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Rental Income Podcast With Dan Lane

Everyone Told Him Not To Buy Rentals (He Didn't Listen) Now He Makes $13K/Month With David Miller (Ep 487)

Rental Income Podcast With Dan Lane

Rental Income Podcast

Business, Investing, Entrepreneurship

4.9805 Ratings

🗓️ 17 September 2024

⏱️ 29 minutes

🧾️ Download transcript

Summary

When David decided to start buying rentals, everyone in his life thought it was a bad idea. They thought his timing was bad and he would lose money.

David didn't listen to them, and today, he owns 18 rentals that generate over $13,000 a month in profit, giving him a runway to financial freedom.

On this episode, we discuss how he started renting rooms in a house hack and how he got to where he is today.

https://rentalincomepodcast.com/episode487

Transcript

Click on a timestamp to play from that location

0:00.0

inspiring interviews with today's top landlords this is the rental income podcast and now dan lane when i first

0:10.5

got the idea that i was going to buy rental properties literally every single person that i knew thought it was a

0:16.1

horrible idea that i would lose money and it would be a huge headache. But it turned out to be one of the greatest

0:21.8

things I ever did. David, when you decided to start buying rentals, did you find that people were

0:27.1

pretty supportive? So I remember my first property that I had actually purchased and it was in 2009

0:34.0

and everyone had said, now is not the right time to buy. Don't do that. My parents,

0:39.9

my accountant, everybody was anti me buying a home. And they basically, they would say,

0:46.9

what if everything goes wrong? And my answer to them was, well, what if everything goes right?

0:52.0

That's a good point. That's a good point. So tell me what the

0:55.3

rentals have done for you today, cash flow-wise. What does your portfolio look like? Yeah, so I have

1:02.5

18 doors total, and they have provided a runway for financial freedom. We bring in a little bit over

1:09.9

30K a month in gross, and profiting after expenses is a little bit over 30k a month in gross and

1:11.9

profiting after expenses is a little bit over 13K. I took a 130,000 down payment and turned it

1:20.0

into a $4.5 million portfolio. It's a good thing David didn't listen to those naysayers.

1:24.9

He would have missed out on building a lot of wealth. Well, on the podcast today, we're going to figure out how he did this, how he went from being

1:31.7

brand new, knowing nothing about rental properties to where he is today.

1:36.5

Joining us on the show from Denver is David Miller.

1:39.7

We'll take a really quick break to thank our sponsors.

1:42.8

We'll come right back and we'll talk to David.

1:45.4

It's a lot of work to find a really good rental property. And when you actually find that

1:49.5

property, you want to make sure you're working with a lender that can get that loan closed.

1:54.2

The lender that I recommend is Chaley Ridge from Ridge Lending Group. She's a nationwide lender

...

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