dave Meyer?

  Yeah.

• 42:39Speaker 01

  And the question I ask is, I say, hey, when you're signing that loan, Doc, and you're about to close on your first or second rental, what do you feel? And for people who are not in real estate or maybe have an experience, they're like, oh, you must be happy. It's coming to an end. It's concluding. You are scared.

• 42:53Dave Meyer?

  Terrified.

• 42:54Speaker 01

  Terrified. You were scared out of your mind.

• 42:56Dave Meyer?

  I still do. Every time.

• 42:57Speaker 01

  I had to sign a DSCR loan the other day and I was like, wait, I'm still PGing this? It's, it's scary as can be. And to have a community at your back.

• 43:05Dave Meyer?

  A hundred percent.

• 43:05Speaker 01

  And, and that's what I want. When we think about the vision of BiggerPockets, I want people to feel,

• 43:10Dave Meyer?

  Yeah.

• 43:10Speaker 01

  via our product, via our podcast, via our in-real-life presence, that we all have each other's back.

• 43:16Dave Meyer?

  Yeah, absolutely. We're going to have more with Eric right after this quick break. Stick with us. You know, when I first started sharing my real estate journeys online, I didn't have a website. I had a spreadsheet, an Instagram account.

• 43:30Dave Meyer?

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• 48:15Dave Meyer?

  Welcome back to the BiggerPockets Podcast. We are talking today with the BiggerPockets CEO, Eric Augustin. Let's get back to our conversation. All right, well, this has been a lot of fun. Before we get out of here, we have some rapid-fire questions for you. We want to know a little bit more about you. First up, popular question. Do you have a favorite real estate or business book?

• 48:35Speaker 01

  So you've probably heard this one before, but Rich Dad, Poor Dad.

• 48:39Dave Meyer?

  I think I've heard that 1,500 times.

• 48:41Speaker 01

  Yeah, that's an OG book. It absolutely is. It really teaches you what good debt is, right? So I think that's important. I'd say Millionaire Next Door.

• 48:50Dave Meyer?

  Now, that's a great one. All right, second question. What is one hill you're willing to die on about real estate? Got any hot takes?

• 48:58Speaker 01

  Yep. If you buy something at a good cost basis, you'll be okay. So I think money is made on the buy. And people do disagree with this. I get a lot of people disagreeing with this, but I think for two reasons. One, if the market does dip, you already got it at a discount.

• 49:13Dave Meyer?

  That's right.

• 49:14Speaker 01

  You might have, you might just even out. The second piece is you're going to make mistakes. I still make mistakes. And sometimes I make mistakes because I get distracted on something else. And that gives me a lot of room to make those.

• 49:26Dave Meyer?

  Especially in this kind of market, we're seeing corrections in a lot of markets more important than it's been in a long time. I think to buy that good price, yeah, for sure. This is something I struggle with. I got to talk to a lot of cool investors, and I'm always getting shiny object syndrome, getting FOMO. People are doing cool stuff that I'm not doing. Do you get that about anything?

• 49:42Speaker 01

  Yeah, kind of weird you say shiny object. One thing that I've bid on, I've tried to own, and still I want to achieve is actually a manufactured housing.

• 49:51Dave Meyer?

  Oh, that's a good one.

• 49:53Speaker 01

  Or, you know, referred to as a trailer park. I really want to own one. I actually want to spend a few weeks there, living in the park. I want to experience that. And, but it's challenging. There's so much hair on those. I've seen a few where it looks like the city, you know, wants to get involved heavily. So I've never pulled the trigger on it. But that's my.

• 50:13Dave Meyer?

  Price has gone up a lot on them.

• 50:15Speaker 01

  Oh, yeah. Secrets out. Secrets out on that model.

• 50:17Dave Meyer?

  Yeah, that's a good one. So outside of real estate, or maybe not actually, what does an ideal weekend look like to you?

• 50:24Speaker 01

  So yeah, my weekend probably looks a little bit different, my ideal one. So my ideal weekend is actually traveling to my properties, viewing them, looking at new potential properties, and then going out to dinner with my property managers, my contractors, my insurance broker. That's what I love.

• 50:42Dave Meyer?

  Doing deals.

• 50:42Speaker 01

  Doing deals.

• 50:43Dave Meyer?

  Just wants to do deals.

• 50:43Speaker 01

  I love looking at them. I love going through. Certain tenants I do meet, others I don't meet. Yeah, it's, it's, it's pretty special. It's lame, but that's the, an ideal weekend.

• 50:55Dave Meyer?

  It's true. I love it. Just passionate about it. All right, what, what's your favorite TV show? Do you watch TV?

• 51:02Speaker 01

  I do sometimes, yeah. It's, sometimes I relax at night with it. Yeah, so I'm going to throw you off on this one a little bit. If I'm really being honest, Star Trek: Next Generation.

• 51:13Dave Meyer?

  Yeah. Is that the OG one?

• 51:15Speaker 01

  Not the OG. Captain Kirk's the OG. This one's with Captain Picard.

• 51:21Dave Meyer?

  Just the fact that you know that.

• 51:25Speaker 01

  But, but it's funny. I was, I was speaking to someone who works at a large lending shop, and I admitted to them that I'm kind of a big Star Trek fan. And she said, that's so weird. She goes, you know, my aunt always says that if the world just watched The Next Generation, it'd be a much happier place. And people would realize that the issues we have in life aren't really that big of a deal, and we can resolve them together. And the weirdest thing is, that's actually how I feel. I think if everyone watched Star Trek: The Next Generation, all the problems we see today are explained throughout those episodes. World would be a better place.

• 51:56Dave Meyer?

  The moral guide to society. All right, I'll have to check this out.

• 52:00Speaker 01

  We might not be far off. I mean, we are building a starship to go to Mars in parallel.

• 52:04Dave Meyer?

  Yeah, yeah.

• 52:05Speaker 01

  So we might not be far off.

• 52:06Dave Meyer?

  This will be research for us.

• 52:08Dave Meyer?

  All right. What's one luxury item? You have like a guilty pleasure you indulge in?

• 52:14Speaker 01

  Uh, I like cars.

• 52:16Dave Meyer?

  Oh, okay.

• 52:17Speaker 01

  I don't know if that started as a mechanical engineer, watching Fast and Furious. You know, that came out at just the right time for me.

• 52:23Dave Meyer?

  Big Vin Diesel fan?

• 52:26Speaker 01

  You know, more Paul Walker. But yeah, you know, that's the probably I gravitate to a little bit more. But the, uh, yeah, you know, at that time, uh, you know, I think that was really cult classic. I mean, I grew up with. And, uh, yeah, there's something about a really nice car that, uh, you know, if it's a two seater, when I'm in there on the highway cruising, uh, it's like I'm in my own cabin and can be alone for a second. I love people. I love this community, but there are parts where I want to be alone, listening to what I want to listen to, cell phone down and, uh, just be cruising.

• 52:55Dave Meyer?

  That's great. Awesome. All right. I'm, I'm not a car guy, so I won't even understand what the answers to this question mean, but what's your favorite car you've owned?

• 53:03Speaker 01

  So this, this one's also going to throw you off a little bit. Uh, it's actually a RAV4. Toyota RAV4. And the reason it's a Toyota RAV4 is

• 53:10Dave Meyer?

  Such an investor answer.

• 53:12Speaker 01

  I, uh, I actually, when I moved to Salt Lake, I bought a, uh, 2006 Porsche Cayman S. And I, you know, I got alone.

• 53:19Dave Meyer?

  I know that is a classic car.

• 53:20Speaker 01

  Spent a lot of money and I had this kind of New York thing where, oh, I'm moving to Salt Lake. I'm going to buy myself a car. I'm going to this, that. Um, I sold that car a year later and took the money and bought that rental out in Magna.

• 53:32Dave Meyer?

  Oh.

• 53:32Speaker 01

  And, uh, cause I realized, uh, what did that car mean?

• 53:37Dave Meyer?

  Yeah.

• 53:37Speaker 01

  What did that mean? And, and I can get that car, but let me make some money in real estate. And maybe one day I can even get a nicer car.

• 53:43Dave Meyer?

  Well, I assume the RAV4 is not your dream car though. Do you have like a Grail car that you, you want to get one day?

• 53:50Speaker 01

  Uh, a hundred percent, uh, Aston Martin.

• 53:52Dave Meyer?

  Oh, yeah.

• 53:53Speaker 01

  Big James Bond fan.

• 53:54Dave Meyer?

  Oh God, those are so cool.

• 53:56Speaker 01

  Yeah. Huge James Bond fan. So that's a

• 53:58Dave Meyer?

  Like a classic or a new?

• 54:00Speaker 01

  Oh, if I could get a DB5 classic, a hundred percent.

• 54:03Dave Meyer?

  Yeah.

• 54:03Speaker 01

  Um, but, uh, but yeah, I, I, and I don't buy new cars. I would buy a three years old, hit the depreciation curve. Yes, it's amazing. And I don't blame anyone for buying a new car.

• 54:12Dave Meyer?

  Yeah.

• 54:12Speaker 01

  Uh, but no, I'd let it hit the depreciation.

• 54:14Dave Meyer?

  All right. Great. You told me the other day, you've been to like 40 something countries?

• 54:18Speaker 01

  I've, I've been to a lot of countries. Yeah.

• 54:20Dave Meyer?

  Okay.

• 54:20Speaker 01

  But I had a cheat code. I lived in Asia.

• 54:22Dave Meyer?

  Okay.

• 54:23Speaker 01

  Uh, for a while. I, I lived in Bangalore, India, or Bangalore as it's, you know, pronounced now.

• 54:28Dave Meyer?

  What's your favorite country you've been to and why?

• 54:32Speaker 01

  Hmm. That's a tough one. Can I give you a few?

• 54:34Dave Meyer?

  Yeah.

• 54:35Speaker 01

  All right. So in Asia, uh, I think Thailand is really interesting and people hear that, they think hangover, they roll their eyes, they think of all these different things, but it's actually one of the freest countries in Asia.

• 54:46Dave Meyer?

  Yeah, it's amazing.

• 54:47Speaker 01

  Uh, and the expression there is amazing. The food's amazing. Uh, I think there's, if you look at the history of Thailand, there's something, you know, very special of, I guess, Kingdom of Thailand.

• 54:56Dave Meyer?

  Yeah.

• 54:57Speaker 01

  Um, so there's something very special there. I think in Europe, I saw this Sagrada Familia in Barcelona and said, being an engineer, I said, this is the most amazing structure I've ever seen.

• 55:07Dave Meyer?

  It's the craziest.

• 55:07Speaker 01

  Like, if, if people haven't seen it, one, Google it.

• 55:10Dave Meyer?

  Yeah.

• 55:10Speaker 01

  Two, if you can go.

• 55:11Dave Meyer?

  Go.

• 55:12Speaker 01

  Go. It's, it's absolutely amazing.

• 55:14Dave Meyer?

  Yeah. I'm not an architecture guy at all, but going there, you just draw, your jaw drops to the floor. It's an unbelievable feat of creativity and engineering. It's taken what? 140 years or something to build? It's still going.

• 55:27Speaker 01

  Still going.

• 55:27Dave Meyer?

  Yeah. It's so cool.

• 55:28Speaker 01

  It's, it's absolutely unbelievable. Uh, it's, it's tough for me to answer. I could, I could keep going. I could, I could name some of the least that I, I enjoyed heavily. Uh, yeah. I went to Jerusalem. That was a unbelievable experience, incredible experience. Uh, and I hope, you know, people will be able to, you know, return there, you know, safely at some point.

• 55:45Dave Meyer?

  Yeah.

• 55:45Speaker 01

  Um, but I, I could keep going. I think everything's so unique, but there's, let me tie this back. I know I tie everything back to real estate. I'm sorry on that, but let me just

• 55:53Dave Meyer?

  That's why you're here.

• 55:55Speaker 01

  That's why I'm in the seat, but let me tie it back to real estate. What I will say is I've explored buying real estate in different countries. And I will say it is so much more challenging.

• 56:03Dave Meyer?

  So hard.

• 56:04Speaker 01

  Than the US. And then you look at the numbers, you look at the lending, you look at the insurance, you look at, uh, all the risks that are involved. And I'm telling you, the US is the best place to buy real estate.

• 56:14Dave Meyer?

  It really is.

• 56:14Speaker 01

  I think back to this quote, not to go back to my capital markets days. And I don't know if Jamie Dimon is the one that, you know, fully coined this, but, you know, the United States is the best piece of real estate on the planet. It, it absolutely is. And, you know, you can have plains, mountains, desert, coastal. Uh, you, you can have all that under one country, one citizenship, one passport. We have friendly neighbors to the top. We have friendly neighbors below. We're surrounded by two large oceans.

• 56:41Dave Meyer?

  Mm hmm.

• 56:41Speaker 01

  Uh, and we have a plentiful amount of natural resource, right? We, we are so lucky.

• 56:46Dave Meyer?

  Yeah.

• 56:46Speaker 01

  We are, we are so lucky to be here. Uh, and I'm, I'm happy to own, you know, a piece of United States.

• 56:52Dave Meyer?

  Same. I completely agree. Well, Eric, thank you so much for being here. This was a lot of fun learning a little bit about your history and about the vision and future for BiggerPockets. I could think I can speak for the whole community and audience in saying that we're excited about things to come and appreciate everything you're doing.

• 57:08Speaker 01

  No, thanks so much. Appreciate your time. I'm so excited for BPCon. I know this will probably air a little bit after that, uh, but the energy in that room is amazing. And like I said before, I'm just honored to, to be in this seat and I want to wake up every day and do the best I can.

• 57:21Dave Meyer?

  And thank you all for watching this episode of the BiggerPockets podcast. We'll see you next time.

• 57:26Speaker 05

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