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REAL ESTATE DISRUPTORS: Rentals to Wealth

· Real Estate,Buy and Hold,Investor Stories

Rentals to Wealth

Lauren and her husband are the power couple we all admire! This interview is a must read for all of you who want to find financial freedom with your #1 partner in crime. Lauren tells us the importance of:

  • getting started... now! 
  • leveraging your money
  • and setting long term goals to stay motivated
I hope you enjoy this investor story with Rentals to Wealth! #relationshipgoals

I literally started saving for a house at the age of 11 when my dad took me to open my first savings account with a $400 deposit!​

A little bit about Lauren...

So Lauren, how did you get into Real Estate? Why?

I've always loved real estate. I loved going to open houses with my parents on Sundays as a kid and flipping through the sale section of the newspaper. But I was also aware of how it played a heavy roll in household expenses.

I noticed at a young age that this so called "mortgage" was a big expense that occurred every month. So I thought if I could buy my first home in all cash, I wouldn't have a mortgage and I'd be better off financially.

I literally started saving for a house at the age of 11 when my dad took me to open my first savings account with a $400 deposit!

Fast forward to college where I learned about the power of leverage and building long term wealth through real estate. The idea of having others pay down my mortgage through rent was fascinating and I was hooked.

There were a few routes I toyed with after college graduation.

Do I buy a small single family home in town and rent it out while I move back in with my parents?

Do I purchase and live in a 3-4 bedroom house and rent out the other bedrooms to my friends?

Or do I look for a small multi-family, live in one unit and rent out the other?

I read books, listened to podcasts and researched these routes for over 4 years before making a move. I suffered from analysis paralysis and I was scared. I finally decided that house hacking a duplex was my best option and started taking the steps to make that happen.

I see the struggle my parent's generation is going through in regards to retirement and I don't want that to be me. While I plan on always working some sort of W2 job, I don't want to have to rely on that job.

Real estate to me is a means of financial freedom. By financial freedom, I don't mean quitting my full-time gig to sip champagne 🥂 on private yachts 🛥, but to take the daily stress of finances out of the equation and to set up a stream of passive income that's there regardless if I'm able to work or not.

What is your current investment strategy/niche and what are you currently working on?

 

We're currently focusing on small cash-flowing multi-family properties in the South Jersey area that can be BRRR'd (Buy, Rent, Rehab, Refinance). We are finishing up rehab on our first property, a duplex, and hope to have it ready for a tenant within the next month.

What were the biggest challenges you've overcome?

Still being early in the real estate game, the biggest challenge thus far has been taking action. Like I had mentioned, It took me over four years to get the guts to make the first offer.

You can read all the books you want, but some education can only be learned by doing.​

No one we knew personally was really doing this and I was just terrified. I'm not a big risk taker, so the thought of spending my life savings on a property for some one else to live in scared the hell out of me.

You can read all the books you want, but some education can only be learned by doing. Once I realized this, I pushed the fear aside and just did it.

Goals & Advice

What are your goals for the future?

Our long-term goal is to have 32 fully paid off rental units by 2045. This supports our freedom number allowing my fiancé and I to retire at the ages of 54 and 55.

Our short-term goal is to do a cash-out refinance on our first property in 6 months (February '18) and purchase our second investment property within the 2018 calendar year.

Has anything been particularly helpful or advantageous in your investing experience?

Having a handy partner (my fiancé) has been priceless. The work that both he and his father have put in has saved us a ton of money. Having supportive family and friends has been key as well.
 
Also, since we are in the middle of our first rehab, I'd say our connections have been the most helpful during this time. Most notably, reaching out to local investors and our realtor for sub-contractor references, opinions on products and general guidance.

What is your number ☝🏼 piece of advice you would give to a first-time real estate investor?

Just Get Started!

I know this is cliche and I rolled my eyes every time I heard this piece of advice but the number one thing I would tell someone is to just get started. You learn so much more by actually doing.

I was so worried about finding the best deal, creating the best team, having the best online presence. I was focusing on all of the wrong details.

Your first deal doesn't have to be the best deal. Even if you break even, the lessons and experience you'll gain are well worth it. At some point, you just have to take the first step. And I promise you that you'll always look back wishing you took it sooner.

Thanks so much for being interviewed for the Startup Property blog. Where can we keep up with you outside of this?

Last but not least, where can we find out more about you?

 

Yay! You can follow us on our road to 32 units through our blog, www.rentalstowealth.com and on instagram @rentalstowealth

DISCLOSURE:
This blog post is strictly an interview with Rental to Wealth, and we have no professional affiliate with them. While we encourage our readers to learn from fellow members in our community, please know that Startup Property is not responsible for any personal or professional purchases or business transactions that happen between yourself and the interviewee of this blog post.

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