The rise of BiggerPockets star Brandon Turner
Welcome to Insider Weekly! I’m Matt Turner, Co-EIC of Business at Insider.
Few of us manage to popularize an acronym of our own making.
But real estate influencer Brandon Turner has done just that with BRRRR, which stands for buy, rehabilitate, lease, refinance, and repeat. It’s a phrase he says often on his podcasts, as he advises listeners on how to achieve financial independence by buying homes and renting them out for passive income.
As Daniel Geiger reported this week, Turner is much more than BRRRR and BiggerPockets, the real estate media company that produces his podcast and of which he is a shareholder. He’s raised millions of dollars from his fans to invest in real estate, charging them high fees and sending most of the money to mobile home parks across the country.
For more on Turner, BRRRR and the hot housing market, check out our Q&A with Dan and his editor Hana Alberts below.
Also in this week’s newsletter:
- A leaked Microsoft spreadsheet revealed 1,200 salaries, while leaked emails showed women sharing stories of gender discrimination and wage gaps at the company.
- Wealthy baby boomer parents take out cheap loans to buy homes for their millennial kids and save on taxes.
- The next chapter of the Great Resignation has arrived – employees who quit during the pandemic are starting to demand a return to their old jobs.
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The story behind the rise of the BiggerPockets star
Correspondent Daniel Geiger and Editor-in-Chief Hana Alberts gave us a behind-the-scenes look at their profile of real estate influencer Brandon Turner.
Why did you want to speak with Brandon Turner in the first place?
Dan: Brandon Turner has a large social media following and appears to have raised tens of millions of dollars for real estate investments through that fan base. He’s also a popular podcast host, and it’s fun – and maybe a little tricky – to interview someone who is skilled at speaking and telling their own story.
What’s one of the most surprising things you learned while working on this profile?
Dan: I think the amount of money he raised was striking. He’s been really effective in building a fan base and monetizing it. Real estate investing is a stable business that has long been dominated by leading players and big brands. Turner shows the rise of something new.
What do you think readers will take away from this profile?
Hana: I love the way Dan has positioned Turner’s meteoric rise and his many followers in the zeitgeist of Reddit and stocks and crypto. It’s part of this larger shift to follow – and invest money with – prominent people rather than anonymous companies. Is it necessarily better? I think Dan set out to clearly state the complexities involved.
Read our full profile here: Brandon Turner makes millions selling real estate investing dreams. Even tells him you’re gonna lose money now.
A leak from Microsoft showed 1,200 salaries and disclosed stories of gender pay disparities
Legions of Microsoft employees have compiled data on pay and promotions into a shared spreadsheet to encourage pay equity across the company. The leaked charts – which circled the company in an internal messaging channel – showed salaries, bonuses, years of experience, promotions and demographics.
Seen by Insider, the leak also revealed a pay gap between women and their male counterparts. A Microsoft spokesperson said the company listens to its employees and recognizes that there is still work to be done.
See the Microsoft data disclosed here.
Wealthy parents buy their children’s house
Asset-backed lending surged amid low interest rates and a hot real estate market. Wealthy parents have taken advantage: they see these loans as a way to pass their wealth on to their children at low cost.
Now banks are targeting baby boomers looking to help their millennials buy their first home. Taking a loan instead of liquidating securities is a given in high-tax states, said a wealth planning expert. Buyers only need to navigate the terms attached to these loans.
Here is how it all works.
“Boomerang Employees” Return
Employees quit their jobs en masse during the pandemic – in what’s known as the Great Resignation. You probably know someone who quit their job this year, or maybe you did it yourself. But some workers are now returning to jobs they recently left.
“We’re going to see a lot of boomerang employees, who in a year from now will miss their jobs and decide their romance isn’t going as well as expected,” said Anthony Klotz, professor of management at Texas A&M University. He encouraged companies to view their former employees as a breeding ground for future staff due to the difficulty of hiring good employees.
Check out the latest workplace trend that has already started.
More reads this week:
- Advertising giant WPP has suspended three staff at its agency Finecast following a complaint and a whistleblower investigation.
- Amazon aggregators buy out third-party merchants. Sellers are expected to be acquired at an unprecedented rate next year, according to a new survey.
- This freelance writer has stopped relying on Google Calendar to manage her life. Now she swears the move was her ultimate productivity hack.
- Grant Wonders has become one of the most profitable analysts in the history of Viking Global. Here’s how the hedge fund giant has become a training ground for a new generation of high-income investors.
- The prosecution in the Elizabeth Holmes trial just scored a point of $ 275 million.
- Beware, FedEx and UPS, two of America’s largest regional delivery companies, are joining forces to become a new competitor.
- Lululemon is set to make a splash in the footwear industry. Find out what his sneakers could look like.
Mark your calendar:
We have two events for you.
Compiled with assistance from Phil Rosen.