We discuss today with Eric Hughes. Eric is the founder and CEO of Rental Income Advisors.
Eric, can you tell us about your background and what inspired you to start Rental Income Advisors?
I worked in the retail industry for 15 years, about half of that time at Macy’s. I call this my “first career”. It was a good ride, but I reached a point where office dynamics and big-company-red-tape were driving me crazy. That’s when I got serious about generating passive income, and began learning about cash-flow rental property investing. In the space of a year, I quit my job, sold my primary residence, and plowed all the proceed of that sale into 16 single-family rental properties in the Memphis area that I hoped would generate strong cash flow and replace some of the lost income from my job. (Spoiler alert: they did.)
I don’t miss the office at all. The freedom and flexibility I enjoy now are amazing. I started the blog at Rental Income Advisors to write about my journey with rental properties, and to help others learn about this investing strategy. This grew into a private coaching business – I’ve now helped dozens of clients buy hundreds of rental properties.
What sets Rental Income Advisors apart from other real estate investment firms?
There are plenty of blogs, podcasts, books and YouTube channels about rental property investing. (Too many, I’d say.) The problem is that most of this content is low-quality, click-bait, or completely misleading.
The DNA of my content is “only the good stuff, never fluff”. I don’t publish articles just for the sake of it. Instead, I aim to produce the most comprehensive writing available online on the topics most important to real estate investors. If my article won’t be a unique and definitive source, I don’t publish it.
I’m also huge on data & transparency. I go deeper with analysis than anyone else, and always show and explain the numbers behind rental property investing. I even publish my on portfolio’s monthly and annual performance in detail, to build trust and credibility.
How has your experience in real estate investment shaped the strategies and services offered by Rental Income Advisors?
Real estate investing was a game-changer for me. It allowed me to take control of my time and priorities in a way I only dreamed about. Through the blog and private coaching, my goal is to help others achieve the same thing.
Can you provide an overview of the services that Rental Income Advisors offers to real estate investors?
Of course. I have lots of free blog content, as well as free tools for download (such as a rental property Analyzer spreadsheet.) I also publish a monthly newsletter curated for rental property investors.
But the primary service I offer is private coaching. I work 1-on-1 with a client over a long period of time (more than a year, usually) to help them acquire their first few rental properties. I guide them through every step of the process in detail, so that they always have a trusted partner in their corner. Making the leap into rental properties can be scary, which is why so many people think about it but never actually do it; I give a client the confidence to get off the sidelines and invest with confidence.
What types of properties or investment opportunities does Rental Income Advisors specialize in?
We focus on single-family and small multi-family rental properties in less expensive markets where cash flow is strongest. The goal is to buy and hold these properties for the long term – and because these cash flow markets aren’t necessarily where investors live, we strongly recommend using professional property management to handle the day-to-day operations.
How do you assist investors in identifying and acquiring profitable rental properties?
We teach our clients how to select a market, identify a “buy box” of ideal property characteristics in that market, and set up deal flow based on those criteria. We also teach them how to “run the numbers” the right way, so they can predict the financial performance of properties accurately. Plus, we help them to set up a team on the ground, including a property manager, that will support their investments over the long term.
Can you share a success story where Rental Income Advisors helped a client achieve significant financial success through real estate investment?
I started working with Daniel a few years ago. He works in sales out in California, but was interested in cash flow rental properties to generate some passive income. He went through the program, and within six months, he bought six properties in the Birmingham market. He has continued to scale since then, and now has 14 properties! He eventually hopes to retire early with his rental properties.
He was so successful that I brought him on as a partner at Rental Income Advisors to coach other clients who had selected Birmingham as their market, due to his personal experience investing there.
Can you discuss any future plans or developments for Rental Income Advisors that investors and clients can look forward to?
I’d like to develop a Members Area of the site for my clients, where information and resources would be better organized and available for them any time. I might also provide other investors access to this area via a subscription, so that they can benefit from those resources without actually being a private coaching client.
I’d eventually like to create a self-paced online course for rental property investors. This would be ideal for investors who aren’t ready for private coaching yet, either because they’re still in the early phases of learning about rentals, or they’re still saving up funds to invest.
Eric, how is a day in your life?
Well, I never set an alarm, which is nice! My calendar is open for client calls 11am-5pm on weekdays, so a typical day would consist of a few client calls, as well as emails, writing & research for the blog and newsletter, and planning and development work for the future of the business.
I get to the gym most days (whenever I have a break in my schedule) and prefer to cook dinners at home. The weekends are leisure time, especially golf.
The best part is that I’m in full control of my calendar. If I want to take a day off, I just block the calendar and do it. So even though I’m busy and work (at least) full time, it’s a completely different feeling than it was working in an office. I’m only accountable to myself.
What is something most people don’t know about you?
Most people assume I studied business or economics in college, but I actually studied music. I’m a piano player, and have sung in a semi-pro jazz a cappella group for over a decade.
To know more about Eric Hughes and Rental Income Advisors please visit https://www.rentalincomeadvisors.com