Owning multiple properties with no money? While it might sound ludicrous, there are several ways to do it. Money shouldn’t be the barrier preventing you from getting into the world of real estate investing. In fact, many people have been able to turn around their own fortunes by using other people’s money (OPM)—today’s special guest is one of them!
In this episode, we chat with Mike Larson, who found himself in this type of situation only a few years ago. Trapped in over $40,000 of consumer debt and living paycheck to paycheck with zero savings, Mike decided that real estate was going to be his escape rope. Over the next year, he eliminated as many bills as possible, tracked all of his expenses, and worked tirelessly to supplement his W-2 income. Today, Mike owns four long-term properties, has amassed a multiple six-figure net worth, and lives the real estate rookie’s dream by the beach.
Tune into this episode for a classic, feel-good, rags-to-riches story. Mike shares about his real estate investing journey and provides all kinds of helpful tips—including the steps you need to take to fast-track your real estate career, how to use other people’s money to secure your first investment property, and how to get private money lenders to come to you!
Ashley:
This is Real Estate Rookie Episode 275.
Tony:
So you get this first deal, you seem to do really well with it, right? You have this amazing first deal using other people’s capital. How many total investment deals have you done since that first one?
Mike:
So I owned four and I’m under contract on two right now, one of which I have already assigned. I assigned it the same day. I went under contract at 1,236. This was last week. 1,236. At 932 or 925, I assigned it for a $50,000 profit.
Ashley:
My name is Ashley Kehr and I’m here with my co-host Tony Robinson.
Tony:
Welcome to the Real Estate Rookie Podcast, where every week, twice a week, we give you the inspiration, motivation, and stories you need to…