cover of episode 448: The Lazy Person’s Guide to Financial Freedom in Less Than 10 Years with Dion Mcneeley

448: The Lazy Person’s Guide to Financial Freedom in Less Than 10 Years with Dion Mcneeley

Publish Date: 2021/3/4
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BiggerPockets Real Estate Podcast
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Shownotes Transcript

    <p>Busy people tend to be...busy, and often,<strong> real estate investing</strong> is one of the things that they “just don’t have time for”. If you feel that way, listen to today’s guest, <strong>Dion Mcneeley </strong>as he describes his own system for <strong>buying real estate the “lazy” way</strong>. </p><p>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 <a href="https://www.biggerpockets.com/blog/12-give-debt-free-year"><strong>debt free</strong></a><strong> and financially free</strong>, thanks to the help of rental properties, in just 10 years. </p><p>After buying his primary home, Dion heard of success in owning rental properties, so he decided to<strong> move out of his house and into an apartment to see if he fit as a landlord</strong>. 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<strong> underwater on the house payments</strong>. This is when <strong>he found BiggerPockets and read </strong><a href="http://biggerpockets.com/richdadpoordad"><strong><em>Rich Dad Poor Dad</em></strong></a><em>. </em></p><p>What was Dion’s mistake? He<strong> wasn’t running his rental properties like a business</strong>. After upgrading his processes, he went on to buy and <a href="https://www.biggerpockets.com/blog/6-house-hacking-strategies-you"><strong>house hack</strong></a><strong> a duplex</strong>. Then he bought another duplex as an investment, and another one, then another house hack duplex. Within just 6 years, he had <strong>7 units and was raking in $2,700 a month in pure cash flow</strong>!</p><p>Dion talks about the mistakes he made, why he prefers<strong> side-by-side duplexes</strong>, how he’s located his properties for maximum asset protection, and goes into his amazing strategy for getting<strong> tenants to sign longer leases and raise their own rents</strong>. You can check out <a href="https://www.youtube.com/channel/UCjXCAh2R1gwE1WlmNRUNpIg/videos">Dion’s Youtube channel</a> or find him on the <a href="https://www.facebook.com/groups/realestaterookie">Real Estate Rookie Facebook Group</a>!</p><p>In This Episode We Cover:</p><ul>
  • 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

    Check the full show notes here: http://biggerpockets.com/show448

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