BiggerPockets Real Estate Podcast Summary Episode: *Semi-Retired with a Small $6,000/Month Rental Portfolio
Release Date: June 23, 2025
Host: Dave Meyer
Guest: Bill Price

Introduction

In this engaging episode of the BiggerPockets Real Estate Podcast, host Dave Meyer interviews Bill Price, a semi-retired real estate investor who successfully built a rental portfolio generating $6,000 per month. Bill's journey from an accidental landlord to a seasoned investor offers valuable insights for both novice and experienced investors.

Bill Price’s Journey into Real Estate Investing

Starting Point: The Accidental House Hacker

Bill Price began his real estate investment journey in 2006 with the purchase of a two-bedroom condo in Milwaukee for $240,000. Initially, Bill wasn't actively seeking to become a landlord. Instead, he transformed his primary residence into a rental property almost by accident.

“I got involved with a friend who needed a place to live about four months after I was living there. I offered the second bedroom, and that’s how it all started.”
— Bill Price [02:00]

This move wasn’t part of a grand plan but rather a practical solution that eventually sparked his interest in real estate investing.

Transition to Intentional Investing

Over the next decade, Bill managed his initial rental passively, allowing his portfolio to grow organically. It wasn't until 2016 that Bill made a deliberate shift towards real estate investing by purchasing his first duplex.

“In 2016, my wife and I decided to move in together, and I wanted to keep renting out the condo. So, we listed it on Craigslist and successfully rented it out, which confirmed the potential of real estate investing for us.”
— Bill Price [04:07]

This transition marked the beginning of Bill’s proactive approach to building his rental portfolio.

Scaling the Portfolio: Challenges and Successes

Early Successes and Initial Challenges

Bill's portfolio expanded to 13 units over six years, with nearly all properties acquired for under $300,000. However, the growth wasn't without its hurdles. His first full-time investment, a duplex purchased in 2019 for $185,000, introduced him to the complexities of property management.

“When I bought the duplex, one tenant moved out unexpectedly, and another stopped paying rent. It was a wake-up call about the realities of being a landlord.”
— Bill Price [08:46]

Despite these challenges, Bill remained resilient, leveraging Milwaukee County’s relief funds to mitigate the financial impact and quickly re-renting the property.

Strategic Expansion During Financial Uncertainty

In 2021, amidst the uncertainties of the COVID-19 pandemic, Bill faced significant financial pressure as his adjustable-rate mortgage came due. With a stable rental income and strategic refinancing, he was able to acquire additional properties, including two duplexes in the Bayview area and a four-unit property, often referred to as “four doors.”

“My mortgage broker suggested splitting my previous condo’s equity to invest in multiple properties, which allowed us to purchase four mortgages at 2.7% interest rates.”
— Bill Price [18:43]

These strategic moves not only expanded his portfolio but also significantly enhanced his cash flow, contributing to his financial stability and semi-retirement.

Adapting Strategies: From Traditional Rentals to Flipping

The BRRRR Method and Renovation Challenges

In 2023, Bill ventured into the BRRRR (Buy, Rehab, Rent, Refinance, Repeat) strategy by purchasing a dilapidated property for $160,000. The renovation process was fraught with difficulties, including unreliable contractors and extensive repairs.

“The first day the new contractor showed up, he brought three other guys and left. It was overwhelming and almost dangerous.”
— Bill Price [28:27]

Despite the setbacks, Bill managed to complete the renovation with the help of a trusted handyman, ultimately deciding to flip the property for a profit rather than hold it as a rental.

“I called it my X and L flip. Although I gained significant equity, the process was overwhelming, and I didn’t enjoy it.”
— Bill Price [29:57]

This experience underscored the importance of having reliable contractors and the emotional toll renovations can take, guiding Bill back toward focusing on rental properties.

Current Portfolio and Future Plans

Portfolio Growth and Financial Freedom

As of March 2025, Bill owns 13 rental units generating approximately $6,000 per month. His strategic acquisitions, combined with low-interest rates secured in the early 2020s, have created a robust and profitable portfolio.

“All my mortgages are at 2.7%, which is a rare and advantageous position. These rates will allow me to maintain and grow my portfolio without the burden of high-interest payments.”
— Bill Price [20:31]

Balancing Work and Real Estate Investing

Bill continues to work full-time with the band Weezer, scaling back his work schedule to enjoy more personal freedom, thanks to his real estate income. His goal is to reduce his work weeks from 36-40 to 16 per year, achieving a balance between his passion for music and his investment portfolio.

“Real estate has allowed me to throttle back my work schedule significantly while continuing to invest and grow my portfolio.”
— Bill Price [31:14]

Bill’s approach exemplifies how real estate investing can support lifestyle changes without necessitating a complete career shift.

Key Insights and Lessons Learned

Resilience and Adaptability

Bill’s journey highlights the importance of resilience in the face of tenant issues and market fluctuations. His ability to navigate financial challenges during the pandemic and adapt his strategies ensured the continued growth of his portfolio.

“These ups and downs are just part of being a real estate investor. Some deals will be challenging, but persistence is key to building a successful portfolio.”
— Bill Price [30:20]

Strategic Financing and Leveraging Equity

Utilizing strategic refinancing and leveraging existing equity were pivotal in Bill’s ability to expand his portfolio. Securing low-interest rates and spreading down payments across multiple properties maximized his investment potential.

“Splitting my condo’s equity allowed me to purchase multiple properties at favorable rates, accelerating my portfolio growth.”
— Bill Price [18:43]

Balancing Work and Investments

Bill’s experience demonstrates that real estate investing doesn’t require abandoning a full-time job. Instead, it can complement existing careers, providing additional income streams and financial security.

“Real estate can help you achieve the lifestyle you want without necessarily requiring you to go full-time. It’s about finding the right balance.”
— Bill Price [22:13]

Conclusion

Bill Price's story is a testament to the transformative power of real estate investing. From an accidental start to building a substantial rental portfolio, Bill’s journey underscores the importance of resilience, strategic planning, and adaptability. His ability to balance a full-time career with successful real estate investments offers inspiring insights for anyone looking to achieve financial freedom through real estate.

“Real estate has enabled me to take more time off from my demanding job and has set the foundation for an early retirement, should I choose to pursue it.”
— Bill Price [01:06]

Bill's experience serves as a practical guide for aspiring investors, illustrating that with the right strategies and mindset, financial independence through real estate is attainable.

Note: This summary excludes advertisements and non-content sections to focus solely on the valuable discussions between Dave Meyer and Bill Price.