8 Rentals in 3 Years While Working a Full-Time Job AND Remote Managing w/Luke Otto

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 7 October 2024

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

Three years ago, Luke Otto knew next to nothing about rental properties. His interest was instantly piqued when he got into a conversation about real estate investing with an old friend. He went home and immediately started reading The Book on Rental Property Investing, and from there, he knew what his next move was. Shortly after, he was at the closing table, feeling the “fear” of putting a five-figure down payment on a rental property. Did it work out for Luke? It did, indeed! Fast forward to today, Luke has an eight-unit rental property portfolio and has become the investing “expert” in his group. He’s done what most rookies wouldn’t even think of, taking on renovations of old, outdated homes and turning them into performing rental properties for his portfolio. He’s done seller financing, got five percent interest rates (yes, even in TODAY’s market), and did most of it while self-managing his portfolio remotely and working a full-time nine-to-five. Luke has taken the right risks, leveled up his skills to scale the right way, and made massive progress in a short amount of time. Today, he shares how he pushed through fear to build wealth, when to hire a property manager, and how having the right agent can help you explode your real estate portfolio. In This Episode We Cover The “fear” of investing in your first rental property (and why it’s OKAY to be scared) Real estate partnerships and how to invest even when you’re low on cash Why you DO NOT need to quit your job to build a sizable real estate portfolio The gold of old and why outdated homes may make great renovation projects HELOCs, seller financing, and other creative ways to buy more real estate How to get deals sent straight to you by having an investor-friendly agent And So Much More! (00:00) Intro (01:14) Finding Real Estate 3 Years Ago (05:36) First Deal FEAR (08:11) First Deal Numbers (13:37) Scaling to 8 Properties! (18:52) Get Properties Sent to YOU! (22:10) Restoring Old Homes (24:42) Seller Financing Deals (28:56) Creating a 5% Interest Rate (32:33) Balancing a W2 and Real Estate (35:02) Advice for Rookies Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-467 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	All right, guys, our guest today started investing in real estate just three years ago,
0:03.7	and he has already snowballed his portfolio to eight properties.
0:07.8	Now, what sets him apart in a competitive market is his unique niche, and that's preserving and revitalizing historic building.
0:15.2	Now Lucas found a way to stand out by blending his passion with strategy and it creates value
0:20.0	in a way that few other investors do and look I'm super excited to dive into his journey today
0:25.1	and learn more about his approach to balancing profitability
0:28.3	with preservation.
0:29.2	So guys, welcome back to the Real Estate Rookie podcast.
0:31.8	My name is Tony J Robinson and I'm sadly not
0:34.0	joined by my co-hosts Ashley Kerr because she's out traveling today. We'll be
0:37.4	back together sooner a few weeks, so don't worry. But this is the
0:40.4	podcast or every week, three times a week, we bring you the inspiration, the motivation,
0:44.6	and the stories you need to hear to kick start your investing journey.
0:47.7	Luke, thank you so much for the show. We're excited to be having you on today, brother.
0:51.0	Thanks, Tony. Been a fan of bigger pockets for many years and
0:53.6	look forward to the conversation today. Same here man and look we're going to discuss how to build and
0:57.6	maintain your portfolio remotely while writing letters to sellers still works today and how to make you stand out.
1:04.6	And lastly, we're going to talk about why networking is so crucial
1:08.1	and how you can use it to land a 5% interest rate.
1:11.5	So look, super-excites, I guess where I want to start, you
1:14.4	know, maybe just start by giving us a snapshot because you scale your portfolio pretty quickly, but just give us a
1:18.7	snapshot of your life, where you're based and kind of your career when you started investing in real estate.
	...

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