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Rental Income Podcast With Dan Lane

How He Went From $0 To $35K/Month In Rental Income With Mike (Ep 478)

Rental Income Podcast With Dan Lane

Rental Income Podcast

Business, Investing, Entrepreneurship

4.9805 Ratings

🗓️ 16 July 2024

⏱️ 23 minutes

🧾️ Download transcript

Summary

Mike was inspired by a friend making $100k a month from rental properties. He thought, if his friend could do it, why couldn't he?

On this episode, we discuss how Mike took baby steps for the first few years and eventually built a rental portfolio that nets him $35,000 a month.

Mike shares his story of getting started and how one excellent investment changed the entire trajectory of his investing.

We examine Mike's numbers, including his monthly gross rent amount, monthly expenses, and net cash flow.

Mike also shares how challenging the COVID years were for his portfolio, but he made it through them and realized that if he can survive that, he can make it through anything.

https://rentalincomepodcast.com/episode478

Transcript

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0:00.0

Inspiring interviews with today's top landlords.

0:04.7

This is the Rental M-Comcast.

0:07.6

And now, Dan Lane.

0:09.7

Mike, it's really incredible what you can accomplish with rental properties, but I feel

0:14.1

like sometimes it doesn't seem real until you actually meet someone that's really doing this.

0:20.3

What do you think? I think you're

0:22.4

spot on there, Dan. My experience and one of the reasons why I got into this business was because

0:28.7

my real estate broker at the time was cash flowing $100,000 per month. And when I saw those numbers, I was intrigued. And I said, if he can do that,

0:42.4

I can do that. That got me on the right track to understand that my goals were attainable.

0:49.5

Seeing what was possible with rental property set Mike off on a journey where he started taking baby steps

0:55.2

towards building his rental portfolio.

0:57.9

Today, he's got more than enough rental income to cover all of his expenses.

1:02.7

And on the podcast today, we're going to walk step by step how he did it, what he bought,

1:07.5

and every step he took to get to where he is today.

1:11.2

My guest on the show wants to be anonymous, so we're just going to call him Mike,

1:15.2

but we'll take a quick break.

1:16.9

We'll thank our sponsors.

1:18.1

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

1:20.6

It's a lot of work to find a really good rental property, and when you actually find

1:24.5

that property, you want to make sure you're working with a lender that can get that loan closed. The lender that I recommend is Chaley Ridge from Ridge Lending Group.

1:33.9

She's a nationwide lender, and her specialty is helping investors finance rental properties.

1:39.7

She has a ton of loan programs, and she can find something customized to you for your situation.

...

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