788: From $26K/Year Paycheck to $70K/MONTH Rent Checks w/Lamon Woods

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 6 July 2023

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

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Summary

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 Find an Agent Find a Lender BiggerPockets Youtube Channel BiggerPockets Forums BiggerPockets Pro Membership BiggerPockets Bookstore BiggerPockets Bootcamps BiggerPockets Podcast BiggerPockets Merch BPCON2023 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 David's BiggerPockets Profile David's Instagram David’s YouTube Channel Work with David Henry's BiggerPockets Profile Henry's Instagram 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!) Connect with Lamon: Lamon's BiggerPockets Lamon's Instagram 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

Transcript

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0:00.0	This is the Bigger Pockets Podcast show, 788.
0:04.1	Outside of those first two houses,
0:06.6	how much of your own money have you had to spend acquiring any of the rest of those assets?
0:11.3	Besides my own personal land,
0:12.8	that I just purchased to be in my dream home,
0:14.3	my heaven put it down, paper it down since I've been on this journey.
0:17.8	It's going on everyone.
0:18.6	This is David Green, your host of the Bigger Pockets Real Estate Podcast.
0:21.9	Here today with Henry Washington,
0:24.0	interviewing one of Henry's friends, LeBon Woods.
0:27.3	Look, this is a show that I can already predict is going to be one of our more popular shows.
0:31.6	It's going to be spread all over the place so you are in for a treat.
0:34.6	LeBon's story is simply fascinating.
0:37.8	It's also heartwarming.
0:39.1	He's got a ton of information he shares that other people can follow.
0:42.6	And he did it all in a market that a lot of people would have never even considered investing in.
0:46.8	Henry, what are the parts of the show that you think that investors will get the most value from?
0:50.5	Oh, man.
0:51.2	I think there's two key parts that investors should pay attention to.
0:55.5	One more practical and one more mindset.
0:58.0	I think the practical is LeBon explaining how he uses what he calls or what's called cross collateralization to build his portfolio.
1:08.9	So he's essentially figured out a way to work with lenders and buy properties,
	...

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