EP349: A Conversation with a Millionaire Retired Landlord
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A few months ago, we posted a video in which we discussed the behind the scenes decision-making process of a potential real estate purchase. Since then, we ultimately decided to follow through on the purchase. This deal was unlike our other real estate purchases. Typically we conduct the entire closing process electronically, and never see our rentals in person.
However, this was a rare local purchase, and I actually was able to speak with the seller—a retiring millionaire landlord. On today’s show, Natali and I are sharing the lessons we’ve learned from this experience. Please join us on episode 349 of Investing in Real Estate!
More About This Show
We just recently closed on a deal that we’ve been working on for the last few months. And although we encountered issues with lenders and appraisals, this ended up being an incredible learning experience.
The man we purchased these properties from has been a real estate investor for over 40 years. He became a millionaire from his real estate investing, but in our opinion, there are a lot of things he could have done differently.
For instance, he was the classic case of the tired landlord. This man managed his entire real estate portfolio entirely on his own. He had no one helping him screen tenants, collect rent checks, or maintain his properties. As you might know by now, this is a full time job! In order to make real estate investing sustainable and scalable, working with property management is key.
Something else we immediately noticed is that he and his wife owned these properties as sole proprietors. We know from our research that owning properties in LLCs provides great protection and tax implications.
On today’s show, Natali and are sharing what we’ve learned from this experience. We’ll talk about how this purchase differs from the bulk of our portfolio, how real estate investing has changed over the years, and much more! Don’t miss episode 241 of Investing in Real Estate!
If you’re ready to begin building a passive income through rental real estate, book a FREE call with our team today.We’re ready to talk about your goals and want to help you learn more about earning legacy wealth for you and your family.
On this episode you’ll learn:
- What are the two main benefits of purchasing real estate in an LLC?
- How are LLCs taxed differently than sole proprietors?
- How do we handle code violations in our business?
- Why don’t we typically purchase properties close to home?
- And much more!Episode Resources
Behind the Scenes of a Real Estate Deal
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