788: From $26K/Year Paycheck to $70K/MONTH Rent Checks w/Lamon Woods
BiggerPockets Real Estate Podcast
Shownotes Transcript
Lamon Woods used an ingenious rental property strategy to go from one house to over one hundred rentals in a small market without using almost any cash. This strategy is so brilliant that most real estate investors assume it doesn’t exist or they can’t use it in their rental property portfolio. Lamon luckily stumbled upon this way to invest, and now, he’s growing his real estate portfolio at a pace unfathomable to most landlords.
But Lamon didn’t start as some rental property investing expert. He was making a low income, working a job he had no passion for, and looking for any avenue that could help make him more money. When his wife suggested that they buy the house they were currently renting, Lamon put up a fight but eventually went along with the plan. It wasn’t until he moved out and rented his first home that the real estate investing lightbulb went off.
From there, Lamon realized how quickly passive income could replace his paycheck. So, he made it his goal to buy one house a year. The plan was working, but then Lamon realized he could purchase homes without using his own money. In fact, Lamon could take the properties he already owned and use them to grow his rental property portfolio even faster. Now with over one hundred units to his name, Lamon wants to teach other investors (like you) how to do the same!
In This Episode We Cover:
Lamon’s “infinite return” financing method that’ll let you buy properties with NO money down
“Cross collateralization” and how to use properties you already own to build your rental property portfolio
Knowing your real estate market and why over-improving will kill your cash flow
Replacing your paycheck with passive income and going from renter to landlord
Getting around your lender's seasoning period and how to use your equity WITHOUT having to wait
And So Much More!
Links from the Show
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Learn About Real Estate, The Housing Market, and Money Management with The BiggerPockets Podcasts
Get More Deals Done with The BiggerPockets Investing Tools
Find a BiggerPockets Real Estate Meetup in Your Area
How to Use Home Equity to Buy Rentals
5 Reasons to Utilize Your Equity & How to Safely Invest It
How to Invest in Real Estate with No Money Down (4 Rules You NEED to Follow!)
Enter to Win a FREE Copy of David's New Book, "Pillars of Wealth"
Connect with Lamon:
Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-788
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected].
Learn more about your ad choices. Visit megaphone.fm/adchoices
