The BetterLife Podcast – Episode 169: "Is now a good time to buy a house?"

Hosts: Brandon Turner & Cam Cathcart
Date: September 16, 2025
Format Note: This episode was originally recorded as an interview on "The Iced Coffee Hour" and then re-broadcast on The BetterLife Podcast.

Episode Overview

This episode centers around the perennial real estate question: Is now a good time to buy a house? Brandon Turner, renowned real estate investor and former BiggerPockets host, is interviewed in Maui about the evolving dynamics of the housing market, wealth building through real estate, and broader life strategies. The conversation dives deep into market shifts since 2020, obstacles for new investors, creative investing strategies, personal stories, and philosophical takes on wealth, life, and even beards.

Key Discussion Points and Insights

1. Is Now a Good Time to Buy a House?

Timestamps: [00:42] – [03:01]

• Brandon's Principle: "Now is always a good time to buy a house when you have a long enough perspective. Real estate always appreciates over every 10-year period in American history." (Brandon, [00:47])
• The market has changed dramatically since 2020: home prices and interest rates are both significantly higher.
• Short-term vs Long-term: Buying makes sense if you’re staying put for 5-10+ years. Renting may make more sense for shorter stays due to current rent/mortgage disparities.

2. Market Challenges: Rising Costs & Housing Shortage

Timestamps: [01:15] – [04:40]

• Interest rates and pricing have doubled since pre-pandemic levels. Mortgage payments can be nearly double what they were a few years ago.
• There’s an ongoing housing shortage, exacerbated by underbuilding since the 2008 recession and a lack of affordable new construction.
• Building activity is focused on high-end housing; little is being built for average Americans.

"There's a lot of apartments available, they're just for the rich people. There's almost nothing being built for the average American right now."
– Brandon, [03:16]

• Possible government responses: Regulation reduction, creative housing incentives (e.g., ADUs in California), or subsidizing rent.

3. Government Policies & Inflation’s Impact

Timestamps: [04:40] – [06:29]

• Government subsidies (like Section 8) and general inflation tend to benefit landlords/property owners over time.
• COVID stimulus showed how government actions can disproportionately increase wealth for property owners.
• Real Estate as an Inflation Hedge: Even if home prices only rise as fast as inflation, owners maintain their relative wealth (and benefit from fixed mortgage payments).

4. Brandon's Origin Story & Investing Background

Timestamps: [07:01] – [10:52]

• Started with house hacking: renting out bedrooms for free living.
• Came from a blue-collar background; learned by necessity and hustling.
• Major takeaway: "I went from 1 to 2 to 4 to 10 to 25... now at over 13,000 units in 20 states." (Brandon, [08:13])
• Connection to BiggerPockets: Early adopter, became the face of the podcast, building credibility and a network.

5. Lessons From Difficult Deals

Timestamps: [10:52] – [13:57]

• Flipping gone wrong: Lost $20K and a year of life on a duplex flip. Lesson—holding real estate is almost always more profitable than quick flips.
• Large-scale challenge: $72M apartment complex in Texas where property tax reassessment suddenly wiped out most cash flow.
• Takeaway: The long game in real estate pays off. Dealing with market and regulatory ups and downs is part of the business.

6. Risk, Diversification, and "No Risk It, No Biscuit"

Timestamps: [17:09] – [19:46]

• Fear and Macro Risks: Every asset class has existential risks—don’t let fear of "meteor plans" paralyze you.
• Diversification is crucial: "The money in real estate today is in being world-class...Mediocrity doesn't really have a place anymore." (Brandon, [18:02])

7. How to Find a Good Deal in Today’s Market

Timestamps: [19:46] – [23:42]

• Define "Good Deal": Brandon seeks 8–12% year-one cash-on-cash returns, aiming for 15% annualized over the holding period—double what the stock market reliably offers.

"If you're not getting outsized returns for the risk and work, why do it?"
– Brandon, [21:08]

• Strategies for Today: Traditional buy-and-hold is tough in 2025. Look to "fringe" strategies for cash flow:
  • Rent-by-the-room (co-living)
  • Building ADUs (Accessory Dwelling Units)
  • Residential assisted living
  • Built-to-rent communities

8. Obstacles and Solutions for New Investors

Timestamps: [42:09] – [48:57]

• High Barriers Now: High prices and mortgage rates mean larger down payments/new qualifying requirements.
• Use creative financing:
  • FHA loans (3.5% down, including for multi-families)
  • FHA 203K rehab loans (finance purchase and repairs together)
  • Find partners or cosigners to qualify
• Major Point: Partnerships can unlock opportunities—there are many with cash but not time; become the person who brings the deal.

9. Creative Deal Sourcing & Negotiation Tactics

Timestamps: [60:05] – [66:37]

• Off-market property finding:
  • Driving for dollars: Seek out distressed properties.
  • Direct mail, skip tracing, and cold calling.
• "It's a numbers game and a funnel. The best are never surprised when deals work out—they put in the reps." ([64:09])
• Negotiation tip: Always present multiple options (like a cash quick-close vs. higher price with contingencies) to shift from "yes/no" to "which one?" ([65:18])

10. Best Opportunities in Today’s Market

Timestamps: [67:20] – [71:39]

• Best Opportunities (Meta answer): Whatever excites you and matches your local market.
• On the ground, Brandon likes:
  • Assisted living ("America's aging boom is the next big problem.")
  • ADUs in CA/HI/SD
  • Industrial warehouses (if you have knowledge/capital)
  • House flipping (still opportunities for pros)
• "Get in front of the whale—where is the economy moving?" ([67:39])

11. Location Preferences: Where To (and Not To) Buy

Timestamps: [71:39] – [73:48]

• Avoid high-regulation states (CA, OR, WA, NY, MI, and probably IL)—too hard for landlords.
• Favors FL, AZ, NV, TX (though TX taxes are a problem).
• Focus on both cash flow and appreciation—don’t settle for just one.

12. Landlording: How To Do It Right

Timestamps: [74:34] – [78:35]

• Two types of bad landlords:
  • Too mean/cheap
  • Too nice (never raise rent, let rules slide)
• "Be firm and fair. Raise rents regularly to keep up with expenses and to prevent future tenant crises."
• Rent control often backfires: Forces even "nice" landlords to raise rent to the maximum allowed.

13. Section 8/ Subsidized Housing: Pros & Cons

Timestamps: [79:20] – [83:47]

• Section 8 creates stable, reliable tenants but can come with heavy inspection and landlord responsibility.
• Section 8 pay rates are often much higher for houses with more bedrooms.
• Challenges in CA with bureaucracy—but there are still big opportunities.

14. Wealth Building, Philosophy & Personal Life

Timestamps: [90:20] – [96:30]

• "Money can buy happiness, but it can also buy misery."
• Giving generously helps keep wealth from controlling you.
• Identity and self-worth: Don’t tie yours exclusively to career or money; this avoids misery after a big sale or life change.
• Human psychology: Most people react negatively to seeing others (landlords, the rich) succeed; it's easier to demonize than to reflect.

15. Personal Stories, Motivation, and Life Lessons

• Commitment & Beards: Maintaining a big beard signals commitment—an evolutionary or cultural signal. Also, "caricatures" (big beard, loud style) are valuable for personal branding. ([103:19] – [106:47])
• Monopoly Lesson: "Get rid of your cash as fast as you can—force your money to work, so you’ll work harder and win more."
• Habit Tracking & Purchases: Brandon recommends a habit journal ("track the stuff you do—it's the ultimate life hack"), AeroPress for coffee, and a Ninja Creamy for high-protein, low-calorie ice cream fun.

Notable Quotes & Moments

• "No risk it, no biscuit." – Brandon, [18:02]
• "Fast money is in hard." – Brandon, [27:02]
• "If you just hang on to real estate...it's incredibly hard to lose if you just hold on." – Brandon, [12:38]
• "You gotta pick your hard...You pick your hard, and the money is in hard." – Brandon, [27:41]
• "Wealth is a skill, not an outcome." – Brandon, [101:23]
• "Giving away money is a good way to break money's hold on you." – Brandon, [92:09]
• "No risk it, no biscuit...if you don't take the risk, you don't get the rewards." – Brandon, [18:02]
• "People see wealthy, successful people and it makes them feel bad about themselves...So they demonize instead of reflect." – Brandon, [99:02]
• "You get enough units, $100/unit per month, you're retired (if your bills are $10k/month, that's 100 units...or just one 100-unit building)." – Brandon, [32:43]
• On relationship transitions:
  "Esther Perel says, 'In your life, you will have five marriages. I hope they're all to the same person.' Focus on the transitions." – Brandon, [108:10]

Book Recommendations

Timestamps: [109:56]

• Don't Believe Everything You Think – Joseph Nguyen
• The One Thing – Gary Keller & Jay Papasan
• The Compound Effect – Darren Hardy
• Red Rising – Pierce Brown (fiction, for leadership lessons!)
• Rich Dad, Poor Dad – Robert Kiyosaki (“almost every real estate investor names this book as life-changing”)

Important Timestamps by Segment

• [00:42] Is now a good time?
• [03:01] Short-term vs. long-term ownership; affordability
• [07:01] Brandon’s origin & credentials
• [10:52] Difficult deals and hard lessons
• [19:46] Defining and finding a “good” deal in 2025
• [23:42] Fringe strategies for profitability
• [27:41] “Pick your hard” philosophy
• [32:43] The four ways real estate creates wealth
• [36:39] Who should NOT buy/invest in real estate
• [42:09] Buying with little/no money in 2025
• [48:57] The abundance (and limitations) of capital partners
• [60:05] Off-market deal sourcing
• [65:18] Negotiation tactics
• [67:45] Best current opportunities
• [71:42] Best/worst states to buy
• [74:34] Best practices in landlording
• [79:20] Section 8 & subsidized strategies
• [90:20] Money, happiness, and philosophy
• [101:16] Could you start over today and get rich?
• [108:10] Relationship and marriage advice
• [109:56] Book recommendations

Tone & Takeaways

Brandon is candid, humorous, and grounded. He emphasizes long-term thinking, risk-taking, and adaptability as the core values for a better financial (and personal) life. Listeners are encouraged to think beyond headlines, double down on what works in their market, and always build both skills and character.

For Listeners New to Real Estate

• Start with a long-term perspective: Real estate is rarely a quick win.
• Build your network and seek creative financing.
• Know your own tolerance for risk, and be honest about your skills and patience.
• Don’t be scared off by anecdotes or occasional horror stories—focus on principles and proven strategies.
• Remember: “No risk it, no biscuit.”