Manage episode 286486174 series 2479334
Busy people tend to be...busy, and often, real estate investing is one of the things that they “just don’t have time for”. If you feel that way, listen to today’s guest, Dion Mcneeley as he describes his own system for buying real estate the “lazy” way.
Dion was a police officer and a truck driving instructor, taking care of his kids as a single parent, and struggling to get ahead. He went from $89,000 in debt to becoming debt free and financially free, thanks to the help of rental properties, in just 10 years.
After buying his primary home, Dion heard of success in owning rental properties, so he decided to move out of his house and into an apartment to see if he fit as a landlord. He rented the house to his friend, who later moved out without notifying him. Dion tried to make landlording work with another tenant, but ended up being underwater on the house payments. This is when he found BiggerPockets and read Rich Dad Poor Dad.
What was Dion’s mistake? He wasn’t running his rental properties like a business. After upgrading his processes, he went on to buy and house hack a duplex. Then he bought another duplex as an investment, and another one, then another house hack duplex. Within just 6 years, he had 7 units and was raking in $2,700 a month in pure cash flow!
Dion talks about the mistakes he made, why he prefers side-by-side duplexes, how he’s located his properties for maximum asset protection, and goes into his amazing strategy for getting tenants to sign longer leases and raise their own rents. You can check out Dion’s Youtube channel or find him on the Real Estate Rookie Facebook Group!
In This Episode We Cover:
- Why being lazy can be a benefit when building systems for real estate
- How to use your job and your rentals to achieve a 100% savings rate
- The benefit of side-by-side duplexes as opposed to two-story duplexes
- Making sure that your procedures are easy so they can be repeatable
- Getting tenants on longer leases and higher rents with the “Binder Strategy”
- Spacing out rentals so you have a large pool of tenants to choose from
- And SO much more!
Links from the Show
- BiggerPockets Forums
- BiggerPockets Podcast 276: Early Retirement ($10k/Month) by Age 35 with Bryce Stewart
- BiggerPockets Podcast 443: 10 Ways to Learn Anything Faster with Jim Kwik
- BiggerPockets Podcast 356: 30+ Rentals (in a Pricy Market) Through BRRRR and Section 8 with Joe Asamoah
- BiggerPockets Money Podcast
- BiggerPockets Business Podcast
- BiggerPockets Rookie
- Rookie Podcast 51: 18 Deals in 2 Years AND a Full Time Job with Kevin Christensen
- CDS Rental Calculator App
- BiggerPockets Rental Calculator
- Wells Fargo
- Guild Mortgage
- BiggerPockets Facebook Group
Check the full show notes here: http://biggerpockets.com/show448