275: From $40K Debt to 4 Doors and Six-Figure Net Worth (In 1 Year!) w/Mike Larson

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 5 April 2023

⏱️ 58 minutes

🔗️ Recording | iTunes | RSS

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Summary

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! In This Episode We Cover How to get your first investment property with ZERO capital How identifying as a real estate investor can yield all types of opportunities Wholesaling for a huge profit without spending any of your own money Bringing value to private money lenders so that they come to you Using the BRRRR strategy to generate cash flow from distressed properties Two steps you MUST take today to fast-track your real estate career And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram Airbnb BiggerPockets MLS Mojo Dialer Real Estate Rookie Facebook Group The Real Estate Podcast $900K in Real Estate at Age 17 by Doing What 99% of Teenagers Won’t Real Estate Rookie Podcast Book Mentioned in This Episode: Investing in Real Estate with No (and Low) Money Down by Brandon Turner Connect with Mike: Mike's Instagram Valiant Acquisitions Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-275 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

Transcript

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0:00.0	This is Real Estate Rookie episode 275.
0:05.8	So you get this first deal. You seem to do really well with it.
0:07.8	You have this amazing first deal using other people's capital.
0:11.2	How many total investment deals have you done since that first one?
0:14.4	So I owned four and I'm under contract on two right now.
0:18.4	One of which I have already assigned. I assigned it the same day I went under contract.
0:22.3	I went under contract at 1236 because it was last week.
0:25.6	1236 and 932 or 925. 925. I assigned it for $50,000 profit.
0:32.2	My name is Ashley Care and I'm here with my co-host, Tony Robinson.
0:36.0	And welcome to the Real Estate Rookie podcast where every week, twice a week we give you the
0:40.0	inspiration, motivation, and stories you need to hear to kickstart your investing journey.
0:44.8	And today I would love to shout out to someone by the username of Mona.
0:49.0	CC. Mona love to say five star review and Apple podcasts. She says,
0:52.7	love it with an exclamation mark. Thank you for sharing all the great information.
0:56.3	The stuff that you share is so down to earth and it makes real estate investing seem
1:00.0	achievable. I'm two years into my investment track and I don't miss an episode.
1:05.5	And she just says that she loves we can do an episode about some spouse works and things
1:09.5	like that. But she says thanks again for the amazing podcast. So Mona, we appreciate you.
1:13.7	And for all of our rickies that are listening, if you can, please take the like 37 seconds that it
1:19.2	takes to leave a review on Apple podcasts or Spotify, the more reviews we get, the more folks we
1:24.0	can reach and the more folks we reach, the more folks we can help, which is what we love doing here.
1:27.7	But I'm super excited for for today's episode. Like this is honestly Ashley's probably one of my
	...

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