:BiggerPockets
BiggerPockets is an American company based in Denver, Colorado. It focuses on real estate investing education and the benefits of investing in rental properties.{{Cite news |date=2022-03-24 |title=The real estate evangelist — why buy one home when you can buy 100? |work=Financial Times |url=https://www.ft.com/content/57ae7195-d889-4342-bb7f-9e413236599f |access-date=2023-03-18}}
The company's Chief Executive Officer is Scott Trench{{Cite news |last=Kornelis |first=Chris |date=17 February 2023 |title=Where New Landlords Go Wrong |url=https://www.wsj.com/articles/new-landlord-mistakes-4e6072bd |access-date=2023-03-18 |newspaper=Wall Street Journal |language=en-US}} and Aaron Sallade is Chief Financial Officer.
History
BiggerPockets was founded in 2004 by Joshua Dorkin. It was originally a message board for real estate investors to ask questions and share best practices.{{Cite web |last=Payne |first=Nicola |date=2017-04-28 |title=Denver's New Real Estate Mogul... |url=https://www.5280.com/denvers-new-real-estate-mogul/ |access-date=2023-03-18 |website=5280 |language=en}} He started the company with no venture capital financing and no outside investment.{{Cite web |last=LAROCQUE |first=TOM |date=2009-02-06 |title=Real estate investors at home on website |url=https://www.denverpost.com/2009/02/06/real-estate-investors-at-home-on-website/ |access-date=2023-03-18 |website=The Denver Post |language=en-US}} Dorkin served as the CEO of BiggerPockets for 14 years.{{Cite web |last=Ludwig |first=Sean |date=2019-12-31 |title=5 Startups that Bootstrapped Their Way to Success |url=https://www.uschamber.com/co/co/run/business-financing/bootstrapping-success-startups |access-date=2023-03-18 |website=U.S. Chamber of Commerce |language=en-US}} Their first employees were hired in 2013.
The company claims over 2.5 million members. As of March 2022, its online forums had 2 million members.
BiggerPockets coined the phrase “BRRRR” to describe a real estate investing strategy of Buy, Rehab, Rent, Refinance, Repeat.{{Cite news |last=Gopal |first=Prashant |date=2022-03-25 |title=Homeowners Spin Soaring Prices Into U.S. Real Estate Riches |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2022-03-25/real-estate-investing-homeowners-use-cash-out-refis-to-buy-rentals |access-date=2023-03-18}} This is similar to the BRRR strategy but includes the additional “R” for Repeat.
In 2006, members of the BiggerPockets message board helped uncover fraud at Pinnacle Development Partners. That resulted in an SEC investigation and later shutdown of the firm after it was revealed to be a Ponzi scheme.{{Cite web |title=Securities and Exchange Commission v. Pinnacle Development Partners LLC |url=https://www.sec.gov/litigation/complaints/2006/comp19864.pdf |website=SEC.gov}}
In 2016, the company had annual revenue of $7 million from advertising, memberships, and partnership income.
Podcasts
Books
Their publishing department, BiggerPockets Publishing, has published several books, including:
- How to Invest in Real Estate: The Ultimate Beginner's Guide to Getting Started
- Buy, Rehab, Rent, Refinance, Repeat: The BRRRR Rental Property Investment Strategy Made Simple
- {{Cite book |last=Turner |first=Brandon |title=The Book on Rental Property Investing: How to Create Wealth With Intelligent Buy and Hold Real Estate Investing |publisher=BiggerPockets |year=2015 |isbn=978-0990711797}}