Rental Investor Starter Kit

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Show Description

There are so many different ways to make money as a real estate investor. The best and the worst part of this game is that there are no rules. This is why it’s so important that we keep learning from each other.

Our guest today is Todd Baldwin, a young and super successful real estate investor from Seattle. He’s perfected house hacking and rentals in the Greater Seattle Area and has made millions within a couple of years. He shares his best advice for new investors and some tips and tricks specific to his market. We also discuss the mindset that goes into getting started and picking great deals.

What We Cover

00:00 - How Todd got started and what his first deal looked like.

07:34 - The way COVID affected his business model… in a good way.

11:57 - Things to keep in mind when picking houses and writing up lease agreements.

16:51 - How Todd chooses new deals and the decision-making process behind that.

21:55 - Why you need to trust numbers and leave emotions on the side.

25:33 - Todd’s scaling up plans and markets that he’s looking at in 2021.

Watch the Podcast

Read the Transcript

Steve Rozenberg  00:07
Ladies and gentlemen, welcome to another episode of The Myndful Investor podcast Show. I'm your host, Steve Rozenberg, Head of Investor Education at Mynd Property Management and Mynd has been gracious enough to allow me to do this show for a little over a year. Now, actually, we've had some amazing people on the show, you know, BiggerPockets people, fun people, hedge funds, you name it, people with great stories and people with some pretty interesting stories that they don't normally discuss outside of their little circles. So as an investor myself, I think of myself as an eternal student, I always want to learn from people that are more experienced, as well as people that are younger and newer, because I think everybody brings something to the table. So if you're watching this, and you're an investor, I would suggest that you always take notes, because you will always walk away with a nugget in some information, if you're looking for it. And we can't always assume that we know all the answers. Because real estate, you know, the great thing about real estate is there's no rules, we can make up whatever we want. And we can do whatever we want. The bad side about real estate is there's no rules, you can do whatever you want. And you don't know that you've messed up until maybe you're standing in front of a judge or lawyer or something else and you find out, you made a mistake. So again, I am someone who's always an eternal student. And I think you should be also and that's kind of how we all learn. I think it's a very small world that we all live in as real estate investors. And I think we can all learn from each other again, whether you're new, whether you're old experience doesn't matter. We can all learn from each other. So today, I've got a very good guest on that I think we're all gonna learn something from his name is Todd Baldwin. And Todd is a newer real estate investor. But he's still actually in a very tough market, a market I'm pretty familiar with, because I have a lot of close friends up there in the industry. And he's kind of finding some solutions on how to operate and be successful in the Seattle Pacific Northwest market. Todd, first of all, thanks so much for being on the show with me today. I appreciate it.

Todd Baldwin  02:13
Hey, thank you for having me. I'm excited to be here. I'm a big fan of the show. So it's awesome to be a guest on it today. So yeah, man, I hope this is gonna be a good one.

Steve Rozenberg  02:22
Yeah, I hope so too, for the record, but I'm sure it will be. So tell me and our guests a little bit about your background, how long you've been investing for, just give me some context of what you've been doing up until now.

Todd Baldwin  02:36
Sure, absolutely. So if I go all the way back, I have a very common story. And I just grew up by a single mom watched her struggle. And I knew from a very early age that I wanted to be wealthy and have a better life for my family. That's kind of like how this all started. So I started working at age 12, I started a couple businesses in high school. And then I started learning how to make money online when I was about 19. I did go to college. But I dropped out of school when I was 22 years old to pursue a sales career. And I pretty much took all of the commission from sales, and I used it to buy real estate. And my first deal was just a single family home, I bought it owner occupied. My girlfriend and I at the time, we're married now, but at the time we were just dating, we lived in the master bedroom, and we decided to rent out the extra rooms in the house to our old college buddies. And what had happened is we were able to live in a brand new house that we owned completely for free. And nine months later, we decided to buy another one and again, rent it out all by the bedroom. And Gosh, in like five days, we had all six bedrooms of that second property rented out. And you know, the market rents for a house like that in this area would have been between 2500 or three grand a month. But by doing it by the bedroom, we were bringing in over $6,000 a month. And so you know, close to three grand was pure cash flow on just one deal. Plus, we were living for free. So fast forward today, we have six total houses in the greater Seattle area. All of the houses combined bring in about $40,000 per month. And after, you know, principal interest taxes insurance, after all the maintenance utilities we actually make in profit is right around 15 grand a month in cash flow. So really not bad for just six single family homes.

Steve Rozenberg  04:26
No, that's great. And I think what's important, you know, I was on a panel the other night, a forecast panel and a gentleman next to me, we started talking about short term rentals. And his analogy is very similar to what you're doing and he said the reason short term rentals work is because it's bridging the gap from properties that are, you know, in another atmosphere of price point and you can't normally get the old school long term rental to cover the cash flow. And so a way to basically bridge that gap is short term rentals. Well what you're doing is you know, you're kind of going maybe one layer deeper in the short term rental market, or maybe maybe a derivative off to the side. But essentially, by renting out a room, it's kind of like piecing things together is a lot more expensive than if you just bought the whole thing. And so when you're selling it, that way, you can make more money on the sale side, kind of like rent to own versus just somebody who just buy something straight out. Was that the intention when you started or did you kind of backwards way into this out of survival?

Todd Baldwin  05:29
So you know, at the time, we were super blessed, I mean, when I was 22, I was already making six figures at a sales job, my wife has a phenomenal job as an accountant working for one of the largest accounting firms in the world. So we certainly could have afforded to just buy a nice house for ourselves. But at the time, it was just the two of us. We didn't have any pets, we didn't have any kids, we didn't even have a plant. And the house we bought was a six bedroom, four bathroom home, it was three stories, it had a three car parking garage. And we were just like, you know, we don't need all this space. Let's see if we want to rent some rooms out. And we figured out that we could live completely for free doing that. So then our nice salaries were able to just save 100% of that for the next deal. When we bought the second house, that's when we really learned that this was a business because I posted an ad on social media. Again, I had all six of those bedrooms rented out in less than a week, I believe. And then maybe six months after that we bought our third house. And we just kept doing it. And what we realized is there are a lot of young professionals living in the Greater Seattle area, who are strapped with student loan debt. And they have entry level jobs. And they don't want to spend 2000 bucks a month on a studio, they would rather pay 800 bucks for a bedroom. Assuming that all utilities are included, which of course we include that and we have a weekly maid, and we you know, we stocked the house with toilet paper and stuff like that. But most of our tenants, they're saving about 1000 bucks a month. So for us, we're able to get double to triple market rents on any given property. But for our tenants, they're all saving, you know, 800, 1000, sometimes even 12 $100 a month, depending on what they would have rented compared to the room that they're renting from us. So it is a win-win situation. And it's just been, I never thought for a second that it would get as huge as it has. I mean, it's only been a couple of years, we've already collected almost $2 million dollars in rental income. And we've realized about a million and a half in appreciation just because of the areas that we bought. So it has been a crazy ride.

Steve Rozenberg  07:34
I'll tell you there's a very similar story. As you know, my other job being an airline pilot, there's a thing that goes on in the airline pilot industry called the crash pad. And a crash pad is where pilots who are based in a city, so let's say there's pilots that are based in Seattle that maybe fly for Alaska Airlines or something, but they don't live in Seattle. So they'll come in the night before a trip. And normally there's crash pads, people will rent out a house, they'll rent out the rooms. And maybe the room is a four bedroom house, but they may rent out 20 slots, because you may only fly three trips a month as a pilot, so you're only needing three nights a month, and you're charging two $300. And the pilots will come in the night before. And you know, they'll basically pay for the month or whatever, they'll do a one year lease. But it's very similar to that model that's very big in the airline pilot industry. Because in flight attendants and everyone, they all need a place when they come into that city, they just need a bed to lay on. And then they're gone the next day, and you won't see them for maybe three weeks, maybe a month, maybe two months. Sometimes they don't use it, they use it as security, what you're doing is something that people are staying there every night. But the concept I guess is what I'm trying to say is very similar to what you're doing. It's a proven method that works. Especially, like you said, in areas where people cannot afford or don't want to invest the money they're working, probably, you know, daylight hours or more, they're working at a job. And now they're not you know, now they just need a place to live. It doesn't see the value. And like you said a $2,000 $3,000 studio apartment. How has COVID affected this model is my first question?

Todd Baldwin  09:15
It's a great question. So again, I feel super, super blessed. 2020 we were not impacted really at all, you know, financially speaking or health wise. When folks lose their job, or they get you know, they lose hours from working. They then look for cheaper solutions for their living situations. And that's all that we provide. So like, you know, some guy in Seattle who's paying 2500 bucks a month for a cool apartment in Capitol Hill. If all of a sudden his hours are reduced by 50%. He's kind of looking around going like man, where can I go rent a room for 900 bucks and in this area and stay in a nice area. Exactly. Yeah. And so that's What we have, right and so all of our houses too, they're all new construction. They're all very nice houses. You know, we have a weekly maid goes, you know, go and clean them once a week and stuff like that. So they're nice places. So we have not missed anything in 2020. nor have we in 2021. I know, we're only in January so far. But I know that a lot of real estate investors, you know, went without their rents in 2020. And that was not the case for us. We did not miss a dime. So we've been incredibly blessed.

Steve Rozenberg  10:32
But as far as the logistics, I mean, I'm guessing some of these people may be working from home. I know, Washington, Seattle were on lockdown for a while. So now you got all these people kind of living at home? How did that? I mean, were there any problems? I'm guessing no fist fights broke out or nothing. I mean, you know, most of the time, they're gone during the day, and then they come back and sleep at night. Now everyone's there during the day. No, no challenges with that?

Todd Baldwin  10:54
There were some challenges, but not the ones you'd think of so no fistfights? No people, you know, like getting mad at each other. The problem was the internet kept crashing. So yeah, I have, I have been on the phone, I have spent a lot of time with Comcast, just like changing internet plans, buying things to extend the WiFi because you're right, everybody's working from home. They're all doing zoom calls and are all streaming, which takes a lot of internet and data. So we converted every single house to unlimited data for the internet. And then we just made sure that the speeds were up to par because some of the modems to like I bought, you know, a couple years ago, they've been outdated. That was the biggest hurdle, just getting everything up to date. But now we have that ready to go. And so far, there's really been no disruption.

Steve Rozenberg  11:38
No marriages going on, nothing happening. All of a sudden, like, Hey, this is going on. We didn't really need one room. Now. We don't need two anymore. Right?

Todd Baldwin  11:48
No, I have I actually have had inner house romances before. And it has been. Yeah, that's the thing.

Steve Rozenberg  11:57
I would imagine. Let me ask you this. Um, you know, there's people watching this, maybe some new investors that are saying all they heard through all of this was $2 million. Right? That's all they heard from you right now. $2 million on house hacking. I'm doing this. Can you for people that are getting involved in this? Obviously, you're experienced, you've gone through some trials and tribulations? What are some things that you would say are first of all things that they need to think about? And then more important, what are some gotchas that maybe need to be included in lease agreements and other things? Can you talk about that?

Todd Baldwin  12:30
Absolutely, yeah. So first, let me just say I have a huge bias towards house hacking, because I love it. It's worked out phenomenally for me. And I think anyone watching especially if they're a new investor, who maybe hasn't bought real estate or is scared to, like, you have to live somewhere. So buy a house for you to live in. And then either rent out rooms to your friends or buy a small multifamily like a triplex or a fourplex and offset your mortgage, like, in my opinion, you're either going to be paying off somebody else's mortgage, or you're gonna be paying off your own. And if you do it right, you can get other people to pay off your own. But let me talk through, I guess, some tips on like, what to do if you're going to get started. So the first thing that I do when I'm renting out rooms specifically, is I don't look at any houses that are in a community that has an HOA, and that is because many HOAs have limits to how many houses can be rented. If they don't have that they probably have rules about not renting out the bedrooms, or at the very least they have rules about how many cars can be parked in the driveway. All of my houses, I have an eight bedroom house. So I need eight cars to be able to park there. And an HOA probably would only allow like two cars, which actually brings me to my tip number two, is you make sure that you find a house with adequate parking, meaning one parking space for every rentable bedroom. So if you have a five bedroom house, you need to have five parking spots. And I try to make sure that nobody has a street park, sort of the next thing that I do is I want houses that have a good bedroom to bathroom ratio. So I had a guy call me the other day, who wanted my opinion on whether he should house hack this property or not. It was seven bedrooms and one and a half bathrooms. And I was like dude, no, you're gonna have people waiting in line to use a shower. So you want a good bedroom to bathroom ratio. As far as stuff to include on the lease. You just want to make it simple. Like, you know, they're sharing a house with a bunch of people. So you want you know, no smoking inside, no pets because some people could be allergic, you want to probably put in something about quiet hours, you know, you want there to be house rules. I personally like I'm not a big fan of month to month, but I try to stagger leases. So I'll do six, nine or 12 month leases. But yeah, I mean, I think the biggest thing is fear holds so many people back, fear and self doubt. And at some point you just gotta do it. I know people that I've been talking to for years about doing this. And every time I talk to them, they say something like oh yeah, I'm really considering doing that. Meanwhile, I've made $2 million in rents and a million and a half. So three A half million bucks I've made in the last, what, four or five years. And it's like, dude, while you were contemplating getting started, I was out here making millions, so just freakin do it. So that's kind of like, my attitude is just like, you just gotta go for it. Like, make sure you're smart about it, do your due diligence, make sure it's the right deal. But also, sometimes you just got to just kind of jump in, and you gotta make it work.

Steve Rozenberg  15:21
Yeah, without a doubt. I mean, at one word, people ask me, what should I do? And I'm like, it's one word called action. I mean, action is the enemy of analysis. And when you and I think many people, you know, I think a lot of it, especially when you're new, right? When you think of doing something in real estate, that's out of the norm already, that's out of the nine to five career jobs. So when you're thinking of doing real estate, or think of anything that's out of your comfort zone, our brains are geared to have negative self talk. So no matter what happens, we're always going to think of what is the worst case scenario, what could happen? We don't think of the best case. We don't think like, Oh, I could make three and a half million dollars, we don't think that we think, what could I lose? And so I think what happens is, people go off of that, and they let that feed their decision making based on nothing except pure emotion. Because there's a lot of facts that show people a very, a lot of different derivatives of real estate are very, very wealthy, because of real estate. So they know factually, that they can be wealthy, but they let that fear that little sand inkling of fear, they let that drive their full decisions. And it's based on zero fact, except maybe, you know, you hear a story about someone who you know, had a problem or this or that. And that's kind of what they pinpoint on. So because we think negative 70% of our thoughts are negative in our brains. We go towards the negative thoughts. I think that's why, let me ask you this. Now, when you are looking for deals, and I'm assuming you're looking for deals now, where are you at in that process? First of all?

Todd Baldwin  16:51
Oh, yeah, I'm always looking for deals. I'm actually excited about it. I may be buying an apartment building, which is different than anything I've done before. But I have a couple of apartment buildings that I'm looking at. But yeah, I mean, house hacking is kind of the bread and butter. It's my ride or die, because it is so lucrative. And it allows me to make a bunch of money to go invest in, you know, anything I want. But yes, so I am looking for deals constantly. Okay.

Steve Rozenberg  17:16
So when you're looking for deals, you I'm assuming have different calculations, cap rates and numbers that you're looking at, compared to a standard buy and hold long term investor. What are those variables?

Todd Baldwin  17:29
Certainly, yeah, I mean, I always look at, you know, how many bedrooms are there? and What can I get for any given bedroom, you know, in that particular area, I mean, my returns are ridiculous I'm getting, I'll give you an example of my first deal ever. I put $19,000 down, and I collect about $25,000 per year in profit. And that's, you know, after all the expenses are paid. So that's 130% cash on cash return, you know, most real estate investors are like, you know, if I can get 6% or 8% in the stock market, and then if you have some real estate investors like man 15%, I'm getting a 130% on my very first deal. That was when I was a rookie. And I have another deal that I bought close to the airport. Actually, it's funny you talk about the crash pads, I've had plenty of flight attendants live in that house. And on that deal, I put $60,000 down, it brings in about 96 grand a year in gross rent, about 48,000 of that is profit. So on that one again, it's like an 80% cash on cash return, he put 60 grand into it, you're making 40 or $48,000 a year, every year thereafter out of it. So yeah, the cap rates, the cash flow, all of that. It's insane. It is absolutely insane when you do it this way.

Steve Rozenberg  18:49
Now, let me ask you this, what are some bottom thresholds? Right, so what percentage will you not accept when you're looking at a deal?

Todd Baldwin  18:59
That's a good question. I mean, I don't know that I actually have like, a, you know, the thing is, if I look at a deal that just doesn't make sense, I just don't buy it. Like there's, there's not one that I'm like, Oh, you know, this one doesn't make X amount of money. So I won't, you know, I'm just not interested in deals that aren't like that. And I think the reason is, I know that this... put it this way. I'm very particular about the houses that I buy. So I live in a duplex right now. That's actually where I'm filming this. It took me probably 10 months to find this duplex. And I looked at properties every single day for 10 months before I decided on this duplex here because it was absolutely perfect for the model that I'm going for. And same thing. I'll reference the house in SeaTac, again, that I have by the airport. It's an eight bedroom, four bathroom house, it brings in 96 grand a year. You know, my down payment was 60 K, I just I'm not interested in investing in properties that are much lower than that, because I know it's possible to get a much better return, I just have to find the deal. So I wouldn't say that there's a floor per se. It's just like, I just try to look at what makes sense. Can my money be better spent elsewhere? That's just what I look at is like, if I don't buy this deal, could it be making me more money somewhere else?

Steve Rozenberg  20:16
Now, let me ask you this, when you're looking at a deal, let's say you're looking at a seven bedroom, one and a half bath. Do you look and say, okay, financially, I can add a bathroom to this, or two bathrooms? Like do you sit there and say, Okay, can I do some value add or an ADU in the back or anything like that? Or is it you know, you're looking at the shell? And if it's not an inside the shell, it's a no go?

Todd Baldwin  20:39
That's a really great question. So I actually do have two properties that I could build ADU's in the backyard, which I'm very excited about. But usually, I try to find a property that just already works with the model. And part of the reason I'm able to do that, though, is I've been able to work with builders and do new construction. So I can tell them like, hey, I want X amount of bedrooms, and I want X amount of bathrooms. Do you have a plan that does that. So like this duplex that I'm in here, this place has seven freakin bathrooms. It's nutty, right? It's nuts. So, and again, I bought it brand new construction, I talked to the builders, like we put kitchenettes in both garages, I was able to convert one of the garage spaces into a studio that we had on Airbnb, like, you know, so I'm very particular about the deals that I do. And I don't buy a house for the sake of buying a house, I make sure that it's the right deal. It's gonna make me money. I mean, I think the reason too is, I'm not emotional about any property that I've bought, it's always very logical. It's like, Okay, how much money do I put into it? How much money is it gonna pay me every month? What can I anticipate for the appreciation? Like, it's just very logical, it's all calculated. And so, yeah, it's just about the numbers for me. It's nothing more than that. And so I make sure to buy ones that make sense.

Steve Rozenberg  21:55
Yeah. And, you know, I think the challenge a lot of people have is when you're buying a house, like a rental property, a lot of times when it's a family living in a rental property, you equate that you live in a property. So you're you're you're mentally at a disadvantage, because you're thinking they're the same, and you're not, that's a business, you live in a house that is emotional. And so a lot of people cross those lines very often. But if you tell people, if you bought a shoe store, you wouldn't have any emotional tie to the shoe store. And so I think what you're doing is, is you're looking at this as a true business model, almost like a hotel. It's kind of like a long term hotel, but you're looking at it as a ton of money, which is what a rental property is. And I think the mistake a lot of newer investors is they tie that emotion to it because especially if it's a house that they owned and lived in, and then they turn that into a rental property, that is very, very tough for people to shut off that emotion. So I think you're spot on with what you're doing and how you're doing that. And I congratulate you on that. Because whether you Believe it or not, that is a very, very big hurdle for a lot of investors, newer investors to overcome and understand that it is a business dynamic, not an emotional dynamic, which drives your decisions.

Todd Baldwin  23:12
Yeah, absolutely. No, you're 100%. Right. You know, I referenced the duplex that I live in now. So technically speaking, this duplex is my home, I live here with my wife, and you know, all that stuff. But I mean, from day one. And moving in here, not only was our mortgage payment completely covered, we were making, I think $1,850 per month in cash flow to live in a house that we owned, and we were staying here for free. So this was although Yes, it's our home. This is a business like we're not going to live in this house forever. When we buy our trophy house on the water. That'll be emotional, right? We're out of that house. It won't be to make us money. It'll be to live in a gorgeous lake house. But this place right here. We've been living here for a year. Yes, it's our home. But it pays us every single month. And that is I think if you guys, anyone listening. I mean, if you can get your house to pay you like that is a huge game changer. I mean, imagine how much money you're able to save and invest if you don't have a rent payment, or we don't have a mortgage payment. Because it's all covered. I mean we're able to save like 80% of our income, because we don't have any expenses because it's all covered by the rentals.

Steve Rozenberg  24:17
No, it's great. And I mean, it's like you're using it as a tool. It's in your journey. It's not the destination. It's part of the journey. And it's just part of the process of you getting to a final destination. It's like you're on a freeway right now. So you're on the five freeway, and you know pretty soon you're going to get on another freeway, but right now you're on this section of the freeway in your life to get you to the house on the lake is that same statement?

Todd Baldwin  24:38
Yeah, exactly. And what's funny is, I tell people this all the time because they make fun of me because I drive a pretty old car with like 180,000 miles on it. They're like Dude, aren't you a millionaire? Why don't you drive a nicer car? So when we got this duplex, I actually was feeling that I owed it to myself to finally drive a nice car. So I was looking at Lamborghinis and Mclarens. I chose to not buy one, Instead use the cash to buy this duplex. And because of that decision, I've been living for free for the last year and a half and making 18000 bucks a month, you know, and it's just like it's just such a special thing. I'm young, I'm 28 years old. We don't have kids yet. I don't need to be driving a random Lamborghini just yet I'm in building mode, just build it up as much as you can. I can enjoy like, my thought is, my 20s are going to be blitzed to building. I'll start to enjoy what I built in my 30s. But for now I'm on go mode baby. I just want to keep buying more and more deals and you know, see how big this thing can get.

Steve Rozenberg  25:33
Yeah, the worst decision you can ever make is letting your emotions, your ego or your pride dictate your next move. So I think that's a very smart view. Let me ask you now, you know what, what are you looking at now? Are you looking at other markets, other cities? What's the strategy?

Todd Baldwin  25:51
Yeah, great question. Well, for the room rental stuff, I think Seattle is such a wonderful place for that. So I probably wouldn't be looking at any other part of the country just because I don't know the markets, specifically for room rentals. However, I am looking at other parts of the country and actually other parts of the world for apartment buildings. So my goal is I do want to grow, I do want to scale. My goal is to have 6000 units by the time I go to retire, I guess normal retirement age, because I'll retire before 60. But yeah, so I'm you know, I'm looking at a couple buildings in the greater Seattle area, I'm looking at buildings in the Midwest and down south. And those specifically, though, are like big, you know, like 50 to 400 unit apartment complexes, they're not single family homes that are meant to get by the bedroom. I think other markets will work for the house hacking structure. But I know the Seattle market so well, I'm here I you know, I boots on the ground here. And I know that I can make money hand over fist here. So there's really no reason for me to buy a house hack elsewhere.

Steve Rozenberg  26:52
Yeah, and again, you know, the market, you know, the dynamic of the calculations, you've almost had to I guess your model was built around the Seattle market because of the Seattle market. And the Seattle economy was the driving force for you to actually do this. So it works. Copy, Paste, repeat, copy, paste, repeat, I say I mean, there's no reason and going outside of your norm in your element. So let me ask you this. What are your thoughts on 2021? Where do you see this going?

Todd Baldwin  27:21
So I know that a lot of people are up in arms that the real estate market is going to crash in 2021. I don't believe it will, especially not for single family homes. I do not think that the real estate market is crashing in 2021. I think it's going to continue to climb. So again, I mean, I mentioned I'm looking at deals right now. You know, if I find the right one, I'll buy one this year. So I think the real estate market is going to continue to climb, I think the rent by the room staff is only going to get more popular because it's such a great way like I have a guy who rents from me who's literally a rocket scientist, he works for NASA. But dude makes six figures, he doesn't have to rent a room in a house. He chooses to though, because he's paying off all of his student loan debt, he's saving a ton of money, and he wants to be able to buy a house of his own someday soon. So there are a lot of people that are just like, they're getting smarter. I think they're just getting smarter about making financial decisions. I mean, if 2020 taught us anything, it's the importance of that, like even your safe, reliable job isn't necessarily safe or reliable, in the middle of a pandemic, when the government can shut you down. So the importance of having a cash reserve, and multiple streams of income is so huge. And the way people build up cash reserves and multiple streams of income is they live cheaply, and they build. So I think more and more people are going to be doing that. And fortunately for me, I provide that opportunity because I have nice houses, but the rate that they're going to pay is some of the lowest in town.

Steve Rozenberg  28:50
Yeah, no, I agree. Man, I think you have a great model. Man, I'm very impressed by how you do it. I gotta say, I commend you on the fact that you treat this so much like a business. And maybe you're aware I've been doing this for over 20 something years. And it's very commonplace to see people not have a plan. They don't have a strategy or they let their ego and their pride start dictating their decisions once they've had some success. So you know, I can commend you on your model and making something work. And you know, I'm very familiar with the Seattle market from a lot of my friends up there. And it's tough. It's a tough market. It sounds like you found a very successful model for yourself. And I would suggest that you keep on riding that wave. And like you said, you may be on the frontier of a whole new model of doing things. And so you may be a, you know, a pioneer in this new type industry. Well, Todd, first of all, thank you again for being on the show today. If somebody wants to get a hold of you, how do they find you?

Todd Baldwin  29:50
Great question. Anyone can DM me on Instagram. It's just at Todd J. Baldwin. I'm pretty good about getting back to DMS and then I do teach pretty much everything I know about real estate I teach it on Youtube for free. It's just my name Todd Baldwin, it's very easy to find. And yeah, I just pretty much just post everything there is to know about house hacking and you know, the room rental stuff and how to make money in real estate. So yeah, either Instagram or YouTube, you can find me I'll message you back and if you have any questions, we'll be able to answer it for you.

Steve Rozenberg  30:21
Great. And you're on a Bigger Pockets show as well, weren't you recently?

Todd Baldwin  30:25
Yeah. So I was on Bigger Pockets. And I was interviewed on CNBC, and for whatever reason that interview went viral, it was like, trending all over. So that was awesome. It was new to me to be on any sort of publicity thing. And then more recently, I'm super excited about this. I actually was in a documentary series about real estate capitalism and politics in America that's going to come out in February and I just want another TV show about real estate. That's going to come out in March. I believe it's going to air in March. So things are happening man like you get on one podcast and then the whole world opens up and it's wild.

Steve Rozenberg  30:58
Yeah. Now Good for you. Good for you. I again, I think you're gonna go really far. And I think you're very successful. And again, thank you for for being on with me today. I learned a couple things. So I again, I'm always I'm a sponge, I tell people I'll be your best student if you have something to teach me. So I do appreciate your time. For those of you watching, also, I want to thank Mynd Property Management, if you are looking for property management Mynd is in over 22 investable markets nationwide, managing little over 8000 properties. So if you want to talk to us at Mynd to either buy more properties, have us take a look at managing yours or just have a free consultation. Just go to our website at that is And whether you're on the West Coast, East Coast, Midwest, down south, we have offices all in the investable markets and we can help you to either grow your portfolio, get it straightened out or just give you some smart conversations. So again, on behalf of Mynd Property Management, Todd, myself, thank you so much for watching today. We'll see you next week on another episode of The Myndful Investor podcast show. Bye bye.

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Meet Todd Baldwin

Todd Baldwin is a Real Estate Investor, Entrepreneur, Healthcare Specialist, and a YouTube Partner with Google. Baldwin was interviewed with CNBC for his unique real estate strategy that made him a multi-millionaire in his mid-20s. Baldwin has also been on the cover of the BiggerPockets Wealth Magazine and featured in two documentary series about politics, capitalism, and healthcare.

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