The 1% Rule Doesn't Matter With Chris Fontenot (Ep 350)
Rental Income Podcast With Dan Lane
Rental Income Podcast
4.8 • 836 Ratings
🗓️ 18 January 2022
⏱️ 24 minutes
🧾️ Download transcript
Summary
We talk about what he's looking for in a rental property, his average purchase price, and his average rental amount.
We also talk about if he owns his rentals personally or in an LLC
Transcript
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| 0:00.0 | inspiring interviews with today's top landlords this is the rental income podcast and now dan lay |
| 0:09.4 | Chris you never imagined yourself owning rental properties you really kind of accidentally fell into it what happened |
| 0:15.9 | yeah I never really strongly consider real estate you know it just thought that was someone else's thing, not my own. |
| 0:22.8 | But essentially, my girlfriend owns a hair salon. |
| 0:26.0 | So she had two stylists that were working at the salon at the time that were going to be removed from the property they were in, no fault of their own. |
| 0:34.6 | So I figured, you know, I'll just find a house somewhere locally and close |
| 0:37.5 | to the salon, obviously, that I can just buy and they can rent it for me, you know, easy, peasy. |
| 0:41.9 | So when I went to go look at the property and they're like, oh, by the way, this person's living here, |
| 0:45.6 | I'm like, okay, well, I didn't really account for that because I'm trying to find someone to live here. to kick him out unfortunately that's what i'm going through in my head so when i looked at the |
| 0:54.2 | property and you know he was a real nice guy had lived there for a few years i was comfortable with |
| 0:58.8 | you know what he was paying because i asked him you know what he was paying for the property |
| 1:02.4 | and he had no intention to the leaving said he wanted to die there and i'm like this sounds like a |
| 1:06.9 | great business opportunity yeah you know and uh you know after you know, after the first month, I'm like, |
| 1:12.0 | there's nothing to this. Like, so, um, I essentially went to go look for a second house so I can |
| 1:17.4 | place those same original two styles somewhere. So then, you know, I started, you know, |
| 1:21.3 | researching a little bit more and what, how to, you know, work this whole thing. So I ended up, you know, renting that second house out. It's all |
| 1:28.6 | like, no, now I have two single family homes. And, you know, within the matter of like two or |
| 1:32.8 | three months, I went from never even considering real estate to owning two single family |
| 1:37.3 | homes rented. And so I kind of stumbled at that matter. Incredible. And flash forward to |
| 1:43.3 | today, how many rentals do you have now? |
| 1:46.6 | So I'm currently with seven single family homes. Looking to expand, but at this point, |
| 1:51.9 | you know, obviously I'm a little more picky about what I'm doing. And I've learned a lot along |
... |
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