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This is how to find investment properties the lazy way. Many of us work full-time jobs, have kids, or juggle a lot of responsibilities, so we can’t dedicate days each week to finding rental properties to buy. Thankfully, you don’t have to. If you have even an hour or so to spare each week, you can use any of these five “lazy” methods to find your next investment property.
Henry is our go-to deal-finding expert and has bought over 100 houses using strategies just like these. These deal-finding tactics are so beginner-friendly that you can use many of them on your first real estate deal, with no prior experience. We’ll share how to find tenanted rental properties that can cash flow on day one, the secret behind getting agents to send you deals before the market sees them, how to make low offers en masse to get cheaper properties in any market, and how to get someone else to find the deals for you…for a fee.
Finally, if you want to organically, cheaply, and sustainably grow your rental property funnel so you’re always being shared on deals, we give you the step-by-step path to incentivize other investors in your area to shoot you properties for sale first.
Your next deal is closer than you think; here’s how to find it as a “lazy” investor.
Henry: If finding cash flowing rental property deals sounds like a grind, I’m going to let you in a little secret. You can be lazy and still succeed in real estate investing. I bought more than a hundred houses and I can tell you this, you do not need to spend your nights and weekends cold calling or sending direct mail or knocking on strangers’ doors. I’ve made good chunks of money buying deals where I let someone else do the work instead of me. And yeah, paying someone to find deals cuts into your margins, but it can also help you scale faster and still be profitable. Today, I’m going to show you five ways to find rental properties ranked from the laziest to the most hands-on. Every single one of these methods can work for somebody. Some cost more money, some take more time, but at the end, you’ll know exactly which one fits your goals and your lifestyle. What’s going on, everybody? I’m Henry Washington, co-host of the BiggerPockets Podcast. And today we are talking about one of my favorite topics, how to find deals from the very easy methods all the way to the most hands-on. First on this list is definitely the laziest way to find a deal, but let’s keep in mind what I like to call the comfortability versus profitability matrix. And that is the easier it is to find a deal, the less profitable that deal probably will be. So top of the list is turnkey providers, right? Turnkey providers are people who are selling rental properties that have already been renovated and they should be producing some sort of cash on cash return. Now, we all know that the game of real estate is a game of adding value and then monetizing the property at its new highest value. And since you are already buying a property where the value has been added and paying somebody else for that property, a lot of your margin and profitability is lost in your purchase price for that profitability. Now, good turnkey providers still leave meat on the bone for the investor. And if they didn’t, they wouldn’t have a business. So you can buy profitable deals from turnkey providers, but I say that with a caveat. Turnkey providers are going to give you a sheet, a proforma, and they’re going to tell you that this property is profitable based on the numbers that they have researched and given you. Those numbers may be correct. Those numbers may be vastly incorrect. It is your job as the investor to do your own due diligence to determine if that deal does meet your profitability needs. So if your goal is, I need a ton of cash flow and I need it from day one, this might not be the strategy for you. But if your goal is, I just want a little bit of cash flow, maybe even to break even, and I want to have good tenants in a property that I don’t have to manage a renovation in, and I want to be able to just start collecting checks right now, then turnkey can be an option for you. But please be very, very, very conservative and very realistic with your underwriting and then look at does this property still perform like I need it to? And if it does, then you may find yourself a pretty easy way to start snagging some rental properties. Okay, next on the list is one we’re all familiar with and that is working with an investor friendly real estate agent. An investor friendly real estate agent is a huge resource for you and it is a great way to get yourself access to some lazy deals. So how do you get these investor friendly agents to want to send you leads? They want to send leads to people who they are confident can close the deal and will take the lead seriously. So the best way to get agents to send you leads is to either have an existing track record that you can show them or prove to them that you buy deals, you move quickly, you don’t bother people to death with overanalyzing everything and never taking action. So a proven track record is a great way. If you don’t have a proven track record yet, then you’re going to have to build one. And so if someone sends you a lead, analyze it, determine quickly what you can offer for that property, reach back out to that agent preferably the same day or even within a couple hours and say, “Hey, thanks for sending that lead over. I ran the numbers. It looks like it might be a decent deal, but this is the price point I think I would need to be at.” Here’s why I think I need to be at that price point because remember to them, you’re new, you don’t have a reputation yet. And so if you’re going to send an offer that may be lower than they expect, you better be able to explain to them why your offer is what it is. And so just explain, “Hey, I saw that you sent 123 Main Street. Deal looks good. I ran the numbers. I’m actually shooting for a 10% cash on cash return. And if I put those numbers into my calculator, once I subtract the renovations I think this property needs, my offer’s going to be about X.” That tells that agent several things. A, it tells that agent that you’re serious. You took the lead, you analyzed the lead, you determined what you could pay. Two, it helps that agent understand what you’re looking for. It’s one thing for you to tell an agent, “This is my buy box, this is what I’d like to buy.” It’s another thing for them to see how you analyze the lead and how you got to the number that you were coming to so that they can start to take that into account before they send you the next leads. And three, it shows them that you are knowledgeable. It shows them that you know what you’re looking for. It shows them that you know how to break the property down and it shows them that you know what you want to pay for deals. All of those things build confidence. The more confidence this agent has in you as an investor, the more leads that they will send you. Now, as you do deals, if you’re new, make sure you are documenting the deals that you do. Just create some sort of spreadsheet or PowerPoint that highlights the deal, what you bought it for, what you put into it, and then what you either sold it or rented it for so that you can start to build this packet that is a proof that you are a seasoned investor. So when you meet other agents, you can flip them this packet in an email so they can see that you’re serious and they’ll want to send you leads. All right, the next on the list is one everybody’s aware of, one that almost everybody’s used, but I can promise you, you’re not using it in the right way if you truly want it to be a valuable lazy investor lead source. And we’re going to jump into what that is right after the break. All right, we are back on the BiggerPockets podcast and we are talking about a lazy investor’s guide to buying your next rental property. We have covered buying properties that are turnkey investments. Those are properties that somebody has already purchased, already renovated, and oftentimes placed a tenant in it already and you just get to buy it and start collecting money. The second is working with agents, specifically investor-friendly agents who have lead flow that they could send you. The key is how do you get those agents to send it to you? We covered that. Next is the one everybody uses, but most people aren’t using correctly if they’re an investor. And that is MLS deals, on-market deals. On-market deals are properties that sellers have raised their hand and said, “Hey, I want to sell my house.” And a real estate agent says, “Hey, I’d love to help you do that.” And then that real estate agent helps them list that property on the MLS for sale. Now the MLS is called the retail market because the deals that are on the MLS are looking to sell at retail values. And we all know as an investor, it is very hard to pay retail value for a property and have it produce a return for us. So our goal is to find the needle in a haystack on the MLS. And if you have a process for doing this consistently, you can find yourself with a very lazy way to generate good leads. So how do you find deals on the MLS? The first thing you have to be able to do is you have to be able to define your buy box. So your buy box is simply what kinds of properties you want to buy, where you want to buy those properties. That’s what it boils down to. If you don’t know these things, this is what you got to figure out and you got to figure it out fast. So some people want to buy three bed, two-bath, single family homes in certain neighborhoods of a town. That what they want to buy. They don’t want to buy anything else. Some people are willing to buy any single-family home as long as it’s not above a certain square footage. Some people only want to buy in certain neighborhoods because other parts of the town don’t produce the same return. Everybody’s buy box is going to be different based on their investing needs and the market they’re investing in. So define your buy box. Once you have that defined, clearly give that to an investor-friendly real estate agent that you want to work with to help you find a deal. Once they have this buy box, they can set you up on what’s called an email drip campaign. In other words, they can input all of your buy box criteria into their MLS tool and it will filter all of the properties that don’t fit that buy box out, and then everything on the MLS in your buy box will then pop up in an email in your inbox. Now, you don’t just need your buy box on this list. You also need some sort of motivation on your list as well. You need someone to need or be willing to sell a property at less than its retail value. In other words, they need to be motivated to sell it at less than its retail value. When you are shopping on the market, it’s very hard to filter for motivation because we have no idea why somebody’s selling their house because you don’t get to talk to the seller. You have to talk to an agent. So the way that you can filter for motivation is to use days on market. And what we are assuming is the longer a property has been sitting on the market, the more likely that seller will be to receiving an offer at lower than retail value. Now, that is not a guarantee, but that is an assumption that we’re making and it’s a fair assumption to make. If someone’s got a property and it’s been listed for several hundred days, they probably want to sell it. That’s why it’s still listed. If they didn’t need or want to sell it that bad and it wasn’t moving, they’d probably pull it off the market. So along with your buy box filter, provide a days on market filter for your agent. The way I like to do it is I want to see all properties that are within my buy box that have been listed for 30 days beyond the average days on market for my market. If average days on market in my market is 60 days, then I want to see every property in my buy box that’s been listed for 90 days or more. So now what happens? I now get an email every day or once a week, whatever the criteria is for you, and it’s got a list of properties. I already know that these properties are within my buy box because that’s the filters that I gave. This is where people fail at the strategy right here. They get the list and what most people do is they thumb through the list and they’re looking for the one or two properties that they think, “Yeah, that one would be cool. I’d like that one. Oh, I like this one.” They may get a list of 30 properties. They’ll find the five or seven that they like the most, and then they’ll spend a bunch of time analyzing those five or seven. And then they’ll find maybe one to two of those where they think that the price that I can pay is close enough to the price that they’re asking that I’m comfortable sending an offer. So we have gone from a list of 30 some odd properties down to 10, down to two or three, and then we make two or three offers. And the offers are lower than they’re asking, but within our comfortability zone, and then they don’t get a response. Well, why didn’t they get a response? Well, they sent a lower offer and they only sent three offers. This is what most people do. It will take you forever to get a deal like this. The goal isn’t to make offers on the one or two properties that you like the most. The goal with this strategy is to make offers on all of them. You hear that? Every single one. Now, there may be some duds in there that you need to filter out for certain reasons. I’m not saying make offers on things that you absolutely don’t want to own. So look through your list, but instead of looking for the ones you like the most, look for the ones that you hate the most, that you’re like, “No matter what, I would not want this deal.” Filter those out. Everything else you need to make an offer on. So how do you make this offer? This is the challenging part of this strategy. It’s still a very lazy investor’s way because you don’t have to do a ton of this work. The hard part about this strategy is convincing your agent to do what you need. But your goal is now, I’ve got a list of 30 properties. I probably need to be making offers on about 25 of them. How do I make offers on 25 of them? The lazy way, because analyzing 25 deals and then figuring out what you can pay is a lot of work. That is the opposite of lazy. Remember, this is the lazy investor’s guide to finding rental properties. So we want to take all of that legwork out, and I only want to spend time on the things that matter. So how do I do that? You come up with a formula for making your offers. And the formula that I like to use when making offers on these MLS deals is very simple. I take the asking price that they are asking for this property and I subtract 40%. So what does that look like in practice? So if I get my list, I see a house listed for $300,000, I simply just need to subtract 40%. $300,000, 40% of that is $120,000. So I subtract that $300,000 minus $120,000 equals $180,000. That would be my offer price for that property. That’s the offer that we’re going to submit. Now, the best way to do this is just to train your agent to do that. Say, “Hey, filter this list for me once a week, subtract 40% from everything on the list and submit that offer.” Now, most agents are not going to want to do this much work because writing up an offer and submitting an offer takes time and effort. And yes, it’s lazy for you because you’re just saying subtract 40% and make an offer, but it’s not lazy for the agent because they’ve got to write up each one of these offers. And these offers are going to be so much lower than what the properties are listed for. They’re going to be concerned about damaging their reputation. They’re going to be concerned about people getting pissed off at them. So how do you get the agents to do this? This is what I’ve told my agent, and this is what works for us. Mr. Agent, everything on my list, subtract 40% and let’s submit an offer, but let’s essentially submit a verbal offer because remember, the goal with this strategy isn’t to get someone to say yes. Matter of fact, if I submit an offer at 40% and someone says yes immediately, I’m going to be scared that there’s a giant problem. So it’s not that we want them to say yes immediately. The goal is to open a dialogue or get them to counter. Once they open a dialogue or we get them to counter, then I can do the due diligence on the backside. I can now deep dive and analyze that deal because now I know that that seller is willing to play ball or at least thinks they’re willing to play ball somewhere in the price range where I need to be. So I’m not wasting time analyzing 30 deals before I submit my offer. I’m only analyzing the one, two or three deals where people are willing to have a dialogue. This is not that hard of a strategy to do. It is a very lazy investor way to start filtering leads, but it does require you to get your agent to do some work. So you need a good working relationship with an investor-friendly agent. But if you do this consistently every week for the next three months, you will have a lot of leads for some potential deals that are needles in the haystack sitting right there in the MLS because we have no idea why someone would be motivated to take a lower offer. And the only way to find out if someone would take a lower offer on the MLS is to do what? Make the stinking offer. So make the offer. We don’t have to be scared of rejection. It’s a business decision. Paint the picture on the front side of the business decision, shoot your shot, you might make a few buckets. You what I’m saying? I’m excited to talk to you about the next strategy because it involves another person who can sell you a deal. We covered agents who can sell you a deal, but there’s also wholesalers who can sell you a deal. So I’ll dive into how we can get them to sell us deals right after the break. All right, we are back on the BiggerPockets Podcast talking about the lazy investor’s guide to finding real estate deals. We’ve covered turnkeys, we’ve covered agents, we’ve covered MLS deals, and now we’re going to cover the infamous wholesalers. Wholesalers are a good resource for real estate deals, and it is a very lazy investor way to find deals because wholesalers have done all the legwork already. They did the off-market deal finding strategies. They talked to the sellers already. They negotiated the deal already and they’ve served it up to you on a platter and all you got to do is buy it, right? Well, kind of. So here’s how it works. Essentially, a wholesaler is a real estate investor themselves who has done some direct to seller marketing or some sort of marketing strategy to find a very undervalued real estate deal. They find a deal, they talk to a seller, they negotiate a price, and then they say, “All right, Mr. And Mrs. Seller, I’ll buy your house for $150,000.” And the seller says, “Great.” They sign a contract and then that wholesaler will come to an investor like you or I and say, “Hey, I have a deal. ARV on the deal is $300,000 and I will assign the contract to you for $160,000.” And so you go and you say, “Great, I’ll buy that for 160.” There’s a $10,000 difference between the 150 they have it under contract for and the 160 you’re going to buy it for. That $10,000 is called an assignment fee. And when you close on the purchase of that transaction, they will collect that $10,000 assignment fee. In other words, they’re getting paid for finding good deals and then finding an investor to buy that good deal and they make the spread in between. Now, there are wholesalers everywhere. In most markets of the country, you’ll find someone who calls themself a wholesaler who is looking to assign contracts. The bad news is there’s a lot of bad wholesalers out there and it is our job as the investor to vet the deals that come across our desk and to vet the wholesaler as well because we don’t want to put ourselves into a sticky situation by buying a deal that things weren’t done legally and ethically the right way. So the very first caveat with this is do not trust the numbers that are given to you. Again, a wholesaler is a salesperson. They’re trying to sell a deal. They are going to show you the best case scenario numbers. This is the maximum after repair value of this property. I think this property will sell for $400,000. Do your own research. That property may only actually sell for $300,000. You have to determine that. It is not their job to be correct. Unfortunately, there is nothing in place that holds them accountable for their numbers being correct. You have to hold yourself accountable for getting the correct numbers. So when a wholesaler sends me a deal, I completely ignore all of the information. The only information on that deal that I care about that they send me is the address. Everything else I want to figure out for myself. So I don’t care if the wholesaler says the house after repair value is $300,000, I’m going to go figure it out for myself. I don’t care if the wholesaler says the house needs a $50,000 renovation, I’m going to figure it out for myself. I don’t care if the wholesaler says the asking price for the property is $175,000. I’m going to figure out the asking price that I can pay. I don’t care what price they want to sell their property for. None of my business. My only business is analyzing the deal and figuring out what I can pay regardless of what they want. So keep that in your frame of reference if you’re using this as the lazy way to find deals. Now, it’s called the lazy way, but it’s further down the list because you do have to do work. You’ve got to analyze these deals. You’ve got to figure out what you can pay and you’ve got to talk to the wholesaler. That’s not nearly as much work as going direct to seller and having to do all the marketing and talk to the sellers and go look at the houses and go make the offers, but you must do your due diligence. That is why it’s not on top of the list as the most lazy way. You’ve got to do some legwork here. All right, we got that out of the way. You know you got to analyze the deal. Once you analyze the deal, here’s where people fail with working with wholesalers. And it’s a lot of the same reason people failed with working with agents on MLS listings. You’re too afraid to make the offer that makes sense to you because the offer that makes sense to you and the price that they’re asking are so far apart. A wholesaler that really wants to be good at their job is going to hear what your offer is, see why your offer is what it is, and take that information into account the next time they go and get deals. When you explain yourself and you don’t just shoot low ball offers and you don’t just paint the wholesaler as the villain, this is where I think a lot of people get wholesale relationships wrong. They make the assumption that the wholesaler is a bad guy because the wholesaler wants to make money without doing a bunch of renovation work. Well, in theory, you need the wholesaler. You don’t want to go do all that work. So don’t make them feel bad, right? And if they’ve got their renovation budget wrong and if they’ve got their ARV wrong, we don’t make them feel like a jerk for getting it wrong. We just explain to them why ours is different and we stick with ours because at the end of the day, you’re the one taking the risk. So I don’t say, “Hey, your ARV’s way off, but this is going to be a $300,000 house, not a $400,000 house. That’s crazy. Where’d you get 400,000?” I’m not going to approach a relationship like that. I’m going to say, “Hey, I see you got it at 400,000. I pulled my comps. Mine are probably a little different. I’m also being more conservative. I’m going to try to sell this for around three to 350, so here’s where my offer would be.” You don’t need to make them feel bad. You’re trying to strengthen a relationship, not break the relationship. So if you want a wholesaler to send you leads over everybody else, again, track record is important. If you don’t have a track record, then you need to start building trust. How do you build trust? A wholesaler wants a couple of things. Can you close quickly and can you close without bothering the homeowner multiple times? Where people struggle working with wholesalers is they want to do all this due diligence that bothers the seller. And when you’re doing that, it makes the wholesaler’s job harder. So try to consolidate tasks. If you want to go look at the property and then you want to bring your contractor back to look at the property, and then you want to bring a second contractor back to look at the property and give you a bid, and then you want to bring somebody else back and you want to look at the house again, that’s too much. Another thing that’s going to help you is to be able to close quickly because wholesale deals are hard sometimes. And if you can close deals quickly, wholesalers are oftentimes willing to make less assignment fee for the bird in the hand, the deal that’s going to close now versus the investor who might pay a little more, but it might take them 30 days. So your ability to move quickly can help wholesalers want to work with you. How do you do that when you’re not just paying cash for a property? Well, you want to look for lenders who can do in-house appraisals. The appraisal process is the longest part of the underwriting process. It’s the longest part that’s keeping you from getting your deal to the closing table. So if you can find yourself a bank or a hard money lender or a private money lender who either won’t do the appraisal and just trust the numbers that you give them or does in-house appraisals, you can move a lot quicker and get deals closed in one to two weeks. And if you can get deals closed in one to two weeks, you can say, “Hey, Mr. and Mrs. Wholesaler, I see you’ve got 123 Main Street. I know you’re asking 200. I can only pay 150, but I can get the deal closed in seven days.” They might be willing to take that. It strengthens your offer. So knowing what wholesalers want, speaking to them in the thing that they want to hear and positioning yourself as someone that can get them there without a lot of hassle will help you build a Rolodex of wholesalers who are going to come to you and feed you deals before they put them out to the public. All right. And our fifth way that lazy investors can find deals is through networking. That’s right. Most investors default to this as their deal finding strategy because they are investing by the hope methodology. I hope someone at a meetup sends me a good deal. All right? That’s not what we’re talking about here. What we’re talking about with networking is using networking to start to build consistent lead flow. So I’m going to give you a few things that you can do to start to help you build a network that’s going to send you some leads. First and foremost, incentivize people. How do you incentivize people? Well, here’s something that you can do right now. We all have social media, right? It’s the biggest networking tools that we have. You can use social media to start your networking and start sending you leads. Here’s what we do. About once a quarter, I make a post on social media and that post says simply, “Hey everybody, I just wanted you to know that I buy houses and I buy apartments. These are the markets I buy in. If you or somebody you know is looking to sell, I’d love to talk with you or them and I’d gladly pay you a referral fee of $500 if I buy a single family home or a thousand dollars if I buy a multifamily home that you recommend to me.” That’s it. Now, a caveat here is if you yourself, the person making this post are a licensed real estate agent, you cannot pay the referral fees. So you have to leave that part out. You have to find some other way to incentivize people. But if you’re not a licensed agent, you can absolutely pay somebody a referral fee for sending you a lead that you end up buying. Post that to social media once a quarter, once a month, and you’re going to get leads. You’re going to get leads for houses. You’re going to get leads for contractors. I’ve found several contractors who just commented on this post and said, “Hey, I don’t have a deal to sell, but I’m a licensed electrician. I’d love to bid a job. Let me know if you’ve got something.” I’ve had lenders reach out and say, “Hey, I don’t have a deal, but I’d love to fund your next deal. Give me a call.” You’re going to get all kinds of leads for your business. So this is just a great, easy thing to do. Such low hanging fruit here. Most people don’t do this and it baffles me. I think people are just scared to let people know what they’re doing, but if you make this post, you’re going to get leads. It’s going to be a positive thing for your business. There’s really not a downside, and this is low hanging fruit. If you’re not willing to do this, then how are you going to do any of the harder stuff that we talked about in this video? Very easy. I gave you the post. Go post it. Next, let me give you another person that you can network with that may be able to send you leads, but also send you tons of other resources that your real estate investment business needs, and that is networking with title companies. What do title companies do all day? They close real estate transactions. They run the title work and they make sure that buyers can buy properties and sellers get the money. Great. That means that they are at the closing table every single day with people buying and selling real estate. Call a title company, especially if you’ve closed a deal with a title company already. Maybe you bought your personal home from a title company. Start there. Call the title company and say, “Hey, my name’s Henry. I’m a real estate investor. I closed a transaction with you in the past,” or, “I’m looking to close transactions with this business in the future, but I’m looking for people that have lead flow or deals to sell. Do you know any real estate investors or builders who are looking to offload properties right now? I have bought multiple deals from a builder who is looking to offload his portfolio. How did I find out that builder was looking to offload their portfolio? My title agent told me she saw him selling deals. He said,” Hey, do you know anybody that’s looking to buy? I’m trying to offload my portfolio. “She connected us and I bought three deals from this guy. Okay? Your title company is connected with all kinds of buyers and sellers, so it doesn’t hurt to call them and ask. They’re also a sales company. They want to do business. So if you can say,” Hey, if you connect me with anybody and I buy a deal, I’d be happy to close that deal with your title company and I’ll send any other business your way that I can send your way. “All right, so those are some people that you can network with to start building your network of lead flow, but you want to make sure that you’re just networking in general with a plan and not just showing up and introducing yourself and hoping for the best. So how to build a network. The best way to build a network of people who want to help you is to be a person that helps other people at these networking events. So here’s a few tips for you at networking events. First and foremost, before you get there, tell yourself, write it down, “I will find one to three people I can be of service to.” Not one to three people that I can get something from, but one to three people I can be of service to. What we’re doing is you’re telling your brain to listen. Listen for people that need help so that I can step in and try to be of service to people. The first thing you want to do at networking events is to put human nature in your favor. Human nature says, “If somebody helps me, I want to help them.” You want to start building a network of people who want to help you? Start helping people at the networking events. Two, when you go to the networking events, don’t do what everybody else does. They sit in the back, they stand in the back, they act like they don’t want to be bothered. They only talk to people in their little circle of people that they know. That’s not what we’re doing. Networking events, you want to get around the people who have deals, who do deals, who are movers and shakers. Where are those people? They are typically sitting front and center, right? So carry your butt to the front, sit front and center. Those are the people who aren’t afraid to be front and center because they’re not afraid to answer questions. They’re not afraid to talk to people. Those are the people you need to be talking to. One of the best parts about the real estate investment community is not a lot of people are gatekeepers. They just want people to be successful. So go sit around people who are movers and shakers. When they find out that you’ve been coming up here, you’ve been actively engaging and you haven’t done a deal yet, they’ll be so willing to try to help you, but get around them. Don’t go hide in the back. Don’t go be quiet. And I know for some of you that’s easier than others, but this is what you need to be. Go sit right in the middle of things. That’s where you’re having conversations. And third, know what you need and what you want. Oftentimes people show up to these events and they do meet somebody who genuinely wants to help and they say, “What problem are you trying to solve right now? Or what is it that you need?” And then I’ve seen just people stumble around and not know what to answer. “We could use some more deals. “That’s not helpful. Know what you need. Have a list of one to three things that you specifically need. Maybe it’s a deal in a certain market. Maybe it’s a resource in your business you need. Maybe it’s a giant problem that you’re trying to solve, but write it down. Know it when you get there so that when you do come across that person that’s like,” What can I help you with? “Well, here’s exactly what you can help you with. “I’m looking to solve this problem. I’m having a struggle over here and I need to fix this.” If you’re specific, then they can either figure out how they can help you or who they can connect you with that can help you. The purpose of networking is to build the network, but if you don’t know what your problems are or what problems you’re trying to solve, then people can’t leverage their network to help you. So be specific, understand what you need before you get there. That way when inevitably somebody asks you the question of how can I help you, you have an answer and a good one. All right, that’s the lazy investor’s guide to finding your next deal. Here’s a little secret if you haven’t caught on yet. There’s not one of these single strategies that’s just completely hands off. You’re going to have to do something. But in all my experience, these are the ways to get deals with the least level of effort. There are tons of other ways to get deals that require a whole lot more effort, but that’s a video for another day. If you’ve got another lazy strategy we missed, comment below. We’d love to hear about it. As always, thank you so much for listening to this episode of the BiggerPockets Podcast and we’ll see you on the next episode.
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Key Insight: Place is adding Ardley’s artificial intelligence-fueled recapture and retention technology to its widening ecosystem.
Supporting Data: The company acquired point-of-sale vendor Maxwell and Radian’s real estate services business this summer.
Forward Look: The firm’s homeownership ecosystem serves millions of consumers and supports hundreds of thousands of real estate professionals. Overview bullets generated by AI with editorial review.
Place is acquiring mortgage fintech Ardley as the real estate platform is rapidly expanding its already sizable reach across the industry’s technology space.Ardley offers artificial intelligence-powered recapture and retention software for mortgage players. The announced purchase is Place’s latest during a busy summer, in which it tapped a new leader, bought point-of-sale specialist Maxwell and also added Radian Group’s real estate services.
Processing Content
“The ecosystem Place is assembling creates an enormous opportunity for our customers and the industry, combining intelligence with the scale, technology and capabilities,” said Ardley founder and CEO Nathan Den Herder in a press release Friday.
Terms of the acquisition were undisclosed.
The Bellingham, Washington-based Place also owns real estate intelligence platform Remine and Envoy Mortgage, a Houston-based lender which generated over $2 billion in loan volume last year.
Place heats up
Adding Ardley helps Place serve millions of consumers across its real estate ecosystem, the company said in a press release. Its acquisition of Maxwell last month added a fintech company that serves over 400 companies and facilitates over $130 billion in annual mortgage transactions.
Ardley and Maxwell also announced their own partnership in August and said they separately touched nearly 1 in every 10 mortgage originations last year.
“We believe the future is a connected operating system where data, intelligence, technology and services work together across the entire mortgage lifecycle,” said Ben Kinney, co-founder and CEO of PLACE, in a statement.
Ben Kenny is the co-founder and CEO of PLACE, which is acquiring Radian’s real estate and title businesses
The company has previously suggested that 20% of the nation’s homeowners are part of its real estate ecosystem.
Last month Place also named veteran industry leader Chad Smith as both president of Place and CEO of Envoy. The company acquired Radian’s title agency and underwriting lines in August, after the company put up for sale some of its assets last year.
Place, founded in 2019, has been one of the more prolific buyers in the mortgage space this year as mergers, acquisitions and other partnerships have persisted despite a sluggish housing market. Aside from fintech deals, the industry has also seen massive lender moves, including CrossCountry Mortgage scooping up the Two Harbors real estate investment trust.
We are very pleased today to be able to interview Eric Lauron from Air Canada Foundation to talk about what they do and a Points matching initiative between October 5, 2026 and October 11, 2026, just in time for Thanksgiving!…
The post [INTERVIEW] Air Canada Foundation Aeroplan Points Matching Week appeared first on Pointshogger.
Joining Bending Spoons, the Italian tech conglomerate that owns Vimeo and AOL, comes with a warning. Each prospective hire is sent a list of its “controversial” workplace principles, which advises candidates to prepare for “considerable” challenges, workloads, and expectations. Those that don’t fully commit, don’t get the job.
Despite this, Bending Spoons is regularly inundated with job applications. Last year, it received 800,000 CVs but hired only 286 people—making its recruitment process 100-times more selective than the Ivy League.
Chief executive Luca Ferrari once described Bending Spoons as “like private equity had a baby with Google.” It buys underperforming apps, rebuilds their technology with its own engineers and, unlike a typical buyout firm, keeps them. Since its founding in 2013, it has acquired more than 50 businesses.
“People want to work here because they know that they’ll be taking on big challenges with talented colleagues every day,” says Nicolle Wasserman, head of people operations at the company. Bending Spoons ranks No. 69 on Fortune‘s 2026 list of the 100 Best Companies to Work For in Europe.
The recruitment process is purposefully selective. About 60,000 applicants passed an initial CV screen and moved on to online tests designed to measure how quickly candidates solve unfamiliar problems and learn new skills. The tasks can take up to six hours, and some are monitored.
Wasserman says traditional interviews tend to penalize candidates who are shy or are not native English speakers and to reward those who oversell themselves. “It’s easy for a candidate to overstate their skills or accomplishments in an interview, but it’s hard to misrepresent them in a practical test,” she says.
To manage the volume of applicants, the company built its own recruiting software called Role Model. It draws on candidates’ test results and AI models trained on years of hiring data, including how past recruits went on to perform in the job. The company says this allows each member of its talent team to handle tens of thousands of applications a year.
About 3,300 candidates reached interview stage, but it is a central talent team, not a hiring manager, that makes the final call. The company says this limits personal bias. Each recruit’s performance is tracked for up to two years and fed back into the company’s selection models. “We’ve gotten more selective in recent years, and much better at identifying predictors of success,” Wasserman adds.
Even those that secure a job remain at risk. Bending Spoons says it parts ways with employees performing “adequately” if stronger contributors are available, something it acknowledges is uncommon.
Wasserman describes the company’s employees, known internally as ‘Spooners’, as central to its success. The company employs 600 people and revenue per full-time employee has more than doubled in two years, from $1.12 million in 2023 to $2.57 million in 2025, according to its IPO filing.
Bending Spoons flew out more than 500 of its employees from Italy to New York for its opening day on the Nasdaq in July—breaking the exchange’s record attendance figures. The IPO valued Bending Spoons at $18.4 billion and raised $1.68 billion, one of the largest by a European company this year.
No bonuses, fewer titles
Despite the large amounts of revenue being brought in by its employees, Bending Spoons does not pay performance bonuses, which are common at other tech companies. It argues that pay tied to targets encourages short-term thinking without reliably improving results, and Wasserman says it makes relationships between colleagues “more transactional and less honest.”
Instead, the company invests more heavily in salaries and reviews them annually. Employees can also purchase stock in the company directly through their salary at a discounted rate, and plans to continue offering this perk now it is listed. In 2025, 84% of eligible staff did so.
Hierarchy is kept to a minimum. Internally, the company makes no distinction between junior and senior engineers, and managers are known simply as “leads.” In most cases, there are no more than three layers of management between the chief executive and a member of the core team.
Externally, employees can describe themselves however they like on LinkedIn, “as long as it’s reasonable,” Wasserman says. She adds that the company spent so much time debating what separated one level from the next, and fielding requests for better titles, that it concluded the exercise was “an enormous waste of time and energy.”
The company’s published principles are blunt about the demands of the job. It places responsibility for wellbeing on the individual. An employee bothered by Slack messages at night, for example, is expected to turn off notifications rather than look to the company for a policy, and someone who feels drained should adjust their schedule or take time off under a flexible vacation policy that requires no approval. This approach “chimes with our culture of freedom and responsibility,” Wasserman says.
Publishing the principles allows candidates to judge whether they fit before committing to a demanding hiring process. “These things need to be addressed openly and in good faith so people can determine for themselves how aligned they are with the principles,” she says. “It really sucks for someone to go through a successful process, start working here, and swiftly realize they don’t see eye-to-eye on these topics.”
High risk, high reward
For all Bending Spoons demands, unwanted departures are low. Wasserman says 0.6% of the core team quit in 2025—the rate so far this year has been even lower. Overall turnover was much higher, at 16.2%.
This is partly due to Bending Spoons’ business model. The company made headcount reductions at OL, Eventbrite, and Vimeo, following the acquisitions. Once those businesses have been restructured later this year, it expects only a few hundred of the 1,830 full-time staff to remain, its SEC filing states.
Having a leaner workforce comes with some benefits, according to Wasserman, allowing staff to take on more responsibility and work more flexibly. “A software engineer could spend a year rebuilding Evernote’s architecture, then six months rethinking subscriptions on Vimeo, then join a platform team building the payments technology every one of our businesses runs on,” she says.
Nearly all of the company’s businesses and functions are led by people in their twenties or thirties, most of whom had little or no prior work experience. “It’s not unusual for someone still in their 20s to be leading a business doing hundreds of millions of dollars in revenue,” Wasserman says.
The company acknowledges that its culture could be harder to sustain as it grows. In its filing, it warns that maintaining it may become more difficult across a larger, more dispersed organization with teams of different backgrounds and expectations. And with more than 1,000 potential acquisition targets identified, Bending Spoons is set to keep expanding.
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I’ll never understand why the government assumes parents will be paying for their kids to attend post-secondary school.
We were a one-income (educator) family until six years ago when my husband went back to work and finally got his own teaching position. He was a stay-at-home dad until then. So our savings is next to nothing.
Did our FAFSA last night and the SAI is 28,000. I knew it’d be high because of the two of us working now, but that doesn’t say anything about our actual situation. Obviously our daughter is applying for scholarships nonstop and has a part-time job when she’s able to work around school activities, but it’s all so sad for kids today. School is so expensive, even Pennsylvania state schools.
— Margot
Welcome to the Friday mailbag, where we take one reader question and answer it. Have one? Send it to us — details at the bottom.
The Short Answer
You’re asking the question most parents never get a straight answer to after they see their Student Aid Index. The FAFSA treats your 18-year-old as part of your household’s balance sheet until she turns 24, and it does that whether or not you plan to pay a dime.
The idea that parents pay first started with the College Board’s College Scholarship Service in 1954, decades before the Department of Education existed. The age-24 cutoff came from the Higher Education Amendments of 1986. Congress set it just past the oldest age a student could still be receiving a Pell Grant, so parent finances would count for every traditional undergraduate.
The longer answer runs through three places: a private college pricing system from the 1950s, the 1979 law that created the Department of Education, and a 1986 rewrite of the Higher Education Act. Each one added a layer to the FAFSA formula your family ran into when you filed the 2027-28 FAFSA.
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Parents-Pay-First Started With Colleges, Not Congress
The idea that parents pay for their children’s college predates federal student aid. In 1954, the College Board launched the College Scholarship Service with about 100 member colleges, with the goal of collecting “a single set of financial data from students and parents”.
Harvard’s John Monro, its first chairman, built a formula to measure what a family could afford rather than using aid to bid for top students. That formula is the ancestor of every Student Aid Index calculation in use today.
The logic was rationing limited aid dollars: colleges had limited scholarship money, so they asked what each family could pay first and covered the gap.
When the U.S. Government created the Basic Educational Opportunity Grant (today’s Pell Grant) in 1972, it adopted the same structure with an “expected family contribution” built into the formula.
Federal law still frames it this way: aid fills the gap when parents can’t pay, not when they won’t. That’s why income limits for Pell are calculated on household income and not the student’s alone.
What The Department Of Education’s Charter Actually Says
The 1979 law that created the Department of Education also explicity put parents first. The Department of Education Organization Act, signed October 17, 1979, includes this congressional finding: “parents have the primary responsibility for the education of their children, and States, localities, and private institutions have the primary responsibility for supporting that parental role” (20 U.S.C. § 3401).
The law’s stated purposes describe the federal role as supplementing state and local efforts and encouraging “the increased involvement of the public, parents, and students in Federal education program.”
That language captures the philosophy of how federal financial aid policies are crafted. It’s not a specific rule, but it’s a thesis that education is the responsibility of the parent first, even higher education. The parental contribution model was already 25 years old when the department opened. The charter reflects the same belief that drives the financial aid model today.
The 1986 Law That Set “24” As The Magic Age
Before 1987, federal programs judged independence “strictly in terms of a student’s financial and living relationship with his or her parents“. A typical version of that test, used by Minnesota’s state grant program since 1968, required three things: parents didn’t claim the student on their taxes, the student lived at home no more than six weeks a year, and parents gave no more than $750 of support.
However, around this time, reports were warning that families were gaming the system to qualify for larger financial aid awards.
The numbers behind that concern: Independent students made up 14% of Pell recipients in 1974-75 and 47% by 1983-84, according to a 1985 study by economist W. Lee Hansen. Hansen traced much of that growth to older adults enrolling for the first time and found the incentive for students under 25 to switch status was modest, but status-shifting to unlock larger aid packages was the part that drew Congress’s attention.
Congress answered with the Higher Education Amendments of 1986, which President Reagan signed on October 17, 1986. Starting with the 1987-88 school year, a student was independent if he or she was 24 or older, an orphan or ward of the court, a veteran, married, a graduate student, or had legal dependents. Those same categories still decide who can borrow at the higher independent student loan limits today.
Higher education expert Mark Kantrowitz says the age limit was part of an effort to eliminate the so-called Bright Line Test for independent status, “which was prone to abuse,” the same kind of gaming that still drives the penalties for FAFSA fraud. A narrow version survived for single undergraduates who showed $4,000 a year of their own resources for two years, until Congress repealed it in 1992. “Congress wanted to make sure that families couldn’t abuse the new age-based rule, so they set the age threshold at 24 years old as of December 31 of the academic year,” Kantrowitz told The College Investor.
Kantrowitz said the number itself came from the Pell Grant time limits of the era. “Most college students graduate at age 21,” he said. “However, the Pell Grant was limited to five years for 4-year programs and 6 years for 5-year programs at the time. So, a student could still be receiving a Pell Grant at age 23, and Congress wanted to be sure that their parents’ finances were considered.“
In other words, 24 sits just past the oldest age a traditional student could still be drawing a Pell Grant, so no undergraduate on the standard path ages out of parent information while still eligible.
Kantrowitz put the goal plainly: Congress wanted “to be sure that students could not game the system to receive Pell Grants without parent information when they weren’t truly financially independent.”
Why FAFSA’s Age 24 Doesn’t Match The Tax Code
Today the rule reads that an independent student “is 24 years of age or older by December 31 of the award year,” with exceptions for orphans, foster youth, emancipated minors, veterans and active-duty service members, graduate students, married students, students with dependents, and unaccompanied homeless youth. Marriage is one of the few legal ways an undergraduate gets out early, which is why FAFSA marital status rules draw so many questions.
The tax code’s version of 24 came later. The Technical and Miscellaneous Revenue Act of 1988 added the words “who has not attained the age of 24” to the student dependency rule, effective for tax years after 1988. A 2004 law folded it into today’s “qualifying child” test: under 19, or a student under 24.
The financial aid rule came first and the tax rule followed, the opposite of what most parents assume when they file their taxes.
The bigger difference is that the tax code still asks who supports the child, and FAFSA doesn’t care. A child who pays more than half of her own support can’t be claimed as a qualifying child on her parents’ return. Meanwhile, the Department of Education’s guidance states that parents who “refuse to contribute, are unwilling to provide information, or do not claim the student as an income tax dependent,” along with a student who shows “total self-sufficiency,” don’t qualify for a dependency override “either individually or in combination“.
A 22-year-old who pays every bill can be independent for the IRS and dependent for FAFSA in the same year, a disconnect we see every day in questions about what counts on the FAFSA.
Every Federal Program Picks A Different Age
What most people understand, but rarely see directly, is that there’s no single age of adulthood in federal policy.
Health plans must let children stay on a parent’s coverage until 26 under the Affordable Care Act. The kiddie tax can reach full-time students through age 23, and the dependency exemption on income tax that once made claiming a college student valuable has been $0 since 2018.
Each age was set by a different Congress solving a different problem, which is why it’s so confusing!
When Federal Rules Stop Treating Your Child As A Dependent: It Depends On The Program
Rule
Age
What It Means
FAFSA Independence
24
Parent info required unless 24 by Dec. 31 of the award year
Tax Dependent (Student)
Under 24
Parents can claim a student who doesn’t pay over half their own support
Kiddie Tax
Under 24
A student’s investment income can be taxed at the parents’ rate
Parent’s Health Plan
Under 26
Child can stay on a parent’s plan under the ACA
Dependency Exemption
None
Worth $0 since 2018
Court-Ordered College Support
Varies
Divorce cases only, in states such as Illinois
Source: The College Investor, October 2026
The FAFSA Simplification Act Made It Harder For Big Families
The 2024-25 overhaul replaced the Expected Family Contribution with the Student Aid Index, allowed an SAI as low as -$1,500, and stopped counting how many children are in college at the same time.
Under the old formula, a family with a $30,000 ability to pay and two kids in college was expected to pay $15,000 per student. A family like yours now gets the same $28,000 SAI for each child who enrolls, with no credit for the tuition already going to a sibling.
That change hit households with several kids close in age harder than anyone, a pattern visible in our SAI chart.
Takeaway: The System Measures Capacity, Not Willingness
After nearly 20 years writing about financial aid, my view is that the age-24 rule is defensible as an upper limit for undergraduate need-based aid and fraud control, and but it doesn’t work as a description of how American families handle finances today.
Congress finalized the current test because the system was being gamed, and that problem was real. However, the result is that as parents have more income, it could make it more challenging for a student to pay, regardless of the family’s overall financial circumstances, and you’re seeing that firsthand.
For your family, here are some options that may help.
A financial aid administrator can adjust an SAI for special circumstances such as a job loss or unusual expenses by appealing your child’s financial aid award.
If parents end financial support or refuse to file, the same law lets a financial aid office offer the student Direct Unsubsidized Loans without parent information, though not grants. Students can also stack private scholarships, target tuition-free colleges, or shorten the time in college with a three-year bachelor’s degree.
The rule itself only changes if Congress changes it. Until then, an SAI of $28,000 means the formula expects money to come from the students AND parents together. Nobody is forcing you to pay it, you can make choices on higher education, but you cannot expect need-based aid to cover a significant amount of your costs.
The result is that families are better off planning around that number through crafting a college list or strategy that works for their finances.
Send Us Your Question
Got a student loan, financial aid, or money question you can’t get a straight answer on? Send it to us and we may answer it in a future Friday mailbag.
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The post Why Does FAFSA Assume Parents Pay For College Until Age 24? appeared first on The College Investor.
“I do believe there’s a bubble forming with AI and data centers,” he said. “No-one’s been able to really monetize on the AI trade yet. The hyperscalers are still trying to figure it out. The semiconductors are the ones making all the money right now – they’re getting all the cashflow because the hyperscalers are buying those chips.”
While investors and financial markets are scrambling to quantify the full potential of AI, Friedman said he’s not convinced oof the actual terminal value of data centers.
Every cycle of AI development brings more efficient chip architectures, he said, potentially reducing the computing requirements that make today’s data center investments look indispensable.
“These are huge investments that are being made with the idea that this is going to be needed 20, 30, 40 years from now,” Friedman said. “No-one can give clarity if you’re going to need these data centers five to 10 years from now.”
He sees parallels between the current market euphoria and the fiber-optic boom in the late 1990s, when billions were poured into network infrastructure that became stranded far sooner than investors had expected.
Update:This offer is available again through the 10/31/2026.
Eligible cardmembers of Sapphire, Freedom, Ink, and J.P. Morgan Reserve receive a $100 statement credit when they spend at least $600 on Chase Travel in a single transaction. Activate the offer and book by June 30, 2026 to receive the statement credit. It should also triple-stack with new $250 credit and The Edit credit. Let’s go over the details below.
Offer Details
Get $100 cash back when you spend $600+ through Chase Travel in a single transaction.
Qualifying transaction must be made during the offer period of 7/1/2026 to 10/31/2026.
Find Chase Offers here.
Important Terms
A minimum spend of $600 must be met in a single transaction, including taxes and after discounts, on your eligible card; multiple transactions totaling $600 do not qualify.
Offer valid one time only.
Offer only valid on purchase made directly with Chase Travel.
Offer not valid on purchase made using third-party services, delivery services, gift cards, or third-party payment accounts (e.g., buy now pay later).
If purchase is made using a combination of cash and Ultimate Rewards points, at least $600 of the purchase must be transacted with an eligible card to qualify.
About Chase Offers
Chase Offers are available on Chase credit cards and debit cards. With these offers, you usually get cashback when you use your eligible Chase card to shop at a participating store. You can see your offers in the Chase app or in your account online. Here are a few things worth noting about these offers:
You can add the same offer to multiple cards, and you will receive multiple credits. Apps like Savewise and Cardpointers helps you add and manage these offers.
Chase Offers could be targeted to certain accounts, so not every offer will be available for everyone.
Credits will appear in your account in 7-14 business days.
Usually the same offers will also show up for US Bank, Bank of America, Wells Fargo, Regions Bank, Suntrust Bank, BBVA, BB&T, PNC, Columbia Bank and Beneficial Bank customers.
Guru’s Wrap-up
This is a nice offer for bookings through Chase Travel. You travel can occur beyond offer expiration, so long as qualifying transaction is made prior to 9/30/2026 11:59PM PST.
Check your accounts at Chase and other banks and add the offer on as many cards as you have it.