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448: The Lazy Person’s Guide to Financial Freedom in Less Than 10 Years with Dion Mcneeley

448: The Lazy Person’s Guide to Financial Freedom in Less Than 10 Years with Dion Mcneeley

FromBiggerPockets Real Estate Podcast


448: The Lazy Person’s Guide to Financial Freedom in Less Than 10 Years with Dion Mcneeley

FromBiggerPockets Real Estate Podcast

ratings:
Length:
65 minutes
Released:
Mar 4, 2021
Format:
Podcast episode

Description

Busy people tend to be...busy, and often, real estate investing is one of the things that they “just don’t have time for”. If you feel that way, listen to today’s guest, Dion Mcneeley as he describes his own system for buying real estate the “lazy” way. Dion was a police officer and a truck driving instructor, taking care of his kids as a single parent, and struggling to get ahead. He went from $89,000 in debt to becoming debt free and financially free, thanks to the help of rental properties, in just 10 years. After buying his primary home, Dion heard of success in owning rental properties, so he decided to move out of his house and into an apartment to see if he fit as a landlord. He rented the house to his friend, who later moved out without notifying him. Dion tried to make landlording work with another tenant, but ended up being underwater on the house payments. This is when he found BiggerPockets and read Rich Dad Poor Dad. What was Dion’s mistake? He wasn’t running his rental properties like a business. After upgrading his processes, he went on to buy and house hack a duplex. Then he bought another duplex as an investment, and another one, then another house hack duplex. Within just 6 years, he had 7 units and was raking in $2,700 a month in pure cash flow!Dion talks about the mistakes he made, why he prefers side-by-side duplexes, how he’s located his properties for maximum asset protection, and goes into his amazing strategy for getting tenants to sign longer leases and raise their own rents. You can check out Dion’s Youtube channel or find him on the Real Estate Rookie Facebook Group!In This Episode We Cover:Why being lazy can be a benefit when building systems for real estateHow to use your job and your rentals to achieve a 100% savings rateThe benefit of side-by-side duplexes as opposed to two-story duplexesMaking sure that your procedures are easy so they can be repeatable Getting tenants on longer leases and higher rents with the “Binder Strategy”Spacing out rentals so you have a large pool of tenants to choose fromAnd SO much more!Links from the ShowBiggerPockets ForumsBiggerPockets Podcast 276: Early Retirement ($10k/Month) by Age 35 with Bryce StewartBiggerPockets Podcast 443: 10 Ways to Learn Anything Faster with Jim KwikBiggerPockets Podcast 356: 30+ Rentals (in a Pricy Market) Through BRRRR and Section 8 with Joe AsamoahBiggerPockets Money PodcastBiggerPockets Business PodcastBiggerPockets RookieRookie Podcast 51: 18 Deals in 2 Years AND a Full Time Job with Kevin ChristensenCDS Rental Calculator AppBiggerPockets Rental CalculatorZillowTruliaWells FargoGuild MortgageBiggerPockets Facebook GroupCheck the full show notes here: http://biggerpockets.com/show448See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Released:
Mar 4, 2021
Format:
Podcast episode

Titles in the series (100)

Imagine you are friends with hundreds of real estate investors and entrepreneurs. Now imagine you can grab a beer with each of them and casually chat about failures, successes, motivations, and lessons learned. That’s what The BiggerPockets Podcast delivers. Co-hosted by Brandon Turner and David Greene, this podcast provides actionable advice from investors and other real estate professionals every week. The show won’t tell you how to “get rich quick” or sell you a course, boot camp, or guru system; instead, the BiggerPockets Podcast will give you real strategies that work for real people. Start listening and join the over one million members who are learning to invest so they need Bigger Pockets! Visit biggerpockets.com, and follow Joshua Dorkin @jrdorkin, Brandon Turner @BrandonAtBP and David Greene @DavidGreene24.