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Rental Income Podcast With Dan Lane

Turning A Primary Home Into A Rental With Chris Colgan* (Ep 8)

Rental Income Podcast With Dan Lane

Rental Income Podcast

Investing, Entrepreneurship, Business

4.8835 Ratings

🗓️ 28 October 2014

⏱️ 17 minutes

🧾️ Download transcript

Summary

Moving up to a new home, and turning your old home into a rental can be a great way to get started owning rental properties.  That is exactly how Chris Colgan got his start owning rental properties.

Transcript

Click on a timestamp to play from that location

0:00.0

This is the Rental Income Podcast, where we talk to owners of rental properties and give you actionable tips and advice that would help you make more money while dealing with less hassle.

0:10.8

And now your host, Dan Lane.

0:12.9

I put together a list of seven things I wish I knew earlier about renting properties.

0:18.4

And you can download your free copy.

0:20.5

Just go to my website, free landlordgift.com.

0:24.8

All right, on the show today, we have Chris Colgan, and Chris got started in owning rental

0:30.4

properties the way that a lot of investors have started.

0:34.5

He bought a primary house to live in it, and then when he was ready to move up,

0:38.9

he turned his old house into a rental. This is just a really great way to get started, I think.

0:44.4

So I want to talk to Chris more about what he did and also hear about his second property,

0:50.8

because the way that he got that was kind of unique. So let's get started. Chris,

0:55.2

why don't you tell us a little bit about yourself and how you got here? Yeah, so I've been in real

0:59.6

estate for about 11 years, primarily in sales. And I've always wanted to own properties. So

1:07.7

one, one, I was my first house and the other one I kind of stumbled across into, which I'll get in more.

1:13.6

But yeah, I've been in real estate for almost 12 years in the sale side mostly.

1:18.7

And what I think is really inspiring about you is that you started both in real estate and investing in real estate really young. How old were you when

1:29.8

you got your real estate license? How old were you? And then how old were you when you bought

1:34.7

your first house? Yes, I was 21 when I got my real estate license. And then I was about

1:40.1

25 when I got my first house. And that was one of the things I always, well actually in the

1:47.1

beginning I didn't really think I was like, oh, I want to own a house, but after, you know,

1:51.8

seeing that there's people buying houses and learning about the process, they're reading books

1:56.9

and whatnot. I was like, I got to get a house. So I kind of went out and set a goal to find a

...

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